Member Info for Steve4077

2nd December 2020: Drilling approvals were gained

"The Board of Xtract Resources Plc ("Xtract" or the "Company") is pleased to announce that it has received all required governmental approvals in order to proceed with its maiden, Phase One, drilling programme on the Bushranger copper-gold exploration project"

https://www.lse.co.uk/rns/XTR/bushranger-project-phase-one-drill-programme-5cmaszh1nh2mxug.html

16th December 2020: Commencement of Drilling
https://www.lse.co.uk/rns/XTR/bushranger-commencement-of-drilling-98veayivcjvrvy0.html

TBH a few months either way isn't that important anyway. They have a done a huge amount of drilling in the last 18 months - 51 holes that we know of with an estimated 40km drilled, plus whatever has happening since the last update.

I know it is frustrating when we miss "deadlines", but those are really just arbitrary dates given by CB in his usual over-optimistic way. They aren't actually deadlines in any real sense - nothing is hanging on a specific date. We all know that CB is consistently under-estimating timeframes, yet someone we still get frustrated at something we pretty much already knew was going to happen.

If you just ignore CB's timeframes and look at actual progress, XTR have achieved a huge amount at BR in a relatively short time.

That was the conditional sale agreement on June 1st. The purchase was completed on 27th October 2020

"The Board of Xtract Resources Plc ("Xtract" or the "Company") is pleased announce that it has now received all necessary approvals and has satisfied all conditions precedent for the acquisition of the Bushranger copper-gold exploration project"

https://www.lse.co.uk/rns/XTR/completion-of-acquisition-of-bushranger-project-bj1w5xoch7sxr94.html

>> Kalumbila was sold off sharpish in less than 2 years with minimal drilling. His plan was the same here IMO but it hasn't worked out as he expected...

To be fair, we are a while off two years here. The Bushranger sale was completed about 20 months ago and drilling started 18 months ago. We've also drilled about 40,000m ish, which is huge for a small company like XTR in such a short time. A lot faster than GGP did their drilling at Haverion for example.

Another possibility here is that the delay is deliberate, rather than unintended. CB said in his last interview that the market was the worst that he can remember. When he made the May prediction, he probably didn't expect the following few months to include a major war in Europe, a global fuel crisis, a global food crisis, more Chinese lockdowns, high inflation and a looming recession, not to mention a significant drop in commodity prices.

CB's unusual low-key approach in recent weeks may be intended to lower short-term expectations and take the company into a fairly dormant phase for a month or two so he doesn't have to conduct negotiations in this economic climate. If we have the assets in Australia and we have sufficient cash from Manica, that gives XTR the luxury of waiting until that climate improves, without worrying about either short-term share price or operational expenses.

>> no new news, nothing new to talk about etc....

We had excellent Manica results less than a week ago that pretty much de-risked the stock and secured our financial future. Maybe you could talk about that?

We had 32m at 0.92 g/t at Ascot a month ago, which completely changed the nature of our second porphyry. We are continuing to drill Ascot, putting more holes in RC and a couple into Footrot. Maybe that is worthy of conversation?

The Telegram board seems to find plenty to talk about, although that is maybe because it is so easy to post graphics and other material in chat. The dissatisfaction here seemed to be more about impatience than a lack of content.

I remember 20%+ inflation and mortgage rates at 15% in the early 80s. By the mid-80s, we had a massive boom. Although the leadership then was far more decisive.

There has been some very 'unusual' movement on the share price lately. There were more buys than sells last week and the price still went down. One down day had about 85% buys. Now there is pressure upwards but apparently no shares available. Although the latter could simply be an MM not paying attention - the former is deliberate.

As Buys outnumbered Sells by 3-1, it would seem the market (as usual) is doing the opposite of what you suggest. Although I guess at the moment, trolling here is the best you can do in terms of a distraction from VAST.

>> Colin needs to give us something in the way of news

There was a 15m interview one week ago. There was an RNS the week before that and both an interview and an RNS the week before that. Most companies are not giving RNS and interviews every week.

I don't think the quality of comms is great and we need a lot more clarity on Manica, but you can't really complain about the frequency of news. I'm surprised how many investors have no patience and assume catastrophe if there is no news for a week or two, or the share price dips on minimal volume.

Today BTW we are now on 1.9m volume with about 1.45m buys and 0.45m sells. Down 3%. Don't just look at the % change - check the trades or you will be misled.

I do agree BTW that comms should be a LOT better. I just don't think that is the specific issue for today's price movement.

It isn't a retrace. There is 1.6m volume now with 80% buys. That is exactly what you would want as a shareholder, but even Colin can't control the MMs moving the price in the opposite direction to the actual buying activity.

Less than 400k sells (typo)

Lets look at facts rather than slogans then. Volume is 1.3m. That includes at least 900k in buys and less than 500k in sells. If you go on Telegram I have posted Level 2 to prove it. Somehow the spread has fallen from 4.8 - 4.9 to 4.4 - 4.7 and we are down almost 4%.

How would you describe that then?

And now 525k in two buys (outweighing all sells so far - entire volume was only 550k) and we are still well down on the day. Straightforward market manipulation.

In fact, given the volume it looks a lot more like a tree shake ahead of good news.

There is no stampede - total volume is 553k traded - or 1 share in every 1500. MMs are taking it down on extremely minimal volume.

@Rick123

I think £0.50 is a bit optimistic. Maybe somewhere in the region of £0.20 to £0.40?

MMs taking it down on incredibly low volume. 180k shares traded so far.

Yes, given Rick's investing history, I think doing the opposite of what he suggests is the best investment strategy :)

Official Spread is 4.75 to 5.1, which is 7%. However, actual buys and sells are happening at 5.01 and 4.862, which is 3%. You definitely need a new trading platform if you are being quoted the full official spread.

I use II. I pay £20 month with 2 free trades and £4 for any other trades.