Member Info for JamYesterday

Thank you, Howezap.

Someone wants in today. Nice take up of large seller, plus follow through.

Mavern, is that one of the problems for Blencowe getting a single JV funding partner. The Orom Cross deposit is so large, and so high quality, that it appeals to many different end users but none of these high end users are capable of taking the whole output individually.

Reading back through previous RNSs, I have a few questions.

1. In the Fe 3 2026 Silverking RNS, "Within the three month period we anticipate that the operation will be producing a copper concentrate and within six months advance to steady state production."

Any updates by podcast?

2. In the Sep 2025 Amghas Antimony Licence RNS, "with a view to establishing a Mineral Resource ahead of reinstatement of mine status."

Any update on that, especially as a Mining Licence has now been issued?

3. Does XTR has sufficient cash to cover its Amghas and Silverking development expenditures, given that $1.5mn of the £2mn recent placing has gone towards paying for the Small Scale Mining Licence 34544-HQ-SML in the Mumbwa District of Zambia .

I can't quantify ongoing drilling and other development expenses at both locations, or what cash XTR had left before the latest placing.

Thank you.

For failure to meet XTR company guidance, just research the word "Manaca" going back several years. Illuminating.

It's not all negative, NtM.

There are very clear milestones that XTR can achieve, this year, to "show me" that genuine progress is being made to create a near-term revenue generating business in Morocco., which, by the way, is a great place for Western companies to do business.

First, get that Processing Permit. Should take about 3-4 months from now.

Second, deliver, install and dry test the Casablanca-based gravity processing plant.

Third, start feeding the permitted gravity fed plant with stockpiled ore, presumably higher grade stuff, to begin the production build up to rated capacity, in 2027.

Do all these things on schedule and the sp will double from here. Slip, time-wise, and we know what happens.

LOL.

After Manica, then BR, what else do you expect?

Xtr has become a "show me" share now.

Oh dear.

Here we go again with another CB "pot of gold at the end of the rainbow" set of numbers.

Gents, it (cash flow from Amghas) ain't going to happen by Q4, and it ain't going to be anywhere near £25-35mn cash flow net to Xtr.

How sad that a potentially transformational mining project (for a tiddler like Xtr) is in danger of being oversold by that arch-pumper himself, and so lose credibility.

Bushranger 2.0?

Amazed I'm the only buyer this morning so far.

Shhh.

IJWT, if PRD does announce a spudding date this month for MOU-6, by going it alone without a partner, do you think the market will react positively or negatively?

Who cares if it doesn't. This company is still so far under the radar that only a few will sit up and take notice, and understand the full import of what is going on here.

Still time to accumulate.

"Commercial Viability Factors Enhanced Today

The Favorable Economics Proof: Because the intercepts are starting as shallow as 3.0 meters and 24.0 meters below surface, the "strip ratio" (the amount of waste rock you have to dig up to get to the copper) will be incredibly low. This directly supports a low-CAPEX, open-pit operation.

Scale Potential Confirmed: Perhaps the most staggering metric in today's RNS is that CMRS has still drilled less than 5% of the sedimentary target area. Despite barely scratching the surface, they already have a cohesive enough block model to design a starter mine. This leaves the 25-million-tonne medium-term target fully intact.

The Silver Bonus: Unlike previous updates where gold took the spotlight, today's results consistently quantify the silver credits (averaging between 4.4g/t and 6.2g/t Ag alongside the copper). In a flotation circuit, this silver will report directly to the copper concentrate, providing an immediate cash-flow kicker that lowers the net cash cost of production."

I asked Gemini if these results confirm the consistency of the deposit and increase the likelihood of a commercially viable operation:

"Yes, the drilling results released today (June 2, 2026) strongly confirm the continuity of the resource deposit and significantly increase the mathematical likelihood of a commercially viable open-pit operation.

The update features an internal geological block model compiled by one of Morocco's pre-eminent resource modeling experts. This model indicates that the data collected so far is already "sufficient for development of the Initial Mine," subject to final economic studies.

The new data impacts the project's viability across several key areas:

1. Continuity & Hit Rate (Confirming the Deposit)

The biggest takeaway from today's release is that the copper-silver mineralization is laterally extensive, shallow, and gently dipping.

High Confidence Spacing: CMRS has transitioned to drilling at a tight grid spacing of 50\text{m} \times 100\text{m} and 100\text{m} \times 100\text{m}.

The JORC Implication: In mining geology, this level of density provides high confidence. The company explicitly stated today that this spacing is likely to allow the upcoming Q3 2026 Maiden Resource Estimate to convert straight into the highly coveted "Measured and Indicated" categories, rather than just speculative "Inferred" tons."

After Mosman Oil, I would never, ever, believe any of the hype written on a public forum by MiddleEastMoney. I speak as someone who was there whilst it went on.

Yeah, what's with Waterborne Capital these days? Are they pulling their weight? No mention recently of them by MR.

And what about the AFC? Surely this project is Heaven-sent for them to get in on the ground floor, in their own backyard.

The appointment of Cavendish as a joint broker right alongside the DFS update was a telling move. It was essentially an admission that the previous market reach wasn't deep enough to handle the transition from "explorer" to "developer".

Cavendish was brought in specifically to access institutional pots of money that require more thorough, slow-moving due diligence. This deeper institutional vetting naturally pushes timelines outward, which explains the stretch possibly into Q3.

The irony is that the market is currently punishing Blencowe for a 3-6 month timeline extension, whilst completely ignoring a 15% uplift in NPV ($160mn in added value).

My take, as a LTH, is that if this timeline extension delivers a strategic partner that swallows the biggest chunk of the $45mn required to fund P1 into production, the current share price weakness will look like a massive anomaly. But until that binding ink is on the paper, Mike R is operating in a "show me" market that refuses to give him credit on promises alone.

Hi Tincan.

I've come up with a stacked 11% chance of MOU-6 being able to flow commercially in time to meet the November deadline. But there might be about a 60% chance of "asset survival".

As Gemini puts it succinctly,

"In reality, state regulators like ONHYM (Morocco) operate with some commercial flexibility.

If Predator hits logistical delays and fails to spud entirely, they will likely lose the license.

However, if they successfully spud the well (the 70% event) and the rig is actively drilling on site when November 5 arrives, ONHYM is highly unlikely to seize the asset. Regulators almost universally grant technical or administrative extensions to operators who are actively spending capital and turning a drill bit.

Therefore, if they achieve the initial 70% spud hurdle, the 40% "time-to-finish" risk drops significantly because the deadline becomes soft."

So it's difficult to assign a hard probability, though it seems fair to assume it lies between 11% and 30% chance of successfully meeting the License deadline.

I'm in the game at PRD with a measured position because the upside in a success case will justify the risk of around 20-25% loss at most, if the known obstacles prevail. T&T does provide a floor, assuming SC-3 delivers.

Footandmouth has just shown, in writing, that he is useless at maths. What else? We know he can copy and paste, a very worthwhile occupation, I'm sure.

Taken from Gemini after a request for information about MOU-6:

To logically claim an Exploitation Concession, Predator ideally needs positive data from MOU-6 to show ONHYM (the Moroccan state oil company) that they have a commercially viable, un-damaged biogenic gas play.

If they spud in late summer, they will be drilling, completing, and testing the well right up against the Q3/Q4 deadline. There is zero margin for mechanical errors, weather delays, or stuck drill pipes.

Probability Verdict

Chance of Spudding MOU-6 before November: Moderate-High (approx. 70%). The company has the funds, has ordered the equipment, and has massive corporate motivation to get the drill done. They will throw everything they have at it.

Chance of Completing Drilling AND Establishing Flow Rates Before the Deadline: Moderate-Low (approx. 40-50%). Oil rigs rarely run perfectly on schedule. If they spud late, they may run out of calendar days to finish testing the well before they are legally required to file their paperwork with ONHYM.

The Regulatory Safety Valve: It is highly possible that if Predator actively has a rig turning the drill bit on-site at MOU-6 come September/October, ONHYM will grant a technical or administrative extension to allow them to finish the well. Moroccan authorities generally prefer to see active drilling over stripping a license, but relying on regulatory leniency is always a high-risk gamble for investors.