Member Info for TigerByTheTail

A lot of the "discount" will be due to the jurisdiction.
Remember there is a good chance that Turkey will shortly have to introduce capital controls (as a result of Erdogan's crazy interference in Central Bank interest rate policy). That could impact negatively a gold exporter like AAU.
I also think gold is plain out of fashion at the moment, and all gold stocks are performing weakly.

WTF? And I thought Ghana was meant to be one of the most investor friendly African jurisdictions?!?

Hi Mathurin!
You might want to check the security situation in Mali post military coup. It's a big country, and it varies from region to region, but as a generalisation it's fair to say it is deteriorating quite fast.

Nice to see that Bushy-Tailed is still as charming as ever.
Oh, and Bushy-Tailed, you started posting when the share price was around 30p. So you also paid too much at the wrong time.

twitter.com/JAHC1

They raised in January, so yes, you'd think so.

For those who wish to know...
Vast partner in Zimbabwe, Botswana Diamonds (BOD) have an important RNS out this morning about their diamond discovery at Thorny River in South Africa, very close to the fabulous Marsfontein mine.

Yes, totally happy with that RNS. Couldn't be better.
Share price reaction disappointing so far. Hopefully the news will sink in with time.
For those with local knowledge: when does the dry season (i.e. drilling season) begin in Limpopo?

I just thought I'd wheel out that headline again.
JMAT have rhodium at $29,600/oz this morning.

Hi JSB!
You're not the only one who finds the valuation of EUA utterly bizarre.
I can't prove anything, but if what I'm thinking is right, it's going to be brutal for EUA's investors. The FCA really should step in, but they are useless.

Hi Sotolo!
No mystery. Just making movies (my day job).
Or, in this case, spotting locations for a flick (a road movie across the Russian north) that never happened (finance fell through). This was some years ago, when meaningful collaboration between the West and Russia still seemed a possibility. I had some good contacts then at Norilsk Nickel, and they were helpful.
As for Tharisa, I think Mr. Market simply hasn't done his maths homework. Maybe the upcoming quarterly production report will set off the overdue rerate (even though it doesn't contain financials). If not, the interims (due in May) will.
IMO, it's in growing and profitable companies of about this size (c.200m-£500m mcap) that the biggest investment opportunities exist. A lot of financial analysts have stopped covering these stocks (due to the new rules), and they are under-researched. If you look long enough you can find some crazy anomalies and mispricing in this sector.

I think you'll find the facts are that EUA have a small resource of around 130,000 ounces of PGMs at WK, and a larger one of about 2 million ounces at Monchetundra (in a Russian C2 (=inferred) resource).
If you could point me to independently verified information saying they have more please do so.
Of course you can speculate that there might be a lot more metal in the ground just waiting to be discovered. But then, any exploration play anywhere in the world can do that.
How you make these resources worth $500 billion pounds amuses me. I think £50m would be a lot to pay for them.

I've been to Norilsk! Imagine the post-apocalyptic world of Mad Max, but with frozen tundra instead of scorching desert. 9 months a year of winter (with several of complete darkness), and 3 months of vicious mosquitoes. I believe it still gets into the list of the ten most polluted hellholes on our poor suffering planet. The mines themselves were first dug with gulag slave labour back in Stalin's day, and the ghosts of the zeks still walk at night, shivering in their threadbare cotton prison uniforms and their cardboard slippers. It's the dead end of the world, but I found most of the people good. They even showed me how to freeze distill vodka!

Hi Steve!
Only in the wildest fantasy is 0.26% copper at depth commercially viable - no matter what a scoping study is made to claim. Think 1% minimum.
But ramp anyway to your hearts' content - I'm not short so it doesn't bother me. But I see no reason to buy shares in XTR based on what we know so far. And that's without considering the fact that Colin Bird is involved - which is a big red flag for a wise investor.

FWIW, I think FatherTed is spot on with his comments. "Meh!" is my reaction too.
Other drill holes may be better, but so far this isn't commercial unless copper prices go to the moon.

Hi Velo!
Investing in PGMs ahead of the coming "hydrogen economy" is an excellent idea, I think. I expect iridium, ruthenium and platinum (in particular) to perform exceptionally well through the 2020s. IMO, this is a fairly "safe" investment.
Investing in "hydrogen stocks", though, is flat-out dangerous. There have already been two big scandals - Nikola (fuel-cell) trucks and just a few days ago, Plug Power. As usual, the pumpers and dumpers and hype and scam artists are attracted to the "big new thing". As for our own ITM, its valuation seems incredibly high for a company with almost no income.
Obviously, big money is going to be made in this sector in the next decade. Hydrogen fuel cells are ideal for heavy transport such as buses, trucks, ships, and trains - and even possibly aeroplanes. Batteries (given current technology) just can't cope with the power-weight ratio.
But which company is going to make that big money? Who will be the winner whose share price goes up a thousand times whilst dozens of its competitors fail? No, I've got no idea about that. If anybody on this board does, I'd be happy to learn more!

JMAT has rhodium at $29,200, equalling its all time high.
Iridium has made it to $6,000/oz, a new all-time high.
JMAT (who actually sell physical palladium!) also show that palladium is still rising. It's now over $2,700/oz according to them.
I guess all PGM prices will be volatile for a while as the market struggles to price in the Norilsk Nickel disaster. Spare a thought for the poor miners - living in Norilsk (a polluted Soviet hellhole in the Artic Circle) is a bleak and vodka-sodden existence at the best of times. But working underground in a flooded and dangerous mine must be nightmarish. And all for a miserable salary, whilst the Norilsk's owners count their billions.

Hi Clever Thoughts!
Well-managed, debt free, cash rich, dividend paying, low cost and highly profitable platinum group metals producer.
Industry leading basket price (due to high % of rhodium in their concentrate).
Honest and trustworthy reporting.
Platinum group metals (PGMs) prices booming due to mandated increased use in catalytic converters (worldwide emissions control regulations tightening), and due to excitement about the coming "green hydrogen" economy (PGMs play a key catalytic role in hydrogen hydrolysis).
Still undervalued according to most normal metrics. SLP's share price increases, but it never seems to catch up with its ever increasing profitability!
All in all, great company.
I think that covers the basics. (Invested here since 8.2p).

Correction - Stillwater is in Canada, of course. Sibanye is a SA outfit.

When Sibanye took over the Canadian miner Stillwater in 2016 - 2017 for $2.2bn Stillwater had c. 90m ounces of PGM resources.
But that situation isn't vaguely comparable to EUA's interminable Final Sales Process. Sibanye is in a safe jurisdiction - Canada. And, above all else, Stillwater was a working mine, not an early stage exploration prospect like MT. (WK is a tiny and unprofitable operation, and can be more or less ignored from a valuation perspective).
IMO, EUA is vastly overvalued at its current mcap. To imagine that a buyer would pay a premium over and above the current valuation seems plain bonkers to me.