Member Info for moneyhawk

You need to remember that SLP currently makes more profit than JLP, produces more PGMs, and is paying dividends. So with the rising PGM basket prices its pretty natuaral for SLP to be maintaining a comparable or higher Mcap. But SLPs future is very much tied in with PGMs, while we are diversifying our portfolio of metals. Once the copper projects come on stream and start significantly contributing to earnings, we'll no doubt leapfrog SLP in profits and Mcap. I rather think that some of these future earnings are already being priced in, which is the one of the reasons why we are so close to SLP on Mcap at the moment, but there is more to come. And then we still have the zinc/lead/vandium project to come before we even start to think about possible future deals/expansion which are likely to be coming.

Regarding CB, he certainly has his faults. But perhaps his biggest strengths are his fondness of doing deals and switching attention from one project to the next big thing. This has no doubt worked out very well for us with the copper deals and using sable to process copper instead of zinc/lead in the short/medium term. And with LC, we've got the person capable of turning CBs deals into profitable opperations.

JLPs website gives a bit of a clue as to where potential future targets are located - North America, South America and Australia:

https://jubileemetalsgroup.com/strategy/

More than likely its due to the commission free brokers, many have very low minimum amounts and quite a few are offering AIM shares. Although they're not quite 'free', the broker makes their money on the spread. You'll be paying the full ask when you buy, or worse, and the broker gets the difference from the price they have actually been able to get. Fine if you're only investing pocket money amounts for quick trades, not so good if you're investing a decent chunk of cash and you can getting a better price from a broker that charges commission.

Yes I don't think its ever been disclosed, and the different projects will have different splits according to the source of material.

But LC did mention once that Palladium made up about 40% of the basket value (not 40% palladium, value was 40%). Can't remember exactly when, but was pre windsor and would have been Inyoni only.

Happy to admit that I'm in the camp that has written off Tjate as having no value to us. I'll be even more happy to be proved wrong, and see a deal done on it to take it off our hands to give us a cash injection. Its of no use to us now, it may be a very large resource, but developing a large new mine doesn't fit with our very successful business model. And the costs involved will take up all of our projected earnings and then some, with no return to be made for many years.

The details on all of this are a bit vauge, but whats previously been suggested by LC is that we have a contractual right to the zinc material GLR mine at the sites they've bought from BMR. And previously we've been told that we've entered into dicussions with BMR to 'enforce' our right. So if GLR are now marketing that material to other parties, it must be with the consent from JLP. This could be becuase:
1. They're going to be producing more zinc material than we need, so they're talking about the surplus over what we need, or
2. Its not of going to be of a suitable grade to be of benefit to us, or
3. The transportation costs to Kabwe plus our processing cost means its not worthwhile, or
4. We just don't need it for whatever reason

10.53 - yes thats my understanding too, (that the SP had to reach 4.5c averaged over 60 days for the rights to be awarded, note c not p). The RNS on 5th november confirmed the performance rights for this year had lapsed (i.e. DW got no bonus this year)

Haven't checked back through it for the exact figures, but from memory the perfomance rights scheme also included an element for increasing proven reserves and production volumes, along with the minimum SP targets. Obviously these haven't been achieved either.

Not sure, I think 2022 is perhaps too early for dividends. Needs a lot to happen and go in our favour first. But if Copper prices remain good/improve, PGM and chrome prices improve, we get our copper projects running and sable to full capaicty, then maybe.

Its not impossible, but might be a little longer for dividends. Last thing we'd want to do is start paying out dividends and then not have enough cash to fully develop all the projects that will be needed to maintain a dividend in the long term.

I believe that what oil search paid was more like $1 a barrel using Armstrong’s estimates. $3 a barrel was based on oil search’s own estimate, which was naturally more conservative than the sellers estimate.

What else would we be doing now without the XCD takeover? Just waiting for a 2nd FO of Icewine, probably for drilling in 2022?

I doubt the SP would be as 'high' as it is today without the XCD takeover, which is the unfortunate reality we find ourselves in.

Pretty much the same special resolutions were put forward last year, and asking for authority to issue shares is fairly standard, it saves having to convene an extra meeting if extra funds are needed during the year. Comparing this year to last though, the BoD look to be asking for authority to issue a lot less shares. The reduction the BoD are asking for does seem to suggest they're now much more confident that cash can be raised through borrowing rather than placings if its needed.

Also in the special resolutions is buying JLP shares, this wasn't used last year, just a repeat but with slightly more allowed to be spent. Its a pity, could have made a very decent profit for us

Not really a great surprise, we know DW likes to be cautious about when to raise and not gamble on waiting. But had hoped it might be after the FO is announced at a better price, although does give us a bit more breathing room in case the FO falls through or is delayed.

I'm not entirely sure how much copper we will be producing at the moment, the webcast might answer this. Last quarter we are told that sable was producing 100 tonnes per month from our tailings, and 100 tonnes per month from 3rd party material. A ramp up target of 400 tonnes per month is expected to be acheived this quarter, while Sables capacity is 14,000 tonnes per annum (to be increased to 25,000 tonnes per annum)

Its not clear to me if we have exhusted our copper tailings supply, or if not then how much is left. So getting to 400 tonnes per month could be dependant on getting the 3rd party material in.

Really I think we've been running sable as a demonstration in order to get the other copper deals, rather than a big earner in its own right at the moment. Its still in the early stages of both ramping up sable and getting the supply of material sorted out.

Yes thats what he said in one of the interviews. Often a little tricky making assumptions on exactly what LC means on these kinds of things. He might have just meant we're getting the price expected for Grade A copper cathode rather than a premium to that price.

Yes it sounds like work on the zinc circuit has started again. Although when LC has been asked recently about what the next 6 months will bring, he's only really talked about the copper projects. I've taken that to mean we shouldn't expect much in terms of zinc until the 2nd half of next year.

But looking at the margins being expected for copper, and now the large resources we have, its obvious why copper is being prioritised at the moment.

I think this is probably in reference to the news story about Anglo being sued for historic pollution, quite well publicised, here's one story but many others around:

https://www.bbc.co.uk/news/world-africa-54634511

The flaw in the claim of course is that the mining industry was nationalised for quite a long period, which would have prevented Anglo and others from managing sites and controling pollution. Whether they would have cleaned up sites or not is another matter, but the simple fact that they could not will probably mean the claim goes nowhere.

Most indicies are down in the past few weeks, but we're up overall, so the dips haven't been so bad here. Covid and more lockdowns is certainly one factor, maybe also uncertainty with the US election dragging everything down?

I don't subscribe to the view that Biden winning will be bad for the stock market. The opposite in fact, a more stable and rational US leader who will tackle the virus and doesn't start trade wars via twitter will be good news all round imo. Of more concern is what will be trumps reaction to a loss, he's been gearing up all year to challenge the result through the courts, and even going as far as telling an extremist group to 'stand by'.

Had expected a 7am RNS after the last few had been released for market opening.

Although audited accounts are normally mid-november here, so nothing unusual if we don't get them later today, just a small disappointment that LC said he expects to release them by the end of Oct. All things considered, its not such a big issue, we will get them soon.

He did say on track for year end, assuming it is this year he means :)

Of course we did have the same line for the Icewine farmout which didn't go through as quickly as hoped. Unsure how much of that was down to PMO dragging their feet though, their priorities were clearly elsewhere.

Same here Jammer. If the increase continues for a few days in anticipation of results, it wouldn't surprise me if we see excellent results but a fall in sp on the day as people sell for a quick profit. But longer term, doesn't look to be much to worry about. As sumo says, much of the key parts are largely known already. Updates throughout the year have given us a pretty good idea of what to expect for revenue and project level earnings etc. Unknown is group level profit, and it'll be interesting to see what our costs have been with all the expansion thats taken place. Also hoping for some clarity on the current plan for zinc/lead at kabwe.