Member Info for theiceberg

Don't know much about the current set up at Eureka, but it seems to be good news..a bigger pit more material and some decent grades. The possibility of a deeper good sized iocg is interesting and would be quite fantastic imo.

Drilling didn’t finish 3 months ago it finished last month!

Because the vast majority of investors only look at their own country indexes...
Most UK investors won't invest in asx or tsx, most canadian investors only tsx and most Australian folks asx ..
Maybe it's because of currency exchange charges or risks.
Whatever it is I agree and said awhile ago that xtr would benefit from an asx listing.

It's certainly worth looking at their announcements.. I use hotcopper as it's shows the price movement and is pretty easy.
There grades are nothing to special imo (considering the half a billion A$ market cap).
383.2m 0.8au and 0.31cu from 775m
1249m 0.18au and 0.12cu from surface.
308m 0.18au and 0.2cu from 582
445m 0.23au and 0.1cu from 312m

These are full length compared to our full length hole 1 of 920m at .3 cu

They have a lot of duff over cover and tbh I think our cu eq will be higher and more concentrated in copper giving a single metal cheaper element. (Although I wouldn't say no to gold)
I am not too bothered about when the assays eventually come..the world will see and react, if not the Aussies will and simply pay up.

I agree CE, but the main point is that the share issue and money raising is not being delayed and isn't conditional on anything except being given the money.
I don't expect we will get anymore RNS's as its a done deal, probably just a AGM to issue the warrants, probably in May or June. IMO.

Ella,
They are always conditional, as they are conditional on the placees giving the money! The broker will be on the hook for a percentage of any placees that can't put there money were their mouth is.
However, nowhere in the RNS does it say its conditional on the warrants. Indeed legally they would have to say if it was conditional on a vote and they wouldn't be able to say that people should use the new share total.

If you think about it, who would only partake in a placing on the condition that they were allowed to buy half a share at a price 50% above the current market. Nobody would insist on that as a condition (unless they were a large II). The warrants are simply a future fund raise opportunity.
But the important point is that the RNS says that the warrants are in conjunction with the placing, not a condition. You can't put in an RNS that the shares will be submitted on or around the 10th of May and then not submit them.

The shares are not dependent on the warrants being agreed. They are being issued around the 10th of may, the meeting won't take place until the end of May at the earliest.

Pedro...I take it you read my blog. Why would you think I am not happy with XTR? I've been open that I've doubled my holding and will likely hold until jorc now.

https://icebergshares.blogspot.com/2021/04/xtract-resources-xtr-bushranger.html

Nothing mindblowing, but I thought setting out expectation would be good, maybe Sunday reading (if your really board!)

I can’t see anything negative in his blog tbh There are a few comments which are a bit strange but nothing really important

Say 1 day to set up the drill, 70m a day to drill is 5 days of drilling, then 1 day to pack up the drill. That's an absolute minimum of 700 days to drill 100 holes. So 2 years..that assumes the drill rig running 365 days a year, in reality it's going to be 200-250 at best, due to down time, maintai nice etc. So 3 years of pretty much constant drilling...if you honestly think you can get 3 years of drilling inc assays, geo work, etc for 2m then good luck with your investment.
Imo they will need 4-5m a year for the next 3 years as a minimum to drill 100 holes at 300m.
're it being a shoe in for newcrest, that's only if they find mineralization with the drill in sufficient grades and quantity to get them interested. You are not going to get that only drilling to 300m as they like bulk.

The problem with wsbn Is that they clearly don't know where the mineralization is and how much...ip is useful but the aim graveyard is littered with iP drilling companies ....they are just guides with no say over whether any associated geological feature actually has mineralisation..
They arnt funded for that drilling.
They might hit good mineralization in the first year of the 3rd year.
Interesting but a long way from being in vestable for me.

I don't class willem as a flipper, but he hasn't mentioned it.

're warrants, it wouldn't prevent the flipper crew from tweeting out that the share price will be 30p next week, they will do anything to get the share price imo.

I am some what perplexed as to who took part in the fundraise...I've been scouring Twitter and the forums, but none of the usual placing crews are even mentioning it. This kind of rules out the normal LSE flipping crew....
Unusual and inriguing...

I am sceptical of Africa and have said so several times, but I wish if this were true, Colin would release a bit more news...I am not sure there has been any update on anything except bushranger since Feb 3rd. When Colin said drilling had commenced and "There is sufficient ore in the area of the box-cut to provide a large bulk sample and to initiate mining during late February building up to full production by May 2021."

something needs to be RNS otherwise the market isn't going to pay it any heed.

Yes, hence the caveat of .2%. The example i mentioned had grades of .15 or .17 copper, but thats scrapping the barrel a bit.folks need to remember that we are not looking at the hole length of .2%, we are looking at maybe 300m or so, with a higher grade section of .3 to .5% at 100-150m.
Its very difficult to see them being bad i.e none commercial. but i wouldn't rule out a nice surprise.

Northisle copper have released a pea this year for a bulk copper gold project with around 2mt cu eq. This came in with an npv of around £500m. To be honest there copper grades are below ours and it's a terrible project.
It's impossible to value bushranger atm.
However my suggestion would be copper only...if we've got high gold areas then separate that material after copper processing. Keep the cap ex simple at say £300-400m to give an IRR of maybe even 30-40% (i.e payback in a 2-3 years)
You are probably looking at an NPV of 700m to 1bn if we can keep copper grades above .2%
At say a 30% discount to npv post jorc. Maybe 250-300m for xtr.
This is pure finger in the air and could nt possibly be counted as accurate.

Your view is that there are so many copper projects around the world they have us over a price barrel...?
Ok....(imagine me swiftly walking away whistling...)

I've finished with my North slope play and have been buying yesterday and today. Lucky enough to have doubled my holding. I was going to split the profit s with bcn but with xtr being fully funded its difficult to see the share price being lower than this ever again, so put it all in here.

I was reading the whIreland stuff earlier ...the key for me is this statement.
"Importantly, the geometry of the greater structure indicates that it passes directly underneath the Dalton highway. Drilling future appraisal wells off the highway will simplify operations, reduce costs and allow for year-round access."
Not being restricted to Dec-March is the biggest pain in the ars e for North slope. If you can build a small permanent test pad using hard rock 50-100m off the highway then you can test in the summer and the rigs will be far cheaper and plentiful.

Greengrass, I'll take what you say at face value...if you look at ecr they have been going down in a steady trend for months, there wasn't any real difference in this trend before the placing.

If we take xtr, the placing price is the same price the share was at 3 weeks ago, since then on very low volume it's drift up and down a bit. A high of 6.9 was reached just over a week ago and the trading day before the placing it dropped to 6.2 so I 0% from this high. All on low volumes...
The shares have no similarity whatsoever. There is no evidence of manipulation.

I don't support brokers and think they are lowlife s and think less of nomads, but in this circumstance, it appears clean and actually very good.