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No-one positing company buys as the explanation, given that the price action is so similar to the action back in September, when there was the last major buy back? If that is the explanation, presumably they have waited into this quarter so as not to adversely affect the previous quarter when cash will be hammered by tax, but why pay 9.5 when they could have bought at 7.4?

No one panicking? Now staring down the barrel of the court case gun as the next piece of news and there is no guarantee that ATYM will defend successfully. Have they ducked producing figures until the court case (and any fall out) has taken place? After all, it would be difficult to ignore the elephant in the room and even more difficult to quantify and provide for a negative result. Where angels fear to tread.........

Really excellent article showing how good SLP is on multiple metrics: great visuals comparing SLP with the sector generally and really assists with the valuation discussion we were having at the back end of last week. Equally impressive on earnings and assets approach, the latter being given at 0.4 ie the market cap reflects only half of the assets (approximately). What, of course makes that so impressive is the amount of net current assets in that equation, which, on their own, now equate to the market cap and it is that which makes this such a rock solid investment.

Treadstone/Garyn The life expectancy, with Project Echo, is 10-15 years and so will be competitive in terms of length of life with all but the biggest projects (or big multi national miners). Project Echo is recycling the plant from the dumps coming to the end of their lives (Steelport & Lannex) to add second circuits to other dumps to do effectively 2 passes in one go, without double handling to and from the dumps: the second pass is almost as effective in extraction terms as the second). Obviously, it would double capital expenditure to go that route at first, but when it is re-using surplus kit, then it is cost effective (and of course, all the infra structure is already in place). According to the accounts, other projects are being reviewed, but they have to stack up financially: management simply are not under pressure to desperately grab any thing as a means of raising funds (primarily to pay their own salaries). They do have other projects, which could put icing on the cake. Grasvally made progress last quarter with the amendment of the existing prospecting right to include the processing of the old waste rock and of course, ferro chrome prices have rebounded. Given all the chat about concentration of chrome production in SA into the hands of Samancor and Glencore and given our relationship with Samancor, it is difficult to see that we would have to look far for a taker. If the Mining Right is granted for PGMs re Harriet's Wish etc, then at least it is at the right, Northern Limb, address. Having already granted the mining right to extract iron ore, vanadium and heavy minerals, it is difficult to see why there could be serious environmental objections re additional mining, but DMR do seem tardy in processing any application. Volspruit is also awaiting the authorities and there was activity on that during 2016. All in all, I would have said that any SLP valuation could be approached by various metrics and simply looking at the P/E ratio probably does not take into account that management's star turn is bringing assets to a saleable condition and then monetizing them, as in the Ironveld transaction and also proposed re Grasvally.

Garyn World Platinum Investment Council provide quarterly data and recycling has accounted for approximately 25% of the total supply (give or take a few %) over a number of years. The current price movement seems to be a direct response to the uplift in diesel car sales post the VW debacle. The miners themselves do accumulate inventory, but the majority of above ground stock supply come from liquidating the ETFs. So, the bottom line is that if physical demand increases prices, it makes the investment case look more attractive, and that then acts as an accelerator (a brake of course, in the opposite scenario). Supply at these prices is also an issue: there is only so long that the old deep mines can be run at a loss and it would take quite a hike in the price to justify re-opening moth balled shafts. Perhaps, like OPEC, the SA producers might just see the wisdom of better margins from less production: their position in all of this has been so very short sighted up until now. At least SLP is comfortably profitable at these prices. How the market cap remains so low, given the net current asset position is a mystery, but the new PR team has hardly covered itself in glory: do you hear word in the city of any promotion attempts? Perhaps, in a social media age, the old PR methods have become dinosaurs?

Some punters have the art of timing. POP still on the up and quarterlies within 2/3 weeks. It would be good if we were granted any one of the 3 licences outstanding, but the DMR seems to be moribund.

Visitor The sustaining capital is always reported in the quarterly figures as part of the cash reconciliation and as it is generally quite low, it makes little difference (0.2 m in Q1 on 17k oz for the q gives an extra $12 per oz to the already declared operating profits). When all boats were floated in the early part of 2016, SLP was weighed down by a distressed fund (Miton) selling over the whole period. That has given the share a much lower base than deserved by the fundamentals and it takes time to work that out from a TA perspective. It does have other projects and is waiting for various licences: Grasvally had a bit of reported progress in the last Q and is now in the final stages and improved fero chrome prices might get that sold for decent money. In addition to the cash, debtors far exceed creditors and so the working capital probably now exceeds the market cap: quite extra ordinary: the real issue here is what is going to be done with that cash mountain and they are looking at other projects (noted in last year's accounts, but will not just take on something for the sake of looking busy).

Rinse and repeat.

The company does, of course, have its own projects and some do look as if they might have mileage. Grasvally must be the favorite to get passed the post in an "Ironveld" style transaction, given that the price of chrome is up 50% and that the grades are premium quality. It was granted the amendment to the existing prospecting right to include the processing of the old waste rock dumps and is looking for a decision on the WULA and the MRA outcome is awaited. The financial status of applicants is part of any of these applications and so the financial credibility given by our strong balance sheet will obviously assist in getting a favorable outcome. Well, they do not seem to be awash with cheap shares, as none of my top up limit orders have been triggered over the last few days. Even the remaining twitterettes seem to understand that is pretty dumb to sell a share at a value less than the underlying net current assets, when the rest of the balance sheet is stacked with decent assets and has no debt.

Indianna I have reported your latest attack on TS. I have no issues at all with your ongoing negative posts re SLP as BBs are a healthier place for open discussion and the sharing of information, both positive and negative BUT this facebook/twitter style personal garbage simply should not clutter any serious financial BB. As for SLP, the cash balance plus debtors and inventories net of current liabilities now comfortably exceed market cap. However miserable "Mr. Market" is being at the moment, at least we need not fear dilution at these levels or wipeout through gearing. TS, I am going to disagree (politely) with you. What needs to happen next is for a major to crash out of the market, causing mayhem: supply is the problem. It does cross my mind that Sibanye have been really busy of late gearing up, a bet on precious metals and they must therefore be most vulnerable to this latest twist.

Does anyone know what the SAMREC resource estimate actually showed and did it include waste rock as well as the 5.2 KM of the known chromite body? As there was clearly previous extraction here, did any infra structure remain? It would relieve the boredom here if some of these licences came through, but processing anything by the authorities seems to take for ever.

An interesting piece of research, IJ. As with most things in life (and money) there are two sides to the coin and as the downside has already been aired, perhaps we should look for positives. The real issue is not who she is, but is she competent and what is she doing to earn her keep: one might argue that this is a sinecure, but it could equally be true that she will try harder to justify the appointment to be seen as "on merit". Currently, I am not particularly happy with Alma, as I see no evidence to suggest that they are reaching out to PIs and that is a wasted opportunity (regardless of any effort made in the direction of the IIs). The contrast between SLP and JLP is stark: this is the good company and that is the PR triumph for the silver tongued Leon, who promises the earth, charms the money out of punters to whom the sharks off load shares and warranties and delivers failed businesses with alarming regularity. So, IMO, instead of descending into a bout of self harming (the purpose of the company detractors), we need to be asking if the second generation of McConnachies can get the Old Man up to speed on webcasts and twitter etc., the modern means of communicating and perhaps do a presentation or two for PIs and perhaps give us an inkling of what is intended for the cash stash.

Well, in my view, macro and micro are both determined by the relatively small activity at the margin. Re platinum, usage is reasonably stable and it is the investment demand which either soaks up supply or spews excess back onto the market, which makes POP key. It is a bit chicken and egg in the short term and what happens is anyone's guess (current volatility is extraordinary and there is the Italian referendum on the constitution coming up on the 4th December), but the concept that interest can rise in any meaningful way is extraordinary, given the level of debt. Governments want to inflate their way out of debt, not be crushed by the interest and that self interest will determine long term interest rates. Re SLP's shares, the exit of the twitter crowd has undeniably taken its toll, but it did look on Friday as if that supply was being soaked up, perhaps a company buyback (which is in everyone's interests as it takes the marginal surplus out of circulation) or possibly someone betting on a reversal in direction of PMs. Perhaps one could think the unthinkable: instead of redesigning the stationery, Alma might have generated some interest in the story?

The Audley engagement is somewhat old hat. Although not a LTH back to those days, it looks as if at their behest, the Ironveld transaction took place and the proposal is to sell the high grade Grassvally chrome asset, which is following the Audley strategy on through. There was progress on that during the last quarter as the DMR amended the Grassvally prospecting right to include the processing of the old waste rock dumps and we are awaiting WULA from the Department of Water and Sanitation: progress on this front, clearly adds to the marketability of the prospect. It is the technical ability of the directors which makes this one of the AIM survivors, but nobody would dispute that engagement with PIs is still non existent, despite the well meaning appointment of Alma. Ironically, Twitter showed the way, but Alma did not follow and that was a lost opportunity in a really fickle market place. Rather than moaning, should we not all get on to Alma and try and find out what they are doing (or think that they are doing)?

I've "seconded" that, GBS. On Kefi, 4 billion shares before they raise a dime for the mine build and they have burned through 9m in the last 18 months, to stand still. A poor resource: CEY cut loose from NYO, writing off $10m. Low grade plus high strip ratio 10:1, Management exemplify that Mark Twain mine quip, a liar standing by a hole in the ground: HAA achieved next to nothing at EMED (cf with Lavendeira, his successor) and less at KEFI. You might get a trade, Baz, but it is not an investment . On SLP, with that cash balance and growing even at this basket price, it is only a matter of time until they find a decent tailings project that stands up to their investment criteria. In the meantime, it would be good if one of the 3 licences for which we wait, came through. Somehow, the market attaches more notice to such things than solid progress on piling up cash.

They were caught short on the rise. Their position was based on the over supply: usually = downward pressure on prices, so perfectly logical. Trump infrastructure requirements will not come immediately, as big projects require planning and that takes time. So, all eyes on China and hope that the price increase does not lead to ramping up production or release of mining inventory (though, given the level of debt, few will have been stock piling).

IJ The threshold rules apply to individual shareholders within the nominee holding(s): these nominee pool accounts are not obliged to issue RNSs in these circumstances and it would be entirely misleading if they did so. Might I point out that some 50% plus of the shares are in PI hands and that is closer to 150m shares and even then, I somewhat doubt that there are 44m shareholders. It is not surprising that the FCA took no notice of your complaint, as the total volume on LSE for 2014 was only 119.83m, with most months being under 10m. The only exception was August, when out of a total of 30.57m for the whole month, 24.35m were traded on a single day. As far as I can see, there was not a single trade of 9m let alone "loads"! What is far more interesting is the extraordinary volume by SLP standards for the first half of this year,: nearly 7 times the 2014 annual volume, as the distressed sells were dumped and rinsed through the market and it will take time for the effect of that to settle down, as traders make a quick turn. There is nothing wrong with being in "the metal space" providing that the company has a strong Balance Sheet and is profitable even at the lows and that is the case with this company. There are so many mining companies out there where your negativity would be much better placed (although equally unwelcome, I suspect) and in the platinum space, any of Implats, Lonmin or Jubilee would be better candidates. For what it is worth, IMO , the stock market generally is totally overvalued and that must mean great misery ahead for future pensions. By comparison, SLP is both a solid cash cow and could become really exciting if fuel cells take off or one of Lonmin, Implats or Sibanye crash out of existence or even have the sense to cut unprofitable production.

Sorry, I missed out the period date in the last paragraph of the previous post. Just to add to that already said, it should be remembered how few high return projects are out there: PE ratios of so many of the majors in the mining and oil sector are absolutely dire and it is quite hard to find a "safe" bet . They clearly are looking at other opportunities (in addition to Volspruit & Harriet's wish platinum projects and the Grasvally chrome project), as they decided not to proceed with something last year. Like Bonkers, my preference would be for acquisition and not dividend: management certainly have the right skill set for any tailings operation, but getting the right project is key. ironveld was a cash cow, with excellent returns. Compare that with JLP's first tailings project:: call me cynical, but time shows that it is not economic to build a plant at Dilakong (ASA) and the proposal is to toll mill...any profit will be marginal, IMO and so that is probably an opportunity that SLP would have rightly declined. In the meantime, for very small investment, wholly funded out of cash generated from operations, the life of the current project very profitable project has been extended. The simple way of looking at the first half year FY 2017 is to look at FY 2016, a year of two distinct halves. On actual results, the second half of FY2016 generated EBITA of $8m and given ongoing production and commodity prices for the 5 months to date, one can see that the first half of FY 2017 will exceed that and the cash balance build accordingly.

They clearly are looking at other opportunities (in addition to Volspruit & Harriet's wish platinum projects and the Grasvally chrome project), as they decided not to proceed with something last year. Like Bonkers, my preference would be for acquisition and not dividend: management certainly have the right skill set for any tailings operation, but getting the right project is key. ironveld was a cash cow, with excellent returns. Compare that with JLP's first tailings project:: call me cynical, but time shows that it is not economic to build a plant at Dilakong (ASA) and the proposal is to toll mill...any profit will be marginal, IMO and so that is probably an opportunity that SLP would have rightly declined. In the meantime, for very small investment, wholly funded out of cash generated from operations, the life of the current project very profitable project has been extended. The simple way of looking at the first half year FY 2017 is to look at FY 2016, a year of two distinct halves. On actual results, the second half of FY2016 generated EBITA of $8m and given ongoing production and commodity prices for the 5 months to date, one can see that the first half of FY will exceed that and the cash balance build accordingly.

IJ Your post late August "So while the directors fill their boots ... total cash is conveniently kept below $8 million which is something I've noted & posted here for years ...." Did you note (and post) that we now have a cash balance of $11.1m. Dividend announcement or acquisition?