Member Info for stevemocal

Shotgun and plumb sauce at the ready... release the bloody things!

Rumour has it that Ted is actually exclusively invested in Looner Mining. They recently acquired the Craters Project located on the light side of the moon from a bloke in Nigeria that just needed a couple of grand to cover legal fees to release his multi billion dollar inheritance.

Looner have concluded their due diligence using binoculars and confirmed the presence of hundreds of open pit mines that were abandoned several million years ago by aliens who moved into black hole harvesting during the last super cycle. All other infrastructure is a mere 250,000 miles away on planet of Earth.

Resource estimates indicate several zillion tonnes of moon dust with grades of up to 100%. This is incredible because, as the bloke from Nigeria pointed out, moon dust fetches more per kilo than saffron on the Chinese commodity market, where it is highly prized due to properties that cure baldness, stimulates rapid weight loss and gives men erections harder than Sheffield steel.

What's not to like folks... get those XTR shares sold and make some real money. GLA

So now the selling is explained... shareholders who can't keep their extensions in their pockets.

When we've made out fortunes we should arrange an XTR Shareholder Party. It will be easy recognising TDoubleu and Captainbob by the thumb print on their foreheads. ;)

Anyway, must go now as the wife says 'the list' isn't going down fast enough.

It is a bold statement without assays or some cores clearly showing significant gold, which would be rare. Bold statement or is he sitting on news? And if he’s sitting on news… why?!?

I am hoping it is all part of some master plan and all will soon be revealed.

Ella - he said "The chemistry was so different, I feel confident to call it another porphyry, because it looks to be more gold than copper."

I am pretty sure that when he talks about the second porphyry and Ascot, he is talking about one and the same thing. But it does raise the question as to why he would say that it looks like there is more gold than copper? The only assay results from Ascot are hole 35 and they do not indicate more gold than copper. So what is he basing the statement on and why isn't the news formally being shared with the market via an RNS?

NicetoMichu - I am indeed assuming the results at Ascot will be good news. But whether the news is good or bad, it is not an assumption to say news is being sat on... those drill holes are long finished as confirmed by CB in the last interview.

The fact is that last two RNS's drove the SP down and there is no need for it. There is no need to scare off new investors who aren't yet up to speed. Mediocre results need to be put into context and delivered with good news for balance. There is only one winner in delivering news like it has been recently and that is the big buyer who has been accumulating shares and driving the SP up. It leaves me wondering if it is deliberate and, if it is, I don't like it and feel compelled to say so.

Perhaps you are right though that it is unfair to label everyone as stupid for selling. Some will have good reason... just not many.

Call me old fashioned but as a matter of principle I do not like the idea of the SP being manipulated to benefit persons who are already wealthy, at the expense of those who have more to lose and can be easily spooked into giving up their golden tickets.

Over the last couple of years we seem to have accelerated rapidly towards a post-principles era and I really don't like it. I wasn't expecting much support for my position, and it will no doubt change nothing, but this is my version of parking a truck in protest!

Montyfino - Both the RNS's included a drill plan that states that holes 37 and 38 are 'in progress', which is clearly untrue. Drills holes take 7-10 days to complete and both of those started at least 8 weeks ago. We have also had an interview with CB where he said 40 drill holes were complete... which means 37 and 38 and another two.

They are sitting on information that is likely to confirm that Ascot is huge, has wide intersections of copper, nearer to surface and improving grades as it moves towards the source. Information that would certainly result in a sharp rise in the SP. Instead we get drip fed uninspiring assay results from the outer fringe of the Racecourse discovery. I don't like it.

The last two RNS's both reversed a nice upward trend in the SP and I do not understand why we appear to have no comm's/PR to look after the SP better. I know that it defies logic for the SP to drop like this because there is less copper at the out limit of the Racecourse porphyry, in the area furthest from the source. But the stupidity of 'investors' who follow trends and sentiment instead of doing research is predictable and should be managed. Just dumping information like this onto the market is an own goal when we have so much other (good) news in the pipeline that it could be release with to provide a more balanced impression and prevent this sort of drop.

I find the cynic in me questioning if it is even possible to be so careless. We had a big buyer hoovering up shares and driving the SP north. Then comes along two apparently thoughtless RNS's that push the SP down and giving our buyer the opportunity to hoover more shares cheaply. Perhaps there is a comm's plan after all. Either way... I don't like it.

H202 - A JORC resource estimate is one that has followed the code of practice set out by the Joint Ore Reserves Committee and has to be done by a 'competent person' as defined by the code. As far as I am aware it does not have to be submitted to any authority to validate but I am sure someone will correct me if I am wrong.

The XTR geologist and modeller will be feeding drill hole and assay data into the model as it is received and will use that to eventually produce a JORC complaint resource estimate. It is up to them to decide when there is enough data to comply with the JORC code... so it will come whenever they are ready!

To put a £400m valuation in perspective, that is roughly how much additional capex a company would need to spend accessing a resource up a mountain in a place like Chile. So there is premium No1.

Then there is risk. Political uncertainty is the biggest risk and it is huge in South America. And when it could take you 25, 50 or 100 years to bring the goodies up, you will pay a premium No2 for a safe jurisdiction… like Australia.

Premium No3 comes with an open pit. Not just less capex but Lowe opex and less time to break even and profits.

And, of course, let’s not forget the multi-porphyry assets itself. Located along the same belt as Cadia, which is also a multi-porphyry copper-gold system. Cadia has been in production for about 30 years and is still finding more ore and expanding. We already have proof of two huge porphyries at Bushranger, plus another almost certainly at Footrot and other targets too. IMO, whoever eventually buys Bushranger will be expecting to keep adding resource for decades to come and to eventually pull out at least 10mt of CuEq…. That’s $100bn at todays price. And copper prices look set to go a lot further north yet.

So while some think £400m is expecting too much, I say it would be daylight robbery! I am really hoping that some cracking results from Ascot are imminent and that will start to increase confidence and the valuations being banded about.

Come on CB and team, keep on scaling up the asset and then blow the bloody doors off this thing!

The link below takes you to the video where Middelkoop talks about his investment style. He references an investment his fund made the day before, which matched the description of XTR and big buys seen the previous day. I thought we'd end up seeing a TR1... maybe time yet. Near the end, about 1:31:45 in.

https://www.youtube.com/watch?v=J7wUIq1Twe4

There is a video where he seems to be describing Xtract as a multi-bagging target. Someone on the boards (sorry, can’t remember who) emailed him to say something along the lines of ‘welcome to Xtract’ and got a ‘thanks’ back. Not a 100% confirmation but seems likely that his fund is invested.

Howezap - I’d go with your first instinct. Absolutely nothing to lure in new investors or provide a ‘nudge wink’ to the faithful. FFS get someone in to manage the PR.

The most positive thing today is the arrival of the trolls… always a good sign.

£419 UT.

Another piece of the puzzle I suppose as the geologists prepare to update the JORC but not particularly exciting for investors. The timing is even a little unfortunate given the recent rise will have caught the eye of new investors who are then treated to a very uninspiring RNS.

I'm also a little miffed that they have not updated the drill plan when CB said in the last interview that 40 holes have now been drilled.

XTR sure could do with someone developing a comm's/PR strategy. Just as the good ship XTR appears to be clearing the 6p resistance, they throw a sea anchor overboard. Weird.

Ted - Thanks for replying.

We differ in that you are happy to accept high risk for higher grades and I am the opposite. For me the risk factor is hugely underestimated when assessing value and not just by you but by many XTR investors too. Just imagine if you could 'lift and shift' the Josemaria project to Bushranger, with a third the capex, less time to production and in a jurisdiction where you can be confident you'll be able to mine the thing dry without the risk of any political upheaval pulling the rug from under you... what is that worth to a major? Mining a porphyry system is a 25, 50 or even 100 year commitment and, as such, an asset located in Oz is, IMO, worth many times a like-for-like asset located in South America.

As for you liking to be proven right... you haven't been. There is at least another 5-6 months of the Bushranger story to go before you could make that call. Besides, there is no kudos in picking a loser in an industry where most companies end up losing! If you post on all the boards of junior mining companies saying their projects are doomed to fail, then you are going to be right almost all of the time. If that is enough to satisfy your un-pope-like-ego, then fill your boots I guess. However, if you really want to show people how 'right' you are, you need to pick a winner... so how about telling us where you have invested instead instead of XTR and we can compare notes in 6-12 months time?

Ted - There are some companies that I invested in because I saw potential but later decided that what I was seeing was the writing on the wall and therefore bailed. I track them to test my decisions and challenge my thinking and this includes checking into the BB's to listen to what those still invested are saying. I must confess that what I often read is people in denial about their investment prospects and a lot of anger towards anyone that challenges the wisdom of the echo chamber. I wouldn't want that to happen here so I am open to people with a different assessment of XTR's prospects. That said, I am also keen to understand what motivates people to post their views, so can I ask you a couple of questions?

Do you have anything invested in XTR and, if so, why?

Did you ever have anything invested and, if so, what convinced you to invest in the first place and what motivated you sell (assuming that is what you have done)?

And lastly, what motivates you to post now if you are no longer invested?

Obviously, it is up to you whether or not you want to answer but people will just keep dismissing your views as de-ramping/trolling if they are sceptical as to your interest and motivation.

Thanks

So they've drilled 40 holes now.

There is currently only one rig back on site... contemplating bringing another back (err... yes please).

Doing geophysics between Racecourse and Ascot.

10 bagger mentioned.

Hoe about putting some of that in an RNS? It is mainly the faithful that watch these interviews and they aren't going to bring in much new money.

If Iceberg is correct about a 12 week turnaround for this testing, then it makes sense to start now. Some additional samples can always be sent later, I guess, if Ascot starts to return higher grades as the drilling moves south / south west.

Would really like to get an update on holes 38, 39, 40 etc. Not sure I've mentioned this before.