Member Info for AGBR

I think they will end up running Aftan themselves, but only after the HMS and diamond businesses are throwing off cash and the company is much bigger and financially stronger. If someone approaches them in the meantime of course they'll sell it.

Interestingly... Jonnyoblong posted this on the 19th September 13:37: "Perdevlei: I believe the Perdevlei mining permit was originally granted on first application subject to appeal in 2021 and it was Alexkor that appealed against it. Understandable as Kazera had no evidence that they could sort the diamonds from the HMS at this time. Fast forward to today and Kazera has now demonstrated to Alexkor that they have the technology, equipment and experience to successfully separate the diamonds from the HMS."

I thought it odd and checked back with the company and was told the delay was just down to workload at the DMRE. I don't believe Dennis was aware of any objection, so I imagine this latest news was a surprise to him when it came through from WHM.

It seems very strange that we have not heard anything confirming the net proceeds from the DBM diamond auctions. Have Alexkor told DBM they can't RNS actual details - carat/amount paid for SA diamond auctions?

As happened at Condor Gold

John Wardle is similarly straightforward and open in my experience.

True.

It'll take until this time next year...

One of the primary problems is lack of financial data. Once people see the results filter through to the bottom line in a positive way, then the share price will rise. Dennis' Stock Box interviews are very useful but they really only just keep the current shareholder base engaged. The next set of final results only give us a view up until June 2025, so will probably show a bit of income for HMS and that's about it. A decent set of financial unaudited accounts at the mid point would help people understand how things are changing. As things stand it'll take until this time year so see the effect of diamond income and titanium oxide and garnet revenues (i.e. HMS). That's not really good enough.

One of the best yet and full of detail.

Https://www.youtube.com/watch?v=dCVFjwEi3ww

the stock was covered in the ****ney rebel investing blog on friday. gervais williams of premier miton covered it on vox markets 7/10. in addition ned converted debt to shares, which created a lot of interest.

I think the problem here is the DMRE. After awarding the environmental authorisation for 2a back in November, you'd have thought it not unreasonable to expect an award of the mining right, given no objections, within 6 months. This is not something Whale Head Minerals or Dennis can really do anything about. In addition, the 3rd July operational update for Whale Head Minerals indicates they have had to work hard to get the titanium dioxide percentage up to a consistent level in order to meet market requirements. To me, reading between the lines, this all means 2026 is likely to be the transformational year but subject to the 2a mining right being awarded.

Zeus forecast for 2026. From note dated 19/09/25.

p/e 2.8

eps 79.9p

Importantly, this tells us the diamond margins:

Marine diamonds 60% DBM 40% to Alexkor

Land diamonds 70% DBM 30% to Alexkor

Possibly negotiated down to (because of diamond volume?)

Marine diamonds 70% DBM 30% to Alexkor

Land diamonds 80% DBM 20% to Alexkor

Answer to value per carat question...

https://theoakbloke.substack.com/p/sparkling-news-for-kzg-stanies

Good, well informed, post jonnyoblong.

It's definitely a struggle. I would like a much more detailed operational and financial update for Whale Head Minerals, with financial figures and confirmation they are now getting >30% TiO2 recovery all the time. I haven't sold any shares, but wouldn't buy more because I have too many.

30,000

30,00 buy on Aquis

They are supply 6000 tonnes of HMS to Fujax every month. The Walviskop area is graded at 49% HMS. So roughly speaking they are processing 12,000 tonnes of sand from the beach to produce 6000 tonnes of HMS.

The discarded 6000 tonnes are probably what is referred to in the RNS as "in-field screened material processed during the initial optimisation phase". Some of this will be diamond bearing gravels, some will be sand.

Oak Bloke (July 29th 2025) used a factor of 0.03876 Carats per tonne, and a price of $126 per Carat.

In yesterdays, RNS they say recovery is three times greater than forecast and because the stones are bigger, they are likely to get an additional $100 per Carat.

The upshot of this MEANS diamond profit going up from $49 per tonne of HMS processed to $262. The remaining HMS profit is around $106 per tonne.

This is why the RNS says "We expect our diamond operation to now progress from being a 'nice to have' into a major revenue generator in its own right."

https://theoakbloke.substack.com/p/healthy-amounts-of-ilmenite

I guess he gets to know about 2a when WHM have heard anything from the DMRE. It's strange they were quick to provide the environmental authorisation back in November, but appear to be delaying issue of the mining right. I wonder what's going on behind the scenes?