Member Info for Sq52

· Drillhole BRDD-21-025 was a step-out hole designed to test a large geophysical anomaly approximately 750m SE of the limit of the current Racecourse Inferred Mineral Resource. The hole intersected traces of visible copper mineralisation and lengthy zones of porphyry-related alteration with associated sheeted veining and some thin fingers of porphyry intrusions.

· BRDD-21-025 may indicate the potential for a cluster of mineralised porphyry intrusions at Racecourse, as found at Newcrest's giant Cadia-Ridgeway mine elsewhere on the Lachlan Fold Belt….. The hole intersected two zones of characteristic porphyry related alteration and associated sheeted veining and some thin fingers of porphyry intrusions, including trace amounts of disseminated and vein-hosted chalcopyrite with pyrrhotite/pyrite. The hole is interpreted to have possibly drilled above two copper porphyry mineralisation zones, with the porphyry fingers and indications of mineralisation suggesting that the main porphyry intrusion could be below.

Hole 31 is from the same drill pad as Hole 25.

Hole 32 is about 250m to the North West.

Both have been spinning for at least 10 days, so should be well over the 750m mark. That’s two very important drills spinning at the moment.

Why’s it hovering around 5p, maybe:

Until we see some assay results and/or ‘strong mineralisation’ statement from outside the current JORC , I don’t see why this would step up. Is there anything new to present to the wider market?

There’s also the potential gloss over the surprise hole locations / drilling last week. Some pretty key locations without feedback….?

Sprinkle in with a lack of CB interviews and comparatively low volume, it’ll be pushed down.

I’ve also got it in my head that unforeseen circumstances for needing a raise for further funds could be:

1) we expected SP to be north of 8.5p and warrants in play, it’s not so we need more cash.

2) we expected revenue stream from projects to be in Q4 of 2021, but they’ve been delayed into Q1 2022.

On the plus side, anyone that’s been following this can clearly see there’s enough to get Bushranger over the line with or without AA and it’s effectively free bet at the moment

Cheers Andy, much appreciated. Feel a little more relaxed that this isn’t the first time.

Having said that, I’m pretty relaxed on this anyhow, price is still insanely low.

Monday RNS for details on the missing hole info? Had all weekend to write one.

Is this the first time we’ve had holes completed with no rough guide info on what they drilled / encountered?

Xtract had a bit of a catch up spurt with Fridays RNS, seemed to have cleared a load of holes at an impossible speed and shot ahead on assay results, with a big pile still to come through.

Big spurt for…?

Was thinking exactly the same jwoz, but midday (ish) RNS seem to be the normal, so going to give it a couple of hours yet.

It’s in the final throws of project and there’s huge global supply chain challenges, not surprised about the delay. I wouldn’t expect to see many further delays on top of this.

Q1 some cash, Q2 but more significant.

Puts me back to Sundays rough calcs and thank you for everyone’s input.

Plan for the worst, hope for the best and take a balanced view in between.

Still huge upside vs dilution risk and even if another raise is needed, it’ll be done to add substantial value to projects and should be minimal to fill the gap.

I’m still hoping that hole 27 is heading SE towards hole 25 with the aim of a massive strike length and hitting / confirming the SE porphyry - probably isn’t, but I can hope!

Cheers Andrew, I was thinking Q1 for some revenue (not enough to fund Bushranger), but significant revenue in Q2 (enough to fund Bushranger)

Just on the basis that it won’t be plug and play machinery, plenty of staff training / scale up, slow build of efficiency and then payment terms - all impacting on revenue stream.

It does look like a bit of a gap to me, just trying to weigh it up and get input. Difficult one to call with info available and only board will have an understanding of what it is.

Rough guide to numbers so far for the phase 2 drilling from April RNS:

https://www.lse.co.uk/rns/XTR/placing-to-fund-bushranger-phase-2-drilling-w8dwibnfu9za0ii.html

Phase 2 Holes 7-25 inclusive = 13,708m
Average depth of 721m

2x holes in progress now = 15,150m est with finish time of two week average puts it around 22nd of Nov

After the current two holes, the remaining phase 2 fund will cover around 4850m of drilling or average of 6.7 holes. Given most projects over spend and I suspect one hole will be testing length, I’m rounding down to 6 holes.

This puts phase 2 funding / drilling stopping around early Jan (guessing Christmas break). However, there’s more than 6 purple dots left to drill and plenty to go out on top of that (Footrot etc).

Whilst I’m sure further African revenue streams will be coming online, I’m not expecting to see significant revenue until Q2 of 2022.

Bit of a gap there and no one wants further dilution (on top of warrants). This won’t be left to the wire, so I’m hoping there’s a plan to release some sort of official provisional volume guidance / mine plan confirming 2mt+ in the coming weeks and / or some more fantastic news from SE to push above 8.5p to kick the warrants into play or…… it’s another raise.

The board have been pretty insistent there won’t be another raise, so I’m genuinely expecting a big reveal in the next couple of weeks as I’m guessing they’re planning on the cash from warrants.

Interesting couple of weeks ahead.

Well it’s over the line and there’s still more to go at in the coming years, welcome to the age of copper!

Here’s one of the many mind boggling stats of what needs to be done:

The International Energy Agency projects that India will need to add a power system the size of the EU’s to meet expected growth in electricity demand in the next 20 years.

Great timing to have a huge, easy to mine chunk of copper going up for sale, the green world is going to need an unbelievable amount - bring it on.

Made me chuckle and fair comment, I’ll take that one :)

Sorry, my naughty elephants got forgotten as I was eating my shredded wheats this morning. Hole 26 will be going east!

Do we know the directions of current drills?

Hole 26 is a pretty easy guess that it’ll be going west.

It’s probably too early for this, but wouldn’t drill pad 14/27 be a good position to drill north west to intersect hole 1 and south east to intersect hole 25 - now that would be some length!

Nice result yesterday, just need positive assay from hole 14 to push on.

Given hole 27 is starting from the same point as 14 - I’m sure there’s a good chunk of copper in hole 14.

Yep, it could drop. Very poor assay results from hole 14 and no mineralisation in 25 would put a dampener on things.

The flip side is it could go a lot higher with assay results above 0.15 in hole 14 and strong copper mineralisation reported in 25.

Pay your money and take your chance - worth remembering that CB did, with another meaty buy as hole 14 was underway.

What ever you decide, not long to wait as assay results for 14 are about due and i’d guess hole 25 will be about 800m in on Monday.

Nice news from COP

https://www.bbc.co.uk/news/business-59136214

The Glasgow Financial Alliance for Net Zero (GFANZ) said more than $130trn (£95trn) of private capital "is now committed to transforming the economy for net zero".
In practice, this means that bank loans which would go to an oil field, or a coal mine, are diverted to renewable energy or to a mortgage product that subsidises highly efficient homes.

I look forward to seeing this filter through to copper, I’m sure they’ll be looking for long term, viable and secure regions to invest in now oil is becoming a no go.

My take on it is hardware vs software, I’d rather have a piece of all the global pies than try and make the pie.

Don’t think there’s a right answer and happy to have a crack at both, it’s a great start either way.

Guessing this calcs been done before, here goes:

Bitcoin uses 121 Tera watts (few different numbers out there, taken this from BBC)

1TW = 1,000,000,000 kw
That’s 121,000,000,000 kw per year

1kw = $0.1313 (working in dollars as most won’t be mined in the U.K.)

That’s $16,105,100,000 per year on energy
Converted Pounds at £1.37

£11,755,547,455 per year
7% saving
£822,888,321

And all that’s before exceptional energy costs etc etc.

Obviously wouldn’t unlock the full £822m per year, but even a low % of this as a licence product is well worth a substantial more than current market value.

I think holes 24/25 haven’t been spinning for very long.

RNS from 20th of Oct stated the next series of holes were advancing well (22/23). At about 850m and running at the speed of around 75m per day means they should have finished round about as the RNS from 29th was issued - give or take a day or two.

I’m putting holes 24/25 for 300m ish on Monday. We’ve had assay results for hole 13, assay results for hole 14 can’t be that far behind and we’re well into SE territory with hole 25 - fun times, one way or another, big reveal time soon.