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rfarfa 11.29 - I completely agree. I have no experience of farm out negotiations and little ideal of the technicalities involved, and I suspect that I am in a large majority here!

But what I do know is that ambition of having a deal completed by the end of the year has been repeated many times, and we're not at the end of the year yet. We've seen before with the original winx announcement that they do keep negotiations a tightly guarded secret. It also appears likely that we're in a news blackout on Icewine, the complete absence of anything related to Icewine in todays RNS gives the clue. So until we're told otherwise, I'm working on the assumption that they're still trying to get it done. It may be that they can't get it done in time for the end of the year, we'll just have to wait and see.

The way its heading at the moment, annual profits could be exceeding the current MCAP in the FY 2020 accounts. It would be bizarre if we're still anywhere near this valuation if that happens.

But a lot can happen between now and then. Licences could be revoked, other businesses we're in partnership with could go into administration (or business rescue), we could sign up to a JV with another company that turns out to be 'a bit dodgy', commodity prices could collapse, production could drop off a cliff with upgrades being made to plants.

It's all happened here before! Hopefully we've got all the bad news out of the way now. But if something does go wrong again somewhere, we're now more protected from the exposure than before with an increasing amount of revenue/earnings sources.

Clearly there's a lack of confidence/belief amongst investors that what JLP are doing will yield significant profits, and still a lot of question marks surrounding our projects. Longest term view I have at the moment for the touchpaper to be lit is the audited accounts in November 2020 (Year ending June 2020), which will show a full year of earnings at Hernic, DCM, Platcro (now inc Chrome as well as PGMs) and possibly all 3 parts of Kabwe producing.

However, always possible for the recognition to come before then. BMN are talked about a lot at the moment and have risen from small cap to mid cap, but their latest annual accounts still show them as loss making. Their rise has happened before the profits are showing because they have generated the confidence that the profits are definitely coming.

The figures given are encouraging. 8,000 tonnes per month of fine chrome concentrate is about the same as our output of chrome for the whole of the last quarter.

We were also told that DCM is being operated at reduced capacity while the fine chrome plant is being built, so we should be able to look forward to a significant rise in production next quarter.

I think that some people here are forgetting that this news today isn't for our own project. Its a consortium which we are a partner in, so what news is released and when it's released isn't necessarily up to us.

Otto and RMP released news, so therefore we had to as well. Difficult to say whose decision it was that this news should be released.

But what I find very striking is the absence of information on anything else 88e related. On most, if not all, 88e news we get a standard summary of projects giving an overview of acreage etc etc. The news today has none of that, and only covers the winx project.

Does this not suggest we're either in a news blackout period or they are preparing to release further news shortly?

A trade of 1,777,777 this afternoon, showing as sell and no impact on the SP. Seems whoever it is isn't finished yet.

Looking at those tweets it seems to me he's just picking up on previous announcements of the intention of a deal prior to the end of the year. Like most of us, he's assuming nothing will happen from christmas to new year, so that leaves next week as the week for news. No inside info here imo.

The only thing that's certain at the moment is that the year will end on 31st Dec.

Yes that'd be nice. But we know from experience that JLP aren't in the habit of issuing this kind of news quickly. They've announced several times that the process would be up and running by the end of the year. So all they've done is what they've already told the market they would do. LC has also been doing interviews to say its now running.

But it would be nice to get official confirmation that a new plant and process is running and all is working, rather than waiting for the next quarterly update to find out.

Looks like we're back to normal today and the big trades have finished. Fairly typically volume of trades today, and SP dropping a little with sells outweighing the buys.

How long does someone have to notify of crossing a threshold for holdings?

Hi Rosewall, I saw it last night being put forward as a possibility on another forum and interested to here other thoughts. Possible reasons for JLP buying back shares now include putting those shares in treasury to use in the next deal instead of a placing.

I'm not sure on it. But if CB believes his own hype on mid-cap, now would seem a good time for JLP to buy back while the price is low. And what has been happening this week with the volume and little effect on SP would suggest a large coordinated deal involving multiple large shareholders, and JLP would be in a good position to coordinate it.

Any thoughts on the possibility it's actually JLP buying shares? The resolution passed at the AGM last week unconditionally gave the directors permission to buy shares up to the value of £ 1,959,934 and "to make one or more market purchases of ordinary shares of the Company on such terms and in such a manner as the directors shall determine", providing they pay at least 1p and no more than 5% above the 5 day average, or no higher than the last independent trade.

Kalan, I agree, whatever is going on it does look very controlled and coordinated. Seems extremely unlikely 5% of the shares could be moved without a major impact on the SP unless it was all being managed. We've previously seen big swings either way with just a few million above the norm bought or sold.

Yep, again the same price.

Will need to start measuring this as a % of the company rather than number of shares!

Now 5% of the shares have changed hands at the same price in two days.

That's another delayed trade from yesterday, again at the same price of 2.25p.

Brings us to over 63m shares all at exactly the same price yesterday.

There was only around 100m shares traded on the day of the tjate licence news.

Just looking at the latest one to show up. A sizeable delayed 'sell' of 2m shares for 2.6p, but the Bid actually increased around the time of the trade. On normal days you'd expect that to have caused a big % fall.

It certainly does look like somethings happening.

Total volume for the past 2 months prior to this week with 'buys' and 'sells' combined = approx. 68m shares.

Total volume for this week so far = approx. 82m shares

I'm still far from convinced they were sells. The price would indicate they were, but that was over 62m shares all at the same price in 2 days. Our typical volume is a couple of million shares a day at the most, and we've seen the SP plummet before with a lot less being dumped in one go.

BMR only hold 46m, and unless we've got/had a major shareholder that hasn't notified their holdings and it was a managed sell off, its quite possible they were buys.

Yes a big number, bigger than the estimated NPV at tjate if platinum ever gets back to $1250oz. The most significant difference with Vanadium at Kabwe is that the value is sitting on the ground, doesn't require deep mining at a cost of £100's millions to develop over several years before any returns are made, and overall its much lower risk.

Anyway, all looks quiet at the moment, will we see some more 1m plus trades today or is that all done now?

I remembered last year that when we where first told about Yukon and when the formal award was made, the total acreage differed. So I've looked it up.

7th Dec 2017

"announced high bidder on 32,800 gross acres on 6th December (AK time) as part of the North Slope Areawide 2017W lease sale.

The two parcels are subject to regulatory approvals and formal award, expected in 2018."

Yukon Gold was then stated as 15,520 acres (subject to formal award), until later in the year it became 14,194 acres.

So no great conspiracy here, it looks like that somewhere in the formal award process (as opposed to the bidding process) we weren't formally awarded some of the acres we had bid on.

It is quite striking though is that the amount we bid for that parcel this year is an awful lot less than last year. $50131 this year, and $131596 last year

In many respects that's a pretty safe prediction to make for anyone without any insight to what's going on behind the scenes. The track record for comms is pretty good, so having been told the target is for a deal by the end of the year with a possibility of it being extended, it's reasonable to assume we'll either get that farmout deal, or an update by the end of the month that the process is still ongoing. Either way, you could count that as farm out news. And since there's no update yet to say the timeline is being pushed back, then still a good chance a deal will be completed in the next couple of weeks. Fingers crossed!

Yes very upbeat. Notice he mentions a couple of times bringing the kabwe refinery online next year. Is the deal for sable just a formality now?