Member Info for stevemocal

Ultimately it will not be AIM that decides the value of XTR / Bushranger - assuming phase 2 drill concludes with a JORC showing in excess of 2mt of Cu. It will be an independent expert that determines the value, then AA will get to decided if they want to buy at that price and, if not, it will be opened up to the other majors. People who know the business will determine the value i.e. not fickle PI's who follow trends and sentiment, or the day traders trying to nick a bit here and there, causing SP's to move all over the place on the basis of absolutely nothing.

On that basis, I am focus on what the evidence thus far tells us re what is in the ground... and it is all good. We have had nothing but better than expected news at every stage. Plus we have had a placing that raised £5.5m at 5.6p per share, CB bought at 5.7p and contractors took part payment for options at 8p (or was it 10p?). So the people privy to more information than us are all confidently investing. Frustrating as it is not having assay news, and having to watch the SP drift, this remains a solid hold for me.

Tony - Someone recently stumped up £5.5m for the placement shares at 5.6p... are they just mug punters as well?

jwoz - It's been 3 star signs since hole 2 finished. If it goes on much longer we'll have to start measuring in Chinese animal years. ;)

Thanks Morethanme - That helps people to visualise what is down there and begin to understand why CB talked about having a 1000 x 1000 x 1000 block of mineralisation. And clearly there is more to the south, plus Footrot and a few other nibbles across Bushranger to add to the mix.

To give a bit more perspective as to the potential scale - A block of 1000 x 1000 x 1000 is equal to approximately 2.7Bt. An average grade of 0.26% Cu (same as Cadia-Ridgeway, which has approx 3.5Bt ore) would equate to 6.75Mt of Cu. Obviously, we need the grades confirmed (and I perhaps moan more than most that they haven't been forthcoming or an update provided) but the evidence gives us reason to be confident:

* CB buying shares (in the open market)
* £5.5m raised for phase 2 drilling
* Existing JORC grades
* Hole 1 assay results
* Grades at other mines along the Lachlan Fold Belt
* CB stating a number of times during interviews... "we have the grades"

The potential reward here is massive and I couldn't resist adding a bit more yesterday. Come on XTR... it is time to fly! CB... assays please!!!!

You can't calculate a fair market value without having some idea of the excavation methods required and the costs. I am confident CB is preparing to sell.

Cadia?!?!?

1day - Remember that strap on stays on until 10p!

I've tried to add between £1k and £10k and nothing.

All over the place sums it up!

The same site published the following back in February...

"Over the medium-term, prices are forecast to remain on an upward trajectory. “In the longer-term, as demand starts to accelerate at a slower pace, improvements in scrap supply occur, and a degree of recovery happens on the primary supply side, copper prices will start to plateau in the mid to latter part of the decade,” Scott-Gray said. "

https://www.mining.com/copper-supply-expected-to-move-into-deficit-in-2021-says-stonex/

Wow... did the SP even get that low yesterday?

That is the lowest price this share has traded at for 4 months and seems a strange time to bail. Hey-ho... each to their own.

lonestag - It is nearly 6 weeks since the phase 1 drilling programme was completed and nearly 14 weeks since the 2nd hole finished. Assay results were meant to be released as received/collated but it appears it was later changed to 'batches' (whatever that means). But hole 2 assays were expected a long time ago, even if the subsequent ones were to be 'batched'. An RNS to clear things up and reset expectation would be most welcome... I would have thought that the conclusion of the IP survey would provide the perfect opportunity.

Anyway, 5 days without a drink (that is an eternity for me) so I think it is beer o'clock. Here's to a 7am RNS... cheers!!

Hi Prickly - Here's hoping CB can make some time for an RNS in the next day or two to confirm the geosurvey has finished and to reset expectations re the release of 3D modelling and assay results.

It may seem like people are being impatient but we were told by CB it was approx a 6 week turn around time for assays. It will be 14 weeks on Friday since it was reported hole 2 finished and there has been no word (RNS or inverview) to explain the delay. It is understandably making people twitchy.

Getting a bit prickly there Prickly! I am sure CB has developed thick enough skin over the years to not worry about a few playful digs on the BB re the tardiness of new!

News now long overdue... come on CB!!!

Lukey - I can't remember who it was but a specialist in northern translation corrected the popular misconception that CB said (during a Zac interview) that the assay results are 'imminent'. In fact, he said "the assay results are in me tent." It appears that CB can't remember where he pitched the tent but we are hoping he'll find it imminently.

Shorn - I'm 99% certain there is no AGM today as nothing as been announced to shareholders. It is also worth noting that LSE also states that XTR has 743m shares in issue. And the trades table is always way out. And the SP gets 'stuck' after every UT. And posts disappear and then reappear. I like the content I find here on the BB but the rest is what I would technically describe as pants! :)

Iceberg - I agree, having waited this long, it would be preferable to now have a single news bomb that provided 3D images from the IP survey with the drill holes plotted and assay results for each hole. This will allow people to estimate the tonnage in the areas already drilled/assayed and then to extrapolate to estimate the full discovery potential based on what the IP 3D modelling has shown up. The plan for phase 2 can come later... we just need to see what they are seeing for now.

It is now over 5 weeks since the last hole finished so I'd really like to see that news bomb before the end of the month. In the meantime, an RNS to confirm the geosurvey has finished would provide an opportunity to set out the plan for revealing findings and settle nerves. Come on CB... reward our faith and patience.

On investment . com it is showing the shares outstanding as 840,893,693, although LSE doesn't appear to have been updated yet.

Can we have news now?

"Maybe we have just misinterpreted the word 'shortly' in the RNS."

Yes, Ella. And also 'batches', 'as received', 'about 6 weeks' and 'material change'. But, hey-ho, I'm not one to moan. ;) All will be forgiven if we get the mother of all news bomb that launches us to the moon. Any day now. Any day.

I have a feeling we'll seem some very large buys showing up after hours today. GLA

1Day - You jinx us every time you say it.

Tell you what... the next time you say it, you strap on and agree to leave it on until we hit 10p. That means you wear it to bed, going to work, doing the shopping and picking the kids up from school. Deal?

Whoops... my bad! Thought I was looking at the column showing shares in issue but it was the volume traded! That's what happens when you don't check properly and are just looking for a 800+ number with some zeros after it!

Hopefully I'll be right soon... if not imminently.