Member Info for stevemocal

Munchbox - AA can only choose to pay below market value if XTR agree to sell at below market value... why would they do that? It will simply be opened up to offers from the market if AA don't want to buy at what is determined to be a fair market value.

And yet another day when all the big buys are sneaked out out of hours. More volume than all the trades reported during the day. Hey-ho... perhaps when they reach the threshold for declaring their stake, we can resume news service and allow the SP to move up?

CE - That is an alternative suggestion that could work.

JDAU - With respect, you may not be fussed but it does mean I can't be!

I agree, XTR has made great progress under CB but everything is ramping up now. We have an IP survey being undertaken, more geologists being brought on board, 3D modelling and another drilling rig coming in for what will be a much bigger than anticipated phase 2 drill programme. And, if things go to plan, there will be a buy-back negotiation to oversee which needs to be carefully planned and executed. That is a lot to oversee on a part time basis and I think it would be wise to invest in an experienced CEO to lead on it full time and for CB to wear just the Chairman's hat. It is in no way a negative judgement on CB's ability or a lack gratitude for what he has achieve... it just makes sense and I wouldn't be surprised if CB has been thinking along the same lines.

It is also true that that things can happen at a glacial pace in this business... but the assay results are still very late in the minds of the vast majority of investors. I really don't think it is unreasonable for people to be requesting an update. And if CB had more time, I think he would have already provided one.

Andrew - I get what you are saying but it is not going to stop me complaining! It is the job of the company owners to hold the executive to account after all.

I think a large part of the problem is that CB is spread too thin. I would really like to see some of the working capital just raised being spent on a CEO.

Captain - I spent many a year managing and sponsoring programmes and know all about having to flex plans! But the releasing of assay results are milestones and you can't miss/change milestones (without explanation) and expect sponsors to just ignore it.

We were told assay results for hole 2 were expected shortly (23 days ago) and would be reported once collated (remaining holes to then be reported in batches). The fact that a specific date wasn't given, doesn't mean an expectation hasn't been set. I don't think there is a single investor that is not now of the opinion that the assay results for hole 2 are significantly late. As such, and as the programme sponsors, it is reasonable for us to be asking for an explanation. Being told to 'chill' by other investors doesn't cut the mustard.

I'm with you Ella - The RNS is clear that assay results for hole 2 are to be released on their own and then results will come in batches.

If circumstances and events conspire so that the 'batching' needs to flex a little (e.g. h2 assays are late, so they batch them with h3 if received at the same time), then I'm not one to hold people to the letter of a plan. However, to change the plan, to issuing of a single batch of results for the entire phase 1 drilling programme, would be a material change to the plan that the market should be told of.

Personally, I do not think the reason for the delay is because the results are poor - the opposite. I suspect the assay will be released, the SP will shoot north and we'll suddenly see a TR1 appear, showing we have a new major investor who was able to buy in at half the pre-assay results level. It's a dirty business and I do not trust any company to not partake... the PI's are always the ones to get turned over.

Ella - I too considered whether slightly higher grades would make the XRF more accurate but dismissed the idea because they really aren't much higher. It could however be the type of mineralisation and the way the copper is distributed throughout it that makes the difference? Who knows.

Come on XTR... show us the assays!

Yep . Yet another day when the bulk of the trade volume is reported out of hours.

Ella - Interesting or a bit worrying?

I've kept the faith because CB assured us (via the Zac interviews) that 'we have the grades'. But, as I watch the SP continuing to drop, I find that faith being tested. It is now 11 weeks since hole 2 finished and it feels like a reward for our patience is overdue. I really hope it is worth the wait.

Who's Zambia? And why is it going to take so long?

No excuse now CB... we're even lining up the interviewees for you!

1day - We'll wait as long as we need to for news but it doesn't mean we have to like it! No rule that you can't be impatient whilst being patient.

I still can't help thinking that the delay in assay results is because our £5.5m placement investor is still accruing shares and would prefer to do so at this pre-news, bargain basement price.

If the assays are good - and I assume they are or nobody would have stumped up the £5.5m for the placement - then that should give the SP a nice boost. But it will be the unveiling of the 3D modeling following the IP survey that will set the SP on fire. When people can literally see what is down there, and factor in the information from the drill holes thus far, we'll be off.

I've given up hoping for a 7am assays RNS but, now that I'm not expecting it, perhaps CB will surprise me.

The volume is tiny. Won't be surprised if a load of after hours trades are reported that far exceed anything reported during the day.

All is good. Sit back and drink... the show will commence soon enough.

It has been over 11 weeks since it was reported hole 2 was completed. It has been 9 weeks since it was reported hole 3 was completed. It will be 7 weeks (this coming Thursday) since it was reported hole 5 was completed.

I am hoping for a massive news bomb soon/shortly/imminently!

Well found Ella! So they stopped using the XRF to focus the geologists on other tasks and because "the assays aren't that far away anyway". If only!

Ella - I thought (after hole 1) that they said they wouldn't be reporting XRF results on further holes, not that they wouldn't be taking readings?

Joe - I think CB actually used the word 'shortly' and not 'imminently'. And shortly is clearly much longer than imminently!

Theiceberg made the point after the placement that none of the usual placing crews have been ramping the stock. I think that is because whoever stumped up the money hasn't finish acquiring just yet and would obviously like to see the SP stay low whilst they continue to hoover up shares from nervous investors selling. Could it be that as part of the placement discussions it was suggested that XTR might consider batching the assays results?!?