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Spindler and other readers,

The NFP data is conducted by survey of intentions by employers where as ADP measures actual people taking on new employment. The NFP survey returns during August can be unreliable and require heavy revision in September. So its anybody's guess how they want to play it.

What we know is that Polymetal have said all year they have higher costs because of Covid-19 and additional Capex expansion needs. The cost projection on AISC are expected to remain under the January forecast. The company is on schedule to increase its gold equivalent production by 6% in 2022 and meet its 2021 forecast with 14% higher H2 output. The situation on reserves is good and debt although it has increased of late is to reduce during H2. Overall Polymetal is performing as they expected. The FT report earlier this week reflects guidance given back in January 2021. Any negative on expenditure on capex spend in 2021 has a positive for 2022 in that it is a case of some costs being advanced forward into this year and being less in 2022. Polymetal recent drop in price can only be to front run a major drop in the gold price or significant appreciation of the rouble. If it does not materialise and rouble dollar rate remains as it is then the share price should bounce higher. Tony

Another article that should bump up Synairgen tomorrow.

Dactions I am far worse. I have a 7 am alarm every morning the market is open.

Apologies for the odd typo in previous. One day this site may allow corrections.

1. A significant history of accumulated waste has been stripped out. The first two quarters removed nearly 9 months of previous waste ore not processed.
2. A significant amount of waste ore at 0.47g/tonne was processed. Again fixing the roof as the sun shines.
3. A solar farm contracted that saves $13M in costs per annum. This equates to $30 off AISC costs per year. After 5 years all the capex costs are recovered. The company reduces its carbon footprint.
4. The company is keeping to its targets on production and AISC costs for this year. Future two years give a 7% growth in production per annum and 10% compound savings on AISC for 2022 and 2023.
5. The company has assets to sell of around $40M (Batie West) and on the basis of measured resources in Doropo has $4.8M value of in the ground NPV. It has a future post 2023 potential of $234M at $1450 gold price that may be added in as offset to Sukari mined out material that is not replaced so helping keep a sustained share price value.
6. The west wall drilling which starts again in late Q4 has 2g/t open pit resource of up to 90,000 ounces that facilitates the nest two year growth targets and is far higher than the current open pit drilling that is not from waste is 0.7 g/tonne.
7. The Sukari underground mine plan is to be delivered in late Q4 say to give a post 2023 outlook on production. Investment in Q3 and Q4 exploratory drilling has received a budget increase from $5M to $17M which is likely to yield more ounce and value for Doropo and Sukari underground.

Overall, this is quite a robust stock to invest in and has quite a lot going for it. At a gold price of $1600 in 2022 for example, should earns $96M after profit share or 8.3 cents per share or 90p target price at 15PE on £1.38 to the pound. The value increases 22% for every additional $100 gold price so $1700 average gold gives 109p at $118M earnings and 128p is the $1800 average gold price.

Still overbought on daily and weekly and hence we have a pull back this morning. 7.2 offer some support. Nothing unusual.

Monthly, weekly and daily all appear to have a bottom in place on the chart. It looks set for some important news to move the share price up again.

It tested the bottom of the channel for support. Resistance is around 1520 at the top of the channel. My hunch is that it runs to the top and then backs off again. The 2nd half is better earnings and production. Yes the company are expending an odd $120M in Capex earlier than planned. It sets up Polymetal for a good 2022 and 2023 and with it some share price recovery. Waiting to see what the non farm rolls do on Friday in USA. With children back at school it would suggest higher numbers, but ADP numbers published this week were half the expected. Part time workers usually do not earn that much and the jobs should not have an exaggerated impact if higher, but we have to wait and see.

Just ask them and see what they say on 8 September if you have any issues. A few things can not be discussed such as off take agreements.

Hits major support.

Hopefully LSE will remove them in the next hour.

3rdGeorge has done a huge job with Gakara having resolved a lot of inherited problems. All the waste stripping was caught up and Burundi had a link to South Africa to have an improved percentage on the value chain with a new plant in South Africa. The prospect that the South Africa stream may yield NdO concentrates instead of carbonate 54% concentrates for processing makes the behaviour of Burundi officials even more perverse. At least Angola are partly funding to have their upstream value cut with Pensana. It will be interesting how well discussions go with Peak and the Tanzanian Government as it parallels closely with the scenario with Rainbow in Burundi. The continuation of the current dispute is utterly senseless and what Rainbow was aiming to deliver would have given a lot more benefits then Burundi had received in the past. South Africa and Burundi processing together would have given some economies of scale.

It was interesting to note that the processing plant was to accommodate 2M tonnes of gypsum processing a year. So the plant would generate over $250M revenue a year of which $175M is Rainbow's share. The plant life time is 18 years. If after all taxes and financing costs the company had 30% profits it equates to over $50M a year and any income from gypsum is on top. There is little doubt in my mind that the PEA methodology can give the evidence and costings to support the loans and business case for the plant to be built and for all this being reality. At the present time the Gakara asset remains in the ground and it has a value. It is perhaps better for the Burundi president to strike a deal with the South African Government that they are a part of an additional value outside of the gypsum stacks in that their feedstock source is worth a bonus for what they send from Burundi. At least it would be an all African solution and is hugely practical all round.

Overall, Gakara is not a waste of time for Rainbow thus far. Hopefully Pham can have another go in showing that both assets operating through one South African plant is the best option all round. If the extended work giving an NdO output
is not valued in Burundi, then it was their intention all along not to produce anything at all. time lucky. Will get others deleted

I can not believe only 100p when this stock gives nearly 3p divi tomorrow with serious upward growth in future years.

Who will argue with a lamp post.

All on zero or near to it, weekly on zero. RSI approaching oversold. Just a few days away from a 32p divi.

Not a lot of sense. Checked the ruble and no change affecting the costs on that front. Does not make sense for Polymetal to have declined as it has.

Bought into a position today. Divi next week.

The ATF may refer to their peer review process as doing due diligence.

DP

The academic and public sector would call it peer review, which may involve committee members plus outside experts giving comments. (This process is usually completed within 6 weeks in which the company has the last two weeks to formally respond.) Industry in an RNS may well describe it as a government review as it would have civil servants overseeing the whole process.

I have corresponded with ATF staff directly and what they have described to me is what the academics would describe it above. A government review is usually for a service, for example the government might review all the NHS radiography services for all of England. An inquiry would be say an investigation into maternity services at one hospital for unexplained deaths or a cancer treatment by a particular surgical team at a hospital where a huge number of patients were complaining for good reason. Hope that explains things a little better.

Eloro

I raised the issue regarding off take arrangements with Pensana back in July and they have clearly taken it on board. Tony