Member Info for Joeman1

I've hung on every missed DFS date for the last 18 months.

This one by contrast I didn't. Why (IMHO)?

1. I finally understood that CEZ are in control of the project progression at this stage

2. The hard date (imo) is in December for the environmental application as on this hangs many millions of project funding.

The information in the DFS that feeds into this application is 100% known by the company and so the DFS not yet being issued hasn't held this up..... but i don't believe the DFS won't be issued ahead of the application.

So issue date in November/early December? I don't think they will miss that.

If you were trying to agree loans with better rates you would issue improvement in assets such as mineral upgrades. You would also issue your bankable feasibility study as this will reduce uncertainty and improve loan negotiations.

My opinion is that this slight delay is to allow the value attributed to the first purchase option of Kasiya to be included in the spin out of Rio's titanium assets to their Chinese investors.

Just my opinion, but I think this would increase the likelihood of an early sale. However all options remain on the table as before.

Bonkers, how do you even get to 53k posts? Have you worn your fingers out yet?

Weeks..... no probably days by the time his goes out (@12th oct).

I has to be this week otherwise it would look a bit disingenuous (imho).

Sell down reported for the period since May. No indication on the time weighting of those sales.

Maybe they are pursuing another great opportunity and felt that using skimmed profit from SVML was the best fit to their plan.

They still retain the majority of their stake.

The board owe it to investors like you (actually they owe it to us all) to surveil us of the current position honestly.

If they have alternative irons in the fire (JV wise) then they should communicate this as it is a dark time for ARCM investors.

If things have to be on a go slow while this Court case works through then be honest and tell us.

If we are expecting 6 months of nothing, then considering the bonuses they were paid on landing AA, a decent and honest operator would offer to wave their renumeration (up to some % of what they were paid for the apparent success)..... otherwise that £800k we are getting from AA will not last long.

I surmised from the last couple of missed DFS dates that EMH dont pull the strings on the release date of the DFS. Its the 51% partner and their megalith parent.

That said, there is a hard date in december, where a not insubstantial pot of development cash (and one would imagine goodwill) could be destroyed by missing it.

We are arguing about the edges if we are talking about the upcoming DFS date in October being missed by a few weeks or not.... its the combined deliverables that are important.

Does this mean NvS has to pay back the performance bonus money? Lol.... this feels like we have been shafted.

The weathered cap is predominantly Anatase AND Rutile, so the product isnt completely novel.

There has been metallurgy testwork that demonstrates a flowsheet to process this and it is

claimed that this flowsheet gets it to high purity

suitable for feed to conventional pigment

production and sponge titanium metal.

I'm sure they will be adding to the good work done so far over the coming months to reinforce this however there is little doubt this material will have a place in the market.

I'm surprised by the sell off but it's sell on news.... and the expectation that the DFS is a good way off. Thing is, I'm sure there will be plenty news over the next 6 months confirming metallurgy and flowsheet and getting that quality stamp from the market.

It doesn't mention DFS, but with the obvious slip to mention resource update in days instead of weeks, I'd like to think this is the start of a communication cycle by Sapan and the team.

Maybe when the upgrade is announced there will be some more info on the DFS timescales. Maybe they do miss the end of the month but I'd be surprised if its not within the next 8 weeks.

True, but only 20 days left before they lose their performance rewards for delivering the DFS. The last raise means they won't need to raise again well into 2026, so a large slippage (into 2026) would have been communicated imo.... so I think Q4 is pretty bankable... but I still have my fingers crossed 🤞 for end of month.

Wouldn't that be something 🔥🎉🧨🎆

I'm a shareholder in Jangada and they have sat for a couple of years not moving forward, the company fortunes in hands of other companies progressing.

They now have a new gold prospect, that they can be in the driving seat with and they made the decision to cash in BRES to help fund this.

I wouldn't use JAN selling up as an example of "something rotten in the state of Denmark".

They haven't given an update but management performance rewards for the DFS delivery expire on the 31st October 2025.

Not saying they are going to hit this target but im sure it was their intention to achieve it when they originally set it.

So I'm hoping for something in the next 30 days

A regional example is the Matupa project, which is estimated at around $530 to $710/ounce AISC on @1g/tonne resource.

That would be about 20% off the current gold price so if that is used as a first guess it shouldn't curb your enthusiasm too much.

Sorry tbcx.... but I did check myself before I commented. It wasn't aimed at an individual just the fact that the cigarette packet numbers are using the current price of gold.

So those suggestions of £70million revenue do rely on us appointing Harry Potter as operations manager.

JAN have historically been quick in their early development and therefore I think the PEA will be out with judicious speed. That will give us some numbers.

Might try and hunt for some published costs from the other miners in the region. Would give us something to work with.

Does it magic out of the ground?

I think you need to subtract at least some estimate of the cost of production.

Gearing:

The ratio of cash employed versus debt. For the last 30 years its been argued that if a company's gearing is too low they aren't trying hard enough.

Equally, cash flow is king, so doesn't make sense to fully fund on cash if that means you're reserves are low. So good planning to have the debt facility oiled and limbered up to support their speed of development at levels they want.... unconstrained.

Plus.... are we not still waiting on the DFS? So who really knows at this point whether the debt would or would not have been needed? Anything claimed by other investors is simply a reflection of where we see our own risk.

If we feel it would be POSSIBLE to fund through revenue, then even taking on debt is low risk.

Limitation on the gain being only between a bag n' a half. Is based upon what Rio might offer for a buy out. Taking it to production ourselves (my preference), should see multibagging well beyond that by 2030.

917,500 unlisted performance rights subject to the "Definitive Feasibility Study Milestone" expiring on or before 31 October 2025;

From the RNS.... so they have a carrot to chase....

I wonder if Sapan and the team are going to deliver the DFS before some of their performance related benefits expire....

That would likely put the DFS deliver sometime in October. Unless I've made a mistake about the dates.

Not long now though