Member Info for Jonah58

No big trades so far today. Volume much less than recently. Is our seller finished, or just taking a breather?

Good find Seis. Although Zambian copper gets to market by a variety of routes, the SA corridor is the currently the main one. Any improvement in logistics will be hugely beneficial, not to mention the other initiatives.

Your point number 1 Kalan. According to the RNS, Sable upgrade was always going to commence in September, so you should say “ten months “, not “another ten months “!

Why do you say that Shuv? 2,000 T copper per month at a conservative profit of $3000 per tonne • 30% comes out at $24M income per year. Project longevity at current estimates somewhere between 50 and 100 years! All for zero capex. Of course it’s not nailed on yet, but surely worth pursuing?

You may be right Edzi but that is not my understanding. We coughed up front to secure the material. The JV will be finalised when due diligence is complete. This involves not only showing Roan front end works (it does) but that it works with OB1 material. That will start in November and complete in January 2025. At that stage IRH will bank roll the JV and refund JLP the costs so far and fork out the $50 M capex. The assets will belong to the JV (30% JLP) but we will receive extra returns for operating the whole outfit.

That’s my view, but I stand to be corrected.

If you have nothing to report, don't report.

Can't let you get away with this, Butter.

Did you know that

1. One third of Mkoyo material will be processed directly and two thirds stockiled for later upgrade?

2. Project G already had an onsite concentrator?

3. Sable upgrade is going to include increased cathode production facilities?

4 .OB1 project material to be processed at Roan in November?

5. There will be two copper streams from Roan front end, the lower grade stream being the subject of our JV with Draslovka?

I could go on. There is lots of new information here. My only concern is talk of not proceeding with OB1 if due diligence is not satisfactory,but that seems highly unlikely.

Nice post, Kalan, but maybe your cordless keyboard needs a new battery?

You're right Frog. Never any good at sums, despite a maths degree. Still, 11 M on a friday is good volume. There are buyers at this price, and I'm not surprised.

Look at the share trades Happy. More than 20 M changing hands. Someone is buying them. It’s normally pretty quiet on a Friday. The companies you quoted make a lot more pgms than we do. For the last year we have been explaining carefully to the market that we are not a PGM company. What do you expect.

Just a trivial detail, but the IRH overburden material is not tailings in that it has been discarded but not processed in any way.

The Sable upgrade is to the sulfide processing line and I was under the impression that it was starting only in Q3. Hopefully it will not impact the solvent extraction and electro winning circuits which produce our cathode.

Anyone had any ideas about the elusive Mr Skyrme. Surely not the Welsh urologist or the fisherman. Maybe the electrical engineer on the board of three companies. Of course, this is only Linkedin. Must be loads more Skyrmes out there.

Interesting RNS from Galileo today about their Luansobe copper project (15 km from Mufulira).The market doesn't rate it much, but options being considered include the possibility of processing low grade and overburden material 'out of house'. I never get very excited by CB RNSs but am keeping half an eye on this one.

btw, I share your views on electric cars, Kalan, and fervently wish I live long enough to drive a fuel cell car, though LC will have to pull up his socks if I am ever able to afford one!

ISAman, I think you have made a good investment and will be richly rewarded. Only one person's opinion. of course, but I have been hereabouts for a while now!

Good point Northern (even if it's a tad tough on the pythons.) Our problem at the moment is our balance sheet; there are so many calls on our limited cash. I suspect the module at Munkoyo is already in the pipeline, and, of course, the OB1 modules will be funded by IRH. Any remaining cash will be spent on securing new feed sources, and this is the message coming from the RNS, research note and interviews: grab the copper before others get into the market - then start to process it. Of course the grades at project G are such that the material could be trucked to Sable without pre-concentration, just as we have been doing with M.

Gotreal, you are right. No dividend. Having said that, the SA business is much more mature than Zambia and the two are becoming increasingly separated. I can’t see revenue from SA being used to buy modules in Zambia so next year, when our own chrome is on a par with the toll processed material, and if chrome prices hold up, then a dividend is a distinct possibility.

I agree Mickie - very good news. I'm wondering what effect, if any, this will have on the OB1 project. We have been told that we have been making progress drilling the resources and planning further details of the operation, but at the back of my mind I have wondered if IRH wanted to see how well the front of Roan worked before comencing its large investment in the project. In other words, I am now expecting some news flow fairly soon from OB1.

"The issuance of shares after they said 2-3 times no more dilution unless it's a major project, or words to that extent, has also shown a lack of consistency."

I suppose it depends on what you call 'a major project'. We issued shares for Windsor which has paid off handsomely. We issued shares for OB1 (jury out on that so far, but is clearly a major project), we issued shares for Munkoyo which looks pretty major to me on the video and projected figures and we have issued shares for project G which, a s far as the projections predict, looks as though it will be major too. We issued shares for the purchase of Sable and, more recently, for its upgrade. What non-major project have we issued shares for recently? The warrants and options are historic.

I am not surprised by the share price action. The market is forward looking so ramp up at Roan was priced in. Also there are macroeconomic factors, as others have pointed out, and the general 'sell in May and go away' mantra. It's also possible, as Seis suggests, that the projects M and/or G are being sold. In which case, expect a quick bounce when that is complete. I'm adding here.

I think Jubilee is very anxious to secure as much feed as possible before others join the party. The strategy worked well in SA with chrome. It's only now that others a muscling in, but we have already picked the low lying fruit. If Zambian copper is to mimic the SA chrome we will have to do the same. I suspect we will be issuing more shares to small miners over the next year.

It looks as though we are going for a 'half way house' Mikie. One module per 'cluster' of mines with seperate modules for Munkoyo and project G (Seis).

As I read it, Roan will stop sending concentrate to Sable once projects M and G are up and running as these will fill Sable's capacity. Which begs the question 'where will the stuff from the other (potentially 10) artisan mines go?' It's looking more and more like we definitely plan to build a refinery at Roan or buy Chambishi - I can't see there will be enough spare capacity at Mopani.

Thanks for this, Seis.