Member Info for Steve4077

Wouldn't it be great if there was a vaccine for hangovers :)

@dogefather

The share price has barely moved today with a decent amount of buying, when it has fallen for several days on minimal selling. Its frustrating, but also not unusual for this share or many others.

To hold here, you need to have faith in the company and their plan over the next year or so and just ignore any irrational short-term market movement - which I struggle to do myself sometimes :)

Once the value is proved up with assays and a new JORC and there is potentially interest from majors, then the share price will rise accordingly. There are plenty of resource companies with a share price in the doldrums that suddenly multi-bag once the word is out. You need to decide if this is going to be one of them.

"Our programme is on schedule regarding the assay turnaround and I am confident we will have the first results in mid-September.""

Interesting that CB is being so specific about assays.

Seems to be a lot of buy trades going through today, although the share price is still down because the MMs dropped the bid-ask on open for some reason. In fact, I think there might be more buying in volume terms this morning than the total sells all week :)

It might smell like a delay if the total trades in the last few days were more than 1% of total shares :)

Today for example, total trades are about 800k shares - less than 0.1% of the 845 million shares in issue. Just MMs moving the price on minimal volume (as usual).

Sell if the price movements bother you or hold if you are confident in the company. An appropriate Warren Buffet quote is: "the stock market is a device for transferring money from the impatient to the patient".

@Olderandwiser

Given your posting history on here, it is good to hear you have developed a concern about misleading people.

CB stated in the annual report on June 28th that financing would not be required in the next 12 months.

"The Directors have assessed the working capital requirements for the forthcoming twelve months and have undertaken assessments which have considered different scenarios based on a number of production forecasts until June 2022. Upon reviewing those cash flow projections for the forthcoming twelve months, the directors consider that the Company is not likely to require additional financial resources in the twelve-month period from the date of approval of these financial statements to enable the Company to fund its current operations and to meet its commitments. "

Just reply with that every time someone tries the usual AIM scare story of 'placing next week'.

Looks like about 1.4m shares traded today, which is about 0.16% of shares. Bearing in mind that some of those are buys, that means that about 99.9% of shares are in the hands of people are who are not selling today, which is hardly an indication of lack of faith.

The MMs (as usual) are moving the price around on minimal volume. They only make money if you buy or sell so they want people to trade. A good way of getting people to trade is to move the price around.

Given the general content of his posts, maybe cracker is Martin Plaut :)

No, not sarcasm. Just an occasional drive-by de-ramper who doesn't bother with even minimal research. Check the posting history :)

lol @ Robjm66

I guess cracker and Orson Wells have something in common, when it comes to telling stories :)

@cracker - I assume you are referring to the war in Tigray. In case you aren't aware, Ethiopia is quite large - about the same as the UK, France and Germany combined - and the war in Tigray is about as far from Tulu Kapi as Madrid is from London.

Besides, lets assume the war in the the north does get worse. That would probably be very expensive, so maybe they need to start getting some gold out of the ground to pay for it :)

Rob, can you also check on the news of an impending alien invasion. Thanks!

>> So does meeting the AA target depend on the totality of the phase 2 drilling program

If you haven't already seen it, watch the 30m presentation on the phase 2 drilling. It will answer of a lot of questions about why holes are being drilled in specific locations.

In general though, the focus seems to have moved on from the AA buyout to proving up an economic mine plan. Jeremy Read stated they were almost at PFS stage, which is incredible given they only started drilling in December. If the mine plan looks good (and all the signs from the recent video are that this could be something special), then we would have majors queuing up and the AA buyout becomes far less relevant.

In general, the approach has become far more professional and detailed for phase 2 due to the focus of Jeremy Read, Quintin Hills, etc. on Bushranger. This is no criticism of CB who manages several companies and has done exactly the right thing in finding the right people to manage this key asset. This is now about providing the necessary information to make it easy for the market and the majors to understand the huge potential at Bushranger.

>> Apologies for the rubbish question, but what price would be a reasonable guestimate for a buy out ?

For the buyout, you need to assume that XTR manage to find 2m tons of contained copper and AA exercise their option. If both those are true, then the general consensus of reasonable debate on the forum seems to be in the region of about 30-40p. If you read back through the forum, you will find a number of posts that go into detail on how that is calculated.

I finally had chance to watch the 30m video presentation with CB, Jeremy Read (Project Manager), Quintin Hills (Project Geologist) and Alaik Kubra (Modeller).

It's well presented, clearly explained and very impressive. I highly recommend watching it if you haven't already.

https://www.youtube.com/watch?v=AEIwR_0S7SE

Yes, I thought they were sells until you mentioned it and I checked the times.

Excellent RNS.

Unfortunately, I don't have access to level 2 at the moment due to house move and needing to sort out broadband. I notice the price seems stuck on 4.4, which was already being pushed on Friday. Anyone know if that is due to limited availability? Some MM seem to hold a price even when there is buying pressure and just show NT to buy for larger amounts.

BTW, I hope it is a good omen that the new house is called "Copper Beeches" :)

>> Does anybody know where the 162 mt figure comes from?

I assume it is based n a 0.15% cut-off rather than 0.3% for the 71mt.

>> Is this lift-off worthy RNS, or no?

To be realistic, it looks like like the current resource alone is on the edge of viability for an open pit mine, although the situation improves considerably as copper prices rise or the resource is increased. However, these scenarios seems a lot more pessimistic on costs than the 2011 study. It would be good to understand the calculations behind both studies.

Bottom line, I think this RNS lays the baseline to state that even without any increase in resource, you can make a case given realistic future copper prices. However, as the drilling campaign progress, the scenario will start to look better and better.