Member Info for Jonah58

That depends on how much Rhodium there is in the material, which is variable, Happy. If it's 5%, then one ounce of material will will contain 1/20th ounce of Rh worth $250 at $,5000 per oz and $500 at $10,000 per oz giving an uplift of $250 per ounce in the basket price. If it is 10% Rh you can double that. The truth will be somewhere in between most of the time.

I agree Couer. The original plan was for the low grade material to be concentrated at a hub processor which would also serve nearby ROM from other sources. This seems to have been superseded by a heap leach program at Munkoyo though we have heard little news on this front recently.

Jubilee has a track record of making opportunistic purchases backed by equity and then pretending it was a part of the plan all along. Windsor (Platcro at the time) was one which turned out very well. Let’s hope this one follows suit. I’m reserving judgement.

Good points all round. I do believe, however, that LC might be temtped by an offer for the SA part of the business if it was juicy enough. I hope not, as I see an upturn in basket price and the SA business is the shortest route to a dividend IMHO.

F1988, I am very interested in this company, but am totally naive when it comes to Sp movement. p140 is a peptide which modifies the immune response without causing immunosupression. Autoimmune diseases occur when T and B lymphocytes are inappropriately activated to attack the body's own cells and produce antibodies which leads to inflammatory disease affecting mutiple organs. P140 does not prevent this activation, but rather promotes the clearance of these harmful cells by a non-inflammatory process known as apoptosis (programmed cell death).

On this basis, there should be a very wide indication for this sort of treatment with a staggering potential. The clinical trials were disappointing, but poorly designed.

The key here is to define the target population and this may be part of the 'breakthrough' announced recently. On the face of it, and with better targeted trials, this could be massive.

I was unimpressed by the recent (PR) Audioboom interview. He took a long time to say very little.

Is the current surge in interest based on these comments, or has there been some indication of interest from a buyer with deep pockets? There has been no shortage of pumpers recently and many of the posts make claims which are not backed up by credible arguments. Time will tell if they are destined to become dumpers!

My average here is 11p so I am still way down. Having said that, regardless of Sp fluctuations, I am very hopeful for a big payout eventually.

Though interestingly we have signed up to an exclusive deal with Draslovska with regards to glycine leaching in DRC.

Thanks Northern and Seis. Good points all round.

Now Roan is up and running, can anyone answer (or speculate) on three questions I have about the large waste project.

1. We were told a crucial trial run of ore was being put through Roan front end in November, with the implicit assumption that this was required to complete due diligence this January. Roan was ramping up in Novemebr. Did we complete this trial before the power issues cut in? If not, should we have been informed by RNS, and what effect will it have on DD completion?

2. Leon has been at pains to tell us that other companies are also interested in the OB1 project as potential partners. Is this to soften us up as he expects the IRH deal could well founder?

3. Why would the entitiy happily expecting $30M for the OB1 ore now agree to a revised payment of $18M. It's a huge reduction. Are the ore grades less than anticipated or is it somthing else?

I agree that the large waste project is currently secondary to getting Roan going with the material on hand, but I'd still welcome everyone's views.

I'm no good at predicting share price movements, but I am interested in clinical trials. The phase 2 trial was unimpressive so the result of the phase 3 trial was no surprise. Both studies, however, hinted at a subgroup of lupus patients who responded to treatment.

On face value, the RNS implies we now have a reliable biomarker to predict who will respond, leading to a 'personalised' treatment approach. If true, this is a major breakthrough and on this basis I have bought back in. Of course, much will depend on how many subjects carry this marker, so my buy is a cautious one. The other presumed benefits of what promises to be a major advance will take longer to cut in comercially. I am hugely looking forward to learning further details of this scientific progress - as will many patients with poorly controlled lupus and othe autoimmune diseases.

The problem, Shuv, could be more than just a couple of days outages. Unexpected loss of power could cause damage, and it takes time to shut down and open up again a complex production line. The good news, as pointed out by recent posts, is that levels in Kariba are rising and it is still raining.

I have to confess disappointment with the shutdowns due to load shedding. Gotreal has pointed out that there is nothing we can do about grid failure, and I accept that, but when Leon said, on several occasions, that we now have guaranteed power I naively interpreted that as meaning we have guaranteed power. Did the power situation impact the trial of OB1 ore in November, I ask myself. I am holding back on further investment until there is a little more clarity.

Happy New Year everyone. See you in 2025.

J58

PS. Thunderstorms in Kitwe today.

I don’t see how we can even speculate how many shares are held by the market makers when many transactions are undertaken off-market (OTC)and reported retrospectively.

Wishing all the people on this board, who are so generous with their time and information, a happy Christmas time and a prosperous new year.

Hi Dru. Great find. Assuming you are right and it is Sable, I still wonder how new this structure is. Have you checked out pictures of the old facility? The uprights don’t look pristine! Xxx

Good of you to emphasize this, Shuv. It is hugely important for the future of the copper industry in Zambia.

6. Ricus emphasised that competition for resources is bound to increase, but JLP has an enormous advantage and feels it will be two years before rivals 'wake up'. We have great community support. About 20 projects being evaluated.

7. Leon confirmed that the front end of Roan is designed to work either as stand alone or as a precursor to the flotation plant. The two are currently working in parallel.

8. Target unit cost for copper overall is $5,500

9. 'Secrecy' about projects to discourage competitor snooping. (A bit of tongue in cheek here!)

Seis was there. I am sure he will correct any misconceptions on my part.

Of course Leon did not divulge directly any market sensitive information, but I made a few notes.

1. Q. Are you aware of anyone/entity building a stake in JLP? A. No

2. Q. What would your approach be to selling off the SA business? A. That is not being actively pursued. Obviously if a sensible offer came that was in the interests of shareholders we would consider it.

3. Q. Are you interested in Chambishi and how much additional resource would be needed to fill its capacity? A. We have obviously been looking at Chambishi but it is valueless unless we have the feed to fully utilise it. The waste rock project would do this, or 4 Munkoyos.

4. Q. What is the priority for leaching and modular concentrators. A. We would obviously prioritise projects that are up and running (ie project M)

5. Q. Why are we letting the stockpile of PGM feed build up at Inyoni. A. Because we cant avoid it. Inyoni is operating at capacity. We are just processing so much chrome. No intention to expand Inyoni. When basket price improves divert excess PGM feed to joint ventures.

Thanks BB2. I think the leaching trials at Munkoyo have started already.

Yes. Thanks Northern.

I'll second that. I'm very sorry not to be there. It's my daughter's birthday and if I had taken the day off to be in London, the Sp could multibag to £1 and I'd still be looking for somewhere to live.

Please keep us 'stay-at-homers' informed - not only about what is said, bus also the general mood of the meeting.

Very many thanks, and enjoy the coffee.