Member Info for Jonah58

No. A speeding ticket is when a company releases an RNS stating that it knows no reason for recent sp volatility. A price monitoring extension is an extension of an auction to allow trades to review their bids in the face of share price volatility.

Max, I would expect an RNS to state that Roan is up and running and fully commissioned fairly soon. In fact, I suspect that some investors may have got the jitters that we have heard nothing about Roan for a while so I would expect the share price respond to a positive operational copper update before the figures you mention are released.

I feel a bit more sanguine about the RNS which, as Seis points out, is pretty standard. I am inclined to take it at face value, which is that we have no immediate plans to issue equity, but the 'Global' team wants the flexibility to act quickly if an opportunity arises. This was the case , for example, with the purchase of Platcro (Windsor) which turned out to be part of a series of deals responsible for the share price 6 bagging, and hence very much in the interests of shareholders.

Inflation is upon us, and with it a rise in interest rates is inevitable. Issue of equity is still the best way to raise funds expeditiously and is in the interest of shareholdes if it adds sufficient value. The dilution need not be permanent. AAL have just returned $1 billion to shareholders in the form of a buy back.

These are troubled times, but in such global uncertainty rich opportunities crop up. We need to be nimble to take advantage of them.
I am sympathetic with NatCoal, though. If the board are eyeing something specific, they stand a much better chance of gaining support from us retail investors if they give us some idea of what is going on. I will be voting 'yes'.

Kabwe is a big town. We are morally obliged to clean up the dump. There is probably a complicated range of side issues with other interested parties but I wish our company would give us some clarity over its planning in this area.

Nice to see the recent recovery in SP consolidate on reasonable volume.

Morning, Dorf. Looks to me as though 'he' is a computer and this article was generated by an algorithm. As El Prof says, the figures are ok though.

No real sign of ACAM off loading at these prices as suggested by Leon in the RNS. There should be quite a lot of news soon, incuding an update on Roan (commissioning immanent [sic] in February), deliberations/constitution of our global cabal and maybe even some update on appointment of a new chairman to take over from the current one.

Tankk JLPos. Very helful.

Good progress on all fronts. Significant growth over the last year with more to come. Sanctions on Russian timber = price increases. Doran still talking about dividends. Improved year on year financials despite Covid and shipping difficulties which are gradually improving. I continue to add to my holding here on the dips.

I note Biden is increasing supply of LNG to Europe, but he has also pledged an increased supply of hydrogen. It seems to me that the current conflict is going to change, radically and irreversibly, the energy policies in Europe and beyond. I am speculating that this will make for a huge additional investment in the hydrogen economy. Any thoughts?

I agree that we are most unlikely to have some secret ( patent-able) chemical breakthrough for producing vanadium and/or cobalt metals/concentrate from waste, or leaching copper from sulphide ore. What we are good at, however, is designing and applying carefully constructed flowsheets which enable us to scale up known processes with available equipment to achieve economic extraction where others have failed. Our fine chrome process is an example of this.
I don't know if our current experiments in this area are progressing well and, if they are, what sort of metal prices would justify the investment but clearly there is the possibility of some big earnings if we can make it all work.
Meanwhile, the fluctuations in the Sp are to be expected and don't worry me. I am buying on the dips with an investment horizon of two years.

Heroric. I understand that you are livid, but I don't understand why you have restrained your lividness until now. You should have been livid the day the deal was made with ACAM, when our shares were virtually worthless, and we wanted to buy an operational refinery in a new jurisdiction and open the doors to a whole new phase for the company. This dilution was written in stone at that time - why get cross now?
I do not accept BT's argument that we could have paid off the loan earlier and avoided dilution. By the time we had enough cash flow to do this, the SP was already on the up and ACAM, 'at their sole discretion', would have elected to convert. In fact, I bet they are kicking themselves they did not convert at 21p. It makes no difference to us shareholders what the SP was when they converted. The dilution is just the same, well known, predictedand factored by intelligent analysts into the SP.
I do agree that this will probably create an overhang which will be a headwind to the SP in the near future, unless copper revenue tempts ACAM to hang onto at least some of their shares.

I think we have just about exhausted this thread but wanted to get my tuppence worth! My understanding is that ACAM could convert at any time. So, if Jubilee said at any tim they wanted to pay off the loan by any other means, ACAM could say 'no thanks, we'll convert'. The dilution at the conversion price was always inevitable. If this is true, then it becomes a matter of timing. If we had made moves to repay last May, ACAM couldhave converted when the SP was 21p (making them a lot more money if they had then elected to sell immediately their 7% holding in the company). To tempt ACAM to 'take the money' rather than convert, we would had to force their hand well before December 2020, just when Slater was buying in and we were puring money into Roan.
If we had had the money then, it might have reduced the dilution. Bushy does have a point, but the situation is/was more complicated than hisposts suggest with a load of 'ifs & buts' . It's so easy to be clever retrospectively
ACAM took a huge risk and it payed off. It will be interesting to see what they do with their holding. Time to move on.

The Sp of a company is a reflection of everything that is known about it by the market which includes the researches of full time paid professional analysts. They, like the rest of us, knew that the conversion was coming. For that reason I believe the conversion is already factored into the share price and, indeed, may go some way to explain the temporary lull in the otherwise inexorable upward trend in the value of our company. I do not anticipate a huge drop in Sp as these shares are dumped. Infact, I am buying a few more today!

Our bottom line will participate in the rally, Happy43. I welcome the RNS. We knew the conversion had to happen fairly soon and we knew the price. It's like being sick. Unpleasant at the time but you feel much better after.

The drop is on low volume, Dorf. I'm not too bothered. I think the market is anxious about us delivering on copper. Roan was delayed by Covid and there is the possibility of transport problems in the rainy season. I think an update on Roan commissioning should settle the nerves (assuming it's positive, of course!)

They relocated the plant ostensibly because it would provide greater efficiences at Inyoni compared to DCM. I can't help thinking, however, that with the legal challenge there was a possibility of Cheetah acquiring the plant with the dump and we wanted to get it out ASAP.

I think we are saying the same thing, GR. The processes we use are out there and available to all. It's the way we string them optimally together that enables us to extract value from very low grade resources.

You'va had some good replies already, Telly. Firstly, our IP is not unique. Our approach is to work out the best flow sheet on a dump by dump basis. It is tailoring widely available and understood processes to the individual DNA of a given surface resource that gives us our edge.
Second, the grade of material in each dump varies, and for many dams even our best endeavours would not be profitable at current market prices. Since metal prices are volatile, many borderline ventures will be seen as too risky. Leon has often said that we turn down more offers than we follow up (so we are getting plenty of interest).
Third, as others have pointed out, there is always the danger of overstretching ourselves. But you are absolutely right - with a cautious and thorough approach the world is our oyster.

Interesting points being made on this thread but I think we are overlooking the important consequence of the Inyoni upgrade which is not to grow PGM earnings year on year but to give the cash cow a nice long life. That background security simply wasn’t there previously and it’s hugely important for our overall strategy.

Thanks TG. There's a lot to be said for playing it safe!