Member Info for stevemocal

Looks like it has gone through now.

There are no warrants until shareholder approval is given.

They paid 5.6p a share, so I don't think they'll be flipping them until there is some profit in it. Who knows, they may have even found their way into the hands of an investor that recognises the opportunity here and will hold for a bit.

Iceberg - Many thanks for sharing your valued thoughts on Eureka.

Not sure there will be much flipping of shares come Monday without at least a little news to lift the SP above the placing price. Maybe we'll get a little RNS later today (a TR1 to give it a little kick upwards would be good!) and then a proper news bomb towards the end of next week?

Whatever credibility you had left Tony, just evaporated... nobody believes you shorted at 8p.

Whilst I am more annoyed than most at the SP being allowed to linger at this level - due to the starvation of promised news/assay results - it doesn't change the fundamentals. It is odds on that we are sitting on 2mt + of Cu and there will be a lucrative buyout in 6-12 months. A news bomb is pending and we'll then be off... if you really had shorted XTR it would double the joy.

I almost wish he hadn't raised the expectation though that the IP survey will be finished in days. If we don't here anything by next week, I'll start moaning again and risk Iceberg getting the hump with me. ;)

See... all I need is the occasional titbit and I'm happy. CB knows how to please me better than my soon-to-be ex-wife.

Yes, a nice bit of reassurance re Bushranger in that Zac interview. Surprised he didn't take the opportunity to explain the assay delays but I'll put it down to him being tired from his travels... at one point he seemed to think Bushranger was in South Africa!!

A nice RNS would be preferable but an interview re Eureka, with an update on Bushranger thrown in, would settle the nerves!

I think that is the most chilled I've seen him in an interview. Shame he teased with a mention of porphyrys but immediately returned to subject!

Come on CB... let's have an XTR interview to rouse the troops. :)

An RNS for XTR and GLR and no interview... somewhat conspicuous by its absence. Hopefully it is just CB jetting about again and not because he doesn't want to answer questions about Bushranger.

The problem here is not investors setting their own unrealistic timeframe expectations. CB said the assays take about 6 weeks and that they'd report each hole individually (until recently)... that set the expectations and they have not been met.

Some will have sold because of the delays whilst others (like me) impatiently hold because we believe it will come good. Doesn't mean I have to be happy or silent about the missed milestones and the lack of an explanation from the company - it would only have taken a sentence or two to reset the expectations they created.

James - A full-time CEO would obviously have a lot more time to do things like develop and implement a comm's strategy to keep investors on board (and bring in new blood) which may then have resulted in less equity needing to be surrendered during the last placement. They'd have more time to work on developing and implementing the eventual buyout negotiation strategy - or free up to CB to focus on that. They could be more hands on re the day-to-day management of things like commissioning and chasing assays (other companies have dealt with the backlog issue by contracting outside of NSW or give them "a big back hander and get the bastard job done") and planning and overseeing the phase 2 drilling programme.

Yes, I think the lack of updates is a sign CB is spread too thin and it is only going to be more challenging for him as things ramp up (phase 2 being twice as big as phase 1 and the need to make preparation for buyout negotiations). I think CB has done a great job getting us to this point but another pair of hands would, IMHO, be a sound investment in order to maximise the eventual return.

andmillsy - Thanks for that. It is reassuring to know that the delay in releasing the assay results is almost certainly caused by backlogs at the labs. I still think it is poor of XTR not to inform shareholders... presumably GML told theirs?

I also get it that making a decision on whether to release assays as they come in or in 'batches' may be a dilemma, but once you have made up your mind and announced it to the market, you set expectations and if plans need to change then you need to reset those expectations.

CB is simply spread too thin and it is a concern as the company enters the most crucial 6(ish) months of its' commercial life.

Pict - Difficult to estimate the cost of extraction but the main issue with your calculation is that the 250,000 tonnes (to be processed each year for at least 3 years) is the amount of ore. If the average copper content is say 5%, then you take 12,500 tonnes out of the ground each year.

Whilst it will be useful having a project bringing in money instead of eating capital, it is (presently) only Bushranger with the potential to deliver riches. Here's hoping we get interview via ShareTalk on the Eureka project later today, with a Bushranger update thrown in.

Iceberg - As per Ella's post... the 6th April RNS clearly states that hole 2 assay results will be released and then the rest 'batched'.

Obviously, plans sometimes need to change and minor changes don't need to be reported. However, the assay results for each hole are milestones as we scale up the discovery and review our investment decisions and any significant delay in the delivery of a milestone should be reported IMO. All it would have taken is a sentence in one of the RNS's or interviews e.g. "The assay results for hole 2 have been delayed due to a backlog at the lab and will now be batched with the results from other drill holes in due course." Not difficult and makes me question why it hasn't been done.

Yes, but it isn't the Bushranger RNS people are waiting for.

It isn't 3 months since the drilling finished for phase 1 but it is since hole 2 was completed. They are late. Very late.

If the problem is a backlog at the lab then a single sentence in one of the RNS's or a CB/Zac interview would have dealt with the issue... it is almost as if there is some reason for wanting to keep the SP low.

Captain - The fact is that everyone expected the assay results for hole 2 weeks ago. An expectation was set, hasn't been met and that means they are late.

Hole 2 finished 12 weeks ago and the turnaround time for assays was said to be approx. 6 weeks.

We had an RNS nearly 4 weeks ago saying the assay results for hole 2 are "expected shortly, with results for the remaining completed holes to follow in batches."

The results are late. Very late.

CE - I'd prefer a quick sale to someone willing to pay the fair market rate! ;)