Member Info for SeisNav

Chile is very exposed because it imports much of its sulphuric acid from China who have also recently banned exports. DRC is similarly exposed because it relies on acid imports although Ivanhoe has recently started producing acid at Kamoa Kakula which is covering some demand. If the situation in the Gulf continues then lower copper output could drive up prices.

The company said in the recent investor call that acid supply is a minor concern right now but it is a concern. Can they utilise glycine leaching to significantly reduce the need for acid? Ricus was talking about that as a preferred option at Molefe before he left but we haven't had any recent update on that from the company. With us supposedly having an exclusive partnership with them in Zambia it could be very beneficial right now.

I took a look at the latest satellite images of Molefe and I can see clearings on the license that correspond to the planned exploration locations 1-4. Number 5 is close to pit 1 and it's not possible to say if that location is completed yet. I don't see anything at location 6 yet. I see some evidence of ground clearance heading toward the SE border from pit 1 which corresponds to the topography map.

Interesting to see the Grovenor website has been updated.... lots to dig into there! A partnership signing with a Chinese investment company, A Japanese metals trading company....

The number of shares he's holding now is less than 4 million lower than it was at the previous update. I guess he probably added to his holding at some point that we weren't aware of and then sold them again. Not the first time he's trade a bunch to make a bit of cash!

I was pretty sure Leon said that they were looking at an area to the South, but I might be wrong. You can see a marker "planned Ex 3" next to that Northern anomaly so I assuming that they are planning some drilling there, but there are also targets to the south as well.

If anyone has questions to ask, you can pre-submit them now on the Investor Meet Company website.

There is a scale on the map that I posted yesterday but in case anyone was wondering, if that extension shows continued mineralisation we could be looking at something of the order of 1km in length and importantly, still open at depth. That's before any of the other potential targets are tested.

Contrary to what Sumoskier says I think it's very important to establish the scale of the resource we own because that also underpins the valuation of the company. It's not all about production although of course that is important too.

HD the orebody is dipping towards the south according to the mine plan so maybe they want to try and drill across it at depth rather than potentially just hitting it in the near surface. It would make sense to drill south of the outcropping and angle toward the north to try and intercept it perpendicular to the dip... just a guess!

Yes I noticed that rather than just exploration targets they actually have planned pit locations... that seems to suggest they are confident of what is there.

The company did do a full Aeromagnetic survey of the Munkoyo Mining license area so they know what's there but they may want to keep the results under wraps whilst exploration is going on, just displaying the area around the current mine. It's also worth noting that the government is in the process of completing a nationwide aeromagnetic mapping of the whole country, I believe they (Xcalibur) are covering Central Province at the moment so that could be valuable information for the wider licence package.

Here's an overlay I did of the topographic map of the pits from the mine plan with the EM data. You can see that pit 2 coincides with a relatively small anomaly and the extension drilling is near a stronger anomaly:

https://www.dropbox.com/scl/fi/dx9ew0y67q9epqd4whzu4/Molefe-Mine-Data.jpg?rlkey=lr8ap0y1ylwivelfzdi8hx5y5&dl=0

Leon is supposed to be giving a presentation on Molefe over the next few weeks so there should be an opportunity to ask questions then. I suspect this version of the mine plan was released because of all the complaints about missing timelines again, although it says the extension drilling has been completed to the east of pit 1, there are no indications of results. We might see that in the next iteration.

The resource model on page 6 seems to indicate that the orebody continues to at least the eastern side of pit 1 so I guess in time they might want to combine pits 1, 2 and 3 into a larger pit.

There was definitely talk of potentially a second parallel orebody to the south (?) of the current mine area, not sure exactly where, but if you look at the previously released EM data it shows exploration targets to both north and south, and a large EM anomaly to the north.

Https://x.com/Jubilee_Metals/status/2045155199870750866?s=20

Isn't that Tertiary buying shares in Sunrise Resources, Patrick Cheetham's other company?

Actually the PGM basket overall is trending slightly down due to rhodium slipping. Whatever is causing the sudden increase in SP it's not the current PGM prices. I guess it's optimism around a possible short term solution in the Gulf combined with the share buybacks? When your chief negotiator is JD Vance then I wouldn't hold out much hope of a quick resolution, the current US administration seems to quickly run out of ideas once bullying and extortion have been exhausted.

I thought 3 weeks was a bit tight to complete the phase two drilling and get the results analysed and then integrate it into the mine plan.... and so it seems. Oh well, hopefully it's not too far away.

Also due shortly, news on the dewatering circuit at Roan, which SHOULD be coming online in the next week or so.

Also infill drilling at the Large Waste Project was supposed to be happening after the independent resource review which we were told to expect this quarter:

"The results from the resource review have confirmed the scale of the project and details of the results from the review will be provided to shareholders once the final report is issued, expected within Q4 FY2026."

It is a fair assessment although they completely ignore the Large Waste Project as another revenue stream. If they finally get that deal (or deals) over the line within the stated timescale then we could see that start to bear fruit by the end of the year. Especially if the Chinese are involved. They don't tend to hang about.

When they were buying chrome RoM the price was (according to the company) set by the cost to mine plus a percentage on top related to the chrome price. I've no reason to think that the same wouldn't apply to copper. You could always write and ask though.

Of course the RoM price will increase as copper price increases but that doesn't mean that 100% of the rise in copper price goes to the supplier.

I'm sure that was deliberate, to make it look like the share price is heavily down on the day to the potential investor when in fact it's moving up.

I see the shareholder list was updated again yesterday. Premier Miton has sold another 12m shares since the last update a couple of weeks or so ago. Hopefully they are just taking advantage of the rise to rebalance their holding rather than selling down completely. They only just bought in so it would be odd for them to sell so soon.

You realise that would be insider trading right?