Member Info for NorthernShark

Bottomsup, just for some clarity the question about the PGM stockpiled material was asked at the AGM rather than initially being offered as a comment by the company. The stockpile continues to grow in line with chrome output unless the JV is activated but obviously there is a price point at which this will be reviewed.

ATB Northern

Frog, I spoke with Tracey at the AGM and Neal had an offer he couldn't turn down. He may not have amended his LinkedIn profile but he has moved into another role.

ATB Northern

Seis - that was certainly the impression he gave at the AGM. Given the level of trials / processing due diligence the project has been de-risked substantially and therefore the impression was that JLP would be deserving of a higher slice of the JV. Could they as Mikey has mentioned go it alone with offtake or project finance?

Certainly it appears there are more options as the site has been drilled/appraised, Roan has proved the process works (tbc) and the leaching piece is the final piece of the puzzle.

Https://mineralsed.ca/site/assets/files/3449/copper_heap_leach_sx-ew_slideshow.pdf

Not an expensive process especially if we are using the Glyciene to keep the cost down through not using sulphuric acid. Could be a significant tool to extract the value from the low grade materials.

ATB Northern

Sumo, majority of production was due from Sable but clearly will be an impact. Key thing is hopefully no damage to equipment.

Frog - all operations are covered by the power agreement but they still rely on the grid for transmission at Roan. The whole grid was impacted hence the issues there.

ATB Northern

Busby, the line into Sable is direct from the power supplier as I understand it hence their operations are less impacted. Roan relies on the grid for transmission where there have been national issues.

Obviously not good news. Interesting OB1 re-negotiated and certainly a better deal but would be good to understand the reasons from Leon and where the due diligence is up to.

ATB Northern

Can anyone send a link to a copy of the report (preferably not behind a firewall)?

Many thanks, Northern

All the best in your recovery Frog!

Hopefully the coming weeks will put a smile on your face as the strategy delivers here!!!

ATB Northern

I think they have had more time to define the resource as well. I think I recall Leon saying IRH would fill Chambishi which is virtually double the original estimated annual production guidance. The number of years of operation which was stated at the AGM leads me to suspect the project will be scaled up as well. On the assumption the bulk trial of material through Roan goes well (should now be complete) then could be some very good news landing very shortly.

ATB Northern

Jack, a few of us spoke to Leon after the AGM main business had concluded and the IRH deal came up. He was frustrated with the amount of due diligence they wanted and seemed very comfortable that JLP holds the cards on this.

I suspect the JLP % split might rise as a result of the delays (for that read de-risking the investment as they have proved they can get copper out of the material). He also seemed very comfortable that others might take up the deal if they don't come to the right agreement. Frustrating though the delay has been I think in the medium term it could work out well for JLP.

Also a leftfield suggestion - could they get a finance package and go it alone???

ATB Northern

Stukey - Not sure Ricus wanted to be there to be fair and looked distracted throughout most of the call. He must have a lot to do at the moment so would cut him some slack!

Kalan, one thing you need to factor in is the % split between concentrate sales and cathode. The previous split was skewed towards concentrate but think as we move forward more will be plated into cathode and therefore increase margins. Plus with the increase in overall production will cause the the unit costs to fall. Where these end up will only become clearer over the medium term.

Grades at Munkoyo will also be interesting as Chris Koen recently posted a picture and followed up with a comment of 6% copper coming out of M. I doubt this will be the overall grade but could be pockets of higher grade material which may boost production beyond what has been stated.

As you say - sit back and let the story develop over the next few months!

ATB Northern

HD - I sense a question for Leon in this afternoons call!

Part of a broader communications strategy?

If it is then it is a welcome move forward for some who have been critical of the frequency and quality of what has come out of the company.

If it isn't then its another opportunity for Leon to get the message out there and to answer shareholders questions.

Happy if there is a substantive announcement but not worried if not - we know plenty are due anyway.

ATB Northern

Someone popping corks or cutting cake at Thutse maybe?

HD - if I was a betting man, which apart from the odd lottery ticket I am not, I would suggest we might get some news about the two modules at Thutse being fully operational. It could however be another snippet as there is plenty of news due over the next few weeks!

ATB Northern

Sunday Roast on Audioboom and look for the Zambia Special - 06.10

Nelson, Leon also mentioned there are also other OB1 type deals to be done on other waste material but OB1 is the largest in Zambia. Getting some others with different partners would be good (diversification) and a hedge against getting into bed with a single large player in my opinion.

ATB Northern

Nelson, I disagree with you on this point. Hearing from Leon directly on the topic (4 of us with him after the main meeting) he firstly seemed frustrated with the levels IRH are going to in terms of the due diligence but also very confident there was a number of other organisations who would participate in the project if IRH don't. He also stated the terms could improve with IRH (as now a lot lower risk so the % share of the JV should go up) or move onto another partner.

ATB Northern

Ollie was there. Leon did most of the talking but Ollie chipped in on a few points - mainly around the board composition and options.

Tracey chipped in regarding a question about the Kabwe rehabilitation project led by the UN and will likely put something on the website about this.

ATB Northern