Member Info for NorthernShark

HD,

I am not sure Neal needs to give a running commentary on what has been paid to what suppliers. My point was that there is no evidence in the public domain to suggest the project is not going to plan - unless you can provide some which is what I am interested to understand.

Frog - the OB1 project was originally talked about as 12m from agreement which would make it Dec-24 production.

So my opinion/conclusion is all is going according to plan unless there is evidence in the public domain to the contrary.

ATB

Northern

HD43,

If you listen to the recent podcasts and comments from Leon the IRH OB1 project is moving at pace.

Just because there hasn't been a specific announcement on this doesn't imply it has been delayed or there are issues as you imply unless you have any information in the public domain which states differently? If there is I would be interested if you could share them.

ATB

Northern

Edzi, I did go to the AGM and did meet and speak to Mikie and others on this board adn enjoyed meeting them all. Mikie doesn't hide his optimism for the share and there is nothing wrong with that - in some cases it is nice to temper some of the doom merchants.

We also spoke at length to the NED's to first hand understand the initial issues with the copper.

What I will say is they have a plan which could manifest itself in short order. I don't go for SP predictions as anyone who thinks they can predict the market is often wholly wrong.

Do I think Leon will get this right like he has with Chrome - yes.

Do I think we are in for a steep rise in the valuation of the company - yes.

Everyone is entitled to their own opinions and long may that continue!

ATB

Northern

Frog -

From the latest Operational RNS - "IRH has elected to exercise its right to form the dedicated joint venture through which the project will be implemented."

Not sure you will get a seperate RNS to say the paperwork has been completed but sounds a done deal to me. Leon on the Roast also mentioned IRH are pushing for this to be implemented asap.

ATB

Northern

More potential re-structuring in the PGM space.

reuters.com/markets/commodities/implats-weighs-3900-job-cuts-south-africa-price-rout-takes-toll-2024-04-26/

If Only,

If that is the case then I would politely disagree and venture a different opinion. Some people forget or ignore what has been built over the last few years - I don't.

I understand frustrations and as Leon has admitted they made quite a serious error when getting copper started in Zambia.

I recognise the past but also look to the immediate future which has a whole host of opportunities - some as the Mining Minister for Zambia commented is because Leon and the team are very good at what they do.

Gotreal, I don't understand what the last sentence refers to unfortunately so not in a position to comment. If Charles would like to provide some detail then happy to venture an opinion.

ATB

Northern

Charles, you could be right or it could be a function of a particular batch of the particular feedstock in the period. I don't know for sure either way.

I remember discussion at the AGM regarding the feedstock as with the new modules they should have a lot of excess PGM material from the processing of the new chrome sources. My personal view is they will switch the third party processing on in Q4 to go through some of this.

ATB

Northern

I agree Gray that it is WIP. Just reporting what I have seen on TV at lunchtime

Report on Bloomberg about the Zam government paying 6x the going rate for laptops. Doesn't mention when the purchases were made but looks like there is still work to be done on paper bags!

kalan,

i refer to the post which you acknowledged yesterday that jlp is profitable at an operational level. the placing in december was quite clearly:

• pay the initial payment of us$1.75 million, due under the agreement for the acquisition of the copper waste rock dump announced on 12 december 2023 detailed above and progress resource and process design (a total of c.us$4.5m).

• expand the sulphide recovery circuits at the company's sable refinery to accommodate increased sulphide concentrate production from newly acquired projects (c.us$5.7m).

• progress the project development phase of the mufulira **** project, with early-stage bulk trial and processing (c.us$2.5m).

• for general working capital purposes.

if you add up the investments the working capital piece is minimal.

yet your opinion is that the placing was needed "to keep jlp afloat".

i concur that most of the cash being generated is being re-invested into the business through expansion projects. the timing of these projects is in the control of jlp and as jlp is cash generative at an opertional level then a good cfo will navigate this through effective cash flow planning.

cash planning is key until roan is fully contributing but in my opinion jlp do not need placings to subsidise the current operations.

the balance sheet is also strong offering other funding routes should this be required.

my opinion and happy to debate.

atb

northern

Interesting comments from Ricus Grimbeek on LinkedIn regarding small scale mining concluding with:

"Time to rethink the way we TALK about and ANALYZE Artisanal Mining and Small-Scale Mining. New thinking leads to new solutions"

Anyone would think there is a ready made solution being deployed...

Mikie,

Also worth mentioning the communications which have historically been a challenge.

Since the new CFO has been appointed we have had timely quarterly updates, an updated website (yesterday) and better (note: not perfect) written RNS's.

Credit where it is due.

ATB

Northern

Kalan,

I am one for balance in views up and down. I think the challenge some people have is how language is used.

For example you talk about cash flow and "in the medium term turn truly cash flow positive".

Lets be clear on an operational level JLP is cash flow positive. JLP is currently choosing to invest in capital expenditure to further develop the business. The FD has a view on the timings of cashflows and also the facilities available to the company and will manage this accordingly. Your use of language may lead the uninitiated to believe JLP can't pay their bills which is incorrect.

ATB

Northern

A lot!

Frustration - Roan delayed again but lets put it into context that assuming they hit the revised deadline its not a long time in the grand scheme of things.

Chrome - better than expected and additional Thutse module on track for August.

PGMs - lower grade was flagged and less of a concern at current prices.

Copper - obviously Roan not great but the expansion of the feedsources is good business.

Munkoyo - 4500T per year of copper is 50% up on previous estimates and on track for Sept-24.

Expansion of Sable mentioned.

IRH - detailed work on where to put the modules as you would expect to maximise early value and keep operating costs to a minimum.

Delays are obviously frustrating but the destination remains the same and the growth will come thick and fast.

ATB

Northern

Nelson, I think a lot of pricing is based on trends / fads. If you have AI anywhere in your marketing material then it seems to attract the money even if there is no credible plan to monetise it.

As interest rates have risen small caps have suffered more but it seems that some organisations use this sector theme rather than looking at individual stocks where it may have a much more limited impact.

My belief is when the market wakes up then this will move very quickly.

ATB

Northern

I was originally one for diversification and making sure I had some "safe" shares like a bank. Then the financial crisis hit and the banking shares got wiped out.

Over the years I have read a lot about investing strategies and settled on a hybrid - I look for fundamentals of the macro environment, company USP and operating environment. I also think the market misprices companies and sectors all the time.

So in terms of JLP I think the macro story is solid (decarbonisation - copper and cobalt for electrification and PGM's for Hydrogen).

USP is the process capabilities which appear to be differentiated in comparison with peers.

Operating environment is more tough but what gives me comfort is the low cost of production and importance of the employment JLP provides in the countries it operates in. I also think this will be addresses when ready to further expand geographically.

So whilst it isn't without risks it now represents circa 70% of my direct portfolio. This has been called into question at times but am I convinced by the strategy and path JLP are taking, notwithstanding the initial decisions in Zambia which set us back 18 months, then absolutely.

Like Lufc1111 I think the market has to wake up to the fundamentals of the business and the near term potential which is massive in terms of growth.

Only my opinions and I respect others who have different strategies as everyones circumstances differ!

ATB

Northern

Ard,

Chrome is a difficult one - Seis may be able to help here.

matthey.com/products-and-markets/pgms-and-circularity/pgm-management/ is good for PGM's

Copper I take from Trading Economics but update my files periodically with spot prices.

ATB

Northern

Platinum also had a decent day. Much to look forward to