Member Info for Kalan

After 20 years of being in and out of JLP I'm in no doubt how we ended up hrre. Colin Bird seeking out disparate opportunities and chancing it. There was never an ovrrall strategy. 3 cardbrag and oldrongo have been around and seen the false promisses and massive dilution and abandonment of yesterdays great opportunity. Tjate, Conroast, Middleburgh pgm with chrome on the side, fine chrome recovery etc. Through it all JLP survived and had a moment in the sun with Tjate and again due to the pandemic. The chrome sideshow has been seized upon by Leon and it's saved even more dilution. The move to copper is the first clearly thought out long term plan. It utilises all Leon's experience and coupled with the fortuitous chrome price could and possibly should finally transfirm JLP into a serious player. The financial bloke sees the picture and is adding discipline to the duversification that happened by the grabbing of oportunities. 3 cardbrag is right to ask how it happened with reference to chrome. It was fortune that favoured the brave. When we get over the short term hurdles, a couple of months to go. JLP will become an overnight success, 20 plus years in the making. We hope.

Perfectly sensible question 3 card brag. Chrome will become even more profitable from here on in. The two new modules will increase oriduction and there will also be economies if scale. On hrime we di need to be aware of costs. Fuel costs went up 47% last year and chrome accounted for 93% of that usage. Leon is happy that margins will increase but things can change like they did with pgms. The finance bloke is keen on duversifying metals for that reason.

Copper will become as profitable as chrome but not yet. If there is to be a disapointment in the next oprations update, due soon. I think it will be copper priduction as Roan is only running at 40% of capacity at the moment.

Repeat of yesterday. Lots of buys mopping up 3 big late sells yesterday and two big ones today. One mid day and one at the end. Clever chaps these market makers. Lets see what happens tomortow.

1.5 million shares were sold in the last 10 minutes at prices between 5.4 and 5.42.

During the day the share price for buys was roughly between 5.46 and 5.5, lower than Friday, despite a predominance of buys throughout the day..

Question - did the market makers know about the sells earlier in the day and balk at buying them for fear of the share price dropping too low for them to profit on their sale. Keeping the potential sales until the end of the day allowed them to sell shares they new they would purchase at a lower price later without spooking the market. Just a theory - anyone have knowledge of this (dark pools?).

Ahh thanks gotreal - to you the olive branch proffered will always be a stick to beat them with.

That's fair enough Heroic - personally I would like to see and end to all the backbiting and one upmanship. Wouldn't it be lovely if we could all comment, positively and negatively, without reprisals. We could all do better by sharing our thoughts. Anyway, that's enough from me. Still not bought yet, getting itchy fingers but still think it's going a bit lower in the short term. Ni IRH update for a couple of weeks takes away the threat of positive news scuppering my re-entry. Fishing for the bottom is not wise but it is fun. GLA.

P.s. Jonah, I think you misread my comment about a lot depending on IRH deal. I was specifically talking about the long term value of JLP in response to Bluebelly's post, not the short term. Roan front end and then we switch attention to Thutse 1st Module. Delivery, delivery, delivery.

Listened to the podcast. very good interview I thought. Seisnav is right that IRH is a couple of weeks away in terms of "an update". So Bluebelly can relax about his upcoming investment being after an IRH rns.

Agree with all of Oldrongo's positives below.

Two points from Leon's answers which stood out for me having listened to him for many years:

He did not say placings are at an end. He said he looked forward to Zambian operations being self financing in the same way as South African operations are.

Secondly, he fudged the warrants issue. By chance, this morning I was on the school run early and had an hour whilst the gandkids woke up and searched out the warrants and, what Leon didn't say Oldrongo was that these are the outstanding warrants and they are not time lapsed or all at 13p. They aren't of immediate concern but I've got them jotted down:

22 July 2024 750,000 at 3.4p - small no worries

19 Nov 2024 7,818,750 at 4.13p - similar to the recent options.

26 July 2025 750,000 at 3.9p - again small.

7 Dec 2025 22,279,492 at 5.2p - significant but a way off.

21 Jan 2026 4,036,431 at 13.2p no worries.

In addition there appear to be 23,964,491 options which I can't find a price or timeline for - significant.

A massive positive, which I wasn't across, I have to admit, was that one of the Thutse modules should be running by End of June. reduces capex and increases income from that point on which helps my own, much derided, definition of cash flow.

Overall, very rosy long term, strengthening significantly in the medium term, short term - better news to me at least on chrome, Roan will not be fully operational by end of April (listen very carefully to what Leon said), warrants and options are an issue but not immediate we hope, we are likely to have another placing or two for Zambia (good or bad, you decide, right or wrong, you decide).

Overall very positive, with caveats.

Not that it's any of your business seisnav - I am not a trader. I tried it and wasn't very good at it. We only have 3 decisions to make, trader or not.

Do we want to hold shares in the company? Almost everyone here has made that decision with a yes.

What price you are willing to pay?

What price will you sell at?

Buying at 10p, holding to 22p and continuing to hold down to 5p would make me think I was getting my decisions wrong.

Buy as cheap as you can. Sell as high as you can. I'm trying to buy as cheap as I can. When I buy. Selling becomes a possibility and time in and pace of rise and charts plus news will inform that next decision.

Looking at a share and buying because you like it and holding whstever happens dies not make you a better person. Buying and selling again after 30 minutes does not make you evil. Good luck with your strategy. I won't be second guessing what you do or criticise you for what you do. Back to nice discussions now.

Have to agree about the future. Once the sp gets above 6.7p, then there's no telling where it will end up. Could just be 9p. A lot depends on how lucrative the IRH deal turns out to be and the roll out to other projects. Too many unknowns to predict.

I think I'll be buying this week too Bluebelly, maybe today for my first lot and a day or two later for my second lot. Going to have a good look at the charts and indicators now. Would like 5.2p to 5.3p but we'll see.

A breath of fresh air Bluebelly. 100% agree. Looking for a re-entry point myself. Took profits after the recent pump took it up to far toofast. IRH deal and Roan positive update could be the catalyst( s). On the other hand drifting along with no news and further Roan delay (I think the market is expecting this) means the sp is likely to go a little lower in the short term. Hope you are well.

Apologise - genuine mistake - I lump Sable and Roan together as copper production (wrongly). The delay in Roan has to be paid for somehow - maybe the pgm's cover this. My original point is cash is flowing out faster than it's coming in and the game changer is when this is no longer the case. End of April (?).

Memory not 100% on this but are we expecting chrome modules up and running by Christmas? They are being funded out of chrome profits which is a huge positive. Roan is being funded from the placing which achieved more than planned so fingers crossed the over run at Roan will still be able to be completed with the cash JLP has and there won't be any need to raise cash. The sooner the IRH deal is signed the better as JLP can claim back the cash they have spent on this project so far.

Not confused at all. Capex is expenditure. We can discuss the accountancy all you like. When it comes to cash to pay bills from whatever source then JLP would not have had the ability to pay those bills without the placing. What we need is an end to placings and that means meeting all costs from cash generated after expenses. If I didn't think Roan could change that then I wouldn't touch JLP.

It happens all the time Cygnus 7. Computers are dumb. If the bid/offer are at 5.6 and 5.7 then all below 5.65 will be marked as sells when they may not be and vice versa. The recent trades at 5.644 ish are cases in points. They are clearly buys - the sea of red can be misleading but it's not skulldugery.

Dorfan et al. Absolutely agree that pgms are making some profit and chrome is making high profits. I haven't ignored them. I'm looking at the company as a whole.

JLP are (rightly) spending cash on:

Chrome expansion;

Roan expansion;

Advanced payment to part purchase waste rock project;

Advanced design and ordering of long lead items for waste rock project.

The company is not generating enough cash to cover this expenditure. Leon says so in the recent placing. The placing was specifically to fast track projects rather than wait for cash flow. The cash flow in does not exceed the cash flow out. It's 100% a fact. The placing money is being spent, it is needed to meet outgoings. Ergo JLP is cash flow negative. My POSITIVE post was that Roan will be the game changer meaning that JLP becomes cash flow positive overall. The chrome expansion will also massively help with this dorfan but is further down the line. Roan is the game changer for now. Hope that's cleared the muddy waters a little. Gave me a little rest from the gardening, Hard work on a ladder with a chainsaw - yes gotreal I'll try not to slip, I know you'd miss me.

Good points Charles 432. (Ignore the resident self appointed defenders of the faith). We are hopefully getting closer to increased copper production. Roan should turn JLP cash flow positive rather than cash flow negative (which it is) and then word will get out via the internet jungle drums even if the board communications aren't the best. News that the parts have been transported, that front end electrics have been sourced, build is underway, JLP are on target for fully ramped up production by the end of April would help. The silence becomes deafening for the shareholders who sit by their computers all day. 5 weeks to go to full production or disappointment. Signing of the waste rock deal surely getting closer, fine details take a long time so we have to be patient. Time for some gardening, the sun's shining in glorious Yorkshire.

I believe they are late reported trades dorfan. The trades actually took place earlier in the day when the share price was higher but weren't reported at the time. It's quite common.

Meanwhile:

Strong support at 5.7p looks to have succumbed. There is very very strong support at 5.1p which is reassuring for holders. The upper resistance from the long term downtrend, which the share is still in (sorry), has now dropped to 6.6p, above that and the sp will finally break out of it's long term downtrend (hooray) and, even better, the trend line is falling as each week passes and makes a break out more likely (hooray again).

In the real world, copper, chrome and pgm's firmed over past week or so (hooray no.3) which should help with the hitherto negative cash flow and time has passed in which, hopefully, something has happened re-Roan which is the game changer in terms of cash flow , can't hooray that one cos we know nowt.

Bought at 5p - sold into the rally (wasn't my intention - it just went up too far too fast on no news) which allowed the market makers chance to move the 9 million option share (nice work by them). Looking to re-enter for the long term - on balance I would happily pay 5.2p to 5.3p and ride out any bad news that comes along. GLA

We agree at last seisnav. No point trying to talk the share price to where you want it to be. It doesn't work. If it did it would be easy for everyone to make money. Honesty is the best policy. Going to check charts later now that the very strong support at 5.7p has broken.