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Reading Anglo American's recent FY page 21 RE PGM, Anglo noted that due to current PGM prices several producers restructured existing mines or mothballed future plans, Anglo also halted work on a 3rd concentrator and halted expansion opportunities related to PGM operations, given this Tharisa should remain conservative and does anybody know the chrome prices?

Hi All, comparing Assura to Primary Health Properties over 5 year period, they are very similar in terms of numbers i prefer Assura but are there any significant differences in terms of business model / strategy between the two, also can anyone explain the loss/write down Assura took in FY23?

1. H1 23 reporting error? Page 6 net debt of 15.9 m as at 31/12/2022, page 37 net debt of 198.7m as at 32/12/2022.

2. RE going concerns, page 38 interesting to see that a silver price of 18 and gold of 1481 would cause the 889m cash balance to decrease to minimal levels within a 6 month period, anyone care to comment on that?

3. Board concerned about potential actions by government after legal reform to mining law in 2022 " strategic mineral exploitation could be reserved to the state" but isn't that just a given everywhere anyway, if it comes to it GOV takes what it wants etc?

4. Currently looking at silver stream numbers anyone believe actual amount recoverable much less than stated?

Watched Fresnillo over time, bought recently now looking at H1 23 TU, can somebody explain why net debt was 269m as of H123 verse 16m as of FY22?

Can anyone tell me the AISC, the price of silver prod oz and gold prod oz?

Thanks Mike your posts are very helpful

2fartcatz the Head of investors relations is Ilja Graulich who posts on this chat as Tharisa. He has not answered anyone's questions or concerns but instead threatened us all with legal action for asking questions. I really don't think emailing him is going to result in a better response than what we have received on here, perhaps you should go first.

Tharisa instead of all the legal jargon you could of just answered investors concerns.

After looking close here is what i conclude to be going on, Pouroulis /Medway run Thar, also own 40% of Thar shares as of FY22 (now 44%). Pouroulis had a separate project/ idea (Karo holdings) of which Pouroulis/ Medway owned 100%, the project required funds to materialise for example 400m, Option 1 Pouroulis pays entire 400m from own pocket keeping 100%. Option 2 use Pouroulis controlled Tharisa pocket to pay 400m cost to Poroulis 40% of 400m. In addition to this dynamic Pouroulis/ Medway "sells" majority stake of it's idea (Karo) to its 40% self (Thar), 66.3% of Karo for 4.5m and 13.7m Thar shares, those 13.7 m shares increased Medway/Pouroulis stake in Thar by 10%, 13.7m shares equating to roughly 4% of Thar share capital, Medway/Pouroulis now own 44% of Thar, regarding the 93m transfer for 8.7% from 66.3% to 75%. Pretransfer 44% of the 93m belongs to Pouroulis (41m) other 56% to general Thar holders, post transfer due to KH holding structure 25% of the 93m directly belongs to Medway (23.25m) and of the remaining 75% (69.75m) 44% belongs to Medway (30.6M). Pre transfer Medway owns of the 93m 40.9 post transfer 54. What is happening with this Thar money being transferred to K H via acquired additional shares, if going on mine build fine but can someone verify. Thar IR refer to Karo as "they" but as Medway/Pouroulis run and own 44% of Thar and KH is a Pouroulis idea majority sold to Thar 75%, 25% directly held by Pouroulis. Karo is not quote they but clearly us. My end conclusion based on the shareholding structure and general appearance of this is as so, Karo a Pouroulis idea requiring funds, Thar is the pocket to fund idea cost to Pouroulis 40/44%, other 56/60% cost to general Thar holders, benefit to Pouroulis in venture 44% of Tharisa's 75/80% stake in Karo plus Medway/Pouroulis direct 20% stake in Karo holding, so Pouroulis costs 40/44% Pouroulis benefit 55% cost to general Thar holders at 56-60% benefit 45%. This is in regard to Karo holdings and does not take into account Zimbabwean government 15% holding in Karo platinum. Seeing as Pouroulis is doing all the work I'd say that this dynamic is fair, opinions and outstanding concerns?

Hxul you keep repeating this 1.4b valuation placed on Karo, the 93m spent to acquire 8.7% of a company Thar already owns 66% of therefore more than 61m of that still belongs to Thar , less than 31m belongs to other holder in KH, so is it not the case that Thar spent less than 31m to acquire 8.7% valuing Karo at less than 362m ? The second question if you can answer, how much of Thar do Medway/ Associated own and is it correct that Medway own the rest of KH (25%) ?

Thanks all for input, HXUL does raise interesting points, if we say that Thar paid 93m (subscribing to additional shares, not buying out other holders at ridiculous premiums), to acquire 8.7% of a company they previously owned 66% of, wouldn't this mean 61.4m went to Thar in the sense that it would be in K H accounts owned by Tharisa and 31m would effectively belong to whomever else, im not speaking exact numbers it's the concept that im wondering about. If im correct Thar in essence paid 31m for 8.6% of KH giving KH a valuation of 362m. There are unanswered questions, exactly where are the funds going? Tharisa is transferring funds to subsidiary, the question is how is the subsidiary using those funds, such as mine build out or is this as HUXL indicates possibly some kind of money syphoning scheme. Are the funds going to KH as i expect or is some minority holder being bought out at a ridiculous premium?

Rns will be very poor if you're not already aware of this, previously reported 256m cash which around 106m is actually recoverable , net assets will be significantly down so it's possible the sp could fall sharply which may create a buying opportunity. Hopefully going forward PZ could actually fix this Nigeria issue and have no further cash accumulating there whilst having to borrow over here in GBP.

37m utilised,13.4m used for purchase, 23.5m outstanding, 16m of that in cash, 6m burnt, net debt end period 21.3m. In January paid 9.2m from cash of 16m so current net debt now 30.5m, cash of 6.8m, undrawn facilities of 45m?

Anyone know total cost of the buyout?

Of the 30.5m, net debt 22.6m from purchase so 8m from operating losses? Losing about 8m pa? If so no need for capital raise soon maybe just borrow and wait out the diamond market downturn.

A while ago i wrote down the sp 553p and mc 1031m so current sp 400 market cap should be roughly 700m yet its 962m can anyone explain?

Any explanations as to the collapsing sp, the net debt to ebitda ratio was the main concern which the board sought to mitigate by raising 280m and claimed to seek further divestments and deleverage, no divestments have been announced and no news regarding trading performance yet the sp is collapsing dramatically. Buy volume also seems to be higher than sell volume, Explanations?

Hello all investors here, im trying to identify risks and scenarios and would appreciate any input. IMO Gem is undervalued relative to net assets and average annual profit over previous 5 year period. I assume the current sp to reflect uncertain outlook as a result of low diamond prices and high possibly continuously increasing operating costs. Gem is currently unprofitable though i understand they have credit facility around 60m undrawn which i assume they'll utilise and thus can survive unprofitability for a couple of years. Diamond prices are apparently low due to overstocking , what other factor's are at play, what price trend is expected and time estimates for price recovery? Regarding operating costs the continued rise in o p costs H1 was negative, what are your expectations as to a further rise or decline in such? Obvious negative catalysts rising oil thus op costs due to likely escalation, adversely current valuations make takeover bids possible. Opinions please risks and scenario's you've identified?

Rising shipping costs are certain, supply chain is if not already ongoing highly likely to occur, high energy costs possible, such things are applying downward pressure to the share price, due to ongoing and incoming im going to predict 150p and here i will look to enter, opinions please?

People are not buying electric vehicles, they are bursting into flames and the replacement battery's are extortionate, petrol and diesel cars will always be in demand,the electric car fad is on the way out quicker than a runway train. At present they only represent about 5% of the overall market and i think that's going to fall further.

Very positive trading statement, downtrend is now certainly over, such guidance and profit supports a share price of around £2, FY dividend should also be pretty nice.

Funds to pay dividends, 15% of current sp set aside, difficulties distributing due to recent tax changes but i have no doubt a solution will be found. I think it is fair to assume a 30- 35p share price shortly, being before H2 24, but could be much sooner.