Member Info for Shorn

Facevalue01
That's the value with 2MT -> then presumably an increased resource beyond the 2MT would increase the share price again - after all the 2MT is a trigger point not an agreed point of sale value...
IMO ATB Shorn

@dogefather
I thought his point when listening again was the "Pit" could grow to 1 Billion Tons (as a result of phase 2 drilling), from the 500MT target (which he believes he already has).
And my question is and was on the night (which he obviously wouldn't answer) was when will that letter be sent to AAL ?
IMO ATB Shorn

Steve4077
Totally agree as CB says in his presentation let the figures speak for themselves....

I was there on the evening and i am listening to the presentation again (about half way through) - but i am still not clear on the extent of future drilling with respect to the 2MT trigger (phase 2), and proving up a greater resource in the extension / parallel to the east / south east, AND then further drilling (?) of the next anomaly to the SE. I think this takes the length of the open pit beyond 2KM.
I do remember him saying why would they move from the sweet spot (the pit) to drill Footrot
How far will Colin go beyond 2MT before triggering (writing the letter to AAL / decision to mine) ?
He also mentioned the likely discussion of changing from a JV to a straight 100% buyout - how would an SPA figure the additional say 1 or 2MT over and above the 2MT trigger ?
IMO ATB Shorn

@CaveatEmptor
"...I am not sure where a figure of 6 million tonnes of Cu comes from?..."
I think somebody during this week on a post added the 500MT (2) to the 1Billion MT (4) and got 1.5Billion MT (6 MT contained copper)...
When CB actually meant and increase from 500 -> 1BN...
Somebody put me straight but i am fairly sure.
IMO ATB Shorn

@HawaiifiveO
Looking at the article it states...

"...Colin Hamilton, commodities analyst at BMO Capital Markets, noted that the supply issues that caused the LME to initiate the temporary measures have revealed flaws in the system; however, he added that the world is well supplied with copper.
"LME copper warehouse inventory isn't actually that low — indeed it was lower last time copper traded above $10,000/ t. But with cancelled warrants representing over 90% of this (signifying a desire to remove this material from the warehouse), only 14kt of on-exchange copper was available to the market. And the fact that this occurred into the LME's prompt-date expiry does point to a classic short squeeze," he said.
Hamilton added that a lot of companies are hoarding the metal as they anticipate further supply issues in the future. He likened the current sentiment in the marketplace to what happened with toilet paper at the start of the pandemic as consumers emptied shelves of toilet paper around the world..."
Spot the problem with this way of thinking ...?
Toilet paper shortage Vs Copper...mmmm
As investor in the green stuff i'm glad its not as simple as what Colin Hamilton believes ;-)
IMO ATB Shorn

@Zombi3
I was at the evening presentation last week with Colin Bird and others. He was definitely complimentary about what potential CMRS had in terms of assets, and certainly my take is that he wouldn't of said that unless he is generally in favour of moving forward with CMRS with all the usual caveats.
IMO ATB Shorn

Kullybahia,
Yes copper on a run, inventory levels causing concern, and M&A activity on the increase - maybe the markets & majors are finally waking up or should i say finally coming off the fence with their need to acquire new finds...

Thanks theiceberg really good parallel for us to watch.
Be interesting to see how the Solg T - SP responds to day.

Screenlearner
page 7, take the gap out between // and xtract....
https:// xtractresources.com/wp-content/uploads/Bushranger-Summary-Presentation_April-2020.pdf
ATB Shorn

A June 2021 article from ADVFN (not sure this has been shared before) - thought i would post it given mikiesunday's discussion with CB last week about approaches made to Jubilee...

The investment in Jetti Resources LLC, which extracts copper out of mine waste, comes amid growing interest and rallying prices for the metal used in construction and manufacturing, as well as to conduct electricity. Demand for copper is expected to outstrip supply in the coming years, with more of the metal needed as the world transitions to a lower-carbon economy.
Jetti said that BHP, Freeport and Japan's Mitsubishi Corp. were among a group that had agreed to invest a total of $50 million in the company to help fund the rollout of the business.

From this report i believe that Jubilee could be of interest to a fairly wide rage of suitors wanting green credentials and to firm up additional copper supply with a quick return on investment.
And there are plenty of miners with copper tailings to choose from...
https:// tailing.grida.no/
(take the gap out between // and tailing
IMO ATB Shorn

@cyberiachas
"...so this is a relatively "easy" one to mine - at even $8000 per tonne that's $16 billion dollars in the ground or $533 million gross per annum over 30 YEARS..."
At the evening with CB - he said "this shallow porphyry on it's side wasn't really mining - he said it's digging a hole - muck removal on a big scale..."
Most of the dirt is pay dirt as well according to Jeremy Reid, with a stripping ratio of circa 4.3:1
IMO ATB Shorn

@Phatbaz,
CB's actual words on the night were - the LOM would probably exceed the life of those in the room watching the presentation.
So let's not get ahead of ourselves.

howezap
Thanks for that clarification. Taking your description and relating that to what was said the other evening is what i was asking andmillsy for his take on it...

"...The anomaly to east/ south east that is being focused on ‘now’, is the saddle, and the main resource referred to by CB...."
Comment / question -> i assume this is part of the 2nd phase drilling (specifically H: 13,14,16) in order to prove it's potential to extend the current open pit model & 2MT ?

"...The anomaly just further south (the most southerly) which is referred to as, the parallel zone of mineralisation. This is ‘not’ being drilled yet, but has been confused with being the south east anomaly..."
Comment -> What i took from the talk the other evening with CB was that this would be a future objective, and not part of the proving of 2MT+ (AAL option / decision to mine)... - and that's what i was looking for confirmation of...
IMO ATB Shorn

andmillsy
Thanks for that, and yes i too would like to listen again.
Defo agree with the whole license being bought, but i couldn't see how CB could know that the earth between the current pit and the SE anomaly would not contain some degree of Copper (pay dirt) - similar to the extension to the east of the current pit.
But you are right there does seem to be an immediate plan to get the 2MT proven keeping close to the area more accurately modelled.
Though like theiceberg said on one of his posts or his blog it seems like there's two parts almost : step 1 open pit mine (2MT) and step 2 another porphyry (pit) or deeper mining....
IMO ATB Shorn

Morning andmillsy
When Colin was talking the other evening he mentioned that he thought it more likely that the anomaly in the SE if sizeable would be a second pit rather than a larger super pit - but his slide presentation is all about how big the porphyry's can get (images showed 3km - super pit in Sweden). Do you think his slides were reflecting potential increased sizes of the first pit after the 2nd phase of drilling and not as a result of a new 2nd porphyry discovery in the SE...?
Did you sense that the proving up of the anomaly in the SE would be a carrot to help draw a purchaser in after the initial 2MT+ (AAL option) / decision to mine is proven ?
IMO ATB Shorn

Mikiesunday
I can see how an approach by a major makes sense in terms of immediate ESG credentials and access to transferrable technology to other jurisdictions where the specific majors dumps are located, ideal for a quick turn around on initial investment.
What are we....c£400k market cap - i wonder what time scale in terms of processing and current development it would take to get to c£1Billion market cap ?
IMO ATB Shorn

@Holtender
Here's a source...
https://finance.yahoo.com/news/copper-warehouse-stocks-drop-critical-090720863.html

Just got back from it - as andmillsy says it will be a recording at some point on the XTR web site.
Also you need to email and ask for the slide show - worth a look.
Headlines...
1-> CB convinced he's got 2MT
2-> Drilling all about proving that through phase 2 AND some more in the SE anomaly, doesn't sound like the exit plan includes drilling Footrot.
3-> Explained the AAL buy back mechanism but believes XTR will never be a 20% JV partner
4-> Either AAL write to CB early doors with an offer or CB writes to them with the asking price
If no agreement it goes to independent valuation which takes into account similar sales in the last 5 years and
"enterprise" value
5-> If AAL not interested then it's open season BUT not before that point
5-> Most likely a sale of the BR assets only
6-> Tried to squeeze him into when he would write to AAL - no joy surprise surprise.
Anyhow that's all i can think of right now - others will correct me or add detail tomorrow.
However, all in all a good presentation with some meat on the bone and i know for a fact i've invested in the right company.
IMO ATB Shorn

5->

Steve4077
It does sound like they are completed - maybe an announcement during this evening and an RNS...

it didn't like the email link...
Let me try this
waltie@xtractresources DOTCOM