Member Info for NorthernShark

Chat - I would be careful about accusing the board of issuing false statements to the market. Some may view that as libel.

The last RNS was very clear it will be issued next week.

SB,

Only trials of the leeching have been conducted rather than an operating plant but there is one planned for Munkoyo to deal with the 1MT of lower grade material which has been stockpiled. Gone quiet on the Glyciene front.

The 10MT of material - they were only purchasing the material rather than a processing solution.

ATB Northern

Ard,

In terms of pure forecast numbers for Zambia I have to say I was disappointed. I do suspect however that the numbers are heavily sandbagged given past history on forecast accuracy. JMK seems to be a forecast low and beat expectations type of person.

Having listened to the Roast there does seem to be a firm strategy for the core assets and I am happy that non-core are being sold off as generates cash and keeps them more focused.

Good that Roan is finally up and running and also has room to increase production after the initial few months of stabilisation.

The slow progress on M and G is frustrating but I have a feeling that both mines are much bigger than originally expected. They have mentioned the sulphide layer at Munkoyo - these tend to be higher grade than the Oxide layer and there were some patches at 6% so could be something very interesting underneath which justifies the additional drilling and mine plan changes. I would add this is pure speculation on my part but trying to join up the dots - especially as Leon said the drilling will continue for 4 months - this means its either big or deep - or both - either way bodes very well.

Not much made of G and we were originally told that this could produce concentrate onsite using existing facilities so certainly a question there.

In terms of the SA transaction I will keep the powder dry until the circular comes out.

ATB Northern

News from Zambia at last!

Plus - Roan functioning and producing copper at a decent rate (compared with past performance); Munkoyo looks like it could be a decent long term mine if the sulphide layer is confirmed; Sale of non-core assets

Minus - Production forecast underwhelming (but suspect sandbagging as has been the case since JMK involved), Munkoyo on hold; Project G - thought this was producing when we acquired it so a big question on what happened! Still unclear on OB1 development path.

SA - if we keep the PGM stockpiled materials to process via the JV then may be inclined to vote yes but otherwise probably a no.

ATB Northern

OD, I know what he is saying but the board will not sell anything on the cheap just to appease Leons wishes

I guarentee you Slater is concerned about his investment! So he is aligned with my priorities which is an increase in the share price

Sprint, fortunately the company is owned by its shareholders who get to vote on any transaction. Given Slater as the largest shareholder has his connection in as FD, why do you think he would sign something off which harms the value of Slaters investment. He won't!

Lets see whats in the circular... when it eventually arrives...

Frog, the one thing which will have to happen as a result of the proposed sale is the EGM, prior to which very detailed information will need to be released to support the sale for it to pass.

It will also provide the opportunity for shareholders to ask some very pertinent questions, I certainly have a few myself.

I can't see anything passing unless there is clear production numbers from Roan proving it works and it works well; leaching results and associated costs; OB1 plan for monetisation; drilling results for M and G; the processing/mining plans (or even deal) and thats just for starters.

I share others frustrations this is taking a long time to come to pass but ultimately the SA business should be making a handsome return in the interim.

I await the circular and a raft of other information which should provide some clarity.

ATB Northern

Jolly, the original JV was 60:40 in JLP favour but may have changed as not been initiated as far as we know. If we keep the stockpile to process via the JV then this puts a new perspective on the transaction.

The processing of the PGM material can proceed in the background and focus on accelerating Copper. JLP will then get rated as a copper play which will be better.

The only way this does get voted through as it stands is solid numbers out of Roan - hence why not released yet as I would expect they want a longer track record of production to convince shareholders they have solved the issues, drill results for M and G to show what they have got and a clear plan to monetise the OB1 project.

ATB Northern

Jolly, they have two JV agreements they can use so don't need to have any plants.

Seis, we are currently benefiting from the increase in prices an will continue to do so until any deal completes. No deal is approved until the shareholders say so!

The board could not have forseen the sharp increase in basket price at the point the RNS was released (so I do have sympathy there) but they can still react to it!

ATB Northern

WOBF, certainly agree there on the copper side but the SA business has been a success story to be fair. It is that background that I lean on which suggests the Copper side will follw suit, albeit after many delays, twists and turns!

ATB Northern

Loot, please read the RNS which was released rather than spouting a conspiracy theory!

ATB Northern

Fishy, don't know the details as haven't been involved in one of these processes, but the offeror could have for example conditional funding which supports the deal which may need to be firmed up with the banks. Similarly they may want to do a more thorough audit of the books or sites/equipment. Competent management can agree to a conditional offer as I believe is the case.

ATB Northern

Frog, I would expect the copper strategy to be based on a lot of more detailed information than has been currently provided or else the deal will have no chance of going through.

Fishy, up to you whether you believe that or not - just relaying what I have heard from a very credible source.

ATB Northern

Fishy, the circular is being dependent on information being provided by the acquiring party not by JLP as I understand it from shareholders who have had contact with management. The documentation also needs legal review before release.

I would think the copper production detail will come with the release of the circular as it is obviously a key element of the proposed decision to put all the eggs in the copper basket.

ATB Northern

Might need to try harder Chat. Shame this board has been lowered to this. No issue with negative views but back with evidence not rhetoric!

Anyone who claims to know ‘the deal’ does not as it is not in the public domain. Wait for the circular.

If no good vote no. Not sure some of the posters have a shareholding so won’t influence anyway. I do know some people have a large holding and met many at the AGM. Strangely not many of the high volume posters currently frequenting the airwaves.

We await the circular, not the incessant posting of conspiracy theories

ATB Northern

Chat, it’s not binding. The board can’t do that without shareholder approval.

Please can you and others stop spreading absolute nonsense. Just because the volume of posts goes up it doesn’t mean the content improves.

If, as shareholders we don’t like the deal, we vote no. If we do then we vote yes.

No doubt the boiler room will come out in force…

Blue, paranoid probably a bit strong but some people are gaming out scenarios without the full information. Hence lets await the circular which from my understanding is being held up by the proposed acquiring party rather than anything on the JLP side.

Once we have the full information then shareholders can decide accordingly. If it doesn't add up then I will vote against it as will Slater who will not vote for something which damages his investment!

ATB Northern

HD, full year financials will not be provided in next month. We will get production numbers and for the copper side that is the key to this deal. Roan is the key - it works or it doesn’t and you couldn’t convince any shareholder for this deal unless it does work. Full story of Roan needs to be articulated for this to go through. I believe they know Roan works and will demonstrate this in the H2 numbers. Time will tell and I will vote off the back of factual data. Dare I say not noticeboard stories or paranoid individuals.

ATB Northern