Member Info for NorthernShark

I hope you are right - when that RNS drops it certainly will be a Happy Day!

Cheers Seisnav. An overdue decent day here and given copper prices it looks like there is a way to go!

Also very limited green boxes today. I would say I wonder why that is but fairly sure I know the answer!

ATB

Northern

Seisnav, that certainly makes sense and you can see why Chambishi is the preferred option - being in the middle of OB1, Mufulira and Ndola,

ATB

Northern

Jonah,

You are right in terms of Sable being filled very quickly with Roan in full swing and Monkoyo up and running. For me OB1 will need additional refining capacity but this could be Mopani but not aware of transport costs/logistics.

Chambishi looks to be in the crosshairs but would like to see a funding structure which leverages the balance sheet rather than equity. Could this be OB2 / OB3 and Chambishi going into the JV?

Good news is the cashflow with Roan at full swing will provide a lot of flexibility for JLP to make additional deals.

I also suspect they will utilise the third party PGM facility to process some of the excess material produced by the new chrome units to generate cash in the short term.

ATB

Northern

Jack,

If they execute it will be an exponential rise in the financials.

I was thinking why the IRH deal is referred to as OB1. My only thought was over burden 1 but the fact it is numbered would lead me to suspect there are a number in the pipeline.

I also re-listened to Leons interview last week and he makes an interesting observation that the IRH are looking at copper deposits across the globe. A fully funded JV in another territory with the support of IRH would make a lot of sense in terms of diversification and the lowering of organisation risk. Not for today as I think they have more than enough to be working on in Zambia but shows the potential for future expansions.

ATB

Northern

Nice to hear from you Billy, been a while. What’s your current thoughts regarding progress?

Northern

Mikie, I think there will be more Project M's. Most of the interviews have mentioned there are 10's of similar projects around Zambia and the employment opportunities will play well with the government (as well as being profitable for Jubilee).

Growth potential is massive and my one concern around funding has eased with the IRH confirmation. Once Roan is in full swing the rest should be self funded unless they go it alone and try and buy a large refining footprint.

Northern

Jonah, any amendments may come out in subsequent interviews but there maybe commerical restrictions on what they can say as well. As I say pure speculation on my part but they are in a much better negotiating position than when the original agreements were concluded.

Northern

Seis, interesting news regarding the chrome tolling agreements which have been extended. Pure speculation from my part but given the strong outlook and current pricing for chrome I would suggest that there has been negotiation about the tolling margin!

Northern

HD - My reading is the due diligence has been completed and satisfied. They are now in the legal stages of forming the JV, bank accounts, legal structures etc...

Plus JLP will get a cash boost from the initial 1.75m plus pre-formation costs which will be paid from the JV.

Northern

Blue,

May have mistimed that top up.

IRH exercising the JV is great news plus reaffirming timescales on other projects.

Well done to Leon and the team!

Northern

kalan,

the recent raise is not paying for roan:

• 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.

northern

Kalan, net cash from operating activities according to the 1H results was positive £2.6m (RNS 26.02)

They are investing cash in capital assets as part of the expansion programme but the ongoing operations generate positive cashflow, which will improve with more impact from Thutse in 2H and as you say when Roan is fully upgraded.

Not a resident defender of faith - just deal with information which is stated by the company.

Northern

Might be a reason why our SPV has been delayed

Seisnav,

Completely agree - handover plus the announcement of how they are going to ramp up production in a short timespan? Would certainly demonstrate to those who didn't agree with the decision regarding Mopani that there is a well developed plan for increased production and the income benefits to the local economy.

We shall see tomorrow

ATB

Northern

Mikie,

Nice to see copper moving as the production profile is set to rise. The PGM basket has also had a good month with palladium up 14% and Rhodium up 6% as well.

ATB

Northern

Tich,

The issue is they can't get hold of enough concentrate - hence the competition to process the available material into cathode is driving down processing charges to an unsustainable level.

Good news all round for JLP I would suggest (once we are fully up and running of course!)

ATB

Northern

Maybe the removal of production is starting to take effect!

Mr Kirby would be a guess!

Interesting RNS this morning and certainly makes sense given the state of the two operations.

A leftfield suggestion could be that they sell the SA operations when Thutse is fully flowing through to the financials and use the capital to expand significantly in Zambia.

The rating for the company may work on higher multiples as a Copper/Cobalt play!