Member Info for Gray1

Yes Northman1 it is a conflicting strategy. Goes against everything they have been saying about acquiring copper assets. Looks like they need money again short term. I think we need to be prepared to accept a low net profit again for this financial year not much more than last financial year.

God only knows what the next financial year has install for us because Leon doesn't know as the strategy may change again. They seem to lurch from one problem to another.

Leon again throwing out comments $30 million asset which is technically correct Gotreal but they can't extract that value he needs to be more realistic and state what they expect to get out of it someone looking at that comment would expect more cash from it than they will get as always you have to read between the lines.

No not twice Mikie I went by what gross margin they currently get on copper and then you have the added purchase cost. It will depend on how much goes to cathode or concentrate.

I know Gotreal but it is worthless if you can't monetise it all.

How is it a $30 million dollar asset?

1.6% copper doesn't mean we will extract 1.6% more like 1%.

We can extract 2k of copper at $9.3k/ton. Making $18.6 million. Less cost, less price of acquiring which is a minimum of $2 million plus some cash from operations. Their gross margin on copper is around $2.5/$3k per ton so a potential gross profit of $5/$6 million minus the cost of buying it let's call it $2.5 mill leaves a gross profit of around $2.5/$3 mill less tax so we might make around $2 mill nett profit hardly going to set the world alight.

Anyone else have a different take financially wise on this. Doesn't look that great a deal to me. At least we might hit the lower end of the copper target hardly any net profit in it but that will be a first time a target has been hit.

Gotreal if they issued 3 billion shares for a 2 mill return you would still say it was brilliant. Get your head out of the sand copper has been an unmitigated disaster for the company for how many years now? How much money has been thrown at it? How much return has there been?

Now they are having to buy it in to process it like Chrome as Mikie says so even less return. The IRH deal has been ongoing for 15 months. How's the $25k/ton copper prediction going and the 25k/50k ton a year production another year will have passed and we might get 5k/ year.

Look at the sp Gotreal the market is really loving this company at the moment isn't ?

Made me laugh that Mikie the phone going out the window. The frustrating thing is it is yet another change of direction with more cost to us to try and get the copper strategy to work. It has cost 100's of millions with very little return and no value for the shareholders who have supported Leon. It is sad really.

Expect the sp is going to get dragged down and it isn't moving upwards for another 6 months if they can manage to hit their copper targets. Even getting IRH deal across the line isn't going to add much for a while yet until it is producing if it ever does.

The OB1 grades have to be a worry now just how good or bad are they. Lots of bumps in the road to negotiate yet.

JLP's copper strategy lurches from one disaster to another. Leon talks a good game shame he can't produce one he has had plenty of chances and money. Still he has his 1p options to keep the wolf from the door it won't affect him. Slater can't possibly be happy with how this is working out at the moment.

Decidedly unimpressed they haven't even got $2 mill to pay for the copper prefer dilution again!!

Looks like they can't really make the low grade tailings work good luck trying to get rid of that. Bad RNS for me. IRH still in due diligence at the original terms.

Might see 10p if we are lucky in 12 to 18 months time. Back to waiting again looks like I will be dead before getting a decent return this has been another lifestyle aim company for the directors over the last 10 years. Options at 1p for god's sake.

Can you guess not happy.

Don't think so Shuvlin any time in February don't expect it will be much different in terms of gross profit from the previous years first 6 months financials maybe a tad better.

See how they go for the second half. Chrome output has improved but margin maybe down and we hope copper will improve now they are getting on top of the power issues. The IRH deadline has passed again so should hear something about that as well.

15 months ago when it was supposed to be fast track I would agree now it is different JLP are unlikely to secure 4 modules to be built straightaway however 2 at a time would be more feasible and therefore more affordable for JLP especially if IRH continue to drag the due diligence even more. The drop in price of the OB1 from $30 mill to $18 mill also helps.

I have said for a while now the longer this takes the better position JLP will be in to do this themselves:)

Thought it was Dave Allen writing that with the comment at the end.

Pretty similar to you Kalan only replace South Yorkshire with West Yorkshire (however now moved to South Yorkshire for my sins).

Anyway back to JLP. Previous years first 6 months we did a tad sort of $14 mill gross profit. I think this years will be similar maybe slightly more depending on Chrome margin to offset another missed Copper target. One day Leon you might actually hit one. Not much longer to wait and see.

The calendar year and financial year can be a little confusing especially after red wine.

Edzi,

Q2 FY2026 is the last quarter of 2025 so sometime Oct-Dec 2025.

Share price is a lot more delicate than all of us at the moment. Happy belated New Year everyone.

They certainly need some power generation on site Happydays so they can do a controlled shutdown and avoid any damage to the machinery as long as they have notice of a grid shutdown. Let us hope there has been no damage so far.

Hi Shuvlin you are probably right they have enough options at 1p to get rid off talk about printing money they certainly were.

The RNS wasn't the xmas present we were all hoping for but a 25% drop in value when copper might be down by a few hundred tons for the first half is beyond ridiculous. Good luck to all those topping up I am jealous.

Apart from the power issue I thought the comments on the OB1 waste was very interesting. I have said for some time that as the due diligence has dragged on and IRH hasn't invested yet then JLP at some point will be in a position to go it alone and that point is getting increasingly closer.

For example the cost to buy the waste has been brought down significantly from $30 mill to $18 mill of which only $11.5 mill is owed and payable by Dec 25 which JLP are at the moment paying down out of current cashflow.

The cost of 1x50k module is $6 mill plus maybe some power requirements. This could be easily funded by a loan against the waste dump as collateral (other alternatives maybe available) maybe even two modules. Get one up (possibly two) running and it would provide enough cashflow over 12 months to finance 2 more. Or 150 mill shares at 4p finances one no debt. There are possibilities now for JLP to keep it all and certainly negotiate a much better deal than 30%.

Anyway merry xmas to everyone and a Happy New Year. I am sure it will be much happier for JLP and all of its long suffering shareholders.

Thanks to Mikie and Northern for the summaries and their take on the agm all looks very promising.

I did buy more at 4.75p when I didn't really want to hold any more than I had but at that price it was too good to turn down now got my average down to 6.6p much more happier with that.

I haven't posted much lately as it is all about waiting for delivery on copper. The last quarter update was good pgms as expected, chrome better than expected and copper only just got going again as expected.

The IRH deal comments are very interesting with IRH playing hardball see where we are after the test run. It would be nice if someone else comes in offers the same deal but JLP get a bigger percentage. I am getting carried away now it is Mikie's fault I have caught his optimism virus far more infectious than covid.

Thanks again guys for the update much appreciated.

1p share options is disgusting this company is starting to feel like one of those lifestyle companies for the benefit of management we see so often on Aim. Very disappointing is putting it mildly.