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Today's trading should have helped shift the overhang from the last raise. Armstrong Investments still had 171m shares to sell a few weeks ago and Peel Hunt last updated in late July that they passed the 10% holding threshold, that's about 500m shares to sell but probably less before today. About 1 billion shares traded so far today so most if not all of that should be done now.

In the latest corporate presentation, page 27, there's a forecast for future EBITDA at various price assumptions:

https://www.sylvaniaplatinum.com/all-categories?task=download.send&id=1027:updated-corporate-investor-presentation-3&catid=126

It's interesting to note that in Q1 the estimated PGM basket was 10% higher than the consensus price and currently it is 20% higher than that price.

For chrome, the consensus price is US$260 / tonne, in Q1 it was US$271 / tonne and currently US$281 / tonne.

As we are now into Q2, here are the average prices for Q1 for anyone who's interested;

Estimated PGM basket US$1,923 / PGM ounce (currently US$2,101)

Chrome concentrate US$271 / tonne (currently US$280-282)

Copper cathode US$9,794 / tonne (currently US$10,300)

I doubt there are any buybacks planned when the deal hasn't yet been finalised. There are plenty of more pressing things to spend money on to progress the Zambian operations. There were about 300 million shares traded in September which points to institutional transfers like some of us have been saying for a while. Hopefully we see a bounce to a more realistic level once they are done.

Yeah right. I'm sure Nick is in the habit of tipping off retail investors that an asset sale is imminent!

F79, nothing has happened with Botswana since the last assays were released. I did post on X that I'd noticed recent drilling on the MMG (Khoemacau) side of the license, close to the boarder. It looks like they were drilling a new line of holes SW of the original one. It would be good if we could get a JV with them to drill the license, it's pretty clear we don't have the funds to do that right now. If they manage to take Mushinge to the cleaners then it might be a different story!

It was roughly 97p but was changing quite rapidly because the basket was falling. A few things to consider:

There are now less shares in issue.

The PGM production target is higher.

There is now chrome production to consider.

It was Everopeful who posted about the update after attending the General Meeting:

"JMK hoping to issue RNS end of September setting baseline for all 3 copper businesses. Ie ignore anything said before measure progress from this start position."

I wasn't there so can't comment on exactly what was said.

Just had a brief look at Slater's interim reports to end of June 2025... no mention of Jubilee either positive or negative so I presume they are happy with the way things are going.

PGM basket is ~US$2,100 / PGM ounce right now. Just to give an idea, my estimated PGM gross profit for Q1 based on 9,000 ounces (nothing from the JV) would be about US$7.5m. If current prices persist then Q2 would be in the region of US$9.5m gross profit.

Chrome numbers I honestly haven't a clue. Chrome production will have significantly reduced with the loss of the tolling contract. Chrome price is up compared to H2 2025 but there is also the significant interest payments to take into account.

Cobalt continues to increase in price which is very encouraging. The DRC quota system is due to start in a couple of weeks or so and is half of what was exported in the previous year. A rise in prices now suggests traders expect the market to be tighter. Hopefully the next update will indicate if they plan any cobalt production or not.

Statistics like that can be very misleading. It's interesting to look at the comparison of the two company share prices over the last few years:

https://www.dropbox.com/scl/fi/7tfii8jhosztl2yku4nnz/SLP-vs-JLP-share-price.png?rlkey=mbvjeoeg2vy55sw4gzuf55h7r&st=bb95g6gv&dl=0

I've scaled that graph so that the peak of each share (which happened on the same day) is at the upper edge. Both of them very much following the PGM basket for most of the time.

A couple of interesting things:

In mid 2022 you can see SLP diverging upwards from the trend. I'm not sure what caused this but it was around the time they started doing share buybacks.

More recently you see the big divergence with SLP reacting to the increasing PGM basket but JLP continuing to fall... despite BOTH companies benefiting from the increasing basket.

Here's an updated chart with the latest prices including chrome.

https://www.dropbox.com/scl/fi/c2pkz4j07qk5poeqmdrir/SLP-PGM-snd-chrome-prices.png?rlkey=8jez06ugdznodrhfqbma3pbt2&st=wu2s4fk8&dl=0

With platinum and palladium both higher again today, the PGM basket is at a new recent high of ~US$2077 / PGM ounce

Chrome concentrate is also up this week at US$280-282 / tonne

Copper as we know is also doing well at about US$10,300 / tonne

Cobalt Hydroxide is up over a US$1,000 / tonne since yesterday at US$34,700 / tonne.

Obviously the SP has been suppressed by an institutional seller (and buyer) but surely it will bounce once that is done? Those PGM and chrome profits are still flowing to us for at least a few months more in all likelihood.

Northern, it would be great to see these "advanced negotiations" actually result in a deal in the near future.

I wasn't in SLP when Bangrak was posting previously but I did used to check on the board from time to time. I seem to remember he was saying that PGM's had no future... not exactly spot on.

Also, talking about yourself in the third person is not a good look!

The institutional investors have expressed a preference for buybacks so I think that is the most likely route, although I know Jonny has been asking some PI’s their opinion when they have been in contact.

The fact that they are asking opinions now suggests that it’s a serious consideration although I’d be surprised to see it happen in the next 12 months, unless they secure external funding for the LWP etc.

Platinum and palladium flying this morning and chrome also moving up!

SirBoring, those sales have nothing to do with Jubilee. It's been discussed many times on here, long before you and your other fellow South Africans showed up here. Jupiter sold large parts of their portfolio because their star fund manager was moving on to set up his own fund. Fidelity closed the fund that Jubilee was held in, not just Jubilee. Slater sold a small part of his holding back in March but has been unchanged since then.

You keep up with the uninformed speculation though.

Thats just copied from the FT data which is generally slow to update. Fidelity sold up around March and Jupiter before that. I wouldn't put too much faith in those figures as being current.

PGM basket still trending upwards with platinum reaching new highs and rhodium bouncing back a little.

https://www.dropbox.com/scl/fi/65svutjooc7o9fsogbpd8/SLP-PGM-and-chrome-prices.png?rlkey=qfo4m78vmd7infa1tob1vtlhd&st=v9krc69l&dl=0