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One thing I picked up today from the midweek takeaway interview was what Colin meant by 'decision to mine'. In the past I thought it was a plan B option to trigger the AA buyout clause in case we didn't reach 2mt (and would be irrelevant if we did hit 2mt).
However, now I realise that 'decision to mine' is actually a 'create a viable economic plan for a mine', which would be an update of the original open pit study. If we put forward that plan as well as the 2mt JORC, that is a much better situation than just the 2mt trigger alone.
I'm probably going to get flak for this, but I do find it a little frustrating to read almost constant complaining on the forum if we haven't had an RNS for a couple of weeks. Last year we averaged more than one RNS per week, which is a huge amount compared to any normal AIM company.
Colin is always over-optimistic on timelines. We all know that, as its mentioned almost every day. He is on the downslope of his 8th decade so I seriously doubt he is suddenly going to think "Hmm, the LSE forum say I am over-optimistic. I wish someone had mentioned that before. I must immediately change my personality"
When he gives a date why not consider that, based on every previous occasion, that the stated date is going to be the most optimistic view and set your own expectations accordingly. Otherwise, you are just causing yourself endless frustration and shouting at the rain. He is going to release an RNS based on business or informing the market based on the rules quoted before. It won't happen any faster because people are complaining on a forum.
The copper discovered so far isn't going to disappear, regardless of the remaining drill results, and we just started drilling a second major porphyry. Every interview and RNS so far have been positive, including the most recent. If you can't have patience under those circumstances and place a little trust in the team that got us this far, then just sell and move on to a stock that releases two RNS every week.
/rant
CB stated in the last interview that no raise was needed. Given that was only a couple of weeks ago, I assume he made that statement with knowledge of the situation at Manica and the other Africa assets. I assume we will need a raise eventually if we don't get increased income from Africa, but it doesn't sound like a short-term requirement.
Just to reinforce Steve's point. Ultimately, the value of a mine is the sale value of the metal minus the total cost required to extract, process and transport the ore and minus the tax levied by the jurisdiction. Higher grade or larger amounts are no use if you need to mine underground, halfway up a mountain in a desert (the Atacama in Chile is the driest desert in the world), and then build transport and power links tens of miles across that terrain and then pay high tax rates on the potential profit. In contrast, Bushranger is an low-extraction-cost open pit, with major transport links and power already very close by and near a major port.
The situation in Chile in terms of jurisdiction is also problematic, given the recent election of a far-left president with mining companies in his sights, compared to the very friendly environment of Australia.
There are many large deposits in the Andes region that are undeveloped because of the economics and other associated risks.
I don't think anyone can complain about the actual speed on the ground for XTR. They have accomplished a huge amount in just over a year. The main issue, as stated below, is unnecessary expectation setting. On the other hand, I do get the impression those expectations are set due to over-optimism or over-enthusiasm from Colin rather than a pre-meditated attempt to mislead shareholders.
On that basis, I generally give XTR the benefit of the doubt and I am happy to await developments regardless of stated timescales. I can understand the frustrations of other people on the board though.
No problem. I think 14 probably didn't hit anything except alteration, but 17 and 18 look interesting based on the hole completion RNS. A lot of assays are probably delayed at this time of year, which then creates a backlog.
Assays for 13 were reported on October 29th
https://www.lse.co.uk/rns/XTR/bushranger-project-further-assay-results-fsfbd5i50iute35.html
Assays for 16 were on November 19th
https://www.lse.co.uk/rns/XTR/bushranger-assay-results-and-drilling-update-w11pre99kmdgcce.html
@AA I suggest reading all the RNS from December 2020 onwards and read back through this forum for the last month or two. It's also worth watching the last few XTR interviews on v o x m a r k e t s and on the Sunday Roast.
That should give you all the information you need.
We've been doing some rapid investigation on telegram forum. Thanks mainly to Andy Mills. Low salary at 24k, only holds 40k shares and seems to be holdover from oil exploration days. He recently was appointed as director of another company, which is his first new job in 10 years. No market reaction at all.
No-Executive Director Peter Moir has resigned.
Peter’s qualifications include B.Sc. Civil Engineering and M.Eng. Petroleum Engineering. He is a Chartered Engineer in the UK and has more than 30 years experience in technical, operational and commercial aspects of the Exploration and Production business. (from XTR website)
Every time someone replies to the troll you dilute the quality of the message board and make us look worse in the eyes of any potential new investor looking for information, plus you give him attention, which is exactly what the troll wants. Notice how he replies more when he gets attention. I know everyone wants to highlight he is an idiot, but that is obvious anyway.
Please filter and ignore.
Here is the most up to date drill plan with the holes and phases marked.
https://www.rns-pdf.londonstockexchange.com/rns/0791W_1-2021-12-17.pdf
>> Phase 1 drilling:
>> 20 holes done.
Phase 1 was only 5 holes - 6 if you include the early-abandonment of hole 4. Everything from #7 onwards was phase 2.
https://www.lse.co.uk/rns/XTR/completion-of-phase-one-drilling-at-bushranger-8sri11xtzfsp5lw.html
#36 was the last officially announced hole, although two more are shown on the drilling update, so there are currently 32 holes in phase 2. Colin stated in the recent interview that 15km was planned but 23km has been completed so far, which makes sense looking at the average hole depth.
>> If every week, 1 drill = 18 holes max.
I doubt there will be another 18 holes. Colin stated in the interview that only a few holes would be drilled to delineate Ascot and if they want to do modelling in April, they need to allow time for assays before then.
Since 2pm, we have had six trades, five of which were buys and three of those were at 5.7176 or 5.8, yet Peel Hunt continue to hold the Ask at 5.7 (the buys were about 60k in total, the single sell was 1k shares). Low volume still, but not sure if that is because the Ask is being held below recent trades