Member Info for hxulcolrdoh

Normally director buys would be of interest but not when they are from a sleeked weasel like Andrew Knott.

Savannah appears to be a financial basket case drowning in debt operating in basket case jurisdictions. Often they are not paid. When they are paid it is with monopoly money.

Investing(?) in it seems to be a case of "Abandon all hope" as far as predictability/visibility/normal protocols are concerned and instead gamble that the sleeked weasel knows something that you don't and that what is good for him/or what he thinks might good for him might also be good for you (evidently not always the case).

We are waiting for a fat lady to sing.

Will she ? Won't she ?

Watched the interim's presentation. Operationally Tharisa seems to be a well run company and operations provides plenty to safely talk about.

Phoevos looked worried / a man under pressure. He seemed to be distancing himself both physically and content wise from the presentation.

On the white elephant that is Karo we largely stuck to general flannel. No discussion on the drag it will have on the business for the foreseeable future. No discussion of what it will deliver in returns or when. No discussion on the disastrous use of capiial that it would appear to have been to date (for context over 10 years Tharisa has delivered something like 41.c in dividends. In recent years it has thus far funneled 59c into KMH and has no prospect of seeing any of it returned any time soon).

On the subject of minor partners at KMH everything is above board (honest).

Meanwhile I can't remember the last time I saw the chairman (who is paid more than the CEO - but I'm not sure what for).

Will they discuss the giant KHM white elephant in the room at the presentation?. Can they continue to pretend it is not there? Is there a cunning plan to take a bad idea and develop it further?

Presentation link : https://www.investormeetcompany.com/tharisa-plc/register-investor (9.00 am today)

Definitely better than a poke in the eye with a sharp stick. 15% NPAT would have been less than half a cent.

They are clearly willing to throw some trinkets ($4.5m in dividends) at their public relations problem. Meanwhile another $19.7m has gone in capital raises to Karo. Running total spend ~ $175m (59c ps).

They haven't put any numbers/dates on the buyback mentioned.

It is certainly in the ball park. If anything possible maybe an underestimate IMO.

Meanwhile on the same theme

https://awavesemi.com/alphawave-semi-and-arm-accelerate-scalable-computing-with-csa-compliant-chiplets/

AWE do seem to be in the right place at the right time in history.

Https://www.youtube.com/watch?v=qLvGnro4Cgw&t=55s

In past presentations management have stated that they stockpile a couple of months of pre milled material so that in the event of bad weather the show rolls on ?

Oops missed the RNS stating that the modest dividend that I thought wasn't safe - is toast.

Mike1959/the_shareminator good analysis from the pair of you.

As someone usually driven by value/numbers (though not always my current two big plays are AWE-tech, VANQ-recovery) I agree that THS numbers whether it is turnover, NAV etc are crazy. On the numbers I side with Mike1959. I agree with the turnover is vanity, profit is opinion, cash is king sentiment. On PBT specifically it is important because Tharisa have committed to minimum dividend return of 15% PAT.

Yes NAV is very high but as someone noted PPE has risen significantly (probably in anticipation of Karo). It is not like some activist investor could step in an wring value out it.

Yes potential turnover is very impressive ( but if it marginal and/or profits are spoken for by debt obligations so what ).

In my worthless opinion the one and only number you can hang your hat on as far THS is concerned is the modest dividend yield (and I'm not even sure that that is safe).

IMO Karo has made THS uninvestable for institutions. They have put themselves between a rock and a hard place. Absolutely ZERO hindsight was required to anticipate that this was a distinct possibility. I can't think what a credible catalyst for change is (and I don't think an uplift in PGM prices cuts it). I watch in case something surprising happens that makes it worth a punt.

Nothing to do with anything - prompted by mention of the 'hydrogen economy'.

The green space generally abounds with bogus myths e.g. "BEV charging times will improve over time" (no they will not), BEVs will save the planet reduce carbon emissions (no they won't, emissions are simply be displaced in time or geography and over the life cycle of the product if anything will be greater - even before we get to the end of life problem posed by 400/500kg batteries full of toxic/combustible materials, etc.

However the super charlatans of the green space are those suggesting there is going to be a 'hydrogen economy'. This is NEVER going to happen. There are two problems with hydrogen.

First pure hydrogen exists nowhere in nature. To isolate hydrogen you need to expend a lot of energy to wrench it away something that it was originally combined with. The process is inefficient so the latent energy in the hydrogen produced is less than the energy required to produce it. Thus fairly pointless but you end up with something that is akin to a battery.

Secondly hydrogen loathes to infinity being alone. Fortunately for hydrogen as the smallest element in the periodic table it is super well positioned to infiltrate/attack/combine with anything it comes into contact with. This makes it very difficult to store/contain/transport. As from the previous problem there isn't a big win in producing pure hydrogen, the two problems together mean the technology isn't a practical flyer.

So if anyone offers you the chance to get in at the ground floor on something that will be BIG in the hydrogen economy - walk away, they are playing you for a fool.

The share price is a bridge between a story and numbers.

Normally it would be expected that at Tharisa the story is 'trends in commodity markets' and the numbers are 'metrics of the mine'.

Unfortunately this story has been eclipsed by the Karo story. There is no quick for the financial damage that has been caused by Karo (even with a recovery in the PGM market). Further Karo has engendered a suspicion that management have their own agenda which is not aligned with the best interests of all shareholders.

To quote Sophocles : "When trust dies mistrust blossoms."

On provisions a chunk is for reclamation works when the mine has finished which would seem normal/reasonable.

A bigger $56m chunk relates to tax disputes. Authorities say they have under paid. Tharisa say they fully paid and are confident that they will prevail in the dispute.

Some correction.

The first tranche of $20m took Tharisa to 76.22% which would be in the CP report.

The second tranche of $12.8m would be after that and I reckon take them up to 76.94%

Hi Freedom4Uall,

Some of your requested numbers.

Tharisa have previously disclosed that they have spent $135.3m to acquire 75% of KMH. This was figure was correct up to the end of Sept 2023.

Since then they have put two further tranches in capital raises of $20m and $12.8m to take them up to 76.22%

So the current spend (that we know about) is $168.1m and projected to be £232.5m to achieve the stated goal of 80% ownership of KMH.

Anxiety - as my old physics teacher used to say

"Many a wise man came from Shrewsbury. The wiser they got the quicker they came".

Did you just not leave or did you move there?

Barcap is right (this time at least) when he suggests that you are cluttering the board with vacuous drivel.

Hi Mike1959,

FWIW I think a lot of Tharisa's issues are explained by the words - related parties. Going forward if I see these words in connection with any other company I deal with they will ring alarm bells send me scrambling for a life-jacket.

BTW meant to say I was very impressed with your Q2 production guesstimates. You clearly do your homework on Tharisa.

I thought this would happen.

Due diligence on Alphawave would be a major undertaking.

Alphawave would not have agreed to this if they thought Qualcomm were time wasters.

Mike1959 : re "zilch on the solar farm at Tharisa, if Chariot is delaying this can't Total continue without them?"

I see the CEO of loss making/struggling Chariot is Phoevos's brother Adonis.

With a view to helping a brother in need Chariot say they have a 40MW contract for Tharisa's mine and a 30MW one for Karo.