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I would go further MH, I think it is a fantastic presentation. It answers a whole load of questions that we have been mulling over. Details on timescales, quantities, profit %'s, future projects etc etc.
JLP have stepped up their communication in the last few weeks and this is the detail that we have been waiting for. We can now work out Kabwe potential revenue and earnings going forward, we see DCM PGM's planned for Q2/Q3 2020 and a further 50,000T per month of 3rd party fine Chrome at DCM.
As we all thought, DCM fine Chrome was not profitable until June so expect a double whammy in the next financial numbers when it goes from a loss making quarter to a profitable quarter.
Somebody with more knowledge than I may wish to look at the % ownership and see if there have been any major shifts but all in all an exceptionally upbeat and detailed presentation.

Hi BB2,
Yes I agree that the Shard revenue numbers seem too high. Shard did them before Kabwe was delayed so they lag by almost 12 months. My forecasts for revenue are:
June '20 FY - £47m
June '21 FY - £116m
June '22 FY - £158m
Lots of factors to play about with those revenue numbers i.e. basket prices, metal prices, switching from concentrate to refined metal, exchange rates, ramp up of circuits etc etc.

Very difficult to answer that question Positive. It is much more expensive to move away from AIM with more regulatory control. There are companies much larger than mid-cap that remain on AIM. I think it is purely a case of what happens to the sp. If it goes up to where CB wants it to be then I don't believe he would move, if it does not re-rate after significant profit increases then I think he would consider it.
My view is that once profits start coming in then JLP will re-rate quite significantly and we may very well see a dividend which will keep the sp healthy. If that happens then he will remain on AIM.
Institutional investors are fine but my view with AIM companies is the Market Makers know very little about the company so II's often make no difference. Profits and regular RNS's wake MM's up but not much else. You can pretty much guarantee that CB meets with the MM's to talk up the company but they like regular volume to make their money. Regular RNS's and profits increase volumes - MM's make more money on liquid volume stocks . When the MM's re-rate JLP they will do it quickly to get the attention of the day traders and pull private investors in. IMO of course.

A good point Wyatt on the tailings. Not just in SA or Zambia but globally, tailings are becoming a head ache for large scale miners who are keen to show a good environmental face to promote new mining projects. Whilst this means that more opportunities will come JLP's way it also means that JLP will be able to secure such projects at higher margins than they do currently - as the customers become more desperate for the services they will pay more for them. In my view the client will fund them as well, or if JLP has excess plant then JLP will receive a much higher percentage of the earnings.
We will start to see some of JLP's current projects declining from 2023 but I would expect that from next year onwards we will see at least 2 projects per year added to the portfolio. Current forecasts show a peak of revenue and earnings in 2022 but in reality my view is that this will continue to be added to with a stream of smaller projects and then the odd "Kabwe" style project added in. Many years of good news ahead.

Agreed Jonah - a very good & detailed RNS.
400T / month of Copper is circa $26m per year of which JLP would get at least 15% as a refinery but that should be a much larger number because of the tailings processing. I would estimate a $4.0m to $8.0m contribution from Copper alone. Cobalt is a bit of an unknown entity from the RNS but an additional revenue stream and very little cost.
Pb circuit has pulled forward 6 months from the August RNS to Q4 2020 which is also encouraging.
Good point by TopCatz that this certainly looks like the pre-cursor to some steady RNS's over the next 6 months.

Seems to be a whole load of fuss about nothing with JLP sometimes. Those who believe it is not going to plan - do they mean their own plan or JLP’s? For me it is going as expected.
For those that believe it should be 5 or 6p, well it will be but 3p is fine at the moment. A £50m ish market cap for an historical loss making company is not bad.
Profits will come - maybe not as quickly as some would like - but they will come. Of course to some this is Jam tomorrow but to others it is just the norm. 2019/20 FY will show a modest but nice profit, 2020/21 FY will show a very good profit. Steady SP increases along the way with the occasional spike. Just one mans opinion in a world of many !

In Zambia - anything is possible and everything is impossible !! Won't really matter - GLR will have a fixed cost per load, the logistics will then be up to the truckers !

Always a risk / reward with small caps Kalan that is agreed - I feel comfortable that the rewards at the moment offset the risk. Sure it won't be plain sailing and GLR are very much in the hands of JLP but with some easily truckable Zinc at circa 18% it looks a very good proposition. I feel optimistic that the CB strategy for GLR is about to unfold, Star Zinc release funds for Ka****u, Glenover phosphate paves the way for REE's, both release funds to develop and sell Ferber. I would also not be surprised to see GLR purchase BZT and take on their Copper projects, in particular in Zambia now that JLP will have a Cu circuit by year end.
Many ups and downs on the road ahead but I like the overall path.

Good to see Zinc moving in the right direction over the last few days - it's been a while !! I have Zn in my Star Zinc profit forecast at $2,200 so a bit of breathing space now on my conservative forecasts.
Some good news on the JLP board yesterday which shows that they are moving ahead with their other projects as planned - every project they tick off is one closer to Sable & Zinc.

Well said TBTT and MH.
What a shame it is that this knowledgeable and respectful board has become filled with the vile and nonsense of an individual with two pseudo names over the last week.
Can I all suggest that we just block the pair of them (PGMB is the other one) and be done with them. We can then get back to open debate where we sometimes do not agree but are always respectful and open.
Both blocked by me.

So MH are you seriously suggesting that a certain somebody has got it wrong again - surely not !!! That certain somebody who has clearly never taken part in a placing and does not really understand how it works, well I never.

Perfect time for the response. Bobbill must have been reading the tea leaves correctly yesterday !!
What a good first months PGM production with a second month target giving an annual run rate of 26,400 PGM Oz per year, which will only increase as the plant gets to full operational capacity and looks like heading to LC's forecast numbers of 30,000 isg Oz's per year.
At the next update we will have a good idea of full running costs and earnings - I personally feel that this project will add at least £7m per year to the operational earnings.
Another tick in the box for what JLP have promised and are now delivering - great news.

Hi RR, I think it was just a private trade. Mequart & Milton would have taken the placing price of 4.25p so I guess they are holding along with their other shares in Galantas. Maybe somebody who did not get to purchase shares in the placing and took the opportunity of a lower price? But I do agree with your comments that it is very coincidental that such a large trade occurs shortly after the placing.

Funny MH. Good luck to the rampers and de-rampers - it's never been my scene and never will be.

Not just Rhodium either TBTT, mining will generally become deeper over the years as near surface Ore's are exhausted and mining become more efficient. We can see it perhaps most pronounced in Copper where near surface Ore's are incredibly difficult to find and economically viable grades have reduced to below 0.5g/T at greater than 200m depth. Tjate will have it's day, that day may be in 20 years time - that is however where the Chinese come into play - they tend to plan 30-50 years ahead in the mining industry.
Tjate is just icing on the cake - JLP does not need it in the next 3-5 years to have a really good business model.
I get that Toobs does not like JLP, what I don't get is this - if you are not invested and you don't like a share , why not just move on?? I have a few of those in my locker.

Either way TBTT, there has been some increased discussion on the board of late, some decent buys and an SP rise - all is well that ends well !!

Well that is two very large trades today down as unknown exactly at the mid price. I would say they are buys - i can't see the MM's offering that price to buy such a large quantity. Any thoughts?

That was my point Jonah - I think the "comparison" point that I discussed was not mean't to be taken so literally. It shows what can be achieved and how the market values such a company in a similar sector. The differences between production of 6E and revenue reported of 4E can be very misleading - Syl does give more detail in their analysis than JLP do which, in my view helps to understand JLP more by looking for comparisons. I would personally be disappointed if in 12-24 months time JLP cannot hit a net profit of circa £18m.

Breaking my rule in replying to you - but you are correct, hence the comparison is 72,000 V's 60,000. You will also notice that Syl and JLP report revenue by 4E & not 6E with the addition of by products. To compare Syl's 97,000 6E with JLP's 60,000 (future) 4E is misleading.

Toobs - let me tell you what I really like about your posts - nothing. This is my one and only reply to you - use your head before you start typing. Syl do 72,000 Oz og PGM, JLP should be circa 60,000 Oz however JLP have other revenue streams - hence my comment that this should be the minimum target for JLP.
Having a different opinion is great, I really value the inputs of people with differences of opinion to me because it helps my own knowledge, however the only opinion you are interested in is your own - if we don't agree with you then we are wrong. Let me give you a heads up about you and I - there is your opinion, my opinion and then what actually happens to JLP. Use that open mindedness and it may help your investing. Goodbye.