Member Info for stevemocal

A lot more being bough than sold and that's been the case for days.

And the sells we are seeing are clearly PI level, and there is no way PI's will be getting any insider info re assay results. I have no doubt that the delays are contributing to nervous investors selling but it is nothing more than that.

I tend to agree with CE that the assay results delays are probably just a result of the drill turning quicker than expected and there being a lot more core samples for the contractor to process and ship. It may also be that having waited so long for hole 2 results, XTR have asked for some results to now be batched.

As for an AA buy back clause... I don't believe AA can trigger it. A JORC is the accepted methodology for quantifying a discovery and XTR can take as long as they want gathering the data needed for the re-estimate.

Many thanks theiceberg... an interesting and informative read as always.

Some fairly detailed predictions there re grades for hole 3. Have you been able to speak to the XTR geologist to help you come up with those? Or are they derived through comparison with the rock type/grades reported for hole 1?

And another sneaky 1m purchase just out of hours... they all help to keep the faith.

That's just one of the LSE 'quirks' where the SP seems to freeze after a UT. That UT for 5.8p was at 8am this morning and for some reason the LSE board just doesn't update properly. The SP is lower than the buy price.

XTR drilled nearly 5,000m in 3 months with one rig, so 6 months seems like a realistic estimate for completing 20,000m with 2 rigs.

JC has effectively published a disclaimer because so many have referenced his article/valuation... including me!

He is reminding us that valuations are complex and there are still lots of missing variables, which means an accurate valuation is impossible. But the fact is that if you want to be on board a multi-bagger boat then you need to get on early i.e. before all the blanks are filled in. I don't think the message is negative... he is simply telling people to DYOR! Fair enough.

When you posted that message it just reminded me of that scene and I had to go watch it. Thought I'd share whilst we shoot the breeze and wait for some serious news to discuss!

Starring Colin Bird as Oliver Hardy and Luke Humphreys as Stan Laurel (action starts at 1:43)...

https://www.youtube.com/watch?v=7ScpcVjICDc

Nicetomichu - We don't have formal confirmation that the grades are there but look at the clues:

* CB talking about average grades in the last interview of high 0.3's to low 0.4's
* The company know the XRF reading for all the holes (and we know hole 1 assays and XRF readings were very similar)
* They have committed to a massive spend on a bigger phase 2 drilling programme, with more holes and 2 rigs
* The IP survey has been extended
* They have presented to an investor who is stumping up £5.5m to fund the next stage of the discovery
* CB just bought another 1m shares

I'm pretty confident.

cyberiachas - Yes, the article is about AA and they may not choose to buy but a 'fair value' is a fair value regardless of who might eventually buy it. The articles provides a simple formula for calculating value and is probably as good a way as any for estimating it at this stage.

In my opinion we already have enough data to be confident as investors that there is going to be well in excess of 2mt of Cu Eq. Admittedly, we don't have formal confirmation of the grades yet but we've be given enough clues that they are there.

GLA

Phil - The price of copper has gone up since the article I link to below was written but that is probably offset by the placement yesterday. It will give you a rough idea of the potential SP if we hit 2mt of Cu Eq.

https://masterinvestor.co.uk/equities/johns-mining-journal-where-next-for-xtract-resources/

I don't think there will be any announcements re estimated tonnage until there is a new JORC and that won't be until the end of phase 2.

It's a rigged system that makes it 10 times hard for PI's to make money than it is for the already rich. Note that 80-90% of all yesterday's business was reported after hours and it was all big buys/sells... the vast majority buys. Would so many people be selling if they could see those huge buys going through? I don't think so. All we see are the PI's bailing and that just encourages more PI's to bail.

It is a shame not enough people do the research and know when to sit tight and ignore the shakedown.

About 20 shares bought for every one sold today... and the SP is 4.24% down!

Week after week we've been seeing large buys appearing after hours. I cannot understand why people are letting them go but hey-ho. I also think we will be into the double digits very soon and won't look back.

I think everyone is actually in fierce agreement here! The evidence suggests that they do not have the assay results yet and, therefore, we probably won't get them until towards the end of the week at best.

CB has played it smart by using interviews to tell the market what he believes in terms of the grades, pending a formal announcement to the market via an RNS when the assay results are received. On that basis it is completely legitimate to buy shares in the company but it isn't just about being 'clean' but being seen to be squeaky clean... and that means there needs to be a healthy gap between him buying and the release of any significant news.

People have already mentioned the XRF on-site analysis and how they were very similar to the assay results for hole 1. So I am more than happy to hold based on CB saying they have the grades and putting his money where his mouth is. Everyone needs to make up their own minds though.

DYOR GLA

Steve - Completely agree. Can't see assay results until at least Thursday now. Couple of TR1's would be nice though (one day I'll predict that one right!).

And another 1m plus.. they're flying off the shelf at these prices.

I don't think he could spell it out any clearer than that. They are super confident that Racecourse alone will exceed 2mt Cu Eq. and raising £5.5m to prove it (and quantify other prospects) should give share holders massive confidence.