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Have we bought more acres in the most recent lease sale? There hasn't been an announcement, but the DOG is showing us as the winner bidder on 1920 acres for approx. $50k, which look to be around Yukon Gold.

http://dog.dnr.alaska.gov/Documents/Leasing/SaleResults/NorthSlope/2018W/NS2018W_Preliminary_Summary_Results.pdf

https://dog.dnr.alaska.gov/Services/BIFAndLeaseSale?scrollTo=CurrentLeaseSales

I'm not sure having an exclusive talks agreement would be the best thing. Would certainly give us a lift in the short term, simply because it would confirm there is some serious interest. But it wouldn't necessarily result in a deal, as was seen at another oiler this year, and then we'd run the risk of ending back at square one having locked out other interested parties.

Looking at this article from the bbc posted earlier - https://www.bbc.co.uk/news/business-46256117

That would work out as a deal worth about $6.59 per barrel. ($3B for 6.5% of a potential 7B barrels). Its a bit unclear what else would be included in the $3B, but it gives some support to the view that predictions of an eventual deal worth $3-$5 a barrel aren't that unrealistic.

I don't see how the "cold hard figures in the Accounts are worse than those of last year".

Its pretty clear that there has been good progress during the year. Our main earner at the moment, Hernic, was ramping up production during the year and the progress that has been made is very obvious in the accounts after a slow start. Earnings each quarter have been increasing, and in fact the earnings for the last quarter of the year (£1.6m) was greater than the first two quarters combined (£1.5). The first quarter of this year has shown a further increase to £1.9m, and based on the previous RNS we have good reason to believe that there are more increases to come.

allthatguff does have a reasonable point, there is a history of placings sometimes following good news and SP rises. But this is pretty common for most small companies on AIM, JLP is far from unusual in this respect.

Also looking at that history of placings, they have come at times when we've not been generating enough earnings to pay the overheads and also develop projects. Its a simple equation that if there isn't enough money in the bank, money has to be raised to keep going. Its pretty difficult borrowing money if the lender isn't 100% convinced you'll be able to repay the loan, so that leaves most small companies raising money through placings.

But now we're in a cash generating position with increasing revenues and earnings each quarter, and certainly there doesn't look like there will be any need for placings just to cover the overheads anymore. So the only possible reason for a placing going forwards would be to expand, and with the cash generating position we now have combined with a track record of delivering results, borrowing money is a stronger possibility than it has been before.

So I wouldn't completely rule out a placing at some point in the future, but it doesn't look like it'll be necessary anymore, imo of course.

Just to echo other comments, looks very positive and shows good progress over the year. Pretty much in line with expectations and no big nasty surprises.

For me, the stand out factor is the big increase in gross profit, which shows that the processes are now delivering, particularly at Hernic. We're getting a lot more return now for the more of less the same cost - Gross profit of £5.4m from revenue of £14.1m is good progress (2017 £1.7m GP from £9.8m revenue). From the quarterly figures we can see that the majority of that has come from H2, so looking good for this year coming.

Doesn't look like there is any new info on Kabwe though, hopefully soon. DCM upgrades due for commissioning this quarter, with only 6 weeks left we should hear more about that soon. And I guess the update on Tjate is just a matter of the boxes being ticked to comply with the mining licence.

In my view I don't see that there's been any major developments since the rights issue closed. The news yesterday was positive, that Yukon Gold has progressed a little. But that is our smallest project. The conventional update on 23rd Oct was much bigger news to me. Around a 500m increase, on top of the previous increase, compared to 90m at Yukon gold. The 23rd Oct update resulted in hardly any SP increase, and was in time for anyone still making their mind up on the rights issue.

DW can't control how the market will respond to any news. If I had the two RNS's side by side without the benefit of a crystal ball, I'd say the 23rd Oct update merited a much bigger rise than we saw, and gave all shareholders the opportunity to buy at 1p with the knowledge that the potential value of the resource we're farming out has substantially increased.

2020 seems like a reasonable estimate for when we'll really start seeing in the accounts how well the business model is working. The big questions are how well will it be working, if the market will start to price it in before we get there, and what else we'll have going on by then.

The full year results for year end June 2018 will probably not be that great. In my opinion, at best they'll probably only show a small profit, but more likely to be around breakeven or small loss. From the quarterlies we've had, we can make some estimate what the revenue and earnings from operations has been for the year, and it'll be more than last year, but its difficult to know what all the costs have been.

However, one thing that we do know is that the majority of the earnings for last year will have come from the 2nd half with Hernics earnings significantly better in Q3 & Q4 than in Q1 & Q2. This bodes well for this year, ending June 2019, where we'll have a full year of decent earnings from Hernic, plus additional revenue and earnings starting to come in from DCM and platcro in the 2nd half.

So looking forward to 2020, we'll then have a full year of Hernic, DCM chrome upgrades and Platcro, which should more than compensate for any reduction we then see in Hernics earnings if the profit share starts in that year. By then we should also be getting a return from Kabwe. Hopefully all 3 parts of Kabwe will be fully operational and up to speed in 2020, which could be a substantial increase in earnings, and maybe even the long awaited PGM's from DCM.

But until there's a clearer picture from the BoD on whats happening with each project its all guess work.

I do remember lots of posts last month that were telling people not to take up the rights issue as there'd be a big shortfall that would result in a placing at around 0.8p to shift the shortfall shares. So todays news could be taken as a positive in some ways, that while the predictions of a big shortfall came true, the placing is at a 25% premium to those same predictions and at the same price we were given.

However, still a little disappointed to see this placing after the SP had started to edge back up. I had begun to hope that the placing either wouldn't be necessary with news of a farmout getting closer, or it'd end up being at a higher price to the RI.

Good news indeed, I think its fair to say most had come to the conclusion that the target of 2,500 oz per month, (equivalent to 30,000 oz per year) would never be met in real life conditions. Going forward the next key milestone will be producing around this figure consistently each month.

Don't forget there will certainly be more news this month, the full year audited accounts should be with us in the next few weeks. Perhaps an update on Kabwe's progress is already included in there, which is why todays news doesn't give an update as it was solely to inform us of Hernic achieving its design target.

Brom, an explanation for the HL delay may be related to excess shares. On my letter I had the following statement:

"Applications for additional shares are available through this offer; but as the minimum requirement for excess elections has been made at pooled nominee level where your shares are held, we will be unable to guarantee that the minimum requirement can be met; therefore, on this occasion we will be unable to extend this offer to you."

Perhaps brokers that are processing applications for additional shares have to hold on until it is known how many additional shares are available.

Just catching up with the news from the past week, a little bit behind everyone else, sorry for repeating old news! Quarterlies look pretty much as expected, now averaging about 2,000 oz per month. I'm surprised the cost per oz has fallen so much, just $311 per oz this quarter. Don't know how much of that reduction is to do with exchange rates, but hope this kind of figure will continue.

A little disappointed that there's not really much of an update on Kabwe, and we're still none the wiser as to when we can expect to see production start, nor when lead and vanadium circuits will be started. However, it appears to be progressing, even if it has changed from a fast track project to a typical JLP project!

And DCM improvements on track for November, just in time for the traditional Christmas slowdown, so don't expect much from that for another quarter. But Platcro is still being stated as on track from Feb 2019, so with those two there should be a nice boost to the earnings in the first half of next year.

Funds taken by HSBC yesterday

My notification of the offer has arrived, with a deadline of providing instructions by 23rd Oct, funds to be debited on 24th Oct. Not sure if this will vary with a different bank/broker.

Without trying to start a political argument for and against, I suspect the stock market in general is going to be a bit shaky until brexit is resolved. No deal and we will see further falls across the board, at least in the short term, a deal probably will see a general rise. High risk stocks will probably bear the brunt of any falls, as investors try to find the safest place for their money.

It appears to me that it’s all guess work on both sides of this argument. No one knows for certain that there will be a shortfall in the rights taken up, if there is then no one knows how many shares will be involved, no one knows if that shortfall will definitely be placed, and no one knows at what price that placing might be at. What the BoD have said is: “The Company reserves the right to place any shortfall shares that are not taken up by existing shareholders at the discretion of the Directors.” This is not saying that there will be a placing, only that they reserve the right to place the shares. It would seem likely to me that not everyone will take up their rights, and then those shares will be placed, but it’s not absolutely certain it will happen that way.

No idea, volume traded doesn't suggest anything out of the ordinary. Hasn't been over 2m shares traded in a day since August, so todays 1.5m seems pretty normal.

Maybe CB has offered a stake in tjate to BMR? Lol

I find a couple of things strange with it, firstly that there is such little detail available on what would appear to be quite a major issue for BMR. Second, litigation against former management being successful would imply some kind of wrongdoing, are criminal charges involved? Third, the sudden appearance of money, the prospect of relisting and an acquisition just after all the assets have been virtually given away seems questionable to me.

Perhaps its all fine, and BMR will come back with a new lease of life. If so, then that'd be good, our 29% stake becomes worth more than the paper the share certificate is printed on.

A strange tweet has been made from BMRs twitter account: "We have been successful in one litigation pursuit against former management receiving funds in settlement to be applied in DD for an acquisition and re-listing" https://twitter.com/BMRGroupplc/status/1048158166998032384?s=20 Doesn't appear to be any other info related to it at the moment.