Member Info for Couerdelion

I've bought back all the shares I sold ex-div (plus a few more) and rather inconveniently converted a large capital loss into a small capital gain.

Whatever the worries about agency risk, this is now looking a bit too cheap and was a good opportunity to accumulate a few more shares. Despite holding them in my trading account, I can treat these as if they were in my ISA given the unrealised capital losses I'm sitting on with an average purchase price of 621p.

The point about corporate governance is well taken - I voted against it - but the bonus scheme you refer to is a 5-year scheme so it's not a simple case of "rinse and repeat".

Monty, all may be forgiven on Friday.

Sadly I may have to take some profits before we get to £5. I'll no doubt be kicking myself when it gets to £10 next week.

No idea. But I believe the shares have been oversold and with the prospect of £1.5bn of dividends arriving in the next couple of weeks, there's every chance of a price surge in the next couple of weeks. I sold a chunk of my holding here after it went ex-div, but threw a little more back in when the price dipped to 320ish. I may take another dabble at these levels.

If there is one problem with buybacks it is that it is equivalent to the company investing in itself. But it does make sense if the company is trading on a discount to NAV or if the market is undervaluing the growth prospects.

In the case of LGEN, NAV and earnings are the wrong measures. Cash generation is paramount and buybacks simply reduce the number of shares so that if cash generation is maintained in the long term, that cash is shared among a smaller number of shares. Here, I think we are looking at 2.5% dividend growth simply because of the buybacks - one of the reasons why I think it should trade at a lower div. yield to the likes of PHNX where buybacks are constrained by debt ratios.

That is far too high. Long before, you'd have the opportunity to collect 16 years of dividend up front and I for one would have taken that.

250p may well be the bottom of the new range but it's starting to look a little pricey to me with a dividend yield of close to 8.4% so I've taken a small slice of profits and will watch and see what happens from here. I'll console myself that I made a tidy return on shares I bought a couple of weeks ago.

Why would the price of LGEN fall when holders get their dividends? If anything, there'll be some investors who reinvest dividends and given that total dividends represent c6% of the MCap, there's more likely to be increased demand in the next 2 weeks which the "smart money" may want to get ahead of.

I don't think life insurers can invest in crypto or if they can the investment would have zero value from a statutory viewpoint which would restrict the ability of the companies to generate cashflow. And in this business, cash is king.

If investors in PHNX want to invest in crypto, they can do that with the dividends they get here and build up a tidy security to protect them from the "deep state". I'm happy enough with the cash.

They may well be right that there are better options - but they are also more expensive options. A "sell" recommendation is almost certainly a step too far though as this stock is the least expensive in the sector.

I may sell some of my modest holding here but it will be for profit taking reasons rather than anything I think is fundamentally wrong either with QQ or the sector.

Correction - The Roan concentrate is sent to Sable for processing.

Fishy,

It's something that JLP have promised but to date they don't appear to have been up to the task of breaking down their production line into any easy to understand flow diagram. But I can piece together the key elements of the copper arrangements here - I'm still unclear whether the production is cathode or solution but

Roan - now processing external materials so operating almost as a stand-alone production site with 1.4% material processed at a rate of c40kt per month extracting 65% of the copper

Munkoyo (high grade material - c2.5% copper) -> Sable refinery

Munkoyo (low grade material - c0.7% copper) -> stored on site for future processing as an when the modular units can be produced.

Sable is the refinery producing cathode from Munkoyo (maybe also has some external feed)

Project G is like Munkoyo but less developed.

Large Waste Project - A large pile of rocks which they haven't yet fully paid for and which they have not decided what they will do with it.

I'm struggling to make sense of this RNS. Anyone able to work out the aggregate copper production targets for FY26 are?

These results look better than the SP is currently reflecting.

Antenna division results particularly strong.

I don't want to argue there won't be a dividend - simply that this is a stock reference to their investment objective and not linked to the Guident IPO. The philosophy has been there for some time and there has never, to my knowledge, been a dividend here; just the prospect of one.

The only reference I can see relating to a special dividend in their results is what looks to be a fairly standard statement of their long term objective to return money to investors. But this is one I have seen in previous statements so I would not assume this means that funds raised from the Guident IPO would be used to pay a special dividend.

Is there another mention of a special dividend in the results that I might have missed?

No problem Nelson. If it helps, your spellchecker probably knows that Couerdelion is an incorrect spelling.

I am more than happy for them to hold onto the Waste Rock material for now. The cash generation ought to produce plenty right now to provide any investment needed to expand Sable, Roan and Munkoyo, though if there is a profitable investment they can make that might require more, I would equally be happy for them to fund it through further sales of the 2.4m tonne pile of rock.

As for updates, I would be more interested in forward statements rather than estimates for the FY and I would rather they have completed the work on the new feed (admittedly it seems this is more complicated than was thought when they announced the deal).

They might not be exposing themselves to travel specific risk if they are long on other stocks in the sector. You'll notice too that their short position has been bouncing all over the place these last few months so I don't think it is anything to get overly concerned about as they will no doubt reduce it if the price dips too much. At worst we might be looking at a temporary feature and if the SP dips too far, it only creates a more generous buying opportunity which I for one will not pass up on.

I guess it's too much to ask that this might be at the sub 210p levels we were offered on 7th April.