Member Info for SeisNav

Has anyone figured out where the Grovenor project is actually located? It seems too much of a coincidence that Grovenor Resources have a copper project in the Mumbwa area. Interestingly it looks like it was / is a copper / gold / silver project. We could certainly do with a bit of that with the current gold price!

Jonah, I guess it comes down to how profitably you can process the material, the dump is made up of all kinds of material of various grades so unless you can pre-sort it and only process the higher grades then all of the profit will be eaten up in costs. That's where Jubilee have the advantage in being able to quickly upgrade the material, like they do with chrome.

I wondered the same thing about selling before we have agreed to buy Jonah but I assume this was all agreed as part of the final due diligence with the current owner. Although we would be getting paid, I guess all of that money will go directly to the current owner as part of the settlement. I'm sure they know what they are doing anyway!

The news I saw yesterday was no tariffs on PGM's, chrome or copper, has something changed overnight?

The tariffs have hit PGM prices anyway, wiping off the recent gains and putting the basket back where it was a few weeks ago. Automotive is the biggest market for platinum, palladium and rhodium, and with the tariffs potentially slowing vehicle production it could feed through to PGM demand. It's hard to see how the basket price can go any lower without triggering mine shutdowns though, many producers are already operating at a loss on PGM's. Thanks Donald.

Courdelion, they negotiated the price down from US$30m to US$18m (the estimated size of the project also came down as well), of that they have already paid off US$6.5m themselves, leaving US$11.5 to be paid. That was before this new transaction so in effect they would need to find another ~US$5m from cashflow or elsewhere over the next 14 months. Thats what I understand anyway.

Yes, in reality unless they want to progress it very slowly then some kind of partnership is the only way to go in my view. There's just too much else going on to be able to fund it themselves.

I thought Jonny came across well, a very steady and methodical approach from the little he said, just what you want to see. I thought he made a good point about the delay between buying chrome RoM and selling concentrate, upto 75 days I think he said, so rapid changes in price can result in paying a higher price for RoM and selling at a lower price, which is what happened in H1. Now in H2 we should see the opposite where the price to buy RoM was based on the lower chrome price and the selling price is much higher.

Another Bed & ISA today... makes you wonder if someone knows something! It will be interesting to see if there's more buying next week when we are in the new tax year.

I believe the Northam agreement was with Eland Mine, which is close to the Inyoni plant. Probably not so good for the Thutse stockpiles which are quite a long distance from there. It just so happens though that Northam have a recently expanded processing capacity at Zondereinde which is not that far away from Thutse. I did wonder if that was the reason for choosing Thutse in the first place, I'm sure they must have had a plan for what to do with all of the PGM stockpiles.

Interesting that he said nothing was stopping them from going ahead with a JV on the PGM stockpiles at the current basket price and it would be good for the company if this went ahead. I get the feeling something is probably in the works there but he can't say so until it's announced. Could be wrong of course!

It wasn't long back that you were telling everyone we should be listening to Bushytailed Kalan... lets not go down that route eh?

You have a very odd posting history Chatmandu. Only ever posted on SLP up until recently when you started bad mouthing JLP.... the less trusting amongst us (and I include myself in that) would suspect you have an agenda.

Chrome price reported at US$275-285 in China today. Still ticking up. Let's hope it continues and we could see a very good last quarter.

The problem is the majority of arguments / misunderstandings on this board are down to poorly worded or ambiguous RNS's. That's why Leon generally has to do a Roast to explain what he was talking about!

Well we have the benefit of being able to ask the question in a couple of hours and then, hopefully, we will have a bit more clarity. Initially I'd thought the US$11.5m was due this May but on re-reading it, it seems they have 12 months to pay from the date they elect to buy the asset. That it much more manageable and should be easily achieved though cashflow even without this extra payment.

It could be the "estimated" amount based on the processing outcome and copper price at the time. I agree it needs more clarity around the payment and how exactly they expect to pay off the remaining amount.

It could be interpreted that the payment for this material is a forerunner to a deal with the same company and they want to confirm that they can process it themselves before agreeing to a long term supply of concentrate from the project.

Well that is good news, bringing the cost to purchase the project down considerably.

Https://www.miningweekly.com/article/ivanhoe-mines-begins-copper-exploration-programme-in-zambia-2025-04-02

It didn’t take much work to figure out which licenses they got.

Yes I think you're right, I hadn't noticed but it certainly looks like a bed and ISA. Someone taking advantage of the allowance before the new tax year, certainly a bit more confident than some!

I definitely agree with you Gray, that it's time to reign in the spending and focus on delivering what we have, primarily Roan, which to start with at least will be the main source of income. I find it a bit irritating that Leon keeps saying we are coming into a period of lower CAPEX and yet he's already talking about 2 modules for the leach plant at Munkoyo at US$13m plus the remainder of the waste dump to pay off at US$11.5m. Unless they can do this from cash flow I think as you say it needs to go on the back burner. Shareholders need to see that they can actually generate more cash than they spend in Zambia, and soon.

Of course if Leon is being genuine when he says they can get a better deal for the Waste Rock project then that would take care of itself and also free up the cash they already invested but nobody wants to wait another 12 months for that to happen, it needs to happen ASAP.