Member Info for Dcat80

Need to be audited 6mths after year end, always had either half year or interim at the least within 3mths of relevant period.

BOD had 4 updates before end of this quarter, accounts for both HMI and Jan, sales update for HMI and project update for pitombieras at Jan.

HMI got their sales update yesterday, accounts still required for both today. One would hope if we’re just getting a one liner update it’d have been cleared yesterday, but let’s see.

SM - no, somewhere I’ve seen something about Fodere having an offtake agreement for their Tio2. Can’t remember whom, however with NVS as a common director he’d have an in with that party and as such they could be potential suitor for us on the Tio2 side of things. I’ll have a dig around sometime see if I can find the name

BF - Largo I think are most likely, simply as they don’t just want more vanadium but need it for their battery plans.

There are however other options and if you’re looking towards the Tio2 then Tronox are a $3b USD listed company with a pigment plant in Brazil. As Mesb has previously posted their Brazil Ilmenite mine is now depleted so they’d be looking for material elsewhere. Fodere group also have an offtake agreement for their Tio2, I’d need to have a dig around and see if I can find who that was with.

Ultimately the BOD and insiders with their large % holdings are only likely to be able to cash in either via dividends from
the project or a full takeover, both of which I suspect would be years away. They would though of course be looking to position the company for such eventualities.

We’ve all got an image of you sitting on your porch in a rocking chair playing a banjo with a half eaten cab of naked beans by your side ;)

I know not all have the patience for long term holds, but for me I’m very much looking forward to where Jangada will be in another 3 years. Totally different beast to where now that’s for sure…

Just over 3 years, first buy in February 2019.

Swizz is the old timer of the group I think being in 5years plus now

Only deadline next week is accounts….

Guidance for DFS was by end of this quarter, guidance is not a deadline. We should of course expect an update and if DFS if not released expect something on why.

Scooby as we’ve some trying to trade 20% moves. The real prize however is more likely to be akin to the 300% rise FAR saw when they got corporate transactions to progress financing… We just don’t know exactly when that’ll be..

Joeman - I’d never discount anything, with the DSO option though Jangada have an option to go alone and wouldn’t need to accept a low ball offer. I doubt at this stage we’d get anywhere near fair value for the project on full takeover, more likely in my view would be a partner and offtakers financing stage 1 construction of a wider operation. Free cash flow from that to later expand throughout of the plant, probably after further resource also proved your via drilling

Highlights of the 2022 NI 43-101 Pedra Branca Inferred Mineral Resource Estimate:

2,198 thousand ounces (“Koz”) palladium + platinum + gold (“2PGE+Au”) in 63.6 million tonnes (“Mt”) grading 1.08 g/t 2PGE+Au;
106% increase to 2019 inferred mineral resource;
$6.1M CAD spent on exploration and development since 2019 resource, equating to $5.40 per ounce 2PGE+Au added;
17,434 metres (“m”) have been drilled since the 2019 resource, with approximately 11,500 m allocated to resource expansion;
Extensive resource growth potential remains at Massapê, Santo Amaro, Trapia, and Cedro, in addition to advanced exploration targets property-wide;
Regional exploration by Trado® drilling continues to advance new prospects to RC or core drill targets.
2022 Inferred Mineral Resource Estimate

The updated Pedra Branca mineral resource estimate was completed by independent Brazilian consultancy GE21 Consultoria Mineral (“GE21”), in accordance with Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”) Definition Standards incorporated, by reference, in NI 43-101 Standards of Disclosure for Mineral Projects, and has been reviewed internally by ValOre. The 2022 resource estimate is the result of over 17,000 metres of new drilling between July 2020 and December 2021 and comprises 7 distinct deposit areas which host, in aggregate, an inferred resource of 2,198 Koz 2PGE+Au in 63.6 Mt grading 1.08 g/t 2PGE+Au (see Table 1 below). Mineralization outcrops at surface in all zones, and all the inferred resources are potentially open pittable.
The Pedra Branca inferred resource estimate has doubled in its palladium, platinum, and gold endowment since the 2019 NI 43-101 technical report (CLICK HERE ValOre news release dated July 23, 2019, for a summary of the 2019 inferred mineral resource estimate). Compelling growth potential remains at multiple deposit areas, including Massapê, Santo Amaro, Trapia, and Cedro.

BF - think Largo used something like $8.8 per lb in their recent long term average forecast, whilst noting vanadium had entered a bull market with vanadium deficit in 2021 looking like it exceeded 2017 levels which saw the most recent high spikes.

This compares to the $6.3 per lb used in Jan PEA.

The increases in lithium particularly makes other forms of battery technology now much more expensive than few years ago, as such vanadium prices can now be that much more expensive and still compete against other battery technology on price format, the crux really is certainty of supply of vanadium to support the battery industry.

I’d imagine any numbers used in economics are likely to be similar to largos $8.8p, maybe slightly higher, but not significantly so. Any offtaker more likely spot price minus a small discount as per the norm

Very interesting part of largo earnings call, highlighting the price increases could only just be the start and why largo are so keen to obtain more vanadium via offtakes..

16:01 Additionally, according to [Indiscernible], the supply deficit for the first 9 months of 2021 was 6.6 tonnes of V, which was on pace to eclipse the 2017 deficit of 8,100 tonnes of V, which in part led to vanadium prices increasing to a high of $29 per pound of V2O5 in 2018. More broadly and as we've noted before, the vanadium market is expected to grow in the years to come, driven by new economy use cases, particularly the need for greener steel and deployment of flow batteries.

BF - I had a quick read yesterday.

Q4 production was affected by weather as reported at time. Put up costs for year, but still made circa $20m.
Vanadium prices much higher now than averaged last year.
Entered a Vanadium bull market
Have circa $125m cash available inc credit
My fag pack calculators was they’d probably net $100m profit this year of no adverse events
Their Ilmenite concentrate plant pieces ordered. Construction to start soon.

They seem to be in a good place and expanding operations at a time they’re making good money.

Still need to get regulatory approval for the listing of their new physical vanadium purchasing company.

O&W always looks for the negatives in his investments or those he’s considering, he’s us the sensible thing to do and anyone that doesn’t risks getting caught unaware. Wouldn’t take it as malice, although can dampen spirits.

What happens to the SP short term depends on who buying now, their reasons, what next update is and how it’s worded.

What we know for sure is we’ve a highly economic project, macro environment is improving for us with strong iron price and vanadium increases which should continue, parties in the vanadium sector focused on security of future supply and us being in advanced discussions with said parties.

I’d certainly hope they are close to concluding any deal as these talks have been ongoing for some time now, however with 3rd parties involved deadlines are to an extent outside one’s own control. If they delay, it’s poorly worded and recent buyers have plan to sell on news we’d fall back. If delayed and worded referencing under NDAs discussing route of further benefication then it might rise or fall, if deal gets announced as we hope then it flys.

Macro environment really in our favour at the moment and no doubt causing more eyes to look at Jangada, first time this has happened in a while with lack recent news or PR so suggest take the opportunity to highlight the project and potential. That was those looking now might want to make Jangada a cornerstone conviction hold as most of us do, ratter than potential trade.

Still have plenty of cretins selling in size unfortunately, almost like they wanted a finish below 8p bid. Who on earth is so desperate for £250 they hit the bid with a 3k share sell? If so desperate why wait until they had to hit the bid? Don’t they think their remaining holding would be worth less than the £250 they got for that sale if they’d reduced bid? Absolutely clueless…

Mms have to fill an order at 30,000 (market size) at quoted prices. Fill and kill is the function I use with HL, if they come back and say no then I’d suggest pointing out to HL that 30k is the “market size” and mms must fill. Maybe they’ve a newbie that doesn’t understand that or is too lazy to phone the MM to force them to fill

Surprised he didn’t reply “look at HMI”. Think they can do decent PR when something to talk about, just a shame they don’t do a small amount between the big news items to help remind PIs. They should know not fo underestimate the laziness of the average PI, perhaps our efforts have warped their view on that ;)

Obelix - I understand selling less. Holders you’d hope (bar short term traders) would have done enough research or seen posts helping them out together stays coming. Without PR it’s much harder to attract new buyers as they’ve nothing to attract them in. Most our networks are already aware of Jangada aa we’ve been banging on about them for years now! Recent interest in vanadium plays has helped, but until news lands and PR starts back up then don’t think much of the market is even looking..

Markets very much asleep to us Obelix and what’s coming.

1) Produced resource reports and PEA to NI43-101 standard not jorc. NI43-101 being requirement of Canadian listed companies such as Largo
2) Amended our financial reporting dates to 1st Jan-31st December. Makes any future financial reporting easier for partner if using same dates..
3) Use the same mining consultants GE21. Largo will have confidence in any economic report.
4) Bringing the Tio2 into economics, just shortly after Largo have done exactly that
5) Brian McMaster states any form of further benefication will require offtakers and industrial partner
6) Largo on record as saying biggest risk to their battery plans is lack of vanadium
7) Largo recent crux interview - they state they will be helping other companies into production
8) As per December RNS we are being seen more as a battery play, not something that can be said about an iron/vanadium concentrate supplier. Recent Largo focus is on vanadium for batteries

Jangada could have produced DFS for a Direct Shipping Ore operation last year, they’d even been in discussions with plant producers on quotes for the limited plant required for such an operation.

Jangada have the environmental permit issued last October, only stage left is an mou with state Governor on intended operations. Fact they’ve not done that yet suggestive didn’t want to commit to the DSO as wider operation now more likely.

Talks with parties been ongoing since Q1 2021 and further advanced on MET tests completed in August.

Very soon Jangada will show their hand to the market.