Member Info for 34DegSth

There's talk of a Broker's Note, post 4 March, that includes Updates re. the last two RNS's - doe anyone have a link to this later BN? The latest BN on JMs Website is the 4 March one!

Based on the SA Economy/etc, the Rand loses, and will continue to lose ~ 4% per annum. Obviously not a straight line function, and as such there are the odd anomalies/spikes/etc., of which is currently the case, with the current ST Rand strength

A lot of financial analysts (mostly intl) are currently punting Emerging currencies (Africa/SA incl.), of which COULD fuel the current anomaly. Like Commodities, currencies are massively difficult to predict

Has anyone any news re. the awarding of the 2 remaining GSB MRs?

yes, hence my 28 March posting

Fully agree Jammer1 & HG - hence my posting - PlatCro (albeit with some unavoidable dillution) could be an absolute masterstroke by Leon and team

Also Eagerly awaiting the take-on of 3rd Party material at DCM (for CC, FC & PGMs) - of which would supply these DCM plants to infinitum - and of course the Govmt permission to process their (in perform form) large volume of very rich (post FC removal) PGM material - I still think think that JM themselves have been delaying this, until the FC at DCM proved itself??

The FC by itself should be very Profitable for JMs

At DCM alone, the FC Production per PERIOD (d, w, m,or y), will be 270% MORE than the DCM Coarse Cr (CC) Production - ie. 8kt Prod per 25kt Proc (per MONTH), as opposed to the prior CC's 9kt from 45kt per QUARTER

Assuming that the DCM FC Processing Costs are the Same as the DCM CC Proc Costs, then this EQUATES to DCM FC being 270% more Profitable than that of DCM CC.

Yes, the DCM CC barely broke even in 2018 - but then, the CrConc Sales Price were at the bottom of the SP curve ($100/t on a $100/t to $400/t range), and Production was low (CC material was coming to an end) - the DCM FC Profits SHOULD however be handsome, even if the CrConc prices are low (and much higher at higher CrConc SP's) - and at DCM, JMs will get 50% of profits (100% until 3.2m pound Capex is repaid)

With 7mil Pounds of Available Cash, my take is that JMs will now be Very Quick to Proceed with the Build of the FC Plants at Both PlatCro and Hernic, and would not be surprised if they are 2X the size of DCM FC Plant (assuming similar Yields as DCM) - ie. EACH Producing say 16kt per MONTH from only 50kT processed

re. PlatCro, JMs will retain 100% of the Earning re. their now OWN Material, and hopefully 50% re. the 3rd Party material (ie. hopefully a similar arrangement to DCM) - note also that there are LOTS of Cr Miners Close by, that do not have their own Proc Plants (CC & FC) - itching to see how JMs Benefits re. a Hernic FC plant

Do the Math - large FC Earnings numbers!!!

In SA, Cyril's taken a little flak of late re. the SEZ talk, especially re. the building of a 'Chinese' power station - especially re. Cyril's plan re. Eskom, and with the May 4th SA General election so close My take is that SEZ will be punted once the election is over, the ANC's majority is re-affirmed, and more importantly, Cyril is officially the SA ANC president for the next five years - too many dangers out at the moment, so he has to tread lightly, until then

The additional processing of 3rd Party ROM {(Cr [Coarse & Fine]) and PGMs} would make the construction of a PGM plant at DCM beneficial - Leon has also stated that the plant will be on smallish side (1000 to 1500 oz/pm)

Leon's comments during the Proactive Investor Chat today re. total JMs PGM production of just over 50,000oz/pa (all 3 plants), contrary to past talks 85,000+ oz/pa, was a little puzzling

The DCM Fine Chrome Yield (1t from 3t) SHOULD BE far more Coarse Cr yield, and hence far more profitable! 8kt/pm from 25kt/pm (or 100kt/pa from 300kt/pa SC BN). I'm guessing that the FC Costs will be equal/less than that of the Coarse Cr Costs

DCM Coarse Cr was only producing 9kt PER QUARTER

WHATS REMARKABLE is that this is the 3RD ATTEMPT to remove Cr from the 'same' material, with VOLUMES and YIELDS the highest re. this 3rd iteration!!!

- 1st attempt was by ASA Metals - Coarse Cr re.the virgin freshly mined ROM material (yield unknown)
- 2nd attempt by JMs - Coarse Cr from ASA's Tailings - Yield 1t from 4.5t, but only prod of 9kt/QUARTER
- 3rd attempt by JMs - Fine Chrome from Tailings (post Coarse Cr removal) - Yield 1t from 3t, but prod of 8kt per MONTH (ie. 280% more!!)

Costs unknown, and agreed that CrConc prices fluctuate wildly ($100/t to $400/t), but FC Profit should be really really really good

Imagine the FC plant at JMs own PlatCro plant, processing perhaps 3X to 4X DCMs volumes!

Hoping that V prices hold up - High V demand re. more V to be used in Chinese Rebar, and High V Vanadium ReDox Batt should cotribute - the recent $33/lb price was actually detrimental re. the V Redox Batteries getting going

Re. p26 of BN - I'm hoping that this is a Shard Capital BN typo and in error has been swapped, and should read 85% to JMs and 15% for Hernic - would make more sense, and comparable with DCM - ie.

DCM 70% to JMs re. PGMs and 50% to JMs re. CrConc
Hernic 85% to JMs re. PGMs?? and 0% to JMs re. CrConc

Would make absolutely no sense to only retain 15% of Hernic PGMs and 0% re. Cr, and having built these massive facilities!

70% re. DCM PGMs (re prior post)

The BN states, re. DCM, that JMs retain (post capital repayment), a split of 70% - and 50% re. all Cr Earnings, regardless of source (NB - 3rd party ROM included)

Re. BN states (incorrectly I hope), re. Hernic - 15% (PGMs) & 0% (Cr)

The above is vastely different, so hence suspicious re. This Hernic PGM split!!!

Yes, we've (all in SA) had NO Load-Shedding since Friday - apparently, Eskom has taken a loan from the BRICs 'bank', ... using Diesel in interim instead of the inferior coal

Re. the latest BN, interesting re. the acid (Sulphuric) that JMs need to supply Glencore until the Refurb is finished (next 8-12 mths) - @$275/t for 100t/d equates to a healthly additional revenue stream - 21 Mar RNS mentions this acid, but latest BN doesnt? The H2SO4 production process is quite straighforward, and interesting in that V2O5 is a catalyst! S (and O and H2O) cant be that expensive, so unsure as per the profit margins

The Hernic PGM split post Capital plus 30, cant be as high as 85% - Leons been rather vague on this topic, but has said that JMs retain the 100% for 3-4 years, and thereafter the split is quite favourable to JMs (15% most definately isnt) - as MH says, the Hernic FC could sway/influence this dramatically (one of Leons favourate words) in JMs favour ...

Exciting times ...

This 4 March 42 Broker's Note found on JMs site does NOT appear to be the latest/most current Brokers Note! JMs a little low to include/update??

Refer to 'Robers98' posting on ADVFN on 23 March @10h45 where he references ToTs from II sites reference to the Latest ShardCs BN, that includes the 20 & 21 March RNSs - note that in this BN, Shard Capital retain the current 6p/sh valuation with 1,855m shares in issue!!

MH
one issue re. Share-Buy-Backs, is that it usually takes place when a company is Cash Flush - once JMs is cash flush, their SP will most probably be a lot higher, such that the Share Purchases will be a lot more 'expensive'

the current Dillution re. Kabwe is unfortunate, but I dont think that they had any other choice - it could have been smaller ($12m) to cover the Sable Refinery purchase, but ...

Most Posters have been criticising Leon/team re. the lack of progress/plan re. Kabwe, and now that its concrete, there's still discontent!! I see it as massively positive

JMs could now be at their watershed-point, and perhaps facing the Perfect Storm: Rapidly rising PGM prices (also with other metals) prices, a FC process/design that could be Very Profitable and well sought after by large industry players (not only in Cr), a proven Low-Cost operating model, Partnerships with large players to process Their Large Tailings at Their own Capital costs, etc., and perhaps early interest in Tjate re. the rapidly rising PGM basket price - a swop with say Anglos for say a large portion of their Tailings would be most welcome), ...

Fantastic news/RNS - on AIM (not yet released on JSE)! For a dual-listed company (JSE & AIM), its however very strange that this AIM RNS is released on a SA Public holiday when the JSE is closed! Very strange, but I'm far from complaining!!!!

ha-ha MH

today (21 Mar), is also a Public Holiday in SA, so no news today!

this scheduled 'load-shedding' in SA by Eskom (SA's State-run monopolised/only power producer) these last few weeks must be massively disruptive to JMs operations, especially at Hernic - affective the last 4 or 5 weeks, whilst at the worst at the moment - in Cape Town (only DA led province of 9 in SA), we're having 3 x 2h15 failures a day (for last week), with the latest now as I type (power back in an hour)

Eskom is currently 4GW in short supply - 1.1GW from feed from Moz (massive IDAI cyclone damage), the rest from inferior coal supplied from corrupt Zuma/Guptas (remnants of corrupt prev Govmt) supply to these Eskom coal fired stations - from Guptas Tegeta mine - and balance as per Maintenance being carried out at a few problematic plants - hopefully all resolved shortly

Prior to the failures this last month or so, no power problems for last year or so! - so hopefully only effect on Q1

Interesting post on ADVFN last night from 'The Skipper' - he summarises Shard Capital's 42-pg Broker-Note from 4 March, of which was very very upbeat re. JMs - includes Kabwe potential, Framework Agreements/potential with majors, etc -

Agreed, VERY STRANGE re. the last minute RNS! and with NO MENTION of Kabwe, these FW agreements/Progress, etc in this RNS - Eagerly awaiting separate news on these

Hi Kalan

no one can really predict currencies or commodities! What I've witnessed though over the last 2 or 3 cycles (last 30 years), is that many of these 'analysts'/'specialists'/etc. come out of the woodwork WHEN these eventually DO run, and ALL profess, after this horse has bolted, to have predicted this run, having mostly been negative or were sitting on the sidelines beforehand!

I'm personally the most upbeat that I've been on commodities for a decade, with both Rhodium (now $3235/oz) and Palladium (now touching $1600/oz) having great runs, with more upturn at least the next 5 years. Pt now, has the same supply/demand/stockpile characteristics that Pd had 12-18 months ago!!

in SA, we've been experiencing power failures (last 3 days, and periodically before), as Eskom (SA's only power utility) is unable to meet demand

Unsure as per what effect that this is having on JMs operations?

Since late Friday, we're experiencing appox 2 x 2.5 h failures per day - this latest fiasco is as a result in the power feed that SA receives from Mozambiques large Cobora Bassa plant - this feed was affected by the massive Cyclone late last week

57% Pt, 33% Pd (not Pt)