Member Info for Gray1

You could be right DNH I haven't trolled through the RNS for strike price and expiry date. I don't dispute they are part of his remuneration package. I don't dispute they aren't an incentive but to say he has "skin in the game" with them isn't correct.

Who knows Seisnav I'm not calling him a liar and welcome to Fantasy Island plane has just landed.

Mikie

Taken from JLPositive's post the other day someone else also mentioned it afterwards. Up to you whether you believe it or not sounded plausible to me.

"secondly, if you have ever met with leon, and i have, he couldn't care less about the share price. his interest is purely on company growth. jubilee is his baby and his baby alone, yes there are other directors, who are all there and add almost zero value in my opinion with regard to input into making the company easier to manage and grow.

leon is an engineer. he gets off on making **** work, not on making money (that is incidental and as is in most cases, co-directors doing less want increases in remuneration and thus reward themselves. lc is obviously not going to rock that boat, why would he, he is the major winner and beneficiary in that area, mainly because he does almost everything"

It was posted on here a few days ago. I will have a look back.

They will have a date on which he can exercise them if they are in profit he will then look at the tax and how he will exercise them if not he will let them lapse.

If he owned them he would have to declare them therefore he doesn't own them. I had them as part of my remuneration package I got 2000 every 3 years but they never belonged to me.

I had an option to let them lapse, buy and keep them or a bit like bed and breakfasting shares could just take the profit and depending on the tax treatment would pay either CGT or Income tax and NI if the profit was over the threshold at the time. you had between 3 and 10 years to exercise them.

They don't exist until they are issued at the point of being exercised. They are a "right to buy" at an agreed price in the future. They can be terminated depending on the terms of his contract.

He has said in the past he doesn't care about the sp so it doesn't seem that much of a big deal to him. It would be to you and me Mikie I'm sure.

Gotreal you always have to have a snide comment and grow up. The truth isn't negative. Mikie he doesn't own them until he exercises them both of you clearly don't understand options.

The word option is the clue.

Stop talking sense Edzi you will get told off again. Only joking. Mikie I understand where you are coming from and options can be an incentive especially 23 million of them.

I don't know what price they were issued at to see how much he stands to make or not as the case may be or when they lapse. I tend to disregard them now if he bought 23 million shares at 6.6p that would grab my attention.

Incentive yes Mikie "skin in the game" no. They aren't the same thing he is not gambling with his money like you and me other than the shares he has actually purchased.

I knew people who wanted the sp to go down when options were due to be issued so they would make more money potentially when they could exercise them.

You can argue what you like I know a lot of people who got options and they didn't worry about the sp they either made more money or they didn't it was just seen as a bonus. They knew they would get some more every 3 years. I made a lot out of them and never lost a penny with them. Cost me a ton in tax though lol

By meaningless I mean they cost him nothing if they go down and he gets profit if he buys and sells at the same time again costs him nothing only costs him anything if he keeps some.

I loved mine it was free money didn't make me work any harder or any less and I didn't worry about the sp I either made money or I didn't I certainy didn't lose anything so no he doesn't have any extra "skin in the game" other than the shares he owns.

By the way I never said there was no incentive for him but they are meaningless as he is unlikely to keep them or buy them just bank the profit. He might keep some I suppose maybe.

I always sold mine if I wanted some I would buy on open market if they dropped lower sometimes did sometimes didn't. I never held too many shares in company I worked for spread the risk you never know if company struggled or you lose your job!!

Not costing him anything Mikie so he doesn't. However I agree he could lose a healthy profit if sp doesn't rise as he won't be able to sell them and bank the profit. It is a win win for him. If they don't rise and they lapse costs him nothing.

That isn't having "skin in the game" Mikie. I used to get them Mikie they are another way of paying a bonus.

Just to add to that I got options every 3 years. If they were in profit I bought and sold them no money passed from me I just received the difference minus tax. So I paid nothing never owned shares and got and received a payment after tax.

If they weren't in profit I just let them lapse. Unless Leon intends to exercise them and keep them then he has no more "skin in the game" than the ones he currently owns.

Options are meaningless until they are exercised.

Good afternoon everyone,

Edzi I agree with a lot you have written. Has it cost a small fortune to get little return on copper so far absolutely it has. Has communications left a lot to be desired absolutely it has. Shuvlin is bang on with the disconnect between engineering and financials and it hasn't helped the company.

Leon should care about the sp and shareholders as it his engineering skill and shareholders money which has got the company where it is. Zambia is a hostile environment and some of the plant JLP have constructed there is impressive so the challenge hasn't been easy.

We are now on the cusp of JLP starting to replicate with copper what they have done with Chrome so that is a good reason to be happy. Many bumps in the road have been overcome and I am sure there will be a few more along the way. Just a matter of sitting back now as JLP begin their copper ramp up.

I don't subscribe to everything is good here but if they really have cracked the JLP way of extracting copper and we start to see a return then Leon and the team deserve credit for that and the future looks more promising.

Neither happy or unhappy Edzi it is what it is.

Good to see you back Kalan.

Hi Edzi,

To be fair I wasn't surprised there wasn't much uplift in the sp because of Roan upgrades had just gone on too long so any momentum for completing it was lost especially with the dilution for the miners.

Also this years financials are going to be very similar to last years. Progress is just really starting to happen with chrome in terms of the bottom line but it has had to offset the poor copper performance in the second half.

Copper hasn't really started to take off just yet but as it ramps up next year and Chrome continues to perform well then I would expect a steady increase in sp for FY25 of course further dilutions for miners etc will drag on the sp. We will just have to wait and see.

I suppose it will depend which other mines they pick up and where they are in relation to Munkoyo and Project G so they could have Munkoyo and other mines in one and Project G and other mines in another. They probably aren't in a position to be definite about it yet.

Before Gotreal jumps in. In this RNS the sable upgrade is underway so production could commence in September.

Happydays,

"Sable's sulphide circuit expansion is expected to commence during Q3 CY2024"

Sometime in July, Aug or Sept. Jul gone, Aug nearly half way through. Sept at the earliest. More likely last quarter CY2024. We will see.

Good morning everyone,

Good to confirm Roan ramping up in RNS also like targeting to reach 25k capability over the next 12 months would be good if they can achieve that as long as Leon isn't getting over optimistic again (agree Seisnav capability not production).

Will we see something start to move with IRH now Roan ramping up?

Agree Shuvlin no more dilution to pay miners who will then probably dump into the market need to generate cash and pay them with that.