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We need to see positive action from Mr Bird. Let’s get things moving.
Perhaps Bird ought to try and explain this away:
WH Ireland research note from inside Jubilee, predicting zinc recovery in Q3 2021, from July 8th, 2020.
Doesn't tally for a moment with Galileo's stated timelines, or the cash spend on Star that Bird continues with placing after placing....
Zinc Circuit
Leaching – Sulphuric acid leach of the tailings to put zinc and vanadium into solution.
WHIreland
17
JUBILEE METALS
COMPANY NAME
Zinc and vanadium recovery – recovery via a sequenced precipitation process to remove impurities to produce a zinc oxide (ZnO – 70% Zn) for commercial sale in Zambia or abroad. The process to produce vanadium is proprietary to Jubilee with recovery on resin.
Timing – Q3 2021 for zinc.
https://jubileemetalsgroup.com/wp-content/uploads/2020/07/FN-JLP-080720.pdf
Apologies for my shocking typing, as usual - the perils of always being rushed and part-relying on spellcheck.
DC - welcome back and thanks very much for your comments and insight. I have been working on there Star Zinc delay being tied up with Jubilee's efforts to get their Kabwe-to-Sable Refinery operation up and running. The environmental permitting explanation with tie -in with their work to get their new tailings dam design approved.
None of this excuses Bird and Galileo's shocking Investor Relations and timely release of info to the market. Post Concordia he lost all credibility on this front and has done nothing to regain it.
Meanwhile...on warrants. There were 128.75m of 0.60p warrants to expire on the 2nd anniversary of their admittance to the market, post their 18th October 2018 issue. I thought this would be round around 22nd Oct coming but reading back I see that GLR were expecting admission on 1st Nov 2018. 2 years from then would give us 2nd Nov coming, allowing for the weekend. Having a functional Investor Relations dept. would help clarify. I guesstimate we are probably below 30m now, perhaps even 25m - without trawling back thru RNSs to confirm.
I continue to see single larger buys go thru that effectively absorb the rash of c.£3k sales that we have been seeing for the past week. I continue to think that the balance of the warrants are being exercised above 0.60p and bring cash to GLR - in effect they are a long-dated paling from October 2018. On the other side I think interests close to the company are buying the new issue. We shall see.
In the meantime Bird has promised early rushes from the chopper EM survey off the KCB by month end. Let';s see if he does or doesn't screw that up.
Terrible spelling in my last post as did it on my mobile.
That's not to say starzinc is a writeoff by any means. The last JLP updat said the zinc refinery would be complete q1 2021.
Not only that Zambias private creditors have denied them an extension on the payments for the national debt and the IMF have refused them international aid. Inflation is due to rise by nearly 9%. They need money and commodities fast. The Zambian government own 5% of starzinc and of course can tax JLP. So why not give the mining liscence as soon as the paperwork and refinery is complete.......just a matter of time until starzinc is up and running.
Hi all, iv been away on holiday forna few weeks and tried to keep my phone usage to a minimum. There's been some very good posts on here recently helping to understand the current sp.....MM i think you have it right with the market being cautious regarding the warrants, so.thankyou very much for posting all the info you have on it. It's helped alot.
We've been here before and the sp behaved the same way. Once they were then the drag was off and Sp was allowed to move again.
In terms of the star zinc timeline, it's becoming frustrating I know. The frustration comes from what seems a lack of clarity in the RNS's. I never made any notes on it, but several months ago I researched into applying for mining liscences and what I took away from it was that a liscence couldn't be applied for unless there has been a comprehensive environmental assessment carried out and submit first. This includes the full lifecycle of the mine/pit, from conception, first operations and then what I'll call "return to green" and not only that a clear method of dealing with the tailings.imo GLR don't have that yet as the processing plant at JLP isn't ready yet and that's held or slowed by covid of which there is no known end. Restrictions in zambia keep changing, meaning progress at sable will be slow at best. With this end to end plan not available and an unknown time frame of when it will be, the environmental assessment can be started as we have been told, but not complete or submit.....a pre requisite to the mining liscence application. So like is the trend accross the globe the stimation of just 2021 isnnow given for continuation of anything held this year.
As a senior leader of a company I experience at just how much info needs to be given to "the masses" especially when the answer is "you just don't know" I.e covid. I'm not saying that's right at all. Infact I'm not sure what my opinion is on it to be fair as I can see both sides. But officially stating that everything is halted due to covid (assumption) in Zambia for GLR could have a very negative affect. Especially when up until now an optimistic view has been given then it wouldn't be held (as with best endeavours and hopes it shouldn't have been), going back on that could make the leadership team look incompetant and not in control. This again is why a broad prediction of 2021 is now given. Imo my view is to now look to JLP rns's (which is kind of obvious) at progress of the zinc plant.
In the mean time there is no restrictions whatsoever in Botswana KCB operations and our PL's are being explored right now. This is where the good news flow will come from to carry us through, Glenover is a bonus of which as we have all discussed is a likely possibility.
3 million buy put thru as a sell .simeone is confident of action soon
Putting all trades thru as sells now
Someone sold 40 shares wonder if it is really a buy
I realise we are all disappointed about the delay for Star Zinc and Glenover. However, Star Zinc is still going to be producing soon and I Glenover they have a re-think and which will mean a much bigger prize at the end so I don't think we should worry yet.
Don't believe everything you see on LSE. Had a small top up just before the close and showing as a sell.
Another 1m and 0.8m bought this afternoon against the warrants.
Clearing fast.
Question is, what does the buyer know?
I count 9 million of large ish sells today .and not all trades have been put through .if the figure of 30 million left this morning as was mentioned .leaving 20 million should easily clear next week .
Hi Oiltap
I'm convinced that Bird set the 0.60p warrants up 2 years ago to fund GLR at this point in the company's development.
In order to do that they need to be exercised, shares issued, and funds into our coffers. This we are seeing right now, and needs to be completed before expiry in 3 weeks time. However we are also seeing the selling being absorbed by regular and larger purchases of blocks of 1m shares or more. This is keeping the SP steady.
A more cynical man than me might suggest that interests close to the company are on both sides of teh trades.
;-)
News on it's way. Shorts being off loaded. Over 10 million traded today
And again
Another big BUY delayed from earlier
10:10 0.68p 2,000,000 £13.60k
I have a hunch what is going on and like it.
ah ha
09:31 0.67p 2,000,000 £13.40k
The BUY that absorbed the £3k sells this morning.
Same pattern.
6x £3k sells today and we are up on the day.
Interesting
This time next year we will be millionaires
That's one way to look at it!
They expire three weeks today (?), and then Bird has 'promised' KCB news before the end of the month.
An hours trading following star zinc news then
Hi Ibroxonia
'IF' the recent string of £3,008 trades have been warrant related I estimate we might have just 30m left and they expire 3 weeks today.
cant be many warrants left to sell .
Kavango PR and IR. Where's Bird hiding now?
https://total-market-solutions.com/2020/10/01/kavango-resources_october-2020/
https://twitter.com/KavangoRes/status/1311927403468513281
I think the key point, which is very annoying about this update, is that apparently Glenover are seeking investors in the project which is absolutely at odds with what CB stated earlier in the year in that he intimated there were plenty of buyers circulating for it? Just wondered whether he’s ever tried a lie detector test? Probably blow the circuit if he did!