Member Info for stevemocal

Bid and Ask the same?

It is worth adding that if the cut off is set at 0.2%, then original JORC will increase the amount of Cu to approx 0.5mt. That's a quarter of the way to the 2mt AA target, without factoring in anything from the extensions to the North, South and what looks like a second (saddlebag) porphyry to the east. Plus Footrot and other target could well make a contribution.

I would further add that the first 5 holes were pretty much shots in the dark to test extensions to the system. Phase 2 will utilise the information gleaned from those first 5 holes, plus the findings from the IP and aeromagnetic surveying, to target likely sweet spots which should start to drive the average grade up.

stats = stars!

Must stop typing on my phone without glasses on... my arms are no longer long enough for full focus!!

Prickly - another interesting analogy. It is worth reminding ourselves that even the 0.2% players are good enough to play. A few stats can than make a team great and extremely valuable. That’s the task for phase 2… find a few stars to take us into the Premier League.

...a bit like making love to a beautiful woman.

If you blindly stick your drill in a few times, you're unlikely to score well. You need to be more thoughtful and practice in order to learn what makes the lady tick. So ignore the wham bammers who shout "we don't have the grades!" Our Lady Bushranger is a big old girl and we just need a little more time to explore her, understand her and find her sweet spots. Quinton 'Casanova' Hills has been brought in to do just this and I fully intend to give him all of phase 2 to work his magic.

Good luck to all the fellow great lovers out there and bye-bye wham bammers... I am confident our patience will be rewarded! ;)

The comms is poor from XTR (I've complained many time that CB is spread too thin) and as such they miss opportunities to properly explain the scale of the emerging discovery in an RNS. You get a better picture listening to CB's interviews but most investors won't ever see them.

I think that when 3D modelling is released it will be a game changer because people will realise the size of the system and will be able to see where the drill holes have gone and we've yet to hit the sweet grades on the edges. An the 'double saddle' identified by the IP survey means we lots more raw tonnage and lots more sweet edges. And we are still waiting for the expanded IP survey results to scale the size of more mineralisation to the south, and the areomagnetic survey to show likely porphyry targets between Racecource and Footrot.

All still to play for. Can't wait for phase 2 to begin.

Oliver - I an also sitting on a large loss and it is challenging to say the least. I keep going back to review RNS's and interviews to remind myself why I invested in the first place. My conclusion is that the present hit on the SP is in part due to dilution following the placing shares being issued and the rest is based on nothing more than sentiment... the fundamentals have not changed.

I've crunched the numbers over and over and believe it is odds on that Bushranger will prove to have well in excess of 2mt of Cu that is economic to mine and there will therefore be a buyout within the next 6-12 months. At that point the value will be determined by an independent expert and not the fickle market. I will hold until then... unless the fickle market decides to overvalue the stock!

GLA

Ditto Mr Smith.

Do people think we might have a very large 'iceberg' buy order being filled in the background? Can anyone see if these buys are being executed by the same MM?

The iceberg - Yes, the volume is pretty low and, hopefully, the SP can therefore move as quickly north on good news.

I've done my research and think that Bushranger will turn out to be a huge discovery but it doesn't stop the current frustration I am feeling. I think the comms is poor and if better handled we wouldn't be at this level where everyone is twitchy and stressed. Remember... you're an iceberg and we're just human. ;)

A report was due on Monday,
And then it was due on Tuesday,
We still had nothing by Wednesday,
And on Thursday, Friday and Saturday...
We chilled on Sunday.

A report was due on Monday,
And then it was due on Tuesday,
We still had nothing by Wednesday,
And on Thursday, Friday and Saturday...
We chilled on Sunday.

And repeat.

The end of year results need to be really good or accompanied by some outstanding news re Bushranger. Otherwise we are crashing below 4p and it may kick start a run on the shares that takes us to who knows where.

Even the staunches advocates of XTR prospects are now showing outward signs of their frustration and annoyance at the endless missed milestones and poor communications that have seen the SP halve in the last 3 months. If CB is sitting on some trump cards, now is the time to play them.

Fortune favours the brave. Wish I was buying in at these prices.

Thanks Iceberg. I hadn't realised there could be that many different people/groups that took part in the placing.

Shorn mentioned earlier that the RNS yesterday seemed like a remind re TR1 responsibilities. Let's hope there will be one or two TR1's in the not too distant future to boost confidence and get the SP back to the 7-8p level where it belongs pending more news.

The iceberg - If whoever took the placing shares isn't flipping them, then they are holding nearly 12% of the company. Aren't they obliged to complete a TR1? Genuine question... anyone know the answer?

So David Miliband took up geology after leaving politics.

Isomer - I don't think CB is trying to force AA to the table for an early deal. It would only put XTR at a disadvantage because the independent professional charged with valuing Bushranger would only be able to value what has been proven. We need to finish phase 2 as a minimum before doing a deal... although negotiations may start earlier.

Howezap - I agree that we at least need to quantify the big targets before negotiating a sale. If, for example, we can prove up 4mt instead of 2mt, it would add a huge premium because a 1 x 4mt mine is a lot cheaper to put into production than 2 x 2mt mines.

LittleWing - The strike looks to be 3 x what was originally though. We've drilled to twice the depth. And the width, as we can see from the IP survey, looks to be 3 x the original JORC. That 18 x bigger. Plus Footrot and whatever else inbetween still to come. That is a ginormous amount of tonnage in which to find 2mt of Cu that is economical to mine. I think 2mt is a conservative target, the management team know it and it won't be long before the SP starts to reflect it.

Anyway, time to get off this computer... the sun is out and the garden beckons!

Ella - I suspect that when we get the assay results for holes 5 and 6, we'll be able to evidence close to 1mt Cu. But why sell to AA based on that when there are massive areas identified by the IP survey that could increase the tonnage multiples times over? Surely there is very little for XTR lose, and much to be gained, by at least finishing phase 2 before doing any deal?

I don't believe either party would want to agree a sell until at least the end of phase 2 and the updating of the JORC but, if sale was agreed before, it is an absolute given that Xtract would be the loser in such a deal.

The reality is that both sets of shareholders want a win i.e. Xtract shareholders want to be sure that we are not giving away a life changing asset on the cheap and AA shareholder that they aren't buying a dud. A revised JORC at the end of phase 2, followed by an independent valuation, will ensure a win-win for both companies and is, IMHO, the only way to go.

The only other scenario that I see is that XTR decide to delay any deal to undertake a phase 3 because it looks like the JORC can be significant increased again.