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Well done turf moor ??
Looking forward to 1st January, 2022, I’m calculating that the boe/d production should be in excess of 50,000, assuming all goes well with Rhum3 and Columbus. Here’s my estimated figures for production on 1st January 2022, Erskine 2,300, Columbus 3,500, Rhum 1&2 19,800, Rhum3 7,000, Bruce/Keith 19,000. Notes:- Erskine from latest presentation. Columbus 50% from latest information. Rhum1&2 11,900 from previous info increased from 60% to 100%. Rhum3 not seen a figure anywhere so possibly it might be a half of Rhum1&2 but put 7,000 to be conservative. Bruce/Keith is a balancing figure increased from 60% to 100%. Does this agree with other people’s calculations? Feel free to suggest alternative calculations. If this is correct, production increases by over 90% from where we are now. The share price ought to be north of £2 in January, 2022. Haven’t we just got to be patient?
It’s due any day now. I’m hoping the delay is so that good news about Rhum3 can be included in it.
A good webcast. I think what Leon meant by stock of chrome not yet in figures was chrome processed and ready for sale but not yet sold. This would explain lower income figures. No details regarding cobalt but I don’t think that means anything. From my previous detailed notes I have cobalt mentioned as 8% of copper and then separately elsewhere mentioned as between 5% and 15% of copper. Prudent for estimates to put it roughly 8% to 10%. Did want to know if there was anything costly or complicated in the extraction process. Very happy with progress and future outlook
I’ve asked a couple of questions 1) if we are targeting 25 tonnes of copper, how many tonnes of cobalt would we be targeting and what are the costs of extraction of cobalt? 2) Can you update us on the progress of discussions regarding Tjate? Let’s see if there’s any response
To finish message, they always show the net to Jubilee figures clearly. Sometimes you have to look carefully at the detail.
Shiner, it’s also worth noting that WH Ireland’s figures are referring to JLP’s accounts for the financial year 20/21 which end on 30th June, 2021, rather than the calendar year 2021 ending 31st December. Small point, but easy to overlook and has big effect on financial figures. Another thing to look closely at is whether figures are quoted gross to Jubilee before JV payments are made to partners. Like a lot of companies, JLP likes to quote gross figures as they are bigger, but to be fair they always sho
Brokers obtain their numbers from the company. In this case, I’m pretty sure they would run them past the the CEO before issue. I remember Leon mentioning £70m profit forecast for 2021 somewhere, so I don’t think the broker is massively out of line with Jubilee Metals own figures, even though brokers have a reputation for being double glazing type salesman!
Well said. Serica are a good company, however not suitable for daily or weekly trading. They will reward the patient. Have a good Christmas
What usually happens in the accounts is that a provision (sometimes called an accrual or debtor)is put in the accounts for say February’s income (sales) which is based on PGM ounces produced/delivered during the month of February, but not actually sold in February. This will be estimated based on prices at the time, unless there is an agreement in place for PGM ounces to be sold at an agreed price. This is based on an accounting principle to match income relating to a month with expenditure relating to that month. JM Finance people will internally report via Management Accounts to the Board each month. From the statement of policy you produced, it looks like the actual sale of PGM ounces could take up to 4 months. When a February sales invoice is raised say 3 to 4 months later, the price could have moved up or down, so there will be a difference in the accounts. This is quite normal. When closing accounts down for a 6 month interim, if there are significant variations in price, I would expect JM’s finance people to bring in an adjustment at that time to reflect this difference. To summarise, price increases should be estimated for each month in the accounts and then adjusted before any interim closedown. Hope this helps. I’ve been invested in this company for I think 12 years now. I’m still not making a profit, but I’m close to it after averaging down year after year. I can’t wait to get into profit!