RE: Share options19 Jun 2026 18:41
What is LC's performance? The question really is, whilst CEO, has the investment/divestment, whilst at the same time keeping the lights on, over the last 5 or so years increased the value attributable to shareholders or not? And as much as I join in criticising company/ LC's communication / style, and the seemingly constantly moving goal posts, the facts are that from a balance‑sheet perspective, asset value is higher. Total assets and Property, Plant and Equipment are up materially over 5 years, and FY2025 assets are higher than FY2024 despite the sale of the SA operations. NAV has been preserved. Equity of ~US$240.7m is not far below peak and TNAV per share actually went up from 5.07c in FY2024 to 5.13c in FY2025.
From an economic value perspective, the SA sale crystallised value from a mature, reactive business and has reduced jurisdictional risk, which is positive IF the proceeds invested in Zambia produce a higher IRR than in SA. The copper strategy is demonstrably capital‑intensive (Roan, Sable, Molefe, tailings), so the real test is whether these assets ultimately produce sustainable EBITDA that justifies the investment in the expanded asset base. The revenue / margin reductions we have seen recently are consistent, if unwelcome, with an in‑ramp company "switching horses" rather than a broken one. The question is, will the company prove in the coming months that it can finally deliver having done all of the ground work for success (no pun intended...)...