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Does AI always format the replies like that?

@aprogerson Under the first settlement agreement, back in 2022, they relinquished the small mining license at Kalaba, where a mining operation of sorts was already in place. This is what Mushinge was touting in the US to get funding from the government. They then illegally grabbed part of the Handa license and put it under the name of Lunda Resources, this was later confirmed to belong to Arc / Handa. It now seems that they have also relinquished that license in order to settle all the legal actions. I'm not particularly happy about it because we have been here before... what's to stop them again coming for another slice of the pie by using the courts? They totally ignored the settlement last time and got away with it. I think Remy needs to make clear what safeguards are in place this time to stop it happening again.

To be clear, the part of Handa that they now own was largely unexplored and low priority. The remaining Handa license still contains the Muswema and Cheyeza East areas which were always priority so that is good.

I'd like Remy to come out and clearly tell us the status of the wider license package because frankly its ridiculous that after several years we still don't know what's going on, they were applying for LML's for the other license areas... what's happening with that?

I bought back in this morning to a limited degree because the opportunity is too good to resist and I'm sure we will see JV interest now the path is clear.

I would imagine it's much the same as purchasing chrome RoM, where they payed a price per tonne which was based on the cost to mine plus a percentage based on the current metal price. With chrome as with copper RoM they were making a few large purchases a year at whatever the current metal price is. As you say it would be a proportional increase so both parties gain some benefit to any rise. At the moment the price is higher than it would have been when they last bought RoM so we stand to gain from that, but obviously it could work the other way too, if the price dropped after purchasing more RoM. At least copper is relatively stable at the moment, unlike chrome which swung by as much as 30%.

The share is clearly well undervalued but people are reluctant to buy when the company will need to raise cash at some point to fund the drilling and other costs. They raised money last year for a drilling campaign that was cut short due to rains, so they would still have had a decent cash reserve for the near term but how long will it last? Personally I'm not concerned because I expect over the longer term the SP will increase. If they raise money with a placing then I'll add to my position later, if they use another CLN as they did last time then the SP is likely to go up anyway. There's also a decent chance of a JV being announced in the interim... to pay your money and take your chance... either way I see this an excellent long term bet.

Thanks for confirming that Mikie, I knew someone had said it but couldn't remember who!

Shuvlin, the average grade at Roan is about 1.6%. We have to wait and see what happens but IF the new centrifuge / dewatering circuit produces at the stated rate and IF the front end allows throughput to ramp up to 40,000 tpm or more then Roan could produce somewhere in the region of 5,000 tonnes / year of mainly oxide copper.

I thought we had been told otherwise. Someone on here was told by management that once the front end starts up there is no reason to shut it down again due to rains.

Bottomsup, do give it a rest. You have been telling us the company is ripe for a takeover for at least a year. We don't need to hear it multiple times a day.

Boring, they are selling their interests in the waste dumps around Kitwe and Luanshya. If you paid attention you would know that already, but you're only interested in trying to talk the price down. You disappear every time the SP goes back up and there's nothing for you to gain in posting here. It's the same every time.

You have no idea when they will be cash flow positive because you, like the rest of us, have no idea what the cost per / tonne will be once material starts moving from Roan to Sable in larger volumes. What if they start producing cobalt hydroxide as well?

Jonah, I seem to remember that the previous owner, Glencore, was processing material from DRC where cobalt content is generally higher than it is in Zambia, it could have been that same material, stockpiled at Sable, which Jubilee processed early on. At least it showed that the process worked. Much of what little Jubilee has produced since then was sulphides for direct sale to the market, not even troubling the scorers at Sable. You can see that in the Q1 numbers from this FY. Since Q2, the split is now majority oxides which will be processed at Sable, allowing any cobalt to be tapped off and processed separately, or stored for future processing. It could also bring down the average cost / tonne of copper if treated as a by-product as they did before.

Well if it's under review to bring it back on line then I assume they do! Thinking about it, it may be that the amount of copper concentrate throughput at Sable hasn't been high enough to justify restarting the cobalt circuit but now Roan is starting to produce more oxides for Sable it may come into play again.

It's a bit frustrating that they haven't yet put the cobalt circuit back into production because the price of cobalt has been pretty steady at around US$57,000 / tonne since the start of the year. I'm sure there are reasons for it but it would be nice to know what they are!

Here's a chart of the prices, I still keep track of cobalt because I assume at some point it will come into play:

https://www.dropbox.com/scl/fi/567hayepvuu4ndo9zyrgh/Commodity-Prices.jpg?rlkey=pci6xtltjwpumf93xdqx2zz3h&dl=0

You can see that since the export ban was imposed by DRC, the price paid for cobalt in hydroxide has tended towards the price of 99.99% pure cobalt metal. Normally there's a percentage payable for cobalt contained in hydroxide but because of the scarcity of cobalt in general that percentage is close to 100 at the moment.

You have to remember the last time they did a share buyback, the share price was in the 40's. With such a volatile market who knows where PGM prices are heading. Conserving cash might be the best option or maybe they have further chrome expansion plans that require significant CAPEX.

Remember when Forest showed up a short while ago and immediately wanted to start an investor revolution to oust the management? Now he's excited by the companies prospects...

I see the usual suspects nevertogiveup and chatmandu have resurfaced on a falling SP. Both conspicuous by their absence yesterday. T'was ever thus.

I already explained my thoughts but you didn't like it so there's no point in restating it.

I'm sure you are just as aware as I am that before our latest institutional seller started offloading shares the SP had reached 5p. What's going to happen when the seller is out?

Commissioning was due to start on 7th April and by 6th May they were at 75% of targeted production so I don't think expecting to see it at target during May is unrealistic.

This month I'd like to see confirmation of the de-watering circuit reaching targeted production and news on restarting the Roan front end.

On 6th May we were told:

"The circuit is currently operating at approximately 75% of the targeted production rate of 110-120tpm of contained Cu" and

"The Roan front-end upgrade offers the potential to increase the feed rate to in excess of 40 000tpm, which the Company looks to bring back into operation following the end of the seasonal rains and the completion of the commissioning and ramp-up of the new fine concentrate dewatering system."

Confirmation that Roan is operating at that level and soon stepping up to a higher level would be significant, especially with LME copper price at more than US$14,000 / tonne right now. Let's just hope that they have the acid supply to take advantage of it.

Several of the bigger mines have reported reduced mining in recent times (Codelco, Freeport McRoan and Ivanhoe) which must be playing into the higher price as well as the disruptions in the Gulf.

I always make a point of reading peoples posting history when they show up out of the blue and claim to be a long term holder... yours doesn't make very pretty reading. So yes I'm suspicious.

Strange because you seemed to be trying to use it as a negative when they are already entering the dry season.... nice try though.

I guess you're not very familiar with the rains in Zambia.