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Burt I imagine you might be replying to a post by our gen z self proclaimed Oracle who started out here posting “I am a bit of a noob when it comes to PM mining, can you help me”: we tried, but she/he chose a very unapt moniker that has become increasingly so, and also unlike her/his moniker has become as intolerant of discussion as much gen z is, so I now filter entirely and suggest youo do. As often explained I am a very long term holder, I do not try to time the market nor sell when company profits look like falling like nw as gold could rise obviating that and I do not want the bother of timing with too many complexities. I hold not only because I believe in the family , albeit distant, and talk of them when I was young tho of Maurizio generation, but in the gold mining space. My holding is currently a bit less than you say, a few under 660k which can be scary but also exciting the last couple of years. There are few UK quoted reasonable size PM miners, but Fres and EDV (and Centamin in its new guise)all of which I also own, have leapfrogged ahead this year so hopefully our turn next. Good luck and press that filter

Add 60k collar to 50k hedge so likely more than a third of this year’s production. Collar goes next year.

Our Sukari contributed 129koz in second quarter, which if annualised would be over 500k a year, Anglo spotted a good deal with Centamin through its troubles which is why I have stuck with it.

BPat

A. MR production first half 28k, conference call made clear it won’t be solved till next year, still paused but will begin to recover in second half, therefore my estimate is a bit higher than Burt at 32k for second half making 60k, but it is not just lower ounces

B. As a result of the lower ounces the AISC will be much higher,

C. 40k oz down means 40k sold aroundt $3400 lost increasing the proportion sold in lower $2000’s due to hedges etc

So overall although ounces mined will hopefully only be down around 13% the hit to profit will be around 30% though we will not know exactly till the next figures which could be pretty miserable. Without MR fall I would expect the price now to be a little over £3 with the current general fall in miners, subtracting 30% takes us down to Burt’s figures but it depends a lot on forward guidance next time as shares look forward so if it looks like this will be solved next year 2026 could be a lot better, so our fall may not be as far as Burt sees, though if gold doesn’t rise it could imho

PGM prices seem to have started an upward trajectory over the last few months with just a few usual blips, so happily not yet that flakey, it feels better founded than previously, baskets up to $1950 and $1750, which makes Tharisa decently profitable and Karo investable and a goer if this keeps going

Burt777 I would resist replying furthermore, the poster who used to be quite good has become increasingly aggressive, as said before I think it may be a function of Gen Z/late millennials living in a social media world without needing to encounter people directly and with all the toxic masculinity, trolling etc, and ignoring or dissing alternative views; there is a similarly annoying poster Levinson on ADVFN. Hopefully they will get over it and if no one rises to the insults and accusations they will become bored, plus it is not only a waste of energy but oxygen to a flame, I just don't read or filter. All best and let's hope the MR damage is less than we think, the company recovers quicker than we think and PM prices soar, always jam tomorrow...but these faults are from previous management. have a lovely weekend all and may the autumn and 2026, 7 and 8 prove more profitable

Burt lovely and salutary to read one of the grown ups here, I am not quite so pessimistic as you expecting around 60k oz from MR this year and hopefully a bit more next, but at a much higher aisc above $2k. However the PM’s look good, after having had the expected and very healthy summer in the doldrums since April after rising much too fast, they will probably have another few goes to break $3530 and $40 but it feels they are coiling like a spring to go one way or the other and Inthink more likely by Sept Oct should have broken higher,, could even begin earlier this year in Aug, and if they do that should obviate the hit for MR though of course we won’t benefit as our rivals as we haven’t recently if MR takes as long as expected to fully solve, already Fres is up near 200% since Jan, Hoc 75%. However 2028 looks great as Royrotapa should do exactly what MR was supposed to and they haven’t bought it (one of the questions at the conference call was should they sue Amarillo for misrepresentation when they sold MR to them and Edouardo said still working out how bad, how long etc though I guess they won’t, though he did say how the boss had immediately resigned). And hopefully MR will have fully recovered. And hopefully PM’s will be even higher and hopefully Hoc will have passed £3.50 and even £4 and become less accident prone. Anyway thank you Burt for your thoughtful posts and it is also good to have those who think MR a 6 week flash in the pan posting, wouldn’t that be lovely, it takes all sorts

Gnome, how lovely to read a post here, I miss Razors edge, Somnamna, Rebess, Hedgehogg, Dassault, Market, Tonradotony, DJ Ryan, Autonomy and all the other wonderful characters there were here and especially Mr Tibbles, who made 15446 posts all or most on Centamin, an average of around 3 a day over near 15 years, and I wonder how he copes with life without Cey, and doesn't even have Cey living on as some of us do in Anglo,Centamin boosting the shares and company, they certainly made an excellent buy but have done us proud.

Spanish John, likewise though I only have 30% of my portfolio in Anglo having cashed out a quarter of my Centamin at takeover time and used this cash to diversify to a bit of Edv, Hoc Fres and Pan Pacific silver. It will be interesting to see how Anglo have taken Centamin by the scruff of the neck and how much it enhances their profits. Us holder of Cey who stuck with it have done very well, Anglo now over 270 in Centamin money, who would have thought it. I am sorry for the likes of Tibbs etc who sold unless they did better elsewhere.

I am thrilled by our share rise which I expected this morning tho not so far or fast, after a quick fall. What a relief to have some clarification that cheered the market, it could have gone either way. The conference call this afternoon further explained the big issue, MR will suffer further stoppages this year and next, it needs new multi million thickeners that will take 6-9 months to install. So this year as said likely 320koz with aisc at well over $2000k. Inmaculada will be capped at 210k ounces so not make up the shortfall. Next year where the market is now looking hopefully far better. Oracle thinks higher ounces and lower aisc than I do. We will find out at finals, no need to slag each other off for different views. Oracle also thanks for your post on your age, you are a generation z or tail end millennial which explains a lot. As posted I am currently reading The Anxious Generation on just your generation, I recommend it. It explains the big dangers of and for those brought up with social media, why derogatory posts are made without thought, as you would never make in person and the dangers in much heightened mental illness therein from the lack of allowable discussion and trampling of others’ ideas as so easy online when you would never behave so in person, and might actually discuss. I happily do not do social media other than this but can we just be a bit more grown up and stick to facts, respect others views ( the biggest sadness of this period when doesn’t happen, no debate nor seeing the other side). I said results might go either way as the markets, let it rest and let us peacefully post as we always have without personal insult, a one sided world may look appealing but actually preventing dialogue isn’t helpful to humanity nor to investors on boards like this. Thanks so much and have a lovely evening revelling in our good fortune

Exactly Burt as markets begin to look forward to next year with the hedges down from a third to 13%, partly because of production rising back up, and similarly aisc back down, if MR gets going we could do very well and get to £3.50/4 if PM's continue to rise. I am very happy to have held as the market got so worried about these results that are just as expected, miserable with MR hit but better looking forward

A smallish fall and it should come back up so happy to have held, the news was in the price as hoped. Quick drop then should be onward and upward with the PM prices now. The future looks bright. This has always been a decent and helpful board unlike the other one, though some relatively newer posters from there have started saying those with a different view don’t have brains etc, as is common in so much contemporary argument. He posted earlier here “Folks I’m a bit of a noob when it comes to PM mining, can you help me.” We all try, now let’s help each other by not insulting, even the company is in no position to predict what the end year production and aisc will be so it is great to have the views of all including yours. Now what happy news that the results were just as expected, a huge relief and our new CEO Edoardo seems to have got a grip. Roll on 2026,

Just as expected,, big hit this year but they seem to be getting on top of MR and have appointed a new boss who sounds good. We have already fallen a lot into this with the market realising production probably this year down to 320k oz and costs well above $2k meaning no profit for hedged Mara Rosa, even a loss for the golden new mine, but next year should be great if gold goes up. Hopefully our share price will hold up but more probably we may fall a bit further as a knee jerk even though the news is in the market and the share price has fallen accordingly, however we should therefore bounce back quite quickly and it could prove a god buying opportunity imho

Onedb, as ever I totally agree with you, only question is will Mara Rosa get worse before it gets better. I am holding

Personally I started buying at over 300p over two decades ago so I am very glad I kept most of them out of Sipp and ISA, my ISA ones are still sitting on a resounding loss

Also Steve Hoc got ahead as it started its run far sooner so Fres has been playing catchup

On another note a great trade for us old Cey holders used to be between Hoc and Cey; Hoc with fewer shares was historically 40% higher so when it fell below Cey it was well worth buying. After soaring way ahead Hoc did that again today as if we stuck with Anglo our old shares, inc the cash element, it hit an amazing 266p today, well over double before the bid and real golden flip flop many of us could only dream of. Meantime Hoc hit by its own version of the Centamin wall is down to 266, and as we know from Centamin saga it could fall further but ultimately it should recover to that 40% premium which would be around £4

Yes but Fres is +1.4% today, Hoc -2.6%. over the last 6 months Fres up 150%, Hoc 36%. This week Fres doesn’t have the weight of something that could be like our Cey wall was, expecting quite reduced ounces and thus considerably higher costs, and also thus the large hedges/collar eating up proportionately more profit. With little info the market is obviously spooked !!

Big worries about coming quarterly results which will include MR update. Presumably those in the know from Brazil are selling, but I reckon the share price is already around 50p below where it would be without MR problems. Question is whether this is enough down or profits will be cut by more than 20% so bigger fall, and how soon soluble?

Best of British Mr Bond, hospitals put our interest in gold in perspective, I am sure all here do hope it goes well for you