Member Info for mogli4479

Agricore, you need to adjust your numbers for the actual smelter price paid - a safe assumption is 80% on quoted price. Also I think your various prices are quite high. It depends where you look but I've always relied on the Kitco pricing which is currently showing:
Platinum 986
Palladium 2548
Rhodium 18,200

The £1980 I mention is the PGM basket including the increased Rhodium split, not Rhodium on its own.

I get an extra 25% on my calcs. Or an increase from £1582 to £1980

1,000t refined at Sable for me. Minimal for first 9 months and then 240t by end of April with additional 150t third party from June.

My PGMs are based on 55k a year. Happy if this is exceeded but I don't recall any RNS which has suggested this (I've also learnt over the years not to rely on any rhetoric outside of the RNS) My 2nd half is based on 35% average increase in Basket price from 1st half plus a £5m revaluation of 31/12/21 PGMs not yet invoiced.
If I assumed 69.6k production then my PGM earnings for the year would be £90k.

Thanks Shatner (not a WP fan by any chance?)

I'm originally a JLP investor and have now invested a bit in CMRS so have a bit of knowledge on how JLP's other JVs are going to be run.

The JV they currently have set up, splits out the % after all capital costs + interest have been recovered and before the copper is then sent to the refinery (in this case it happens to be the JLP owned Sable refinery) So the revenue generated wont be based on the market price for Copper.
We don't currently know what the price Sable will buy the Copper at from the JV, but from the little knowledge we have I have estimated it to be around $4,000.
Hope this helps

Mikie/Dorf what are you expecting as PBT? My breakdown is:
PGM £70m
Chrome £9m
Cooper £9m
Admin costs inc Depn -£15m
PBT £73m

I left it as 28% for worst case scenario, but, as you point out, it should hopefully be lower with the various allowances and any deferrals.

My workings show a PBT of £73m. So, assuming we pay full tax of 28% on this, the profit after tax would be £52.5m and earnings per share of 2.3p.
Obviously this is based on many assumptions, so wouldn't be surprised with a £10m swing either way

Absolutely Oiltap, which is exactly why I wont be selling my shares anytime soon.
We effectively have an AIM share with good prospects (loads of those I know) coupled with a low market cap (not so many now) and a steady income stream which should negate the need for any future placings (few and far between)

Apologies if this has been mentioned but the Star Zinc deal is getting more and more lucrative.
When the deal was struck the examples were based on Zinc price of $2,500 and the royalty price of 3%.
The current zinc price is now £3,037 which in turn increases the royalty from 3% to 5%
So, assuming 15,000 t of ore are processed with a 25% grade then our monthly royalties have increased from $281k per month to $569k per month....or nearly $7m a year!!

I bought into Braemore back in 2007 before they were taken over by Jubilee. Taking into account the conversion to JLP shares the most I paid back then was £3.80 a share!!
Thankfully my initial holdings weren't massive and have topped up along the way so that I now hold just shy of 1m shares at an average of 12.4p.
Like most long term holders the increase over the past year seems very surreal, but undoubtedly based on strong fundamentals, and like most holders on here I have no intention of selling anytime soon.

AW, just revisited my notes on the JV splits on the various copper deals
1st 75/25 then 60/40
2nd 50/50
3rd 83/17 then 70/30
All that info should be in the various RNS releases but I'm not going to check right now.
The 1st and 3rd purchases were the biggies I think

AW, that matches the workings I've been using for Copper. Although I think the JV split is 75/25 before the capex + interest is recouped. Anyway, I have earnings at 25k production of US$116m which if you adjust for £ and the 50/50 split I get £145m
I used $1,000 pt processing costs, which is a total guess!
And yes, look forward to receiving numbers on Cobalt and Zinc to add into the mix

If this is the case and £50m is the expected MC then our share would be somewhere between £8.9m and £13m (depending on how the warrants and options effect our ownership of Belluscura - other investors might have similar options)
Of course this might change dramatically once the shares actually float.

I know this is stating the obvious but we'll just have to wait for news of the IPO. A valuation can then put on Belluscura and we can work out our element of that.
Of course there's always the chance it will be taken over before they get to that stage.

Another way to look at it is for every $1k increase in the price of Rhodium (which is what it went up by yesterday) then the effect to our PBT is:
(1000x10%x80%x58000)/1.4 = £3.3m

FYI I take my Rhodium price from the Kitco website

Mikie
I’m not disputing the huge importance Rhodium currently has on our bottom line but please bear in mind the bid and offer spread and the price we are paid for the concentrate.
I would use the current price of $21k, apply the 10% you mention regarding the PGM split and then apply about 80% that we are paid.

No problem Jammer
When you’ve been involved here for as long as the Braemore days you learn to be very cautious and prudent with the numbers.
I’m hoping the days of ‘tell them a few snippets of the financials and let them over estimate the profits’ are over, but only time will tell
Good to be in profit with this one, even if it took a good while