Member Info for Billyboy2fromiii

Hi,

AAZ are presenting at the online interactive Proactive Investors event at 6pm on 21st May.

https://www.proactiveinvestors.co.uk/register/event_details/248

Regards,

BB2.

Hi,

PUR are presenting at the Proactive Investors online interactive event at 6pm on 21st May.

https://www.proactiveinvestors.co.uk/register/event_details/248

Regards,

BB2

Ballio,

Good points. The important thing here is to keep the mine open during these uncertain times even if this results in a slightly higher AISC. If we manage to achieve this and avoid a period of lockdown, then we should be in a very strong position indeed.

Regards. BB2.

Morning,

I think your $9m per month fcf is a bit optimistic personally. I would expect the AISC will be a bit higher than hoped due to the COVID-19 working procedures....

........Robust social distancing and hygiene protocols across operations, including a two-week quarantine period for any staff or contractors arriving at site.......

I assume we will have to pay the staff whilst in quarantine which will increase costs slightly. I am currently using $875 AISC, in my calculations, for this reason rather than $850.

Also, we sell gold dore bars rather than refined gold so our price received will not be to current gold price. I have tried to research, without success, the price of gold dore as opposed to refined gold. I am personally using a current price of $1625 to $1650, rather than $1700, but I admit this is pure guesswork.

So my calculations are a more conservative $1625 - $875 = $750 @ 10,000oz per month giving $7,500 per month fcf.

I am expecting us to be net cash in the middle of May rather than start of May.

Just my personal opinion and own calculations.

Regards, BB2.

Morning,

The bit that I like is that the performance part is specifically linked to an off-take agreement or completion of a producing asset investment..........

"will vest as upon the successful completion by the Company of an off-take agreement, or completion of a producing asset investment"..............

We seem to (hopefully) have a plan to raise the required additional funds rather than more Wonga finance. Let's hope he can deliver!

BB2

Well,

Thank you, I have listened to that now.

I do not understand why the update would only include two months however.

BB2.

Mogli,

Which RNS are you talking that extract from and where specifically in the said RNS?. The wording is different to what I am looking at in the RNS dated 14th Nov.

Regards, BB2.

Regards my earlier post...

Assuming 2,250 per month for Inyoni, that gives an assumed 13,500 for six months.

21,082 less 13,500 gives 7,582 for Windsor for Sept, Oct, Nov, Dec combined.

Bearing in mind the comments regarding Sept PGM in RNS 14th Nov and Nov PGM in today's RNS, something does not add up??????? If Inyoni is producing 2,250 per month then Windsor cannot be producing the sort of figures that seem to be suggested for Sept and Nov unless Windsor only produces a total of 2,082 for combined Oct and Dec production.

Any thoughts??

BB2.

BB2.

To be perfectly honest, I am disappointed with the PGM ounces delivered. For the period 1st July to 31st Dec, 21,082 PGM ounces were "delivered" which I assume means produced.

Working on Inyoni producing 2,250 oz per month (I was actually expecting an increase for Dec to reflect we were now in full control of the processing from the RNS in Nov), that would give 13,500 oz for the six month period without allowing for any Dec increase.

I have obviously misunderstood the wording of the 14th Nov RNS and thinking Windsor had produced 5,000 PGM oz in September alone. Having reread this RNS it is apparent the TOTAL COMBINED PGM from Inyoni AND Windsor must have been 5,000 oz in September. So by deduction, it would appear that Windsor must have accounted for approx. 2,750 oz in Sept.

We are told in today's RNS that...... Windsor PGM Operations, came into operation during August 2019 reaching stable production exceeding 5 000 PGM ounces produced for the month of November 2019 alone....... again, I read this to mean that Windsor had itself produced 5,000 PGM oz. However, I assume that this means that TOTAL COMBINED PGM from Inyoni AND Windsor was 5,000 oz.

Taking a total 21,082 and an expected 13,500 from Inyoni that leaves 7,582 from Windsor for the period. The above Sept and Nov figures indicate Windsor to be approx. 5,500 oz which only leaves a total balance of 2,082 oz for Windsor for combined Oct and Dec which obviously seems very strange when compared to Sept and Nov.

Alternatively, PGM production at Inyoni has been well below the anticipated 2,250 per month????????

Again, today's RNS states....Combined PGM processing capacity expanded 3 fold to 170 000 tonnes per month targeting 6,000 PGM ounces per month. So if Inyoni is targeting approx. 2,500 to 2,750 oz per month from Dec then Windsor must be targeting approx. 3,500 to 3,250 oz per month going forward.

So basically, I am struggling to understand the make up of the 21,082 PGM ox for the six month ended 31st Dec.

Was anyone else expecting more than 21,082?

Regards, BB2

Hi,

Surely, 2,018m shares at 50p equates to a mcap of over £1b! Unrealistic, in my opinion. IO am extremely positive as regards the next few years but I cannot stretch to such a valuation. Mid Cap status, however, would be approx 25p. I personally feel that is a realistic target, over the short to medium term.

Regards, BB2.

3Card....

My EPS takes into account current shares issued, including those issues to partly fund Kabwe. However, no earnings have been included for this period (to 30th June 20) in relation to Kabwe. I personally believe that I have been very fair in my workings and this shows the large upside potential here for the next year and hopefully beyond.

Regards, BB2.

Hi Sumo.

I did some basis figures on all the projects and then aggregated revenue and earnings. All figures were based upon the financial year 1 July 2019 to 30th June 2020. I am going to break these down to half year to 31st Dec and full year to 30th June when I get a minute to do so.

Some will argue that my figures are conservative but I have just used the info that I had available at the time along with some additional estimations. I am pretty happy with them and it will be interesting to compare them to first half production update which I hope for at the end of Jan or very early Feb.

BB2.

Happy New Year to all,

Just looking at my figures from November (which do not take account of the higher Windsor figures).

JLP ended 2019 on a P/E ratio of 8.125 (SLP sit slightly under this at 7.342, as a yardstick).

Using my £24.9 earnings figure for 2019/2020 and 2,018 million shares currently issued, this would give a EPS of 1.22p. Ssing the same P/E ratio of 8.125 would give a share price of 9.9p and market cap of £200m this time next year.

Regards, BB2.

Hi,

Lean explained why production figures would be six monthly rather than quarterly. The previous RNS regarding this did say that we would get project updates in addition, so I assume these will continue when relevant. Lean did seem to suggest that a copper update may be next. We have PRODUCED some copper at Kabwe. We have SOLD some acid as well.

BB2.

Hi,

Just remembered that I also asked Leon what, if anything, can be done to try and offset the Xmas/New Year shutdown. Last year Hernic |(Inyoni) got off to a poor start to 2019 due to a slow return (which affected production numbers) following the break along with power outages.

Leon said that you cannot do much about the break itself but did say that this year it is fairly short (think he said 27th Dec to 2nd Jan). He also said that as we are now in control of the feed at Inyoni, we are no longer reliant upon third parties in this regard. On that basis, hopefully we will get 2020 off to a better start than 2019 with good production figures.

BB2.

Hi,

Just home from agm so a brief summary.

Poor timing of recent placing discussed. Seems that this was a forced situation rather plain poor planning. Due to the emergence of the Hernic deal(s) the annual accounts had to be pulled due to auditors having to recheck the going concern statement in light of the deal(s). This caused a "bottleneck" and due to third party's involved their was no wiggle room on the RNS sequence. Both CB and LC felt that the share price perhaps did not have time to react positively to the results or the deal(s). That is my understanding anyway.

Current chrome price approx $70-£85 per tonne ex works. A bit down on the Shard note starting $90. Very little additional cost though so most goes straight to bottom line. From their Broker note, Shard were suggesting 12,500tpm (150,000 tpa) so you can argue best part of $11.6m (using $77.5) revenue with majority straight to earnings.

It appears Shard's comments re possible double production target could at Windsor PGM could be achievable. The 5,337 PGM from Sept was from roughly 120k-125k feed which is double the targeting processing rate stated in last presentation. Looking to maintain 120k approx feed. Earnings obviously less than Inyoni due to earnings split. Possibly approx 80% of Inyoni so one could assume the earning split with majority to Jubilee could be in the 80/20 region.

Colin and Leon recently entertained Zambian Ministry(?) and Leon hosting again on site shortly. It certainly appears (from what I heard) we are well thought about in this regard so future Zambian deals???????

New ownership of Dilokong now announced last week (?).Once this formally concludes possible some movement on Dilokong PGM. Once sorted, 6 mths build, cost $6m-$6.5m.

Already sold some Kabwe acid and produced (did not say sold) some copper. Copper update next?

No quarterly report due to product sales being done in batches so could scew quarterly figures. So half-yearly instead.

I asked about RNS timings. Institutions prefer RNS's after trading starts rather than 7am with the glut of others. I said PI's prefer 7am!

I will add if I remember anything else. Other that attended feel free to add or correct my thoughts.

Please bear in mind that this is my understanding from what was said and from my notes, please do not rely upon this and obviously dyor!

Regards, BB2.

Hi,

My understanding is that as resolution 5 was passed which allows shares to be issued ( if needed) for up to £18,553,007 then the subsequent resolutions 6 and 8 were not needed and withdrawn. I assume if resolution 5 was voted down, then 6 and 8 were there as an alternative. Bit complicated but that’s how I understood it.

Special res 9 passed which allows share buy backs. Personally don’t see this happening yet while we’re are very much in growth phase. Would be a good option going forward however, especially if shares appear undervalued.

BB2

Cont...

Mine site costings done on "BRAND COST" with possible 30 % savings in parts of this 65m capex.

Off Mine Site (162m) includes 22m BAM railway and 135m road which is where Russian support (low loan rate and/or grants) will be available.

The Opp costings are reported higher than actual as do NOT include available credits.

Stated than current COG of 0.4% is higher than anticipated it will actually be.

Seemed pretty clear that first two years will be toll smelt then followed by Low grade matte afterwards.

Looking at Open Pit only option rather than open pit and underground.

RY and PM both seemed to take on board shareholder frustration regarding lack of communications etc and missed timescales etc. Hopefully, this will improve going forward.

Regards, BB2.

Hi,

I attended last night 45 or so had registered to attend and about 25 to 30 attended. Robin did the "updated" Nov 19 presentation and both he and Paul McKay did the q&a.

I personally thought RY was a bit nervous doing the presentation, possibly knowing there was some unhappy shareholders in the room. I personally thought both he and Paul did as a good job on the q&a. Got to bear in mind that with no RNS issued there was never going to be new news.

From my notes....

Recent placing done by an asset manager acting on behalf of a number (not disclosed) of individuals. Best finance currently available with small discount 1.7p compared to about 1.9p sp. The large volume that day was NOT those selling as they were issued on a "3 plus 2" or "2 plus 3" basis where from announcement, shares were not actually tradeable for 5 days. Obviously some of thoese may have sold some shares since. Asset manager did not want to be named. Deal specified that no more Riverfort issues for three months. In any case, Paul did not want the Riverfort deal hanging over the Company as they enter 2020.

Paul said he had taken ALL of his 2019 salary as shares as regards the recent announcement.

RY confirmed that nickel laterite CAN be used as Class one for batteries but is a much more expensive option than nickel sulphide.

RY stated that the 2018 drilling RESULTShave been reported but obviously the MRE and MET have not. I understood that we can expect MRE before year end and MET Q1 2020.

Confirmed that we are currently on schedule for TEO deadline Dec 2020.

Emphasised that the PFS is very much worst case scenario regarding costs. Mine sit costings done on "

Morning,

If anyone else sold Keras shares on the 20th and would like to be included within email updates please could you email Pablo or Chirpy asap. Their emails are in the 07.58 and 08.24 posts yesterday morning.

BB2.