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Superb finish! Roll on 13s tomorrow. Platinum and palladium bounced well today, rhodium is up to $1515 All I waaant for Christmas issss yoooouuu at 15p!

Looks a decent range to buy in on I think but there may be something around the corner driving this lower, I don't know. Having some skin in the game isn't a bad thing though. If it goes lower could add more to the position. At 12.75 now and finding it difficult not to buy..

Nicely up again today. A new era beckons and with it investor demand will rise. �6 coming soon

strange she's drifted lower the past couple of days

Holding up fairly well whilst most other small scale producers / explorers are dropping. Rhodium back to $1450 now

We have the Final Dividend payment to look forward to on the 8 December 2017. Interim results will be out end of February. It's been pretty quiet since HAYT was acquired, not one update concerning the lenders so presumably they have struck a new deal and paid the sums that were owed from the group cash balance. Expecting positive EBITDA in the first half boosted by the payments that were due to HAYT but had been delayed.

Wow Zimbabwe's army takes over! The military has seized control in Zimbabwe but has said President Robert Mugabe, in power since 1980, is safe. After seizing state TV, an army spokesman announced it was targeting people close to Mr Mugabe who had caused "social and economic suffering". The move came after Mr Mugabe sacked his deputy, Emmerson Mnangagwa, in favour of his wife, Grace. Heavy gun and artillery fire could be heard in northern parts of the capital Harare early on Wednesday. A statement read out by a general on air denied it was a coup. There was no immediate word from the president himself. http://www.bbc.com/news/world-africa-41992351

Back in today. It looks unloved which is one of my criteria for buying producers before the next leg up. Doubly strange considering how positive the last update was. Reads similar to SLP's plans to extend the project life through Project Echo. $12m development has detracted people from jumping in there and SLP own 100% of their operations. I'm sure another quarter similar to the last will appeal to many an investor. Need to catch up on the finer points, glad to see some familiar posters here still :) gla

Well said! The last fund raise revealed they are producing less than 2 tonnes per month on average I would say. Following the completion of the plant upgrade programme Aftan expects to increase sales of high grade concentrate with a ramp plan of between 5 - 10 tonnes per quarter in the short term rising to 30 tonnes per quarter and beyond thereafter. Not sure where we are on the following critical spends - a new tornado crusher - fines recovery plant - conveyor belts - 60m3 capacity dam upgrades and building screen mesh and panels - winches - water and air piping - explosives - a dump truck - a mining chute and platform - other vital items

Nice little bounce here, 12.5p on the ASK. The markets are upset with IMPALA right now and LMI are not in the clear yet. The market value of cash cows like SLP should continue to build :) Matrix - That may well explain why the difference has increased more recently although it continues to improve as a percentage even quarter on quarter (the trend is intact). ragnar - Was the size of the refining fee last quarter unprecedented? It's good to see it fall this quarter but I seem to recall the company were aware it was unusually large. Regarding phasing in production, there shouldn't be much of a bias in the latter quarters given it is operational and there was no intended ramp up. They are looking to reduce costs and I would expect that to begin to take effect in the next couple of quarters. With MF2 improved PGM recovery efficiencies should sustain output despite Steelports planned closure and it will lower PGM production unit costs (offseeting the somewhat higher Phoenix cash costs). In 6-12 months time we will be throwing off considerably more cash thanks to lower all-in costs, higher production and a steadily increasing basket price that shows no sign of slowing down. It all looks weighted to the second half of the financial year but it's not long to wait

It looks heavily weighted to palladium Pd 58.2% Pt 41.3% Au 0.5%

I also wondered about the platinum sell price, it would be above market spot as is normal however it is outrageously high I believe. Even after tax I would assume it would come in around the range of $1000/oz. On another point the price of palladium has surged and so the $849 quoted will be closer to $1050/oz now. Does anyone know the estimated metal split?

Ah thank you for clarifying. I'm using the end of day prices at Investing.com Despite the premium to bid my PGM basket price estimates continue to come in below the reported price and by a widening margin so I wouldn't worry too much about overestimating. Watching LMI currently but I feel shareholders there will lose out once the company announces a refinancing plan, either in the short term or down the line. Their costs are unsustainable going by 2018-19 forecasts. Write-downs continue, their banking covenants will be in breach next quarter or the following. The platinum space could well jump if production is slashed and jobs cut across LMI's operation.

Also appreciate the time you're putting in Matrix. I actually make it $996/oz for the PGM split which converts to ZAR 14,230/oz right now. This is largely down to the falling rand but bear in mind palladium continues to strengthen and the PGM basket price is trading above last quarters average. My estimates have come in under the reported PGM basket price which as mentioned previously is indicative of producers receiving above spot prices, an industry norm when prices are surging and that should continue this quarter. So it's probably looking healthier still :) The week ending PGM figures I have with percentages in brackets are Pt = 931 (62.1) Pd = 992 (24.2) Rh = 1300 (13.5) Au = 1275 (0.2) so are we using different ratios Matrix?

Gary Ashworth, Clare Ashworth, Chris Eldridge and David Bygrave. These are the kinds of people you want to avoid in life. They are a disgrace. Pulling the rug from beneath shareholders, acting like this offer was a charitable one in an attempt to take the business private. The set up of Chisbridge by these parasites and the events that have followed it illustrate the dirty tactics some will employ to make a fortune. It's been good to see the Independent Director David Higgins against this resolution from the start, echoing Panmure Gordon's statement that this was not in shareholder interests. http://www.lse.co.uk/share-regulatory-news.asp?shareprice=ITQ&ArticleCode=ksi8yeqo&ArticleHeadline=Response_to_unsolicited_Offer_by_Chisbridge_Ltd http://www.lse.co.uk/share-regulatory-news.asp?shareprice=ITQ&ArticleCode=licq1q86&ArticleHeadline=Response_to_Defence_Document What happened to the 20% who wrote to announce their rejection of the offer? River and Mercantile Asset Management LLP - 2,800,000 Livingbridge VC LLP - 2,250,789 Mole Valley Asset Management Limited - 710,400 Elderstreet Investments Limited - 410,000 Hazell Carr Edwards FURB 400,000 Castlefield Investment Partners LLP - 291,475 Tim Fleetwood - 279,387 Blankstone Sington Limited - 222,207 Charlotte Fleetwood - 109,541 Daniel Goldblum - 29,800 Tsippi Goldblum - 45,200

Yep, very exciting year ahead, how the market cap is this low still beggars belief

Matrix the grades dipped according to PAFs recent trading statement and final results although recoveries recently went up and we will benefit from better recoveries further out. This doesn't relate to the additional elements, Ru and Ir will likely be credits yes and calculated as 4E the grade reduces but it was not the cause of a 21% slippage. It could not have affected the grade to such an extent, especially given the fall in grades happened under PAFs reign. See the final results - "this was offset by the head grade reducing by 21.1% to 2.43g/t (2016:3.08g/t)" You are right about the basket split changing, given the multiple options SLP can implement "to reduce direct operating cost to below $500/oz include" this will have an impact on the split: - Pooling Phoenix Platinum and Sylvania's existing adjacent Mooinooi dump resources, thus providing further flexibility in terms of increasing overall production capacity and extending the life of operations; - Enabling the recovery of PGM ounces from additional Phoenix Platinum resources otherwise sterilised, due to potential blending with existing higher grade feed material from neighbouring operations; - Improving plant feed grade and extending the life of Phoenix Platinum's operations from future current arisings material, which will accrue should Samancor Chrome resume the mining operation at the Lesedi Host Mine over which Phoenix Platinum has the PGM rights to; - Securing an independent, approved property for future tailings disposal; and - Project Echo could be extended to include Phoenix Platinum in the future in order to apply the same processing methodology and technology to deliver similar benefits as identified in SDO.

Good job, it's about what I have estimated using the multiplier 1.14137 which produces the magic 100% figure Phoenix PGM 4E prill split as follows: Pt = 69.79% Pd=21.39% Rh=8.38% Au =0.44% Total of 100%

According to Pan African's web page the split is as follows Platinum (61.147%) Palladium (18.74%) Rhodium (7.34%) Gold (0.387%) Ruthenium (8.59%) Iridium (3.91%) Matrix I am assuming you have discounted the Ruthenium and Iridium credits and then marked up the percentages of the PGEs 4E, is that right? The Pheonix page on PAR's website will soon be removed so worth copying across some of the information About Phoenix The Phoenix Platinum Project is a Chrome Tailings Retreatment Plant (CTRP) which was completed in November 2011 and reached full production in May 2012. The project is expected to produce 12,000oz PFM 6E�s at a plant recovery of 45% over the 9 year life of the operation. The cost to construct and commission the plant was �8.5 million (ZAR 104 million), which was funded from existing cash resources. Phoenix recovers platinum group metals from tailing dumps, dams and current arisings through Mineral Rights Agreements pertaining to the IFM/ Samancor Tailings Dams and current arisings. Phoenix Platinum South Africa 12Koz (Sulphide Feedstock), 7Koz (Oxide Feedstock) Plant feed grade: 3.1g/t LOM: > 9 years Reserve: 2.7Mt @ 2.54g/t (0.2Moz) Resource: 6.2Mt @ 3.16g/t (0.6Moz) Geological setting - Bushveld Igneous Complex. Chrome seams containing PGMs from International Ferro Metals (�IFM�) Mining Method - Current arisings tailings produced by IFM during their mining operation are delivered directly to the CTRP and material from old tailings dams Extraction Method - SMD bead milling and flotation (concentrate is delivered to Lonmin�s Mooinooi Smelter for toll extraction) Annual production: 360,00 tonnes Head grade: 3.1 g/t (although it's dipped more recently) Cash costs: $615oz listed initially so recent high costs are not the norm CAPEX: ZAR 1 million per annum LoM: we have been told 7 years download and save http://www.panafricanresources.com/wp-content/uploads/Pan-African-Resources-PLC-MRMR-abridged-2016.pdf

Yes the 55% equity in the project wouldn't be ideal but it's on the table. This being project financing, KEFI shareholders would not be diluted, only the stake in the project which I don't think is a bad thing at all. It reduces risk and if successful the cash-flow could speed up development of KEFIs two remaining projects. Combined they would be looking initially at 180koz production per annum. Huge for a �15m company. All conjecture at this stage, they state it implies equity dilution of this amount not that it represents a likely deal. "A project-equity transaction on the same terms as with the Government would imply a project valuation of c. US$100 million and KEFI would expect to retain an equity ownership interest in the order of 55% in the Project. KEFI is in discussion with several Project level investors."