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I was about to reply on the same lines but you beat me to it :)

>> This was a Pre-Feasability Study, The conclusion is (in short) that it is feasible! Why the panic?

Full Disclosure - I am not a shareholder. I'm just trying to answer your question (and its after 4.30pm so this isn't a de-ramp)

The market cap is currently £800m. The PFS states the net present value of the proposed mine (based on Newcrest numbers) is £167m ($228m). The gap between those two numbers is the reason people are selling.

I know there is more gold in the ground and there may be more exploration and further mining studies, but based on this PFS alone the market cap is way too high. People may simply be looking for better potential returns elsewhere.

>> re GGP, i wasn't going to mention it, but since you brought it up. IMO the problem with the PFS was how much they manipulated it

I've been keeping an eye on the GGP board today. It's really remarkable how little analysis takes place on that board compared to XTR. No one mentions market cap - only share price. The assumption seems to be that the PFS is 'good news' so the share price should go up, regardless of how the potential profitability of the mine (or future mines) relates to the existing market cap. Anyone who questions the PFS assumptions or tries to look at value vs market cap or mentions that GGP has a minority holding is immediately shouted down as a troll.

I'm not attacking GGP here, as the above behaviour isn't that unusual on forums, but rather highlighting the quality of this board. We all have our optimistic hopes, but they are generally backed with at least minimal (and often quite in-depth) analysis. We have some excellent posters and a minimal number of outright rampers and de-rampers. People can be challenged without getting upset and usually reply with numbers, not insults.

It is very encouraging that these are the people choosing to invest in XTR.

>> Bit of a sudden drop in SP a few mins ago. Hope that isn't a foretaste of bad news.

Just moving on minimal volume. This afternoon has had about 10% of morning volume.

And Cantor back at 5.2. Everyone else 5.4 to 5.6. Can't make their minds up :)

For small-cap mining stocks, it seems reasonable to assume that news rather than technical indicators would be the main driver for the share price.

I wonder if technicals are a self-fulfilling prophecy. People see the technical indicators are down, so they sell, or indicators are up, so they buy. Perhaps people's reactions to the indicators are the only thing proving them correct :)

Cantor finally gave up and moved to 5.7 :)

Cantor back at it again. Despite more buying than selling volume this morning they moved the Ask to 5.2 then to 5.1, before finally giving up on buying pressure and going back to 5.2. Other MMs are two at 5.4, three at 5.5 and two at 5.6.

The purchase by First Quantum was in November 2009, later in the same year, and was for $260m. The copper price at the time was $3.15lb, although it was only $1.45lb earlier in the year so difficult to know the copper price on which the deal was based. Current copper price is $4.28.

Also bear in mind that copper price vs value isn't linear as the true price is sale price minus extraction cost, so increases in copper price can increase overall value by a greater factor.

Kiwara was in Zambia whereas Bushranger is in Australia, which makes a significant difference in terms of jurisdiction. I suspect (but don't know) that the infrastructure situation will also be far better, mainly because Bushranger has good, nearby infrastructure and that seems less likely in Zambia, plus construction of the mine required over four years before first production, which seems quite a while for open pit.
https://www.nsenergybusiness.com/projects/sentinel-copper-mine-kalumbila/

I've also found a list of RNS for Kiwara and it looks like the Bushranger drill intercepts are better in terms of mineralization length.
https://www.investegate.co.uk/Index.aspx?searchtype=3&words=KIW&pno=2

https://audioboom.com/posts/7957725-traders-cafe-with-zak-mir-sunday-roast-10-october

XTR mentioned at 37:55

And (4) possible IOCG at Eureka :)

Assume the current 845m shares grow to about 1b shares with options, etc., then £1 is a market cap of £1billion. That may sound crazy, but GGP went over a billion for a while and I suspect we will have a lot more in-ground value, especially when considering extraction costs.

Personally, I would be disappointed with 20p, content at 30-35p and happy above 40p (which is perfectly reasonable for 2mt assuming 3% in-ground value).

Tampakan is in the Philippines and there political problems and issues with the indigenous population. Donlin is in the Yukon in Alaska, which can be a little chilly at times and infrastructure may be an issue. There are several opportunities in South America, including SOLG in Ecuador but they are have political issues and the deposits are in inaccessible places.

Bushranger is in Australia, 150 km from Sydney with existing, nearby infrastructure, with existing large scale mines in the area and no political issues.

Yes, it takes money to build a large mine and you can't take anything for granted, but if you were a major, which one of the above looks most attractive?

Sunday being first or last is based on religion. However: "The International Organization for Standardization ISO 8601, which is based in Switzerland, calls Sunday the seventh day of the week."

https://en.wikipedia.org/wiki/Sunday

If you count the weekend, then Friday is close to the middle :)

Back to Cantor. After a lot of pushing at 4.5 ask, Cantor suddenly moved to 5.0 ask and 4.5 bid, putting them at the top of the bid and bottom of the ask, Every other MM stayed the same.

So after pushing down the buy price, now they are upping the sell price. Seems like perfectly reasonable behaviour :)

>> Christ almighty can we keep it relevant and stop filling the board with hate towards one another?

Its hardly filled with hate, considering three different people apologized in the last 24 hours because of misunderstandings. When there is disagreement, it is usually sorted out by people helping to clarify the situation. There are occasional intemperate posts, but in general this is one of the most civil boards on LSE.

I have only seen that behaviour on XTR and only from Cantor and it happens often. BTW Cantor just dropped the ask again despite more buys than sells since the last drop and no other MM making changes.

Maybe it is imagination on my part, but my day job is director of analytics for a very large global company so I have had some experience in deriving conclusions from patterns of data :)

Yes, agree. As soon as we get news and consequently decent volume the price goes back up, although Cantor sometimes hold the ask and refuse to sell anything :)

Its very odd and I don't really understand why they do it, but it happens so often that it can't just be random.

Surprise, surprise, Cantor is at the top of the Ask and pushing us down on low volume :)

Less than 500k shares traded and about 50/50 buys and sells. Down over 4% so far.