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Project M was secured for just 1.5 ( by way of share issue ) the ROCE (even with earnings split ) could be very high.

The key is they own the resource - and the ambition is to secure more sites before anyone else

If they can pull a couple of Project M’s out of the bag it could be a very good investment- according to the last interviews M is a large resource which was. Purchase. For a small outlay - we will only get to assess the full prospect when the figures are released which is imminent.

They would nt have to sell the chrome business to sell the copper business - they wold retai it (if that was happening). In fact there are multiple scenarios so you are just speculating,

The mining projects G and M must be potentially v lucrative (acquired at low costs and already producing ) but require investment to scale up the projects. This means they are in a better position when negotiating with partners etc

Yes Slater/The FD must approve, it’s not a one man band.

ChARLES ARCHER UPDATE

The re-rate for Jubilee is all Roan. On the one hand, we can all breathe a sigh of relief as JLP has now successfully technically validated the concentrator - with the ability to process previously overlooked shallow transitional copper ore, achieving copper yields of around 65%.

This not only validates its proprietary processing capabilities but also unlocks value from what other operators considered waste (the proven chrome model).

The company has also secured long-term feedstock - and promised that production from Roan and Munkoyo is projected to increase steadily to 500–550tpm Cu units by October 2025.

We’ve also seen some decent monetisation of non-core assets worth $12.3 million and commenced a $6.75 million trade of 10 million tonnes from its Large Waste Project - avoiding dilution.

On the other hand, the delayed restart has affected output - and getting Roan to full capacity is going to take more time. Like many small caps, it’s an elongated waiting game, but with copper racing ahead and South African operations running smoothly, then as long as Leon can deliver this new timeline, the 2025 re-rate stands.

On the technicals, we need an interview - and I’m trying to secure one asap.

A reasonable assessment of the current position in Charles Archers June update.

It appears from

The latest report that they have alighted on the optimum strategy to utilise the capacity and monetise the assets via JV’s etc

Fidelity has fair value at 9.1 pence - it won’t be at 4p forever.

The key here is the target for next year ( this one being a disappointment) and it’s set out in the Zeus report.

More news is in the pipeline.

The drop is because it was expected that they would announce a deal

With a third party for the Waste Rock

Project and negotiations are continuing for that.

We are still further forward than we were this time last year

Hopefully they are waiting for the results to prepare a full comprehensive update incl the waste rock deal. I expect there is a lot going on right now and it is important to get it right

Short answer no.

Agree the forecast to end of the year will not be great (hardly any time left) but results will inform forecast the 2026 Y/e. There is also the resource results on project M and other news etc. good signs

News imminent ? Up 10% today

Platinum has had a good week too - would be nice to see some upward momentum for a change . The key here is that the co is cash generative and the copper potential

Is not reflected in the price.

We have now got a serious CFO who is focussed on improving the bottom line/balance sheet over the next 18 months to ‘copper eldorado’ or T/O at acceptable level. Onwards and upwards not much downside from here.

I would be expecting 10 + by next year if copper is ramped up

With chrome and increased platinum production

Can you copy /paste the ST recommendation (for what’s it’s worth) he’s be n fairly positive and I guess is saying the inc chrome and copper production are not priced in yet

Major partner doing their own diligence before signing up

To deal?

Meanwhile chrome prices on the up.

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