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HarChris - Thank you for replying last night with. I will make a note we might expect Segilola drill results this quarter perhaps rather than next. Given the limited mine life of the open pit currently further delineating resources at the site and nearby satellite deposits appears to be the priority in 2025 now all debt is repaid.

From what has been presented by Segun recently they expect to be able to extend the open pit schedule and now they are investing more in the drill programmes. Although this is an assumption we could expect the company to announce an extension to mine life at Segilola in H2 following completion of the drilling programme. Spreading the transition to underground would be a pretty big catalyst although yet to be confirmed.

On dividends and buybacks that is encouraging and may well encourage more stability. CMCL operating in Zimbabwe has been paying dividends for years and benefited patient holders.

With regards the intention to pay dividends to shareholders I've found mention of it in the recent Korelin Economic Report interview (January 2025) although no official statement in the latest company announcements or presentations.

I would be surprised if payments happened in the first half as Segun seem to imply. Rather an intention to pay dividends may come in the first half (with the FY 2024 Results due end of April).

Mention of near term dividend policy for future reference at 3:56

https://www.youtube.com/watch?v=Frvj_V5FToY

Just going through the near term catalysts mentioned recently to confirm sources has there been any mention of buybacks / dividends in recent presentations?

Company confirmed due H1 2025

1) Douta PFS and MRE due Q1 2025

2) Segilola Drill Results expected Q2 2025

3) Q1 Operating Update due third week of April

4) FY 2024 Results to be released end of April

5) Q1 Financial Results due late May

Additional company confirmed announcements (date TBC?)

- Nigeria Lithium Drill Results and updated economic resource

- Segilola underground drill program

- Douta and Douta West licences drill program

- Douta accelerated studies for investment (post-PFS release)

- Cote d’Ivoire drill results H2 2025 at Krakouadiokro and Gbaloukrou (5,000 metres budgeted)

- Cote d’Ivoire Maiden resource target of 500,000 - 1,000,000 ounces by end of 2025

I do indeed mean the PFS lol, which will hopefully include an updated Mineral Resource Estimate (according to the Q4 update).

Is the updated MRE at Douta due this quarter still? I had it pencilled in before end of Q1 which only leaves a couple of weeks.

* In the three QUARTERS to September

I can well believe there's a degree of correlation between lack of investor interest and longer periods where financial data is absent. If the 2023 and 2024 are anything to go by the share tends to start appreciating around March / April time in the lead up to results. The added bonus this year being a greatly improved balance sheet, net cash positive, industry leading margins and a record high gold price in Q1.

In the absence of up to date broker analysis and a financial update not until May investors have to piece together the 2024 performance.

In the three months to September $127m revenue and $57m net profit. In the final sales generated around $60m at record margins. With FY revenue of around $190 million and net profits of around $90 million plus year end cash position of around $12-15 million (Q3 cash holding $6.6m + $3.9 debt facility cleared during Q4 + increasing cash build).

As HarChris points out the company are on track to report a substantial increase in cash reserves with record quarterly margins. Q2 2024's $27.5m record profit was an outlier in the previous year but should be comfortably beaten in all quarters in 2025.

While we are in the dark as to how much profits have risen, it is generally assumed here that it is $30m or more last quarter, sums which the wider market is unaware of and largely oblivious to. That is in part due to Thor Exploration's exposure among investors and the relative size of the company.

No need to feed the trolls or those who showboat over their mystical meg qualities.

I would be concerned if this drop was unique to Serabi however the sector and wider market is down this week.

All the highly profitable miners with record quarterly profit margins forecast this quarter and in the year ahead benefitting from the precious metal bull run are down. Pan African, Wheaton, Hochschild, Altyn, Adriatic Metals, Thor Explorations, Resolute etc

Even the banks which have been rising at a spectacular rate all year have given up sizeable gains this week.

Rhodium has gone parabolic, up another 10% this morning to $6,000

It marks another record 2024 and 2025 daily increase (more than $500) and to new 20 month highs

Absolutely! Rhodium price 20% higher since the start of 2025 mostly in the past week with the largest move in the past 24 hours points to further price strengthening.

As with SLP it may take a little while before the market reacts here. Forward looking earnings are rising despite current weakness in the price of Palladium so fingers crossed we see this reflected in the share price soon.

Nice! A very impressive price increase over the past 24 hours, almost 10% higher than the yesterday and

The price of Rhodium is 20% higher today than it was at the start of the year ($4,575)

Rhodium demand has come to life in the past fortnight and assuming they settle at around the current level this will feed through to higher prices here as forward looking earnings are adjusted higher next quarter and beyond.

In early Asia trade this morning the price of Rhodium has risen to $5,275 which is the largest price jump we have seen for years!

Market take note. The price of Rhodium last moved up through these levels in Autumn 2019 when it went on a bull run for the best part of two years, rising from around $2,400 up to around $29,000

Since the end of February this year the price has increased more than 10% with buyers paying around $500 more to secure physical delivery. This makes Rhodium the strongest riser amongst commodities on the week and quite likely will be the best performing commodity in the past month.

It may take some time to filter down into the share price of the likes of Sylvania and Tharisa as producers have yet to benefit from the rising prices nor will investors see it in the results for months to come, nevertheless this is a strong buy signal and a clear catalyst for share price gains in the months ahead.

Watch the market reaction and ignore at your peril..

Market cap: £132.87 million

Revenue forecast 2025: $250+ million and quarterly EBIT of $40 million

*estimate based on c. 85-95koz at $2,900/oz

Debt repaid last year and likely to add $30 million pre-tax cash to reserves over the course of 2025.

The price of copper has surged more than 5% today to trade near 12 month highs.

As mentioned below dividend yield of 9-10% is well covered with the rising basket price of copper and zinc.

Copper is trading 25% higher than a year go

US market opening has poured fuel on the fire and sent certain commodities higher. Copper pushing 6% today. Of interest here the price of Rhodium has caught a bid with trading at $5,000/oz

Understanding market sentiment in the context of timescales is the only thing that matters, otherwise you could hold indefinitely. My analysis 6-7 weeks ago has proven to be sound, Serabi trading 25% higher (more so until last week) whilst Anglo Asian is more or less flat.

As mentioned the market is awaiting guidance which has now been released. The projected financials just achieving 2025 guidance are strong, no question and the lack of price reaction indicates to me investors want to see signs of the company meeting it's stated aims. Simply put confidence in the company's projections will take time to rebuild and with it attract fairer value.

Once they have Q1 under their belt it may begin to magnetise interest. I've bought on the basis interest in the stock is low and should rise as production rises through the year, notwithstanding 2024 results are likely priced in.

Has it been as low as that? In the most recent weekly update it appears to be inching up and should continue with peace talks abound and hopes of sizeable infrastructure investment just around the corner.

https://www.tharisa.com/weekly-pgm-and-chrome-info.php

Price of Rhodium is up to 20 month highs too!

PUBLIC INVESTMENT CORPORATION SOC LIMITED increased it's stake to 12%

The Public Investment Corporation is a South African state-owned entity with R2.548 trillion (US $140 billion) of assets under management as of 31 March 2022. It is Africa's largest asset manager.

Possibly about to gobble up Pan African for 50p/share?