Member Info for Gray1

Northern,

Lots to look forward to you are right. Good point about Monkoyo so hopefully copper can start to be self funding as soon as possible and some good RNS to come in the future as JLP deliver their strategy. Maybe with the past disappointments I am more cautious than others but still here and still want the company to be successful as we all benefit.

Northern,

I say it is a possibility depends how fast the money comes in from copper to how quickly they need the upgrades and how much they cost so may not happen but not ruling it out for the moment until we see how Roan actually performs. We don't know yet as we are a few months from significant cash flow for copper. It is a chicken and egg situation do we need the upgrades before we can increase cashflow significantly. I don't know. We also don't know the sulphide/oxide split as Edzi alludes to it will make a difference.

There is a big difference producing 25k at 2.5k gross margin to 25k at 5k gross margin.

Thank you Dorfan appreciated

I have no problem with the dilution for the two acquisitions it just doesn't look good against continued dilutions (as you say Leon said no more doesn't help) to get the copper strategy up and running with at the moment very little return. No-one knows more than you about communication and trust being key and Leon has used it all up with me.

It's fine others getting excited about the future of copper production but at the moment I can't get too optimistic as this time they have to deliver can't keep fobbing us off with excuses and delays.

It was obvious back in January they wouldn't hit the 5950 tons of copper for this year they should have dropped the forecast then. They need to get ahead of bad news and report it as soon as practical and what they are doing about it and do it sometimes even that can be a positive.

Still to be convinced of the grades. Things are looking up though especially if they can deliver on Roan this time still lots of work to do and plenty of forks in the road before copper is where chrome is:)

I agree Seisnav potentially more dilution for upgrade facilities. I don't expect we will see the capability of 25k/tons a year for at least another 12 months Leon is crap at forecasts:)

Aren't chrome and copper operations split now? Chrome, pgms cash generation for those processes and copper cash generation for copper upgrades etc. As we make very little from copper it would seem likely more dilution. We shall see.

Saying it and doing it are two different things with Leon. I think the market is looking for proof. They have to deliver and rebuild trust it is as simple as that they have used up all their goodwill only actions will do it.

Chrome has been good time to do the same with copper they have had plenty of time. The IRH deal is still sampling and testing 7 months after it was announced not exactly fast track.

Reading the RNS again the second acquisition could mean more than 21 million shares are issued it hasn't been finalised yet. If they were begging for shares why didn't JLP tie them down to holding more for 24 months at the moment its around 7% and 5% for each deal not that much really.

The parties obviously didn't want their hands tied down so they can't dispose of them especially if Leon continues to play fast and loose with copper targets.

Back in the dark for me until Roan actually produces something then see where we are with it in a couple of months time.

Happydays

What doesn't help is how much dilution has taken place already to get the copper production to where it is today. Can't be bothered to trawl through all the RNS but it must be north of £100 million for an at the moment measly return and copper adds very little value to the sp at the moment around 1p or so.

I get you when you say you are not happy about more dilution especially when we are still a bit away from any real return from copper. However I don't believe this particular dilution is too bad as it secures quite a substantial feed supply at a decent percentage of copper (assuming that percentage translates in production we don't know that yet).

Don't forget the IRH deal will have a different feed supply and is separate from these. Overall an ok RNS it doesn't "blow the bloody doors off" but it is a start still a while to go yet before it filters into decent profit. Edzi makes a good point about sulphide/oxide split as this will impact profit margin significantly depending on how much sulphide is produced.

The worry is JLP didn't have the cash to finance these deals or the parties concerned may have wanted shares. It would have been much better if they had to keep 50% of them for 2 years so I suspect it was more JLP needed them to take shares they will probably sell off as much as they can as soon as they can.

Who knows we roll the dice once again getting a bit fed up rolling double 1s but this time the roll was a better than that.

Beat me to it Seisnav:)

Roan ahead of schedule???? It was supposed to be April how it can be claimed it is ahead of schedule is laughable. It is late but at least the electrical part has arrived and being tested.

Good morning everyone,

Project M ahead of schedule - good.

Don't like more dilution but the two dilutions highlighted look to be worthwhile at first reading so ok with that.

Roan delayed again no surprise there but should have been communicated at the end of May but finally it looks to be progressing. Looks like they waited to spice it up with other news.

Production of copper they expect for last quarter between 750-1500 tons so 250/500 tons per month roughly. Still think IRH deal dependent on Roan production figures as it hasn't moved on....yet.

Overall looks an ok RNS. Still think we will do well to hit 12k copper next financial year see what they forecast although they have yet to hit any copper target but always a first time.

Actually shuvlin seisnav makes a valid point about power generation and if it has affected the timelines I'm fine with it just tell us that is the reason otherwise everything is on track and we will provide a further update with end of year results how hard is that apparently way too difficult for this shower.

Copper strategy is the main company focus they were happy to keep copy and pasting how great the IRH deal is in the last few RNS they sent out.

In the time it will have taken to build Roan and get it up to nameplate capacity (if it ever does) another aim company will have built a complete mine and be processing.

Anyway I am off to cut the grass and enjoy the sunshine.

Agree Happydays they have previous form for staying quiet when things not quite as they expected.

If it was bad news and it isn't up and running then they have a duty to report it. If it was good news and Roan was commissioned on target then they should be shouting it from the rooftops.

As they have done neither my feeling is it is somewhere between the two possibly struggling to get the grades like they did with the tailings fiasco but who knows all speculation as they never tells us which leaves them open to all sorts of conspiracy theories shockingly bad communication as always nothing has changed.

Even the 3rd quarter figures how hard would it have been to put the gross margin financial figures in must be far too complicated for them to work out. IRH deal was supposed to be a fast track with copper modules or is Roan operating part of IRH due diligence.

Investor relations non-existent nobody ever gets a reply must be a permanent bank holiday in that office.

Good job we have chrome.

Good morning everyone,

Roan should have the part fitted, commissioned and well on its way to ramp up to nameplate capacity by now otherwise they would have told us it isn't. Wouldn't they?

Just saying you didn't get lucky that time or maybe it wasn't the certainty back then you thought it was now that's all. Made my share of bad investments over the years. Also got lucky a few times and made some good ones happens to us all.

Nah you got lucky it was a gamble nothing wrong with that. You are probably out now which would be the smart move or you are that confident you will stay a long term investor like Eric Sprott or maybe you will get back in if it drops back to the dilution price and there is the warrants at 2.4p.

TG5 you said it was going to fly any day now back in Feb 22 when it was 12.5p and it has consistently dropped since then:)

Anyway just for Ardbeggar

Cmon Roan oops I should stop shouting I have woken all the other mushrooms up:)

TG5 well done on LND not often you see a 50% dilution and sp takes off got lucky on that one mate but better to be lucky than good. Let's hope your good luck carries on with JLP.

Good morning everyone,

SprintRS you are welcome to join me and Shuvlin in the mushroom society very quiet down here in the dark:)

I like it Shuvlin mushroom society:)

Good morning everyone,

Looks like a steady drift down now until news.

Maybe we will get to find out about Roan in the end of year update in July or maybe they will forget about it and move on to try something else with copper who knows. Poor effort again with communications from JLP.

Anyone heard back from the tumbleweed department that is investor relations here. They take your money and ignore you.

Rant over back in the dark with the mushrooms they are funguys (yeah I know poor joke just like Leon's communications).

Good morning everyone,

So relieved communications have improved so much now back into the shadows with the other mushrooms:)

Charttopper,

I can only imagine that it is up and running otherwise they would have had to update us on a further delay unless they have gone back to treating us like mushrooms who knows you place your money and roll the dice:)