Member Info for Mike1959

Hi Moneyman, I agree with your comments, but remember in 6 months April to September this year , I reckon chrome still contributed 65% of Tharisa's revenue.

Also borrowing in SAfrica is very expensive, current Bank rate is 7% and I would expect we would have to pay 2% on top of that so say 9%/year interest in total.The longer we leave it then with inflation, prices go up, even if the button was pushed today it would probably be 2027-2028 before production started and possibly 4 or 5 years later for payback.Obviously the longer KMH does not produce it still incurs costs and so loses money,in 2023 it lost -$13.5m after tax and in 2024 it lost $2.5 m and we should expect similar losses until it starts to produce and make salea.

As you say, based on current pgm prices(and the copper price is starting to improve too) hopefully sooner rather than later and that we know more by the time the 2025 accounts are out in early December.

Also like you, hopefully no equity raised unless the potential buyer pays top dollar!

HVerwoerd, wow, only recently registered on the site and only 2 posts, and such detail on your first post about THS. Sounds remarkably like Hxulcolrdoh under another name?

But I generally agree with Hxul and your numbers. On the basis the capex on KHM will be $512 to 612m as stated in the interim results presentation, I agree that Tharisa will have invested over $232 m+ by the time our share of KMH is increased to 80% by the end of this year,I assume the VFEX bond for $37m was renewed earlier this year ($10m put in by THS Group company Axco) leaving $243 to $343 million to be found elsewhere, obviously the bigger the delay, thebigger the cost will be.It does worry me when THS mention "strategic investment", if this involved shares it could dilute the current THS shareholding.

The problem with having invested over $232m is that we have reached the point of no return and have to continue with the project or right off the existing investment.

On the recent tax case ruled in Tharisa's favour, I am hoping that the provisional tax liability of 56.827m on the balance sheet at the financial year ending September 2024 will be over $63m now and if calculated and fully agree can be released as a one off but big profit gain in the accounts up to September 2024.Although this does not effect cash, even better would be if we can claim back some tax with interest already paid over the last 10 years which would then be cash generative and give the share price a good bounce, any thoughts?

Boldicus,I agree that HOC is having production problems and is still partly hedhing while PAF production should increase by 40%+ this year compared to last with further growith in 2027 and no hedging so personally I expect the PAF msrket capitalisation to remain above HOC.Either way I totally agree on the gold price😊

Freedom4Uall,according to Tharisa'sFY2025 INTERIM RESULTS PRESENTATION dated 22.05.2025 on page 31 they show

Tharisa equity $160 m committed, Lender syndicate project finance $165 m advanced, VFEX bond $37m will be renewed,gold stream adva ce payment $50 to $100m terms received, strategic investment $100 to 150m described as "progressing". That all adds up to $512 to $612 million which is considerably higher that the intial $365m 3 or 4 years ago. The independent Vakom report put the preproduction capex at $475 million and the peak financing capital as $512.9 million.

Tigger, the other good news this week in terns of valuations, is that PAF has once again overtaken HOC to become the 4th biggest dedicated gold/ silver miner registered in London. This time, I hope it stays that way. The top 3 remain as FRES, EDV, GGP.

Good work Bustard.In Mat 2024 PAF announced a similar technical breach involving dividend payments FY 2019 to 2023 andshare buybacks in 2022 blaming some antiquated rules. The answer then is the same as the current case, the shareholders had to approve a capital reduction through a reserve reduction that then had to be approved by a court. There was no change to the shares in Issue. As Waterloo has said, it explains the lack of buybacks since July, it would has been nice to receive this announcement sooner but I suppose the legal view had to be double checked and anyway, the shareholders would not have the ability to vote it through until the AGM. So let us go through the formality and then totally move on and concentrate on the business!

Hope you are right. But I think the operational update on 12th Dec last year was more to do with announcing the full Tennants Creek purchase. The operational update for 6 months to 31st Dec 2023 was only out on22nd January 2024.

Tigger, I think it needs longer for the gold price to prove it has settled down. Overalk performing well, over one month PAF -3.63% compared to FRES -3.04%,EDV -3.55%, GGP -7.55%, HOC -10.05%.

What is happening on 12/15th Dec?

Hi Waterloo, good to see that you are still watching here! PAF have got a bit of a track history doing this sort of thing over the ladt few years, nothing sinister, possibly thr legal advice is not as good as it could be or possibly very stern administators, in their defence . the dual location on JSE and LSE does make things more complicated.

Regarding the share buybacks this is officially in the hands of the inhouse broker but I just wonder if PAF has nudged them to hold off on further buybacks until the net debt has disappeared to help the cashflow in the short term ?

SMILER,not sure what the expletives mean.I am all for varied and challenging comment, but up to now this has been an undestanding forum ,in my opinion, so good if we can keep it that way.

Don't shoot the messenger- -the buy- back terms have already been set, so for me, all 3,buy back, dividend and expansion ( within reason and hopefully the majority is self financing).

Disappointing that the gold price has dipped just below $4000 but the fall today seems even more disappropriate given the value in this share, as mentioned below, we are still incredibly profitable at this current gold price or even down to $3750.

The share price is now down 19% since the high of 98.9p on 16th October which i think would be good timing for the next share buyback, we have not had one since 9th July.

Emmerson Resources presented at the IMARC International Mining conference in Sydney on 21st October.

The stand out information for me is that white Devil is "targetting commencement in mid-2026" which is 12 months earlier than I had expected. MRE for white Devil is expected by early November,ore reserve estimate andFeasibility Study targetted for end 2025. White Devil is expected to produce 650,000 tonnes of ore/ year for 7 years+ [the Nobles CIL plant is currently 840,000 tonnes year and expected to be increased to 1 m] or 64,000 oz gold/year at AISC of USD 1340/oz.Even though PAF will only get 60% of this,theirNPV8 is still worth USD 349 m or about USD 50 million/year profit before tax. That is a nice addition although we are probably going to need more processing capacity in the area!

Hi guys, a disappointing net loss of -$20.8m but without the impairment this would only be -$2.5 m. But why the massive $18.3 m impairment? Looks like the NAV at the end of aseptember was around 95 c so the current share price is a 12% discount to this although the liabilities include a $22.4 m purchase option which will drop out and boost the future numbers.

Difficult to get the overheads down when a big chunk is management costs. Overall I agree with Krusty that it looks like a controlled running down of the business as the number of owned vessels will reduce to just 7 and one JV. Should know more when the H1 accounts are out in December. GLA

Jammin, I agree, gold currently $4098 so with this the last day on AIM I have bought some more this morning.

BTG, good point.

So far the purchases today outweight the sales which is a good sign, hope it remains the same after the uncrossed trades in about 10 minutes.

Waterloo, excellent comment.

Gold pice is still jittery and currenly down $93 on the day at $4030. We could do with that $4000 level holding but to me it seems 50:50. Still i agre with your comment a day or so ago that we need to hold$3750.

As other have said, the fundamentals for PAF have not really changed, at this current gold price the business is doing fantastically well.

....current gold price $4127 and down $238 on the day which explains the further drop and has really spooked the market.

Patryk, really sorry to hear you are out but great to read that it has worked for you and you have a big gain. You never known, you might get another entry point.

Bustard, no pressure on me then!

I am in the middle of both of you and done nothing yet but am tempted to buy more but will see where we are by Friday when we should be on the main market.

....current gold price

MIKODX, I understand and accept your comment but it is just when we get such a massive rise such as late last week there can be a serious sell off which spooks everyone and anyway there is already a time lag effect with the current share price. YES, good that the POG goes up but I would prefer a steadier rise but still a rise !

Bustard, good that we are on the same wavelength. We just need the gold price to stalibise this week to stop the jitters.

Hope the fishing was good and rhe hiliday as interesting as it sounds, safe flight home.