Member Info for Steve4077

>> Phase 1 drilling:
>> 20 holes done.

Phase 1 was only 5 holes - 6 if you include the early-abandonment of hole 4. Everything from #7 onwards was phase 2.

https://www.lse.co.uk/rns/XTR/completion-of-phase-one-drilling-at-bushranger-8sri11xtzfsp5lw.html

#36 was the last officially announced hole, although two more are shown on the drilling update, so there are currently 32 holes in phase 2. Colin stated in the recent interview that 15km was planned but 23km has been completed so far, which makes sense looking at the average hole depth.

>> If every week, 1 drill = 18 holes max.

I doubt there will be another 18 holes. Colin stated in the interview that only a few holes would be drilled to delineate Ascot and if they want to do modelling in April, they need to allow time for assays before then.

The only one in a 'safe' jurisdiction is Casino-Canada and that is 0.127%. Interesting.

Since 2pm, we have had six trades, five of which were buys and three of those were at 5.7176 or 5.8, yet Peel Hunt continue to hold the Ask at 5.7 (the buys were about 60k in total, the single sell was 1k shares). Low volume still, but not sure if that is because the Ask is being held below recent trades

Even though I am guilty myself, we should probably stop replying otherwise the troll will just keep posting. Attention is what he craves. Filter and ignore and he will soon wander off.

I'm not sure even Colin is going to put the deal together in the next six days, although that gives him chance to rest on the seventh.

I see we are back to the familiar story of a falling price on minimal volume :)

600k volume so far today, or about 0.07% of shares in issue. Price is down 4%, but the Bid just dropped on L2 so will likely drop a little further. Yesterday's 5% rise was on a volume of 5m

I'm sure it will be on its way back up once the necessary shares have been shook loose.

We had an RNS on June 30th that stated no placing needed before mid-2022
We had an RNS on September 30th that stated no placing needed before mid-2022
We had an interview in late November that stated no placing needed
We had an interview yesterday stating that a placing was "Not going to happen"
All the above posted two hours ago on this forum

And yet we still have de-rampers claiming another placing imminent. If you really need to de-ramp, then please learn something about the stock before de-ramping, so we can at least have a debate and you don't just look totally clueless.

@ReasonMan

If you ignore every interview and instead look at all the 'hard data' available - such as every RNS over the past 12 months - and you still don't like the potential upside vs potential downside, then I doubt anything said on here will convince you. By the time the level of confidence you seem to need will be available, it will be too late to actually make any money.

When people sell a stock, you have to ask if they are selling because they know more than you, or because they know less than you or because some other factor is in play for them. If you believe that you have done enough research, then the short-term movements of the herd should not affect your decisions. If you lack that confidence, then either do more research or sell.

We had an RNS on June 30th that stated no placing needed before mid-2022
We had an RNS on September 30th that stated no placing needed before mid-2022
We had an interview in late November that stated no placing needed
We had an interview yesterday stating that a placing was "Not going to happen"

Standard de-ramp is still "We will need a placing".

At least show some imagination :)

@ReasonMan

Listen to the interview and that should end any doubts you have about the 2m tons.

>> Any negotiations with AA could could lead to a stalemate and be drawn out

The terms of the agreement should prevent that. Apparently AA only have a few days to make a decision once the JORC or decision to mine is announced. If no immediate agreement, there is a third party valuation process.

Probably most structured interview from Colin that I have heard. Here are my paraphrased highlights:

Open pit currently 400-600m tons of rock and growing. Probable cut-off 0.15%. Grade TBD based on assays.

Was hopeful/confident that still growing open pit at Racecourse will provide 2m tons, but now we have another system that is probably as large (or larger) than Racecourse. The 2m tons is not a 'bite your fingernails situation'.

Only selling measured resource is a myth - otherwise you would never sell a mine. Sale of Kalumbila for 265m was based on 'loosely-inferred' resource and demand for copper much higher now.

Aim with Ascot is a limited number of holes to prove general size and grade - not planning similar number of holes as Racecourse. By April, hope to have modelled open pit for Racecourse so engineering design can begin, plus proof that Ascot is another large porphyry.

Plan to present to Anglo by June. If they refuse, open to everyone else. Wants to sell. Very much against a joint venture .

Lots of talk on forums about me doing a placing in January. Not going to happen. We planned 15k metres. Currently done 23k metres and still $600k under budget. Very well managed.

Current share price supported by Africa assets alone.

Very complimentary about quality of LSE forum.

https://audioboom.com/posts/8006238-the-sunday-roast-presents-12-stocks-for-the-12-days-of-christmas-episode-10-xtract-resources

Two more 100k (ish) buys went through at 5.15p and 5.14p plus a 100k sell at 5p.

Official bid-ask is 4.8 - 5.1 but reality seems to be 5p - 5.14p. Lets see what tomorrow brings.

Would seem odd to issue an RNS on New year's Eve. Maybe something on Tuesday, or content of interview is leaking.

Two more MMs just raised their Ask to 5.2p and a 99k buy just went through at 5.15p even with two MMs still on 5p. Interesting.

@cyberiachas

Yes, completely agree with all that. I'm just frustrated that I don't have any significant money available until mid-March and I can't see the price holding that long.

Movement, finally :)

Peel Hunt just moved to 4.8p - 5.2p, although there are still four others on 5p Ask. A sell (86k) at 4.85p, then the next one at 4.9p (25k). A small buy (12k) at 4.998p. Pressure seems to be building and the small buys are probably due to lack of available shares, giving what is happening with the Bid.

Some large buys showing up now from the last couple of hours at around 5p, but still no movement in the Ask. Also interesting was a 350k sell at 4.85p with no subsequent reduction in the bid. Either lazy MMs or something is going on.

Anyone tried to buy any sizeable amount since 2.30pm?

Yes, I see the same on L2. Nothing moving though from MMs. I wonder if they just set a wide spread and left it for the holiday period.