Member Info for natemc

There is also the issue of profitability.

FY 2024-25

concentrate production: 2,169t

revenue: £1.575m

average selling price: £703/t

total operating costs: £2.194m

unit cost of production: £1,012/t

That is clearly loss-making at operating level. On those numbers, they were losing about £309/t before you even get to corporate overhead, finance costs and everything else.

Vatomina is the only asset that really matters right now.

Sahamamy is effectively parked.

Mozambique is long-dated optionality, not near-term value.

That is the honest hierarchy the prospectus points to.

What went wrong at Vatomina?

This is where the CPR is more revealing than the headline company narrative.

SRK’s identified issues include:

- mining without proper detailed short- and long-term planning

- lower-than-expected mined grades

- clay appearing in parts of the deposit

- mining moving into new areas without metallurgical test work

- plant throughput at less than half of nameplate capacity

- downtime from maintenance and lack of spare parts

- tailings storage capacity needing urgent investigation

- community opposition risk linked to compensation and water contamination concerns

- regulator risk over environmental / water compliance, and no closure plan / liability work completed yet

That is a pretty ugly list. The key point is that Vatomina’s problem is not one single broken machine. It is a combination of mine planning, ore variability, metallurgical uncertainty, plant reliability, spares, and environmental / permitting housekeeping.

Punter,

Of course there's no storm over at PELI - why would there be, it would be a great deal for them.

Montmuzard,

It would make perfect sense for GLND as in the event of a discovery they can pick up the remaining 30% for today's prices. We on the other hand, and in reality, we didn't have anyone to partner us for Jameson, and had 100% of nothing - so actually a deal whereby we get $92m or so in cash is clearly still not a disaster - just not the upside that we were lead to believe (until now).

I would be delighted for Robert to be wrong, but even if 80M clarify that the option doesn't exist, there's clearly now a black mark against Robert's name - who knows what else he'll say that's wildly inaccurate. It's very poor all round - either from 80M or the CEO of a NASDAQ listed company.

Yes Bobat - this is what it looks like until there is a clarification. It would be absurd that the CEO of GLND didn't understand the full terms of the acquisition of their only asset. I will believe what I've heard direct from the GLND CEO for now until there is a clarification from 80M. I have emailed them and will let you know if I get a response.

Where did you get that - which RNS please as I cannot find it anywhere

2 million barrels of oil a day - wowzers

That’s one big green bar for PELI today 📈

Oil up 9% at the bell - wow

Oil up 9%

Looks like I will forever live to regret not taking the lse pre-ipo shares at 7.5p - I remember getting the email while waiting for my covid vax - and then choosing to sit it out - what a mistake that’s turned out to be!

And always at a material discount here

I think you need to rewatch the video - this time maybe with subtitles or without ear defenders.

I'd be careful - £250k was raised in Dec just fund a bit extra drilling and there's no warrants left to convert except the 2p one's which aren't near being in the money. The last raise was at a 24% discount so would be prudent to expect another could come at any time - might be worth coming in off the back of it - just my musings - good luck.

I personally thought the interview was great - very honest and clear with expectations and timelines which inspires confidence - Theo in particular looks solid.

Just a note on the initial stat up production:

- 800k oz of uranium @ spot circa $88/lb = $70.4m

- 52k oz of gold @ spot circa $5150/lb = $267.8m

That’s initial annual revenues of $338m - within 18-24 months.

Followed on by Henkries coming online 12 months later which increases the uranium prod to 1.4/1.5 m oz - adding a further $54m of revenue.

Thats $392m of revenue - incredible really and it should come as no surprise that there are strategic investment funds willing to take stakes here at a premium to prevailing share prices.

The risk / reward ratio here between now and initial production is incredible - I can only think of one other stock that has equal potential to here and so I’m very happy to be parking cash in here for 2026. Where the sp will be in 12 months is all I care about - small daily swings by anxious pi’s is irrelevant really - the quality of the assets and management will deliver the value the market needs to rerate this accordingly.

Couldn’t agree more Toplocks - Dundas is another aspect that is often overlooked with the excitement re Jameson, Disko & Hydrogen Valley:

- JORC resource

- Fully permitted 30-year licence

- One of highest-grade ilmenite deposits globally

Comparable permitted mineral sand projects rarely trade below £30–50m NAV, even dormant.

Panman - interesting bit I picked up which maybe I'd missed prior, or maybe a new development?

"€30M+ in anticipated grants being sourced to secure scaling SAF production."

I had anticipated that the FCF from the initial biodiesel would fund the SAF expansion, however another €30M+ of grants to fund the SAF on top of the €10M already received would be a game changer!

A slight delay to prod restart but the anticipated FCF would support a v conservative 3p+ regardless of Jameson and Disko.

I can't think of a better place to park money this year - the risk/reward ratio here is superb.

I did point this out on Fri - shouldn't be long until positions are mostly taken at this level and then we can push on

A buy order specifically

There must be a massive order being filled right now