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"The cost of getting any oil to a refinery is barely breakeven (Need to build dedicated ice roads, permafrost drilling etc)"

Conoco seem to disagree with this assessment. Their quarterly results show their Alaska operations account for 16% of production, but 21% of earnings. In other words, Conoco are finding it more profitable to drill in Alaska than their global average.

MM, I don't believe I am missing the points. GLR don't have sable, JLP do, and GLR do need to use a processing plant. As for information that's been contained in previous BMR statements, there are plenty of very unhappy BMR shareholders who have found out the hard way that not everything BMR have said was true.

And 'contractually obliged' is a something that's debatable, and isn't something that either company have said in official communications. It may be possible that BMR were contractually obliged as they did the deal with GLR for star zinc. However, BMR don't have any processing facilities either. What has been officially said by GLR is that early stage discussions have started, and that's now turned into negotiations. Neither of which would be necessary if it was already a done deal.

I really don't see how GLR could be viewed as being in a strong negotiating position over this. They have almost zero chance of being able to fund their own processing plant with a Mcap of under £2m, will most likely have to fundraise again soon just to get the easy material dug up and trucked to Kabwe, and if JLP don't take the material they are in a pretty difficult position.

JLP on the other hand don't have a desperate short term need for the material. Even with CBs optimistic timetable for star zinc he says kabwe will be up and running before star zinc is ready, and the shard note made no reference at all to needing or processing 3rd party material.

But the simple fact is that CB is chairman of both, so will be pushing LC to agree to a beneficial deal. Whether that deal turns out to be beneficial to both sets of shareholders, or just the most beneficial for whatever CB's intention is, remains to be seen.

BMR did buy star zinc, and then gave it away to GLR.

The numbers do vary according to which tailings stockpile it is, some have higher zinc than lead and vice versa, and some much better than others overall. But none are as high as 18%. 350k tonnes from 6.4m tonnes is more like 5.5% than 18%, not sure where you got those figures from?

CB wanting to present it as a done deal instead of negotiations starting is probably more to do with his personal share holding in GLR, rather than his age ;)

There's so many possible permutations of a deal it's pretty much impossible to guess at what value it will be to us imo. It could be for the whole acreage, or just part of it, could be numerous wells or just a few, could be a free carry or not, 3D on the rest of the acreage or not .

The plan for the HRZ is intriguing though, with the plan for test wells along the highway corridor and radiate outwards, (i.e. the central/eastern sections of our acreage). and also taking pressure cores for conventional drilling locations. These pressure cores would be quite someway from the western side where it would make most sense at the moment to start conventional exploration wells.

Seems to me that the longer this goes on, the more likely it is that we're dealing with a big player and it could be a big farmout deal.

If it was a small player, they'd want it wrapped up pretty quickly for their own benefit and wouldn't have as many internal procedures to go through to sign off on the deal.

If it was a big player and a very minor deal for one or two wells and no further commitments agreed to, thats very little expense for them and you'd have thought 'final due diligence and approvals' would be relatively straight forward. The larger the deal and the more it could cost in future funding requirements, the more complex it could become to get the deal approved with necessary funds allocated in budgets that have probably already been agreed. Timescale wise, for a major with numerous exploration targets already planned, rushing a deal to just add another one to the portfolio wouldn't be a primary consideration.

Just my take on it, and hopefully we'll find out sooner rather than later.

*GLR

I hope this isn't the big news that's been delaying the quarterlies. Only repeating what GLB and CB have already said. The only development seems to be that early stage discussions have moved on to negotiations, and confirmation we're the off-take partner, which everyone already knew.

I guess we need to look at it objectively, and as far as I can recall LC/CB have never given any commitments on the time frame to release quarterlies. They'd become pretty good at releasing the figures after about 2.5 weeks, and always within a month, and which has created the expectation. And that is no doubt going to lead to more speculation that something must be wrong because the figures haven't been released without an explanation.

Quarterlies are really a just quick snap shot of how the company is currently performing. Delay them for too long and its fairly meaningless, and at this rate April's figures will be more relevant than Q1.

We've been told there will be quarterly updates, and they have been reliably produced on time for a couple of years now.

In the grand scheme of things this quarterly update we're expecting isn't that important. I don't think many were really expecting amazing figures, especially after the last update on Hernic, and the biggest sign of progress is more likely to be the Q2 and Q3 figures.

I don't often have a problem with lack of comms and PR here, its obviously not one of their strengths. But I do see the quarterly figures as important. They've been one of the few things we can rely on to gauge whats happening, so it is an issue to break the cycle just when we're coming into perhaps the most important period of JLPs history so far.

Yes some fair comments over there. Particularly if CB is going to make statements about letting the numbers do the talking, then they need to show us those numbers.

Maybe LC and the management team are just stretched too thinly at the moment? The interim's showed no change in operating costs from the same period last year, which was very positive. But there's more going on now with Kabwe, the Platcro acquisition, possibly another deal on the horizon. If thats the issue, then its something that needs to be addressed going forward.

....and opened slightly up.

Really pushing this to the last minute if we're going to see quarterly results before the end of the month, but still time for news today.

Were they sells? Two trades of 1m and 1.35m with delayed publication from 10am, was that when the MMs moved up a notch?

Ditto Kalan. JLP have always released quarterly figures by the end of the month following the quarter since starting with this regular reporting method. I don't see any obvious reasons why they should not be released, they had 2/3 of the info over a month ago in the last update.

Reporting had become reliable around mid month, but there are a couple of occasions going back a while where quarterlies have been at the end of the month.

Don't see it as a major reason to panic, but would be a set back in the pursuit of mid-cap status if quarterlies aren't produced this time without any prior notice of a change to the reporting policy.

I would have thought the most time consuming part of the due diligence would have been done in the bidding process, such as assessing our interpretation of the data and the prospects we've identified.

Final due diligence (as described in the AGM presentation) would include legal checks on our rights to the leases etc i would have thought.

From what I've read up on farmouts, if we're dealing with a major, then their process will probably be something along the lines of the regional section of the company would make assessments, bid and the decision to proceed, and then send it to the head office/BoD for final approval before putting pen to paper. Hopefully that's the stage we're at.

Update will be coming. As much as we complain about lack of comms from JLP, they have been reliable with putting out quarterly figures each quarter since 2017, when they started with this method of reporting. Not to do so now would be very unusual and a step backwards, just when we look to be turning into a profitable company with strong earnings growth prospects.

You could be right troajan, and admittedly I have been looking at the Mcap there thinking it can't get much lower so could be a good time to get in. Any news could see a good rise, but also far from convinced about CB's timescales and the importance to Kabwe. And really can't see GLR getting any material to Kabwe before the end of this year, whether thats from Star zinc or the other one.

Will look a bit more into it, but knowing my luck on getting the timing right I'll probably end up buying on a mini spike just before the next placing, lol.

I'm still taking the approach that no news is good news at this stage, as it means we're still in negotiations. By no means 100% certain a deal will be reached, but we've a potential partner who has already spent a lot of time analysing our data and putting a bid together, and we have to assume the general terms of what they are offering was satisfactory enough to be chosen as the preferred bidder. So seems more likely than not that a deal will be reached.

How long that will take is anyones guess, just hope its worth waiting for!

Then we have two more farmouts for HRZ and Yukon to come, so could all work out very well.