Member Info for SeisNav

Boring, I don't think you are telling lies, I KNOW you are telling lies! You have been corrected many times by many people here and you never acknowledge your 'mistakes' you just continue spouting more of them. If you think the company is going nowhere then why would you be stupid enough to remain invested? Any person who thought like you do would have sold up and moved on.

I don't think there's much to be gained by interacting with him to be honest. It was more for the benefit of others who might be confused by the AI slop he churns out. Henceforth he's going in the filter bin!

Harmprof, you didn't ask a question. You made a statement which was wrong. I was correcting your ignorance.

It looks like Harmprof has been at the Chat GPT again!

Roan was originally supposed to be the first of three concentrator plants designed to process the tailings dumps that were acquired there and further north. That plan was abandoned due to problems getting government guarantees of stable water and power at the other sites. They decided instead to focus on the Roan site where they already have water and power in place. At the same time they announced a breakthrough in processing mixed ores (oxides and sulphides) and decided instead to focus on that. The front end was supposed to allow them to simultaneously process different types of waste, including the mixed ores that they are currently processing as well as the lower grade tailings.

There was never any plan to process the Large Waste Project at Roan. The two locations are about 130km apart for a start so hardly ideal for trucking large volumes of waste from one to the other.

Also you seem to mix up waste and tailings... they are different things. Waste is material which was dumped and never processed due to being considered too low grade or too complex at the time. Tailings is material which has already been processed before, the aim of reprocessing it is to apply a different method to recover more than was originally recoverable.

What kind of long term shareholder would say this:

"I look forward to the results to how Jubilee was margined called and forced to sell the PGM business cause they breach a debt covenant."?

This despite the FD clearly stating that the offer for the SA assets was unsolicited. You certainly spew out some total rubbish Boring.

In 13th January operational update they had this:

"Project G

Following the completion of Jubilee's due diligence on Project G during August 2024, the Company acquired a majority interest in Project G.

The project aims to expand existing operations to achieve an initial mining rate of 10 000 tpm by February 2025. Project G includes an on-site facility designed to pre-concentrate mined ROM material, with an immediate capacity to produce 3 000 tonnes of copper concentrate per month, containing 10% to 15% copper. Lower-grade copper will be stockpiled for future on-site processing. First copper concentrate was produced at Project G during October 2024."

I asked a question about this in a subsequent Q&A and it seems that they produced some concentrate from the plant in order to test its suitability for processing at Sable but this wasn't the start of regular production although you might have got that impression from reading it.

Bobbill, I think it's probably a waste stream from previously processed material where it was too fine to be captured by the current filtration system. To be honest I thought that was going to be processed by a leaching circuit but maybe that's targeting another part of the waste. This is analogous to the chrome processing flow I guess, where they incrementally improved recoveries by targeting finer and finer particles in the waste. Hopefully Leon will put out a Roast to explain further.

Gray, here's the ramp up plan updated based on what's in todays RNS:

https://www.dropbox.com/scl/fi/4iw5jv2jbw9adcxovup1e/Ramp-Up-plan.png?rlkey=mebjq46cwfyubb21hk8cnn5b9&dl=0

I'm assuming that they average 300 tpm in the near term until the upgrades take effect. Ive added 65 tpm for the additional production from fine copper from end of Q3 and increased from 300 tpm to 400 tpm based on the increased throughput from 30,000 tpm to 40,000 tpm at end Q4.

I've got Molefe ramping up from about 100 tpm currently to 200 tpm by end of Q3.

All theoretical at this stage but it shows that by next year we should be making decent strides forward. That's without adding anything from the front end being re-introduced after the rains.

Before anyone jumps in, this is purely for Roan and Molefe production and includes nothing for Grovenor and LWP. As most of us know, the roll out is going to take time but the path forward is starting to take shape finally.

6th October RNS has:

"Production commenced at 3 500 tpm ramping up to 4 500tpm within 45 days and targeting to reach 8 500tpm by Q3 FY2026. At the targeted grade of 3.35% Cu (???), this equates to approximately 200tpm of copper units delivered to Sable in addition to the production from Roan"

I suspect the grade of 3.35% might be a typo because 2.35% equates to 200 tpm contained copper: 8500 x 2.35% = 199.75 tpm.

Gray, assuming they hand over operational control to the potential partner then I would hope they have the capacity to drill at both locations at the same time but it may depend on the rains too, if they can drill through the rains then we might see progress this year. Let's see what develops.

Courdelion, I think those two things are separate because they fall under different timelines. One is by the end of Q3 and one by the end of Q4.

It's generally a pretty concise RNS and I'm pleased to see continued efforts to improve Roan output. There's still the question of why they are not currently using the front end circuit but generally a decent RNS.

Despite what SirBoring / Nevergonnagiveyouup has been saying, the Molefe expansion is progressing as planned! No mention of Grovenor which was due to start drilling this quarter but that may start once the drilling partner is finalised.

The website was updated today. The only changes are; Canacorrd Genuity sold another 1m or so and Premier Miton added nearly 21m.

Veddis and Peppermill have dropped off the list so we don't know what their current status is.

Wow, is Peggy still knocking around, I filtered him years ago and certainly haven't missed reading his bilge! Honestly the only one to benefit from interacting with him is Peggy. You might be the only person he talks to all day so at least you could consider yourself a Good Samaritan!

I guess another big player is not going to get involved until these legal proceedings have been finalised. With Barrick recently taking an adjacent license in partnership with the government I wouldn't be surprised to see them showing interest.

To be fair, most of his posts have been pretty stupid so at least he's consistent!

Nice to see a bit of positive news for once. Do you think we can assume that Metalex are involved in the fraud as well, seeing as they are part of Lunda Resources. I wonder if the US government have been informed about the illegal behaviour of the company that they recently agreed to provide funding for? If not then I really think they should be.

Gray, yes that's true, we might finally understand the chrome margin just in time to say goodbye to it!

Gross profit is one thing, net profit is another. There's the interest payments on the loans to deduct, also there are no more tax losses to offset against future earnings. Electricity tariffs are going up significantly next year, there's possible export taxes on chrome to consider. It all eats into the bottom line. Also there are no guarantees that prices will remain where they are. High PGM prices are resulting in more chrome being produced (as a by-product) which will likely cause prices to fall at some point.

Yes Jonah, there's certainly a story to be told in those charts! My calculations have us earning somewhere between US$15-17m gross profit from PGM's for H1FY26. I wish I had a better handle on the chrome numbers but we have been kept in the dark too much to make any kind of realistic estimate for that. My best guess is somewhere around US$9-10m gross profit on chrome for H1FY26 but I don't have much confidence in that. That would be a combined US$24-27m gross profit for South African ops at a guess.

The Swedish government certainly seems to be adopting a more mining friendly approach, even where it conflicts with reindeer herding. They recently voted to allow uranium mining despite some opposition. Definitely worth one more crack at getting Storuman approved while the political climate is favourable.

Well we certainly have strong tailwinds from all possible commodities at the moment so no excuses there!

https://www.dropbox.com/scl/fi/thpuldic2rgqy854wmntm/Commodity-Prices.png?rlkey=i8fb5hoe2adve91y9gj4fiqgq&dl=0

PGM's getting a second wind, hanging onto golds coat-tails. Chrome remains pretty strong although there are signs that it might dip soon. The buying price hasn't changed but the price to sell in China has been slowly dropping on weak demand. I wonder if they are stockpiling ahead of the mooted export tax on chrome in South Africa?

Cobalt is still gradually rising, now over US$52,000 / tonne. I'd love to see some reference to that in the next Zambia update but I suspect they might want to wait and see where the price ends up once exports from DRC resume. Copper is still strong and looks to be having another crack at US$11,000 / tonne again soon.

The blue touch paper is right there, ready to be lit....