Member Info for Juxtapose

Thanks for the picture. Was there a story?. I do hope that the company use this superb PR opportunity to put the good news out there.

Clearly, there was expectation that this could be driven down again: possibly to close out shorts. IMO 4.25 was simply the cost of miscalculating available volume: it could even be MMs, who do occasionally get caught short when they are unable to trigger sufficient stops to re balance their books or may want stock for the ISA crowd on Tuesday. It is positive that this ended strongly. I look forward to news of the first blasting: it is an incredibly historic moment, given the significance of Rio Tinto in the mining story and a wonderful PR opportunity for the company to make its presence known.

It was only 12 months ago that the share price was treble the current price and whilst dilution has taken place it is insignificant in comparison with what has been achieved over the last 3 months with paperwork and physical progress. The current share price is simply because the market does not believe what has happened and is willfully looking for excuses to justify its own mispricing. The whole Share Profits debacle was either deliberate manipulation (and there do seem to be an extra ordinary number of derampers round this share) or a clear demonstration of how slow the market is. Like everyone else, I thought that the US$ 30m was the starter fund and far greater capital, in line with the Capex budget, was required. It was the progress to date slide (verified by SENET) as per the Presentation which was the wake-up call. So, as we had so little money available, it was reasonable to assume that we must have run up large scale debts and the baliffs were going to be in next day. Not so. We now find the company comfortably cruising along, having only utilized US$ 19m (plus the what remained of the August 14 raise) and with US$ 11m to pay off debts and move on into mining and commissioning . Truly extraordinary. The trick here is to suspend your skepticism for a moment and try looking at the current facts, the Presentation, the RNSs and, as TL says, the Pictures. It took an engineer with experience and common sense to re-base this to the original proposition: re-opening an existing working mine and all the capital saving that entails.

There are many reasons for this to be a placing at a premium including Alberto publicly stating that this is not trading at value and being fully aware of the dilutive effect of that on existing shareholders (including himself at 7p on his purchased shares). It is not possible to know the outcome at this point, since we do not know how the SP will react to news in the pipe line., particularly Capex savings which significantly affect ROCE and change the Edison calculations (also showing 7p) as would any continued appreciation in the price of copper. It is perfectly possible that the key 3 may be more focused on getting the copper than chiseling out a larger slice of the pie, but if the latter is their objective, then the best way of discouraging individuals from taking up their share of any issue is premium pricing. The reappearance of the debt financing potential is encouraging: 50/50 being talked about again and that, together with the overall reduction in Capex could mean a great deduction in dilution.

It is the same wording used on the original 24th Dec. RNS, but for a change in basis from "financial hardship" to "designated foreign issuer". What it does is enable the transaction to be done quickly without shareholder approval and that was necessary to get on with the business. A legitimate concern would be that the same mechanism might be used to issue shares behind our backs, but that base has already been covered as we know that a meeting of shareholders is to be called, as is right and proper, to approve the long term funding package.. My view is that this mechanism has only be used when it is in everyone's interests and its potential to shaft us has already been written out of the rule book.

Surprisingly small today, given the interest on Friday and sells quite small: probably those who took advantage of the lows caused by the manipulative misinformation campaign. It looks as if the serious money is staying invested for a decent payoff, but I suspect that many have already added. Difficult to see what would take this down another leg, other than the price of copper and that is most unlikely. Once this bottom has established and the rewards from the downside diminish, one expects the same crowd to push in the opposite direction and the bigger that upwards swing, the greater the rewards. It is the traders that dictate price and from where we are and with the expected news flow, rewards to the upside look the easiest route.