Member Info for Steve4077

I forgot to mention that the current JORC is inferred. I'm not sure what type of JORC is required for the AA buyout clause.

The amount of drilling required depends on the level of JORC. Quoting from current JORC document:

An ‘Inferred Mineral Resource’ is that part of a Mineral Resource for which quantity and grade (or quality) are estimated on the basis of limited geological evidence and sampling. Geological evidence is sufficient to imply but not verify geological and grade (or quality) continuity. It is based on exploration, sampling and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes. An Inferred Mineral Resource has a lower level of confidence than that applying to an Indicated Mineral Resource and must not be converted to an Ore Reserve. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.

An ‘Indicated Mineral Resource’ is that part of a Mineral Resource for which quantity, grade (or quality), densities, shape and physical characteristics are estimated with sufficient confidence to allow the application of Modifying Factors in sufficient detail to support mine planning and evaluation of the economic viability of the deposit. Geological evidence is derived from adequately detailed and reliable exploration, sampling and testing gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes, and is sufficient to assume geological and grade (or quality) continuity between points of observation where data and samples are gathered. An Indicated Mineral Resource has a lower level of confidence than that applying to a Measured Mineral Resource and may only be converted to a Probable Ore Reserve.

A ‘Measured Mineral Resource’ is that part of a Mineral Resource for which quantity, grade (or quality), densities, shape, and physical characteristics are estimated with confidence sufficient to allow the application of Modifying Factors to support detailed mine planning and final evaluation of the economic viability of the deposit. Geological evidence is derived from detailed and reliable exploration, sampling and testing gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes, and is sufficient to confirm geological and grade (or quality) continuity between points of observation where data and samples are gathered. A Measured Mineral Resource has a higher level of confidence than that applying to either an Indicated Mineral Resource or an Inferred Mineral Resource. It may be converted to a Proved Ore Reserve or under certain circumstances to a Probable Ore Reserve.

https://www.jorc.org/docs/JORC_code_2012.pdf

>> A fair few sells today

Yes, I noticed that too. Million plus sold in low 5.2s but price held very steady and kept trying to move up. In the past, even minor selling pressure resulted in a price drop so I thought that resilience was very encouraging.

>> Not too much reaction though to the RNSs on the SP sadly

We are up over 30% during that 5-week period. How much reaction were you expecting?

I don't think we can complain too much about RNS frequency. Number of RNS in each week:

Last Week: 2
2 Weeks ago: 3
3 Weeks ago: 3
4 Weeks ago: 2
5 Weeks ago: 2

Welcome on board!

Yes, I agree Colin in interviews is far better than the XTR written material. The best I have seen are the 30m sessions with CB, Jeremy Read, etc.. They are excellent.

Just read through. I'm not blown away by it. We have a really good story to tell and XTR are not doing a great job of telling it. 36 slides - which is a lot for anyone to sit through and maintain concentration - and Bushranger not even mentioned until halfway through.

Anyone prepared to spend time to read the presentation will already know about the world copper situation or they wouldn't have got this far. The eight slides on 'copper shortage' could be one or two summary slides. Equally, six slides on 'what is a porphyry' could be one or two slides.

Investors, like any other audience, want to know the benefit to them of spending money on this. We need to get to the bottom line much earlier in the deck. Sell benefits, not features!

The world is short of copper. We have a huge amount of copper. If we hit 2m+ plus that copper is worth x and you can buy it now for y. Sign here.

>> I read that Hamilton and other rich folks will purchase their private jets from the OEM, land in IOM to register them and then fly back out again. I assume for this reason.

https://www.iomaircraftregistry.com/about-us/overview/
"We are currently the second largest private business jet register in Europe and the sixth largest in the world;"

>> I would say our biggest advantage as PI’s is that we can at least get in early on this micro companies because the II’s mostly can’t because the companies are quite simply too small for the sums of money they are investing.

I completely agree. I've come to the conclusion that the best PI strategy is to identify companies with great potential, do enough research to achieve high confidence in your decisions, then buy and hold. Trying to outguess short-term movements is a good way to lose money.

10:11am 140k bought at 5.4
10:17am MREX drops ask to 5.3 (no sells since above)
10:48am Since ask dropped, 380k bought, mostly at 5.29 and 150k sold.
10:51am Cantor drops Ask to 5.2
11.00am Since drop 225k bought at 5.2. No sales.

The share price is not exactly reflecting what is happening.

>> Steve I don't think its an option to consider changing corporate jurisdiction to IoM :)

That's a shame. We have 0% Corporation Tax :)

I'm not joking.

>> Did anyone push him on how he is going to fund these projects ??

I am sure I have answered this same question from you before. Subtle de-ramp perhaps?

Anyway, there is already funding to mid-2022, as per the RNS from 2 weeks ago:

"Upon reviewing those cash flow projections for the forthcoming twelve months, the Directors would not expect for funds to be raised through equity raisings, or require additional financial resources in the twelve-month period from the date of authorising the consolidated information to enable the Company to fund its current operations and to meet any future commitments in the event that the Company decides to continue with further exploration work including drilling campaigns in Australia and Zambia."

>> So I could move to isle of man, take my sipp there and basically live tax free and claim over half tax allowance againt my sipp? Would I get clobbered by uk gov?

No, its a different country. If you are resident in Isle of Man you don't pay any UK tax. You would need to take advice on pensions but I think you can do a tax-free transfer to an Isle of Man SIPP. Also there is no requirement to take an annuity on Isle of Man pensions - you can leave it in stocks - and I think you can pass on to next generation without inheritance tax. Get proper advice though.

I did a quick google search and found
https://www.boal.co.uk/services/pensions/self-invested-personal-pension-sipp/

Apologies to others for the IOM posts on an exciting evening for XTR :)

Not sure why that link doesn't work. Just google Isle of Man Jetski - it was fairly amusing :)

>> Would love to live in the Isle of Man but unfortunately even the cheapest house I could find is out of my price range!

There is a real boom in property prices due to the pandemic. For most of the last 18 months, we had no restrictions at all (not even social distancing) and all bars and restaurants were open. There are many stories of non residents buying houses off the internet without even seeing them just to gain residence. I suspect once things calm down the house prices and rents will go back to more sensible levels.

It's easy to close borders with one port and one airport (although someone tried to get here on a jet-ski https://www.bbc.co.uk/news/world-europe-isle-of-man-55280466) and any violation of quarantine for people with symptoms resulted in jail time. Even a resident returning to the island and stopping for petrol on the way home went to jail.

>> But doesn't it rain there nearly as much as in Lancashire?

Yes, although its more about wind here than rain :)

>> I thought he moved there for the racing

The TT races are only 2 weeks (and they are well worth watching) but the island is a lot more than that. We moved here 10 years ago with work and I cannot see us ever returning to the UK now.
Here is a 90 second tourist video
https://www.youtube.com/watch?v=lKm-0VlV2b0

If you have never heard of the TT, watch this bike-view. Unfortunately we lose 2-3 riders per year on average during TT and usually a similar number of visitors (there is no national speed limit). The races probably wouldn't happen anywhere else given the no-risk culture in most countries.
https://www.youtube.com/watch?v=xNojOeofO7M

Slightly disappointing finish considering the weight of buys vs sells today. However, that is the fifth day in a row that has finished above 5p, so I hope that is now a new base. Plenty of news to come over the next few weeks and months.

>> Move to the Isle of Man

Example: My wife doesn't work so I get £28,500 allowance before tax, £13,000 more at 10% tax and everything above £41,500 at 20% tax. 0% on capital gains, such as profit from stocks.

You can move to the island without a visa if you are a UK resident, but you need a permit if you want to work here. Similar to living in UK except virtually no crime (as the police have zero tolerance), lots of space (220 sq miles and 85k people), amazing scenery, no pollution and great food. However, if you like living in major cities, you won't like it here :)

That is my contribution to Isle of Man tourist information for this year :)