Member Info for Moneyman64

We have been through this many times -unlike you Bushy I do not spend my time going over old ground -how long have you been bleating about the shareprice falling?

As previously stated I sold some of my holding in the mid teens and I have stated on many occasions the shareprice fall is due to the fall in commodity prices and water and power problems and technical difficulties .Unlike you I am forward looking.

By the way congratulations on your 3 p share prediction -now whose wrong

Expect a torrid of deramping from Bushy as his 3p shareprice target disappears in the rear view mirror

Bushy and Minime Clown in full deramping mode digging over old ground-only to be expected sadly -Funny how all PGM produces have fallen due to external factors but it is still all down to Jubilee -perhaps Bushy should concentrate on his. “car crash” investment HUM with its massive Placing and incredibly high AISC costs per ounce of gold (not) produced

More fiction from our resident story teller Bushy -the person who claimed to have sold at 15p and then opening the World’s longest short now claims to have sold at 6.87p

Scott 22 -the number of shares in issue now is irrelevant if profits grow and there is no dilution.

The company has 2.7 billion in issue circa 6.5p is exactly the same as say 270 million in issue at 65p -both will increase in the same proportion as profits increase -if both shareprices triple to 19.5p and 195p the profit on the holding is exactly the same.

Never heard anyone moan about Glencore having 12.24 billion shares in issue

Bushy -time to look forward -jubilee have had no placings in the last 18 months (barring previous rights conversion) so fall in shareprice very little to do with number of shares in issue .

Fall due to PgM prices and power and water problem-just look at the Tharisa price over the last 18 months

Meanwhile in the world of Jubilee metals huge earnings. enhancing deal announced with no dilution .

Looks like Bushy’s 3p a share prediction completely blown out of the water just like the 20p he predicted for HUM -one wheel on his wagon ….

Perhaps Colin should be busy here actually finalizing and actually concluding a deal that actually benefits shareholders instead of sprouting General hot air on twitter

The Porsche 911 Dakar is a fine vehicle but unless you are going off road I would go for the “basic “ 911 992 -385 bhp 0-60 in 4.2 seconds and very nice to drive.

Hope if any offers forthcoming the boar has the decency to inform shareholder and not just swept them under the carpet.For example a few years ago the Bod of Amur Minersls deemed an offer not enough to present to the shareholders -Russia invaded Ukraine and as a result Amur was sold for “Two paints of lager and a packet of crisps” tens of millions below what the offer was probably was

Bushy—put up or shut up -I am still waiting for you to show when I ever mentioned £2 a share

Bushy-you living in fantasy land -please show me when I ever mentioned £2 a share - once again lying -

Totally agree Rylidan-net profit after tax in any one given year should not be the only factor determining dividends -cash flow,accumulated profits and cash balances should be taken into account

People very unhappy on the HUM board -33% dilution with more to come and shareprice down 16% -this was the share that Bushy was pumping non stop and even though it was obvious with its dire net current liabilities this would happen -ha ha ha

They are delaying Karo for at least a year-at current PGM prices Karo appears to be throwing good money after paid -a slightly higher dividend is totally immaterial in the over all picture and shows goodwill towards shareholders -more valuable than a few dollars in interest

A couple of extra million in dividend is a rounding error in relation Karo costs and the $125 million in the bank

I would point out the 15% NPAT is the minimum dividend -a final dividend of 2c would represent a payout of circa 18% -bearing in mind the cash balance of circa $125 million to round this down would seem unnecessary.-.5 of a cent is $1.5 million.

I would also add unlike other Pgm producers no special dividends were paid in the boom year and part of the large cash balance must be due to this-so a final dividend of 3 or even 4 c could be justified.-even 4c is only a 25% payout which does not seem too high

It is interesting that the last normal year prior to Covid (year ended 30/92019) the average PGM basket price was $1016 which than spiked due to Covid and perhaps the Ukraine war.So unless there is an upturn in demand or downturn in supply the current PGM basket price circa $1300 appears to be about right .I know according to the WPIC there is supposed to be a large platinium deficit and some predict an upturn in PGM prices next year but so far this has not been reflected in the platinium price.The Karo cash production price is over $1000 per PgM price which does not reflect well with the above basket prices

Time to be prudent -not a penny more on Karo until a significant upturn in the longterm PGM prices-use funds to make SA mine more cost efficient -what has happened to the long ago production targets of 2 mt of chrome and 200000 ounces of PGMs annual output that were targeted long ago-there must be better ways for the company to spend its funds than on the development of Karo-the continuing cut in dividend payments is very disappointing-Karo was always a very risky investment based on sustained high PGM prices-the cash costs of over $1000Per ounze were too high

It is a great shame that management is still determined to commit the majority of surplus shareholders funds to Karo.

When the projections were produced the project was based on a basket price of $2140 which now appears optimistic to say the least((it is now just over halff this).The palladium content at Karo is around 40% which is the PGM with the most pessimistic outlook -the success of this project is now solely based on hope of a material recovery in PGM demand which of course could be covered by ramping up production in SA (not long ago the company was aiming for 200000 ounzes here and of course the palladium content is lower)

if the company wants to diversify it should move into other metals and then risk is further spread -perhaps a copper tailings project with lower capital outlay and quicker returns.

would it be possible to adapt the Karo equipment sitting in boxes to process other metals

Brokers comments very encouraging although once again shareprice do no way reflect these.

It’s a great shame that the company can not commit a few £ million to share buy backs which would help maintain the shareprice and result in a greater increase when PGMs recover