Member Info for stevemocal

FTF - I take it you aren't invested then?

The JORC at Bushranger is the tip of a much bigger iceberg. As the rest of the iceberg is slowly revealed over the next 6 months or so, XTR will move up the 'safe jurisdiction' target buyout lists of the majors. And then we'll have our payday.

Your prediction that this is a dud is duly noted. Why don't you now take 6 months off and then come to gloat? We'll try not to miss you too much in the mean time.

Insane to sell based on this RNS. Everyone invested who has done even the slightest research knows we are betting on large extensions to the existing JORC. We have huge extensions shown up by the IP surveying (and phase 1 drilling) to the north and south and a 'saddlebag' to the east. We also have a 1km anomaly at Footrot with other targets elsewhere. All to be added in.

People should be buying, not selling.

Hi Joeman - I agree that there doesn't appear to be much enforcement of the rules on AIM but that doesn't mean companies can get away with anything. If, as was suggested, CB knew Xtract was sitting on 2mt of contained Cu and deliberately withheld the information from the market (multi bagging news), then he'd probably end up being sued regardless of what AIM may or may not do.

Beside, as I've said before, I can't see much point in withholding information (although batching will sometimes make sense). Phase 2 is funded and even if they do reach a point where more money needs to be raised, they won't get any if they are withholding results. Results would also need to be released for any buyback negotiation with AA. And finally, Xtract don't need to hide what they've found to stop AA triggering a buyback negotiation before they are ready because the buyback clause uses the term 'ultimately identified'... and only Xtract can decide when they have finished identifying the ultimate size of the deposit and the CuEq contained within.

Anyway, it doesn't seem likely those first two holes could go on much beyond the weekend, so I guess we'll find out next week how they're going to play phase 2!

Ella - I didn't realise it is going to be your gold. Did you use the power of the bagsy? Damn... why didn't I think of that. :)

... or more precisely, offered AA a game (they don't have to play either!).

Screenlearner - AIM rules dictate when news must be released... "An AIM company must issue notification without delay of any new developments which are not public knowledge which, if made public, would be likely to lead to a significant movement in the price of its AIM securities."

We've seen the SP shift considerably in both direction on news of a drill hole depth and/or assay result, so I don't think CB could or would sit on such information. Besides, I don't think it makes any difference in terms of the negotiating hand Xtract end up with. The entry point for joining the game of poker may be 2mt of contained copper but that doesn't mean Xtract have to join as soon as they have the minimum stake. If Xtract want to delay entering the game until they have a big stake to play with, then that's up to them. They just won't be able to mine until they've played the game.

I’m not sure at all… we’ll have to tune in next week to fine out!

Looks like just the one sell so far this morning. Nice to see people sitting tight.

It feels like all the troops are now lined up and, as the enemy advances, we await the order to set off our secret stash of news bombs. But the commander is waiting until the very last second for maximum impact... hold, hold, hold, hold!!! When will he fire?!?

Tune in next week to find out!

Lucky - We were getting mid-drill updates until CB was told to rein it in. I think we'll see a continuation of an RNS at the start and end of a drill and if there is a 'material change' i.e. something stop the drilling. I'll be very happy with that.

Two rigs drilling for a week now and still hitting the mineralisation. Anyone who has invested based on even a modest amount of research, will surely know it is madness to be selling now? Hopefully sticky hands will help this tick up again today as no news is indeed, once again good news.

How to destroy your economy. At least their loss may help us gain.

I could be wrong but it looks like they are going to point the first drill holes straight at the anomaly that you can see along line 11000 N of the ip survey...

https://www.rns-pdf.londonstockexchange.com/rns/7490Y_2-2021-5-14.pdf

That goes down approx 600m and is the near surface ore that would be brought up via an open pit. Makes sense to me to quantify that first, and perhaps even release an updated JORC after this part 1 of phase 2, and to then build on it by testing the extensions e.g. the 'saddle' and Footrot.

I don't think they'll be a need to raise additional funds but we'll see. I am just looking forward to next week when I hope we'll see the 3D modelling and drill plan... that should give the SP a nice kick north.

What are the chances... I really do have a dog called Rex!

He used to be a boy dog but now identifies as a girl. He's Transsaurus Rex.

Many thanks Jamesiecakes!

Almost wish I hadn't asked though. I've sadly opened up Goggle Earth to see if I can find the location!! Stop it Steve... back to work.

Don't suppose you have a link for a dinosaur that's never used Twitter?

I'd image that the open pit modelling would have been done based on the 3D modelling of the Racecourse porphyry system? If so, there could well be a mother-of-all-news-bombs next week with the release of a 3D model of an extended porphyry system, with open pit design sitting on top and detail about where the next 13 drill holes will be going to prove up and refine both the open pit and financial models. Oooo la la!!!

What a time for some people to be abandoning ship and selling their shares... nowt so queer as folk.

howezap - To be honest with you, I was hoping they'd release an actual plan for part 1 of the drilling programme, setting out where they'd be position the drills, what direction they'll be pointing them in, what each one would be testing etc, etc. Experience has taught me that I might not get what I want but I had still assumed we'd at least get a 'one hole at a time' RNS update. Oh well, we'll see! I really need to stop making assumptions!

The reporting of drilling start/stop information wasn't always the same day during phase 1. The RNS released on 1st March notified the market that hole 4 had been stopped, the rig had been relocated to a better location and that hole 5 was now underway and at a depth of 127m... well they certainly didn't manage all that in a day!

An RNS in the morning would be nice though so we can enjoy a nice sunny weekend in the knowledge that the drills down under are whizzing.

CB made it clear during one of the interviews that he'd been advised to stop the RNS commentary during the drilling of each hole and to just report when a hole commences (and we generally got some information about where it was and where it was pointed) and when it finished, unless there was a 'material change' e.g. something stops the drilling. I'm therefore expecting an RNS to confirm the drills are spinning and (ideally) some info about where they are located, where they are pointed and what they are testing for. After lunch maybe?!?

CB also said that the open pit / financial modelling they have commissioned would be released to the market. If we are lucky, this might also include the part 1 (of phase 2) drill hole plan, which I assume will aim to further evidence the viability of the proposed model and/or help refine it?

“We may get the 3rd RNS of the week in the morning!”

Yep… and once the drill is whizzing again we’ll be back to no news being good new!! At least until the assays are due.

howezap - I guess it doesn't really matter whether the IP survey team are doing additional work or finishing the job... we just want to see the final maps! Imminent I am sure. ;)

Theiceberg - Agree we need to see the anomaly maps as were previously released and I thought it odd that they didn't give an update yesterday re the additional IP surveying. However, during the interview this morning, CB talked about the 'saddle' and said "one side we know about' and "the other side is where the geophysics are now". So that sounds like the IP surveying hasn't finished yet and we'll hopefully be getting the maps for Footrot and the extensions to Racecourse shortly.