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ragnar - cheers for picking up on the premium over basket price (or spot as it is commonly called). The premium is indeed widening on a per ounce basis and ever so slightly as a percentage of the spot price. Palladium up to $1000/oz today and I imagine rhodium will be back to $1600/oz shortly. Particularly happy to see platinum bounce well and note the Kitco report issued last Friday that suggests platinum prices will climb "4 percent on increasing catalyst demand and tightening mine supply.� http://www.kitco.com/news/2017-10-27/World-Bank-Places-Bets-on-This-Precious-Metal-And-It-s-Not-Gold.html I've always maintained platinum would dip below palladium however I think it's too soon to call strong platinum growth. My preference would be palladium widening the gap further and ofcourse Rhodium moving to the $1800-2000/oz level. Again to recap for new investors Palladium has traded at a discount to platinum because of platinum�s greater cost of extraction and its wider scope of applications. In recent years Palladium has been the number one choice in catalytic converters for petrol engines however. Platinum more commonly features in diesel engines and their relative loss of favour over the last 12 to 18 months to the petrol engine has boosted demand for palladium among other factors such as strong institutional buying lead by a Russian major and no doubt a consortium of interested retail buyers. This has pushed the price ever higher, surprising most analysts and left platinum trading at a lowest price for the first time in 16 years.

http://www.kitco.com/news/2017-10-25/Small-mining-companies-shun-London-market-after-IPO-flops.html

https://www.moneymetals.com/news/2017/10/31/china-gold-mine-supply-plummets-001189 China are investing in precious metal exploration and resources on the African continent. Major producers like Randgold will be prime targets when the gold price jumps another 10-15%

"Project Echo progressing well and Company on track to produce 70,000 ounces for the year from existing operations, excluding future yields from Phoenix." 16,589 ounces produced by the Sylvania Dump Operations ("SDO"); � Revenue increased 7% in both US dollar and Rand terms to $14.1 million (Q4 FY2017: $13.2 million) and R186.1 million (Q4 FY2017: R174.4 million); � Group cash balance of $17.4 million, a $2.1 million increase on the previous quarter's $15.3 million; � Group EBITDA improved 9% from $5.0 million to $5.5 million quarter-on-quarter; � Agreed to acquire Phoenix Platinum from Pan African Resources for R89 million ($6.6 million), awaiting final approval from the South African Competition Commission as last condition precedent to be met; and � Purchased 1,426,686 Ordinary $0.01 Shares at A$0.1619 each under the Share Buyback Programme ("Programme") offered to small, non-UK shareholders which will be cancelled on completion of the Programme. Note the exchange rate fluctuations during the quarter had a negative effect skimming $0.3 million off the cash position which would have otherwise been $17.7 million I believe. The one standout negative is the 17-18% increase in cash costs, that was somewhat unexpected. The 7% increase in the PGM basket price to $1028/oz is at the higher end of what we were expecting and bodes well for quarter two. Should hear about the Phoenix acquisition this coming quarter as well as further buy backs. GLA

Last point, look at the bubble GGP is riding currently, no resource present, just manic hysteria. It's risen very fast on very little and could fall away just as quickly if the major involved decides it's nothing more than dust and dreams out there

Yes not as favourable and considering the last time they could have raised more at a higher price it is frustrating in that sense. However on the flip side it does compare favourably with the June 2016 placing at 1.7p raising �1.2 million. Resource update due and if you look back at what's been spent in recent months you should be excited. The drill core updates we were able to read provide all you need to compare with the previous results logged and then confirmed as JORC resource of 300koz. This was over 600 metres of drilling. The resource update we are waiting for is over an additional 900 metres and arguably include some of the best intercepts to date. I've said before this company is now performing as an explorer should, regardless of it's legacy. Simply look at the value per ounce discovery, it's right at the bottom were explorers hope to be at US$5 per ounce of gold discovery cost. Like I say look at the spend in the past year. That's another indicator although less accurate but we've not seen intercepts differ much compared to those included in the maiden 300koz resource. We really need to sit down and go through the intercepts, one by one to sure up a decent estimate. You can use the previous drilling results and maiden resource total and grade as the constant variable

@madsktpan - you should feel more comfortable following the recent placing, 50 million shares as opposed to the 250-300 million you were suggesting and at next to no discount being 2p per share. The directors have participated also. There is a very good chance now the next placing can be conducted after the updated JORC resource report and further drilling reports by which time we may be riding much higher on improved investor sentiment. At the very least the placing should provide a floor for the share price

Agree with what Strider4 and NoEasy have said, the permits are the elephant in the room and everything rides on them being granted. Management are confident it's a question of when not if the permits come, but even so the market isn't interested in Condor at the moment. If we get the rights tomorrow institutional investors would feel more comfortable backing this low value explorer on the basis that it could then be party to a takeover offer. Even failing that Mark Child has gathered some influential investors that could take this further, even to early stage open pit production with access to funding. Good to see many of the posters back in 2010/11/12 are still around and interested to see how this story unfolds

It's quite incredible rhodium has shot through $1550

Nice to hear this point didn't fall on deaf ears, firstly I would say that 500koz preliminary target has almost certainly been exceeded now following the last announcement which detailed some impressive drill results around the 3rd October I think. We are well on the way to securing a much larger resource than 500koz and the company intend to conduct another drilling campaign next year. So if they did raise $4-5mn that would last quite a while. It is likely that there will be more than 1 billion shares in circulation at some point but I don't think that will come all at once, maybe in another fundraising further out. Also regarding the point you made about falling below the listing price and indeed the highs it's fair to point out many resource shares like LND are off their highs and there is nothing we can do about that. The price of gold is still pretty low compared to 2011 highs and the benchmark sale at 100/oz goes to show just how cheap these assets can be picked up for. Worth noting the exploration cost per ounce here is a fraction of that so any cash raised going towards advancing the resource size is money very well spent. Assuming a sale then the day after we receive a new resource upgrade and following a placing to see us through this period which would raise $4-5m, a similar offer would be more than double the current share price and that excludes the cash element. Personally I feel we are a long way off a sale and I don't think the company have any need for a JV now that they've found something substantial. We need to raise awareness, cash and continue expanding upon what has been discovered to date. This time next year we may be talking about a +1 million ounce deposit and that would be equivalent to 5x the current share price. We should not be lagging too far behind the value a major would in theory be prepared to offer so any investment at todays price looks like an excellent opportunity

Indeed it does! Nice spot ragnarlothbrok Hard to keep track of the daily movement at the moment, but this website looks to report on the day https://apps.catalysts.basf.com/apps/eibprices/mp/

Rhodium up to $1375 :)

Hi ragnar, good to see we are both in the same ballpark with regards Q118 results, I have it at $960/oz compared to your $955/oz. However I think we will both have been too conservative, the basket price in Q417 quarter was $963/oz according to the company and we can all agree that it's risen in the three months following. This is what I discovered looking into the details (posted 2nd Oct) One other subtle factor I've noticed is my basket price forecasts have been increasingly less accurate. The method of calculation hasn't changed, but the margin of error has grown. If this was a random anomaly there wouldn't be a linear trend emerging which there clearly is Check out my estimates compared to the reported basket price below. end of Jun 2016 PGM basket price estimate vs actual: $862 v $859 (-$3) end of Sep 2016 PGM basket price estimate vs actual: $929 v $937 (+$8) end of Dec 2016 PGM basket price estimate vs actual: $858 v $881 (+$23) end of Mar 2017 PGM basket price estimate vs actual: $920 v $951 (+$31) end of Jun 2017 PGM basket price estimate vs actual: $917 v $963 (+$46) end of Sep 2017 PGM basket price estimate vs actual *est: $960 v $1010 (+$50) This coincides with the rising price of PGMs and is in my opinion indicative of producers receiving a better spread selling physical each quarter. The demand for palladium and rhodium has been incredible and it is widely known that producers sell above the market spot price if demand is there. Therefore we might expect the premium on the spread to have been even higher this past quarter given the volatility in the PM markets. To be cautious the reported basket price will probably sit around $995 which is still a fantastic quarterly gain for us, boosting EBITDA and cash but if the trend of higher physical spreads has continued then a basket price closer to $1010/oz is likely.

At last count Rhodium jumped to $1300/oz! A whisker away lol

Last quarter the most we've seen to date and even more so two weeks into this quarter. July was a 'drag' compared to August and September and pulled the quarter average down. I think the cost of Pheonix will have been paid for over two quarters with cash to spare, and production will jump around 15% from our current 17,000 ounce rate possibly more further out. Back of the envelope calculation suggests there is potential for 20,000 ounces and although cash costs will rise as a result of higher operating costs at Pheonix, EBITDA and cash generated will grow at a quicker pace.

Has very nearly reached the price of gold. Less than two weeks ago $1270/oz would put the two metals on par, gold has also climbed higher but I fancy Rhodium will become more expensive by the end of this year, or possibly even this month Rhodium makes up 13.5% of our basket of PGMs and has more than doubled since July 2016 when it traded around $575/oz

Newmont Mining Corp (NEM.N), eager to replenish tight gold reserves, said on Tuesday it would buy Canadian explorer Miramar Mining Corp MAE.TO MNG.A for C$1.5 billion (US$1.52 billion). The all-cash deal, which won unanimous approval from Miramar�s board of directors, will give world No. 2 gold producer Newmont control of the undeveloped Hope Bay project in the far north Canadian territory of Nunavut. The project has indicated and inferred resources of 10.7 million ounces, according to Miramar�s Web site. http://www.reuters.com/article/us-miramar-newmont/newmont-to-buy-miramar-mining-for-c1-5-billion-idUKN0939883720071010 Our project is in a much busier location, there are majors nearby producing hundreds of thousands of ounces of gold each year and they will be looking for another reserve or indeed a resource like Hope Bay to supplement their depleting assets.

I like this buy in range, Interims weren't awful, they paid a dividend and this pushed net debt up which is expected to be a temporary thing, reversing in the second half. Shares went ex div and the share price has been dragged down. Now is the long wait until January but the shareprice should rebound around Christmas as short term holders or traders rebuild their positions. Outlook for 2018 is positive, some question marks over the delivery of property sales and the extent of growth

Good move Driving, wish I could have doubled my holding, but I've not added much since the last surge. I expect there will be a spike to 13p in the next 2-3 weeks and looking further out there is no reason this share can't achieve a higher market valuation. Those numbers ragnar pointed out are impressive as things stand! Last years FY EBITDA of $18.3m will pale in comparison to what we are on course to achieve if PGMs stay resilient, Rhodium has rocketed up to $1200 this week. In the last quarter alone EBITDA jumped to a new record and if Pheonix completes sometime in the second quarter of our financial year then $25m+ should be feasible this financial year.

Positive looking set of results, near surface in the 1-2g/t range The existing 301koz resource across 600 meters strike length has been infilled now which means confidence in the result will move the majority of that to indicated category and provide a more accurate resource grade Added to that are the new drilling results extending the strike length by more than 900 meters and providing a new inferred resource boosting the overall BAM East Gold project resource size. Even more exciting is news that " In addition, drilling at the original BAM Zone has successfully identified a potential resource with similar lithology and grades to the BAM East Gold Deposit located 1,000m along strike to the east. The original BAM Zone mineralisation remains open along strike to the east, west and down dip"