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The problem is that any economic study will incorporate what is done now, not in 10 years time. They won’t be able to cost a fleet of 20 electric trucks 10 years from now as people don’t really have a clue what it will cost. The margin on error will be too much even for a scoping study.
Just imo, but they will use current costs and prices at least on the cost side - with a copper price at xx avg over the 10 year run as determine by an economics unit.

But at the end of the day. The study will be what it will be and we won’t get anything like the level of detail we want. :)

I am not sure you need to produce better numbers, but you certainly get more the better the numbers are :)

3 weeks from spud to TD. 5-7 days for wireline.
I am not sure of the exact plan, but probably test the deeper sections (SMD etc) then drill the horizontal which will take awhile longer.

The market will be looking for the deeper sections (which will be massive for panr). Then the Flow test from them. (Also potentially massive.) it will be a huge step forward if the alkaid is as good if not better from wireline in this hole. It should be larger in depth. They can then optimise the horizontal to get the best section.
Loads of value points in the coming 2-10 week period. Imo.

Good luck to them, as always with 88e your probably better off just putting it on a bet somewhere, but hey ho. There are plenty of suckers to buy into a pump and take those shares that 88e keeps giving out like Monopoly money.

Almost certainly re strip ration
Although it’s painful, it’s fully expected with companies in this environment. I know it’s very cliché but a profit is only a profit when you sell and a loss is only a loss when you sell. When the SP is up, it makes you feel better, but doesn’t really mean much. When it’s down it makes it harder, but again doesn’t really mean much. (At least unless you need to sell for a deadline).

Re the copper price, I am not sure it means much for BR imo. Equally if it were at 11k a tonne it doesn’t mean that would be the valuation point, if it were at 6k a tonne it wouldn’t make that the valuation point.
A far bigger concern for the economic model will be electricity costs and fuel costs. I am happy for the economic model to wait for these to come down 20-40% as it will make the NPV far higher.

Forgot to mention about the deeper Ascot holes they are drilling (These are the key holes imo). If they get it right then BOOM!
It won't be long before we hear about this now!

and yes I am buying currently.

There is nothing - absoutely nothing that wasn't known about this.
We have the a few more holes drilled in the middle of Racecourse (53-54 etc) to produce good quality infill drills.
We knew that 42 was pretty much the end of the open pit and RC - We already knew that the gap between RC and Ascot was exactly where the gap was shown to be today.
We have the position of the two main intrusions that make up Ascot, The deeper western one and that shallower eastern one. (The western one is higher mineralised). We know where the northern extent of Ascot was and is.
***To stress, the whole point of infill drilling is to find the edge of the alteration***
We know that Ascot is much stronger mineralised in it's main body a bit further south.
Good gold grades, for the outer edges of ascot, which reinforces belief that the gold will be conisderably higher as we go south...(we have been saying south for months now)

Lastly Footrot.
We have confirmation in two shallow drills that they are finding the intrusions - they now need to find the alteration zones. I do wonder whether it will be very gold heavy (which seems to be the thing as we move away from the time zone of the RC intrusion formation). The pyrrhotite would be an indicator of this. I am glad at how quickly they have drilled them.

Totally agree Steve,
If we summerise the various RNS that have been released, including the annual results, we know.
- That Manica(empress) has entered production.
- That the alluivials and hardrock are sporadic (vary quarter by quarter) but are increasing very strongly.
- That Footrot was about to drilled (to date of the annual result)
- That more infill drilling was required at racecourse (the JORC and model will obviously be dependent on this so will be sept-oct).
- That they wanted to do a deep drill at Ascot. (the jorc and model for ascot will be dependent on this).
- Zambia is currently being tested to determine which material is best suited for easy-local production.

I certainly have a few questions around where we are with drilling and assays at BR. Maybe some more clarity re which Quarter the model and JORC's will be released in. In total though we have been told most things to some degree.
The major positive points as far as i can see are that might fall.
1. Footrot assay finding good-excellent mineralisation.
2. deeper ascot result finding strong mineralisation (I was on record as saying on here that a well placed drill at Ascot will find some truly stunning results.)
3. very good revenue figures from gold sales.
4. possible interest by 3rd parties in Bushranger.
5. Good (but expected) results from the infill drilling of Racecourse. I am looking forward to 300-500m of strong shallow mineralisation.
Will these things improve the SP? who knows but with the fall on low volume, it doesn't take a genius to see that a fairer market with a bit of buying sees a bounce back to 5p-6p.
As always just IMO.

Nobody can be 100% certain. But I have always been would say 95% certain that there are other porphyry’s
I think if you took a very large compass , stuck it into the gap between ascot and racecourse and drew a circle with say a 3km radius. We would get a minimum of 4-5 porphyry’s.
It will take a bit of time to explore. The question is whether we will get that time? Will AA or somebody else wait for us to explore it?

Final point sorry for three posts in quick succession.

For xtr in the next 6-12 months it’s not about copper, but more about gold. Gold is giving us 95% of our profit and paying for everything.
We are a gold producer but a copper explorer. Gold now, copper in the future.
Which again is another stroke of luck :)

A read a few posts about when a deal might be done. In truth, my opinion is nobody has a scooby. Not even Colin.
Anglo could announce next week that they had started negotiations.
They might throw a low ball offer to Colin next month. Colin might get approached in August by the Chinese.
Equally nothing might happen until next year.
Trying to time and entry and exit on this kind of thing is impossible. It’s one of the reasons why bigger, more sophisticated investors tend to just buy in and wait, sometimes it might be quick, sometimes not, but with this strategy you don’t lose out. You don’t get caught on the hop by news and end up paying 50% more.

Just to add, understanding of porphyry’s, particularly alternation zones; has really developed even in the last 5-10 years since AA last had a look.
They also did mainly RC drilling which is cheaper, but you miss out on a lot of info such as intrusion directions and layering.
They also drilled to a shallower depth.
Finally Anglo obviously quite liked what they had found there. They had a decent team and (for them) did a lot of drilling.
My guess is that they weighed it up, but didn’t quite find enough at the then time to do further exploration. At the time copper was very unwanted.
Again just imo.
But the directors refused to sign off on the 10-30m that more exploration would have taken, the majors were going through a down size at the time, limiting debt, reducing leverage. They would have been cutting everything that wasn’t a ‘core’ project.
For xtr they were lucky. But to come along, pick it up, do more drillling than Anglo ever did, find the deeper mineralisation, increase the extents, delineate ascot, perform deeper geophysics- it was more skill based.
Whatever xtr finds - Anglo will reassess, and decide whether a copper resource like this will fit into there portfolio.

I am not sure that the chairman's report was so much, 'not positive enough', it was more rushed and boring. It's the problem we've discussed before, Colin has quite a few companies and so has a few of these to write, he seems to be somebody who remembers he's got to write the report the night before and so puts out the basics and then grabs a whiskey.

It's a shame as there is much to shout about. Good Revenue (more than most companies when they sell an asset). Worldclass exploration speed in Australia. The forming of development of a major national asset area in Bushranger. We've had a reconsolidation of resources (nobody had any value for Kalengwe (or whatever it's called).
Triple digit growth in the manica revenue.
Finally No more finance needed (how many exploration companies can say that).
This year, we've continued to see strong growth in revenue and seen the massive milestone of Manica (empress) reaching production.

I am not sure why Colin can't simnply say - "Our African projects are being managed by other people (and are doing very well), we are looking for more african projects to do the same thing with. We are looking to get a partner on board to do the same with Eureka. As a company our internal focus is Australia - with the exploration being fully paid by Africa!"
Tell us with certainty when the model will come out. Tell us the actual strategy for Ascot. TBH there is so much that can be done.
At the end of the day, the revenue will eventually speak for itself and Bushranger will, but I appreciate it's painful atm and made worse by a Chairman who doesn't seem to have the time to dedicate to the company.

Agree Steve4,

I’ve been vocal that i think the company needs a ceo and a new broker team, but at the end of the day I accept I have no control over it. So I have 2 choices, either sell or accept that this is how the company is run and stay invested. I might give my opinion occasionally, but I am not sure it’s very productive for me or anyone else to keep raising it. Give me the strength to change what I can change and the wisdom to know what I can’t.
Lse is littered with companies I’ve decided I no longer want to be invested in.

Very good broker note out today from the above. Also a further price increase. Worth reading.

Lucky, you might be right re adjustments over the coming months. I can’t think of a single mine that’s gone into production perfectly as planned and hit the max button. In todays climate though, even a small placing is hard to get away, thank goodness we don’t need one. Tbh I would be happy with 50% of the projected revenue it’s still plenty to get on with things.
Just imo

Re the hetherington change I do agree that the new outfit looks a lot more professional, bigger and so will have more staff with wider skills !

Hetherington brought the other company out after it’s founder died. I think it’s a just tidying up of the ownerships. Sorry. Good spot though.

Re manica. The Canadian exchange tsx is much hotter on compliance than aim. If empress say that it’s entered pre prediction and this means it’s started processing ore then it’s really happened, no ifs, not buts, no coconut’s.
It’s good enough for me!

I also think it’s nice to have a break occasionally. It would be a fake pumpers board if we continually had loads of 10-20p predictions. There are loads of boards like that.
Also we have held well considering the commodities market. There has been some savage share prices and we’ve seen low volume, not much selling and even today, some nice buys.
It won’t be long and we have something, next couple of days!