Member Info for NorthernShark

Zombi - the appendicies give the numbers for three of the potential projects.

Split will depend on the final JV split. JLP standard model is to recover all capex for the project before the split of the income which I would expect to apply here - may delay income for Caerus but will depend on the type of plant they need.

Northern

Zombi,
I would take a look at the back of the latest CMRS investor presentation. Gives an indication of tonnage and grades but how much Jubilee will process will depend on the final plant specification and order of processing.
Big numbers if they can find a process solution for all of the contained metals.

ATB
Northern

Not sure Caerus have actually said anything about Jubilee involvement apart from we are testing. When we have the results and a plan I am sure this will be released. Day traders should move elsewhere, this is an investment

ATB
Northern

Caerus have a new company presentation out. In the appendicies you can see the potential volumes and grades from the various dumps they are looking at.
When you add it all up it looks like it could work as a project but the detailed testwork currently underway will demonstrate that.
Would be ideal if there is a mothballed refinery in the vacinity which we could look at!

Northern

Homey,
They acquired 100% of Roan in a secondary transaction so won't be any split of the concentrate revenues (15th September) so all the Southern revenues / margin will be for JLP.

ATB
Northern

Agreed JLP not too much additional information in there.

The transport costs were highlighted in the previous earnings release. The good thing is from a margin perspective the higher Rhodium content should offset the cost of transport so margin will be better.

I suspect they need to process the material as part of the supply agreement - I suspect they anticipated they would have an Eastern Limb facility by now which they could run it through.

Some detail on Windsor JV PGM capacity of 16k oz which I can't remember seeing before but must have been majority utilised last year so can get a read out on earnings from increased use of Inyoni.

Copper fully commissioned in May looks a little delay by of a couple of months but Lechwe target remains the same.

I suspect Leon will do some interviews so maybe some more snippets from those,

All the best
Northern

Homey, misinformation or misinterpretation is up to the investor to decide.

You quote the company update and I appreciate the link. Your interpretation is they can't get it moving. The project is clearly based on metals prices the economics of which may have changed with the impact of Ukraine.

Leon explicitly states they have pilot plant in operation and can turn the Zinc on at very short notice - "fully designed and fully tested" with a "dedicated pilot facility fully operational".

Please don't accuse me of misinformation or trying to mislead people - I try to state my sources and let others do their own interpretation!

All the best
Northern

Page 24 of the WH Ireland note. I appreciate not directly from the company but must have been run past the company prior to issue - excerpt below:

Zinc Circuit
Leaching – sulphuric acid leach of the tailings to put zinc and vanadium into solution.
Zinc and vanadium recovery – recovery via a sequenced precipitation process to remove impurities to produce a zinc concentrate (ZnS – 60% Zn) for commercial smelting. Jubilee may yet produce a zinc metal on site – the final details are still being finalised. The process to produce vanadium is proprietary to Jubilee with recovery on resin and is the proprietary technology that Jubilee may also use to recover cobalt at Leopard (and Sable)
Timing – Q1 FY 2023 for zinc; price dependent for vanadium.

Northern

Scott,
Zinc circuit according to latest comms due to come on stream in Q3 2022 so not long to wait - and good timing too given the latest prices. Lead latest was 2026 I think with Vanadium price dependent.
There are some actions on clean up going on via the World Bank & Zambian Government which some of the clear up may be tied into which could impact on JLP ability to plan it for themselves.

It would be good to get more detail however where they are able to give details.

All the best
Northern

Fair bit of activity to assess the projects in Cyprus by the sounds of it and Colin seems fairly sure JLP will get involved.

Bushy - at least you have admitted your agenda... which puts your ramblings in context - good luck with your short, I think you will need it!

"Each to their own, I already made on the way up and i'm gonna make again on the way down"

Bushy,
Feel free to have your own opinions but the facts are in the public domain. If they don't have a Chairperson then they would have had to release an RNS to state this.

I form my own based on research of what is released by the company and am also comforted by investors such as Slater who are of a seemingly same opinion.

Northern

Bushy,

A quick fact check if I may:

"No Chairman" - Wrong - "I therefore have committed to assist the Board to find a replacement over the next 6 months and to assist in overall succession planning" - Colin Bird in RNS released 16.12.2021.

Unnecessary dilution - how else would they have purchased Sable which has unlocked the value in Zambia?

No evidence of return on Capex - 7,500 tonnes of copper per quarter by Q3 2023 (Latest corporate presentation in December). Let alone the ability to process a variety of feed sources at Inyoni and significantly increased Chrome production.

I suggest you read the information released by the company rather than making your own stories up. I agree they haven't got everything right and could be better on the comms front but they are absolutely moving in the right direction!

All the best
Northern

True, but non cash and relates to a project from a long time ago. Given the Nickel price and BHP issues with the dams it may well come back on the agenda.

Your first two posts relate to a historical write down. Can I ask your motivations for this?

Northern

Sure,
Related to a deal they were looking at with BHP in Australia (back in 2013 if memory serves me correctly - but it was certainly some time ago) which didn't proceed. All business development costs written of in 2021 FY accounts (£17m - page 85 of the annual report). Non-cash event.

This could still be potentially in legal dispute but as with all legal disputes not heard anything specific on it.

All the best
Northern

Dorfan,
I can only summise they have let a few out of the nuthouse on day release!

I happily entertain contrarian views to challenge my assumptions but spewing unfounded dribble leads me to put them in the "ignore" pile.

All the best
Northern

Homey,
"Instead, the did a bad funding deal and massively diluted the stock over the years".

Sorry but have you run any numbers on what Zambia is likely to earn in the next few years? The deal was bad in terms of comparable expense to a bank loan but look what it has helped to deliver.

"the ACAM deal was not to keep the lights on, it was to progress the Zambian expansion" - exactly - to generate future cashflows and not to keep the lights on!

Investors seem to have liked it given the share price performance...

Homey,
This game is all about opinions.
ACAM did make a lot of money but they also took a big risk at the time so fair play.

I do agree that everything talked about has not always come to pass.

But, my investment as a result of the work of Leon, Colin and the team has gone from an average of 4p to 15.5p which for me says they are on the right track. There maybe the odd bump in the road but if they do indeed deliver on their copper and cobalt strategy which I fully expect them to do then I will be a happy man

Homey,
The market is a fickle beast. You make some valid points and always welcome a different perspective.

My view/opinions:
Inyoni - agree the in year impact was for me disappointing but all set fare for the future now.
ACAM - Leon clearly stated their intentions in the RNS yesterday so to state otherwise would imply you have inside knowledge or Leon is intentionally misleading his shareholders in an official communication.
Copper - JLP has given guidance in their recent presentations. Any significant deviation to that would need to be communicated through official channels.
Global strategy = dilution. Not what was in the RNS yesterday which specifically referenced debt funding at preferential rates. More broadly dilution is acceptable if it brings appropriate revenue streams. Dilution is not acceptable if it is to keep the lights on but think we are well past that point.
Earnings down YoY - time will tell on that, you may be correct or you may be wrong. I personally think they will be similar to last year.

Again depends on your timescales. I have a longer term view and nothing leads me to think my investment is anything but a good one.

All the best
Northern

Bonker - Palladium is approx 17% of the basket by volume and as of yesterday I make it 14% of basket revenue (based on Eastern Limb split). Rhodium by far the most important element in terms of revenue.

All the best
Northern