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He stated the lower grade dirt that is being processed first to "fill the nooks and crannies" in the equipment was identified as they stripped back Fairbride to start building a stockpile of feedstock. So it won't be from Guy Fawkes or Boa Esperanza..... they are both being worked under a separate contract by different contractors anyway. I cant see how they can now start feeding the MMP plant.
I'm hoping the 3 areas of interest are 3 new areas
Empress might have an agreement based upon the processing plant .... their funding was to get it up and running anyway......
So any further finds that the plant processes is probably their follow on revenue.... but as you say.... doesn't affect our cut.
My opinion is (and a lot is speculation) that the 2 extra Racecourse holes aren't 100% required. They will add definition im sure but I think the underlying usefulness of them is to give us a reason to delay the decision to mine by a few months. That allows us time to probe the rest of the area as well as improve understanding of Ascot. Remember as soon as that buyback is triggered, the clock is ticking so they want the story straight before negotiations start.
On the shallow drilling to pinpoint the higher grades near surface, that is to better define the CAPEX payback period, shorten it as much as possible (reducing risk) making the project as attractive as possible. It will be easier to sell a project with a lower cutoff if the buyer is sure they can payoff the the CAPEX early while PoC is high....
Just a thought.
I think on XTR at this precise moment a Crux interview would work (assuming Colin has his timescales straight).
Matt is very good at challenging hyperbole and fluff, which is a big % of any explorer. But XTR revenue has been building in Moz, the Manica contract is undeniably "imminent "..... and the team working on Bushranger are experienced and well regarded and the buyback clause contractually tight..... so lots of hard facts for Matt to drill down to.
It's the hard facts that are build on marshmallow that Matt has an uncanny knack of dissecting....
I dont think Colin would do it though.
I really like how this company is conducting itself. I'm currently a little underwater (just a smidge) but I have no doubt this will be a success.
Surprised there isn't more discussion on here about how well things are going.
Good market optics Andrew .... but Eureka seems to have been repeating the same line for the past 9 months..... lorries ready to roll to the nearby processing plant.
Colin has made Eureka sound like it's happening tomorrow and is easy for too long without actual copper being sold.... I think it would be timely to finally deliver on that..... it will be like all good news coming at once....
The 2MT isn't equivalent to a decision to mine....
The key reason it's being progressed in parallel is we either need AA to follow through on their clause or allow us to be open to the market to sell to whomever else is interested. If we reach 1.99MT alone then AA could just sit and wait in the knowledge that no other major will take it on while it has this follow on clause to AA that means it could be swiped (majors want mines in operation ... not pocket change off their competitors for their own hard work).. ...
But if we reach 1.99MT AND demonstrate/declare a decision to mine, then AA have to either offer.... or allow the contractual buyback clause to void leaving our ownership of the licenses unencumbered and therefore more attractive to mid and top tier miners.
I think you are close lucky. I think with interim they will want to show they are nearly at 2MT with some assays outstanding.... that way they can bolster the share price ahead of negotiations, allow Manica Revenue to kick in and demonstrably support the company position but give themselves another month of Ascot drilling (because as soon as the 2MT or decision to mine is declared we are buckled in and there's no brakes on this roller coaster).
Either way I'm looking forward to getting something a bit more technical from the company.
And if he sells a few of his Jubilee shares (now that he doesnt need to announce every transaction) he might find a home for the money in some of his other companies.......watch out for warrants conversion announcements and directors purchases ....
Follow the Bird ..... lol
Just missing the 2MT on its own would be terrible. AA could just wait ..... Happy to know that no other major would make an offer as they would be bound to AA by the same terms. That is why the decision to mine is being delivered at the same time.
We need to trigger the AA buy back clause (either by 2MT or decision to mine), then either bask in the glory of the fair value offer from AA..... or ..... if they decide not to offer fair value, within a prescribed period of time (as detailed in the buyback clause that dictates/prescribes the method and timescales for defining fair value) we will be free of the AA agreement and then attractive to other top tier miners.
Either way it's good for XTR but you can see why we need to progress both fronts.
Feels very close now.
GLA
I think the shareprice is largely irrelevant at this moment as long as the African revenue ramps up.... removing the risk of further dilution (beyond existing warrants).
If we are considering the lionshare of the Rc or Br sale will translate to a special dividend then it can't get too worried.