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"It will all come out in the wash " as my old Mum used to say. We make our decisions on what is laid out before us. Some of us are au fait with copper porphyrys, some of aren't. The one's who aren't have to rely on what the company tells them is happening. It's reasonable to expect to be told the truth as is reasonably possible. We are dealing largely with the unknown until it isn't the unknown IE it's been drilled and assessed, so time scales can and will slip. We are have been led to believe we have entered the end game and by it's very nature it can't be played out in public.
CB will do what likes and maybe that's why there is doubt but we are at a point were will we will find out very soon whether we were wise to give him yet another chance to make us money or at least get back some of the money we have lost believing him in the past.
It's up to you Mr Bird, please do your best to deliver to us what we came here for.
it must have been painful for some watching this asset get larger and larger with every drill, taking longer and longer, being kicked down the road , and then to top it all a new porphyry was discovered, how inconvenient can you get ? ;)
The majority of investors know all that, if they didn't they should.
Inconvenient ? I don't get the meaning of your post.
Jezzoo, I think it was humour, tongue in cheek, ironic.
Jazzoo, naughtygordie is using simple sarcasm. Not always easy to convey...
On other matters, I'm happy to sit and wait. Some of the delays are due to Ascot turning up and causing a delay in that it needed to be assessed. Happy with that. If that makes me a fool, fair enough. But it also make make me a lot of money, also happy with that.
A reminder that there are two parts to the agreement, the first is AA can come in early with an offer before, 2mt is declared by xtract. If that happens all work will stop and a sale will be based on the current asset. Not much attention has been paid to this option but I’m sure it’s there for a good reason, and certain xtract have given this consideration since maybe the latter stages of phase2. Hence, not willing to give any running totals of rock mass or CuEq as the phase went on, ( something else that was confirmed they couldn’t do in previous podcast with Zak) with the agreement in place. Without the binding agreement this would have played out so differently and there would not have been the perception of CB holding back because results were bad, as any junior would be actively marketing their project throughout an exploration phase giving ongoing rock mass estimates etc
Colins comment in interview regarding do we do a third phase to get to 2mt, could well have been a bit of smoke to keep AA guessing to potentially give the company a last bit of breathing space to get the conceptual mining study completed as this would not be started until after the updated mineral resource (JORC) was completed for RC.
At AGM (I believe) it was noted that Colin said ,“if I were AA, I would make an offer.” (Words to that effect without checking)
I can only come to a conclusion from this that if they came forward with an early offer, they would pick up BR cheaper than if all the modelling and pit studies were complete. So looking at it in that respect further weight is also added with the, “we are number crunching so you can’t talk about it.”
There is also a much bigger picture now than wether or not there is 2mt proved up. Early indications are up to further 2 maybe 3 porphry below RC with either an extension of the main body now to the north east or a further porphry. Then with Ascot and having indications there are 2 separate gold centric systems below. There is also Footrot with further potential that the 7km corridor between them is fertile.
Another reason, and why the IP and Em have not been shared with the market no doubt.
Chin up
“ At AGM (I believe) it was noted that Colin said ,“if I were AA, I would make an offer.” (Words to that effect without checking)”
What are you talking about? He said he did not think that AA will be interested, which is the complete opposite of what you’ve stated.
JS. Maybe it was before the AGM then I did make it clear I wasn’t certain as I didn’t attend.
CB suspecting they are not interested in a lesson in futility where a legally binding agreement is concerned. They will nether the less be crossing all the T’s etc to still put the most quality data pack together conceivable. Nothing will be taken for granted leading up to hand over of the all the data.
Basic business and engineering practice.
As I wasn't at the AGM I cannot say whether Johnswan or howezap is right. Although from the reports, I don't recall anybody commenting on Colin saying AA would not be interested - unless it was in terms of other companies may be better matches to the resource in its location.
But howezap's explanation makes a lot of sense regarding Colin's reticence to shout about BR in its latter stages. To be honest, I had forgotten (did I ever Know?) about AA's option to make an early move. Hope you're right mate.
I love this back and forward. Can you imagine the onlooking entertainment it givers to those who are actually involved.
The only tougher task than being an Xtract investor trying to work out reality from such ambiguous information is a radio astronomer examining a signal on an oscilloscope that came from a star that died 10 billion years ago to work out what its composition was.
I was at the AGM. Colin stated something to the effect that he wanted AA to say no, so we could go to the wider market, and AA would have 30 days to decide once we stated the 'decision to mine'. I think howezap is remembering one of the 30m video presentations where Colin stated that if he was AA, he would be making an early offer.
If I was being Machiavellian, I might think that Colin didn't want any more drilling on BR at the moment, despite very good indications from the last Ascot surveys and money in the bank, because he wanted to force AA into a decision without the additional information available. Its a little risky, given he might give it away more cheaply than intended, but if he gets past the AA hurdle, then we have complete freedom in 2023 with money from FB and probably rising copper prices. I think that scenario would be my preferred option. I'm happy to be patient and the short-term share price is irrelevant as we don't need finance.
Steve, I think you and I are in the same boat.
Some of the frustration on this board lately seems to come from investors who wanted to make a quick buck and move on. That is your right of course but I'm happy to wait if it means an increased financial reward.
The only thing I would add to my last post is that with the sp the way it is now, well, I took the opportunity to have quite a big (for me) top up right at the end of Weds (I think it was) and the sp I got was 3.155p which seems to be the lowest price paid for the last 2 years! It has only increased since, so currently feeling smug but plenty of time to get egg on my face.
Cygnus
Very, nearly lowest for 2 years
I got a bit more at 3.09p 5 Oct
I wasnt going to as my average is low 2p's, but thought sub 3.1p was too good to miss
I may be thinking the same again at sub 3p :)
Good for you - but it burst my bubble a little...
I did have a good average but it went up when I continued buying as the sp appreciated and thought that it would never see those prices again. Still, mid 3's which if this works out will be well worthwhile.
Thanks Steve knew I’d heard it at some point was prob a repeat quote of the comment I read more recently I was thinking more of.
Agree ZM nice way of putting it. To just comment on fact from RNS if Colin didn’t do these podcasts would make for a very dull sterile bulletin board.
Count me in as being on that same page Cygnus. CB’s recent podcast quote of no phase 3 regardless, implied a sale sooner rather than later but, could well have been just giving investors what they needed to hear at that time. No worse than what Colin has done to keep investors interested previously along the way. So, I’m in no hurry for this to be sold early. It still remains potential to be a once in a lifetime opportunity.
I think this is a highly balanced and analyically decent BB and am very thankful for it.. and of course people can post as they see fit unless /until administrators stop them .. and everyone is indeed entitled to their opinion... which may change over time.. as the only constant in life is change.
The last thing I seek out is a forum that offers only an echo chamber of my own views... especially in the AIM game... and especially squared in the Commodity Sectors of the AIM Game.. where anything can happen.. and very often does.
All Imho..