Member Info for SeisNav

A short interview with the new MD

https://x.com/Tertiaryplc/status/1897294893351088631

"Siesnev" that's what that loser Bushytailed used to call me in a desperate effort to troll me.... Such a shame he lost all his money on that sure thing HUM!

What are you even talking about? They weren't sold to the mine owner, they were given in exchange for the waste! They can sell them at whatever price they want. If you want to come of with a more plausible explanation I'm sure we'd all be glad to hear it.

The Fidelity webpage for Jubilee has been updated for February. Of the top listed holdings only one has changed:

IFSL Marlborough UK Micro Cap Growth has sold 887,500 shares. This is the bigger of the two funds managed by Canaccord Genuity and continues the trend of slowly reducing their position. The other fund they run is IFSL Marlborough Special Situation Fund and as far as I can tell, that one has remained pretty constant at around 55 million shares.

Slater holdings remain unchanged.

With the massive selling that has been going on recently the most likely explanation as far as I can see is Fidelity selling up and more recently the shares placed for the high grade waste. Even if the majority of the shares are not locked in it's only a matter of time before they are sold down. Maybe days, maybe a week or two..... time will tell.

I hadn't seen that latest presentation Auc, it's a pretty good summary I think. Well worth looking through if you haven't already.

If we hit the 2 million tonnes of chrome this year that would make it roughly 43% tolled and 57% non-tolled based on last years numbers, the first time it will be more than half of the chrome at the higher margin. It's hard to say what the margin will be because what is payable to the mine owner for the non-tolled material depends on the chrome price and we don't know what that relationship is. It should be a pretty decent second half to the year though Mikie.

Yes I saw that the export ban was starting to push cobalt price up. From what I read it looks like the bad is designed to eat up the surplus that is sitting in the market already but what are they going to do at the end of the ban? The companies are just stockpiling cobalt concentrate in DRC at the moment so they would need to introduce export limits to have a lasting effect. Really they can control the price by limiting the flow out of the country... it just depends what price they want!

Chrome price up to US$260 / tonne today. Rhodium and Ruthenium have been creeping up recently as well but overall the PGM basket remains pretty flat.

Oh well, another one to put on the 'needs more drilling' pile! Another company is drilling a porphyry deposit about 20km away so it's possible there's something deeper causing the surface anomaly but I wouldn't be putting too much faith in that one on its own. Still plenty of irons in the fire though and I'm only counting on one of them coming good.

Mikie, if you listen to Colin talking about the purchase on the Roast, I doubt it's the low grade stuff Leon was talking about selling, it sounds like it's the same type of surface oxide 'waste' that Jubilee are processing, similar types of grade were mentioned. It wouldn't surprise me if he's looking to use Jubilee to process it though.

It puts into perspective the current MCAP when the cost of the one deep drill at Konkola West is higher than it!

https://x.com/Tertiaryplc/status/1894675318733938861

You have to factor in the seasonal nature of exploration in Zambia as well. If you're lucky you generally get a 6 month window each year for drilling which inevitably slows things down. Mushinge is the main reason for delays though. Without his sham court case to slow down the finalisation of the JV we might have got the licenses sorted out before the cadastre was shut down. That probably cost us a couple of years.

Auc, I guess it's all about sentiment when it comes to junior explorers who haven't yet made a significant discovery. The big difference I see between ARCM and TYM is that ARCM have already done significant exploration on their licenses including aerial geophysics and drilling. The results were enough to tempt Anglo American into a very significant JV which:

A: commits tens of millions of dollars to drilling over the next few years and

B: provides significant cash payments to ARCM which should keep them funded into 2026 (according to management)

TYM are not in that position at the moment so no I don't think you could justify valuing them at the same level, however significant drilling results could quickly see them reaching a more realistic MCAP of say 5-10 million. It's all guesswork at the moment though!

We know for sure that Jupiter is completely out already. The graph I posted recently suggests that at the rate they were selling Fidelity should also now be out, but we don’t know that for sure. Canaccord were slowly reducing their position, if they maintain that rate they shouldn’t be a problem but we won’t see that until Jubilee updates the significant shareholder page. I’m going to request they update this again to give us more clarity. Then there’s the issue of shares for high grade material. How many are locked in and how many are available to sell now?

Gray, I must confess I decided to change my approach a couple of weeks ago when I realised that not all of the shares issued were locked in for 180 days. I sold a portion of my holding back then expecting this to happen. The endless selling of the institutions was enough for me without sitting and watching more shares being sold. I'll buy them back whenever they finish or (hopefully) we get some news that lifts the price.

Twincam, there were two different applications approved, the second one was for Skellefteå, which is about 200 Km East of Storuman.

Here's something I put together overlaying the interpreted geology for the FQM Trident area with the Mukai project area and copper in soil anomaly:

https://x.com/NavSeis/status/1894360269284888767

This is the project that I think has genuine potential to be a significant find. If you look at the yellow area just below the Mukai anomaly, that's interpreted as calcareous siltstone and is part of the same sequence as the area which hosts the Enterprise deposit, within the Lower Roan geology.

That's the chance you take! There are assays due from two further locations, two drills at Muswema, where the first drill indicated multiple generations of mineralisation and got the Anglo team very excited and also Lumbeta which hasn't been tested yet. There's also the two outstanding LML's waiting to be approved. Maybe even some wildcard news on Botswana!

You might be right Auc, maybe a fresh face to front the company is whats needed, lets face it the SP is undervalued when you compare against peers with similar assets. Hopefully the new MD has the gift of the gab! In the end though it comes down to actually turning one of the exploration targets into a discovery.

Good to see the futures price of chrome concentrate continues to rise this week (between US$5-15 / tonne according to Ferroalloy.net). It's hard to estimate exactly what the effect will be but my feeling is with the production looking to be about 25% higher than last year, all from higher margin chrome, and the price being on average about 15% down on last year.... it should be a good year, potentially exceeding earnings for last year. Much of that will come in the second half of the year, with stronger prices and higher production.

There's a full transcription of the decision here if anyone wants to read it (it will need translating from Swedish):

https://resource.sgu.se/bergsstaten/nautanen-k-nr-1-bes.pdf

It looks like initially the CAB recommended to deny the application due to failure to get a required permit (Natura 2000) but the Mining code was amended last year to remove the requirement to have that permit, so eventually they recommended to approve the application. I don't know if any of this will have any bearing on Tertiary's appeal.

The RNS this morning was a bit left field, I wonder what the thinking behind bringing in an MD is at this stage is? Strange that PC didn't give any comment in the RNS regarding the appointment.