Member Info for ragnarlothbrok

Ok so on the plus side there seems to now be a plan for the Belong rollout. However some things don't make sense - why do they need additional funding? They currently have well over �100m in cash and undrawn facilities. Will this be cancelled? - What happens to the huge cash balance if the loan is going to be used for Belong? What is it going to be used for, its almost like it doesn't exist. They have so many lease events over the next 18 mths indicating minimal costs of store closures that it couldn't possibly all be needed by the retail business; - Why is the loan with the Spanish holding entity when its purpose is to rollout Belong arenas in the UK. Does this mean that the repayment of the loan will be out of Spanish trading cash flows? Why wouldn't the loan be to the newly incorporated JV. Some kind of strategy update would probably be helpful as I just cant understand the rationale of some of the details behind this deal. I can appreciate Sports Direct's show of faith in the concept but overall it doesn't really seem very high risk to them. �2.5m for 50% seems like a pittance considering the amount of investment that has gone into it over the last year

I regularly put through the odd dummy trade to test the order book (and see if I could buy more at a good price) Over the last week I could sell well above the bid and am always asked for close to the full price to buy. Very positive to see some liquidity but I dont think those large trades were on market for that size. Maybe the shift back into value from growth and momentum over the last week is benefitting SLP with earnings visibility, a P/E of a touch below 5 ignoring cash, a large and expanding cash pile and maybe/hopefully paying a dividend, all good signs for value investors

They were some pretty large trades there today, it seems that there is a buyer with deep pockets hoovering up any loose shares even on a red day like today. But given the SP is creeping up slow and steady this means there are sellers as well. Hopefully our mystery buyer continues right up until the H1 announcement.

Here's the DFS summary if anyones interested. The project will eventually be connected to the grid and looks like will be supplied with nuclear power from a newly built reactor. 38% IRR, first production 2021. Costs are incredibly low and there is some truly superb high grade material in sections. Look up Pevek on the map and you'll see what an incredible feat it will be to get this into production http://www.highlandgold.com/upload/docs/Kekura_DFS_Executive_Summary.pdf

They get a great interest rate, I think they're getting about 6-7%. Still over 2m shares left, more than 50% of the total. Its a great deal buying them back at a 50% discount to the market price. The drop never came this morning, just a lower bid, still can't buy a bean for less than 15.3.

Capital costs of $229m and an AISC of $541/oz. Once again HGM is at the absolute bottom of the cost curve. In 3 years time HGM will be producing more than 30% its current output. Hopefully we see some more details around financing, power etc. Good buying opportunity this week with gold up and the indiscriminate sell off

Today's basket is sitting at a touch over $1,100. Pt and Pd are down over the last week but once again Rh is giving some support and up over 10% over the last week. Good time to be in precious metals, its going to be a bloodbath tomorrow, not much likely to escape unscathed...

Good to see some interest but aren't these just automated publications when some kind of technical indicator is breached? ROA, EPS is all being drawn from a consensus database which is hopelessly out of date.

Volume up, this morning was NT first thing. Was it this article on the other board making people realise that this has a P/E of sub 5 and a balance sheet full of cash? First time I've seen SLP on the leader board for a long time

Cheers leas didn't realise that there was another active discussion happening. I made the point about BoD wanting to buy back the Aus shares before a dividend last year but couldn't recall the source. I didn't realise that was still an issue, they'll never be able to get all those shares back they didn't even get half. The article is a reasonable summary but they got the capex wrong

Good write up in the magazine yesterday. Revenue �2m ahead of �26m expectations but the market is clueless about how this impacts profit given the limited dripfeeding of info. Might be on for a �6 close today

I believe the last time the ratio was like now it was a huge speculative bubble in PD which quickly burst. Interesting to see how the changing structural petrol/diesel dynamics affect this ratio. I guess platinum's jewellery demand may always skew the ratio to Pt over the long term. Basket is improving with Pd on the rise and Rh on the up after its recent pause

Cash at July was �42.6m. Add on �19m for Multiplay gives �61.6m. Cash at 31 December of �67m implies net cash generation of �5m for 6 months. Within that is probably �5m of capex. So maybe �10-15m EBITDA for the half year. Not a lot to get excited about over peak the peak trading period. Further access to facilities of �86m, which increased from �77m at June. Why would have this facility let alone increase it every reporting period period So the market cap is currently less than the cash balance. and they have a further enormous facility bigger than their market cap which they couldn't pay back under the current business model, with limited investment opportunities no growth prospects anyway (aside from esports) and no earnings to pay out as dividends. What does it all mean? Surely it must be tempting to do something ambitious with a �100m+ warchest...

Massive sell off in progress ion Pd, price has fallen $100 from its peak. Rhodium is on the up again and Pt holding steady at 1000. At this rate Pt and Pd will be at parity again in a couple of days

SP fell cause someone dumped 700k in shares this morning. And it was a contentless trading statement. Whats the cash balance? Broadening client base...surge in the number of proposals...sounds expensive. I smell another capital raise. They mentioned customers are poised to increase spend twice But I agree KUMS, this will take many years for BoD to fulfil their ambitions. This is a punt and I'm sticking around purely for the impressive client base

A couple more takeaways from me: - This result highlights the reliance on Samancor and how its own production issues can impact on feed supply. Since Samancor was taken private we don�t know very much about how long and consistently these mines will operate. No doubt this will drive a discount on valuation given we have no LOM - Despite production issues they are still on track to hit guidance. Is this a risk? I don�t recall them not hitting full year guidance over the last couple of years and they have actually upgraded. Perhaps that was why there were some sellers this morning? - To hit 75koz we will need to do 41koz in the second half. This implies that nameplate capacity of SDO will be over 80koz pa. Is there sufficient tailings feed to expand to over 80koz? - Based on these results I�m estimating NPAT coming out a touch over $5m and EPS of 190c for H1. But I suspect there could be some tax upside

Production 17302, slightly under my expectations but quicker ramp up in Q3 and Q4 than what I had expected. This seems to be due to availability of tailings at the Millsell and Mooonoi mines and and recovery issues Full year guidance of 75koz from 70koz now includes Lesedi (formerly Phoenix) as expected. Revenue a little lower with implied refining cost close to 200/oz. It seems that very low Q1 charges may have been a one off Cash costs increased 6% in Rand terms due to impact of Lesedi and lower recoveries, offset by 3% decline in ZAR. In Q3 the ZAR is up 10% which will likely push costs towards 550/oz although basket also up 8% so far. Cash balance 12.6m. a little lower than expected due to working capital outflows, slightly higher capex, offset by fx impact on cash balance. First phase of Echo complete in December. A pretty good performance considering how busy these guys are integrating Echo and Lesedi, and the platform exists for growth over the next 2 quarters.

They usually get it out the last day or two of the month so unless Phoenix is holding up the process its due tomorrow or Wednesday. Cash costs will be up but by how much depends on the Echo production ramp up. I think anything around 17.5 to 18koz SDO for the quarter will be positive. Steelport was the highest cost operation so it will be interesting to see how the new lower cost replacement ounces from Echo is impacting cash costs. The link was called Palladium: Out of Gas. Lex feels that because Pd has run so hard over the last year and the US and China auto market are slowing down you should stay out of Pd. It doesn't seem particularly informed about the market dynamics (deficit), south African production issues or Russia strategic stockpiling just an opinion

https://www.ft.com/content/0c447a2e-0509-11e8-9650-9c0ad2d7c5b5?sectionid=companies

I'm assuming they are sells given that the preceding buy was for a lower volume at a higher price. For either a buy or a sell someone is getting a good deal on some large trades, which makes me suspicious