Member Info for NorthernShark

Seis, I completely agree it would be good to get over the line. It would be interesting to understand/articulate the additional value which has been achieved as a result of the work done to de-risk the project but guess this will only come about when done. Good news is the government want to see progress so should expedite matters!

ATB Northern

Seis, I would think the plan for OB1 is to get a partner who buys into the project or supports the funding of the modules. I know it has taken a long while to come to fruition but the value of OB1 is now a lot higher than when first acquired given the detailed drilling, testing and processing of the material. Might also see more parcels of material sold over the medium term to speed up the value creation.

Just need the update now!

ATB Northern

Ard, I agree the filters are very handy for certain posters. Can be a bit strange looking at the board and seeing a sea of green but it does help get to the more informative posts more quickly.

Personally I am awaiting the full copper strategy details at the end of the month but also disappointed the August copper numbers haven't been shared to build a bit of momentum (assuming they build on the July production of course). Especially keen to see the drill results from Munkoyo and what that means for production!

ATB Northern

Klapka, unless the Competition Commission are not happy with the deal then the regulatory conditions look achievable. The security is fairly watertight as well.

The broader factors are what they are but the world needs chrome and SA produces the majority of the worlds supply.

6.2 Suspensive Conditions

Completion is subject to the following Suspensive Conditions being satisfied or waived in accordance with the Sale Agreement.

· Approval of the South African Competition Commission Tribunal under the Competition Act;

· Approval of the South African Reserve Bank to the extent required;

· Consent of any financiers of the companies within the Disposal Group to the extent that such consent is required in respect of a change of control of the Disposal Group that will occur pursuant to the Disposal;

· Passing of shareholders' resolutions on the part of Jubilee and One Chrome approving the Disposal;

· Passing of a shareholders' special resolution on the part of BHM approving the Disposal; and

· Execution and implementation of the SOB.

6.3 Security

The Deferred Payment is secured by the Purchaser through a pledge over 49% of the issued capital of JMG SA Holdings to be held in escrow by BHM's nominated attorneys. The Share Pledge shall be reduced proportionally on each occasion that the Purchaser makes a Deferred Payment, provided that at all times until the Deferred Payment has been reduced to zero, the Share Pledge shall not at any time fall below 25.1% of the JMG SA Holdings' ordinary shares. To ensure enforceability, Jubilee has secured step-in-rights over the pledged shares.

Kalan, whilst I agree with some of your comments I would add the following opinion:

I believe the capital position of the company was such that it restricted investment at the pace and scale to make the most of the Zambian opportunity and share issues were not an option.

An offer came in which, in addition to the actions by JMK to sell off non-core assets would see the revised Zambian medium term strategy funded in full.

Zambian strategy has been revised due to the size and scale of the mining licences secured and the further opportunities in and around the secured resources. I personally believe that Munkoyo is far bigger than most think but this will only come out when they release drilling results. The processing of the sizeable surface stockpile will also add to production once the processing unit in place. Project G time will tell with the drilling programme but this was always regarded as a bigger opportunity than M.

Roan - being careful with the ramp up given past failures but plenty of scope for enhanced production.

Sable - cost per unit will come down as production increases and fully expect it to be full as Munkoyo is developed.

OB1 - if we get the right partner then this can be fast tracked and add substantial production over the long term.

I like the approach to get an experienced mining partner in as I believe the approach of the past is what held back progress in Zam.

I think with JMK involved we will develop in a structured manner deploying capex effectively and in a fiscally responsible manner. I also think that there will be upgrades to production numbers as some of the pieces of the jigsaw come together.

My personal opinions only - ATB Northern

Only had snippets but looks like there should be an update on all Zambia projects by the end of September. I will let those who attended give more information as I couldn't make it myself.

ATB Northern

It has passed by a large majority according to a shareholder who is in the meeting

Gotreal, there is technology out there but I think the provision of green hydrogen and the infrastructure which sits behind it will be the limiting factor in the short to medium term.

Bfisher, I agree on the heavy vehicles but not on the cars. I work in the fleet industry have been aware of some trials on HGV's where there have been hydrogen conversions but most of them had limited success. I personally think hydrogen is 5-10 years away from being a practical vehicle transportation fuel and would be limited to heavy duty applications.

ATB Northern

Seis, do they have effective ownership of the company and just decided to put the licences in their name perhaps. Surely not a coincidence

Never - I have a theory on M and why results haven't come out.

I think what they have found is significant enough to try and secure land around M without tipping other licenceholders off.

Based on the current mining cadastre map - Munkoyo is licence 32913 and is 397 hectares.

They have secured via Grovenor Resources 40947 and 40948 which combined are nearly 11,000 hectares.

Licence 29413 right next door to M was due to expire in July and if they could secure that there would only be one more licence area on a north east trend line - will be interesting to see if this or any other licences are secured in the near future.

This is purely my own view and have nothing to back this theory up apart from the cadastre map and linking this to the news releases from the company.

ATB Northern

Https://lnkd.in/efPNz2zD

They have put the presentation from yesterday on the website for those who missed it or didn't catch all of what was mentioned.

ATB Northern

Prof - I think they stated quite clearly how production would ramp up if you look at the previous RNS. There are clearly defined projects and assumed production numbers. The only query I have is the output from M&G which will likely depend on the drilling and subsequent mining plans.

ATB Northern

It is in the circular and stays with the acquiring company.

The material needs to be pre-treated before going to the JV which would need the existing facilities. The JV close to Inyoni is currently 100% used so there is currently nowhere to process the material. Trucking the material elsewhere would make the processing marginal at best (My assumption)

ATB Northern

Chat - think your logic is missing on this. They acquired M for $1.5m.

Even what they have produced plus the 1MT of low grade @0.7% which will be leached means its certainly not a dud.

Why would they put the infrastructure in (Houses, Roads and Bridge) if there wasn't a long life asset in play?

ATB Northern

HD, I agree that more detail on the projects is well overdue and I anticipated more information in the Circular.

OB1 I am actually happier with the delays, as it potentially increases our return on the project and the sales of some of the material provide a valuation for the dump (which is many multiples of what was paid!)

M&G I have been disappointed with progress but the only logical explanation I can find is they need reassessing as what the have found is very different to what they originally envisaged which requires a change in approach. My personal belief (not based on anything but my attempt at joining the dots) is that they are much larger than planned and expect them to fill Sable for many years to come.

ATB Northern

Gray, the messaging has been rather confused around M and G for that matter. My theory is they originally planned to mine M in a small scale/artisinal type manner but realised with the initial drilling and aerial surveys that they may have had something far bigger. They are now pausing to finalise the best way of mining it in an efficient manner.

I can take a delay, albeit very frustrating, if it leads to higher production and longer asset life over the medium term but am very keen to see what the drill results show other than a glimpse of a sulphide layer lower down. They have also always said G is much bigger than M but again will have to await the results to draw any conclusions there.

One Chrome are the resource owner for Thutse by the looks of things and they want to integrate the mine ownership with processing.

Debt goes which is good and the guarentees on future payments are strong, albeit I would personally have like more cash up front.

PGM stockpile was dependent on a route to process but the JV partner is using the capacity for its own ROM so unclear as to when this would be able to be processed without finding another JV or investing in additional processing capacity. Also looks like the material needs to be treated at existing facilities prior to going to the 3rd party.

Some bits I like and some bits I am not as keen on. To support a yes vote I would like to see more on the ZAM strategy.

ATB Northern

Telly, utter tosh - nobody knows the payment profile or the structure as this has not been disclosed to the market.

The details will be in the circular due to be released this week so suggest all wait for this before coming up with hypothetical judgements without any facts.