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That just underlines my point Seis. My wording was an example . I have no idea where this electrical kit is neither have any of us. All we are interested in is that commissioning is still on track for completion by end of May as stated in last project update.

Leon could do worse that take a lesson from the CEO of Zephyr Energy ZPHR. Following a disastrous blow out on a key oil well drill last year investors have been waiting nervously on redrill results. Today ZPHR put out a nothing RNS saying drill 2/3 of the way to target and on schedule. Result happy shareholders. Leon might think of doing something similar for Roan. I.e . All parts on site assembly on track for completion by end of May. Just a thought

My take on Leon’s cost of copper production is that cathode is c$5000 per tonne ie less than $6000. Copper in concentrate is c$4000 per tonne as often mentioned when discussing Roan when fully ramped up. As often happens in these Roast interviews no one makes it clear what specifically they are talking about.

I knew there would be a catch. However 3 mill tonnes in 2025 could add another $100m or so in 2026

Can’t wait for 5 million tonnes of Chrome concentrate.

Gray1. I would appreciate your view on Copper next year if you don’t mind sharing it with us

Just listened to Roast for 3rd time trying to work out what is realistic target for copper FY 24/25. Assuming Roan finally gets switched on in May that is c13 kt of concentrate some (5kt?) of which will go to Sable for refining. Is it realistic to expect Sable to produce an additional 7 to 12 kt of copper in addition to make guidance for the full year 20 to 25kt? Or am I being too. Optimistic?

27% for me . Jubilee is my favourite and most successful investment ever. Been here 4 years this week. Bought and sold well to date more than covered my losses in HUR DEC & TERN. Onwards and upwards from here.

Very happy to hear Meta promoting Fundamental VR on Classic FM today. I guess 30 second ad extolling the contribution Fundamental VR are making in the field of cataract surgery. Clearly Meta think a lot about this company.

Price $8690 and rising. Highest since July last year.

Currently indicating $8578 per tonne.

Copper price achieved is a mix of cathode & copper contained in sulphide. Copper contained in sulphide about 2/3 price of cathode.. at the moment split is about 50/50 between the 2 according to presentation yesterday.

Leon keeps his cards very close to his chest. I was keen to ask him to explain how sable 16,000 tonne capacity will break down. I think Roan is slated to produce 8k tonnes of sulphide to be sold on and 5k tonnes of oxide to onward processing into cathode at sable. Sable I think has capacity of 14k tonnes of cathode production from oxides and now presumably 2k tonnes of sulphide . 5k tonnes oxide from Roan I get , the balance to come from Munkoyo and third parties but unspecified concentrate levels. Can anyone on the board enlighten/correct my understanding?

Don’t forget 9am GMT. Another chance to hear Leon dish out some more pearls of wisdom.Oh absolutely!

As highlighted by SEISNAV and now LUFC. No one on this board was expecting Thutse to deliver c$100 per tonne of margin. At these prices chrome delivers c$10 million per quarter margin and the next module will increase that number by $5 million per quarter. Anybody like to give Leon any credit for this? Instead of bleating on about Roan being later than forecast

$8530 per tonne , highest it’s been in 6 months.

It’s up 3% today could this be the reason for the price rise?

Https://substack.com/@theoakbloke?utm_source=substack&utm_medium=email

This helps to explain todays RNS.

Just listened again to recent Roast interview with Leon from the indaba in Capetown. He seems to reference that the expected output from Monkoyo is going to be 12,000 tonnes per annum. He follows that up by saying 4 Monkoyo = 50,000 tonnes Pa. I previously thought we were only expecting 1x35000 tpm module to be sited there which roughly equates to only 3500 tonnes Pa of copper. Have I misunderstood or is Leon holding something back?

By year end 2024 JLP running at 2000 tonnes per month of copper cathode and copper contained concentrate from Sable and Roan. c150,000 tonnes per month chrome concentrate and c3500 ounces per month PGM.

By June 2025 expect to be producing an additional 2000 tonnes concentrate per month from 4 or 5 concentrators in JV with IRH from OB dump for shipment to Mopani. Plus some upside potential from Monkoyo when that unit gets going in early 2025.

If this comes to pass then very happy days for todays shareholder.