EXT - Extract Resources

[bigdog]

The Extract share price was on a roller coaster today.
-- possibly stop loses, profit, panicing, manipulation and etc!!!
-- the non top 20 shareholders have 37,412,192 share (16.33% of total)

Finished $10.60 down 24 cents with volume of 1,214,328 shares

Low for the day was $9.74 and high of $10.72

 

[bigdog]

The Extract share price has been on a roller coaster ride for the past two weeks reaching high of $11.45 on Sept 16 and back down to close Sept 22 at $9.42!!

Current SP is $9.59 up 17 cents at 10:28 AM

Last day Friday Sept 25 for Equity Raising:
• A one for 35 non-renounceable pro-rata offer of Extract ordinary shares ("New Shares") at an issue price of A$7.75 per New Share, a 19.9% discount to the theoretical ex-rights price1, to raise A$50.7 million (“Entitlement Offer”)

Date_____ High_ Close Volume
22-Sep-09 10.24 _9.42 646,604
21-Sep-09 10.40 10.27 264,475
18-Sep-09 10.72 10.60 1,222,206
17-Sep-09 11.25 10.84 625,812
16-Sep-09 11.45 11.17 600,504
15-Sep-09 10.84 10.73 785,791
14-Sep-09 10.78 10.71 480,017
11-Sep-09 10.45 10.39 318,953
10-Sep-09 10.20 10.20 607,817
09-Sep-09 _9.95 _9.95 664,961

 

[bigdog]

reading for EXT diehards and fans of PETER McIntyre!!!

http://www.iii.co.uk/investment/detail?code=cotn:PRL.L&display=discussion&id=5365509&action=detail

PETER McIntyre was so close to fulfilling every junior explorer's dream, but the former Extract Resources boss has cruelly had to bow out and watch from the sidelines as his company steers its way into production at its world-class uranium mine.

Mr McIntyre, 53, is clearly disappointed he will not experience the joy of turning the company's Namibia discovery into a mine, but rather than enter into a public battle with major shareholder Kalahari Minerals, he has chosen to step aside.

The mining veteran of 30 years spent his last day as Extract managing director on Friday at the company's Perth office.

His success in transforming the company from a $4.5 million junior player into a $2.3 billion miner is certain to put him on the wish list of many companies.

Extract started out in late 2003 as a back-door listing through a gold project, and its interest in its flagship uranium mine in Namibia started with a 51 per cent stake in the licences, with AIM-listed Kalahari Minerals holding the remaining interest.

The junior's original focus was copper, but with the tenements neighbouring Rio Tinto's massive Rossing uranium mine, the junior soon decided to sell its gold assets and focus purely on uranium.

"When you are in a world-class address, there is the hope you are sitting on a world-class deposit," Mr McIntyre said.

The company's Husab uranium project, containing the Rossing South and Ida Dome deposit areas, quickly became its focus, and Mr McIntyre soon moved to pull the asset solely under the Extract banner. In that process, Kalahari secured its original 36 per cent stake in Extract.

Mr McIntyre said it was a good consolidation strategy, but it didn't stop there.

Around March 2007, Mr McIntyre moved to tidy up the junior's ownership structure.

Once a 1.5c stock, Extract had a large number of shares on issue that were often subject to the whims of day traders.

When shares rose to 9c, the company conducted a share consolidation to crunch the number of shares, making itself appealing to institutional investors.

With the company starting to take "corporate shape", Mr McIntyre's focus returned to the project site and the original plan to explore the uranium area.

But it was during this time a significant change for the company was born, when it decided to look elsewhere.

"We went from the known into the unknown into the oldest desert in the world," he said.

"No one had ever looked under the sand."

Extract focused on an area 5km south of Rio's hugely successful Rossing mine, where it had identified a good target and from the first line it hit in late 2007, the exciting feeling a junior explorer gets when it believes it's on to a good find began to be felt around the company's boardroom.

By February last year, the company had announced a major uranium discovery at the Rossing South exploration target, sending its shares on a steady climb.

"I have never won lotto before but there is a lot of luck in finding what we did and being at the right place at the right time," Mr McIntyre said.

He had taken his son on his first trip to the African project when the good news flowed in and "was prepared to start hiring him out as a lucky charm".

Rio Tinto had missed out on the expansion upside from its nearby project, having stopped short of extending its reach in the area because of the discovery it made more than 30 years ago.

Extract was fortunate enough to secure the licence next door to Rio's project, before the uranium price increased, fuelling renewed interest in the sector, and in September last year Rio bought 11 per cent of the explorer.

Although the global financial crisis was starting to bite and Rio was going through its own issues, it still increased its share to 15 per cent by December.

"It was an endorsement by Rio Tinto and stamped what we had and was telling the market they clearly endorsed the work we were doing," Mr McIntyre said.

The downturn that crippled many other miners didn't deter Extract's push.

"We continued to be aggressive on the project during that period and ploughed ahead, which was a defining moment for the company," he said.

But Mr McIntyre's key role in building the company into a $2.3bn emerging miner wasn't enough to keep his largest shareholder happy.

He refuses to dwell on the reasons for his decision to resign but Kalahari, which owns 38.7 per cent of the miner, moved in May to remove him as a director.

And it wanted another board seat while Extract's next two biggest shareholders, Rio Tinto and Polo Resources, also called for boardroom representation.

Mr McIntyre said he took the view that it would be better to step aside rather than go through the process of calling a public meeting, where investors would be asked to vote on his removal.

"It is not good for a company to go through these episodes and it is embarrassing for the company," he said.

"It was unfortunate and it is disappointing not to take the company to the next phase.

"It's not easy, but you're in a public company and you have to accept it."

His replacement has not been named but Mr McIntyre is positive the team in place will fulfil his dream of turning the discovery into a successful producing mine, with 2013 the target for first output.

He still owns a sizeable stake in the company, valued in excess of $56m at the time of his departure, bolstered by his decision last week to convert one million of his directors' incentive options into shares.

Mr McIntyre plans to take a break from work, but not surprisingly, he will continue to keep a close eye on the Extract story.

"When this great project comes into development, I hope I go to the opening ceremony and cut the ribbon," he said, adding that he had no plan to sell his shares. He believes the project could outshine Rio's mine and become the largest pure uranium deposit in the world.

 

[bigdog]

29-09-2009 07:33 PM EXT Notification of Entitlement Issue Take-up and Shortfall
http://www.asx.com.au/asx/statistics/displayAnnouncement.do?display=pdf&idsId=00993061

PRO RATA ENTITLEMENT OFFER- NOTICE OF UNDER-SUBSCRIPTIONS

Extract Resources Limited (Extract) (ASX Code: EXT) advises that its non-renounceable entitlement offer (Offer) to eligible shareholders of 1 ordinary share in Extract (New Share(s)) for every 35 ordinary shares in Extract held as at 5.00 pm (AWST) on 7 September 2009, closed at 5.00 pm (AWST) on 24 September 2009.

Extract advises that eligible shareholders subscribed for 6,150,574 New Shares at an offer price of A$7.75 each which represents a take-up of approximately 94%.

The shortfall from the Offer, being 404,457 New Shares, will be allocated to Extract's three largest shareholders, Kalahari Uranium Ltd, Rio Tinto International Holdings Australia Pty Limited and Polo Resources Limited, pursuant to their irrevocable commitments to subscribe for any shortfall.

As previously advised, the allotment and issue of New Shares and the despatch of holding statements is due to take place on 2 October 2009.

 

[bigdog]

http://www.spearswms.com/asset-management/14867/its-going-to-the-dogs.thtml

"Spear's" Interview with Jim Mellon, 52, author, marathon runner, guitar player and songwriter, is best known as one of the most successful businessmen of his generation (Sunday Times Rich List 2009, ranked 88 at £500 million).

Excerpt of article on EXT.

Q: You are also investing in commodities through Regent, which is now a mining investment company listed in Hong Kong, with your partner Steve Dattels, former finance director of Barrick Gold. Your start-up UraMin was sold in 2005 to Areva for $2.5 billion and now you are doing the same with Emerging Metals Ltd, which has a stake, via Kalahari Minerals, in the Extract Resources uranium deposit at Rossing South, which looks as if it could be the largest deposit ever found.

A: Steve and I started UraMin in September 2005 with $100,000 split 50:50 over a drink at my pub in Notting Hill Gate. We sold it for $2.5 billion in September 2007 and shared $130 million. I took him out to celebrate at the Eiffel Tower restaurant. We are now doing similar with Emerging Metals Ltd (listed on London’s AIM market) with a stake in the Rossing South uranium deposit in Namibia, which is even bigger.

 

[bigdog]

EXT website
Emerging Miners Conference - Deutsche Bank, October 1st 2009
http://www.extractresources.com/InvestorInformation/Presentations/tabid/615/Default.aspx

Selected data:

Slide 6 - Three projects− Main asset is the Husab Uranium Project
− Uis and EPL 3139
• Husab is strategically located within 50 km of six significant uranium deposits
− Rossing Mine, 7 km to the north - supplies 8% of the world’s uranium
− Langer Heinrich Mine, 30 km to the east – produced 2% world’s uranium in 2009
− Trekkopje Mine in production 2010
• Rossing South deposits (located within Husab) are globally significant. JORC compliant Resources of 292 Mlbs U3 O8
• Feasibility study on Rossing South commenced Q1’09, to be completed mid 2010

Slide 7 Husab Uranium Project
Area of 630 km²
− 70% under cover & non-responsive to radiometrics
• Ida Dome
− Maiden Resource of 25 Mlbs U3 O8
• Rossing South – Discovered Feb 2008
− Zone 1 resource of 145 Mlbs U3 O8 @ 449 ppm
− Zone 2 resource of 122 Mlbs U3 O8 @ 543 ppm
− Total resource of 267 Mlbs U3 O8 @ 487 ppm
− Highest grade granite-hosted uranium deposit in Namibia
− Grade is ~50% higher than Rossing Mine
− Mineralisation defined over a total strike length of 5 km, 9 km of prospective zone to test
− Ten drill rigs are currently operating onsite
• Rossing South expected to be one of the top 5 global uranium deposits by contained metal.

Slide 22 Investment Highlights
• Central land position in key uranium province
– 7 km from Rio Tinto’s Rossing mine which has produced over 242 Mlbs U3 O8 since 1976
• Development of one of the largest global uranium projects
– Current Resource of circa 300 Mlbs with potential to produce 15 Mlbs per annum of U3 O8 for +20 years
• Preliminary cost estimate results
– Conducive to open pit mining with conventional mining and metallurgical characteristics
• Significant upside potential along 15km of potential mineralisation
– 60% of prospective zone to explore
– Target 500 Mlbs U3 O8
• Establishing Namibian based management team to drive project development
– Local CEO selected to accelerate development schedule

Slide 27
Securities Firm Date_______ Target Price
WH Ireland___ Aug 18, 2009 A__$9.93
Deutsche Bank Aug 18, 2009 A$7.50
RBC_________ Aug 11, 2009 A$11.50
BMO_________ Aug 5, 2009 A$9.72
Haywood_____ Aug 4, 2009 A$10.10
Thomas Weisel July 22, 2009 C$9.00

Slide 30 Rossing South – Drilling Status
Zone 1
- January 2009: Resource delivered 108 Mlbs U3 O8 at 430 ppm (Inferred)
- June 2009: upgrade to 145 Mlbs U3 O8 at 449 ppm (Inferred & Indicated)

Zone 2
- July 2009: maiden Resource delivered 122 Mlbs U3 O8 at 543 ppm (Inferred)

Slide 31 Local Management
• 80 staff
• 70 contractors
• Two camps – Ida & Rossing South
• Two offices – Windhoek & Swakopmund
• Ten drill rigs currently on site
– Two RC resource development
– Three RC exploration
– Three core rigs resource development
– Two core rig geotechnical

Slide 3 share price trend
912

 

[bigdog]

EXT $9.29 +.380 +.26% high of $9.47 and low $8.78 479,111 shares $4,409,185 @ 09-Oct 04:10:23 PM

52 Week Range: 0.75 to 11.45

ASX ANN
09-10-2009 11:59 AM EXT New Zone of Mineralisation at Rossing South
http://www.asx.com.au/asx/statistics/displayAnnouncement.do?display=pdf&idsId=00996909

MEDIA RELEASE
ROSSING SOUTH – A NEW ZONE OF MINERALISATION
South Perth, Western Australia – October 9, 2009 – Extract Resources (“the Company”) today announced confirmation of a new zone of uranium mineralisation at Rossing South.

Highlights:
• A new zone of uranium mineralisation has been discovered on the western limb of the Rossing South antiform.
• Zones 1 and 2 – Infill drilling continues to return high grade intersections.

Significant mineralisation has been encountered in 2 adjacent RC holes drilled on the western side of the dome structure south of Zone 2. It is in interpreted to dip shallowly to the west. A diamond drill hole (RDD082) is being drilled to confirm this orientation.

The core recovered so far shows that the banding and boundaries are at low angles to the core axis consistent with a shallow westerly dip; further, the hole has already intersected alaskite containing uranium mineralisation.

The mineralisation discovered to date at Zones 1 and 2 lies predominantly on the eastern limb of the Rossing South antiform.

Chemical assay results not previously reported from recent drilling at Rossing South include:

New Zone (U3O8) two holes: 1474 ppm & 1616 ppm

Zone 1 (U3O8) one hole 1130 ppm

Zone 2 (U3O8) one hole 1712 ppm

The broad zones of strong uranium mineralisation from Rossing South continues to increase the known size of this massive mineralised system. The expanded drilling programme has 10 drilling rigs currently on location, 5 diamond rigs and 5 RC.

Extract Resources Chairman, Mr. Steve Galloway, said “As we continue infill drilling on Zone 1 as part of our programme to get our resource base into measured and indicated category, our exploration programme is extending the known mineralisation further south along the 15km strike length. Recent magnetic images showed the potential for the mineralised zone to divide into an antiform with both western and eastern limbs. These recent drilling results and chemical assays are spectacular and confirm that a new, high grade, zone has been discovered on the western limb of this antiform.”

“The Company intends to add further value to the project through ongoing exploration and resource definition drilling aimed at defining the full potential of the project. As stated recently, we believe a total resource of 500 Mlbs is achievable from targets already defined. The Company is now well advanced with the Rossing South Feasibility Study on Zones 1 and 2 and the project is
shaping up to be one of the world’s largest uranium mines, capable of producing 15 Mlbs of U3O8 per year.”

New Zone
As previously reported, a RC rig was completing a line of drilling south of the Zone 2 line (Figure 1). This drilling was aimed at following up on a zone of strongly anomalous uranium mineralisation defined by reconnaissance exploration drilling, a further 400 metres to the south.

Some exceptional results have been returned, as indicated by chemical assay of the drill samples, with multiple mineralised zones intersected. Results returned thus far, include: 55m @ 1474ppm and 53m @ 1616ppm. These high grade intersections were returned from pegmatitic leucogranites (alaskite) with abundant smoky quartz and clumpy biotite.

It was necessary to position a diamond rig to determine the stratigraphic orientation and dip of the intersections. This delayed the release of the chemical assay results as the company could not be confident that the results were accurate given the lack of geological knowledge in the
exploration zone. The recovered core shows that the banding and boundaries are at low angles to the core axis consistent with a shallow westerly dip. Accordingly, the intercepts are likely to be 65% to 75% of true thickness.

EXT monthly chart:
215

 

[bigdog]

Looks like we have serious buyers today with no small buying trades:
-- during the past few weeks there have been numerous trades less that 100 shares including single digit trades!

EXT currently $9.90 up 61 cents with high of $10.02

10/12/2009 10:02:31 9.87 62121
10/12/2009 10:03:03 9.80 5000
10/12/2009 10:03:35 9.90 18453
10/12/2009 10:04:07 9.90 10418
10/12/2009 10:04:38 9.89 5700
10/12/2009 10:05:10 9.92 1000
10/12/2009 10:05:41 9.89 4000
10/12/2009 10:06:13 9.93 38406
10/12/2009 10:06:44 10.02 1240
10/12/2009 10:07:21 9.96 199
10/12/2009 10:07:53 9.95 1170
10/12/2009 10:08:25 9.95 13293
10/12/2009 10:08:58 9.91 545
10/12/2009 10:09:30 9.91 99
10/12/2009 10:10:21 9.96 1000
10/12/2009 10:11:09 9.94 3000
10/12/2009 10:11:40 9.90 2000
10/12/2009 10:12:15 9.86 1517

466

 

[bigdog]

http://www.proactiveinvestors.com.a...ng-in-extract-resources-to-4088-pct-2838.html

Monday, October 12, 2009

Kalahari Minerals raises holding in Extract Resources to 40.88 pct

Kalahari Minerals PLC (AIM: KAH) said it has increased its holding in Extract Resources Ltd (TSX, ASX: EXT) which controls the Husab project in Namibia and its Rossing South uranium deposit, to 96,998,865 Extract shares, or 40.88 percent of the total issued share capital.

Prior to Extract’s recently completed fundraising, Kalahari had stated it planned to maintain its proportional holding in Extract through its Kalahari Uranium Ltd unit, which stood at 40.28 percent as at September 1 2009.

Kalahari Uranium Ltd took up 2,624,498 new shares in Extract under its entitlement and a further 252,343 new shares in a subscription created by a shortfall in take-up by eligible Extract shareholders of the entitlement offer.

 

[bigdog]

http://extres.com.au/MediaReleases/tabid/617/Default.aspx
click: <<Top 20 - 17 September 2009>> to view EXT Top 20 data

The number of shares not held by the top 20 has reduced from 18.39% to 16.13% in six months
-- Date__ Total Share %Hldg
-- Sep 17 37,170,579 16.13%
-- Apr 06 41,059,716 18.39%
-- 3,889,137 shares have been transferred to the top 20 shareholders
-- EXT shares might be hard to get soon!!!

Balance of the Top 20 Register:
Date__ Total Share %Hldg
Sep 17 37,170,579 16.13%
Aug 14 37,412,192 16.33%
Jul 06 39,020,169 17.04%
Jun 24 39,257,844 17.16%
May 13 37,820,321 16.56%
Apr 06 41,059,716 18.39%

Looks like Peter McI and wife are disposing/transferring their shares!!
LABONNE ENTERPRISES PTY LTD
Sep 17 1,000,000 0.43% -1,240,390
Aug 14 2,240,390 0.98%

M/S PAMELA CLARE MCINTYRE
Sep 17 0 0 -1,400,244 (all transferred)
Aug 14 1,400,244 0.61%

Review of Top 20 movement:
01 Sep 17 KALAHARI URANIUM LIMITED 92,388,686 40.09% +796,231
01 Aug 14 KALAHARI URANIUM LIMITED 91,592,455 39.98%

02 Sep 17 RIO TINTO INTERNATIONAL HOLDINGS AUSTRALIA PTY LTD 34,621,402 15.02% +0 no increase in number
02 Aug 14 RIO TINTO INTERNATIONAL HOLDINGS AUSTRALIA PTY LTD 34,621,402
-- However, Kalahari are increasing their share %!!

03 Sep 17 ZERO NOMINEES PTY LTD - Euroz Limited 19,686,796 8.54%
-- who are Zero Nominees??
-- looks like they acquired their shares from CITICORP NOMINEES PTY LIMITED in April/May 2009

08 Sep 17 UBS WEALTH MANAGEMENT AUSTRALIA 4,382,276 1.90% +4,382,276
-- new shareholder

13 Sep 17 WARBONT NOMINEES PTY LTD 1,033,042 0.45% +1,033,042
-- new shareholder perhaps linked or transferred from Peter McI!!!

15 Sep 17 POLO AUSTRALASIA LIMITED (AUSTOCK) 832,321 0.36% +128,084
15 Aug 14 POLO AUSTRALASIA LIMITED (AUSTOCK) 704,237
-- Direct Polo holdings in EXT are low at 0.36%!!!
-- looks like Polo acquired 832,321 shares from CITICORP NOMINEES PTY LIMITED in Aug/Sept 2009 and transferred 128,084 shares!!!

 

[bigdog]

ASX ANN today
16-10-2009 12:04 PM EXT CEO for Swakop Uranium Appointed
http://www.asx.com.au/asx/statistics/displayAnnouncement.do?display=pdf&idsId=00999242

Extract Resources announces CEO for Swakop Uranium– Extract Resources (“the Company”) today announced that Mr Norman Green has beenappointed as Chief Executive Officer of its wholly owned subsidiary, Swakop Uranium inNamibia.

Mr Green is a graduate of the University of the Witwatersrand and is a Professional Engineer. He has considerable experience in Southern Africa where he has successfully led projects and managed the process for the commissioning of a number of mines, including the Skorpion Zinc mine and refinery project for Anglo American Base Metals in Namibia; he has also worked with Impala Platinum Limited, Assmang Limited and the Hillside Aluminium Project for Gencor, now part of BHP Billiton. Mr Green will reside in Namibia - his primary role is to build a Namibian team and with that team develop the Rossing South deposit from a world class discovery into a world class mine, capable of producing at least 15 Mlbs per annum of uranium.

Extract Chairman, Steve Galloway said today, “Norman makes a welcome return to Namibia as he takes the helm at Swakop Uranium and we are delighted to have found a CEO of this calibre. I know that he relishes the task ahead and his experience demonstrates that he is extremely capable of building the Husab mine at Rossing South. As a company, we are dedicated to making a significant contribution, not only to the world supply of uranium, but also to the Namibian economy and people”.

 

[bigdog]

http://www.bloomberg.com/apps/news?pid=20601085&sid=aM4_PpnX.gFE

Extract ‘Inundated’ by Potential Uranium Partners (Update2)
Share | Email | Print | A A A

By James Paton

Oct. 16 (Bloomberg) -- Extract Resources Ltd., a uranium explorer whose shares have surged almost eightfold in Australia this year, said it has been “inundated with requests” from companies proposing to join or take over its Namibian project.

“We’re looking at options to see whether one of the big players would want to come in on a strategic partnership level,” Chairman Steve Galloway said in an Oct. 13 telephone interview from Namibia. Extract is being advised by Rothschild, the largest family owned bank, and may ask shareholders in November to consider proposals to bring its Rossing South mine to production, he said. He didn’t name any potential partners.

Extract, 15 percent owned by Rio Tinto Group, has gained more this year than any other stock in Australia’s S&P/ASX 200 Energy Index as investors bet countries will turn increasingly to nuclear power, using fuel derived from uranium, in response to climate change. Drilling at Rossing South suggests it could become one of the world’s largest uranium mines, Galloway said.

Investors “are jostling for a piece of the action,” said Gavin Wendt, an independent resources analyst who has followed Extract for three years and met with executives from the explorer in the southwest African country about two months ago. A joint venture, possibly with Rio, may be the most likely scenario, he said, adding that the stock’s “remarkable ride” has driven up the potential acquisition cost.

Extract Resources has told suitors “we’re not for sale,” Galloway said. Rio Tinto doesn’t comment “on market rumors or speculation,” Tony Shaffer, a spokesman for the company, said by phone from Melbourne yesterday.

Shares Rise

The stock declined 0.6 percent to close at A$9.94 in Sydney today, valuing the company at almost A$2.4 billion ($2.2 billion), compared with about A$311 million at the end of 2008.

Extract said Oct. 9 it found new high-grade mineralization at Rossing South and estimated the total uranium resource could reach 500 million pounds. The deposit is about 7 kilometers (4.4 miles) from Rio Tinto’s Rossing mine and approximately 30 kilometers from Paladin Energy Ltd.’s Langer Heinrich project.

“We keep finding better and better resources,” said Galloway, a former mineral economist with the Namibian government. “We haven’t seen bad news yet.”

Gavin van der Wath, an analyst BBY Ltd. in Sydney who has a “hold” rating on Extract, said A$10 is a fair value for the stock.

Economies of Scale

“A larger resource would enable them to increase their yearly production, which would have economies of scale, and would in turn increase the valuation,” Van der Wath said by telephone today. “But at this point in time, no.”

Extract today named Norman Green head of the unit that will develop Rossing South, a statement to the Australian stock exchange shows. Extract expects to replace Managing Director Peter McIntyre, who stepped down in September, by early next year, Galloway said.

The Perth-based explorer may sell more than $700 million in shares and debt in 2011 to bring the mine into production, Galloway said. That’s in addition to A$91 million raised this year by selling equity.

London-based Kalahari Minerals Plc, which owns about 41 percent of Extract, said Oct. 9 the project potentially could rival the world’s biggest known uranium deposit at BHP Billiton Ltd.’s Olympic Dam.

Potential Risk

While the target of 500 million pounds is “achievable” and would make the mine one of the world’s biggest, the idea of the resource rivaling Olympic Dam isn’t realistic, BBY’s Van der Wath said. He estimates the size of the Olympic Dam deposit at more than 16 billion pounds.

Rossing South may be able to produce more than 15 million pounds of uranium oxide a year, “a huge amount,” Galloway said.

Galloway said a possible risk is that “a lot of other uranium comes on stream,” curbing gains in the price of the nuclear fuel. “But I think, over the long run, uranium will be a very profitable business.”

The uranium market will have a surplus next year for the first time in at least three years as producers increase output faster than demand rises, the London-based World Nuclear Association said Sept. 10.

Uranium prices, which peaked at $136 a pound in 2007, rose 5.7 percent in a week to $46 a pound on Oct. 12, Ux Consulting Co. said Oct. 13.

Extract expects favorable supply and demand conditions when Rossing South is projected to begin production in 2013, Galloway said. “By 2013, 2014 there will be a space for new uranium on the market.”

Some 440 commercial nuclear power reactors operate in 30 countries, with a further 30 under construction and another 90 planned, the World Nuclear Association said on its Web site.

Galloway said Extract “is at a crossroads” as it explores partnership options and considers whether to expand beyond a single project in a single country. For now “we’re trying to get on with developing the resource as fast as we can,” he said.

Last Updated: October 16, 2009 02:24 EDT
931

 

[bigdog]

EXT 9.67 +0.030 +0.31% high of 9.95 low of 9.67 2,904,258 shares $27,638,985 @ 21-Oct 10:32:48 AM
-- todays before open trades of 6,496,720 shares are not included in ASX metrics!!

Looks like a top shareholder is improving their position in EXT today buying $61.7 million worth!!
-- any guesses on who the buyer is?

Total 6,496,720 shares in early trades before todays opening
09:57:45 9.5000 3,248,360 $30,859,420 XT
09:57:45 9.5000 3,248,360 $30,859,420 XT

Late 10 trades after the close yesterday only 28,048 shares
20-10-2009 06:22 PM $9.780 4130 $40,391.400 Portfolio Special Crossing,Crossed
20-10-2009 06:10 PM $9.640 817 $7,875.880 Portfolio Special Crossing,Crossed
20-10-2009 06:08 PM $9.640 817 $7,875.880 Portfolio Special Crossing,Crossed
20-10-2009 05:56 PM $9.780 4130 $40,391.400 Portfolio Special Crossing,Crossed
20-10-2009 05:52 PM $9.780 4130 $40,391.400 Portfolio Special Crossing,Crossed
20-10-2009 05:03 PM $9.640 1634 $15,751.760 Portfolio Special Crossing,Crossed
20-10-2009 05:01 PM $9.780 2065 $20,195.700 Portfolio Special Crossing,Crossed
20-10-2009 04:54 PM $9.780 4130 $40,391.400 Portfolio Special Crossing,Crossed
20-10-2009 04:53 PM $9.780 2065 $20,195.700 Portfolio Special Crossing,Crossed
20-10-2009 04:51 PM $9.780 4130 $40,391.400 Portfolio Special Crossing,Crossed

224

 

[bigdog]

There has been also another special sale today at $9.50 during normal trading
-- 2,740,000 shares $26,030,000 XT

10:15:39 9.8000 202 1,980
10:15:37 9.8000 250 2,450
10:15:37 9.8000 1 10
10:15:27 9.5000 2,740,000 26,030,000 XT
10:15:21 9.7900 24 235
10:15:04 9.7900 73 715
10:15:03 9.7900 198 1,938

Total 6,496,720 shares in early trades before todays opening
09:57:45 9.5000 3,248,360 $30,859,420 XT
09:57:45 9.5000 3,248,360 $30,859,420 XT

 

[bigdog]

The EXT SP has been hammered today!!
EXT 9.31 -0.330 -3.42% HIGH of 9.95 LOW of 9.30 3,700,212 shares $35,204,056 @ 21-Oct 03:05:46 PM


There have now been four large trades today all at $9.50!
13:41:02 9.5000 508,360 $4,829,420 XT
10:15:27 9.5000 2,740,000 $26,030,000 XT
09:57:45 9.5000 3,248,360 $30,859,420 XT
09:57:45 9.5000 3,248,360 $30,859,420 XT

 

[bigdog]

ASX ANN
26-10-2009 11:30 AM EXT Annual Report to shareholders
http://www.asx.com.au/asx/statistics/displayAnnouncement.do?display=pdf&idsId=01002600

• ASX / TSX listed uranium company with Namibian focus with 2,700km² total project area

• Main assets are the Husab Uranium Projects in Namibia

• Strategically located within 50km of six significant uranium deposits, including
– Rössing Mine, 8% of the world’s uranium production
– Langer Heinrich Mine, 2% of the world’s uranium production

• JORC compliant global resources of 292Mlbs U3O8

• Feasibility study on Rössing South underway

• Scoping study shows viable large mine

• Market cap of A$2 billion an emerging major uranium producer

Chairman’s Report
In the midst of the global financial crisis and in an economic down-turn that severely affected the resources and energy sectors, Extract has performed remarkably; the company has delivered magnificent returns to shareholders, and has become an ASX top 200 company in the process.

During the course of the year the company turned its focus from Ida Dome to put all efforts into defining the discovery at Rössing South. Almost exactly one year after announcing the discovery, we released our Zone 1 maiden JORC resource estimate of 108mlbs U3O8 at a grade of 430ppm Within months we followed this with an upgrade to Zone 1 and a maiden resource on Zone 2 to deliver a total resource for Rössing South of 267mlbs U3O8 at a grade of 484ppm. This rapid development of a resource of global significance is indeed testament to the directors, management and staff of Extract, who have laid the foundations for the development of a world-class project in Namibia.

During the course of the year we appointed Rothschild Australia as advisors to undertake a strategic review of a number of development and partnership scenarios designed to bring Rössing South into production as soon as possible. This has been a valuable exercise to achieve an outcome which optimises shareholder interests while at the same time driving development which is in the best national interest.

The project will move into its development phase in 2010, by which time we will appoint a local executive team in Namibia to accelerate the growth of the company and its subsidiary, Swakop Uranium (Pty) Ltd.

There has already been extensive consultation with the Government of the Republic of Namibia and with major shareholders in respect of these important developments including the localization of this company and appointment of Namibian directors and staff.

Extract owes much of its progress to the vision and direction of Mr Peter McIntyre and his core team who have delivered outstanding service. Peter left the company in September and leaves behind a proud legacy as we build on his success and strive to deliver to the shareholders and the Namibian nation one of the largest uranium mines in the world.

Operating Results
The consolidated loss of the economic entity after providing for income tax and eliminating outside equity interests amounted to $11,739,513, (2008
loss $14,127,274).

Review of operations
During the year the Company made significant progress towards its goal of becoming a world class uranium producer. Significant events and
milestones occurring during the year included the following:-
(i) A maiden resource for Zone 1 Rossing South was defined.
(ii) Exclusive Prospecting Licenses which were subject to renewal were granted 2 year extensions. Spending requirements continue to be met or
significantly exceeded for all license areas.
(iii) Exploration results continue to strengthen the case for ultimate development of one or more of the Company’s 100% owned project areas.
(iv) The company increased its corporate presence through the appointment of two Namibian directors as well as significantly increasing its overall
staffing levels in Namibia.

Financial Position
The net assets of the economic entity have increased by $5,287,207 from $98,552,554 at 30 June 2008 to $103,839,761 in 2009. The net increase
has resulted largely from the net of:-
- Capital raised from the exercise of options of $16M,
- Reduction in provision for deferred tax income recognised as tax benefit of $14.2M.
- The net loss before income tax of $25.9M incurred during the year ended June 2009.

 

[bigdog]

ASX ANN
26-10-2009 01:33 PM EXT Rossing South - New Exploration Target Statement
http://www.asx.com.au/asx/statistics/displayAnnouncement.do?display=pdf&idsId=01002692

Rossing South - New Exploration Target Statement

October 26 2009 – Extract Resources (the “Company”), a Uranium exploration and development company with projects in Namibia, Africa, today announced an exploration target for areas of its Rossing South project not included in its current resource estimates.

From these additional areas the Company has set an initial target in the range of between 185 and 285 million pounds U3O8.

Under Canadian NI43-101 guidelines, target statements and different categories of resources are not able to be accumulated or stated as one figure and the Company retracts any previous statements that may have inadvertently included such an accumulated number, this includes the exploration target set out in its October 9, 2009 press release.

For clarity, a summary of the current status of the Rossing South project is as follows:-
• Indicated Resources – 24 million pounds U3O8.
• Inferred Resources – 243 million pounds U3O8.
• Current Exploration Targets – 185 to 285 million pounds U3O8.

The current resource for Rossing South, following JORC Code and NI43-101 guidelines, at 100 ppm U3O8 cut-off is shown in the following table (ASX & TSX release 22 July 2009).

Zone 1 Indicated 21 Mill Tonnes: 527 Grade (ppm U3O8): 24 U3O8 (M.lbs)
Zone 1 Inferred 126 Mill Tonnes: 436 Grade (ppm U3O8): 121 U3O8 (M.lbs)
Zone 2 Inferred 102 Mill Tonnes: 543 Grade (ppm U3O8): 122 U3O8 (M.lbs)

Extract Resources Chairman, Mr. Steve Galloway, said “The rapid growth of the Rossing South resource and the Husab Project as one of the world’s largest uranium projects is continuing, with ongoing resource definition drilling in Zones 1 and 2 and exploration drilling further south continuing to define significant new zones of mineralisation. This continued success has resulted in the Company re-evaluating the exploration potential and defining a new exploration target of 185 – 285 million pounds U3O8. This figure is in addition to the resources already defined at Zones 1 and 2.”

“The Company is committed to the development of one of the largest uranium mines in the world that will provide significant returns to share-holders and deliver huge benefits to the Namibian nation for decades to come.”

Exploration drilling to date at Rossing South has been completed over 8 kilometres of a 15 kilometre long target of covered (but potentially uranium bearing) stratigraphy between the licence boundary and the northern termination of the Ida Dome (Figure 1). Continued exploration and resource definition drilling between Salem and Zone 1 is a priority for the Company (Figure 1).

Infill drilling at Rossing South is currently focused on Zone 1 and Zone 2 to upgrade the resource status with the aim of defining reserves for the ongoing Feasibility Study. Exploration drilling is also continuing south of Zone 2.

The Company continues its significant commitment to realizing the full potential Husab Project with 11 drill rigs currently operating on site. Additional rigs will over the coming months to accelerate drilling progress. However, given the massive of the mineralised system defined thus far, exploration efforts are expected to some time.

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[bigdog]

View the Husab Flyover Video on the Extract website and see what its all about!!
-- 3:13 minutes and there is no sound!

http://www.extractresources.com/tabid/751/Default.aspx

959

 

[Out Too Soon]

What a wild ride The chart speaks for itself! Is the sp headed back up to 10.20 & beyond? The fundamentals are certainly good.
Thanks for the Husab flyover Bigdog, it's nice to see more than facts & figures & charts occasionally
Reminds us of what we are really investing in

 

[bigdog]

What a wild ride The chart speaks for itself! Is the sp headed back up to 10.20 & beyond? The fundamentals are certainly good.

Out Too Soon; looks like the aquisition of shares by Kalahari and Polo are really influencing the SP downloads!!

Current EXT SP
EXT 8.46 -0.140 -1.63% high 8.70 and low 8.41 61,699 shares $527,398 @ 12-Nov 11:21:51 AM

The all time high was 16-Sep-2009 11.4500 with subsequent low on 04-Nov-09 7.2800 during the past two months.
-- check two month chart

Date____ Open High Low Clse Volume
11-Nov-09 8.80 8.80 8.57 8.60 317,605
10-Nov-09 8.70 9.00 8.68 8.68 465,308
09-Nov-09 8.74 8.74 8.48 8.57 339,362
06-Nov-09 8.30 8.76 8.30 8.54 437,574
05-Nov-09 7.85 8.25 7.81 8.06 552,612
04-Nov-09 7.70 7.73 7.28 7.63 580,004

Observation viewed were that low volume trades were pulling down the SP!!

Looks like the price downward ride has been for the pure benefit of Kalahari and Polo on market buying who have been acquiring shares over the past weeks.

Also, looks like a co-ordinated buying effort by both companies with both copmaines making announcements one day apart!!!
-- refer ANN below

Looks like Kalahari and Polo are still acquiring on market shares again during the past days!!!

http://www.kalahari-minerals.com/Ne...in_Extract_Resources_Limited/News.aspx?id=133

Interest in Extract Resources Limited
10 November 2009
Kalahari Minerals plc, the AIM listed resource company, with uranium, gold and base metal interests in Namibia, announces that, further to Extract Resources Limited’s (‘Extract’) announcement on 4 November 2009, regarding the conversion of 5,200,000 warrants to Ordinary Shares, Extract has a total of 242,460,636 Ordinary Shares in issue.

Following active buying in the open market to avoid dilution, post Extract’s share and warrant placing, announced on 25 August 2009, Kalahari has pro-actively sought to maintain and increase its shareholding in Extract, underlining its support and belief in Extract’s portfolio, particularly in the Rossing South Project.

Indeed, Kalahari is pleased to report that its current interest of 98,018,911 Ordinary Shares in Extract, represents 40.43% of Extract’s enlarged issued share capital.


http://www.londonstockexchange.com/...rket-news-detail.html?announcementId=10265690

Monday 9 November 2009
Polo Resources Limited

Increased Strategic Stake in Extract Resources

Polo Resources (PRL), the AIM listed mining company with uranium and coal interests in Africa, Australia and Asia, is pleased to report that it has acquired additional shares in Extract Resources Limited ("Extract"), increasing Polo and its associates' aggregate interest in Extract to 25,027,849 ordinary shares of Extract representing 10.32% of the issued ordinary share capital of Extract. Polo is directly interested in 9.26% of Extract's issued share capital or 22,450,849 ordinary shares.

Neil Herbert, Managing Director of Polo Resources, said:
"We have continued to increase our investment in Extract throughout 2009 reflecting the exceptional drill results achieved at Extract's Rossing South project. We continue to fully support Extract and its development plans. The rapid progress being made in advancing this exceptional uranium project will continue to create value for Polo as Extract builds on its current mineral resource basis for the ongoing Feasibility Study."

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