Member Info for moneyhawk

Good points, and added a few more today (first time since 2016 I’ve added here!) SP just looks to low not to now. But had to sell a few in wres to cover it, so hoping for a quick profit here on my top up and a slide in wres at some point to buy back in.

Hoping this is the bottom as well. Can’t understand the size of the fall today, just look at the news coming up. Hernic mine being sold and hopefully resolving any question marks over our Hernic project, next quarterlies almost certain to be the best yet (even if they’re still off target), Kabwe licence appeal, construction starting for DCM platinum plant, possibly another project, and plan for platcro tailings to be announced.

I’m starting to think the same. This drop looks way overdone. Volumes a little higher than recent levels early on in the day, but still pretty low. There’s 1.4b shares in issue, and just 3m being sold has caused over 10% drop! Crazy.

Can't say I'm completely certain both (or either) Kabwe or Hernic will get resolved in our favour. But I would say I think that the most likely outcomes will be positive for us. We should find out very soon for Hernic, the clock is ticking down fast on the time scale Mitsubishi have set. The timescale for Kabwe could be anything from days to months (or more!). And agree that everything in our control is going well. A problem though is that the progress made isn't being taken well as we're still short of our own targets and expectations that have been set. This month marks a year since Hernic has been operational, and there's got to come a point where we're no longer ramping up to full capacity. If we're still coming up short, then perhaps its time for the BoD to set some new targets based on what is know known about how the plant performs in practice and the actual amount of PGM in the supply feed.

Yes! If only I'd known a year ago that if I sold all at 7p I'd be able to buy all the shares back for about a third of the price in 12 months time after lots of progress is made, $50m funding in place and the further projects added, it'd be a no brainer!

Must admit I didn't expect to be seeing these levels again. Can't even blame it on having dodgy broker pumping and dumping the shares! But the trading is pretty low volumes, its not exactly a massive sell off causing the decline. So why have we gone from comfortably in 4p+ range in October to about 2.5p now? Lack of interest in what we're doing or lack of confidence that we can do it? Some key things have happened in the past 6 months. 2 sets of quarterly figures that show we're still ramping up production or we're way off target depending on how you view it. And the Kabwe JV first being announced on 23rd Oct with the subsequent problems. Next quarterly figures will be very important and need show good progress to restore some confidence and start heading back in the right direction. Also need some good news on Hernic and Kabwe, but both of those are outside our control Very frustrating, even if we get a 50% rise on good news we'll still be behind where we were 6 months ago.

As BB says, it is an asset because we hold the rights to the PGMs and the rights to mine it. However I don’t view it as an asset that has much, if any, value at the moment. The NPV is estimated at $1.2B based on platinum being $1250 oz. clearly the numbers won’t work at present because platinum is much lower and we’d lose money on every oz mined. But should we find someone to JV with and willing to take a risk the platinum will be higher than $1250 by the time the mine is developed then it’s a goer.

Just been able to listen as well, and I don't really see the point either. He didn't seem to have much to say and was just repeating what's already been covered. I'm wondering if he'd had the interview scheduled in expecting to be able to talk about the Hernic business rescue and how this impacts JLP, but the plan hasn't been published today as expected.

Paddwah, I think its the RNS from 28th Sep 2017 that's being referred to, copied below. The issue that many have (myself included) is that we've never been told exactly what the deal is with Hernic and what rights we have etc. So although JLP have given the line that its business as normal throughout the business rescue process, what happens after that is uncertain. It may carry on exactly as before, it may not. Hernic Update Jubilee wishes to assure shareholders that the notification of Hernic Ferrochrome Proprietary Limited ("Hernic") voluntary business rescue to facilitate the restructuring of some its business activities (''Business Process") has no current effect on Jubilee's operations at Hernic. Leon Coetzer, Chief Executive Officer, says: "Jubilee is very accustomed to operating within this Business Process. We have already engaged with Hernic to offer our services wherever appropriate within this process. Normal operations at Hernic are expected to continue for the foreseeable future with stable chrome market conditions persisting. Our platinum and chrome operation is processing both current arisings stemming from Hernic's mining operations as well as platinum containing material from the vast surface stocks. As far as the Company is concerned it is business as normal. We continue to be buoyant by our overall results and progress at our Hernic platinum and chrome operations and have over the past week achieved production levels in excess of 1 900 tonnes of feed material per day moving towards a robust operation. " 28 September 2017

35 us cents = approx. 25p. A tad optimistic in the short term, maybe he's fully confident of CBs mid cap ambitions!

Hopefully we'll get some news about hernics future today, unless they're running behind schedule.

Now there’s an interesting prospect. We know that when CB has his JLP hat on he’s been alluding to something involving copper as a target, and GLR need a revenue stream. Perhaps a Kabwe style deal involving the copper dumps would suit both parties?

Looks like sells are heavily outweighing buys, but the SP is creeping up. Another large buy going through in the background?

Well GLR don't have any source of revenue apart from issuing shares or selling assets, so it could just be a matter of time before the next fund raising exercise. Not saying that's necessarily a bad thing, but something to be mindful of.

Until we actually start showing a profit its difficult to complain about whatever the mcap is. While we're still showing a loss in the accounts JLP's current mcap can only be based on assets and potential. We've got some good assets, but it's yet to be proved in the books that JLP can exploit those to make a profit, and the question marks over the future of hernic and kabwe need resolving. But it all looks very much within reach, and profits from DCM and Hernic alone should be enough to support the current mcap even with a low PE. Once the business model is established as viable and profitable, then hopefully the potential of other projects will start to be recognised in the mcap.

I don't see it as the big problem that's sometimes suggested. Would we want a chairman that has no contacts or knowledge of what's going on outside of JLP? We need someone with lots of contacts and involvement in the sector to grow. True that his time is spread thinly over several companies, but a chairman isn't a person you'd expect to be directly running operations and micromanaging every aspect of the company. The only concern I have is conflict of interest. A good example of that is in relation to the kabwe BMR deal. We might not have got the deal if it wasn't for his involvement/knowledge of the project at GLR, but potential that he's also thrown JLP into it to save GLR's plans for using kabwe to process star zinc material.

I don't read the 1 month extension as any certainty that the appeal will be dealt with by then. I won't be at all surprised for the date to be extended again. Very difficult for JLP and BMR, how long it takes is outside their control. I view the approach they've taken as sensible in the circumstances, sending the message that the JV can't go ahead without the licence, but they want to get going as quickly as possible and will take it one step at a time. If they'd extended the date for 6-12 months or longer to allow for any possible delay, that'd have sent the wrong message that they believe the appeal is going to drag on when it might not. At the same time, if it does start to look like this will drag on and on with no resolution, and something better comes along then we've got our get out clause.

Some good comments there. Another factor that could be playing its part is that no matter how good the future looks here, this is a speculative stock (afterall it has been loss making for years). Lots of the speculative money is piling into the latest craze of crypto currencies at the moment, not commodities. But the world is still going to need raw materials even if they will need to be bought with imaginary money in the future.

Agree, is looking like this is priced for failure. Must be a lot of shareholders so in the red that there’s little point in selling at this SP. It wouldn’t take much of an update to take the market cap to several multiples of today’s value, just confirmation that the lights are still on could send this up!

Thanks for the explanation re SLP ozs, that makes a bit more sense. They're a good comparison for JLP to aim for, and proof that the business model both are running can work and be profitable. It is a bit worrying that SLP have such a low PE though despite making good profits. Just a reflection on how the market is viewing platinum at the moment, and why Tjate is a non starter for us for the foreseeable future. If Kabwe comes off it could be very good for JLP, and I've said before I believe the earnings from it could eclipse all of our current projects. A lot of uncertainty in it though, and hopefully the first thing JLP have done is scrap the BMR plans for plant and the amount of tailings to process.They've been spending the past few years trying to build a plant to process 5 tonnes per hour and calculating output based on this running 24/7, with a vague plan to increase this after a couple of years. No plant is going to continuously run 24/7 and there's 6.4M tonnes of tailings!