Member Info for Billyboy2fromiii

Hi Seis,

Yes, I agree with your annual figure in the region of $22m (based upon $52k pt, assuming 1,200t pa, 80% payable and 45% margin).

I usually email Waltie, who I find is very good with communications. I do agree the generic Co email is not so good!

BB2.

Hi,

Sorry, fat fingers etc....

Nothing new but more confirmation of understanding.....

Morning Seis,

I have had a reply from JLP following an email enquiry (regarding Cobalt) that I made as I was unable to attend the AGM....

The main points are.................................

Cobalt metal is a product with near 100% metal content. It is this product that the cobalt market price typically relates to...........

Depending on a type of product, like cobalt hydroxide, or carbonate, for example, these products would have a lesser percentage contained metal units in them (hence, in those cases, total cobalt product tonnes produced, give less tonnes of cobalt metal units contained, depending on grade/ percentage cobalt contained in the product produced).........

Regardless of the cobalt product, the selling price is generally applied against tonnes of metal units contained in the product sold, not the tonnes of product............

The RNS talks of 1,200t of cobalt metal units per annum, which are a part of our Southern Zambian strategy development and operations, namely the cobalt production at our exiting operational Sable refinery in Kabwe, once fully ramped up and depending on quality of feed, as announced............

Depending on the market at the time of selling, driven by cobalt supply demand dynamics (generally over two thirds of all cobalt is purchased by China and over two thirds of all cobalt is supplied by DRC), off-take agreement, type and characteristics of the product (grade, impurities...),etc., a payable percentage of the market price is applied.......

In principle, it should be cobalt metal units content (eg 1,200t) x market price x payable percentage, that gives an indication of revenue........

.......................................

The email did NOT specify the actual percentage payable, but the WHI Broker Note dated 9th Dec 2021 (bottom of page 33) states 80%.

So Seis, on that basis (and assuming WHI are correct at 80%) then your Cobalt calculation on 22nd November looks pretty good to me (obviously (imo) we may not actually receive the $ for production to 30th June in the accounts dated 30th June 2023??).

Regards, BB2.

Morning Seis,

I have had a reply from JLP following an email enquiry that I made as

Morning Wasa,
Could I ask what are your metrics behind your £3 target for when in production 2024? I understand it is only your personal target but always like to see the reason for such a target.
Thanks, BB2

Any other input as regards personal target welcome for discussion . BB2.

Hi,
For the record, my research (based upon 2022 Annual Report and subsequent RNSs) shows the following warrants are outstanding.....

35,859,164 at 6.12p expiry date 19th Jan 2013
5,000,000 at 3.38p expiry date 28th Dec 2023
750,000 at 3.4p expiry date 22nd June 2023
4,036,431 at 13p expiry date 21st Jan 2024

Total outstanding 45,645,595

BB2

This research assumes that the 7,818,750 at 4p expired 19th Nov 2022 have now lapsed.

Hi Bushy,

Interested in your comment re Cora DFS. Are you comparing their Sanankoro project to Kouroussa ? San seems to have a much higher capital requirement that I was expecting which now seems pretty similar to Kou?? To raise circa $30m (on a rough 30/60 split) will mean significant dilution (a result of the slow sp fall since the revised term sheet). I have always wondered if HUM did the right thing re San but it would appear "in effect swapping" San for Kou could well be deemed as wise move ??

BB2

Hi Bushy,

Hi,

Anyone attending today? Swatton, you going?

I normally attend and report back but have a family funeral today so unable to attend this time. Could anyone attending please provide a summary of what was said in the presentation (assuming there is one) and the following q&a session.

Many thanks (in advance).

BB2

Hi,

Can someone please explain....

The Group's financial position remains strong with net cash of £11.0m(4) at the Period end. This cash position benefitted from the timing of the Period end, as approximately £5.0m of October payments were not due until 31 October, the first day of H2 FY23, albeit the cash position also fully reflects the build of stock prior to the peak trading season....

How does it benefit the cash position? is it saying that £5.0m bills were due to be paid by WRKS the day after the end of the trading period so cash was only £6.0m as at 31st Oct?? Obviously appreciate some of the £ spend has been on Xmas stock...

bb2

Hi,

Interested in this RNS this am…

https://www.londonstockexchange.com/news-article/BION/final-results-and-publication-of-annual-report/15668022

BB2

wraith,

I think it is a given that Q3 will show improvement on Q1 and Q2. I am expecting a good deal of improvement in Q3. Production was always stated as being weighted towards H2. If we do not get the improvement that we have been told to “expect” then we really are in trouble…..

I am positive on HUM but they do need to deliver in Q3/4 to begin to restore confidence….

BB2

Hi Mikie,

Just checked my notes from the GM in May...

....."Will commit to quarterly update statements but not full quarterly reports".....

I will ask Waltie if and when we are due a quarterly update statement.

BB2.

Hi Northern,

What makes you think we are moving to quarterly updates?

BB2.

Hi,

Anyone done any calls as regards the term sheet dilution should the DFS land this week. I am assuming the term sheet is a “done deal” once DFS lands?

Thought?

BB2.

Red,

The email for Waltie is....

wrensburg@jubileemetalsgroup dot com

BB2

Red,

Welcome.

As stated by Northern, I think you may struggle to get access to process flow sheets. You could email the Company Waltie van Rensburg to ask the question.

In addition, I would suggest that you attend this year's AGM. From experience, they do a very good q&a session after the formalities have competed. I have always found LC to be very willing to engage in this as (imo) a very useful opportunity to meet management and ask questions etc. Last years AGM was December. This year's date should be announced with Final Results due Nov/Dec.

Good luck, BB2.

Seis & Kaiser,

Thank you for posts...

I have listened (again) and I misunderstood Leon's comments re greenfield/brownfield. I now agree that he is stating that due to the supply problems associated with building a bespoke greenfield facility (preferred option previously), the option to buy and refurbish and existing brownfield site is now valued more. This franks up the comments in previous RNSs. Mopani?

However, he definitely states that both options are currently being considered (timeline and capital). Timeline 19m 39s to 21m16s and again 24m 20s to 25.50s covers this. 60 days from interview takes us to approx 10th Nov. So hopefully, not long to wait for confirmation.

Thank you both again for your posts. Good stuff.

BB2.

Seis,

Just listened again. Seems to say that the cost to buy an existing brownfield site has increased due to the increasing difficulties (cost and supply chain) of building new facility on a greenfield site. It would appear that previously the lower (purchasing and refurb) cost and less time to production meant that existing brownfield was clearly the best strategy. It now seems that the new build greenfield option is a lot closer call, strategy wise. LC did say we should hear in 60 days, so not long to wait….

The same consideration allies to the Eastern Limb in SA. Didn’t quite 60 days for that though.

Great interview. Must say the interviewer way very knowledgeable!

BB2.

Seis,

I emailed Waltie to ask about it. She told me that Crux had had some technical issues thus it being taken down previously. Now back available.

https://m.youtube.com/watch?v=aNaXrV2w-4U

Regards, BB2

Seis,

Thank you for your continued shared research. Much appreciated.

BB2.