Member Info for NorthernShark

Same on LinkedIn!

"An amount of £32 774 (FY2021: £32 774) which relates to the carrying value of the ConRoast technology, converting and autoclave process, CVMR® process and leaching and hydro-processing. The ConRoast process and technology have contributed to the further development of process and design solutions being developed by Jubilee" P121 Annual Report

Still using some of the IP for Conroast it would appear Happydays

Dorf,
One criticism I would have of the financials is the constant tinkering with how they are presented. The latest incarnation is to classify the chrome earnings as a by-product credit.

Consistency of message and timing would certainly help with investor confidence and make it easier to digest the financials. I have no doubt where this is going in the longer term and think Leon and the team have done a great job overall but the communications as many have pointed out could do with improving.

Northern

If its anything like the UK procurement rules you have to advertise given this is a government/ZCCM venture

Warrants - 71 633 657 outstanding minus those exercised today. P137 of the annual report

Not sure this explains the weekness in the share price - more macro factos at play for that. The warrants have been known about for a long time.

Northern

Goreal,
I am sure they have a lot of input into the design but they are process experts as opposed to civil engineers. The processes are where their USP is. Would be interesting to read the documents looking at what is being requested!

Northern

On second reading it might be Jubilee who are running the tender!

https://bit.ly/3h6q0ek

Expressions of interest. These things might take a while but we must be in a decent position to take a look at this.

Northern

SeisNav,

I bet he will be the only one on the list who doesn't own a mine!

Northern

Dorf,
I don't think investors are looking at this past years profits - more traders. More opportunity to add. Copper market is very very tight at the moment so would expect upward movement in the price in the next few months! Some clarity on the cobalt earnings would be nice when the time comes...

ATB Northern

Seis, I agree - the Inyoni expansion forced a lot of material to be sent to the JV where we are giving a lot of the profit away as well as selling intermediate product.

Ongoing we have everything going through Inyoni with the option to use the JV if we wish.

Plus the copper ramp up and cobalt...

Last year was a little disappointing from a financial perspective but the foundations have been set.

Northern

I have taken some time to review the accounts and besides those things well reported today I would add the following:
Opportunties - P32 - "Efficiencies open up exceptional opportunities from previously economically un-viable deep reef mines" - Tjate??
P38 - 10 different feed streams going into Inyoni and 11 going into Windsor and Windsor 8.
If you take the PGM feed generated it equates to 58,404 PGM Oz's and at nameplate capacity this rises to 66,405. There will be some loss in the processing but looks like we are creating more PGM material than the plant can process into end product.
P39 Eastern Limb material 12% Rh and 20% Pd
p42 - 70 smaller local suppliers providing ROM to Sable - in keeping with Zambia Government objectives (big tick)
Rail siding sits 2km from Roan and Kabwe has a station - discussions to move material by rail = lower risk in rainy season and cheaper
P43 Lechwe targeting 7.5k copper concentrate by Q2 23 (Calendar) Q4 22 Fiscal Year
P116 Employee costs gone from £3.6m to 11.6m with 245 more staff. Looks like staffing up before production which will add to this years costs but even out as production increases in Zambia.
P121 Fast leach process applies to PGM's in sulphides as well as copper. Nickel project in Aus mentioned - similar processes.
P122 - "Jubilees process development centre confirmed very promising results from the cobalt recovery strategy which holds the potential to significantly increase the overall project economics" Elephant
Mulifura material expected to hold similar characteristics to project Elephant.
Madagascar impairment charge - £950k
P126 Kendrick Resources written off £426k
P130 Payment made to Platcro for entire issued share capital. Waiting for Ministerial consent - then release the PGM material?
P137 86m warrants outstanding

Thats about all of note - not a peep on Cyprus so will take the Caerus news on that.

Northern

One of the nuggets for me from the presentation was the fast leach process.

It was a bit noisy in the office but I think I heard 30% saving on the acid cost which represents 45% of the processing cost?

Big impact on reducing the processing cost = increased margins! Might even be worthwhile looking to licence the technology for this one to other players.

Northern

Summit,
Its up to shareholders to unpick the comments - I am merely relaying the message

Northern

Leon just answered a question regarding dividends. After northern strategy delivered so probably 18 months to two years

Summit,
Half yearly operational results will be in Jan - should show the full impact of Inyoni expansion, some cobalt and the first part of the copper. Expansion plans between now and then as well.

No doubt it has been longer than anticipated but well set for future growth and doesn't impact on my timescales. Allows me some time to acquire a few more as well.

ATB
Northern

Sumo,
You may well be correct but sometimes I find myself tempering ambitions (a sort of antidote or other half of the brain to Mikey).
Very excited about the prospects here and very much looking forward to reading the announcements and detailed content tomorrow!

ATB
Northern

Interesting listening especially for me the potential additional 300mt tailings. Thats still only 20% of whats available in Zambia alone!
My wish list for the coming weeks:
Zam - confirmation of the Roan Ramp up
Zam - Cobalt circuit producing
Zam - execute on the additional 300mt tailings (Ideally 100% ownership)
Zam - a very large mothballed refinery which we can re-commission to process the material post-concentration.
SA - Eastern Limb - decomissioned facility which again can be re-purposed.
SA - confirmation on the full effiency of Inyoni
Global - scouts sent to different locations to survey future projects

Might be a bit greedy but it is a wish list after all!

ATB and looking forward to tomorrow
Northern

Not a bad thing - would prefer to focus on Zambia and SA for now given the opportunities which still exist there.

Might see in the accounts how much this has cost us - might be the final remenant of Mr Bird being removed.

ATB
Northern

Me too Fishy