Member Info for Gray1

What they claim and what it turns out to be isn't always the same bottomsup. Let's see M actually delivering tonnage at a decent rate consistently before getting too carried away with it .

Shawshank Redemption brilliant film a month in solitary for you Gotreal:)

There was 757 tonnes of copper produced in the second half. We are led to believe Roan was flat out in June and prior to that was testing for around 8 weeks.

Looking at that Project M and G weren't doing an awful lot. Roll on the circular popcorn at the ready:)

Roan is the only guarantee of copper for this FY and that has yet to produce consistently over a lengthy period of time.

Let's say they have cracked it and it produces on average 350T/month for 12 months that is 4.2k of copper.

They are still drilling and exploring at Project M and yet to start at project G so we don't really know what these two can actually supply on a consistent monthly basis and G isn't supplying anything this side of Xmas and M may have started before Xmas assuming they don't need to do more exploration.

To get all the equipment they need and upgrade Sable is still going to cost a pretty penny and take time to get up and running so their 5.1k forecast is probably about right for this year assuming they hit it (never have yet).

The big mover will be if they manage to get a partner for LWP but even then it won't produce much for this financial year. If they don't then from the proceeds of the sale (assuming it goes ahead) then it would be worth putting one module there and use money from that to grow the modules on site. The LWP isn't going anywhere so there is no rush.

Still a lot to do and money to be spent to get them near to 10k per year assuming no more delays.

Been to the coast for a couple of days see the sp dropped again after the last RNS but rallied a bit since still down though. No surprise.

How bad will the chrome/pgms have to be to make copper look good and be the best option of the two?

The message board is going to be entertaining after the circular is produced:)

Could be a record for recommendations:)

Apart from Roan production in July what is there to be bullish about?

It would be corporate suicide to sell the chrome/pgms business at this moment in time whilst copper is still miles away from delivering a decent profit. We need to keep it until we are producing at least 15k a year copper and reduce corporate overheads by half.

How long have we had Project M & G now? Still exploring and not delivering yet. How much has it cost? Money for Sable upgrade gone have to raise it again can't believe Leon hasn't been sacked he would have been it most companies.

I don't think he cares Happy lifestyle company for him as long as he picks up his pay packet every week and his 1p options he can bumble it along as long as possible. Apart from the Roan performance in July there wasn't much to take from a long winded RNS except a lot more capital is needed.

Bluebelly,

5.1k tonnes will probably deliver a net profit of around $1 to $5 mill maybe. It is probably about break even point if no chrome/pgms to absorb corporate overhead and depending on oxide/sulphide split. More oxide maybe a little higher. Basically it will just be holding its head above water.

Puts it into perspective why they need to sell the chrome/pgms business to advance copper. Maybe they should sell the copper business and advance the chrome/pgms at least that makes some money.

It is no surprise to me underwhelming second half less copper than last year. Forecast up to 5K wow that is really going to make a difference. Told you it wasn't making any money Gotreal. Dread to see what the full year results are for copper.

Just glad it is capital light would hate to think what it would be if it was capital intensive.

Word salad of an RNS as usual to try and disguise a shockingly bad performance only bright spot is Roan's performance in July but can they keep that up? We shall see. Still haven't got a partner for LWP and selling more assets to keep the wolf from the door.

Market isn't going to like this.

I think he meant the front end module of Roan which hadn't reached capacity by May 25 (although it depends what the total capacity of Roan is, 13k, 9k, 4.5k take your pick). Can't remember when it was first mooted but around back end of 2023 if not earlier. It did start producing before May 25 but not that much for various reasons.

18 months isn't a bad shout as it had yet to reach capacity from bought in ROM (not even tailings) in May 25 depending on what number Leon decides is capacity this month:)

But it is capital light Happydays Leon said so:)

With no chrome or pgms to absorb the corporate overheads (if sold) as well as the normal overheads for copper I suspect 500 tonnes a month is critical for them to make a small net profit from operations.

Of course the part sale of the LWP will help along with the other asset sale to add to this but some of that will have to pay for the LWP.

Even 500 tonnes/month is hardly blowing the doors off:)

They predicting 500/tonnes a month by October (their words not mine)so I suspect they haven't hit that target yet Gotreal so less than that a month at the moment.

Not much point worrying about the copper price until we start producing more than the small amount they are producing at present.

Only on cathode bottoms up not on concentrate it is much less:)