Member Info for andmillsy

68.78 is stated as max they can pay now. Back up sheet indicates they may have paid 70 but to be honest I don't have a good grasp on this.

https://docs.google.com/spreadsheets/d/1cH_2BM6T48FJDP8ShHBL9IRGFbR99ChH_SPSAWRGvt0/edit?usp=drivesdk

Sput bought 200k

Discount there at 1.74%

Billy the only point of disagreement I have with your post is 1355 rather than 1335

Sellers chasing buyers by the look of it - surprise

Look like it was Kopernik from the TR1 RNS.

URNM holding in YCA largely unchanged.

A444 as with many things XTR related there's a lack of clarity.

In summary I don't expect any great uplift from FB Q2 production stats but moderately hopeful for Q3. They better be good to offset the surprising increases in alluvial costs which is disappointingly given no commentary.

It's not a given that the gold from FB needs be sold for income to be

reported in the XTR accounts. This should be done based on an estimate of XTR share of net operating profit earned in the relevant accounting periodwhich is normal practice....

My interpretation of the agreement is that settlement to XTR will be through $ by MMP and not by MMP giving physical for XTR to sell. I accept giving physical could be the case. However is physical were the case I'd expect a greater increase in gold stocks which whilst they are valued at cost c$900 per oz would still be noticeable in the balance sheet.

The communication is really poor. I wonder if the share price is being held back to justify a low strike price when releasing a new tranche of share options to management c1.5p.

A444 and HZ

From a production volume perspective Empress knew weeks ago their royalty for H1 was $697k which equates to c340kg based on their statutory reported royalty figure.

I don't see much room for ambiguity in the production volume.

The xtract "provisional" statement must therefore relate to operating costs and very disappointing that this isn't nailed down.

If not nailed down I'm concerned it may delay payment to Xtract and may explain the surprising level of trade debtors in the rather crude interim report.

It's good Empress got off their comfy leather chairs and went out to Moz and checked up on their interests. What they reported seems positive for Q3.

"On May 2, 2023, the Company announced, based on reports provided by MMP, that MMP has continued to

de-risk the mine and plant with production increasing month over month, including through the rainy season in the fourth quarter of 2022 and first quarter of 2023. Gross mine production has grown from 460oz in Jul

2022 to 2,260 oz in June 2023, an increase of 390% MMP reports the plant is largely considered completed

and the open pit operation continues to be de-risked. Grade control efforts are leading to a stable feed grade

and the plant is averaging a metallurgical recovery of 89% in June 2023 as compared to 85% in the second

half of 2022 as reported by MMP, Current throughput and grade provide further room for material growth in production for the longer term, and as such, management expects continued increases in production,revenue, and revenue attributable to the royalty.

In June 2023, Empress conducted a positive site visit with the on-site MMP management. MMP management reported that throughput has grown by 11% per month grades have averaged 1.6 gt, metallurgical recovery has risen to c90%, and gold recovered has increased by 17% per month since production started in July, 2022. On July 6, 2023, the Company amended the Manica Royalty Agreement to reflect the fact that MMP, Manica royalty payor, successfully obtaining its own gold export licence. This has allowed the Company and MMP to significantly simplify the mechanics of how the Company receives its Manica royalty payments and the monthly reporting of sales and royalty payment information"

Snooz thanks for the link on Cameco

The following link makes the data little easier to review

https://www.cameco.com/invest/markets/uranium-price

If SPUT are at a discount they can't raise cash through turning on ATM in usual manner which they do when at a premium.

The 10% is a huge number and they are nowhere near getting to that level.

What intrigued me was my interpretation is that they won't purchase on spot if the U price is raising ahead as they only want to purchase when the spot U price is at the level at which funds were raised.

I wasn't aware of this approach and it surprised me.

I don't think SPUT have ever purchased their own shares. Time for YCA to get on and do it again though.

Interesting comments from Quakes on SPUT buying :

#SPUT can buy #Uranium whenever it has sufficient cash and there are lbs available at a price low enough to not dilute shareholders. If cash was raised when Spot was at $60 then used to purchase $72 lbs then that would dilute its NAV per share. Like any buyer they will watch for lowest price being offered. They can hold up to 10% of NAV in cash so there is no rush to spend its cash. Mission of the Trust is to track the Spot price as closely as possible so they won't be buying if that action increases the discount to NAV by pushing up the Spot price today. Cheers!

From my history of this YCA were last at this level of discount c10 July 2023 and had been at greater than 10% from c19 June. Spot Uranium was pretty static in the $57-$58 range during this period.

The rate of change of Uranium price in September was dramatic and I'm not surprised spot is taking a bit of a breather and consolidation. It was just at the start of Sept $60 was breached and discount narrowed to about 2%.

Interestingly spot was at 70/72 similar to where it is today (71/72 )on just 27 Sept when discount closed to 6%.

The current discount feels too wide unless spot is going to fall further but I said that at 10% at start of the week and mis timed by buying then.

Agreed masplin they should definitely do this again. We need to influence Andre ...

Can buy YCA at 546.8- sput getting hammered down again

Yellow Cake, a specialist company operating in the uranium sector holding physical uranium for the long term, is pleased to announce that, on 30 September 2023, it took delivery of 1,350,000 lb of U3O8 from Kazatomprom at the Cameco storage facility in Canada.

The delivery is pursuant to the previously announced exercise by the Company of its 2022 uranium purchase option under its Framework Agreement with Kazatomprom to purchase 1,350,000 lb of U3O8 at a price of USD48.90/lb for a total consideration of USD66,015,000. Kazatomprom delivered the U3O8 in accordance with the agreed schedule.

Brace for manic Monday sput down more than 4%

May be some bargains. I'm definitely buying at 10% discount to NAV

Quakes posted that urnm have just completed rebalance on LSE.

Here was there YCA holding at 28 Sep 7,906,787

https://sprottetfs.com/urnm-sprott-uranium-miners-etf/

222k UT at close - let's see where it opens on Monday...

Let's see what they report on Monday.

Could be or perhaps the ETF rebalancing. In the past you could sometimes pick some up with a stink bid near the sell but no luck today.

Not sure if it was that or early sput weakness which dragged us down. They were down 3.5% at one stage but clawing back the losses at the moment.

Someone offloaded 1.45mil at 550p

NTM

No 140kg q1 and 340kg h1 are FB only.

Check my earlier posts and Q1 production rns from xtr

"Fair Bride, where Xtract has a 23% share of net profit, is now the main project at Manica ("Fair Bride"). Fair Bride gross gold production continued to increase during Q1 2023 and was 140Kg (equivalent to approximately 4,522 ounces)"

A444 agree... in the same ballpark

A444

Xtr told us q1 = 140kg

Empress told us H1 = 340kg

q2 is therefore 200kg eg 67kg pm.

Perhaps it gets to 75kg pm in h2 = 2400 oz pm.

Derived cost per kg in H1 was c$1060 per oz likely high due to ramp up (see earlier post). Let's say 10% improvement to $950 per oz for H2. So profit per oz = $930 as gold price down currently.

So share of profit = 23% x $930 x 2400oz = c$500k c£400k.

Remember this is pre tax and costs of the on the ground team, who likely have some oversight of FB, are being borne by alluvials and hard rock in the interim report.