Member Info for moneyhawk

Agree TopCatz :) Not making any price predictions, but this is certainly heading in the direction we all thought it would, and a long way to go yet to reach a valuation that fits with projected earnings.

If it was going to move 1 mile per day it wouldn't get to the site till April. It'll be travelling from deadhorse, not sure of the exact distance, but winx was given as approx 90 miles. But pretty safe to say it'll be one of the first down our ice road to the well site that we're building.

Problem with those figures is that our basket doesn’t have 40% palladium. LC has referred to 40% before, but has been in relation to 40% of earnings not 40% of material. As the prices change for all metals in the basket the proportion for palladium revenue is going to change.

But safe to say the basket price is going to have increased since last year.

Although the other issue is that we won’t be receiving the basket price, as we’re producing concentrate. Not clear on what the terms of our deal is for selling this concentrate, presuming it’ll either be based on a % of the basket price or a flat fee for further refining.

Very encouraging that PMO are viewing our well as potentially transformational for them as well. Transformational for a company 10x our size would be very good news here, and we've still got more acreage plus the HRZ on top of whats been farmed out at the moment.

Someone seems overly fixated on BMRwatch and upset that they would want to remove borelli from the BMR board. If I was a BMR shareholder I would also want to see borelli removed, he's not exactly been good for their shareholders, so not really sure on the motive here. Our 30% stake in BMR cost us £500k plus 63m million shares (which BMR have now sold). As a direct result of all the dealings, we gained Kabwe with future profits in the £10m's+ for many years to come. In the grand scheme of things, would losing our stake in BMR have any effect here? Its already been written off in the accounts.

Anyway, as for shorting JLP, from the LSE site on short positions:
https://www.lse.co.uk/ShareShortPositions.asp?shareprice=JLP&share=Jubilee-Metals

"Open Short Positions in Jubilee Metals
There are currently no open short positions in Jubilee Metals."

CBs Tiger resources has also written off the value of BMR shares in their net asset value reports.

But don't know what the royalty will be worth tbh. It seems to be structured that it only kicks in after we have recovered costs, plus 20%, plus deprecation, plus taxes etc etc. If the purchase of sable is being treated as an investment cost into the kabwe project, then costs are going to be high, and we know its not going to be in full swing for another year at least. Then there's the matter of copper and 3rd party material, that's far from clear if the royalty would be payable on earnings from those two. So it could be several years before any royalty would be payable to BMR, and a lot can happen before then.

Don't see that we would lose anything really from BMR going bust. The 30% stake we took looks to have been to provide the funds for them to keep going while they held a majority stake and ownership of kabwe.

Circumstances changed dramatically in the fall out of BMRs incompetence with the kabwe licence. We took pretty much the whole kabwe project for next to nothing. Thats worth a lot more than what we paid to get the 30% stake in BMR. In that context, and should BMR now fold, we've gained a lot more than we can lose.

And in the latest annual accounts, our BMR shareholding has been given nil value. So the most we can lose now if they do fold is nothing. If they come back to life, then our shareholding has some value and we've gained from the current position being accounted for.

1.19 - "Jubilee share price was 4.5p now 3.86p. Thats a crash to me. "

New to investing on the stock market then? That kind of fall over a month, and following a 50-60% rise the previous month, is hardly a crash. Nothing to do with BMR, our shareholding there has practically nil value. We've already taken the hit on that, but will benefit enormously in the near future as a result.

I guess he must have sold on jse not lse, and the price he got is after currency conversion.

But such a small sale it hardly seems worth it for the hassle of having to notify the market of director dealings.

It a pity that your friend won’t be the only person thinking that way.

I don’t view it as an attempt to deceive, I just view it as stupid timing.

But the results speak for themselves, we’re now in profit and have a lot more to come. The placing doesn’t change that, and should facilitate higher earnings this year than previously expected.

Ditto, but if you look back with the benefit of hindsight, we had enough clues to say the placing was coming so it perhaps shouldn't have been the surprise it was. Hernic being 'majority' funded through cash/debt not 'fully' funded was one clue, the 2nd clue was the ramp up in PR efforts and investor presentations.

Still think they should have delayed it though, not be straight after an excellent set of results. But perhaps the placing price had been settled, and so it might have been even less palatable if the SP went racing off past 5p and beyond to then have the 4p placing news.

Like the placing for platcro/Windsor, this one generates immediate returns. Not great that they’ve done it this way, and just when we’ve announced a profit, along with progress on the sp starting to take hold. But not a disaster, and not really that much of an issue long term.

It’s profits that count now, and they’re increasing all the time.

9.28 - yes it is a very shrewd bit of business. For an £8m outlay we’ve bought additional annual profits of £4m a year initially. Not a bad deal at all. But it will get better still when we apply the fine chrome process to increase earnings further. That will also have a knock on benefit to the pgm side of the project.

It is indeed Topcatz! Too often we have seen worse than expected news releases. Great to wake up to better than expected.

Did not expect to see profit as high as £7m for last year, thought maybe £5m would be the high end.

Also have a look at the year end cash balance - £18.9m

Overall, very encouraging. Still early days in the transformation to a profit making company, but great progress and much to look forward to for this year, we already know that revenue and earnings have increased steeply since year end, and more to come.

https://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/JLP/14307866.html

FINANCIAL HIGHLIGHTS

• Group revenue for the year increased by a strong 66.83%, to £ 23.59 million (ZAR1 432.61 million) [2018: £ 14.14 million (ZAR 245.53 million)]
• In 2019, the Group delivered positive earnings of £ 7.00 million (ZAR 128.28 million) [(2018: loss of £ 2.11 million (ZAR 36.72 million)] and a return on equity of 10.50%, compared to a negative return of 3.67% in the previous year
• In 2019, the Group delivered positive earnings per share of 0.48 pence per share (ZAR 8.75 cents) [(2018: loss of 0.18 pence (ZAR 3.05 cents)]
• Total project attributable earnings almost doubled to £ 9.87 million (ZAR 181.03 million) [2018: £ 5.03 million (ZAR 86.80 million)]
• The Group posted an operating profit up significantly to £ 4.87 million (ZAR 89.38 million) [2018: profit of £ 0.06 million (ZAR 1.04 million)], with an operating margin of 20.64%
• The Group's balance sheet strengthened substantially, with total assets increasing by 47%, to £102.04 million (ZAR1.82 billion)
• Total equity increased to £ 78.69 million (ZAR 1.40 billion), from £ 58.80 million (ZAR 1.07 billion) a year earlier, maintaining a strong equity ratio of 77.11% (2018: 84.64%)
• The Group delivered strong cash flows from its operating activities of £ 4.76 million (ZAR 84.79 million) [(2018: positive cash flow of £ 0.96 million (ZAR 17.44 million)], with Cash and cash equivalents tripling from the previous year, to £ 18.9 million
• Overall, the Group's gearing remains low with the positive net debt position and current assets covering a comprehensive 126.74% (2018: 106.96%) of total short and long term liabilities

Agree with other comments, you’ve not put the Decimal point in the right place.

Look at it another way, profit for the period for the interims was about £760k. Market cap was probably about £40m at that time.

The update on 17th Sep said:
"The existing copper leaching circuit has been brought on-line to process historical copper tailings as well as third party sourced run of mine material, targeting the first plated copper cathode metal production during early Q4 2019"

Seems to be saying that there are copper tailings, but unclear if we own them as there was no mention of tailings in the sable deal. Possible that it also means tailings from other mines/plants, and just isn't as clear about it being 3rd party material.

On balance, I think sable would have come with tailings generated by the old copper plant, as probably unlikely Glencore would sell the main asset on the site but keep a pile of discarded material they've already processed. Maybe not mentioned in the deal because Glencore only saw the tailings as a liability, not an asset, and we had no plan at that stage to start copper production.

It probably depends on whether or not the end of year accounts show a profit. I think we’re at the stage now that if no profit is showing, that’ll be unexpected and could be taken badly by some. But does depend on what costs have been accounted for during that period.

Showing a profit could bring in a lot of new investors who don’t invest in loss making companies. And being in profit before any income from Kabwe starts would create a very good investment case

I do hope that the mentions of Chile are nothing to do with the BMR/Revelo deal. That sounds rather like a wild goose chase CB is going to get BMR shareholders to pay for.

And its not really in line with our business model, so its more likely we'll be looking at a deal with an existing copper mine to reprocess their tailings.