I'm with Steve4077.... the reason for both decision to mine and 2MT being pursued is so that we can't be held in limbo under the AA buyback clause just because RC comes out at 1.99MT... Colin wants to get us in the marketplace ... or so he has said many many times.
This is all good debate though.... and if nothing else Colin's next interview might confirm more than you think. After all he likes to read the Boards.... and hates to be misrepresented.
Bit of a long road ahead for Caravel and it probably won't be their last placing as they look to develop the mine themselves.
Not saying I'd like XTR to take BR to production (I dont want that) but with a minimum of 5 Fairbride years ahead of us we could probably do this without dilution with a proportion of project financing to find from debt.
So we have a great bargaining position when it comes to declaring decision to mine...... no paper tiger here.......
Great reminder.... I think this was a great little interview and I was surprised there was little market response at the time.
But I disagree with your comment about Racecourse waiting for a phase 3 or a phase 4 drilling campaign before a sale. Notwithstanding that the final sale might easily take us well into next year to finally have ink on paper, I would be unhappy if Racecourse wasn't fully declared in the next couple of months.
As Ascot and Footrot (and any other anomalies along the way) don't fall under the buyback I think continuing drilling on them would be a great move.... there could even be a forward sale agreement defined on future value, much the same way that the buyback on Racecourse works....
But to take another 6 months to declare Racecourse after all the communications we have had to the contrary wouldn't be acceptable in my opinion.
Wow.... I had just reinvested at that point.... maybe a few months earlier..... I remember being very bullish on the African revenue and telling friends about it.
The reason I gave my friends for it being so undervalued..... Colin has overpromised in the past and it is haunting him..... but the MMP fabrication pictures were starting to arrive on the website..... so I thought he was actually going to do it this time.....
Forward 2 years......lol.....
But in his further defence..... MMP suffered bad from Covid..... thats the reason Empress got a look in..... but Eureka hasn't been smooth either.
Top 5 risers now..... might get a bit of advertising there now....
Yes captain.... that was what was said....
Colin said we were to "get our arms" round Ascot because we had to have an idea of what it was in order to sell it ..... but that it wouldn't be "Death by a thousand lashes".
If this has changed for Ascot then it would be good to know that..... and not have to read between the lines....
Colin has said numerous times that we are going for both the 2MT and the decision to mine but I've never read or heard him say that they are co-dependent...... they are separate clauses that each trigger the (one time only) buyback decision.
XTR also pursuing the decision to mine at the same time has 2 main benefits as far as i can see.
1. If we don't make MT we still force the AA clause and either get a sale from AA or get out on the open market.
2. The decision to mine isn't a "got up on the right side of bed" decision..... it will include economics including NPV, so the value of Racecourse will be more transparent. Instead of arguing about whether we can get 1, 2 or 3% of the value of the contained copper, we will be discussing 40, 50, 60% of NPV ...... and that will be worth its weight.... in copper
I agree.... just the big reveal left. We could do with this not taking too long to issue as Colin has always said that assay results are used to direct future drilling AND to update the model AS AND WHEN THEY ARE RECEIVED...... so the model must be practically ready to go.....
Iceman can you point me to the statement of operating costs per tonne? I'm researching and trying to find the projections
This year included China releasing some of its strategic stocks to support the market...... next year who knows what will happen....
But 'experts' predicting deficits from next year onwards.... getting sharper each year...
Id like to see a pic on the website with Colin holding a dory bar....... might be enough gold produced to do this already
Colin, it cant be too much hotter in Mozambique than the UK at the moment. great opportunity to arrive already acclimatized.
If the message is true, we should only have 4 to 6 weeks to wait.
Gordie,
Brilliant link. I admit I hadn't read the distinctions between the tiers.
Colin constantly saying our BR is Tier 1 was just a way of saying 'really big un'...... but I see the distinctions now.
Come on Colin ..... get the model out..... the time has come...