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Well, I cannot argue against your logic and evidence !!

I can only assume that CB's quote in the recent RNS refers to the fact that all other juniors in the NW zone ( except GLR it would appear) have deals with a major - Rio, Anglo, Ivanhoe or FQ in the main - whereas XTR will be financially independent albeit there is a form of partnership with CooperLemon ( they being a sleeping partner).

Deal with the majors in the NW zone - Anglo, Rio, FQM and Ivanhoe - mean the junior partner gets funding, sure, but at a cost in terms of the level of control over progress and newsflow. This is often a big frustration for the smaller partner.

Interesting that the biggest land holder in this highly sought after NW copper belt is AFP - another CB company of curse

Given that CB is Chairman of GLR you are not seriously suggesting he would make that mistake in an RNS ? It is probably because the GLR property in NW Zambia is JV'd or shared in some way. The £5M is a real stretch by the way and not audited.

I should have added that the source of the CB quote is RNS Number : 3942C Xtract Resources plc 08 February 2024

It is not incorrect or CB is lying or mistaken. See below. What is your counter position ?

Colin Bird, Executive Chairman said : "We have recently embarked on an intensive exploration campaign targeting a discovery of commercial grade and tonnage of copper in a region of NW Zambia that is not only the subject of more intense competition than I have ever known for exploration ground but also the focus of attention for most of the world's major mining companies. NW Zambia is a proven host for large scale copper deposits and the geology of our Joint Venture ground is highly prospective. Zambia as a nation has set ambitious targets for copper production to underpin its economic progress and Xtract intends to become a part of that story initially by being the only junior company operating its own Joint Venture licences on a self-financing and independent basis"

I am speculating of course but the odds are rather better than 'red or black'.

The proximity of licences owned or JV'd by/with the world's major companies , the contiguous geology and the fact that we will be the only junior with control of exploration and internal funding is a rare combination. I am still not convinced by the vast shortfall in available copper that everyone predicts and I have resigned myself to Bushranger not delivering value in my lifetime , if ever, but, frankly, if the Zambian assets deliver we will soon be in very good recovery mode.

As I said - this time next year Rodney !!

CB's strategy is right. Patience will pay-off and investing in NW Zambia with the proceeds of the Manica sale is a far better prospect than staying with the 23% net from a project where you have no managerial control, no decision-making input and, worst of all, no say in what is spent and who is employed. No doubt friends and relatives are already on the pay-roll and that cost comes out of our net return !!!

The certainty of $15-18M 'drip-fed' to the XTR Treasury over time to cover the costs of the NW Zambia venture means we retain 100% of the project (well net of the local partner input anyway) and can control newsflow and project advancement as we wish.

Can't be bad. This time next year Rodney ....................

Beautifully summarised. I think we have to give CB a lot of credit for securing a a position here and, with a +ve vote at the EGM, Xtract will be the only junior that is self-supporting financially and not beholding to the controlling attitudes that all the majors have in return for their funding. This could be very exciting if the geos get it right in selecting the drill targets

If we get this right, someone witll notice and BR will become history - well sort of !!

Not really if he merges the companies at plc level but continues to hold the licences as they are now registered. That might work as none of the ( to be) named subsidiaries would hold more than 5. Hmmmm.

Now that is a good idea - a merger that is !! It would also make the larger merged entity a more attractive take-over prospect with licences right in the area where everyone wants to be.

'my' or 'me' ? I think you must be the typist !!

Not sure about Ombonga - this RNS was an update on Ongombo in NE Namibia - east of Windhoek. It shows real progress with the permitting and a major update in the resource.

You are in danger of creating of a false market- albeit without intention. It makes it clear that XRT is a process. The mention of XTR is clearly a typo. Read the whole article and enjoy

Very significant and positive update Take a look at the scale of the resource increase !!

Hr buys ?

Perhaps but rather sad how the Board is losing its investor support by slow and poorly managed comms

Looking a bit dumb now are you now Franky ?

Yes, not well written and unusually disorganised. Nothing new of note.

Quite right. It says nothing but it was forced out of Horgan by negative BB commentary and the fact that it has been months since the Board said anything at all. We wait................

Hs been every year for the last 30 years. Won't be any different in 2024!

Voting against the EGM motion should be seen as 'be careful what you wish for'. It may not be a great deal but imagine what risk shareholders will be taking if they send CB back to the negotiating table or choose to rely on whatever 23% nett means for a project over which the Board has almost no control. The main shareholder and operator can simply appoint whoever they wish do, spend whatever they want to and WE finish -up paying ( in the end).

Yes, CB should never have done the deal this way. Why did he not act as per Empress and take a slice at the top-end - from production ? I don't know the answer but I shiver at the prospect of a No Vote and the consequences therefrom.

Personally I have undergone a re-think and will back CB for this last time. He knows NW Zambia like his own back yard and everyone but everyone is hitting stakes in the ground. It ain't moose pasture though. Copper to the surface !!