Member Info for viable

(missing link) https://www.jse.co.za/jse/instruments/3798

I have concluded buying PAF for the present preferring to keep a spread portfolio. For anyone still assessing pros and cons here a few pointers follow:

a) PAN JSE The link when checked daily regularly shows volumes at least double those here

b) PIC probably has not finished adding to its investment. The group accounts for over 10% of activity on the exchange

c) a CT financial adviser acquaintance with Momentum za lends weight in favour of the investment argument

d) I doubt SA instis / funds will be satisfied with a meagre 1c divi after end 2025. Local pundits have yet to grasp or understand the upside here.

Nostra(damus). Snap!

. . . notable PeelHunt buybacks accounted for removal of another 583k shares and PUBLIC INVESTMENT CORPORATION SOC LTD now have 312 620 445 shares (13.396% stake) of a steadily evaporating share issue. With Au again reaching for $3,500/oz direction of travel is clear to see.

There's a fair amount of detail available on the web wrt Tennant Mines itself. Accordingly CL's further coverage would be welcomed. My own assessment is, dependent on the scope of the agreement, NT will become the most lucrative of all PAF's projects. Will it eventually incorporate Cu, Ag and other trace minerals in the 1,700 sq km ops ? Or does it already do so ?

I hadn't realised the severity of flooding at Amandelbult and itsimplications:

"Valterra Platinum’s second-quarter production results show that a dip in mined platinum production in Q1 continued into the second quarter. Output in Q2 was 17% lower year-on-year at 207 koz of platinum. However, excluding Amandelbult, own-mined production did rise by 2% year-on-year. The impact of flooding at Amandelbult earlier in the year is expected to impact 2025 production from the mine by 100-130 koz of PGMs, approximately 50% of which is platinum. Valterra’s refined production fell in line with mined production year-on-year in Q2’25, though it was stronger than in Q1’25. Statistics South Africa’s data for May also confirmed that South African PGM supply has begun to recover to more normal levels, having been very poor in the first few months of the year. Following weaker production in H1’25, South African platinum supply is forecast to be a little below 3.9m oz this year".

@ 21:00 Touché. I didn't want to keep plugging the PAF story but reckoned introducing DRD Gold numbers would enable a comparison favourable to PAF.

You are correct on your estimates on probable yields from dumps and slimes. Unfortunately I am no longer in touch with my old CSIR/Pretoria contacts but it was said ad nauseum that (e.g. Krugersdorp) dumps contained higher Au discard content than some of the later deep mines that followed. The ore was extracted when gold was at the princely sum of $35/oz and science was relatively poor. And we always knew there was a lot of the stuff blowing in the August wind . . . enter $2,000+ Au.

Although I don't know the size of the original Nobles Nob collapsed pillar it is reasonable to assume the stockpiled rubble has meaningful higher gold values than the company is able to collect from its four SA projects.

Yes, I have a fair chunk of SLP and THS. I would have enjoyed doing a spot of exploration around Great Dyke, Ngezi. The venture is going to be very satisfying. In the meantime I'd like to see if SLP can develop something on the Limpopo eastern limb.

Https://www.tharisaplc.co.uk/weekly-pgm-and-chrome-info.php

A real puzzle . . . so why the cold shoulder when there is so much in the pipeline? A £10m reduction of cash pile hardly justifies the rude treatment.

For the uninitiated there are four retreatment projects on the Witwatersrand, Mpumalanga, etc with Barkly being added to the mix. Extensive information can be found on their website. (I am not planning to overload the bb but hope to provide latest sampling assays from Krugersdorp / Soweto mine dumps and slimes if available.)

If current Au $ price can be maintained the PAF story and future course look good. DRD Gold links follow. Their balance sheet illustrates what can be achieved barring a $13.75 SP

https://www.drdgold.com/

https://www.drdgold.com/all-categories?task=download.send&id=356:hy2025-presentation&catid=134

(. . . be aware the PGM scenario is equally promising, eg. SLP and THS)

There should be an increasing volume of news coming out of Barkly, NT. Effectively PAF's $54m investment is creating a great of excitement in the region.

@ 22:28 . . . it was a Northern Territories geo paper written in the last two months. My last study for the present is https://www.mindat.org/loc-292683.html (a great storyline)

Will have to brush up on Tennants Creek. I know the SA mines fairly well but nothing on the 1,700 sq km acquisition. A crown pillar remnant stockpile of 1.26 g/t is a useful starting point.

As @ June 2024 the numbers started emerging via TennantMining . . . . https://www.abc.net.au/news/rural/2024-06-15/nobles-nob-gold-mine-restarting-at-tennant-creek-nt/103962484

Noble's Nob satellite view -19.7137692,134.2887661

https://www.google.co.uk/maps/place/Nobles+Nob+Mine/@-19.7134532,134.2928057,414m/data=!3m1!1e3!4m6!3m5!1s0x2b4c508ec6e826c3:0xf0b74b66a47cbaf3!8m2!3d-19.7137692!4d134.291341!16s%2Fg%2F11bxfrlwk5?entry=ttu&g_ep=EgoyMDI1MDcxNi4wIKXMDSoASAFQAw%3D%3D

A good place to start . . . . the stockpile, CIL plant commissioned https://geoscience.nt.gov.au/gemis/ntgsjspui/bitstream/1/93677/3/PretoriusAGES2025_paper.pdf

Https://www.panafricanresources.com/wp-content/uploads/TCMG_Nobles_Gold_Analyst_Visit_062025_Presentation_Final.pdf

If Jacobus can do it at Evander then he can do it with a similar larger operation down under. Noteworthy that he has been eyeing 292k ozs pa in the short term. I suspect today's SP pattern will harden.

I had forgotten that he and Cyril Ramaphosa go back a long time, i.e. before Cyril became SA's president.

. . . will steadily add to PAF over next 3 months.

. . . hastily revising my scepticism on the Oz acquisition, having examined the acreage and local management in depth last night. (The same can be said, with even greater emphasis, on Pd and Pt.) PAF shorters would do well to abandon ship, which should reduce some of the volatility, especially if 250k ozs can be achieved within 12 months.

Cross-referencing SLP is handy and the last line (see link) must surely be under discussion in HQ.

Https://theoakbloke.substack.com/p/thar-is-a-better-future

Interesting reading . . . fair calcs and possibly understating if today's PGM trends (and projections?)are anything to go by.

https://tharisa.com/weekly-pgm-and-chrome-info.php . . . tobe adjusted

Oops. Yes, it would help if I got the correct code (CRTM)

Item

a) looking out for a meaningful update on Sheba, Barberton, mine . . . i.e. theft and inefficiencies

b) no further hedging constraints July onwards

c) Evander now progressing quite well

d) Nobles (Aus) Tennent site requires further study. It was pricey @ $54m

e) 308,000 ozs could be achieved in 2026 financial year

f) interim dividend in sight

(I am buying on the dips, attention on Au stability ~$3.3k/oz, and looking for opinion from SA sources)

Https://www.miningweekly.com/article/critical-metals-seeks-to-raise-nearly-500-000-through-bookbuild-2025-07-16

Eyes open here.