Member Info for adamsmithfreethi

Bought two more slugs at just under 8.5p Happy to exploit, what I consider others lack of patience. Have no more money left - not even for slug pellets!

I don't think we'll hear much more from the company for another month and yes the price could go down further but I couldn't resist at these prices!

Also not much supply I had to try hard and break my orders down....

Legal agree with pretty much all you've said except the bit about the bull run. Just because Brad thinks we're in the foothills doesn't mean its true.

He core competence is knowing what's under his feet not what's in the market entrails. As the saying goes - an inch ahead and all is darkness.

Just dig the high grade stuff up and send it to a couple toll partner who can process it.

With $100m in the bank and we can take on the big stuff not least what might lie beneath what has already been drilled at Pepas

Https://kz.kursiv.media/en/2025-03-31/engk-yeri-british-gold-miners-subsidiary-secures-lease-on-former-nuclear-test-site-in-kazakhstan/#:~:text=The%20Mailykara%20deposit%20is%20located,the%20tests%20receive%20monthly%20compensation.

I'm sorry but I feel I ought to make a stand on this one. From what I've read the Canadians don't feel the headline in the RNS is positive enough. Well one person's positive is another's RA RA RA. And for me it would definitely be the latter.

We've just had an exhaustive and exhausting debate about how annoying rampers are on this board and then we turn around on a sixpence and agree with the Canadians?! Hmmm

As far as I'm concerned keep it sober and do your talking through the detail WITHIN the RNS. Anyone who feels sufficiently moved to buy on the strength of an RNS heading needs protecting.....FROM THEMSELVES!

Let the facts speak for themselves, let potential investors do their homework properly and eventually Mr Market will swing from a voting machine to a weighing machine.

All good things come to those who wait. And those that can't? Clearly the TSX is the place for you!

Yes I'll definitely ask it. It may be a dumb question but sometimes they're actually not!

Couldn't fault your analysis except that drilling suggests Pepas south may be open to the west and south. From memory drilling to the north produced very modest results.

Perhaps that answers my question.

Still I'm very much with people here (including you) that given the results so far there is a very high probability of being able to extract concentrated gold amounting to over 200k which could be extracted easily and cheaply at a nearby facility thus giving the company good cash with which to step up exploration and have some in hand for their own facility if need be...

The fact that gold, albeit not in the concentrations seen in Pepas South, has been found in Pepas North; poses a question for me. Namely:

is it possible that the gold found is residual not to a new halo deposit but the original one found in Pepas south?

Fellow investors I have hot news from the charting front.

The 200 day average of my credit card bill exceeded that of the last 5 days, the spaghetti chart is missing olive oil drizzle and the rogue slug left a shiny trail that crossed the undiscovered pile of cat sick in our spare room. THIS POINTS TO ONLY ONE THING....

BUY BUY BYE

So I did at 9.31 slightly less than my last purchase in March.

That dammed slug had better be right or he's toast!

"What is required is a face to face shareholders/directors meeting in London -instead of hiding meetings in Cyprus."

YES, YES, YES!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Successful companies generally may refer to bad weather but are willing to be accounted for in their results and accept such things are part of the job.

Unsuccessful ones like flailing football managers grasp at any straw to avoid direct critism of their actions.

This management have managed to turn a successful low cost producer into a disordered distracted one that not only has poured our money into a useless project but have now lost control of the asset that made them successful in the first place.

Disgusted!

Good analysis Mike. What we need if for the many loss making pits in SA to close thus tightening the market. However, these stagger on and opening a brand new shiny mine across the border will only increase the glut.

The management has seriously miscalculated and thus must at least, in part, account for the company's low valuation

Thanks that's very helpful but just serves to underline my argument that an awful lot of capital has been invested for a project that looks to provide marginal returns.

Back to my original point.

Profit is sanity turnover is vanity. Who cares if THS turnover exceeds $1b is profits are not only just a bit higher but also potentially more risky given Zimbabwe being a less investable country than SA.

So in summary they badly got their 6E price projections wrong. Furthermore the original AISC will be badly wrong with subsequent inflation.

Result it is going to be barely profitable at best and the increased supply will push 6E prices down further.

The whole thing has not be a masterstroke the management imagined.

So what are the current pgm 6e prices now?

As of May 16, 2025, the average price for the 6E Platinum Group Metals (PGM) basket—which includes platinum, palladium, rhodium, ruthenium, iridium, and gold—is approximately $1,421 per ounce. This reflects a 2.9% increase from the previous quarter's average of $1,381 per ounce and a 5.8% rise compared to the same period in 2024

Tharissa plc is building a new mine in Zimbabwe called Karo. What are the project all in sustaining costs that the management believe they can attain with the plant?

Tharisa plc projects that the all-in sustaining cost (AISC) for its Karo Platinum project in Zimbabwe will be approximately US$1,096 per PGM ounce. This estimate is based on an assumed average PGM 6E price of US$2,140 per ounce, under which the company anticipates a return on capital invested of 30.1% and an internal rate of return of 26.1% .

Mining Zimbabwe

+10

Mining Zimbabwe

+10

equityaxis.net

+10

The Karo project is designed as a Tier 1 open-pit operation with an expected annual production of up to 194,000 ounces of PGMs . However, due to a downturn in global PGM prices, Tharisa has delayed the commissioning of the mine to June 2025 . Despite these challenges, the company remains committed to the project's development, with significant investments already made and additional funding strategies

Actually I've asked my own question. Or rather asked chat GPT. Answers to follow:.....

You say Karo is expected to make a profit. I don't recall seeing projections for AISCs but if you have perhaps you could point me in the right direction that would be much appreciated

Turnover is vanity profit is sanity!

If Karo cannot turn a profit at today's PGM prices it should be mothballed until it can provide sufficient ROCE to meet a reasonable target say 10-15%.

Right now it clearly can't and the management's determination to go ahead anyway might provide a clue as to why the company is rated so lowly by Mr Market.

I'm a frustrated long term shareholder and not a deramper btw

Well you clearly haven't looked hard enough!!!

Sure as I have said there are plenty of dogs but there are also some absolute stars which are often overlooked by people taking the blanket view as you have done.

Clearly in the case of H&T and other companies so have intelligent foreign acquirers.

I've found the investor protections for AIM just as good as that for the main market. The extra so called investor protections that are required for the main market are mainly boilerplate waffle about DEI etc.

Stick to the main market if you wish but I've found decent companies at a bargain price few and far between. Also the main market is not exactly short of scandal either, think Thomas Cook, NMC Health, Carillion, et etc

Agree with all that's been said below. Double edged sword this offer. Also interesting is the fact that either PE and/or US companies are willing to look beyond the AIM label and spot the good companies from the dogs!

Among UK investors AIM has an undeserved bad reputation. Sure there's the usual suspects - ridiculous tiddly wannabe bio and pharma companies, miners with a mine or even decent exploration patch or a long tail of companies that jumped on whatever bandwagon existed at the time of their IPO and are now living out the twilight of their years.

H&T was absolutely not one of these! Also the rest of the decent stuff in AIM is also going to be increasingly up for grabs too.

What about the non beef eating teetotallers like me SurreyNot123?

Er - tough?