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Very soon the platinum we sell will be relegated to by-product status lol

Rhodium close to testing recent highs again at $5450, Palladium at highs of $1740+ and Platinum just off $900 looks like an extremely bullish start to the new quarter. Last quarter results due in less than two weeks and before that the stock goes ex-dividend tomorrow ;)

Results were as expected. Nothing whatsoever wrong with performance. The issue was of course the runaway share price which affected quite a few precious metal stocks during late summer.

AAZ got ahead of itself trading in the 160-170 range and I don't see it returning there this quarter if gold keeps testing the $1480 support. HGM down to 200p, TSG at 99p, HOC at 186p to name a few that have suffered a similar fate.

That lovely buying opportunity didn't last long. Back above 36p today and bodes well as we approach ex-dividend and then quarterly results a couple weeks after that! Enjoy the weekend all :)

The Dilution has been made worse because of the ongoing delay and no doubt looks bad on paper. That being said the bigger picture holds much more value regardless of recent dilution. The question is when will ANS fund the remaining capital and begin to unlock value in the TKGP?

You don`t see any point for PI`s to invest further? Well even with another 50% share dilution from here, the share price could double in the coming 18 months assuming ANS transfers the funds and the project development begins. We hold a sizeable stake (45%) in a future gold producer able to generate revenues of more than $200m per annum at todays gold price.

Depending on what happens in the next couple of weeks the share price could shoot back towards 2p or dip below 0.8p if ANS delay into November.

Obviously not great seeing the company's name and its current CEO's name dragged through the mud so I would expect Sylvania to put out a statement with regards the statements made, even if it's simply recognition of their existence and a firm denial of there being any wrong doing. There seems to be a lot of questions surrounding the control of Samancor and their other interests. On the point of Sylvania's deal it seems unlikely that it wholly benefits Sylvania and without proof of motive what is the complainant hoping to achieve? Compensation... as befitting the white knight concerned about all the minority shareholders interests! Lol

Palladium bucked the trend in precious metals. Most-active futures on Comex settled down $5.40, or 0.3%, at $1,647.50 per ounce.

Palladium Futures got to an all-time high of $1,669.40 while spot palladium, reflective of physical trades, hit a record high of $1,702.20 before trading down $10.85, or 0.6%, at $1,674.95.

Prices of palladium, which serves primarily as an emissions-reducing agent for gasoline-powered engines, has risen about 33% this year and nearly 9% this quarter and September on fears of tight supply despite a weakening auto sector.

“There is strong fabrication demand but a good part of this is speculative demand from investors who expect prices to rise and also people who are getting out of gold, silver and platinum because those prices are falling, some of them are shifting into palladium,” Jeffrey Christian, managing partner of New York-based CPM Group, told Reuters.

“There’s a lot of concern that there isn’t a lot of palladium around; a big part of that is people who own the metal don’t want to sell at current prices. They want to see how high the price goes before they keep their profits.”

https://www.investing.com/news/commodities-news/gold-plummets-as-palladium-returns-atop-precious-metals-heap-1989280

SXX bonds were conditional upon the company raising £500 million upfront capital.

KEFI has already raised capital from the government and agreed an amount with ANS for a generous amount of equity in TKGM. Should ANS not wish to proceed we should be able to raise the remaining $30m odd from an interested party.

Drilling commences at Hawiah Prospect in Saudi Arabia

KEFI Minerals (AIM: KEFI), the gold exploration and development company with projects in the Federal Democratic Republic of Ethiopia and the Kingdom of Saudi Arabia, is pleased to provide an update on exploration activities at the Company's Hawiah Exploration Licence in Saudi Arabia.

Drilling rig and team have been mobilised to Hawiah for a programme designed to test the extent of the gold mineralisation in the upper oxidised zone as well as for a significant subsurface copper-gold-zinc deposit.

This will be an initial 2,500 metre scout drilling programme along what is currently judged to be the most prospective portion of the gossanous ridgeline at Hawiah. Previous work has shown that this area is enriched in gold and has abundant secondary copper showings. Geophysical surveys have identified a strong and continuous anomaly under this ridge that indicates massive sulphide mineralisation is likely to be present 50-300 metre below the ridge.

Hawiah is located in Saudi Arabia's Wadi Bidah Mineral District which is a 120-kilometre-long copper-gold-zinc VMS belt where over 24 VMS occurrences were defined by the US Geological Survey and French Geological Survey over many years of research.

Hawiah is one of KEFI's higher priority prospects as the geological setting is analogous to other large VMS deposits in the Arabian-Nubian Shield that have well-preserved, mature oxidised zones enriched in gold at surface.

Initial surface exploration has confirmed that the main gossanous ridgeline is enriched in gold and the mineralisation has good continuity along strike and has abundant secondary copper showings. KEFI's Self Potential ("SP") and induced polarisation ("IP") geophysical surveys indicate it is underlain by a large and continuous conductive body.

In February 2015, KEFI completed a first-pass, wide-spaced trenching programme over the gossanous horizon. KEFI's trenches repeated all of the BRGM's trenches, as well as extending the known (4.5km) exposure to the south and to the north. All of KEFI's trenches contained anomalous gold, including 6m at 2.2g/t gold, 2m at 8.7g/t gold, 6m at 1.9g/t gold, 3m at 5.8g/t gold, 2m at 7.5g/t gold and 8m at 3.0g/t gold.

The southern area of the Hawiah ridgeline presents with the highest base metals in trench assay as well as the strongest geophysical responses. For these reasons, this area is the priority for the initial drilling program.

I understand your point but current margins would almost certainly not be maintained in such an event so as attractive as the mine is now the government stand to benefit much more from the ongoing investment into the long term future of the underground mine and continuing revenue that the tax and royalties generate.

Yes Zimbabwe have their legacy issues, they are a prime example of a banana republic which is why I used them as the example. The backlash against the largely white South Africans did not enrich the nation, it is well documented and decades later there is still little appetite for outside investment in the country, even with Mugabe gone. CMCL is one AIM listed stock operating there and for me is far riskier than SHG is. I believe if any government might consider such a move it would be Zimbabwe before any other.

Assets have been seized the world over in past decades which is why diversifying into many companies is always the safer strategy than loading up in a couple of shares that appear cheap. I think it was posted here previously why ACA became the focus of the T. govt, it wasn't widespread affecting all producers. If it looked increasingly likely many here would be selling and the share price falling. This doesn't of course take into consideration overnight coups or confiscations but nevertheless it isn't all that easy running a profitable gold mine without the expertise and oversight of experienced management. What's more damaging for any government that goes down this path is liquidity and access to foreign funds would dry up overnight. Nobody with US dollars is going to lend to a banana republic let alone invest in infrastructure. They may continue buying products they export like gold but that alone will not cover the potential damage. Zimbabwe is one example of poor economic controls leading to a plummeting currency and spike in oil and food prices. They have yet to go down the asset seizure path though.

Fair enough, I'm not having a dig by the way. The political risks are not to be sniffed at I agree but that's what makes this extremely undervalued compared to say TSG or AAZ right now.

Noel - Well I happen to agree VAT won't be repaid or at least not in the near term however you have been largely negative about the company. Perhaps two-three months ago you were adamant SHG would not rise to 10p this year. Strange things do sometimes happen, the price action here was fairly subdued before gold began it's rise to the $1550/oz level. It's cooled off a little since then but this hasn't become less attractive. If anything it is more so now than it was at 10p and I've been loading up with a 6-12 month target of 15p if gold remains above $1500/oz.

sands1971 - And it can remain stuck in that range as far as I am concerned ;) HUM are on course to deliver record quarterly profits this quarter and assuming the following quarter runs smoothly another record quarter given it will be the first full quarter of production with the second ball mill. I know LoM being extended 2-3 years is vital for the company's long term prospects and market valuation however I am not convinced punters are waiting to buy based on those figures, at least not in huge droves. More likely in my view, the interest will come when we release the Q3 figures sometime towards the end of October . The update a couple days ago suggested the company are on track to meet production guidance with increased throughput capacity and improving economies of scale. There was no mention of heavy flooding and a repeat of last years events but still the market seems subdued which is why I expect they will react when the actual figures are released.

Dugbe and Cora, no hurry in my view. Cora will need to raise more funds and they will come to us for that in return for retaining a sizeable stake. Dugbe we can afford to hang onto as the gold price continues to move higher. HUM need to demonstrate to the market that they can achieve guidance and regain some of the credibility that was lost in a few of the previous quarters. All things considered HUM should not be valued at £87m if by the end of Q4 they have achieved anywhere near 120koz of production. This quarter and next at $1500/oz+ we should be testing 40-45p per share

Did the company know there were willing sellers? I don't honestly know if that is market sensitive and so by announcing the intention to buyback shares, which is nothing out of the norm for this company, it's acted as a brake almost on the share price. Willing investors aware of the improving fundamentals may perhaps hold off buying until the buyback is complete.

I cannot understand why anyone would participate in this particular buyback when it's plainly obvious SLP are undervalued compared to other cash-positive, profitable precious metal companies like AAZ and TSG.

Proposed Share Buyback

Sylvania Platinum Limited today announces that the Company intends to acquire up to 4.2 million ordinary shares of USD0.01 each in the Company ("Ordinary Shares") under a share buyback, under the terms and authority of the Company's Bye Laws. The Company is offering to acquire these Ordinary Shares at a price of 41.68 pence per Ordinary Share representing the 30-Day value weighted average price ("VWAP") as at the close of day on 20 September 2019.
The Company has instructed Liberum Capital Limited ("Liberum") to acquire up to 3.0 million Ordinary Shares in the Company and has offered to buy back up to 1.2 million Ordinary Shares from employees in the Company, excluding Directors.

The Programme will run from the date of this announcement to 27 September 2019. The maximum number of shares that may be purchased pursuant to the Programme is 4.2 million shares, which represents approximately 1.45% of the Company's issued share capital. The share buyback will be funded from the Company's current cash balances.

It is intended that the Ordinary Shares acquired under the Share Buyback Programme ("the Programme") will be used to fulfil the current shortfall in shares held in Treasury to cover the bonus share awards and options of 4.2 million shares, which vest over the next five years.

Given the limited liquidity in the ordinary shares, the Company may not be able to benefit from the exemption laid down in Article 5(1) of Regulation (EU) No 596/2014, whereby the Company would not purchase shares at a price higher than the higher of the price of the last independent trade and the highest current independent purchase bid on the trading venue where the purchase is carried out. Furthermore, a buyback of ordinary shares on any trading day is likely to represent a significant proportion, or possibly all, of the daily trading volume in the ordinary shares on the London Stock Exchange (and is likely to exceed the 25% limit of the average daily trading volume as laid down in Article 5(1) of Regulation (EU) No 596/2014).

There is no guarantee that the share buyback will be implemented in full or that any repurchases will be made.

I wonder if they don't make enough repurchases what the next step will be? 41.68p looks too cheap to me, not much of a premium to the current price nor does it factor in the basket price flirting with $1700. 45-50p is coming in the next month or two, patience is all that's required.

GLA

There is a clear indication project development will proceed in October but I wonder if the omission of confirmation that ANS will transfer the first sum in September is the reason the response today has so far been muted. There are 5 trading days left this month so I am expecting there will be a minor delay before we hear the long awaited news. As everything hinges on the initial $11m funding to trigger project development and delays have been ongoing it's clear the share price isn't moving out of this range until we have confirmation. Long term picture remains unchanged, decent buy at this level

Post Period Highlights

· During September 2019, following meetings in Perth and in Addis Ababa with the Company's partners in Tulu Kapi Gold Mines Share Company ("TKGM"), with the senior regulatory bodies and with the principal project contractors, all parties resolved to proceed with triggering the development of the Project in October 2019.
· TKGM's finance plan remains for full Project funding to be provided at the TKGM level.
· The Project plan remains subject to compliance with all participants compliance and governance processes.
· The Project plan is for TKGM to trigger its development schedule with Project equity funding in October 2019, full finance closing in March 2020 and full production in October 2021.
· The key steps for starting Project development in October 2019 are as follows:
o Execution and closing of updated shareholder agreements and share subscription documents, which are in hand and include normal undertakings by the three shareholders of TKGM, as well as by TKGM itself as regards normal operational undertakings and insurances; and
o Satisfactory independent assessments of security, which has been received, and of the readiness of the Government administration and of the community, which is in hand.

Yesterday was a fantastic buying opportunity. Today still looks ridiculously cheap.

Platinum at 950
Palladium at 1650
Rhodium at 5325

* as oppose to Iraq