Member Info for Kalan

They could possibly sell on the waste rock pile for a 50 million quid profit, sell SA business for 75 million quid and get the current market value in cash.

sell everything else to pay off debts (scrap metal worth a bit). So the share price is worth the winding up value of the company. Seems a bargain, doesn't it.

It's all about confidence. If the circular paints a picture of rosy copper production and no more dilution, the mood will lift and the share price with it. Buy when others are fearful - that's now - any takers?

About 27 million warrants due to expire in the next 7 months.

26 July 2025 750,000 @3.9p

7 Dec 2025 22,279,492 @ 5.2p

21 Jan 2026 4,036,431 @ 13.2p

If there isn't a turn around our copper production pretty quickly then these will all expire without causing further dilution.

There are millions of options out there though, about 24 million plus some at 1p I believe, but will stand correction.

Charts looking a bit rosier, for what it's worth.

Finally a verified fact. It's blue but green really.

Pgm s up. Copper up. Got to be good.

Yes it did rather signal the sale didn't it. I remember you saying so at the time. 🤣🙃

We all kmow the circular will be uber positive on Copper and lower expectations from Chrome and Pgms. We all know that two posters on here will swoop on this to bull up expectations. By discussing, postulating and ruminating folks are mentally preparing themselves to be objective about the circular. Nothing wrong with that. I like to read the thoughts of others. If I didnt then I wouldnt look at this DISCUSSION board.

Anybody read the Investors Chronicle article from 5th June, describing the deal as a game changer.

Me and the missus started listening to the oakbloke, turned him off after less than 2 minutes because it was that or a suicide pact to escape him.

Either JLP are grabbing the cash because there is something bad we don't know or there is something really good we don't know. Chit chat over and over will get us nowhere. Nature abhors a vacuum. The empty space gets filled with something, anything. But please don't suggest to anyone they listen to the oak bloke, they may be vulnerable.

Cindy Laupers True Colours springs to mind.

Nic post Happydays, really wound our resident toddler up. Though his teddy out of tge cott. Literally. 🤣🤣🤣

Twas ever thus Ardbegar. Know when yo hold them, know when to fold them.

Im holding. 🙈

Despite very poor performance on the copper front Leon seems to be doubling down on previous expectations.

13,000 Roan and 16,000 Sable, giving 25,000 in total allowing for the double counting of stuff sent from Roan to Sable.

He is now saying 25,000 to 30,000. Is this because the results are much better now? Is it because adding refining capability at Roan would eradicate the double counting? Ids he trying to sweeten the unpopular news on South Africa.

The deal will go through and I would snatch their hands off for 12,500 to to 15,000 tonnes of copper in the next 18 months.

Leon 2 years to 25 to 30 thousand tonnes copper at current prices and 40% marging gives 100 million pounds income per annum.

I 60% believe him. So £60 million profit. 10p to 15p a share? Guessing.

I prefer this Happy rather than the Happy Clappy we have had over past times. It was always, Gotreal, Shuvlin and Happy spouting positives no matter what the news, with the former two getting nasty if anyone disagreed with them. This Happy has his eyes open and is looking for answers and in my opinion asking some very relevant questions. I'm ok with the strategy if it's not totally to do with debt pressures. It could be that the urgency is to pay off debts and not to speed up the copper projects. Gray1 is onto the debt angle. This discussion board should help formulate the right questions to be asked and that is what is happening in a typical JLP board manner, which isn't always pleasant.

No Gray1 - hopefully that will be in the circular due out in the coming days. One addition - he did talk about copper strategy being months not years. Which would be a nice change.

Leon said:

Copper will give higher return than S. Africa on the 90 million dollars.

The price received is a significant multiple of S Africa earnings( therefore a good price?)

Circular will point out what JLP retains in S Africa to give exposure to PGMs (just Tjate?)

Dividends possibility brought forward in time (then backtracked a bit to being in a position to pay dividends, which is different IMO?)

Relatively light capital burden of increasing profits through copper rather than S Africa operations.

THERE YOU HAVE IT - it all makes pure financial sense to get us into a position where the company could pay dividends through increased profit, if they chose to. Personally I believe about 60% of it.

Buys match sells always. Market makers don't hold stock. red and blue are not accurate indicators of buys and sells for obvious reasons.

Happy - someone has hacked your computer. The ever positive person we know you are has been replaced by a raging JLP hater. Buy Mcafee asap.

On the criticism side - a couple of complaints about the rns. The pathetic noting of retaining Tjate to give us upside cover - they know we will all be aghast at giving up pgm's just as they have broken out of the 900 to 1100 range- so they threw us this biscuit - rubbish. The alluding to changing the rules, maybe, to allow future dividends, as if this alone is evidence of the wisdom of their strategy.

Next - all the guff about the mature business - made up to fit the opportunity. They haven't sought out a buyer as part of a great strategy. Someone made an offer and they grabbed the cash. Next - the placing, a thing of the past, now 2 in a short space of time. We sold stuff for 12 million, why raise to buy at 3 million? Can't help themselves.

Also stating (Leon) that the copper strategy is self evidently ready to roll it's not evident to anyone on here.

That apart - nothing has changed - we await copper, we have lost income and gained capital - we are betting on Leon delivering copper. I have been for 15 months now and will persist in my waiting - i don't trust anything they say but that's all we have. I am a naive loser but there are plenty of naive losers who fluke their way into being millionaires. come on Roan, come on Sable. produce some f.ck.ng copper.

Oops - typo, 9 for a 6 all calcs stand

Always the same tripe from the ones who can't cope when things don't go their way - attacking others in a vain attempt to make themselves feel better.

Back in the real world - the chrome and pgm profitablility, ebitda etc are irrelevant - it's gone for 2.1p per share. Over to Leon and team to put that capital to good use. Based on what happened eventually with chrome and pgms we can be optimistic. Based on copper so far, we should be worried. Nothing has changed really - you believe that the copper strategy will work or you don't - it is now for certain the only game in town for JLP, in terms of the sp over recent months, it was anyway.

"The sale of Chrome and platinum assets is worth about 2.1p per share." Justify.

Taking into account your personality, treatment of myself and others Gotreal - the Net Present value of replying to anything you post is 0, so NO!