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When you say "interesting chat" i assume you are referring to the singular post from TBTT with his usual statement on Dugbe. He's never been clear why he believes it expires end of 2018 or what previous RNS he's referencing exactly, but others have already pointed out it hasn't expired and is somewhat open-ended. So notwithstanding the Dugbe signed and government approved MDA has not been formally ratified by the President, I would like to know why some believe the 25yr MDA between HUM and government of Liberia has automatically "expired" and if it has, why people therefore believe HUM are in material breach of their obligations to notify the market through a RNS.

Hi Shareminator - double-checking the Aug '18 presentation, it's due to drop-off significantly after FYE June 2020, so in 18 months time.

This FYE June 2019 est. capex is USD 12m, FYE June 2020 it's circa USD 11m and after that drops significantly to only USD 3-4m for FYE Jun-21 & Jun-22.

Of course if there's more potential growth opportunities or acquisitions, this could all change. But that should of course be a positive outcome, depending on the potential earnings relative to the Capex required.

I didn't think it would go down this low to bid of 16-17p and is again extremely undervalued at market cap of £47million (USD 60m), but honestly can't see it go down to 12p which would be a market cap of 35million.

SLP by now no doubt have $20million cash in the bank, with another $17-20million trade balance in their favour (trade receivables minus trade payables).

The Basket PGM spot price is circa $1,120 with the sale price to SLP after refining costs around $875. With ZAR at 14.5, SLP's AISC is approx. $525 Oz and will go down per Oz if production hits 80,000 Oz. With a margin of $350 per Oz, you're looking at $28million free cashflow per annum, although for next 2 years you have to deduct $11-12million of Capex from this.

In summary SLP is on a PE of 2x with huge amount of cash in bank and trade balance in their favour. I'm heavily into gold miners, but even with a market meltdown PGMs should still do well and rise with gold. In comparison to my gold miners which I'm bullish on, this remains the stock I believe is the most undervalued simply due to the platinum association. Once SLP start to pay a sustained decent dividend and release a dividend policy (which is imminent), I'm hoping for a recovery.

RA - are you pretending to hold these when you are so negative? If you're so extremely negative it would be ludicrous to hold. You're writing style reminds of certain someone.

When this is the only board you post on and so negatively, when I see your post yesterday stating you have no agenda I nearly spat out my tea.

Never ever trust anyone who posts on 1 board alone, whether they're a bear or bull.

Hi Tomat02 - just managing expectations and note this is dividend policy "evaluation". For me Shanta at present is a capital appreciation play rather than yield. It's still my personal opinion dividend policy evaluation is too early. Even if we did receive VAT rebate (or part thereof), we have debts to pay and major projects to get after.

Singida will open up a 2nd gold mine and will be connected to the main power grid, lowering both Capex and Opex. Whilst SHG are looking at financing Singida at "asset level", it would still be great result to fund majority from cashflow to limit any further debt and respective interest payments.

We then have very interesting Lambo and Quartzberg prospects, which have very very promising gold grades. Of them, most interested in Lambo with 32.7 g/t and 47 g/t trenches and only 6.6km from New Luika. With additional drilling this surely could be fast tracked and concentrate trucked short distance to Luika. All looks very promising and haven't seen grades like those in a small gold miners portfolio for long time. Let's hope those trenches of bonanza grade gold are the tip of the iceberg and I'm not getting ahead of myself.

Hi Shareminator - I too was wondering about the owner of the 10,001 shares! A small Aussie holder perhaps?

Disappointed the RNS didn't include statement on the agreed dividend policy going forward and confirmation of interim and final dividend structure per year.

On refining fees Ragnar may have calculated further back than me. But from FYE 2015 - 2018 refining % was in a small band between 22-24%. Based on this I would assume there is a flat refining fee but the bulk is likely a % of spot price received. 2018 was the lowest % at 22.14% and based on Q1 19 the refining fee seems to continue to trend downwards, but only by a nominal amount.

Hopefully acquisition of Phoenix (Lesedi) and the 2nd refiner has opened an opportunity for reduced refiner fees, who knows.

Without the VAT rebate from Tanz Government of 20million, unfortunately its still too premature for a dividend policy. We have net debt of 35million and ideally need the VAT rebates for breathing room to pay the convertible loan notes of 5million due in April 2019 and all the other debts coming due over next 7 months. The 12months June to June 2019 is the highest amount of loans Shanta must pay, some 21 million.

The sanctimonious hypocritical melodrama from TBTT became tiresome fast, as did the "imminent" take-over conspiracies prior to this.

It's even odder when you look at other shares he's in (JLP) where the Directors have been an absolute disaster, broken promises, lack of transparency, major due diligence concerns and he congratulates them. At least be consistent - if you're not then it's really not worth listening to.

Which "lot of mining companies" would these be? I haven't seen a single gold miner offer any clear 2019 guidance yet, particular those of the size of HUM

"The market" does not appear to agree with some of the positive comments here because the cold hard figures in the Accounts are worse than those of last year and the Interims Dec-2017. Allthatguff is correct despite some trying to shout him down and ironically calling his post ignorant!

Some here intentionally or not are seemingly failing to mention JLP had a placing in Feb for £4.5m! The cash ending Dec-17 was £2.4m, which when bolstered with the placing, was £6.9m. However these accounts now show cash of only £6.4m. It's clear the outgoings are more than incomings because cash has gone down and debt (financial liabilities) has increased. It's even worse if you compare it over the 12 months and actually correctly take into account the 4.5m placing in Feb-18. So whilst there may be good reasons for these massive outgoings (there always is with JLP ay), it's incorrect so some to pretend the figures are better.

On the positive side Kabwe could (emphasis on "could") be a silver lining and see JLP re-rate, but it is incorrect to talk about "fast tracking". JLP agreed with the Government as part of the lifting of the license suspension to complete commissioning September 2018 and production Dec 2018! Yes 2018! It has been complete radio silence from JLP on the Zambian Government's position on this major delay which effectively invalidates the renewal. No doubt the Government will want a pound or ton of flesh. Not to mention there is no understanding what the Kabwe Project costs will be.

JLP will not get the benefit of the doubt because of the terrible track record, lack of transparency, broken promises, missed timelines and constant "jam tomorrow" of Bird and LC. Until they deliver actual jam or until some material news is released, the market has heard it all before from JLP and will not be "forward looking". The ironic thing is after a decade of disappointment JLP could potentially... finally deliver over the next 12 months.

It's crazy. Not only is palladium now $300 more than Plat, but it's my understanding palladium catalytic converters also use Rhodium which is $2,500. Surely with the spread being what it is for so long, a few car manufacturers would make a strategic decision and flip to platinum catalytic converters. You could even stockpile platinum at these low levels and future proof yourself for years to come. Free issue the platinum to your cc supplier to reduce costs. Plat is a better material for cc and whilst plat can be used for both diesel and petrol, the same can't be said for palladium.

JLP is still a joke, just like it was when you last tried to pump it here jeffry and I recommended you invest in SLP.

JLP's unaudited quarterly earnings are not to be believed and exclude key costs - they never state their cash position in quarterlies. You will only find out JLP's cash position as of end of June 2018 in November when the accounts get released! If it is to be believed their costs at Hernic are actually $400 per Oz... but again its meaningless when it doesn't include all costs and any free cash is swallowed up elsewhere.

It's a fallacy that JLP are lowest cost producer. Their unverified margin per Oz is $400, which is pretty much same as SLP's verifiable $400 per Oz. SLP's is verifiable based on its quarterly reporting, cash position and industry standard AISC metrics.

As for Kabwe, the only asset of JLP's that has potential, it's all just waffle in the RNS. No demonstrable progress at all. Where is confirmation of final design AND final project costs (what most would call a Feasibility Study). It was supposed to be ready end of Sept 18. Still nothing in this RNS. What are the Capex costs? Timeline? Are Government still on board considering JLP have breached the terms of lifting the suspended license? All currently big unknowns. The vanadium is not JORC'd and the % g/t negligible so it's not proven it's commercially viable to extract.

Until a proper update on Kabwe is provided and we see the Accounts in November with cash position (albeit 5 months behind!), it's un-investable. Without cash positions stated in quarterlies, it still remains a no-go. Always feels like they're hiding something whilst promising the jam "just round the corner".

Whilst NDs are common practise Non-Circumvent are not and depends upon the case at hand. Additionally you cannot argue this both ways. If you are arguing this is a fraud, then any Agreement between the Parties has already been materially breached by Bunker Hill due to their own Wilful Misconduct. It is void. HUM can do whatever they want if that's the case. They can go directly to Placer and purchase the rights. Bunker Hill could be ballsy and try and bring a case against HUM, but they would not have a hope in hell of winning it.

Blackfisk - do you intentionally take the comment about not being reliant on shareholders funds out of context? Time and time again its written on here, time and time again it's corrected. It was a positive statement, that HUM no longer required fundraisings to dilute the HUM stock further. How this could be a negative is beyond me!

On AGG, in hindsight it was a very smart move to pull out, however more details should have been provided as to why the LOI was terminated. HUM played a blinder agreeing a LOI which is not legally binding so they could pull out with no consequence. HUM were prepared to pay $8m for 20% of AGG. Based on AGG's current market cap on TSXV, in total AGG are worth around $8m in total! HUM may as well just take them out at a 50% premium and get 100% of AGG and all their assets for $12million, if they were indeed still interested in the assets. The last set of AGG drilling came back with pretty poor results. So what exactly was the mistake here?

BH is no doubt an absolute cluster right now. I have not changed my mind on the underline assets if you read all the technical reports and legal documents, however there's no getting round that Bunker Hill's books should have be checked by HUM before a loan made. However HUM may have done this and are a victim of fraud, as would be the US DoJ and landowner. HUM need to issue a RNS to address the situation. Comms have been poor, but as Darola states, HUM are normally quick to answer emails or calls. They have been when I've requested clarity on specific areas.

Shanta tweet on 11 Oct sums up the last RNS very succinctly:

"Preliminary exploration at Bauhinia creek has already replaced all mined ounces over the last three months. New discovery at Lambo, 6.6km north east of the plant, has hit bonanza grades in trenches totalling 2.1 metres at 47.12g/t Au and 3.15 metres at 32.73g/t Au"

For shareholder return and value, with dividends on the way, SLP will hit £100m first:

JLP: never going to happen. If it did, it would mean platinum price had exploded, meaning SLP would no doubt be double that of JLP's 100m. They could potentially pull off Kabwe, but the silence is deafening, they've missed all agreed targets with the Government as a condition of the lifting of the license suspension. The Zambian Government will take a large piece of any pie, through "free-carry", royalties or taxes, whatever tickles their fancy. They have history.

HZM: speculative, no producing assets and will not produce until Q1 2021 according to the company, so probably earliest 2022. Whilst HZM may get to £100m over the next 4yrs, shareholders will be diluted as it is very doubtful the entire Capex for Nickel Project will be covered by Debt + Offtakes. A lot can happen in 4yrs and £100m market cap will no doubt equate to a lower sp through dilution.

SLP: producing 76 - 80k PGM Oz per year already, $14m cash in bank + $20m trade balance in its favour and interim dividend of 2%. Capex of $12m p.a. this year and next drops to only $3-4m thereafter. By time HZM produces a single nickel ton in 2022 (if at all), SLP would have paid out nigh on 30% dividends by then over next 4 years. If Gold goes higher over next few years and Platinum follows, the fundamentals of SLP become exponentially better. Purely dependant on PGM spot prices, I could see SLP getting to £100m within 12 - 24 months.

Me too Ragnar although didn't get as low as 15.88, nice one!

Are the shares trades on LSE correct, of 8million odd shares bought in 4 tranches today?

Doubt Avesoro could make any offer at the moment. Their Gross Debt from their last figures of June 2018 was $134.5m and it's reducing at a snail's pace. With Cash of $23m, without looking into their Accounts in huge amounts of detail, their Net Debt position is $111.5m.

Avesoro are another great example that either HUM is ridiculously under-valued compared to its peers, or Aversoro is over-valued. Probably bit of both.

Sanbrado is far too big for HUM at this current juncture. Capex required for the Project is $185million. It looks like a good project though.

If HUM can get the Dugbe Mining Agreement signed by El Presidente and also complete and release the optimised DFS for Dugbe in due course, it becomes far more marketable. They could either get a big player to farm-in and for majority share of equity they fund the Capex or they could simply sell it outright and pump the proceeds into something like a share of Sanbrado.