Member Info for stevemocal

Ella - Yes, I suppose a second option might be in the terms. But could AA then invoke a best of three clause?!?

Andrew - I interpreted the buy back clause as you did and was also surprised at CB’s comment re not having to accept the valuation. Doesn’t seem right to me... I’d have thought it was a bit like going into arbitration where both parties agree to accept the arbitrators decision re value. Of course, you’d expect AA to be able to say they don’t want to buy (first refusal) but I wouldn’t have thought XTR could refuse to sell. Could be wrong... it has been known!

Still watching but just heard the the question about Jubilee or XTR as an investment. And then the guys say "I'll understand if you want to exercise the 2nd amendment on that." Think he means the 5th... the 2nd amendment is the right to bear arms! This could be about to turn into a snuff movie!!

The learner - I could be wrong (happy to be corrected by our more experienced investors here) but a TR1 needs to be completed as soon as an investor takes possession of their purchased shares. By that, I mean that if a buyer places and order for, let's say 50 million XTR shares, that would take some time to fill and at some point the total accrued to date would exceed 3% of the company but, because the order isn't fully filled and in the hands of the investor, it doesn't have to be reported until it is.

That's my understanding anyway. I'm sure there are also all sorts of games that are played to avoid filling in a TR1 for as long as possible.

It now feels like there is a concerted effort by CB to stop the SP decline. I don't get the radio silence over the last few weeks because I think we still be at 6p if these sort of interviews had continued to educate shareholders and steady the nerves.

All I can hope for is that the shares that have been sold have been making their way into the hands of a much more informed and educated major investor who has seen the potential and will (imminently) reveals their hand and acts as the catalyst for a much plumper and healthier SP.

GLA

Spacemonkey - Are you thinking that someone like AA could just buy up XTR shares to get hold of the Bushranger asset? At this price it would indeed be a cheap way of getting their hands on it but, in reality, there are not enough shareholders willing to sell at this level and as soon as a buyer gains a 3% stake in a company they are obliged to complete a TR1 to notify the market. At that point, the cat is out of the bag and everyone would hold onto their shares for dear life in anticipation of a missive increase in the SP.

As it happens, a TR1 is, IMO, exactly the news we most need. It would provide a huge boost to shareholder confidence, the selling would dry up and the MM's would be forced to start moving the SP north in search of trades. Let's hope there is a major investor hoovering up at these bargain basement prices and that they show their hand soon!

News - Thanks for the clarification.

Yes, the placing shares we admitted around the 12th May. The coffers are in the XTR bank.

News - I had a feeling that you must have already read that re the discovery of Cadia-Ridgeway.

I'm new to this game but have done, and continue to do, a lot of research. The more I have learned, the more confident I have become that this will turn out to be a monster discovery... maybe even legendary! But I have also learned that I need to be more patient and have resolved to stop watching this so closely for my own sanity!

For those that haven't seen the link to the article I posted in another thread, it is here and an interesting read...

https://smedg.org.au/discovery-of-the-cadia-ridgeway-gold-copper-porphyry-deposit-john-holliday-colinmcmillanian-tedder/

News - Your post inspired me to find out a bit more about Ridgeway and I came across the following article...

https://smedg.org.au/discovery-of-the-cadia-ridgeway-gold-copper-porphyry-deposit-john-holliday-colinmcmillanian-tedder/

It isn't too big a read but is a real eye opener regarding the hit and miss nature of proving up a discovery and how much patience is required. I'd urge anyone thinking of selling because of the recent assay results to have a read first.

To be honest, I am one of the many that was hoping for a quick return from an XTR investment. As such, I have put a lot more eggs in the XTR basket than I probably should have or would have done if I'd have realised a year was perhaps a more realistic timeframe for the return I'm looking for. I am currently sitting on a bit of a loss but strangely feel even more optimistic today than I did when the price was knocking on 9p!! I will be holding all my shares until at least the completion of phase 2 because the find is huge (and still growing) and I believe it is just a matter of time before they hit some juicy grades that will have everyone rushing back. The villa in Corfu can wait a year. ;)

GLA

Thanks for sharing News.

Always reassuring to hear a positive take from someone with a lot more knowledge than most. Hopefully, the SP will start to recover as more news emerges over the coming weeks and months... it will be a lot easier holding when I'm sitting on a cushion of profit and not a loss!

Part 2 of the IP survey, and the aeromagnetic survey between Racecourse and Footrot, may well bring investors back in. We hopefully won't have to wait too long for those.

Ella - By any chance are you ex-special forces? I wouldn't want to get on the wrong side of you. ;)

CB - You better take note because there's an AGM coming up, we have a Rottweiler and we ain't afraid to use her.

I was a little surprised that the release of the IP survey was 'split'. Perhaps this presentation explains it i.e. they anticipated the market response to the H2 and H3 assays and by releasing some of the IP data it set them up with an opportunity to do this presentation and add much needed context.

So, the rest of the IP should be in a week or two, with Footrot data from AA weaved in. We should also be getting assay results in about 4-5 weeks for H5 and H6 (assume the delay is consistent). The IP team will be coming back to do survey the promising SE area. And there will be some new re an aeromagnetic survey between Racecourse and Footrot. If we could just have a TR1 we might see the SP slowly ticking up over the next month or so.

Still holding.

GLA

Scribbled 3 pages of notes (and would like to listen to it again). Some key points:

- Second body to the east not touch by current drilling and could mirror (slightly smaller) main Racecourse body
- AA only did a couple of drill at Footrot but aimed straight through where the IP showed strongest response - best grades will be on the margins which will be targeted in phase 2
- Aeromagnetic survey indicates could be more porphyrys between Racecourse and Footrot
- Extensions to North West to be explored
- IP team coming back to survey extension to the South East
- Reconfirmed 2mt Cu target... and seemed very confident it will be achieved in phase 2
- Could still be gold but tends to be in zones - need to understand geo better

Feeling a lot more comfortable now.

Great post Iceberg. For me, this is the bit that is missing from most valuation attempts you see here... the premium a major would be willing to play because of where Bushranger is.

What's really annoying is that the SP has taken a needless double hit. It has been hit by the assay delays and then lower grades than expected. If the assays had been on time, or CB had just calmed nerves by telling the market there were delays at the lab, then I don't think the SP would be here.

CleverThoughts - It is true that expectation of better grades were set (CB interview) and some people are going to sell this morning because of it. But it still looks likely that this will end up an economic mine with at least 2mt of Cu Eq.

That said, I'm expecting a rough morning as people like yourself bail and buyers sit back and wait to see how low it might go before committing. Think I'll log off for the morning rather than watch the slow car crash!

What we need now is a TR1 as a vote of confidence.

And so an RNS finally lands. Not as dazzling as I was hoping for but economic grades for mining and so much more mineralisation still to drill and test.

At the very least it would make me less depressed! ;)