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Yes we will get an updated more with phase 2. Will we reach 2mt? Nobody can give you a definIte yes when we only have 2 assay results from a massive drill campaign, but it looks likely to be there or there abouts.
You also made a comment that ggp had 8-10-100, what ever number of drills you said running. They didnt. Newcrest did, a company valued at tens of billions. Ggp had to give away a majority of the prospect to do this and newcrest needed to do far more, much deeper infill drilling. It's simply not comparable.

Just to add re speed of exploration, we are- have blown out of the water, the exploration that Anglo did here, in speed, quantity and quality.

Art, there are not many times I Like to disturb the niceness of the board but a post saying.
"Mr Bird appears to spend far too much of his time talking on presentation and suchlike and nowhere near enough getting on with the job of proving up this asset."
Is utter bonkers and casts you in either an unfavourable light or somebody just wanting to talk the share down, IMO.
Colin is the Chairman - he's not been to Australia in all the time that we have drilled bushranger (maybe due to covid restrictions) Its a separate team doing that. If he's got the time to talk to investors that all the power to him. As for nowhere near enough time proving up the project, this is the fastest, most drilling that almost any exploration company on LSE is doing! If you think that a company like XTR should be doing more or quicker than I suggest maybe adjusting your expectations to planet earth.

I am not sure folks are understanding the size of a 2MT copper project.
Prominent hill Mine is Australias's 5th largest copper producer each year. Producing 61K Tonnes of copper a year.
If we had 2000Kt of copper that could produce the same amount of copper each year for over 35 years.
2MT is a massive, monster amount of copper.
IMO Colin would-will produce a JORC with 2MT+ as soon as possible, he doesn't need to play his cards close to his chest.
As soon as we have that and the Market hears we have entered anykind of discussion with AA, we will have an MCAP in the hundreds of millions. Discussions with AA could take a year or more - certainly an independent valuation will take ages, giving plenty of time for us to drill up and add more if we need or want to.
Regardless of this, the SP will be nearer 50p than 5p when this happens so I don't think we will care too much.
We have such a big drill campaign, the biggest in the region, that the drills this year will tells us pretty much what we have at Racecourse and the new anomaly. Again This drill compaign is almost certainly IMO, the biggest one carried out by a <1bn MCAP company in Australia at a single location.

A little bit on the NPV - including inflation is just another way of manipulating the NPV figure, which is why it is generally not done. The company isn't going to know whether inflation is 1.5% or 4% in 5-10 years times. In Q1 this year it was 1.1 in Q3 it was 3.4. It's simply another fudge factor. Most investors can decide what inflation they want to use, an investor from Mexico might take a higher rate of inflation into account, an investor from germany a lower one.

Anyway to turn it back to XTR - As everyone has said fantastic news that the new anomaly will be properly drilled this year, with a bit more drilling for Racecourse, all completely this year, assays by end of Feb and new Mega JORC shortly after.

Assays from 9-10 probably thus-tues imo; I don't have a clue what they will show, so again .3CU EQ or higher would be fantastic, any addition to the existing ore body above .15 all adding much needed tonnage.
We are getting closer to holes 12 - straight down intersect, 13 - Massive additional tonnage biggest hole so far. 14 - really interesting geology as it skirts the edge of the new porphyry system.

Npv discount isn't about that.
It's the cost of capital. I.e if a project has a 1bn cap ex then that 1bn has to be invested to make any money. If the project made 2bn over 20 years then this night sound really profitable. However instead of investing in the project, the company could decided to buy 1bn of ftse trackers giving you 6% a year. The NPV is the difference between investing in the project and investing elsewhere. By choosing 4% newcrest are saying they are discounting the NPV by the cost of investing elsewhere.
The standard is 8% as most accountants assume you can make 8% by investing elsewhere.
For example in the xtr scoping study a 10% npv gave an npv of 135m, an 8% npv gave an npv of 267m.
Reducing the NPV has an enormous affect.
I can't think of BHP or Rio ever using an npv as low as 4%.

Re black springs and aboriginal sites, the law in pretty similar across Australia, (Below is the Northern one).
It seems to be essentially if exploration licenses have already been granted then its a given. Some times graves might have to be dug up and relocated to other ceremonial sites, but the cost would be a couple of rock trucks at most, so I can't see it being a massive issue.
https://www.edo.org.au/publication/mining-on-aboriginal-land-under-the-aboriginal-land-rights-northern-territory-act/

Dibs re GGP, i wasn't going to mention it, but since you brought it up. IMO the problem with the PFS was how much they manipulated it. According to Newcrest, who produced the PFS, the NPV was $228m, the IRR was 16% and the free cash flow for the LOM was $398m...and this was with an NPV of 4% which is far below industry norms, XTR had 8 or 10% valuations for its scoping, 8% is industry norm (a lower NPV adds massively to the figures). Nobody invests for 10 years with the hope of only making 4% a year.
GGP then manipulated the figures, using higher metal prices and better exchange rates to produce an NPV of $508m, with an IRR of 27% and Free cash over LOM of $764m.
So you can either believe that Newcrest know what they are doing or that GGP think they know better. The Market is not going to believe GPP over Newcrest and the figures are pretty dire. They also don't include any milling costs in their record breaking low costs.

Yep the 2.3m is very much a buy.
My guess would be somebody buying in after realising there is no placing soon.
It should give folks a bit of confidence to buy at this level.

I think a lot of "traders" have sold as well, so shares will probably be harder to obtain to fill any orders.

But with 8m in the bank at the end of June. we've got a full tanker of petrol to keep us going for awhile yet. 8m is the kind of exploration budget that a 100-200m company spends over a year.

Nobody want s dilution at 8p, even Colin as he's been buying on the open market well below that and not in small amounts.
I've said previously if a few folks want to sell warrants at 9p - 10p 15p whatever they want then I don't really have a problem with that. They won't all hit the market like a brick wall, it's not normally what happens.
Each to their own and there isn't a right of wrong answer. When the price hits 9p i could be wrong, but tbh I don't really care as I would be 150% up by then .

Here’s hoping we do! :)
I tend to be conservative with most things share related, whether it’s grades, prices etc

I remember topping up back in July at 3.1p, you have to remember that in the last 3 months the share has risen over 60%.
Personally I am looked to another 60% minimum by Christmas , so about 8p. In percentage terms we are halfway along the journey.
Sometimes it's gone up, sometimes down but the simple truth with stocks in this situation, is that to hold and just hold, relax and let live happen is probably the best strategy imo.
There is no lack of news from now for months. Let's enjoy what has been and hopefully will be, a nice climbing SP and better yet exceed the 8p and move into double figures.

503 MT at 0.35% copper and 0.45% CuEq giving 176Kt of Copper.
I think if we had that as our first Xtract JORC many shrug their shoulders.

However it's not our first JORC. It's actually the maiden 2020 JORC that Rio Tinto produced for it's flagship copper project in Australia - Winu. They have already talked about production in 2023.

Their supergene higrade core has copper of 0.48%.

We are set to beat Rio Tinto hands down for copper in Australia. The market still isn't realising this otherwise our Market Cap would be over 100m regardless of company risk.

225m at 0.37CuEq.
The 155m at 0.47 was impressive, but in terms of the open pit the extra metres still at over twice the cut off are incredible.
There seems to be two sets of modelling going on.
One at .15 cut off, which requires huge tonnage and should be feasible. Hole 7 might have 300-400m at this cut off.
One at .3 which is obviously much higher grade and they seem to be targeting a smaller high grade zone.
It plays into the two phase pit development imo, much as drill 8.
Phase 1 a highly profitable 2MT copper utilising a 600m by 400m pit to a depth of 300-400m. the second the bigger scoped pit with an additional 1-2MT, which is already to start mining as the incline etc has been dug.

Then if the copper price warrants it a third phase of underground mining el la northparkes style. Maybe another 1 MT

There should be 20-30 years of mining, a 1bn plus NPV for each stage, just like the majors want it.

It continues it's progress to massiveness. Hole 7 is a little better than I expected if the slip of release is accurate. I had slightly worse grade expectations so .3 to .4 CUEQ, compared to the 0.47. So it's 20-30% higher than I thought for an extending drill.
The length of the higher grade section at 155m was slightly shorter than the visual predictions of 173m but pretty much good ball park.
It's giving us high confidence that when the company describes a section as moderate/good/strong it means .4 CuEq or above.
Hole 7 was 100m to the NW of hole 8 and had the good mineralisation at a similar depth so it shows the dip, at least in that section, was pretty much 0, giving more shallow. Dips of the holes was 50 and 55 meaning the minieralisation really was quite shallow.

Hole 18 is enourmously interesting if it really has discovered 200m of .3-.4CuEq as far away as it is, it's 300m or so away from hole 8 and would be a mindboggling extensions.

There are still secrets to hole 7 imo. Can't wait for the detailed real RNS.

It took nearly a week longer to get hole 7 prepared, if you go back to the RNS , also hole 7 is something like 20-25%, I would favour Thursday or so at the earliest, but certainly thurs-tuesday.

Cyber, why?
When I spoke to Empress last week they still said nov for production. Allbeit maybe a little while for the monies to hit the coffers

We do seem to be setting up nicely to go through th 5,6,7,8p as the hopefully good news flows over the next 12 weeks from all the drilling, assays and expansions.