Member Info for Gray1

Don't trawl back through them Seis it's fine. I couldn't remember why but thought they couldn't. If I remember rightly the Northern Refining Strategy was going to resolve it but I think it got abandoned when Cobalt dropped in price.

The Northern Refining strategy springs to mind.

Seis,

Can they produce Copper and Cobalt at the same time? Seem to remember it was one or the other but it was a long time ago and I have slept since then.

You are abusive Gotreal lost count how many times you have called other posters moron etc.

What makes you so right?

If all investors had followed your posts you would think JLP have never made a mistake just bad luck and the sp in the basement because of negative posts on here rather than incompetence and poor execution of the copper strategy.

Before you accuse me of being negative I have always said JLP have done a good job on pgms/chrome and they may well be about to trash that if they sell at a giveaway price.

What's the odds they miss the next deadline for the circular? They may well hit it but I wouldn't bet on it if you gave me the money to do so. Missed every other target on copper and already behind on this one.

How many updates did they promise on copper we were supposed to get an updated forecast never happened. This is their last chance saloon if they sell pgms/chrome and fail to bring about a considerable uplift in copper production over the next 18 months. You won't need negative comments here the market will trash it.

Let's hope they pull a few rabbits out of the hat this time but I have a feeling there will be far more capital required than Leon is letting on.

That should be id's not ideas:)

Gotreal you are the biggest culprit for throwing out insidious comments such as multiple ideas and agendas so don't be surprised when it gets implied back at you.

This is a forum which should encourage opinions, debates and share information whatever they are or whether you agree with them.

You just come on to abuse, bully and try to shut down any debate that doesn't fit your obsessive compulsion to defend everything JLP does or doesn't do.

Will JLP meet the second deadline for war and peace?

Not long to go should be at the publishers being proof read now to clear up any obfuscation and repetitive dialogue and ensure accuracy:)

Thanks Seis much appreciated.

Seis do you have the average chrome and pgms price for the second half FY25?

Nice find Seis.

They keep leaving Frogkid:)

The post you did yesterday Chat regarding copper forecasts and actual production over the years was quite a litany of failure. Sad really how the management team have allowed Leon to get away with this constant failure and then rewarded him with 1p options.

I am surprised they haven't lost Tjate as they have done nothing with it for years and African countries are getting a bit more aggressive with company's that sit on potential assets for them and do nothing with it.

We would need to know how much there is. How much they can extract per ton of waste per year and the profitability at different prices but I agree there will be some value in it. They are trialling it at the moment so should have a good idea of that soon unlikely we will get that kind of detail though.

Looking at the RNS the only pgms they confirm is Tjate from that I would assume the stockpile of pgm material goes with the sale. I wouldn't get your hopes up we are keeping that.

Actuary,

Quite easy to do use 1000/1250/1500 for pgms and 200/250/300 for chrome FD should be able to knock that up in a couple of days. Add a bit onto costs for inflation. They will have a rough idea what expenses to expect so could easily give a reasonably accurate forecast for 3 years it isn't hard to do the spreadsheets should all be set up just a matter of changing the figures.

Everlong,

Chrome and pgms aren't split for net profit. This was $5 mill and there was depreciation of $10 mill last year so $15 mill cash.

Based on my below figures assuming depreciation around the $10 mill mark you are potentially looking at $27 mill cash generated plus some from chrome potentially another $5 mill or so if things stay the same for 2026 quite a significant amount of cash.. I expect 2025 to be a little better than 2024.

I have to put a caveat on that without having the actual figures it is very difficult to work out the net profit as there are a few variables. Even sticking to £27 mill it would payback the sale price in 3 years assuming we even got $90 mill. Assuming also pgms stays on average $1400 and costs are roughly the same.

It doesn't make sense to sell it unless there is some major downside surprises they aren't telling us about. See what the circular holds and whether they do a profit forecast for pgms/chrome for the next three years to compare what we lose or gain by selling but I won't hold my breath as they seem to want the sale.

Please don't shoot the messenger just trying to answer your question with the limited information available.

Hi everlong,

Assuming a $1400 basket price per ounce (if Rhodium continues to increase in value that can make a huge difference) then you would have around $400/ounce profit compared to last years figures on 38K that is an extra gross profit of $14.4 mill quite a significant uplift.

There would be extra tax to pay so around $10 mill extra bottom line compared to last year.

The joint venture is a bit more difficult to work out but just assuming $1400/ounce, ^800/ounce processing. $600/2 is $300 profit per ounce. 10k ounces produced another $3 mill less tax slightly more than $2 mill net profit so overall an uplift in net profit of around $12 mill compared to 2024 figures. Of course there could be other costs and depreciation will slowly decrease so not an exact science but gives a rough idea what 2026 could be for just pgms.

I will have to look at last year net profit for pgms so will repost in a min

Shuvlin is right. The actual cash generated by pgms/chrome after adding back depreciation and subtracting corporate overheads (copper will have a portion of this but for the sake of argument subtract it from the pgms side). The first half generated $8 mill cash.

Now we know pgms have increased in value and chrome increased but since dropped back but still higher than the first. Earlier I posted the generation of cash would be around $20 mill or so that is the figure you should base the payback on so if things stay the same for the next 5 years (who can predict that). It would be 4 to 5 years to pay the "up to" $90 mill.

That is still a reasonably quick timeframe because the company purchasing it owns the chrome they are probably expecting payback of 2 to 3 years for their investment. still think it is a poor decision by the management unless there is something they aren't telling us which wouldn't be the first time. Meanwhile the circular is on its way at some point in the future.

Edzi,

I know what the common denominator is you don't have to be the brain of Britain to work it out.

I have also voiced my concerns on here for a while now unfortunately I hoped for things to turn around. Copper has been an unmitigated disaster so far their record on it over the last few years is appalling failure after failure it is indefensible really, or just bad luck:)

What they do is never what they say with copper. It was only the success of chrome that kept me hopeful they could replicate it with copper but that is still a long way away unless they pull a rabbit out of the hat with the circular. Just saying something carries no weight now they will only be judged on what they do by the market sad really we should have been much farther on than we are by now.

I still think we are a couple of years away from 10 to 15k a year. Even buying more mines takes time and money to bring them on line before they produce copper. The main hope I have is the third party processing the waste rock make some decent money out of it and come and buy the lot easiest way we will make decent money out of it without having to rely on Leon and his infamous forecasts.