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Thanks H50 - i thought it may be difficult to nail it down in particular because it was a JLP update.

Did you he touch on the offtake agreement at all?

There has never been a match between JLP & GLR numbers - for me that's because CB is using Kabwe's full processing capacity for GLR and LC (being more conservative) is using Kabwe's initial processing rate for JLP. The initial processing rate is 20t of ore per hour rising to 40t per hour after 2 years, so maybe 50,000 to 100,000T per year. I make that between 6,000T - 16,000T of Zinc Conc or Zinc Metal after 2 years. To be honest the numbers have to be higher than LC's since to get 9,000T of Zn and 1,500T of V2O5 it just doesn't work. I very much doubt there is over 2.5% of Vanadium recoverable from the tailings - it would make it one of the richest Vanadium deposits on the planet and that assumes it's all from Magnetite.
We already know from JLP's forecasts that there run rate will reach 9,000T / annum by the end of next year - I expect to see it rising from there.
Still some grey areas admittedly but the plan is starting to come together.

Final year results were not issued until 14th November last year - I would not be surprised if they were slightly later this year.

If its about JLP H50 then perhaps phrase the questions along the line of:
You have mentioned in the past that GLR Ore is vital to the JLP Zinc circuit to improve grades and thus efficiencies - will they be ready to supply the Ore in H1 2020 and is an offtake agreement agreed in principle.
Same question really just reversed. If he says yes & yes then it's time to get our cheque books out !!

Too stop the decline would be nice !!

There is also an element of moving shares into volume as well for me Kalan. In an ideal world I would have waited a few more weeks to take my decision but I cannot be certain where the volumes will be then which means selling 50% might not be a possibility. What is interesting though and bodes well for JLP is that I have sold over 2m shares today and the movement in the price I was offered from first to last was a mere 2.3%. that means the Market Makers are certainly open for business in JLP and see some good volumes ahead.
I will most definitely be back in at full strength again in the near future and am still a strong holder and strong believer in JLP.

Sorry chaps that's me unwinding 50% of my position here - another couple of trades to show yet. I feel that the finals will spook the market a little. Most of the real good news will not hit the finals so i am expecting a very modest profit of circa £1-2m which on a market cap of £80m is a long stretch.
It's a gamble admittedly, which is why I am leaving 50% invested so still a reasonable number of shares. I will certainly be putting it all back in and more before the 2019/20 interims are released in August 2020 and most likely sometime in Q1 next year. The 2019/20 finals will certainly justify the current SP and more.
So still heavily invested, just trimming back a touch.

Hi H5O, the following if you can:
1) What is the progress of the offtake with JLP?
2) What happens to Star Zinc if JLP don't sign an offtake agreement - this is a loaded question to see his response - hopefully it draws him to state categorically that this will happen.
3) Are there mining sub-contractors available to dig, crush & transport the Ore to Kabwe, if so what notice do they require to commence?
4) You (CB) have stated that GLR will mine 60,000T of Ore resulting in 8,000T of Zinc Conc after processing. How does this link into the JLP figures which until before their recent increase to 9,000T also stated 8,000T. Surely Star Zinc Ore is to be used to supplement the tailings at Kabwe to bring the grade up and increase efficiencies?
5) You have mentioned Silver and Germanium credits, does JLP have a process to separate these out of the ore in order for GLR to receive a credit?
6) Taking into account JLP's H1/2020 Zinc target of 500T of Zinc Conc and H2 target of 2,500T will this be sufficient cash flow to GLR to avoid another placing in 2020?
7)Do you see GLR's future in Zambia leading to similar deals for GLR such as those you have recently undertaken with XTR and BZT on Buffalo Copper?
8) What percentage Vanadium is likely to be in the Ka****u Willemeite?

Sorry H50 - you did ask !! Good luck and thanks for asking for input, very much appreciated.

Thanks Kalan - I feel privileged to be allowed to stay, my life would be like a broken pencil without this - pointless ! (Thank you to Blackadder for that rather poor joke).

Hi Jammer, I use $125-$150 / tonne depending upon the final Conc, but it is very variable. I have not looked at it in detail for 2-3 months so it may have moved.
Hi Kalan, I have the £40 / tonne number is my model as well but until recently have been confused as to why is is so low. I believe that JLP have been adding in the free issue Chrome from Hernic into the total tonnes of Chrome produced, thus bringing our average price significantly down. Could be wrong but I am hoping not.

Hi Jonah - A difficult one to answer - anywhere between £100 - £150 at the moment with the volatility.
This was always going to be significant news. The main reason is that the costs for Chrome at Hernic are already accounted for in the P&L so we get revenue without costs i.e. straight to the bottom line. This news has the potential to add £1m / month in earnings giving a less than 18 month B/E on the project and more once the price of Chrome Conc recovers.

http://www.fedoa.unina.it/3356/1/Willemite_Mineralisation_in_Namibia_and_Zambia.pdf

The above article is quite interesting - and very long - any geologists or people with more time than me who care to read / digest it - it would be interesting to know your thoughts.
What is interesting though is that the Star Zinc Willemite contains Vandium in the form V2O5 (Vanadium Pentoxide) at circa 0.01 to 0.02%. We know that Ka****u's Willemite contains Vanadium but I have never heard CB mention anything but Zn and Ag when referring to Star Zinc.
JLP's Vanadium recovery circuit will be ready in late 2020 so this is another potential revenue stream. It was always my intent to add Vanadium into my financial model for Ka****u but I will also add it into the model for Star Zinc and see how the numbers fair.

Thank you - I have been a number of times. Gates being open are poor admittedly but of course that could have been for a number of reasons. However, pointing to a green container and saying - hey here is the explosives store is also poor. FYI - it is not the explosives store.
I agree with the comments around the political issues and difficulty in getting PSNI to extend the blasting or self certify - it was always going to be difficult but not impossible. If it takes too long then we are back to a sale to a company with larger pockets than Galantas since the business is still very viable. The issues are no different (although on a smaller scale) to those faced by Dalradian and yet it was still purchased by Orion for £315m.
I really do wonder sometimes if people think through their actions. Instead of working with Galantas which has a very good environmental approach they are potentially forcing a sale to a company (managed by Dalradian) whose environmental credentials are not so good. I cannot comment on Orion, hopefully they are better.

I think the point is being lost here. Galantas, have been in the past and know in the future that they need to pay for the PSNI service until authorisation is given for Galantas to self certify their activities. This authorisation has not been given and PSNI cannot supply an increased presence on site to allow for the flexibility that Galantas require. This is not about Galantas not paying for the service which was the historical issue with Dalradian. If PSNI could supply a people 5 days a week at an increased cost then Galantas would accept that at the moment until the authorisation is approved.
The aggregates levy is separate, well known and built into the business plan - please look at the accounts - this is nothing new.

I would have thought it will come to a logical conclusion LB - Dalradian will need the PSNI on board so if it has not been settled then it is a bargaining chip. But most likely it is old news dating back to 2016 with no relevance to Galantas.
However a quick look at Dalradian's website shows an interesting page on the benefits to the area, 1,000 jobs, average salary of £40k, £4m community fund - now there may be a number of people opposed to this but I am sure there are a lot more in favour. Always the problem with small scale protests IMO, they think they are representing what the silent majority want when in fact they are representing what they want.

https://dalradian.com/curraghinalt-project/default.aspx

Very likely TC or maybe some news coming out - either way a very nice end to a very nice few weeks.

And what do you believe to be the situation LK?
We are all fools on this board who deserve to be parted from our money are we not?
I find it strange that you would ask a question of us mere fools.
Perhaps it is a rhetorical question and you will enlighten us with the truth.......... you seem to know a lot about the security measures at Greencastle as well.
Are you perhaps one of the anti-mining chaps - no issues if you are, everyone is entitled to their viewpoint, nobody is a fool in my book until proven otherwise.
So please enlighten us.

Hi Gavster - I agree £20m would be a bargain, I was referring to this value as a baseline with plenty of upside. The true value only comes out once more resources are at least inferred, which is a few years away.
In terms of taking this private on the cheap, I am not in that camp. I do not believe that is Roland's intent from both a personal view and a logistics view of actually doing it. Whilst it may seem cheap it still requires a fair old lump sum to purchase it and then to fund it. I very much doubt Ross Beaty would want that kind of reputation on his resume and maybe not some of the others either. There is also the locals and the employees who are invested in this as well.
I do think that this is a genuine problem. Not saying that it could not have been handled differently, I hear what you are saying about investing locally - it's a double edged sword, sometimes as a miner it's best to keep your head down and try to be invisible - if that doesn't work then absolutely invest locally. I cannot comment because I do not know what involvement if any Galantas has in the local community.
Let's hope we get some clarification soon on what is happening and the pl;an to resolve it.

You don't often see maths calculations on here LaserBrain - so well done for that.
Galantas does not use a rotary drill - it uses a drill and blast technique and then muck out. I.e. drill holes to plant the explosives, explode and then use a motorised shovel to extract the rock. Whilst all levels are slightly different due to the inclination of the strike on both the horizontal and vertical axis we can draw some conclusions from the 1072. i.e. once the level is reached it was 58m to reach the vein and then the vein went on for a further 40m, so 98m in total that took nearly 4 months to complete. We are now close to the intersection of the 5th level but that still leaves the 98m and 4 months to go and we do not know what other levels there will be. This all ties into Stoping commencing in Q1/Q2 of next year.
Something has now changed - for me we still do not know what that is. I may be wrong but the requirement for increased use of explosives, whilst beneficial now, is not absolutely necessary until Stoping commences. So why not continue as is until all levels have been developed? So yes, we do not have the full story.
But that is probably where I would draw the line. Roland may not be the best marketeer but he is an honest and honourable guy IMO. I do believe that he is working to resolve this situation and the reason for it is most likely out of his control. Just like all of the other set backs he did not throw in the towel but worked to resolve them. And, again IMO, it will be resolved.
If we look at the situation as it stands we have a partially developed mine in limbo - who ever said mining was easy ! The Gold is still in the ground and there is a lot of it. By my calculations the first 5 years of mining should give earnings of over £30m with at least another £300m to follow over the life of the mine (taking into account 50% of what is expected to be found). That should get a JV as a minimum.
Personally I would prefer a sale. Orion Mine Finance bought Dalradian for £315m. It's total Gold Oz were 6.1m of which only 33,000 Oz were measured. It has no mine and no planning permission - we all know how difficult that is to get in NI !! Dalradian (Curraghinalt) is quite close to Galantas (Cavanacaw), potentially makes Ore transportable by truck - certainly not ideal but if I was Orion Mine Finance I would be thinking that I have a 315m investment in something where I might not be able to build a mill, tailings pond etc etc. Galantas is a good back up plan for them. Sure they will try to get in on the cheap and to seize and opportunity, but that only works if Galantas don't realise the cards they hold - and they do. To value Galantas at less than £20m from a purchase perspective is unlikely.
My conclusion is this - we are in frustrating and difficult times, I am personally not happy in the slightest but we have a great asset that will not go to waste. I am sitting and holding and waiting - the Gold will come out of the ground.

Hi LaserBrain - I would not necessarily say an unexpected bonanza more that the "expected" veins are better than originally thought in depth, width and grade. How deep they eventually go could be an unexpected bonanza! But either way it adds time and money to the development phase.
In terms of the PSNI we can do nothing more than wait for the resolution and put our trust in Roland and his team to deliver. Either that or a sale to a well known local Gold mining company that can afford to sit and wait it out whilst coming up with a local strategy.
Alas, we have been here before where there are delays outside of the control of Galantas. All we can do is sit and wait for it to be sorted. There is still the same amount of Gold in the ground (more in fact) and at some point it will come out. It is just very frustrating that we are so close and yet so far. I would still liked to have seen a much more positive RNS but that is now history and it's only the future that matters.
Let's hope for some positive news soon.