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"4 August 2022
Bushranger Project Completion of Phase Two Drilling
Following the successful completion of the Phase Two drilling Programme at Bushranger, the Company will now take some time to reflect on the results of the programme as the upgraded resource model for Racecourse is completed and a maiden resource model for Ascot achieved."
Half-decent management would update the market on the expected dates for the completion and release of the updated resource model for Racecourse and the maiden resource model for Ascot. The communication from Mr Colin Bird is very poor these days. No wonder the share price is flagging. Even without any thought of the 2 million ton target, these two models should by rights see the share price up to at least the 7p mark or more, but there is little hope of that unless the market is given a working timeline. 4th August was over 6 weeks ago which seems plenty of time to get these ongoing models worked and released - and if not then the management should at least give us some clear indication of when these resource models will be completed.
The share price hit 9p in January 2021, which is the peak since the acquisition of the Bushranger prospect. A decent updated resource model for Racecourse and a maiden resource model for Ascot could and should see the share price test and even exceed these previous highs but it would just be very helpful if the market was given some prospective dates for the release of these models.
"management should at least give us some clear indication of when these resource models will be completed”
They have done before...a few times.
In early 2022 CB said in an interview that the RC model would be completed by May (June latest). And at the August AGM CB said the model would now be completed within 2 months. (ie by end of Oct).
The issue isn’t the lack of timelines, it’s that events don’t happen when CB says they will.
The market wont react to any future predicted timelines as it now knows that a lot of CB’s timelines are not reliable.
Due to many failed promises, the market will only react on actual delivery – ie RNS of manica income results, Q2 results or RNS of completed resource model with full figures.
As CB has implied RC model will be completed by end of October, I dont expect it to be completed until December / early next. I hope he proves me wrong - but I doubt it !
I am not talking about what Mr Bird might have said in an interview/podcast. By informing the market I mean in an official RNS. Hence my "management should at least give us some clear indication of when these resource models will be completed” post. Anything can be said in a podcast, or rather Mr Bird can say whatever he wants and he knows that he can get away with not keeping to it but a RNS has much more credibility.
I have not come across the end of October prediction but then I am only looking in the official news releases for this information.
Unfortunately, and I wish it were otherwise, Mr Bird is making himself look a bit of a OLD FOOL these days.
Yes its disappointing TBH, another one of those "best buy in the world sold by ...." and never happens.
Steady monthly top ups have helped my AV
I take your point but I'm not sure that an RNS is the approved way of giving indications of things that may happen. They are designed for actual facts and results, not speculation.
ART->>> Anything can be said in a podcast, or rather Mr Bird can say whatever he wants and he knows that he can get away with not keeping to it………..
Unfortunately, and I wish it were otherwise, Mr Bird is making himself look a bit of a OLD FOOL these days.<<<
So whose the fool ART?
Colin for using whatever means at his disposal. Or you for taking what’s said in a podcast, literally.
I can’t help myself from responding to moronic comments like this. Colin bird has delivered where it ultimately matters, on turning Xtract cash positive from gold production with sustainable, significant income for many many years to come.
The proof of the pudding and all that…., but once Bushranger is sold on, and I have little doubt that it will be, Manica will be the primary asset.
The resource is going to be increased in the new year with plant modifications that will take all types of mineralisation, there will also be further drilling programs. The mods are being built on an already significant knowledge base of the local geology and the resulting drilling will increase resource estimations that will secure many more years of being an exploration company supported by small scale mining.
The increased understanding of the Manica geology is a key asset to Xtract, as this knowledge will be put to use in the continued exploration across the Manica concessions.
To be in the position it is now, debt free and able to self fund it’s ongoing exploration is a huge achievement in itself, as I’m sure the way the company is structured, it will have the potential to grow into a mid cap with its solid growth strategy in place.
Colin Bird is no fool!
"...... Colin bird has delivered where it ultimately matters..."
Until the SP reflects that view, the jury is out on who the beneficiaries of that delivery have been. Absolutely Colin is no fool... but that doesn't mean he will deliver for the benefit of shareholders.
So..... do we think we might have the ubiquitous Thursday afternoon news release from XTR?
I haven't applied the rigours of advanced statistics to this.... but I have the feeling that the most typical time for RNS release is Thursday afternoon at 1.24pm.
And we ARE due one .... if only for the quarterly results
JM1, mmm think we need something the continuous tick down will not abate until something juicy lands
What has happened to the regular interviews with Zak Mir and hope Colin is not avoiding shareholders as now share price close to the low for the year so rather worrying
Communication poor from Colin 'these days'? When was it ever good?
Here is the problem. He is approaching 80, no? He has a whole network of 'businesses' (I use the word business in the lightest of terms)- 4 or 5 of them are listed in AIM. Each of them, has a several alleged projects going on. Collectively, its a lot. Especially as he runs them separately and there isnt a large management team.
Even the few of these projects which ARE viable (and not just ramping fodder)..move at a small pace.
Another thing is horses- assuming he named the fields himself. He spends a lot of time on horses. a LOT. Someone (steven?) posted that some years back on XTR, they hadnt heard from Colin in ages and the SP continued to decline (look at the trajectory since CB took over, NB the concerns you are expressing here have been expressed for every CB company for as long as he has had them- have a look through LSE history)- eventually a photo popped up on twitter of CB smiling, dressed up at Royal Ascot or somewhere. Meanwhile the PIs were getting radio silence and losing their money.
Even last summer- he went away to Europe to escape the Emirati summer- and there was barely any news across his stable of companies for 3-4 months. Presumably he had been relaxing and attending racehorse events etc
So in summary- you have an elderly man who has way too much on his plate, objecively has a terrible record on AIM, and spends God knows how much time {and YOUR money) and summer sojourns in Europe and horses. This is why CBs companies move sideways or in circles but never foreward.
-----------------------------
Colin Bird’s AIM record, as of mid September 22:
Time he became CEO of BZT- SP 0.5….now 0.09
Time he became CEO of XTR- SP 10...now 3.35
Time he became CEO of Galileo 7.38...now 1.6
£XXXXXXX paid out in salaries to Colin Bird from these companies during the times
>> What has happened to the regular interviews
The Roast guys mentioned on Telegram they were trying to sort out an interview with Colin, possibly tomorrow.