Member Info for Dcat80

By very little I mean it’s Nt to buy. Fill and kill at 2.3p for 30k shares if anyone wants to buy..

Morning joeman, yep. Like I’ve said mms are short of shares and if we get some further good buying another big move up is on the cards. Very little offered at these levels so a push to 3p+ is possible if buyers step up

Jan trades summary

Date Buys Sells

2/2/24 1.375m 170k

5/2/24 292k 150k

6/2/24 1.6m 800k

7/2/24 63k 50k

8/2/23 137k Nil

Something I considered other day is I reckon fodere economics will be quite similar to another of my holdings EML. Stage 2 fodere should produce revenues in excess of $600m and have over 20 year stock pile at that run rate. Margins will be good so I think $2b npv is on the cards. Fodere have environmental permitting in place for stage 1 and funding as well.

It’ll be an exciting period when fodere do start more regular newsflow.

$2b npv is also circa 20 times that of the current pitombieras NPV of $100m. So in a way a 5% holding in fodere (Jan currently over 7%), should be just as valuable as pitombieras in its current state (expect fodere tech to

Improve economics considerably).

In meantime comfort can probs sell bres shares if need to as 2 parties shown they are happy buying blocks at 5p with no warrants. Jan has the warrants as sweetener if required..

Circa 1.4m buys vs circa 800k sells at vwap of 2.2p today. That’s after considerable buying on Friday already left mms short of shares.

Was 2.61p to buy 100k shares and probs about £30k buys away from 3p before the idiotic selling below bid and then further selling when Nt to buy. Would have been better to put sell order in than smash it down well below vwap….

Hopefully we see the end of such selling method and buying continues. If so that 3p could be pushed soon as mms are clearly short of stock following the recent but vs sell ratios…

Yep. Little point posting when no one wants to listen.. Fodere has for years been my reason for investing and the update which included commentary on their S Africa plans shows just how profitable Jangada stake on them will be. They’re funded for stage one plant build which should produce revenue of over $120m and fund stage 2. Stage 2 revenue wpuod be nearer $600m+. Opex cheaper than current plants so expect 50%+ margins. They’re a $1b company on the making.

Then Jan has right to fodere tech in S America, not just for use at our project, but throughout S America to licence to other parties. Then of course pitombieras.

Yes fodere are slower to develop plant than hoped, but it’ll be much bigger and they’ve got financing for that larger plant via African development bank. Hopefully now see solid progress for them and later in the year results on pitombieras…

What I’d really like to see soon is Luis working his magic on new acquisition, with cost down the line in form of royalty on production etc.

He acquired Bravo asset for circa $1.2m before listing it at nearer 100 times that value! Don’t expect the same kind of uplift here, but could be great for Jangada and at least produce more frequent news and reason to buy 🤞

Good to see Bres news today landing just when the jabgada book was set for big move.

I’m less concerned by the Bres day to day share movement. To me 2 entities buying bulk stock at 5p without options means there is likely options for Jangada to reduce their if funds require, especially as can throw in warrants of necessary. It reduces the liklihood of a forced poor placing..

Guess no one was going to help sneakerking out on usual cost of a tio2 plant…

The capex for a std tio2 plant capable of producing 80k tonne per annum of tio2 is circa $750m. That requires feedstock of a minimum of 40% tio2.

Within the latest RNS under further information you’ll see the fodere Witibank stage 1 plant will cost circa $75m, is to be fully funded by Africa development bank and will produce circa 32k tonne tio2 (plus other commodities). That’s using the 32% tio2 content feedstock a std plant can’t manage.

Simple maths for you…

If the fodere plant was using 40% feedstock not 32% it’d produce 40ktpa tio2.

2 x fodere plants at $75m each would cost $150m. That’s a $600m saving to a standard plant.

Can you understand the commercial implications of $600m capex savings on a plant? How much would a company wanting to build a tio2 plant pay to use tech which would save them $600m? $100m, maybe $200m?

That’s just a quick and simple way to demonstrate the potential of fodere disruptive tech.. Plus Jangada own the licensing rights for the whole of S America…

The investment in fodere should prove to be very worth while for Jangada, before even considering implications on pitombieras. It’s just a damn shame fodere are taking their time over getting a plant over the line!!!!

Obone - there has been a seller over last few sessions. Every day selling below the bid and chasing it lower. It puts off buyers. I suspect the 400k sell was same person. Until that style of selling stops I’m largely switching off. Hopefully they’ll be out soon or at least have got the money they need for whatever reason.

Sneakerking - We’ve been through your case about should have kept Valore shares Months ago. If not sold they’d have been multiple placings at Jangada by now and the value of the combined Valore stake would be less than half the value it was sold for by Jangada!

The investments in fodere and bres will definitely produce higher returns, very little doubt about that. I bet you haven’t even calculated the revenue fodere are expecting at stage 1 and stage 2 from the last RNS. Or calculated how much cheaper capex is required building a fodere plant to a standard tio2 plant!

The issue is very much comms and them not having completed on a new acquisition which has been mentioned numerous times. We’ve desperately needed something to work on and produce newsflow, SP is where it is without that happening or any proper disclosed plan. It’s no reflection of the fundamentals.

Again I’ll say to you we’re all frustrated and annoyed, but at least get the facts right and understand what Jangada have and the potential.

Plunder, I don’t think you get me at all or have even looked at Jan in any detail. A quick glance through my posting or the very few recent RNS would have shown you it’s not FID expected next at Jan. Capex is also very manageable and an IRR of 100% and npv to capex ratio of 5 gives plenty of scope to rework numbers.

Capex inflation will affect all projects in some way or another, variants on split between plant and infrastructure spends etc. personally wouldn’t touch the more marginal development companies as a 20%-30% IRR and NPV to capex ratio circa 1 just doesn’t have enough in it to greed existing holders and financiers, whether expected or god forbid capex overruns.

Other free advise is you really need a strong local team involved in Brazil. Fortunately we have Luis who is certainly one of not the best person we could hope for.

SP is frustrating. UFO has bounced 100% from lows on improving iron ore price, yet Jan not really moved…

Brian and Luis previously financed and built mine at Avanco with Appian capital, blackrock and glencore all involved with eventual buy out by Oz minerals. Similar economics with 94% IRR and NPV to capex ratio of 5:1 all in poor copper market.

Luis recently bought asset for bravo for $1.3m before floating it for over $150m

(Retaining over a 50% stake himself…). Not seen anyone else manage something like that & definitely the in country director we want!

We need to see progress and improvement in comms from Brian. Be nice if during this quiet period he’d taken a college course on communications 😂

I’m sure we’re all hoping you got the lows and pretty confident you’ve one of the better averages. Assets are very exciting, just needs to wake up!

First time I’ve seen an iron ore offtake with a junior for a very long time.

Hopefully sign market is improving along with the recent iron price surge 🤞🤞

https://themarketherald.com.au/fenix-inks-wa-iron-ore-offtake-deal-with-privately-held-10m-2023-11-20/

There is plenty of news due/overdue

1) Updates on private company called Fodere which Jan have circa 7% interest in. They should be making solid progress towards being producer in 2024 with revenues circa $100m on high volumes. Previously advised would be funded 100% by debt. That’s just stage 1. If all goes well then stage in later years would increase throughput and see revenue of nearer $500m. Market unaware of fodere, but if all goes to plan it’s a $1b+ MC companyat stage 2.

2) Updates on Jangada pitombieras project. We’re waiting on ore being tested using Fodere propriety tech. All going well this would vastly increase the titanium credits, therefore project economics and attractiveness to offtakers to fund the project

3) New acquisition. Been mentioned since start of year. In country director taking lead on these negotiations. BOD are targeting non core assets of majors with unicorn potential and where any payment is down the line on milestones. Whilst no specifics are known the last acquisition made by this director was for $1.3m with it being floated shortly after for over $100m. So it’s the dark horse as in we don’t know what it could be, but the Director negotiating has form and could be transformational.

There’s not been any meaningful update for 18mths which has punished company and lead to lots forgetting the excitement. Pitombieras project already has a post tax IRR of 100% and npv $97m and trial mining licence in place. In current set up iron ore is chief commodity. Recent increase in iron price also helps make project in its pre fodere plant scenario more likely for offtaker funding (although think it’s fodere plant option that will be most likely route).

Regarding new acquisition/s. Not been posted for a while, but Luis taking lead on the negotiations. Recently bought asset for $1.3m to then floated it at nearer $100m with institutional support (all in prospectus below). Definitely the right guy for opportunities in Brazil!!!

https://bravomining.com/site/assets/files/5752/20220715_bravo_mining_ipo_final_long_form_prospectus.pdf

Perhaps more relevant for offtakes than price… I suspect though it’ll be offtake on tio2 that’ll be more likely to us..

https://uk.investing.com/news/stock-market-news/iron-ore-deficit-looms-goldman-sachs-forecasts-supply-shortfall-for-yearend-report-3234554

Artyth, i also added recently (150k), it feels very lonely being a buyer among the sell/s that happen every day though!

As I’ve posted I believe we’re definitely in period I expect to see Fodere updates at the least.. Hopefully it’ll soon be clear on why i believe just the Jangada stake on them will soon be worth more than Jangada current MC…

No idea though on where company is on the new acquisition/s references as being in the coming months way back at the start of the year. I believe Luis is taking lead on these and with what he done with Bravo it’s the dark horse of the possibilities here. Nothing to speculate or research on though until it’s announced and we can review..

Posco and Tanzania get mentioned in this article. Hopefully the kick up the behind for financiers to finally sort blackrock out and re-engage will other nearby players…

https://www.mining.com/web/battery-makers-hunt-for-graphite-ahead-of-china-controls/