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Agree, Colin seems to be in waiting mode. He’s not trying to pump the share price and is leaving plenty in the top drawer to do this when the time comes.

Question is when will this be?

We are still due the EOY statement next week. Will it be along a similar vein or more excited?
Imo it might well show how much Colin values bushranger, the African assets - although important, are a sideshow wrt adding value when compared to bushranger.

The % of alluvials go down once our initial costs have been repaid. Down to 22% from memory. But if alluvials increases by 50-100% etc it’s largely immaterially.

If i was writing this i would point out the change from the same period last year (as I said before). If you look at it like this the figures are quite staggering for the Manica.

Q1 2021 Total gold production 284 our share 79 - Q1 2022 Total Gold production 2176 our share 425.

We saw a 400% increase in gold mined - in what is our worse quarter. It looks like the increase would give an increase of between 1000-1500 oz for the next qtr to be released next month. Thats an extra 500k easily.

On top of this the hard rock (not the new plant that Empress are involved in) is continuing to ramp up from nothing a year ago. to a 50-200% increase qtr on qtr. Again it looks on target to be 1000-1500 oz in next months figures.

Given al this the figures for the next 12 months (gross to XTR) conservatively look to be Q2 1.5m - Q3 1.8m - Q4 2.4m and Q1 (2023) 1.3m giving gross profit just from this single license (not the empress stuff to reiterate) of 6m.

TBH, I am quite flabbergasted by this figure, it blows away my negative thoughts as I thought this was a bit of a distraction. With the empress manica plant added on at 8-10m a year thats 14-16m just from these. With Eureka and the few other bits added on 20m USD over the next 12 months is certainly possible.
At some point the market will actually look at the figures and realise. (it would happen quicker if Colin actually did a bit more - had a broker that delivered analysis and price targets looked at ebita etc.

Better than expected tbh. To compare like for like we need to compare with this quarter last year so a nice increase and it looks like we will put all our African production together together going forward in a single quarter release.

I don’t normally post this, but I just tried a dummy to buy £15 worth on an auto exec and got no quote available.
It’s easy to shout market manipulation, but if you can’t even buy £15 worth of stock (and you haven’t been able for a little while now) then let’s call a spade a spade.
It’s not even like it’s a big news day, with auctions all over the place, or lots of trades going through and the market makers are struggling to cope.

Down….low volume up.

A quick take.
We raised 10m just over a year ago. We spend 2-2.5m a qtr on exploration. With just the unsold gold from the alluivial that we were owed in the last update that's over 1m in that qtr, let alone the other "little" bits that we are apparently producing. We have gone from 2 drills to 1 drill. So we are almost certainly at break even re money currently and that's before we get the serious money from manica.

To own up, I got it wrong with my prediction of assay results this week.

Finally we do have a massive amount of news to release in the next 10 days!

I think it’s within 6 months of the EOY ie period ending the 31st of dec - not June. Last year the annual results were end of June and can’t see it being any different now. They did take advantage for the agm and the actual filing of the full accounts, but the high level accounts were inc in the end of June final statement.
I think this is still the hard rule for aim compliance. So the 27-30 of June for the RNS.

Just a quickie, they have been pretty dreadful so far this year (apart from nickel). As has gold and silver.
With inflation running at 7-9% any rises below this, indicate a real term fall. Given a share bear market and serious concerns 're profits and so falls in dividends , one would assume that gold in particular would be rising at inflation plus 10% as a minimum. This would put it up to 2100 or so.
But why isn't it?
Well people certainly arnt turning to Bitcoin etc. Imo they are investing in oil contracts, food stuffs and are trying to chase the massive fat margins, large investors also have a relative safe haven in interest rAtes which are due to go up sharply. Hot traders are probably looking for large margins on interest swops and or derivative trading.
Just imo, but once these are exhausted - and it won't take long, you'll see a flood into gold, hopefully once we are through the recession (the UK will definately have one) we might well see a gradual increase in copper etc.
For xtract - a bona fide gold produced this year, it might well lead to a very nice and well timed bonanza.
As always Just imo but gold and low risk oil are the aim areas for 2022,

Got a feeling that Colin is maybe occupied elsewhere - which is a shame.
Also got a feeling we will get drill results in the next 48 hrs and that might inc a bit about manica - which will be a shame as well, as it deserves its own rns.
Finally we have results in the next 2 weeks.

I sold some at about 140, I was always clear that I brought in for the drill and would see how it goes - very well. I still have some and will buy more prior the July drill, but not much is happening atm. The Question is farm in prior drill or post drill?
I put some of the profit into a top up of xtr(£20k at 4.88).

Bringing it back to xtr - some have been waiting for manica for years, it's great a derisking day, money will be pouring in by August, there doesn't seem to be any reason for a raise now.

https://www.juniorminingnetwork.com/junior-miner-news/press-releases/2902-tsx-venture/empr/122994-empress-royalty-announces-pre-production-at-manica-gold-mine.html

The preproduction phase for other projects in a few weeks. Empress said it was less than 4 weeks for its silver stream that went into pre production a few weeks ago.

Pre production is simply putting material through one stage at a time of at a reduced rate i.e 25% of tpa. Making sure it walks then steadily raising it. So a plan might be, first week production on a stage by stage process at 25%, second week full end to end at 25%, third week 50% , forth week 75%, then full production after that. Obviously revenue will quickly ramp up.
As Colin said it will take a few weeks to bed in.

In total, massive news that xtr now has revenue from a big first rate gold mine.

Final comment, I fully admit I thought there would be a raise back in March time, however there is little chance of this now.
Colin - bless him- would be shouting from the roof tops and being ultra positive if he though there would be a placing anytime soon. He's not. He's being as professional as I've ever seen him.

He was very cautious in the whole interview imo...almost cagey,

Yep 100% Mr trotter.
He's simply separating it into two phases, the high grade phase which is essential and he's talked about it in the past. It's used to derisk. Then a second stage where they gradually expand the pit and deepen it. There still be high grands in this, and low grade, but the only cost will be opex so pretty much printing money.
Phase 1 , maybe 150-200k tonnes, phase 2 much bigger 1.5-1.8Mt. (All estimates obviously)

Modelling coming to an end (according to colin).
Manica next few days.
Alluvial good now the rain has stopped.
Cash prediction. From gold 8-10m a year still expectation.
Copper - kongwe and eureka blasting etc but nothing clear.

Latest geo physics good - but not realised yet.

Modelling is going well ' metallurgy going well.

Shame there wasn't much more info.

Just to be clear, he said the high grade near surface would easily pay off all the infrastructure in a 5-6 years - then you've got the huge race course pit which is free mining.

That's not what he said at all.

Little tweet from empress with a clip from the 17-18th of May saying that manica is 2-3 weeks from production.
Hopefully it should be this week and that tallys with colins comment as well.

It’s not plan a or b to infill the high grade section (particularly near surface for an open pit mine).
Nearly every wannabe mine in the world goes through this process. It’s all about capex payback.
By doing this this they:
A) make it more likely that Anglo will want it and pay up
B) make it more desirable for others if Anglo won’t buy
C) help to improve the decision to mine, firming up the economic case.

There is no point reaching 2MT if Anglo says no and we need to spend 12 months dancing with others.
Let’s make it irresistible for Anglo.