Member Info for stevemocal

Does anyone know how long it takes to complete a concept select program expeditiously?!?

What they need is a new large mine in a very safe jurisdiction to offset the risks of investing in volatile jurisdictions.

"If they were knee deep in talks with a prospective buyer, would they be showcasing the block in 3 months time?"

Filthy - If they are in deep discussions with one or more potential buyer, then they will still want to keep their options open and also avoid it looking like they are desperate to sell... otherwise you will only get a lowball offer. Arranging to present at various future forums months away is both keeping the options open and to send a message that they will happily wait to get the right price i.e. 'if you want us to take it off the market then make a good offer!'

That's my take on it anyway.

mercedesman - You bought £24k worth and haven't done any research? Don't suppose I could interest you in a used car?

I believe the term EGM was dispensed with and now there are just AGM's and General Meetings. The 2009 amendment to the Act lowered the threshold for shareholders being able to call a General Meeting from 10% to 5%.

That said, having more than 10% of a share does still have some advantages - 10% allows you to demand that a vote at a general meeting be held on a poll basis (one share equals one vote), rather than a show of hands (where one shareholder gets one vote). A shareholding of over 10% also affords you some protection in the event that an offer has been made to buy the company. The purchaser’s position is much stronger as against the minority shareholder if they can acquire 90% or more of the shares. Subject to any other relevant agreements and minority member remedies, the minority shareholder may have no choice but to sell as well.

SundaGas is a subsidiary of BOIL and that company owns Chuditch - any buyer will almost certainly just buy SundaGas from BOIL to get their hands on Chuditch.

The way I see it, it is a bit like someone wanting to buy a £5m house and the seller asking if they want to purchase their collection of sheds at the same time. It is possible but it is more likely to be a 'no thanks'. And I think that will work out just fine for BOIL and its' shareholders... After all, Dunrobin is a top of the range shed and shouldn't be given away as part of a fire sale / job lot!

ZM - It is just a shame they didn't repeat the second paragraph you quote from the 15th Dec RNS in this one. Many investors won't remember what was said or go back through old RNS's. AIM investors are always wary of dilution and therefore the message needs to be repeated regularly or speculation about a pending placing is inevitable.

It is a shame CB hasn't employed a comm's professional to manage the messaging across all of his companies. A small cost per company but it would help to avoid PR blunders or missing PR opportunities and therefore look after the SP better. There was no need for the SP to take a hit on this news.

russiangirl... I promise you, there is no hidden meaning in my post.

Sadly, I genuinely caught myself reading your post with a Russia accent. I am genuinely on day 3 of Dry January after 5 starts. And there is every chance I am not going to make it to the end of the month (the day even) without at least one more restart! Don't have sugar though, so not all bad.

Tell the truth now. Has anyone else caught themselves reading russiangirl's posts in their head but with a Russian accent?!?! Maybe it is vodka withdrawal as I'm on day 3 of a Dry January restart. It's the 5th restart. Time for a 6th yet.

I am no tax expert but my understanding is that if you are a UK investor, with a UK ISA and are invested in a UK stock, there is absolutely no tax on any dividends or any capital gains tax. You don't even have to declare it on a self-assessment.

When they announced the maiden resource for Ascot, the RNS stated "Following the updating of the open pit mining study, Xtract will determine the optimum way to further advance the Bushranger Project and advise shareholders and the market early in 2023 of the Company's plans for the Project." Any raise would need to come on the back of this and be sold to shareholders on the basis it will add more value during any sale negotiation.

howezap... that was a classic!

I'm not quite a one-trick-investment-pony but no far off it and getting similar grief. You may you have some love interest competition for Julie in Salisbury!

That should read... I still didn't have a sale until Q4 2023.

Andrew - I almost posted something similar yesterday but decided against it. My timelines were a bit more optimistic but I still didn't have a sale in Q4 2023.

I must admit to feeling a bit frustrated at the 'early 2023' timeline given in the RNS for the new modelling. I note that after the Racecourse JORC there was a CB interview on 29th Nov where he said the resource model had already gone off to the modellers. OK, so they needed Ascot too (which they now have) but how long should it take? It was actually less than a month from the last Phase 1 assay result being reported, to the release of the first model study - shouldn't it be a similar timeline? But, given the 'early 2023' timeline, I suspect you will probably be right about Feb/March and that they will sit on it until they have the FB income to fund next steps at Bushranger.

Into the bottom draw it goes.

Andrew - Eureka looks to have been mothballed at the vey least. Maybe they will revisit once there are some coffers in the bank and regular income. I would certainly favour that for now.

Yes, below 200kt for the first MRE at Ascot would feel like coming up short again. We can only hope that CB had the sense, after the disappointment of Racecourse, to set the bar low so they can clear it easily.

If we have 200kt+ at Ascot after so few holes it will be great. I've said it before and will say it again... 369 drill holes were completed at Cadia Hill in order to quantify the resource, optimise the pit design and begin mining. Ascot has absolutely massive potential.

I am also really hoping (I know I should know better!) that CB has learned his lesson and, during those post-MRE interview, set low expectations for Ascot in order to over-delivery when they are finally released. No 7am RNS today, so Monday maybe?

As for the latest purchase... I was totally dismayed when CB said they were in 'acquisition mode' but this appears ready to go, may quickly start delivering profit and has potential to expand. As others have said, two years ago this news would have been well received by the market but XTR currently has a bit of a 'getting things over the line' reputational issue to address.

James - I am not confident and that is the point... nobody should be! We simply don't have the data, experitse or tools to assess viability. The viability question therefore remains unanswered IMO (despite a good effort by Steve) and the gamble unchanged. We must each make our own decision but I will hold for the expert assessment.

ZM - The problem is that each time CB opens his gob in an interview, the SP goes down! The SP isn't going anywhere until there is either some good news delivered through an RNS or some large purchases come in and attract the attention of the herd.

Jamesiecakes - They may well be better examples of likely costs... I just linked to the first thing I found to show the different types of costs, of which processing is just one. There will undoubtly be a material increase in opex for the extra processing but nothing like a 100% increase as Steve used in his assessment. In a game of fine margins, the difference between a 50% or a 100% increase in opex, is night and day in terms of determining economic viability.

Time will tell.

Steve - If you check out the webinar released on the same day as the conceptual open pit study, then you see a visual interpretation of the ore body resource (which Zac called a yacht). That ore body visual is obviously based on the lower cut-off used in the study. So the cost of extracting all that ore is already accounted for.

If you then open up the last drill hole location map, and put it alongside the visual interpretation of the pit and ore body, you will see that (pretty much) all the new ore identified in the new JORC is going to also be located within the walls of that conceptual open pit i.e. more waste dirt converted to pay dirt and the cost of extraction already accounted for.

The extraction costs are therefore going to be pretty much the same. The cost difference will come from processing the 'new' ore instead of dumping it as waste. And processing costs are only a small fraction of overall opex - see link below to a presentation that shows how opex costs are broken down. I think you have massively overstated the increase in opex and that surely blows your assessment of the economics?

https://dxi97tvbmhbca.cloudfront.net/upload/user/image/GPoxleitner_OperatingCostEstimationForMiners_201620191128185443446.pdf