Member Info for viable

(sic) 92.80p

A searing start to 82.90p followed by some offloading. Relatively light trading on both JSE and LSE unless delayed trades are yet to show up. Is 10 October our next red letter day ?

. . . on this morning's evidence it looks as though the information is sinking into dull minds. Make no mistake the underground mineralisation is impressive.

Not too many brain cells are required to recognise that without the Great Dyke and Rustenburg underground the company would unlikely be able to survive in its present form. Whether there are any Mpumalanga additions somewhere down the track is uncertain. Overall I strongly support the new programme and have been re-educated by last week's presentation. Rising PGM prices are a reassurance.

https://www.metalsdaily.com/charts/platinum/

Probably a very electric few days ahead following the substantial number of buys after 17:05 yesterday. Haven't noted feature in the past. Either way we should see direction of travel in next 3 - 4 weeks.

(forgot to add extra ozs from Evander in 2026 financial year)

Touché, Sotolo . . . rather sobering under the circs.

Looking forward to 3 October and Phoevos' comments / updates on Karo and anything that he can add on Eskom's swingeing tariffs.

https://www.miningweekly.com/article/provided-power-costs-are-fixed-chrome-sa-ready-to-be-part-of-ferrochrome-solution-2025-09-17

Luipaardsvlei 246 IQ

Krugersdorp, 1743, South Africa

coordinates -26.136908, 27.748001 (satellite view of tanks)

Re Mogale - Mike, I reckon they'll truck it, and add three CIL tanks to the site. See the link. The aerial view shows a neat construction site with space to add on the left side. Item

a)https://www.google.co.uk/maps/place/Mogale+Tailings+Retreatment+Operations/@-26.1370565,27.7493044,428m/data=!3m1!1e3!4m6!3m5!1s0x1e95990006e6a10f:0xc73017507404d05e!8m2!3d-26.1370625!4d27.7515625!16s%2Fg%2F11vzfys9lc?entry=ttu&g_ep=EgoyMDI1MDkyNC4wIKXMDSoASAFQAw%3D%3D

b) have ceased writing to colleagues with the juvenile questions as Cobus has spelt out the way forward, and Marileen Kok is an able righthand lieutenant

c) with present sideways SP movement we can expect more reductions from Van Eck, AllanGray and Coronation which will be balanced by a number of new SA funds and new entrants on the LSE end-October

d) the Barberton hills will yield increasing ozs from Consort, Fairview and Sheba (removal of Mozambican and Zim illegals will help)

e) some news must be near from Barkly, NT

f) in the meantime refocusing on PGMs/Bushveld/Great Dyke Ngezi . . . Nicaragua . . . DRC

g) some extraordinary projections being touted on Au.

Most would have seen it but the uninitiated would do well to read MC's trumpeting on PAF.

https://www.miningweekly.com/article/year-of-records-for-booming-pan-african-as-eyes-turn-to-promising-soweto-gold-project-2025-09-26

The company's clean-up contribution around Krugersdorp will be huge.

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

Looking healthier and

https://www.metalsdaily.com/charts/platinum/

Https://www.bing.com/videos/riverview/relatedvideo?q=hendrik+pretorius+x&mid=719C4EA9FBE5E7A7A161719C4EA9FBE5E7A7A161&FORM=VIRE

Have re-examined the above which becomes more compelling @ $3,700+/oz Au . . . could do with an update esp. on drilling at depth.

Oops! Yes, should have read $100m which is a guess, anyway.

Am slightly wary of the three main shorters who should be better versed in these matters than any of us. When "Mintails" is mentioned I refer again to the Krugersdorp environmental destruction which really took hold from 1960s onward. Related, from 2010, I was in frequent contact with Mariette Liefferink (FSE) and CSIR on remedial action for AMD. SA parliament were also threatening punitive action to rectify damage on over 600 abandoned mines. It is not known if the threat has receded or if Arrow are using it as raison d'être for their persistence.

https://www.miningmx.com/news/gold/47492-legal-challenge-over-pan-africas-mintails-project-not-a-showstopper-says-loots/

In the meantime I'll look up the extent of Rainbow Minerals concessions.

Another remarkable day. I am looking out for comments from those who have been here far longer and how they view long-term objectives. My only observation at this point is Rainbow concessions on the Soweto cluster will be added to the mix and TCMG is going to be a very useful addon. Capex on both is likely to be +/- $100k but if Au is en route to $4,000/oz Cobus won't be losing any sleep.

Peregrine is a new, different component: ~5% is substantial. Allan Gray and Van Eck reductions are beneficial in order for local instis to step in during Q4 . . . looks as though we will reach £1 pronto, all being well.

On the strength of further study I have placed a couple more orders. Perhaps the sun got to me when roaming Tantalite Valley years ago but we shall soon find out if PB and MG's assessments are economic in terms of Sn and polymetallics.

https://www.sciencedirect.com/science/article/pii/S016913682500143X

https://link.springer.com/rwe/10.1007/1-4020-4496-8_149

Perhaps it's just as well to leave the two directors alone, otherwise I would be writing frequently to them

Https://www.miningweekly.com/article/year-of-records-for-booming-pan-african-as-eyes-turn-to-promising-soweto-gold-project-2025-09-10

Following content from yesterday

a) Marileen Kok will become an important cog in the wheel; (b) Barberton's Consort, Fairview and Sheba have substantial reserves in them; (c) with recoveries from extended Soweto ops plus NT development the current DRD SP should be surpassed at some point

. . . my expectations with White Devil, Golden Forty and other remain high, viz

https://www.miningweekly.com/article/white-devil-declared-a-major-mine-as-jv-partners-emmerson-and-tennant-progress-development-2025-09-11

and I understand Coronation (CT) will increase its stake with Momentum likewise but UK funds could do with a wakeup call. See Morningstar ownership although it's inaccurate a lot of the time:

Promotional sales patter:

Pan African Resources PLC (PAF) has a significant ownership structure: Institutional Investors control approximately 77% of the company, indicating strong institutional backing.

https://www.morningstar.com/stocks/xlon/paf/ownership (tinker with the tabs, esp "buying")

Yes, and add JSE SENS plus PAF / PAN website to bookmarks, because of increasing importance . . . as Coos said one of the "big five".

. . . clawed our way back to 78.7p and the lads tell me the churn is healthy. Also, evidently Allan Gray have been invested since 10p days and are entitled to some routine housekeeping. A reminder on TCMG where "most deposits are within an 80km trucking distance of the TCMG Nobles processing plant"

https://panafricanresources.com/wp-content/uploads/PAR_TCMG_Acquisition_Nov_2024_Final.pdf

Yes, contrastingly, I fall into the "nervous investor" category . . . can't afford to take too many risks . . . equally I failed to take up a hefty chunk of OMI. In reality of course we don't really know the extent of Mt Agoma other than it potentially being a sizeable polymetallic deposit (a new word in my lexicon).

K, a casual question: have you found premium membership of benefit? Presumably Level 2 is handy.