Member Info for SeisNav

It was pretty obvious they would need to raise more funds for drilling, they even said so in the full year results. I sold out after the Mukai results were announced because that was the last thing I could see that could have lifted the SP before a raise. I will certainly be buying back in once drilling starts again at Mushima North, the large surface anomaly could easily point to something significant at depth and well worth being invested for imo. Also the second KoBold drill well underway in the Southern corner of the license. I expect there will be more drilling by FQM at Mukai but waiting to see on that one.

If you've been waiting that long you should remember when it re-rated from 3p to 22p.... you had your chance!

Https://tinyurl.com/evdnxphu

Platinum, palladium and rhodium all still on the up and up this afternoon. At least we will finish the year strongly!

I am still hopeful of a counter offer coming in, especially if we see sustained PGM growth. Obviously chrome is a bit of an unknown, it seems to be retaining a high price despite higher than normal stockpiles in China, which I don’t really understand. There are signs it’s softening again at the moment. That’s why I looked at the 12 month average metal prices for my calculations. Still you have to say it looks cheap. I hope another company thinks the same.

As an exercise I plugged the 12 month average metals prices into my spreadsheet to get a rough idea of EBITDA for the South African operations, it comes to roughly US$30m / year. I have no idea what prices they would have used, maybe they will tell us in the circular, maybe not, but just to give an indication of what it would be.

I'm not in denial of anything Happydays, what do you expect to achieve by spamming the board with the same post over and over again?

I will of course remind you what I said once the SP is going up and you have bought back in!

I'm sure HD will change tack as soon as the SP changes direction, he always does!

Edzi I've made it clear in the past I don't think you are remotely genuine in your posts, I haven't seen anything in your recent posting to change my opinion.

Edzi, there never were any 300 million missing shares, it was all in your head. I keep track of significant shareholders and most of those shares were accounted for.

Chatmandu you clearly have no understanding of the business and are just quoting headlines. The lag between buying RoM and selling chrome when the chrome price dropped significantly meant costs were higher compared to sales. The chrome price has since rebounded and costs will be lower compared to sales. PGM's have been steadily increasing throughout this period so H2 will be much stronger than H1. Copper production is finally ramping up after years of problems... we don't yet know what the margin is, that's what we all want to know.

"Right, so the company currently has pretty much zero profit."

Wrong.

Shuvlin that's all very well but why sell off a proven and profitable business on the cheap to fund an as yet unproven one? It's entirely conceivable that we could generate "up to" US$90m (whatever that means) over the next 3 years so where's the benefit?

Typically Jubilee has traded at one tenth of the price of SLP... they have surged to 67p with the increase in PGM's and we aren't benefitting at all.

Https://www.miningweekly.com/article/golds-cheaper-precious-metals-cousins-surge-to-multi-year-highs-2025-06-06

Very bad timing

Marine, you haven’t been around that long…. Many of us have heard the copper story over many years. Roan was supposed to produce 10k tonnes of copper BEFORE the upgrade according to Leon, now even after the upgrade it’s not even half that. Forgive us for being sceptical until they actually show what they can produce and at what margin. There should be no rush to sell the chrome / PGM business until we know for sure what the copper business is going to shape up like.

They certainly picked the wrong day to make the announcement with PGM's seemingly improving. Current PGM basket is about US$1,600 / PGM ounce compared to about US$1,425 for the first three quarters. If (a big if) prices are maintained at this level, PGM's would generate US$20-25m gross profit per year. Chrome is the big unknown, at the current price we might generate US$30m gross profit but chrome is very volatile and could easily loose a third of its value as happened at the start of the year. That would wipe out a big chunk of potential profits.

If someone else sees more value than the current offer then we might see a counter offer come in. I'm minded to vote against at the moment simply because they haven't yet demonstrated profitability in Zambia and I don't see the rush to sell up in South Africa right now. Anyway let's see what information is forthcoming. If there's good news from Zambia in the meantime, like actual production numbers and profit margin, or a deal to manufacture the copper modules, I might change my mind.

Who knows HD, certainly not you anyway! Edzi confidently telling us that the price went up today because there were many more sells than buys.... stretching the bounds of reality with that one.

What I'd like to see is a signed agreement with one of the interested parties to finance the modules for the LWP. They have proved that they can upgrade the transitional copper to economic levels, they can process it to cathode, all we need to see is a clear way forward to 15-20,000 tonnes / year of copper cathode from that project alone and I'd be more than happy to kiss chrome and PGM's goodbye.

Edzi, I guarantee you will still be here in 12 months time, spouting the same long winded nonsense everytime you think the SP might fall!