Member Info for Fishysaurus

Lets pencil in a vote late 2027

This board is as quiet today as JLPs Management flow of information

NS i get your reliable source but how can you have a deal if you are awaiting info from the buyer, likewise how can competent management sign off a deal without full legal being signed off first?

Sorry i don't buy that. JLP management must have all the info to enter into a deal, so nothing can be outstanding. As for legal review, that again must already have taken place to be able to agree a deal

If when the circular come out, it "rubbishes" the prospects for our SA PGM and Chrome business then for me it will be time for Leon to be replaced. I only have to look at a close competitor SLP who are currently in the middle of moving from a pure SA PGM business to add in Chrome, and making a financial success of it to see what competent management can do. If however the sale is because the Copper business is massively successful but need to money from selling the SA business to grow it (and this is based on production not forecasts) then this will be a credible move.

I hope for the latter but even this massive time gap between the deal announcement and the circular being published is deeply troubling, if you have "agreed" a deal then all of the facts and figures must have been available to reach that agreement, this therefore means that it is a short job to translate this information for the shareholders consumption.

Our share price with current metal prices should be way north of its current level and I can only conclude that with no signs of news on the Circular or on Copper production that the market has no faith in our company or prospects. I feel time for management change is close to becoming key.

I have read everyone's frustration and share it. With the publicly available information this deal make no sense even before the PGM price rise, and in particular with the phasing of any payments. If SA was such as big issue, why has SLP flown during the same time period?

If Leon had good and factual news about Copper, it would only make sense for him to release it, to reassure the markets on the way forward. The lack of such information to me rather suggests that either there is no good news, or just possibly that it is being withheld.

Why? only so someone can take the business at a very low ball offer - but then why would some institutions play along unless there are mechanisms where they can roll their holding over into "newco" and not get diluted.

I am probably madly speculating like most, but when the facts don't add up one is led to scenarios to try and explain the inexplicable.

Clearly there are a lot of people on this board who believe that the board are just lying about everything - so why are you here?

Despite all the many question about the SA deal, the key issue which Leon could do with answering is a warts and all update on Copper. The last RNS on it was confusing to say the least - the next one needs to be all figures and fewer words.

He used Gordon Brown as an advisor?

On the back of the higher pgm prices SLP up 4%+ and JLP down 5% - "The Jubilee Way"

SLP are currently in PGMs and moving intro Chrome - their SP is bouncing up nicely over the short term. Why are we considering selling at below NAV, what is the value of the PGM stock pile? Unless there is a lot of hidden information, something is seriously wrong with this deal. I could almost understand this if ALL the money was up front and we had a significant purchase that we wanted to make - but radio silence. From what I can see the cash flow from the current operation is close to the "deal" then consider the loss of the assets!!!

If we had "perfected" copper and could see a clear (not a Leon) forecast to increasing volumes then that would be a better position.

Nothing makes sense at the moment and the market tends to agree - what are the board thinking of?

On the SLP board they are celebrating higher pgm prices and their new chrome operation in SA driving increased profits this year compared to history

With the current PGM prices, the large stockpile of PGMs now being profitably worked via a joint venture, I would like to see what the profit contribution will be from SA for Chrome and PGM for the next 5 years. It feels to me that we have a steady bankable income stream that we are selling off as what appears to be less than we might make from running it ourselves.

What I would like is a flow diagram with all the sites, stages, interactive components and in and outputs clearly drawn and labelled. The word output does not help to clarify things I find.

It feels to me as thought the market is not waiting until mid or late April for any updates.

I think that they need to bring these announcements forward and give us some projected figures, clearly stating the assumptions behind them for cost and profit.

With Copper prices and PGM prices recovering, with increasing production the next RNS SHOULD be very positive for us. However history tells us LTH that the "Jubilee Way" is to spring some unexpected news on us that manages to tarnish the good message.

Copper Nearly 5% up - that's quite a move on a day.

I just wonder if we might be one of Investors Chronicle Bargain Shares picks (by Simon Thompson) for 2025? he is a close follower of Slater and has covered JBL before. We are in the sort of price level with the potential that he likes to tip to look good. That would give us quit a buying spurt as quite a lot of people follow him.

I can still buy cheaper than I can sell at the moment, so I guess MMs have many available to buy.

Is the seller taking a day off, or finished?