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There seems to be some disagreement on some factors relating to the PGM basket. Personally I have used the splits quoted by WH Ireland, which presumably they have received from Jubilee. To get a better idea of typical values for PGM splits I looked for historical data and found this:
https://tinyurl.com/4be54w2b

I put the data into a spreadsheet to look at average split values and these are the results for mines with at least partial data available:
Western Limb. https://tinyurl.com/yckjtkrj
North East / South East Limb: https://tinyurl.com/4rumbpm4

It suggests that the split used by WH Ireland is not too far from the calculated averages and pretty close to the vales from Tharisa.

Also another confusion, Jubilee mention Osmium on the website and also in RNS's but as far as I understand it 6E PGE is based on Platinum, Palladium, Rhodium, Ruthenium, Gold and Iridium, and that is what is presented in the data sheet above and also in the WH Ireland split.

Ruthenium and Iridium account for 13% of the PGM split used by WH Ireland and ignoring that will inevitably skew the data toward the other elements, resulting in a higher calculated basket value.

Regarding PGM ounces produced from Inyoni for this second half of the year, the RNS from 16th May states:

"At Inyoni alone, chrome production remains on target. PGM ounce production continues to increase after first replenishing the in-process PGM pipeline that was drained as part of the capital project. Inyoni is expected to reach its 3 500 PGM ounce monthly target for May 2022 and delivered 8 018 PGM ounces in Q1 2022, an increase of 75% when compared with Inyoni's average production rate of the previous two quarters despite refilling of the operational pipeline after start-up."

So from Jan-March they produced 8018 oz, in May (and presumably June too) they expect to produce 3500 oz. April is unknown but would be 3500 oz as a maximum. Adding that up equates to approximately 18,500 oz. In H1 they produced 20,316 oz (6,000 of which was part processed before the shutdown). That adds up to a total for the year from Inyoni of 38,834 oz. Presumably the extra ounces to make up the target of 43,000 oz will come from Windsor.

https://www.mining.com/web/mopani-plans-to-resume-cobalt-production-as-prices-rise/

“We have some material sitting on the surface. It was mined already as part of the copper ores but it could not be processed because the cobalt price was too low.”

Warrants are being taken up before the deadline… it’s been happening for quite a while, if you were a shareholder you probably would know that already.

We benefited massively from a big spike in the PGM basket price in 2020/21, mainly due to Rhodium going to US$29000/oz. The earnings for that period should be viewed as anomalous not as the benchmark to measure future performance by. If the basket had maintained that level then I estimate we would have US$35-40 million more in earnings than we are likely to have for this year and nobody would be complaining.

Do I care if the EPS is more or less this year than last? Not really. I can see the wider picture and where the company is heading unlike some who seem determined only to see a few inches in front of their nose! Each to their own of course but I’m here for at least a few years and in that time I expect the company to be transformed out of all recognition from what we see today.

I’ve already mentioned in my blog post that I think the area between Nyambwezu and Cheyeza may have some mineralisation caused by fluid flow down toward Cheyeza. If you believe that to be the case then the logical question is how much mineralisation is there and how deep is it? Imagine if there is economic potential in that mineralisation which covers an area of more than 15km by 5km…. The implication of that could be massive!

https://jubileemetalsgroup.com/wp-content/uploads/2022/05/20220313-Jubilee-March-Roadshow-FINAL.pdf

The latest presentation on the website suggests they are planning to look at debt financing for the Eastern Limb project:

“Western limb operations provide unencumbered cash flow and assets, a strong foundation for securing price effective term debt finance for Eastern Limb expansion”

From the title of the pdf (“roadshow”), it looks like that was put together for potential investor presentations rather than us PI’s.

Peggy only ever shows up when the share price falls back a bit… very predictable. I do think he’s probably just trolling the board. Ella and his many and various other aliases (including CB) are more likely to be trying to manipulate for financial gain in my opinion, they put a lot of effort into researching the company but only to exploit rather than share information as most people are here to do.

I don’t like to give them the focus of attention but I think it’s good to point them out to new board members to mitigate any effect they might have in the short term.

I’m sure Leon was quoted as saying they are in negotiations for an existing facility on the Eastern Limb although I can’t remember if it was in an interview or elsewhere. Maybe someone else knows?

You are trying to suggest they will drill and analyse the drilling before signing a JV…. That is clearly total rubbish and you know it. Let’s face it why would anyone listen to someone who thinks selling out at the lowest point in the share price was a good idea.

Peggy why would you think Anglo would be allowed to drill our licenses without the JV already in place? You muppet!

So you hold off buying and then when the signing is announced end up missing out on a cheap entry price anyway. At these levels the share is a bargain. Anyone who has taken a bit of time to look at the assets will realise that very quickly, as Anglo American already have!

“ Yes, they are FACTS. I don't need to be told exact capital budgets to establish facts. Unlike you, I can use my brain to figure it out myself and the shortfall is obvious to all, just not you.”

So what is the shortfall exactly?

Colin is the Arthur Daley of copper. If they want to progress to the level of multi-billion dollar company which is Leon’s stated aim, then they need more professional management in place. They need that to attract the blue chip investment. They are hardly likely to defer to the person they just replaced on matters of finance are they?

Colin is being kept on for his knowledge of Africa and connections there, Leon stated as much. I very much doubt Ollie will need financial advice from anyone.

I would have thought Ella would be busy trying to ramp Uncle Colin’s latest ‘back from the dead’ company Kendrick Resources. Or maybe he’s waiting for the stink to die down first! :-)

That wasn’t the top of the hill, we’re barely into the foothills!

There are two areas at Lumwana, the northern most one was the first to be developed but I guess has now been mined out and is flooded. I just removed all of the infrastructure between them to give a better idea of the actual mined areas.

https://twitter.com/NavSeis/status/1530532273317191681?s=20&t=EmJDWZ4whWtlMHgZq2LGew

I put this image together to give a sense of scale to our current main targets when compared to Kansanshi and Lumwana open pits.

Recent note from WH Ireland

https://twitter.com/ArcMinerals/status/1530075076179247104?s=20&t=F_3_pDW9XDB65UBeZC0X0A

https://embeds.audioboom.com/posts/8090966/embed/v4

Just a short mention about the new chairman but it was noticeable he mentions Mr Olivera’s M&A experience.