Member Info for NorthernShark

I personally would have preferred he stayed in role but my take is he has had a hefty offer elsewhere which wasn't planned - wouldn't have recently bought shares otherwise.

Those with a negative view of the stock will view it negatively but I am probably in LUFC's camp and do not think this changes much.

New addition looks well connected.

ATB Northern

Plus you can do share buy backs once the cash is rolling in! Let’s not forget that

Nice tick up in the PGM basket over the last month. Platinum +7% Palladium +13% and Rhodium ticked up 2% - Every little helps!

Edzi, firstly it may be constructed and going through commissioning - the August date was for "completion" - which could have happened and the ramp up is now starting. Secondly to compare a hire car pick up delivery with a multi-million dollar capital constructions is a little disingenuous as I am sure you will agree.

That said I do agree that firstly there should be some slack built into the construction comms as they have done with the financial forecasts.

ATB Northern

From the Operational update released on 21.08 "Jubilee's chrome operations continue to perform, with the construction of a new chrome processing module at Thutse remaining on track for construction completion during Q3 CY2024"

Suggests its pretty damn close! Could be comissioning and we will be told in the next update which is due early in October. I would take a relaxing drink or a pill Edzi as this consternation must be a challenge to most individuals health, although I noticed you need your money out shortly which puts your posts into context.

ATB Northern

Seis - TYM drilling results? I have a small punt there on the basis Kobolds AI is on point

"The Thaba JV is progressing well, with the first PGM and chrome production expected in HY2 FY2025, commencing the

addition of chrome revenue to our income stream" (From this years report - just goes to show how time consuming these things are to implement and suggests the modular technology is leading the way)

Sorry - wrong years report - but the thrust of the point still stands :)

Snippet from their report released today under their Chairmans key focus areas:

1. Some time back, your Board noted the synergies in becoming a co-producer of chrome concentrates, as well as our traditional PGM concentrates from our host mines. After a lengthy gestation, we have formally commenced with delivering on this strategic aim, by securing additional chrome tailings and ROM resources on the Western Limb of the Bushveld Complex in South Africa

2. Progress R&D efforts in terms of fine-chrome beneficiation and PGM recovery to enable retreatment of treated historic dumps that would otherwise be sterilised

3. Sylvania has entered into the Thaba JV, a deal which, although only concluded post-periodend, is the realisation of over a year of discussions and negotiation. Through the Thaba JV, we aim to process chrome tailings from existing historical dumps and ROM chrome ore from the Limberg Chrome Mine to produce PGM and chromite concentrate, expanding our operations and leveraging our expertise in chrome and PGM recovery.

I take from this that firstly the JLP move into Chrome is now one which Sylvania are desperately trying to catch up with both from a feed source and processing technology standpoint, and secondly these deals take some time! JLP the leaders with others trying to catch up...

ATB Northern

Edzi, I like most on here welcome other opinions but need to venture an opinion when it is incorrect.

"Assuming no value for pgm's and none for chrome at this time as it is self financing expansion" - just to ignore a profitable part of the business and just value a company on early production from Copper is incorrect. Chrome is profitable and continues to be - confusing cash flow and profits is a rather basic error to make I would suggest.

ATB Northern

Best thing to hedge against low commodities prices is to be a low cost producer and low risk production. Higher cost producers will restrict production or stop altogether taking the supply volume lower leading to a rebalancing of prices. Timing is uncertain but the basic laws of economics will still apply.

Jonah, I agree Neal will be earning his money at the moment with capital allocations and cashflow modelling. I am sure they are working on different debt funding options in the background which will be easier to achieve off the back of Roan operations (Proof of concept). SA operations should provide good support.

One thing we don't know which is key from a cashflow perspective is the IRH JV. JLP has committed a decent amount of resource up front (Sales, resource definition, legal expenses, lab work etc...) including part payments for the material so will be due cash back from the JV at some point which will help matters substantially.

ATB Northern

HD - they may have done that already - but not communicated this. There certainly seems to the a lot of recruitment and invesment in new machinery taking place at Bond (which I think Seis mentioned is the likely OEM). I would hope the new machinery investments will speed up production rates. They have increased headcount 11% in last 6 months. News article from a month ago:

Bond Equipment Unveils Cutting-Edge Robotic Python Cutting Robot ⭐

Bond Equipment is thrilled to announce a major leap forward in our production capabilities with the installation of a state-of-the-art robotic Python Cutting Robot. This substantial investment marks a new era for us, significantly enhancing our ability to construct heavy beams, channels, and other profile sectors with unprecedented efficiency and precision. The new Structural Robotic CNC coping machine is a game-changer, capable of processing structural sections up to 1,219 mm x 457 mm. Its advanced cutting capabilities include: ⚡ Weld prep bevels ⚡ Notches & copings ⚡ Slotted holes

And that's just the beginning. This cutting-edge technology empowers Bond Equipment to stay ahead of the curve, ensuring we remain at the forefront of the industry. We're excited about the endless possibilities this investment brings and the value it will add for our clients. Stay tuned for more updates as we continue to push the boundaries of innovation and excellence in construction.

HappyD,

I think earnings might be early October based on prior year but I would expect news on IRH OB1, Project G, A N Other Small Scale Open Pit and potentially more news on Roan progress (in addition to Thutse),

ATB Northern

Not talking about stuff in the ground Ade. Talking about material processed, received and paid for. Try harder if you want to sow doubts.

Edzi, that saying maybe true for services or technology companies. Can’t fake production of the metals!

Shuvlin, I appreciate that they may want stock - I have mentioned before this could be done through purchasing an equivalent number of shares in the open market so the share count remains the same so the seller gets what they want and JLP maintain the share count as is. Funds can be generated through a range of different ways to fund this if there is a shorter term liquidity issue - which hopefully is not the case with increased copper and chrome production.

Or if you listen to the interview in full there maybe several other sources of funding available which do not impact on the number of shares...

Agreed - much more meat on the bones. Some large partnerships to follow I would expect and in relatively short order!

Seis, one thing I noticed on review - "Project G includes the refurbishment of an on-site processing facility and targeted ramp-up to 20ktpm of mined ore at 3-4% copper grade".

One would hope the refurb of existing equipment would be quicker than a complete new-build and therefore time to first concentrated material to Sable should be a shortened process.

ATB Northern