Member Info for lootgaloot

I'm very sure that ANC official Mathews Phosa has 'influence' (if you know what I mean) but now that the company no longer operates in S. Africa perhaps this captain of industry has outlived his usefulness.

Has anyone ever heard of a chairman who can't even be bothered to attend the company AGM? Presumably 'ANC official' Mathews Phosa offers attributes other than competence or even a passing interest in the company affairs.

I don't think its been mentioned on here but Trump has threatened 25% tariffs on countries doing business with Iran; that includes China. Its unfortunate that this comes at the same time as the trading update. Its all very well blaming company comms but we remain in very choppy macroeconomic waters.

I'm sure the usual contingent of rampers, spammers and AI bots will find us when the time comes.

Its certainly needed. And if they can achieve Leon's copper production targets I don't see a problem. But the point I'm making is that if those copper targets are not met in the next 12 months collapse will be sudden and unexpected for the residents on here.

Sirboring, I believe over 60% of businesses fail due to cashflow issues. I've seen it several times with companies I've invested in. I'm now always nervous, not so much about debt, but on how that debt is structured i.e. JLP is a perfect storm of a high level of short term debt, high cash burn and struggling revenue. It seems the faithful on this board have yet to experience that when the cash runs out and debt can no longer be restructured then collapse comes quicker than you expect. Anyway, its all there in the company accounts for anyone interested.

You are talking about the overdraft facility which was maxxed out in june so they paid off some of the balance with cash from the disposal. I am talking about the short term unsecured debt. There is also longer term debt. A lot of debt.

It will be interesting to see how they can possibly restructure the short term debt. The cash coming in from SA disposal will be used to service current debt and operational expenditure so a potential lender will want to see where additional revenues are coming from before they can even consider restructuring. That revenue can only be achieved with increased copper production but the company has not demonstrated any progress on that front to date. I imagine the company will be given some leeway, perhaps to the end of 2026 but if significant revenue cannot be demonstrated by then?

Bottomsup, perhaps you can also take the opportunity to correct your own post earlier where you sais JLP are debt free since the S.A. disposal. Absolutely incorrect. In fact the debt position is very concerning.

While its true that "The Group will realise a substantial reduction in bank and metal trade facilities of c. US$58.6 million as part of the Disposal"

It is also true that "At the year-end the Group had banking facilities of US$17.6 million that mature by 31 December 2025". What's most worrying, this debt must be restructured over the next 12 months. With an annual cash burn of around US$10 million, their options for refinancing are poor. A further cash raise is not an option since the SA disposal so they simply have to generate significant revenues from copper production THIS YEAR. Otherwise insolvency in early 2027.

Sirboring, do you agree that JLP are facing insolvency if they can't do one of the following.

a. Restructure debt to longer term than current 12 month facility.

b. Start generating meaningful revenues from copper production.

Option a seems unlikely as they have already maxxed the overdraft and I can't see the market for a future cash raise. So by my reckoning they have about 16 months solvent before the cash runs out! They need to be generating significant copper revenues within that time period or its game over. Do you agree?

Because 98% shareholders voted for it. How would you feel if you voted with the majority to pass a resolution and management turned around and did the exact opposite. I'm not even sure if it would be legal. Certainly the company would be delisted.

AI can generate random nonsense faster than real posters can challenge it. That's the problem we face here, an arms race we can't win. I disagree with many posters on here but at least we are playing on a level playing field. Someone (or several people) for whatever reason is employing an AI engine to flood the conversation with nonsense. I'm an advocate for freedom of expression but I draw the line at computer generated spam. I encourage everyone to report this AI account.

An AI account has hijacked this forum now generating random nonsense like...

(Molefe and Project G), they are drilling the 12 km gap to prove it is all one continuous "reef."

I've never asked for any member to be banned, its something I thought I would never consider but unless we all submit a request to the moderator together then I'm afraid this forum is lost.

A company with so much potential and yet the residents on this forum seem to have a pathological devotion to Leon Coetzer. It seems there is a cadre of posters that will copy and paste everything he feeds to the market without question. I can't understand it. Then along comes Sir Boring who engages the grey matter between his ears and I must say in two or three posts he/she has explained so many of the anomalies I have been trying to get my head around. This is why we love LSE forum, it allows numpties like me with a gut feeling that something isn't right, to listen to thinkers like Sir Boring. I want to thank Sir Boring for taking the time over the last few days that made me realise the cash flow issue at the heart of this poorly run company. I'd also like to point out that he has been threatened with legal action by a dimwit director and has persevered like a true champion.

The short term financing arrangements for that level of debt is extremely worrying and it explains PGM sale as well as why large percentages of M and LWP are being given away to drilling contractors rather than paying a fee for the service. In short this company have a severe cashflow problem that is forcing it into some very poor decisions.

And what about this special dividend or share buy back that was promised to sweeten the PGM sale? I see no reason why this cannot be proposed at the upcoming AGM. Or is this another instance of management dishonesty?

Sold a long time ago.

Well done moderators. Its unacceptable to threaten legal action just because you've been found to be incompetent or dishonest.

The Galileo Resources website is not just a good example, it is the industry norm. Frankly I've never encountered a listed company that doesn't release assay and drill results as they become available. Purchasing extra acreage is ten a penny, nobody is interested in buying the rights from under our feet. To believe so suggests you've never invested in an exploration miner before. There is a disconnect between what Galileo are saying and what Jubilee are saying. As someone once said, I can only assume incompetence or dishonesty.

Work? Are you suggesting he's employable?