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Hi Ragnar - sorry got my Implats and Impalas mixed up! Meant Impala.

If OPEC can form a cartel across multiple countries across the globe, SA surely can do it with PGMs. Whilst the IMF and World Bank may frown, SA could easily justify this, for reasons of national security etc. There must be some caveats where states are allowed to restrict supplies etc. and effectively legislate at national level to allow public & private companies to ultimately act as a cartel. Just as countries like USA are denoting a list of strategically important metals, PGMs are a finite source that the SA could designate as strategic and restrict supply to balance the market.

If De Beers can do it with diamonds, sure the big boys of platinum can do it. At the moment it's a race to bottom and to see who will buckle first. There may need to be a few that fall by the wayside before the survivors come to the table.

Because everyone has done great so far with your advice ML and all those calls to the board have really steered you in the right direction. At least they impressed you with some Latin. Just say 50:50.

I'm sure all LTHs will do just fine unless they listen to your words on the street. For many new PIs or those who have not checked in on GEO since the dark days (Greg K as CEO and the twitter rampers on here pretending to be "LTHs" (where is Leapfrog?)), who are no doubt glancing at multiple companies, there 1st point of call is to "leach information" from the LTHs - get a quick info dump. We finally got to a point over many posts where you've built a strong case to invest, which could have been simply said from the start. Not for my benefit but others that may be popping in, lurking, wondering why they should invest in GEO over another mining company they may have their eye on and they just don't have time to look through 100s of pages of accounts, presentations, webcasts and RNS. Yes it's partly lazy, but it's a symbiotic relationship.

In summary there's lot of news to come and reasons to give share price uplift:

1) Infill Drilling and Resources: Q3 2018
2) Metallurgical Testwork: Q3 2018
3) Mining and Production Agreement with RMG Gold: the key milestone and dependent upon the metallurgical testwork, so this can actually be resolved prior to the completion of the Feasibility Study.
4) Feasibility Study (incl EIA): Nov 2018
5) Financial Investment Decision (FID): Nov 2018
6) Costs now on 50:50 basis with CMG, which will mean the remaining £1.5m should stretch further, even with drilling ongoing.
7) No debt and number of financial and strategic investors looking to make a potential significant investment. This means such IIs will no doubt get the inside track before PIs and there is a possibility if the Feasibility Study is good, the Study, FID and announcement of funding could all come at the same time. What a day for sp that would be.
8) New GEO management with Michael Struthers at helm and so should provide more reassurance they will stick to timelines stated in RNS, unlike in the past.

One major negative is Greg K is still on the board and as the Financial Director. The new management need to expedite it's transformation to a reputable mining production company and that includes his removal, just as JAY did. He brings the baggage of Noricum with him. If you read the accounts in detail, its a disgrace the practises that have occurred year after year and how he has paid himself through consultancy companies. He's paid himself £65,267 in 2017 through companies "Fairholme Consulting Services Ltd" and "Greenland Gas and Oil Limited" for nebulous services of "management and corporate consulting services" (indeed) and "geological information systems consulting services". More in 2016. He's an Accountant! Why he's paying himself GIS consulting services, beyond belief. This is not the type of practise Investors want from their F

Trisse - you are correct, 27,000 Oz hedged at $1,260. From last Quarterly Report:

"As of 30 June 2018, the Company had sold forward 12,000 oz to July 2018 at an average price of US$1,264 /oz. Subsequent purchases post period increased the hedge book to 27,000 oz at an average price of US$1,262/oz."

Fingers crossed this will see SHG through the doldrums and hopefully the seasonal factor will kick in as usual September where Asian buying increases. Although choppy waters out there at the moment so this year may not follow the usual playbook, lets see.

However with the biggest ever recorded speculative short position in history on gold pushing to below $1,200, I'm struggling to see how gold will get to below $900, unless there is a monumental global USD squeeze caused by major financial disruptions making 2007/8 downturn look like a walk in the park. If that's the case you may as well sell everything and convert all your GBP to USD, as all assets will plummet, your house, the GBP, any other stock you have.

You can't correct "again" if you never corrected anything the first time round. But let me correct you again, I never said 3 months from now. I said 2-3 months from FID which is due in Nov 2018, if it's on time.

There's no debate here to close, as none was open.

Anyway said my piece. For now fingers crossed for you folks invested here that the feasibility study is on time and comes up trumps, as should provide much needed uplift to the share price. Just be careful, do your research, don't bet the farm or take anything an AIM company Board say as gospel, particularly if not in a RNS with no legal recourse. And certainly don't listen to "words on the street" or twitter gossip that are consistently incorrect.

FSJ - thanks for the summary calcs. It shows at all levels HUM will have free cash, I don't see any use re-working it for a lower royalty at lower POG, as wont change huge much.

If you do that, you would also have to tinker and take into account USD would have risen against all currencies, including the West African CFA franc. I assume as HUM is near 100% Nationalised at mine level, all Labour costs will be in local currency and so USD strength will also reduce AISC. In fact since only May 2018 to today, the West African CFA franc has weakened against dollar by circa 8.5%.

However I do feel you have to take into account the financing costs which are not included in AISC before you calculate free cashflow, as this is a large amount. I know gross debt may be lower with some paid off, but $60m Coris loan at 9% is $5.4m p.a., or $1.35m per quarter.

Personally I think Bunker Hill is a great medium sized project after I did my own research. If it still remains the case after HUM's detailed financial, legal and technical due diligence, I would like to see them invest more.

It really is a double-edged sword for SLP this Plat & Palladium decline. Longer-term depressed prices should mean PGM industry will be forced to restructure far quicker than anticipated and maybe it will also mean these multi-billion capex mega projects coming on stream in 2020s will be delayed or indefinitely postponed. Will a grey/ black swan emerge of Sibanye/ Lonmin deal collapsing, Implats bankruptcy/ major forced closures etc.

But additionally platinum supply declines will mean reduced rhodium supply, which is already very tight. Because of strength of Rhodium we're still at a basket of $1,022 and because of the ZAR weakness, our AISC in USD is just below $500 with ZAR at 14. Even SLP's "All-in cost" metric which is supposed to include all costs, even Capex, is $553. That means SLP's margin is $469 Oz (took AISC and All-in cost in ZAR from last Q report, using current Forex). That's far better margin than the low-cost gold miners I follow and am invested in (HUM, AAZ and SHG for example), even with gold being near $400 more than Platinum still. Good old Rhodium!

Apologise for next hypothetical as I hate to dream, but lets say Palladium & Plat do stay at these depressed levels, but Rhodium increases to $4,000 (Despite carnage yester, Rhodium remains at $2,350), even though it's only 12.3% of basket, that increases the sales price of SLP basket to $1,217. At $10,000 (the last 2007/8 spike), SLP basket price would be $1,955.

Shareminator - good to hear from you and I must say I owe you a belated thanks! A long time ago I was invested in a company called ASA Resources (Zim, Gold + Nickel producer). I heavily invested when it collapsed to below 1p, my average across many buys being approx. 0.8p. It was grossly undervalued and increased to 2.4p where I started to sell.

At first, the Chinese on face value appeared to be doing a good job, but doubts started to creep in and I began selling. At same time you popped up on ASA board and mentioned SLP (at least think it was you on the ASA board?). I went to have a look, presentations, looked through the accounts and just could not believe how cheap it was - 7.5p at the time. I understood from ADVFN board members it was due to a distressed II selling down heavily, not due to anything wrong with the company. Had you not have put me on to SLP, I probably would have been slower to sell all my ASA holding, ASA now being suspended from trading and in administration, as Chinese management appear to have committed fraud behind the scenes with millions missing and not invested into the infrastructure!

So it was a bit of a double whammy that I sold my entire holding in ASA quicker than anticipated as I found another opportunity and heavily invested in SLP, which based on my average now of 10p, has nearly doubled.

Considering a drop to $900 would collapse all gold mining stocks, I'm genuinely hoping this turns out not to be the case!

ML - so you're unwilling to offer any facts and you're really not too good at the old maths are you, despite the CAPS lock:

1) GEO have burned £1.1m in the first 6 months of 2018. That's £183k a month.

2) GEO have £1.5m left. They are still doing Infill Drilling, updates to resources, metallurgical testwork and the ongoing feasibility Studies.

3) If the cash burn is the same as 1H 2018, £1.5m will last 8 months (that's 1.5m divided by £183k just FYI, incase you think that's more "conjecture"). So yes that brings us up to Feb 2019 when the money dries up "if" the cash burn is the same. Pretty much the same as your understanding end of April when you said: "have done the calcs and we’re good for the next 6-9 months minimum IMHO". In fact by your calcs that takes you up to Jan 2019. Funny how you've changed your tune. You said that, just before you stated gold production was "very soon" yet you take umbrage at my "very soon" placing statement. Funny that...

Monkey with 2 hands over the eyes indeed.

I would have genuinely been interested to understand what the board have told you in way of re-assurances to beef up the RNS', but you offer nothing constructive at all. At these levels and since Greg K has been sidelined at long last, GEO has a lot of potential. I've even visited Georgia, travelled around including south of Tbilisi and close to the mine site. I've just invested in JAY - the big thing holding me back before was I was waiting for a dip, but also Greg K was on the board (he's now gone).

I shall continue keeping an eye on GEO with finger on the trigger, although will wait for further updates on the infill drilling, testwork and feasibility study, to ensure it's all on schedule.

It seems your hours spent with the board have been incredibly useful. Thanks for sharing and warm welcome (insert whatsapp winky face). My tolerance levels for those that make statements starting with "words on the street" and "discussions with the board" that turn out to be false time and again is pretty thin.

ML - rather sarcastic comment that doesn't add anything. Boards are for constructive discussion, so if you have any nuggets of wisdom you gleaned from your hours of chats from the Board that I have not discerned from the Accounts or what is stated in the RNS why would you not share them?

I did not know timelines for Feasibility Study or Production Agreement hence why I stated "if you believe...". After further digging I see from the May 2018 presentation the Feasibility Study and Final Investment Decision is due around Nov 2018. Timelines as per pg.22 of presentation:

a) Infill Drilling and Resources: Q3 2018
b) Metallurgical Testwork: Q3 2018
c) Feasibility Studies (incl EIA): Nov 2018
d) Financial Investment Decision (FID): Nov 2018

Why you could not simply provide further clarity on whether Board are still on target for above dates or how long the Board think it will take to agree a Production Agreement, I do not know.

So after FID, like I already said they will have some 2-3 months to agree Production Agreement and in parallel find financing, before the coffers run dry. Otherwise the alternative is a placing.

What did I make up? All my figures are from accounts. Fair enough I did not see in corrected RNS that they stated they have £1.5m left end of June, but this merely re-iterates my position as stated there is not much cash left!

They've therefore spent £1.1m in 1st half of 2018, so they have enough left to get them to end of 2018, maybe Jan-Feb 19. As I assume most are long-term investors apart from short-term rampers, that is not long at all. And considering completion of the Feasibility and Environmental Studies determines commercial viability and thereafter a Mining Production Agreement, they don't have much time to get everything in place.

As per RNS a Mining Production Agreement (MPA) is subject to the Feasibility Study.

"A logical work programme has been defined to advance the KBE project, including new considerations of how the design of the operation must account for the future sulphides operation (pit limits, access, locations of facilities etc). This will be further refined as the scale of the sulphides operation is better defined. A key deliverable remains the Mining and Production Agreement with our partner's sister production company, RMG Gold, and this will be finalised prior to the end of the Feasibility Study, dependent upon the results of the metallurgical testwork."

So until the Feasibility study is complete to determine if there is a commercially viable project, there will be no MPA and unlikely to get any JV/ Investment before completion of the study either, as what major 3rd Party would invest unless it's proven.

If you're confident the Feasibility study will be complete in next 2 months and that it will demonstrate a commercial viable project, then giving 2-3 months to finalise MPA with RMG Gold, perhaps it's worth a gamble. But don't pretend there is certainty of funds up to signing of MPA, which is dependant on a number of "ifs" and tight timelines.

It rose to 22p on a lot of jam tomorrow that many investors appeared to believe in, fuelled predominantly by 1 bonanza copper drill result with an impressive % g/t, that on the back of that they did a placing. However since then there has been no significant news to move this forward.

Based on the financial results, it also appears they will need a placing very very soon.

In May 2017 a placing took place to raise $7million (£.5.5m). By end of Dec-17 as per results, only £2.6m cash remained. So if in 7 months from May-17 to Dec-17 they spent nearly £3m, and we're now 7.5 months into 2018, you have to query how much of the £2.6m is left. Can't be much.

Funny old world. A tiny investment in Bunker Hill which could end up being a nice project had a vocal minority up in arms on this board. I was of the camp that if due diligence proves it is indeed a solid project, we should increase investment. However the one key area where the Board have taken the Michael is the 1p options and the same vocal minority said sod all about this. Bizarre. It's a key area that needs to be raised vocally during conference calls and Agms as we the shareholders should not allow this to occur again. To partially remedy the situation, they should buy back shares and place them in Treasury so exercising of options does not dilute shareholders further.

I see SP Angel have released a comprehensive update today. It's too long a note to copy and paste it here, but someone over on ADVFN has helpfully copied it all out.

Wassatt - it was a while back on their own website and as it's their own opinion (only hindsight now shows their opinion was incorrect) I don't believe they breached any market rules. However if there is indeed now a coordinated campaign and if TW's article makes false claims or defamotory misleading statements against JAY or SP Angel, they should be seeking legal advice to ascertain if regulations have been breached.

They are some key caveats Ragnar and ones on my radar too. There were a few interesting articles over weekend on Rhodium. Despite headline below, analysts can't agree on where metal is heading. However article was useful in that it reminded me Rhodium is predominantly used in Palladium catalytic converters.

World’s Priciest Precious Metal Set to Blossom as Shortage Looms:
https://www.bloomberg.com/news/articles/2018-08-03/world-s-priciest-precious-metal-set-to-blossom-as-shortage-looms

On Eskom black swan, such a collapse would imply a much wider collapse in SA as a whole, which is not of course out of the question. In fact something like the collapse of Eskom could provide the trigger or alternatively massive lay-offs in mining and huge unemployment leading to country-wide protests, shutdowns and civil disorder. When you then throw in populist policies like confiscation of white-owned farms, you have recipe for disaster. So country-specific risks are something to be wary of.

Over next couple years the SA production cuts should start to underpin platinum price. The one concern I have is this monster project in Zimbabwe that will put the brakes on any recovery in price, if it goes ahead.

From memory I believe the company is "Karo Resources" and Tharisa (THS) have just bought into it. Supposedly when it's up and running it will churn out at peak 1.4million Oz per year: that's something like 25% of annual production!

So after more melodrama here today, claims it's purely company specific and usual mudslinging, a poor US jobs report has seen gold flirt with breaching 1,200 to now being up on the day and now at 1,218. HUM has gone from down 4-5% to up on the day after this US reporting and gold turnaround. But it's all company specific... Whilst a small hourly reprieve, sentiment remains dire in gold industry at present. Interesting times

Ok that's clearer thanks to all. If that's the case definitely doable. Maybe after all these tough years, jam finally is coming to JLP in 2019, if Kabwe and Northam PGM deal kick in. Wish you all good luck and I'll be keeping my eye on it, but will need to see Accounts first whenever they are released, perhaps Nov, before I would make an investment decision.