Member Info for ElProfessor

Morning Basscadet,

Could well be that JLP decided they could get better terms elsewhere. I was also struck by the $11M outstanding acquisition costs being due within 12 months of the deal being signed. As such they may well be pushing it to the right to give Roan the time to be producing more thereby generating the required cash.

South Africa and chrome certainly seem to be going great guns. Obviously the price for chrome has pulled the profits back on that front but that is not within JLP's control and has reversed in this second half year.

Best wishes,

Prof

Hi Summit,

This is an AIM company operating in southern Africa, and therefore a pretty unpredictable geography, as illustrated most recently by the electricity problems resulting from the drought.

Cash-flow is key and many an otherwise promising small company has gone to the wall because it ran out of cash. Personally I am absolutely fine with a 2% dilution if for a good reason and the fact that they did not use cash does not mean they did not have it, just that they are prudent. Doubling the % of the copper seems worth it particularly if, as it sounds, it is close Roan and therefore has reduced transportation times and means ramp up to full capacity is faster.

Best wishes,

Prof

Hi Mamot,

Thanks for sharing your thoughts. Like you I will be taking part of my holding in CEY across into Anglo although in my case it is somewhat accidental. Having fully sold out of CEY post the deal being announced with half going at 155 and half at 165 I then bought a third back at 162 expecting to make few pence per share. With the subsequent drop to the 140s I have decided to hold into Anglo. On one side I could not really be bothered holding US shares, particularly in a company I had not particularly researched, on the other hand I feel Anglo have got Cey for a very good price and that gold price increases are not yet properly priced in with miners.

Best wishes,

Prof

Hi Siko,

Apologies I forgot to make a donation when you kindly put the link back up. Oversight rectified.

Keep up the fab work!

Best wishes,

Prof

Hi Sotolo,

Thanks for the prompt. I had been meaning to contribute to Siko's amazing work but forgot. Oversight now rectified.

See you on the other boards.

Best wishes,

Prof

Chester, Dru,

I don't get why a risk free rate of return is relevant. These are options - which means that the individual needs to put no money up front. In fact is not the opposite not true. If you had a 1p options and 100% inflation then the following year that options would only cost you .5p in real terms so you would be quids in, assuming that the SP had kept pace with inflation?

Best wishes,

Prof

Hi Courdelion,

From what I can see the options vest in 3 years with a maximum life of 10 years (i.e. you have to redeem them before then):

'There are no performance conditions associated with the share options awarded during the prior year.

According to the terms of the Jubilee Option Share Scheme, all options have a maximum life of 10 years.

New options were issued over a three-year vesting period.'

Best wishes, Prof

Hi Sotolo,

Thanks for answering and no pb ref the delay, I sometimes of the same of posting on a board only to then not go there for weeks.

Sorry to hear about the doubling of the house build costs - I had heard that building costs had shot up but doubling is insane. Fingers crossed for some bumper profits on some shares to enable it.

I too have a few in HOCS although as I rode those down they are only just back to zero. Fres I am not in at the moment (I have been) but am tempted.

More generally where to go if you have a fair few CEY and decide to sell is a difficult question. I fear the market as a whole may be a bit frothy. Miners seem undervalued but then again I have been thinking that for a few years and all that has happened is that they have become more undervalued (i.e. fallen).

As I said before I think JLP is worth taking a look at. I am already in there so not objective - I would be fascinating to see what you think looking from the outside.

Best wishes as always,

Prof

Stated:

'The scale of the large Waste Rock Project indicates the need for four processing modules similar to the Roan front-end module, requiring an estimated capital investment of around US$50 million subject to funding. Preliminary production estimates suggest that these modules could collectively produce approximately 2 000 tonnes of copper per month.'

however the RNS on 12 Dec 23 that broke the news of this deal said that the funding terms sheets said that IRB would provide all the funding for the SPV.

Does this not mean that IRH will fund that $50M?

Would be grateful for the understanding that others have.

Best wishes,

Prof

Hi Sotolo,

Well done for prompting Siko to open another fundraiser over on CEY.

Have you started with the house and if not does the CEY takeover mean you now will?

What are you rotating into, I know you are keen on HOC and FRES?

I have now sold down half my CEY, am in here, a bit in HOC and significantly in JLP (perhaps worth a look as has fallen a lot recently but seems to have a lot going for it).

Best wishes,

Prof

Hi Siko,

Delighted that you have put a page up again and I will of course be making a contribution.

I would be surprised if you didn't get some people saying it is a scam but please ignore them.

To anyone who is thinking of contributing but worried whether this is legit I would say this - I don't know Siko personally however he has posted for many years and comes across as a person of the highest integrity. He was encouraged previously to collect via this Board for the needy in Egypt and eventually did so. He then kindly posted updates of how the monies had been put to good use. I can be cynical but am happy to donate to his charity page.

Best wishes,

Prof

Morining Siko,

I am with Sotolo. I think you should make another appeal for us to contribute to and say a small thank you to Egypt and her wonderful people.

Please do and ignore the cynics and critics. In Theodore Roosevelt's words: “It is not the critic who counts; not the man who points out how the strong man stumbles, or where the doer of deeds could have done them better. The credit belongs to the man who is actually in the arena, whose face is marred by dust and sweat and blood;'

Best wishes,

Prof

Or if we want to be less pretentious: ' So ends the glory of the world'.

The board has, understandably a feeling of the last day of the final year at school. So many of us have been here so long with so many ups and downs.

Some of us will make a conscious effort to stay in touch, some of us will go on to the same institutions (read shares) together and most of us will never cross paths again.

I have sold half, of a not inconsiderable holding, down and thought seriously of selling the rest down earlier today.

I am not convinced that this deal is in the best interest of shareholders, but am convinced it will go ahead.

I have been educated, frustrated, encouraged, infuriated and consoled by other posters over my time on this board. Thank you to all you fellow pilgrims.

Very best wishes to all,

Prof

Hi Somnamna,

The second of many?

Good to see you over here. I dropped in early this morning and was surprised to see no chat here.

Have you kept your CEY shares? I sold half yesterday on the gold surge expecting gold and therefore CEY share price to fall back with it. Still expect we might see a drop back ahead of the weekend as per last week, in which case I might buy them back (got 155p so probably would not buy back until 152).

I think this is a very good deal for AU but unclear why the CEY Board does not think it worth staying independent given all the investment in getting Sukari on a firm footing, Doropo investment and soaring gold price.

Best wishes, Prof

Thanks Razors. Not sure where they got the gold price from (typo?) fortunately currently a lot higher than 2447 at 2492.

Best wishes,

Prof

Morning Olderandwiser,

I am with Siko and Evanescent. Personally I don't read it every day but often I do and I am grateful to RazorsEdge for taking the trouble. The days I don't read it, it certainly does me no harm and I am sure lots of others read it on those days.

Best wishes,

Prof

Hi Shuvlin,

You are right that he did explain it in the Roast interview. It is however a very strange way to go about business - to issue and RNS and then to have to go to a PR interview to get the full picture.

A forecast is meant to be what you expect for the next year. The market seems to have taken JLP at their word and the share price is once again suffering as a consequence.

I welcome greater conservatism but fear they may have gone too far. There seem remarkably naive in how they are communicating, or maybe they just don't care.

Let us hope all changes now are to the upside.

Best wishes,

Prof

Hi Billly,

You make a good point about 'structure' as well as 'substance' and I agree, notwithstanding the copper question, that there is a welcome clarity to how this RNS is structured and written.

Best wishes,

Prof

Like most I am pleased with the RNS but surprised by the forecast copper for next year and hoping that this is LC being enormously cautious.

Given:

'The Roan Front-End Module and Concentrator, and the Sable Refinery are expected to reach a processing capacity in excess of 25 000 tonnes of copper per annum.'

and that:

'Construction and commissioning of the Roan Front-End Module were completed during July 2024 with production of first copper concentrate announced on 12 August 2024'

and also::

'Sable Refinery is currently being upgraded to expand its refining capacity and copper sulphide concentrating capacity targeting to reach a combined capacity of 16 000 tonnes per annum of copper which will be dedicated to the concentrating and refining of Open-Pit mined copper resources.'

It would suggest that Roan alone could now produce 9,000 tonnes p.a. With their forecast for copper for next year of 5,750 to 7,500 that would require Sable upgrade to go on for all of the year and nothing being produced and Roan to be producign way under capacity for all the year.

I presume that I am misunderstanding something so would be grateful for your thought.

Best wishes,

Prof

WOW!