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This is what I posted in July last year

Money miners discuss ADT1 in the beginning segment of this episode and they raise some interesting points regarding management changes, think it's benign although not a good look on ramp up.

More interesting is their take on the financing and probable selling down of Orion after 90 days lock in.

Then we have the building out of the mine prior to stoping which is what caught my attention the most because the ground is poor which is why they need significant support but the distances achieved are poor compared to other mines but work is high cost for no financial reward, then when they finish this the question is does this poor ground continue into the stoping areas at this stage it's unknown.

I know they have leeway in funding after recent fund raises but the high cash burn slow metre gain of the mine is interesting to see how it pans out.

https://youtu.be/ptHhJkQoMtI?si=-43mo5ERlkaitS2y

Hi Shareminator, I hope your take on events turns out to be true, however I don't think they are in control of the cash they have at their disposal, we had issues when progressing the mine to the stoping areas when progress was a quarter of what is usually expected plus more roof supports were needed as well so the cash burn was significantly higher than expected, then we have the unexpected hence the first raise, a bad weather event which pushes back time lines, while at the the time pushing back repayments to loan agreement now we have a second raise it just looks to me that they are having issues getting to nameplate production/capacity and don't have sufficient cash at hand.

The mine grades are not in question nor the cash generation once they get to full production especially with the current silver price, however with the mine falling behind projected time lines plus the demands of repayments imo that's why we have this raise, obviously better to have the cash to finally get us over the line into profitable production.

I am of the opinion this raise throws a shadow over the management and their ability to explain why they put out statements that they are fully funded to production thus sending out a signal to investors that financially and operationally they have a grip of what's required to get to a cash flow position then backtrack with a raise and now another.

They can dress it up with excuses about why it's needed to speed things up but bottom line is debt repayments are imminent and imo they are not generating enough to sustain expansion to nameplate capacity as well as debt repayments,

red flag in my book and disappointed it makes the management look incompetent.

These are the current positions

As of February 14, 2025, the short positions for Bytes Technology Group (BYIT) were 3.47%. This is based on information from Investegate.

Short position breakdown JPMorgan Asset Management (UK) Ltd: 0.59, BlackRock Investment Management (UK) Limited: 0.79, Mirabella Financial Services LLP: 0.82, and GLG Partners: 1.27.

Mark Learmouth giving a recent interview in Cape Town stating a strong end to year 2024 has continued into 2025 and the Bilboes project is an opportunity that doesn't arise very often only 6min or so.

https://brrmedia.co.uk/broadcasts-embed/67a0d78fda34b6c1a6f5e045/caledonia-mining-corporation-video-update-from-cape-town-2025/?popup=true…

Deepseek AI if you ask the right questions you get some interesting answers but I was asking about the mineral sands outlook for 2025 in general not specifically referring to kenmare as I just wanted it's feel of market conditions.

It did flag unrest in Mozambique as a risk though.

I suppose with these Ai tools it helps if you know the answer so you get an idea if the data it provides is accurate then over time trust it's reply if I didn't know.

**Conclusion**

By 2025, mineral sands markets will hinge on balancing strained supply with robust demand from renewables and emerging economies. Prices for zircon and high-grade TiO₂ are likely to rise, incentivizing investment in sustainable mining and recycling. Regional risks and ESG factors will shape the competitive landscape, with Asia-Pacific remaining the demand epicenter.

So if the political unrest can settle down in Mozambique although operations have not been effected directly the outlook is looking favourable, while our sp is suggesting otherwise.

Yes you can SQZ huge dividend.

The honesty of the board is paramount if you have faith and believe their reasoning for the setbacks then it makes sense for the disruption to the timeline to nameplate capacity.

It does however highlight that in mining not everything goes to plan least of all the weather, but what isn't in question is the quality of mine once it is up and running with of course the opportunity to increase production with further investment.

Very disappointed to see they are focusing on the UK, I think this shows the board has limitations about moving out of their comfort zone of the UK which they know well.

As others have stated majors are leaving assets the world over especially in Africa South East Asia and South America, possibly the Trump revolution in the US regarding net zero and pulling out of the Paris Accords and WHO will eventually force political change in Europe to come into alignment with his energy views, I will take the dividend and invest elsewhere.

Positive update more importantly the mineral sands outlook seems positive for 2025 with robust demand.

All we need is the political situation to remain calm with no disruptions to shipments or interference with mine workings which has been the case so far.

The company seems to have all the upgrades to plant and the wcp move under control, financially we are in decent shape the only disappointment has been the sp decline hopefully this will start moving back up if money starts to be recycled into hard assets we are so lowly rated p/e wise while the outlook for the future is good product wise and thus the company.

Reading the rns makes a pleasant suprise from others we have had, it seems that everything that could go out way has gone our way to achieve 24k bopd production over a month or so, the management deserves some credit for slowly but surely improving the outlook for 2025, looks like the market wants to see the financials next month combined with guidance before giving us a rerate which on balance I think JSE deserves and has earned.

I wouldn't sell THS just yet, worth watching could be the biggest opportunity in Platinum waiting for right moment to break out, increased demand, moving into deficit while production is cut back due to low prices

https://youtu.be/E85CtJcHitI?si=rLbg6-bElfvyyRTi

While it's a bit quiet all the best for the New Year to all holders and a link to an article stating Fitch see the deal as positive, I know it's been mentioned before but good to see it reported in a news report.

https://independent.ng/seplats-purchase-of-800m-mobil-assets-credit-positive-fitch/

I asked Grok why kenmare sp is so low, interesting answer below.

The stock price of Kenmare Resources (KMR) has been influenced by several factors based on recent market analysis and company-specific news:

Decline in Mineral Prices: Kenmare Resources produces mineral sands products, including ilmenite, rutile, and zircon, which are used in various industries like paint, plastics, and ceramics. The average price for these minerals, particularly ilmenite, has decreased significantly. In 2023, the average prices fell by almost 10% to $418 per tonne from $463 per tonne in 2022, which could impact the company's revenue and, consequently, its stock price.

Operational Disruptions: There have been disruptions at Kenmare's Moma mine in Mozambique, such as a severe lightning strike, which might have affected production levels and investor confidence.

Market Sentiment and Liquidity: The stock has hit a 52-week low, indicating possible bearish sentiment among investors. This might be due to broader market conditions or sector-specific issues. The market cap has been reported to be lower than its asset value, showing a discrepancy possibly due to investor perception of risk or future growth prospects.

Strategic Review and Investor Pressure: There's been pressure from shareholders, with some advocating for a strategic review or even a sale of the company due to its low stock valuation. This pressure might reflect in the stock price as investors debate the company's direction and potential outcomes of such strategic moves. Kenmare's board, however, does not share the same view on an outright sale, which might contribute to uncertainty.

Dividend Yield and Financial Health: Despite these challenges, Kenmare has maintained a strong balance sheet and paid dividends, which might suggest that the low stock price does not fully reflect its financial performance or future potential. This could imply that the market might be undervaluing the stock based on current financial metrics.

General Market Conditions for Mining Stocks: The broader market's view on mining stocks, particularly those involved in minerals with volatile pricing like titanium minerals, can also affect stock prices. If there's a general downturn in interest or confidence in mining investments, this could drag down Kenmare's stock price.

In summary, the low stock price of Kenmare Resources can be attributed to a combination of declining mineral prices, operational challenges, market sentiment, strategic uncertainties, and perhaps an undervaluation of its financial health by the market. Investors often look at these factors to determine if the current stock price presents a buying opportunity or if it reflects deeper, more systemic issues within the company or its industry.

So this is with reference to the Petroleum Tax

Applies to profits from upstream petroleum operations only, separate from other taxes like Companies Income Tax.

Tax rate is 85% for companies in joint ventures with NNPC, and 50% for production sharing contracts.

Companies can deduct allowable expenses like operating costs, capital allowances.

Can anyone shed some light on the following

Pre tax cffo Seplat 226, post tax 172

Pre tax MPNU 422, post tax 36

I am not following why post tax cash flow from operations for MPNU is so low.

Link below gives details and reasons for the unrest after the recent elections.

https://internationalviewpoint.org/spip.php?article8771

It's easy to sweep the unrest and protests in Mozambique under the carpet with the idea we have seem similar before, with the events in Syria and the outgoing President in the US seeming to cause as much unrest as possible in World affairs for the incoming President the sooner things settle here the better, good to see that operations have not been interrupted but the fact some machinery had been taken with some still missing is concerning.

Definitely worth keeping an eye what is happening in what is currently a very unstable world at present.

Although we have been waiting and expecting this news I am surprised by the muted or should I say negative response from the market, well I am very pleased with this update even if the market thinks nothing of it.