Member Info for news

Valmin Code is to be calculated by licensed and experienced Geo*s.

So, when the Valmin Code was done on this forum at 5p by a pi, of course it sent shock waves and it went to the next XTR forum as well and described as "incredible."

Even logic would say, how can this be even possible ie 2Mt of COPPER @near US$10,000/t sold for 5p = £42.5 Million Mkt Cap [currently price].

In cals, the variance is only within a certain tolerance of +-5%.

If it has NOT been REVEALED that Mr Colin Bird, XTR Chairman at the AGM had brought this up himself ie VALMIN CODE and his view of Rosemont sold at $440m which you said equates to 25p, then NO ONE WOULD HAVE KNOWN?

So, from 5p to 25p, THAT IS 500% MORE. So, there is definately an "ERROR" for Valmin Code
done here on the forum on a sheet of paper at 5p vs XTR*s Chairman at an AGM of $440m which equates to 25p per Gixxer-600.

Mr Bird reads these forums so let him comment the next time if he will SELL RACECOURSE AT 5P which is the current share price and market cap of £42.5 million which is unheard of.

The value in the ground/ price of copper paid for deposits has never been 2Mt @US$10,000/t sold for £42.5million? None that I have ever seen anyway. Mr Bird never said Valmin Code
starts at 5p either at the XTR AGM for Racecourse.

So, yeah , error or not I dont know. But easier to say error?

Gixxer-600
Most of us did not go to the EVENING WITH COLIN BIRD, Executive Chairman of XTR in London on 14 Oct 2021 NOR the XTR AGM Meeting.

In the past, shareholders were very helpful in other stocks in that they post at the MEETING itself to give short notes. Or when they return they post a FULL account by way of almost verbatim.

So, we, shareholders did not even KNOW that Mr Bird MENTIONED THE VALMIN CODE at the AGM and ref to ROSEMONT which you mentioned.

I was aware of the Valmin Code as that is in the AA agreement but it was also said that M & A in the last 5 years would be taken in.

Today, the SHARE PRICE OF XTR IS 5P region = £42.5 MILLION.

Shorn has very kindly told us what Mr Bird said about Racecourse and the 2MT copper specified by AA to buy back and how far we ARE AT currently.

As I have stated, NO M & A HAS EVER SOLD 2MT of copper at today*s COPPER PRICE nearing US$10,000/t for £42.5 Million and IF that EVER HAPPENED via a VALMIN CODE done on this forum @5p, I am quite sure it would NOT PASS REGULATORY approval.

Mr Bird HIMSELF GAVE A VALUE OF 25-30P and my own view was 20p based on empirical etc.
Mr Cornford also gave a figure and I think it was 40p.

So, VALMIN CODE CAN COME UP WITH 5P -THAT MR BIRD HAS ALREADY ELUCIDATE and you kindly let us know that he said at the XTR AGM that it is akin or better than Rosemont sold for $440m which you said equates to 25p.

Yes, it is IMPORTANT- If on Monday, 8 Nov 2021, people think or believe the VALMIN CODE will only pay minimum 5p, why WAIT TO SELL?

Also, there was a lot of smoke which STEVEMOCAL CLEARED UP AS HE WAS AT THE LONDON MEET AT 14.10.21 WITH MR BIRD AND HAS INFORMED WHERE WE ARE AT ie 2MT required by AA.
So, whether Hole 14 comes up with X grade or y grade, as explained by CAPTAIN BOB of which Mr Bird said it means that MORE TONNAGE WILL BE REQUIRED OR LESS if the grade varies.

The 2Mt is the OBJECTIVE.

So, when I said "error", I was being diplomatic. I believe that Mr Bird could NOT come up with
figures OUT OF AIR and that THEY HAVE THE RACECOURSE MODELLING ALREADY as all majors have. So, Mr Bird did MENTION VALMIN CODE AT THE XTR AGM recently and he also said it is based on the M & A of the last 5 years. MR BIRD MENTIONED 25-30P AND IF AFTER WHISKEYS 40P.
MR BIRD DID NOT MENTION VALMIN CODE 5P FOR RACECOURSE and if this figure popped up
on an envelope say or other means, its NOT FROM MR BIRD.

Mr Bird READS THE FORUMS and he can correct if WRONG. I am sure he will have some backup as HE CAN CONSULT A TOP INVESTMENT BANK TO RUN THE FIGURES.

At his other co, they also HIRED EXPERTS of all types to do the Conceptual Study for Mankayan to be able to pas for a Singpore Stock Exchange proposed listing.

Hopes that clarifies.

On the other XRT forum, the 5 p was met with the word, "INCREDIBLE" coming from....
Have a look.

DYOR.
Open for discussion.
News, Sun 7 Nov 2021.

In the article of recent days, it did mention that in the USA and Canada there are permitting events etc.
Hence, the discussion on Rosemont, Arizona is a case in point in that permitting still has not taken place.

XTR BUSHRANGERS, LACHLAN FOLD, NSW, AUSTRALIA
The Racecourse project therefore has NO PERMITTING ISSUES.
Racecourse is close to infrastructure etc. Also one can check definitively at the NSW Mining Dept whether there has been any REFUSAL for permits. Colin Bird, Executive Chairman, XTR has never said the Lachlan Fold , NSW, Australia has seen such issues as at Rosemont.

Per Gixxer-600 @21:01, Sat, 6 Nov 2021:

"Final statement: IF THE OFFER IS BIG ENOUGH AND TEMPTING ENOUGH, THAT*S US HISTORY.
25P MIN THEN, BASED ON COMMENTS FROM THOSE THAT ATTENDED THE AGM."

@20:54
"VALMIN CODE- SALES LAST 5 YEARS."

Comment:
Posted for my archives otherwise hard to find later.
Gixxer-600 Re: what the XTR Chairman said about Valmin code as above, why didnt you mention it when the
5p error was mentioned? Thanks as that is now cleared up by the XTR Chairman , Colin Bird at the AGM .

Rosemont is the 3rd largest in the USA.
I understand that it still has not got off the ground yet - the usual permitting?

Per info from Nsenergy: Rosemont , Arizona:
"537Mt @ 0. 4 5 % cu copper
0.012% Moly &
4.5 g/t Silver."

Yeah, Shorn.
Hence, in the USA, interest is with Chargepoint ie EV charging. Hence, why Stillwater Sibayne has now changed strategy to green metals ie lithium, copper etc.

Shorn to news: 12:59, Sat 6 Nov 2021:
"I was AT THE MEETING and he stated they are sure they HAVE the 2MT & that*s BEFORE
the recent RNS*s with drill results increasing the size of both E & NW. Clearly, he wants MORE assays generally and the resuls from the SE ANOMALY [which if confirmed would be a 2ND SYSTEM] WOULD EQUATE TO A 2ND PIT taking this whole BUSHRANGER WAY PAST 2MT
AAL OPTION TRIGGER/decision to mine threshold. IMO. ATB. Shorn." With thanks for my archiver. Caps used are mine.

GIXXER600 at 13:07, Sat, 6 Nov 2021 -"Rosemont":
"Anyhow he mentioned that the sale was for $440 and that it looks to be like WE HAVE A BIGGER FIND." A similar sales price would be 30p a share so in the ball park based on CB*s comments."
[Ref: Vox and full tape on Teleg] For my archive with thanks to Gixxer600

-----------Sat, 6 Nov 2021.---------
Ref: Shorn at the Colin Bird shareholder meeting in London on 14 Oct 2021 re: Evening with Colin Bird , XTR.

Shorn & Gixxer600

Absolutely fabulous and big thanks.

I tend to be careful and responsible in that NOT to post something that others have NOT
confirmed as to what Mr Colin Bird, XTR Chairman said or did not say or assume he said.

So, good to hear from 2 people who were at the London XTR shareholders meeting on 14 Oct 2021 to hear Mr Bird in person and afterwards Q & A etc.

Oh, and the biscuits and sausages which someone said were fab.

Yup, happy at Shorn*s 2Mt info and Gixxer600 and the 30p as to where Mr Bird got that from.
From the article I posted yesterday, it did say that US/Canada projects have permitting etc issue/s? This is in relation to what Gixxer600 also said about Rosemont.

Sat, 6 Nov 2021.

Racecourse : Stage 1 drilling - 20 Holes.
Hole 14 assays AWAITED.

Racecourse, Lachlan Fold, NSW, Australia STAGE 2 drilling: Hole 25 currently per posters?
Potentially SE Anomaly. Chargeability charts shown.

PER COLIN BIRD, EXECUTIVE CHAIRMAN, XTR
In one of the more recent interviews, he said RACECOURSE MADE THE "GRADE."
Then a Conceptual Study was done on Racecourse and from recall a GRADE was given.

QUESTION?
Is it not correct the end game is find a sizeable copper deposit? In the case of XTR, there is an agreement with AA to find 2MT of copper.

So, whether Hole 14 in Stage 1 comes in X grade or Y grade or Hole 25 in Stage 2 drilling, it
is BUILDING INTO THE GEO SOFTWARE MODELLING which means that at the
rate of these DRILL ASSAY RESULTS, will it MEET the CONCEPTUAL MODEL?
If NOT, then, it means that MORE STEP-OUTS will be NEEDED to find a GREATER STRIKE AREA?

I think Mr Bird also said that in his London 14 Oct 2021 meeting with XTR shareholders.
I remember CAPTAINBOB saying so on this forum after the meet ie if X MT is found at Y GRADE, then less needs to be found and Z MT is found, then it will be a T grade?

This is the same thinking that I expounded above?

Even for Porvenir, the assay results show this variance.

Even for Godolphin, their latest LACHLAN FOLD results show 0.28% cu but with further drilling over the STRIKE, it may turn out some may be LESS but it will BE THE OVERALL TONNAGE that is important and FINALLY THE AVERAGE GRADE. This is the XTR*s Non-Executive*s vehicle [J.Read, Former Head of Exploration, BHP Australia /Africa]

So, that is for all deposits and in the END, WHAT APPEARS TO BE IMPORTANT IS THAT
CAN XTR RACECOURSE PRODUCE THE REQUIRED 2MT OF COPPER? Given the large licence area,
Mr Bird has indicated in his said London meet on 14 Oct 2021 so others will have
to repeat what he said as I was not there. However, I read this forum and I get the idea that Mr Bird thinks HE MAY HAVE THE REQUIRED 2MT?

Any clarification would be welcomed in this discussion only.

News, Sat, 6 Nov 2021

Also, did you guys read about NO NEW MINES coming on per the authors as far as they know?
Also, the fewer than 1 hand no, the ORE is GOING TO NON-WESTERN countries?

contd:

"..we need to find another 20Mt of copper per year over 20 years ie 40 million tonnes by 2040 compared to current global mined production of 20Mt."

"A goal like that is not insurmountable but it will take major investment in copper exploration, at a scale that has never been attempted. ANY COPPER JUNIOR WITH A DEPOSIT of significant SIZE and grades will have NO PROBLEM ATTRACTING A MAJOR OR MID-TIER acquirer, that can help finance a future copper mine and bring it to commercal production."

https://www.mining.com/web/copper-discovery-cupboard-bare/
"Copper discovery cupboard bare."-Mining.com, 4 Nov 2021

"There are 2 ways for the mining industry to increase copper RESERVES: IT CAN EITHER FIND
LARGE NEW DEPOSITS TO DEVELOP into mines OR copper co*s can LOWER THEIR CUT-OFF GRADES and add reserves that way."

"Turning WASTE ROCK...into MINEABLE ORE at the NEW PRICES."

"Goehring & Rozencwaig, the industry is approaching the LOWER LIMITS of cut-off grades
..brownfield expansion no longer a viable option."

"Some of the world*s LARGEST COPPER MINES are seeing their reserves DWINDLE, they are having to dramatically slow production due to major capital intensive projects to move operations from OPEN-PIT to UNDERGROUND.

OVER 200 COPPER MINES ARE EXPECTED TO RUN OUT OF ORE BY 2035, WITH NOT ENOUGH NEW MINES TO TAKE THEIR PLACE."

If interested, kindly read about the shortfall numbers in detail.

LOL- NO MORE CHEAPIES ...

"Godophin to tap COPPER gold sniffs in NSW."-The West Australian, 7 Oct 2021

"Recently reported JORC 2012 mineral estimate of 12.8 MILLION TONNES at 0.38% cu copper and 0.14 g/t au gold - 20 KM STRIKE LENGTH.

Godolphin believes it is in a good shot at success and could be in the PRESENCE OF A LARGE SCALE MINERALISED SYSTEM- NOW TEST FOR EXTENSIONS TO MINERALISED MINERALISATION.

Yeoval is located in the PROLIFIC LACHLAN FOLD."

To read, call up the title for INDUSTRY NEWS in the Lachlan Fold, NSW, Australia
where XTR*S RACECOURSE is also situated. Mr Jeremy Read is the Non-Executive Director
of XTR and former HEAD OF BHP EXPLORATION AUSTRALIA/AFRICA.

Mr Read heads Godolphin on ASX and the Lachlan Fold copper expert from Corbetts is also on their board. [XTR also hired this copper expert].

Just to show that COPPER GRADES in the Lachlan Fold are in this type of grade region.

P.S.

Typo, can see why, not cant.

Mr Bird is careful, for example, he did not want to give his own views in the interview.
He got the PhD Geo on, Mr Jeremy Read, Former Head of BHP Exploration Australia/Africa and also a Modeller on at the same time to give their views to shareholders on Racecourse. Mr Bird said he was an engineer and not a Geo.

Also, Mr Bird got in a WELL KNOWN COPPER CONSULTANCY in the NSW, Australia who is an expert in the Lachlan Fold, NSW, Australia ie Corbetts to proffer their view on Racecourse.
Mr Bird said this expert will give his opinion and he did via a XTR RNS.

So, Mr Bird is cognisant to cover himself with the required backup rather than just
giving views of which he is not qualified in as a geo etc.

Therefore, it is also possible Mr Bird did TAKE ADVICE before he came out with 25-30p for the takeout price and it may be backed by M & A or an investment bank etc who are QUALIFIED to do so.

Mr Bird is also a biz person who knows that any major may want a discount SO PERHAPS 20%=20p or leave something else on the table for the major as is norm.

Best to ask Mr Bird if his said figure in a PUBLIC MEETING OF SHAREHOLDERS in London on 14.10.21 in London for XTR is backed?

DYOR.

Just for discussion.

I did wonder why Mr Bird held the said meeting in London on 14 Oct 2021 to talk about Racecourse-Bushranger , XTR*s copper/gold project.

I cant see why now although the logic can only be to ahead of the curve knowing full
well that shareholders rights should be protected.

To do this, the said shareholders meeting for XTR was even recorded for shareholders benefit.

At this meeting, Mr Bird stated that the take-out price is 2 5 - 30p.

As I said 20p would be from my empirical info etc which is more conservative for safety.

I am pretty sure that Mr Bird would NOT have mentioned the above WITHOUT taking
some soundings from the required to cover himself and preferably in black and white.

This would be norm as Mr Bird must be in a position to speak to AA when the time comes
and he has to have an idea that as norm comes from an investment bank [M & A specialists].

With the case of Cornerstone, the President uses copper price per cent vs copper price
from recent M & A. Mr Bird also stated that recent M & A will be taken into consideration.

AA has an agreement with XTR relating to Bushrangers-Racecourse in different scenarios. One cannot think that they are NOT following the RNS assay results and drilling OR Mr Bird may have to send these in to AA as they have a continuing interest in Racecourse/Footrot even if XTR goes into mining themselves.

Given Mr Bird was Head of Planning at AA, I am sure he is nuanced in their thinking.
After all, he sold KIWARA for some US$260 million and therefore Mr Bird knows how to
get valuations from investment banks etc rather than envelope cals. etc.

So, even if Mr Bird*s 25-30p is cut down for some value, it still means that one should think
that at minimum, it would be X price.

That*s my thoughts given Mr Bird will do his best for shareholders , PROOF being Kiwara sold for US$260m and not ......

DYOR.
Where in doubt, ASK MR BIRD AGAIN via Zak at the next interview. Mr Bird says he reads the forums and I am sure he will not agree with the values postulated?

Per Stevemocal at 10:38, Fri, 5 Nov 2021:

"£250m based on 2.2 Mt = 25p
Every mt after @15p."

My observation of empirical: 20p
Current share price of XTR @5p range = £42.5 Million Market Cap.

Per Colin Bird, Executive Chairman, XTR on 14 Oct 2021 -Shareholders Meeting, London
Racecourse [AA] :
25 - 30p.

By Michael Lawrence, CEO & Valuer &Past President 1999, The Australian Institute of Mining & Metallurgy.

"Pg 5/13: LACK OF INDEPENDENCE: with the valuer ignoring some data to PROVIDE the CLIENT with the required VALUE - H I G H IF THE "PREY " [seller] or LOW if the "PREDATOR" or buyer."

Found the John Cornford article: "Where next for Xtract Resources."-25.1.21

"AA...where if Racecourse confirms a 2Mt , AA has the option to buy 80% of it AT FAIR MARKET VALUE. At today*s $8,000 per tonne copper price VALUED AT 3% which is probably a
CONSERVATIVE MARGIN to pay for what will be a cheap-to-mine resource, that could be

WORTH $ 3 8 4 MILLION ---OR 40P shares now in issue after the £5m raise."

John Cornford gave a figure. Can anyone quote the figure?
I have been trying to look for it.