Xtract Resources Share Discussion Threads

[onedayrodders] 06/2/2022 19:20

"I am starting the process (which anyone can join) to consider whether a Kiwara style sale will be in in sharehoders' best interests."


LOL .. funniest thing I've seen posted for years

[the diddymen] 06/2/2022 19:01

Lurker AA have the right of first refusal. The right pre-dates the purchase of Projectore and therefore would have been part of the purchase terms which were agreed by shareholders. AA's right of first refusal could not be trumped by a shareholder vote. The only thing that we as shareholders could do is prevent CB from declaring 2MT of contained copper or the commitment to mining.

The disposal will be a commercial operation and frankly I will be selling if shareholders have the casting vote!

[the diddymen] 06/2/2022 18:52

T3

Just for the avoidance of doubt, my calculations were at the start of 2021. I think in my post I said that it was pre-Ascot.

We will have to wait until the revised conceptual pit before we can really start to work out the value. There are some significant assumptions in your estimate. I certainly hope that they come good but we will also have to wait for the drill results.

TD

[papillon] 06/2/2022 17:25

You haven't been following the lse XTR bb then, goforgold1. That's been a very, very, busy board for a long time. Loads of posts everyday.

[goforgold1] 06/2/2022 16:27

Wow lot of posts looks' like people trying to get on now. Never seen as many posts since this time last year . Looks like we have some good momentum coming Mms playing tricks on late Friday love it .

[the diddymen] 06/2/2022 15:19

Loads of posts.

Lurker I have only scanned posts very quickly. I have not checked the Articles of Association but do not assume that the Board has to refer to shareholders on disposal of assets however material.

It is far from a given that to consult would be sensible!

Like CMC I do not believe that it would be in AA's interest to play around with the 80% clause. There is planty of scope here for a proper commercial negotiation, and Bushranger seems to sit nicely in an AA strategic gap.

[papillon] 06/2/2022 15:06

Colin Bird is a very wily old bird! 😁
Steve4077 mentions with his options and warrants, plus his shares, he has a potential holding of 41.5m shares in XTR. Only if he got a takeover offer of more than 90p would he walk away with more money from XTR than he got from KIW.
He's a shrewd old boy is our Mr Bird. He will want the most money he can get and quickly. That's OK by me because I'm not that much younger than him and if he benefits then so will I. I've found it always pays to ride on the coat tails of shrewd old boys like CB.

[papillon] 06/2/2022 14:50

The biggest shareholders, lurker5, are the online brokers, such as Interactive Investor, holding the shares of very small shareholders, like me, in nominee a/c's. I've never bothered to vote (in companies I've had shares in via a nominee a/c) in the past and have an idea that most other PI's, in a similar boat to me, never bother to vote either. Just too much hassle and not worth the bother. Hence I believe that if Colin Bird can increase the total shareholdings of the BoD, HNWI's and Institutional investors to around the 30% mark he should have no problem winning a shareholder vote if the HNWI's and II's are onboard with him (as was the case with with KIW).
Hence, lurker5, I think you are wasting your time.

[arcadian] 06/2/2022 14:42

This is all star gazing since we do not yet know how the drilling will go, the grades, the quantities, the buyer etc etc. So much could happen in the meantime and I
do share Count`s concerns..

I listen to CB and am optimistic but await Ascot. Lurker seems to suspect that CB will will sell him short and is preparing the opposition vote ahead of time but all this is for the future and to take a position before we know what is on the table is perhaps a waste of effort and a bit unfair to those making an effort on our behalf..

[steve4077] 06/2/2022 14:40

A couple of people on LSE have pointed out some other options. CB actually has 41.5m shares/options.

@lurker5. You might be starting the process, but as you are the only shareholder on either here, LSE or telegram who has expressed a desire to mine, rather than sell, it may be a short process.

[papillon] 06/2/2022 12:26

lurker5 has a point Steve4077. CB had a much, much, larger percentage shareholding in KIW shares than he will ever have in XTR, even after conversion of his options.
As I've posted before, CB made around £36m from the sale of KIW. It's extremely unlikely he will make the same money from his XTR shares.

[steve4077] 06/2/2022 12:15

lurker5, I'm not sure why you keep repeating that CB doesn't have many shares. He has 14.5m, including 4m bought on the open market last year, and has 10m options at 10p. With 24.5m shares, currently worth about £1.5m and likely worth far more in future, I am sure he wants to ensure share holders get the best possible value.

[the count of monte_cristo] 06/2/2022 12:05

Pretty sure the shareholders on here would be voting "yes" to a sale price which is x5 or x10 the current value. Some of the shareholders on here stand to become millionaires if he can do a "Kiwara" here, they aren't going to be voting "no". I think it's you with your head in the sand with your idiotic posts about what you think is going to happen and how shareholders are going to somehow disagree with CB. You don't understand his strategy and it seems quite clear either don't watch his interviews or ignore them and think you know better. As Paps has noted, this is going to be a re-run of KIW but for much more. Get out of the 1980s:)

[papillon] 06/2/2022 11:59

The KIW BoD (mostly CB), Institutional Investors and HNWI's held 76.05% of KIW (Kiwara) shares at the time of the FQ Minerals takeover offer (late November 2009). FQ Minerals had already contacted those large shareholders to obtain their approval for the takeover so it was in effect a fait accompli.
Colin Bird had a much, much, larger percentage shareholding in KIW than he has in XTR, though option and warrant conversions will increase CB's XTR shareholding, however it will still be way short of his percentage shareholding in KIW.

[lurker5] 06/2/2022 10:24

Count. There will have to be a shareholder vote on sale of a major asset like BR et al. CB has only a small holding. Some might prefer a different outcome. XTR belongs to and has been financed by more shareholders than has CB. They will decide. Not CB. Although they will have to be educated on the options. Your head in sand attitude might be trodden on.

[the count of monte_cristo] 06/2/2022 09:23

It's very smart what CB is looking to do.

[the count of monte_cristo] 06/2/2022 09:22

My only concerns are...

1) Stock market meltdown which shelves investments in mining projects (Highly unlikely even if the stock market does meltdown)

2) Grades don't meet expectations (so far they have)

3) Ascot doesn't meet expectations in grade, size depth of ore (early days but so far it is delivering better results than Racecourse)

4) Something happens to CB (so far he actually seems in great health for his age)

Most geologists never find a commercial mine in their entire careers, something like less than 1 in 3,000 projects ever becomes a mine, some studies actually place that number far higher. To be a serial mine finder is exceptional. We are in the right place with CB at the helm, he understands the "Lassonde Curve" and when to sell a project to maximise gains. He understand it, and has explained his simple strategy to anyone willing to listen.

www.visualcapitalist.com/visualizing-the-life-cycle-of-a-mineral-discovery/

[the count of monte_cristo] 06/2/2022 09:13

I think it's you who isn't thinking outside of the box. Your options seem outdated and completely counter to what CB has been saying. I prefer to listen to CB than you:)

They will sell all 100% not 80%. I agree that Kiwara was sold on the cheap for 270m USD a decade ago, which helps to understand what kind of value this is eventually going to fetch.

The only thing shareholders will retain out of the sale is shares in AA, which I am quite happy to do:)

Where has he said he wants to retire? Or this just your opinion because he is old?!

Project will be sold this year for big money, we all walk away winners, AA acquire a first class project in a first class mining jurisdiction, shareholders walk away with 500-1000% gains and equity in AA. All IMHO.

[lurker5] 06/2/2022 09:03

Count. I'm setting out how shareholders might view it and the options for them. Not CB. He's not got many shares and he wants to retire. In addition as I've said before, CB sold Kiwara cheaply. On top, AA will ditate what happens (80% its stated intention) not necessrily CB. Why can't you think outside the box ? Not all want to be led by the nose.

[the count of monte_cristo] 06/2/2022 08:56

Lurker, honestly I don't think you have been listening to CB or understand the strategy here, although he has been very clear.

XTR will sell it all to AA or whoever comes in, just as CB did with Kiwara, they do not want to retain any % ownership it's all about a 100% sale for a very large sum of money.

Additionally, as CB has repeatedly explained in his videos, they will never be the ones to develop the mine, that is not what they want to do. Unlike other managers of resource companies who have motives to retain their jobs, the XTR management do not have delusions of grandeur about building a mine and trying to tell shareholders that they will become the next "mid-tier" copper producer. This all sounds good in presentations but very rarely ever happens, takes years and is actually extremely difficult for small companies to access 500m-1bn dollars to build a mine. I love the CB strategy, prove it up, flip it and sell it. Simple, quick and offers outstanding upside to shareholders.

By now, all shareholders should understand that XTR have no plans to actually build this mine. CB has been quite clear on this point. Maximizing gains for shareholders is what he will be judged on and selling Bushranger, lock, stock and barrel. A major will want complete control and we will be happy to give them it, for a very large price.

In previous posts I have already mentioned similar takeovers in the last decade of similar sized projects and grades, as CB explained in one of his recent interviews these recent takeovers like Rosemont and the Hudbay takeover will be used in the ValMin when it comes to placing a price tag on the project.

Also, I think we are going to end up with a 25 year plus mine here, why? Well they were talking about a 20-25year mine last year a long time before we realized just how large Racecourse is and then discovered Ascot.

[zero matrix] 05/2/2022 22:12

Ostrich! By the way, apparently you filtered me last week. The other day you apparently 'permanently' filtered me. And now you are filtering me again. This filtering function seems very unreliable.

[papillon] 05/2/2022 20:47

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