Member Info for NorthernShark

I agree - I think the newsflow recently has become a lot more focused on making use of the assets they own and accelerating returns.

Jonah, its an interesting topic. My guess is they will process the material which ultimately is the most profitable - taking into consideration ownership, transport costs and processing capacity - which is not a simple equation. The high grade material into Roan looks here to stay and should last for 10 years+. The tailings projects will depend on the leaching solution which I think will go into M first then other sites thereafter. I think all will become clearer in 2 weeks as the production forecast should be accompanied with an updated copper strategy.

One thing is for sure I was happy to see some of the OB1 material monetised and would similarly like to see that with other owned material which isn't going to be processed anytime soon - Zinc at Kabwe springs to mind. Should provide finding for modules at OB1 so we can go it alone and get more value over the longer term from the project without the need to raise additonal funds from shareholders.

Kalan, on the plus side there is 6MT of the material. There is bound to be some variation as with OB1. Looks like the early results must have been positive enough to have the discussions about ongoing supply or why would they be running the other material?

Agreed on Munkoyo and thought we we on or at that level now. Might be due to the opening up of the pit and the logistics there. Circa 2kt from Munkoyo before the leaching process is installed isn't too bad and we own the project with a 95% shareholding.

ATB Northern

LUFC!

$40m is broadly the number I was working to as well but obviously dependent on metals prices as we move forward

Thanks Billy, good to see you back and hope you are well

Frog, agreed a nice update and left scope to over achieve in Q4. On to the big update next week

Yes - I think it will potentially be higher with the new feed but they changed how they allocated the overhead costs which impacts the calculations.

HD, some will depend on the market pricing and lag between the purchase of the ROM and the sales of the material. In H1 as the price dropped this would negatively impact the margin whereas in H2 this reverses. As a blended margin I was using between 17-20 dollars across all material. Not saying this is correct but my best guess at this stage.

Key change for me has been the focus on monetisation rather than getting more material. We have a lot of resources on the balance sheet which have a lot more value than the market is giving any value against.

This increased focus is most welcome in my book as there is plenty to be going on with in terms of Copper and OB1 development!

HD, I would be surprised if it didn't crack the 2m looking at the run rate. Only had 6 weeks of the two Thutse modules in the H1 numbers.

Also had a look at the PGM tails which will be produced. Even with the new JV we will still be adding to the stockpiles and the existing material will take years to process.

Hoping for a chrome update this week and full quarterly operations report next week with updated copper guidance.

ATB Northern

Ard, I would also expect the stockpiled material at Inyoni & Windsor to go via the other JV as well. At the AGM they said they had up to 10 years of material to process which again makes sense to monetise even if the basket price is not as attractive as it might be in the future.

The stockpiles will continue to grow if we only use the capacity at Inyoni and the new JV announced yesterday!

Sumo, my guess is this deal is to handle the material generated at Thutse and the other JV is still in play and will be activated based on a certain basket price being reached. I for one an happy they are now monetising the material as there is no balance sheet value to the tailings (would need to be drilled/officially sampled for this to be the case) - which is a bit daft as they know the contents as they already process them - accountants for you!

ATB Northern

In the Investor call there will be updated SA guidance by mid-April and Copper guidance by end of April. Lots of good meat on the bones in the call for those who want more detail.

I would suggest JLP don't own the asset until they elect to do so - can't sell the material until that point. Therefore any valuation which might be market price linked will be estimated until the transaction to acquire the dump is completed.

Might be a particular type of waste as the dump is made up of many different areas. This material will likely suit the existing processing setup. Good news for the cash’s balance as well as the viability of the overall project. Maybe the first of a few such transactions.

Seis,

Theres an analyst I follow on LinkedIn called Legodi Papaki who posts on JLP quite a bit - seems to be quite well informed

280-290 a ton - which is welcome news

I think it’s the Mumbwa mine

Taken a while to work these things out Sumo! JLP Communications certainly not a strong suit alebit I did think on the Roast interview Leon is picking his words more carefully now