Member Info for ElProfessor

He has over 560,000 subscribers and usually focuses on Gold and Silver but has just done an episode called:

This Metal Is Set To Explode (Not Gold Or Silver)

Spoiler alert - that metal is copper

https://www.youtube.com/watch?v=_opyvjj_BTQ

Hope people find this interesting.

Best wishes,

Prof

Morning Lucky,

I am sure that there are lots of countries where emissions are not checked however in the UK it is a standard part of the MOT:

https://www.gov.uk/government/publications/in-service-exhaust-emission-standards-for-road-vehicles

Best wishes,

Prof

Paul,

Like you I have made a few donations over the years to Siko's wonderful work in Egypt and would encourage any of the former CEY holders (and any Anglogold that want to do real good) to make a donation. https://gofund.me/bd6063e4

Best wishes,

Prof

Hi Sotolo,

Sorry that you are having to deal with a rude and ignorant poster on this board.

Best wishes,

Prof

Morning Happy,

I thought that at first but when I checked the RNS it was dated 06 Aug and said:

' The upgraded Roan concentrator is fully operational and capitalised and exceeded its targeted production for the month of July 2025 reaching 384t of copper units for the month of July 2025 and is ahead of the targeted production rate of 350t in August 2025.'

It doesn't change that there has been a significant fall in output at Roan but it is not necessarily all in Sep, but between 06 aug and Sep.

It does however seem that the 2,300 tonnes mentioned in that same RNS for H126 will not be hit if the Q2 output mirrors the Q1 output which is what today's RNS appears to be saying.

In absolute terms these are not big variances but it is concerning that even against what many of us consider to be low forecasts, they are still falling short.

The theme of jam tomorrow and more capital than previously indicated also seems to be continuing.

Best wishes,

Prof

Nimrod,

Thank you. A good synthesis of the situation.

Best wishes,

Prof

BottomsUp,

Agreed. The only bit, and it is quite a substantial bit, that I am uncomfortable with is the phasing of the payments.

Best wishes,

Prof

From Chairman's letter:

'Importantly, the Transaction is non-dilutive and creates the opportunity to accelerate a sustainable share buyback programme and/or implement a dividend policy, supported by a more stable, copper focused asset base.'

Rather than just reading the RNS the full circular, including Chairman's letter is here:

https://jubileemetalsgroup.com/rns-news/

Should also have specified that the difference appears to be the debt (and various other such instruments) being taken on by One Chrome.

The Transaction places a valuation on the Disposal Group of approximately US$146 million on an enterprise value basis, which represents a 6.0x multiple on the FY2024 EBITDA. The consideration to be received by Jubilee for the Disposal is up to US$90 million, of which US$87 million is due and payable and not subject to performance measures. The balance of US$3 million is subject to certain metal prices and exchange rate criteria

'Transaction has an enterprise value of approximately US$146 million, which represents a 6.0x multiple on the FY2024 EBITDA of the assets being sold'.

Hi Gray,

I agree that if the institutional investors are convinced then it is likely to go through but presumably with their analysis resource if they think it is a good deal then they are probably right and if they think it is a bd deal then they will vote against. Their interest are, in this case, aligned with those of the PI.

Do you see it differently?

Best wishes,

Prof

Let us hope we find out and it is not too messy.

Morning Sotolo,

To me the curtness of the RNS does not suggest an amicable parting.

Is that how you read it?

Best wishes,

Prof

Morning Klapka,

That's you up to 3 posts already; see - not so hard!

Best wishes,

Prof

Hi Klapka,

Great to have you on board (sic). Looking forward to reading your thoughts, particularly with your excellent understanding of SA.

Best wishes,

Prof

Frog,

Yes it would be nice to shoot up on this news however I agree that there is inevitably some cynicism baked in to announcements now until they are fully converted into the results.

I would also suggest that on a day where the FTSE is down close to 3% then standing still is not so bad.

Best wishes,

Prof

Thanks Chester.

Morning Frog,

Thanks for answering. That was my initial thought however in Leon's statement he says:

"This transaction offers us the opportunity to immediately commence with the processing of our excess PGM material and has the effect of increasing our production capacity by as much as 32% (at a 100% level) with no additional capital, when compared with our guidance for FY2025."

Given that, from memory, PGM guidance was c36k p.a. then to increase that by 32% would need all of the 11k p.a.

I really think they need to work on making their RNS clearer so that they can only be interpreted one way.

Best wishes,

Prof