Member Info for Chatmandu

Seisnav - Why do you seek a ramping echo chamber?

Are you paid by JLP or any other person or company to provide this unwavering and uncritical support?

When you're unable to accept that you're being shafted by management, yet again, retreat to your safe space and accuse anybody pointing out the huge red flags of attempting to manipulate the share price...

Some of the mugs on this platform really do deserve to lose their shirts.

@SeisNav

"So why switch from tailings at 80,000 tonnes / month to RoM at 40,000 tonnes / month?

The tailings were producing mostly sulphide concentrates which sell for a lower price and also do nothing to increase production at Sable, meaning the fixed cost dilution doesn't happen. Also the tailings were lower grade so you have to push more through the plant."

But, the tailings must have been at least 1.56% contained copper (based upon an 80% recovery rate) for the RNS's target of 12k tonnes of copper to be truthful.

If you halve the throughput, then the ROM grade would need to double to 3.12%. JLP are buying in 2% copper ROM, so the sums just don't add up.

Given that JLP have never even produced 4k tonnes of copper, it all seems like a big streaming pile of Leon's trademark BS.

@Happydays43

It isn't clear from that RNS if the 12k tonnes target is based upon Sable only processing the output from Roan. If we assume that to be the case, then the ROM would need to be 1.25% contained copper (based upon a 100% recovery rate).

110 tonnes x 24 hours x 365 days = 936,600 tonnes processed.

12,000 / 936,600 = 1.25% copper.

If JLP achieved an 80% recovery rate, the ROM would need to be 1.56% copper.

@gotreal

"As was clearly expressed by the FD, they were approached by an investor. They do not NEED the $1.5 million .... Either you are attempting to deceive people... or you are simply stupid if you cannot understand how large investors operate behind the scenes.... and companies do not turn down a gift horse when it is to the benefit of the company and its shareholders, whether you believe it is or not."

If JLP don't NEED the money, why does the RNS state that they're taking the money regardless of the vote's outcome? Surely, if this is all about this wonderful investor bringing their expertise, the money would only be taken as an INVESTMENT and not a LOAN?

P.S. it's actually $11.5 million.

It's $11.5 million ($1.5 million and an additional $10 million).

I think @Sirboring calculated the company's borrowing rate and it was a 4x higher than I pay on my mortgage - which says a lot about the risk profile of JLP.

@JeffGL - I sold for a substantial loss @ 3.22p. I have no regrets about getting out of this shi_show.

I hope your losses aren't too serious.

@Foresthomeshotm

"We all managed to stop the AGM dilution attempt and I know this one can be stopped unless there is a compelling rational reasoned and fully explained argument to back it."

It can't be stopped. The RNS states that you either approve the dilution or Leon takes the money as a high interest loan that has to be repaid within 12 months. I'm guessing the repayment will be achieved by sticking a gun to investors' heads with the option of 'dilution to pay our debts or insolvency'.

Leon has already agreed to take the money. If you reject it, the money will come as a high interest loan.

I think the money will be drawn immediately after the end of the Financial Year, so that it doesn't need to be declared in this year's accounts. Leon will then get to operate in secret for 12 months, splurging cash left, right and centre.

Why does the company need this loan? Is Molefe actually a dud and they desperately need to discover something, anything, to keep the show on the road?

It isn't going to be $1.5 million. That's just Leon's smoke and mirrors to get you punters to authorise $11.5 million.

If you don't authorise it, he'll still take the $11.5 million and that will need to be repaid within 12 months.

"Mikie, for all the optimism if they further dilute without some form of resource estimate then this could easily head below 2p?"

I was already expecting the share price to be flirting with 2p by the August Bank Holiday.

This company is just a rolling series of giant red flags.

How can anybody square this RNS with all the previous statements regarding JLP's financial soundness and capital position? Zambia is fully capitalised... Excess cash to be returned to investors via buy backs...

Now they need to raise $1.5-11.5 million via dilution?

I think this part of the RNS is important:

"Should approval not be obtained, the interest rate on the convertible loan will be increased to align with interest rates on typical medium term unsecured loan funding and the loan will be repayable within twelve months after the drawdown date."

Leon has already agreed and inserted a poison pill for shareholders. If you don't vote for the dilution, you get shafted with a punishing interest rate. Repaying the loan within 12 months will consume all the PGM sale proceeds from the upcoming year. What will the company use to cover operational costs and capital investments without that money?

I'm glad I'm out.

If the ROM comes from Molefe, then it should be profitable, but the price of 3rd Party ROM for Roan increases in inline with copper prices - so the copper price becomes fairly irrelevant.

@Sumoskier

Why do you think I sold out at a loss?

"Also what correction factor should be applied to workout the expected annual copper production from JLP’s guidance!"

The historical correction factor is 0.3.

Leon has only delivered an average of 30% of the copper targets contained in the Annual Reports.

Yen vs Yuan

I think it is probably best to know the basics before attempting to ramp the share with your incessant takeover rumours.

The number of people on this platform that claim to have blocked posters but then keep responding to them.

It's just ridiculous.

Everybody knows that their precious egos are far too fragile to actually use the block feature and potentially get talked about behind their backs.

🫠🫠🫠

Personally, I'm struggling to see the investment case.

Everything is hinging upon Molefe and the copper production numbers.

Production has been failing, vs the official targets, for the past six years and JLP are no closer to 4k tonnes than they were four years ago.

That leaves Molefe. Maybe it's a huge bankable resource, maybe it's just smoke and mirrors from the BS artist CEO.

Investors should give some consideration to the cash burn rate and how things will develop as the PGM money starts to run out. I suspect, as per Ernest Hemingway, that it will happen slowly and then quickly. Slowly as in a slow bleed that sees the share price continue its 5 year trend and then quickly when investors capitulate and rush for the exit.

I think that's definitely at least two years away, but make sure you don't get left holding the baby.

As for me, I'm happy to wait until August. I suspect that thin trading, without any meaningful production improvements, will see the share price seeking out new lows - just like last year.

"That is a guess based on very little evidence olddrongo."

Except for the evidence of Leon failing to produce decent quantities of copper for six years running.

Copper production fell by 36% last year.

The total copper produced since 2019 is only 14529 tonnes. Pathetic.

As for trying to push down the share price, I'm not prepared to commit any further capital to this share and I have zero interest in a lower share price.

_ _ _ _ _

Annual Report 2019

"The ramp-up of the copper circuit remains on track targeting 250 tonnes of plated copper cathode per month during Q1 2020, before stepping up to reach 400 tonnes per month from Q2 2020 resulting in early project cash flows during the construction of the zinc and vanadium refining circuits."

Total predicted for 2020 = 4350 tonnes

Total produced in 2020 = zero tonnes

_ _ _ _ _

Annual Report 2020

"Targeting to reach in excess 25 000 tonnes of copper per annum"

Total produced in 2021 = 1387 tonnes

_ _ _ _ _

Annual Report 2021

"During Q1 CY2022, which will result in the first significant increase in copper production by the Sable Refinery, targeting 10 000 tonnes of copper units annually. The fully operational Sable Refinery achieved positive earnings as part of its operational readiness activities"

Target for 2022 = 10,000 tonnes.

Total produced in 2022 = 2,604 tonnes.

_ _ _ _ _

Annual Report 2022

"The Company targets to implement the upgraded infrastructure during December 2022, ramping up to target 10 000 tonnes of copper for the full FY2023"

Target for 2023 = 10,000 tonnes

Total produced in 2023 = 2,728 tonnes

_ _ _ _ _

Annual Report 2023

"The Company confirms its guidance of 5,850 tonnes of copper for FY 2024 which is impacted by the upgrade at Project Roan."

Target for 2024 = 5,850 tonnes

Total produced in 2024 = 3,422 tonnes

_ _ _ _ _

Annual Report 2024

"Throughout the 2025 financial year, we have adopted a cautious stance on our copper production forecast as we bring into operation several new resource projects while executing the expansion of the Sable Refinery while maintaining operations, setting it between 5 850 tonnes, which constitutes a 70.0% year-on-year increase and 7 500 tonnes, reflecting a 119.2% year-on-year rise."

Target for 2025 = 5,850 tonnes

Total produced in 2025 = 2,211 tonnes

_ _ _ _ _

Annual Report 2025

"Copper unit production guidance for FY2026 is expected to be within the range of 4 500t to 5 100t depending on the extent of the impact on production during the rainy season (FY2025 production 2 211t)."

Total produced in first 9 months of year = 2,177 tonnes

@bottomsup

https://www.lse.co.uk/rns/JLP/financial-report-for-6-months-to-end-december-2025-jn9bg10bazcbw8f.html

· ROM ore cost increased by 20.8% to US$4.9 million (H1 FY2025: US$4.1 million) (contributing to 44.6% of total cost of production) in line with the increase in copper prices. ROM ore cost furthermore increased as a result of a 126.4% increase in the ROM processed at Roan

@seisnav

"where have i 'ramped' the share chatmandu? i never encourage anyone to buy the share"

you allowed @bottomsup to post a claim that 100% of any copper price increases will accrue to jlp without challenging it.

i pointed out that the rns stated that the rom price increases inline with copper price, thus negating any potential benefit to jlp and you attacked me for it.

you're a ramper and just as untrustworthy as gotcrabs and shuvlin****.