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The information in December 2023 that we were given is that "the capacity to manufacture 3 modules at once".
At the moment, there is one module being costructed at Thutse. By my reckoning, that could mean that 2 modules have been manufactured in South Africa and are ready to be deployed to Zambia.
The number of modules to come (of varying sizes - that we've been told about so far) is seven. There were 4 modules for the WRP, 2 for Thutse and 1 for Munkoyo. Another small module for the new small open pit. Maybe additional ones will be requiredfor the WRP or the open pit projects.
It would be nice to think that the capacity had been increased.
Either way, although Roan is delayed, the WRP is not delayed because we haven't had a schedule published!
Apologies, it was stated in December that:
"路 Jubilee has the capability to construct and commission all modular copper units within a 12-month period and aims to commence within Q1 CY2024."
So they may or may not have started 馃
"Jubilee has the capability to construct and commission all modular copper units within a 12-month period and aims to commence within Q1 CY2024"
Dec12th RNS. That says to me they aim to commence in Q1 2024. So they should have started then or didn't they. If they didn't then they missed that deadline:)
Too quick for me Seisnav:)
although gray is right - hands down. i for one was not expecting any copper modules to be under construction yet.
from the placing rns:
"pay the initial payment of us$1.75 million, due under the agreement for the acquisition of the copper waste rock dump announced on 12 december 2023 detailed above and progress resource and process design (a total of c.us$4.5m).
路 expand the sulphide recovery circuits at the company's sable refinery to accommodate increased sulphide concentrate production from newly acquired projects (c.us$5.7m).
路 progress the project development phase of the mufulira **** project, with early-stage bulk trial and processing (c.us$2.5m).
路 for general working capital purposes."
just expecting them to be planning, as stated, and hoping they were ordering the long lead items but not sure they will have. mufulira finance as above.
the one thing i've always been sure of is the last point - for general working capital purposes, i have no doubt that this has been actioned, given the delay and then another delay.
not being negative - being realistic. not de-ramping - i now own more jlp shares than i have ever done before.
manage expectations - i value jlp at 17p with a $3800 copper margin (it's more than that now) - nothing for the waste rock project in there as i see it as a medium term project i.e. coming into it's own in 18 months time.
The sooner they release an update on Roan the sooner we can all be at ease and participate in this MASSIVE COPPER RALLY that we are currently missing out on. While other new producers like Copper 360 are up 100 percent
Hi Kalan,
The IRH deal getting pushed back from the end of January made the Q1 unlikely. They need the cash from the IRH deal to progress the modules. I believe they will do well to have any of the IRH modules up and running before the end of 2024 as part of IRH due diligence maybe to see Roan going well.
Of course they could always pull a rabbit out of the hat and they have some of them ordered and under construction now and ready to go during the first half of the next financial year but that would be the absolute best scenario.
Sss89,
I said Q1 this year and JLP quote CY in the RNS.
I never mentioned financial year but it is easy to confuse the two:)
You invested in copper 360 Happydays?
My loyalty is with Jubilee ;)I need another 30 plus percent before I break even.
Good for you. I need another 7k, 10% will do it for me. You will get that easily just with the pgms and chrome next year.
With Copper I agree with Kalan 17p is in my range. I like his golden cross analogy wish I had seen his other when it was coming down at 16p lol
Fully agree Gray 1- on delivery always be on the negative side. Mining and engineering always takes longer and costs more than first predicted. I'm still not sure in terms of rns and signed off agreements where JLP are in regards to spending IRH's money to move the waste rock projects forward. It will take time but as often has been said, Roan up and running is the key to a re-rate. However, another 8.5% rise from here and I will have doubled my original investment and be various amounts from 10% to 45% up on my additional investments. Use TA to time entry and sells guys.
On commodities prices, copper above $10300 now and platinum at around $1,060 (my range estimate was $700 to $1100 so near the top end of that range already), the South African team will hopefully be switching to richer pgm stock feed now to deliver more ounces at higher selling prices.
Come on Roan - no more cash flow problems for JLP with Roan breaking even and moving into profits, pgms adding to the bottom line again and chrome self financing the two module expansion. We can wait for IRH stuff to be sorted.
Kalan, there you go again insinuating JLP have cash flow problems.
Even with PGMs at historically low prices JLP are profitable and cash generative at an operating level as you have previously acknowledged.
The recent raise was to accelerate future capital investments and not to keep the operations running.
Your constant inaccuracy on cashflow is either a deliberate ploy to try and undermine the share or you are struggling to grasp the facts (in which case I would suggest looking at the 1H financial report)
Hi Northern Shark - I have no ulterai motive and I'm not insinuating JLP have cash flow problems. I am stating categorically that they HAD cash flow problems - I've looked at all you suggest and I'm 99% sure of it. The placing changed that but the push forward of Roan, not once but twice costs a lot of money and depresses income. My position is clear. I bought and sold whilst all this unfolded and now I'm in at treble my initial investment because things have changed. The proof will come out later and no-one will want to discuss it for obvious reasons. JLP is on the up right now. Folks are saying other shares are up 100% but JLP is up 71% from the bottom back in February, that's not a bad return in less than 4 months. The cash flow and logistic problems are being negotiated one way or another and JLP HAS re-rated as a result, the next phase is price action on delivery of copper production and Thutse chrome modules and maybe a sustained rise in pgm prices. looking very rosy indeed.
kalan,
i am always willing to discuss the facts and happy to be proven wrong if that is the case. the placing didn't push forward roan - this is the actual use of the cash (unless you have evidence to the contrary)
"the company is seeking to raise approximately 拢10 million (approximately us$12 million), before expenses, specifically targeting its zambian copper operations, in order to:
路 pay the initial payment of us$1.75 million, due under the agreement for the acquisition of the copper waste rock dump announced on 12 december 2023 detailed above and progress resource and process design (a total of c.us$4.5m).
路 expand the sulphide recovery circuits at the company's sable refinery to accommodate increased sulphide concentrate production from newly acquired projects (c.us$5.7m).
路 progress the project development phase of the mufulira **** project, with early-stage bulk trial and processing (c.us$2.5m).
路 for general working capital purposes."
how you bought and sold is up to you and probably of no relevance to anyone on this board. the facts are important however!
atb
northern
Why would any company raise money and dilute shareholders for "general working capital purposes" if they didn't need it?
Gray, it is a coverall for any excess generated in the raise.
The items listed come to $12.7m from a proposed raise of $12m.
Beginning to think you and Kalan are one and the same flipping between logins but pure speculation on my part.
ATB
Northern
Northern
One or two using multiple logins on here but it ain't me and Kalan. I know bugger all about TA for a start. Just because we agree on somethings not always and don't follow the "everything is good here narrative".
Why even mentioned working capital then if they didn't need it. JLP leave themselves wide open with their poor communications style at times. Many have complained about it on here.
Yet another with the conspiracy/agenda/speculation theories. I'm a big boy no offence taken:)
This is what I posted Northern "The placing changed that but the push forward of Roan, not once but twice costs a lot of money"
"The placing changed tha"t - means that they were no longer short of cash.
"BUT the push forward of Roan" -means that subsequent to that time Roan has been pushed forward, not that the placing caused the push forward, how could it?
I apologise for wasting your time with our conversation.
Apologies if this extends the cash discussion. My view on the RNS is that they used general working capital as a catch all pot to be the rounding elements and add some wriggle room for the company in accounting for the requirements. Personally I dont think there was a cash call requirement per se, but name a finance chief who isn't cautious and doesn't want more headspace on cash flow if there is a vehicle to get it going on anyway. I make this point this as I believe that the core rationale for the raise was simply to allow some investors to expand positions or take new positions easily and at a better price than the market - this I believe led the raise size, not what it was needed for and hence the addition of the slush pot reasoning of gen working capital to the other longlist items.
Just my view - I expect the other items were suitably fattened in $ size also to justify the raise - we may never know as the capital usage will probably not be reconciled back once these updates are completed. There will be much more exciting things to spend our time upon.
That's what I wrote at the time, Nelson, that IMO it was to reward some of the long term large investors who had expressed an interest in increasing their stake. They are important and will have a strong influence on management whether we like it or not.
Nelson,
I suspect you are right about the other items being suitably fattened to give them wriggle room as you say and you are also right the capital usage is highly unlikely to be reconciled back so we will never really know.
Yes bigger fish to fry now anyway. Not long until 31st May.
Nelson Gotreal
Their is no doubt in my mind that Leon felt obligated to help Slater and other institutional investors and used the opportunity to do when Jubilee decided to link up with IRH and go big on copper in Zambia
Agree entirely with Gotreal and Dorfan that aside from the cash to speed up the projects it was an opportunity presented to Slater et al to get a nice bulk buy at a lower market price as a reward for their patience. It just tickled me that the share price tanked a bit after than and I got in for a decent top up at 5 whereas they paid what was it, 6 or 7? One of my things is that I like to get into a share after someone like Slater or Blackrock did and at 20% lower or better. Doesn't happen often as a private investor but when it does I blow a raspberry from behind my computer screen.
Cmon Roan.
Ardbeggar
They were issued at 5.5p
Come on Roan