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Ok apologies just found it in 1st gold pour presentation! Apologies all. It's just a very poor bar chart for 1st year. What can I say I'm pedantic

Fsj - I'll take this opportunity to thank you for all your commentary on site visit, much appreciated. With all due respect though the 1st slide alone is grounds for a RNS. It is showing a change in production forecast. Even just from a PR perspective most companies would issue this through a RNS for maximum exposure. It's showing more definitive details on the exploration, more accurate costings and extension to LoM

It's a good update and adds meat to the bones, but I have 2 issues: a) Why was this not issued via RNS? Or was it via RNS and it's just not showing up on LSE b) Surprised no one has commented on the obvious on the very first slide. Yanfolila Production Forecast is showing only circa 125,000 Oz in 1st year, unless someone has messed up the bar chart axis?! However on positive side Year 2 is showing just shy of 120,000. So overall it's showing more production than previously communicated. It puts in perspective what we all know that HUM has potential to achieve 120,000 per year for 10yr + mine life. If this was not issued via a RNS, that is pretty poor and PR needs to be fine tuned.

longtomsilver - all the best and good luck. It's been a good ride so far in last year for SLP and I too took a portion off the table in tranches from 17p to 18p, but the majority of my allocation I left here, as for now I still see a lot of upside in long-term. I may even add back in if there is a drop or if my gold miners that I doubled down on do well over next few weeks when they release their quarterly reports before SLP - I may rotate some back into SLP. Thanks for letting us know what you're looking at. I had a look at HZM and JAY. It's bit too early for me to invest in them, but like your strategy to invest over next 5years. I particularly like JAY, but need to do more research. On HZM I'm a bit more dubious about and again would need to do more research on their Araguaia project. On their other new Project Vermelho that they just acquired from Vale, I know cobalt is all the rage but you have to question why the behemoth Vale would sell. There surely must be something wrong with it. It's even gone through a full blown Definitive Feasibility Study, yet Vale still sold it on for a mere $8m. They must know something, but the HZM RNS in Dec 17 merely says: "Vermelho was subsequently placed on hold [by Vale] after delivery of the FS upon an internal review". The million dollar question is why after the internal review was it scrapped by Vale?

SHG still hedge part of their production, but going forward very good indeed. Assuming an avg. gold price for this year of $1,325 achieved by SHG, looking at significant cashflow: Production: 88,000 (top-end of 82-88K guidance) AISC: $750 ($1,325 - $750 = $575 margin) Cashflow: $50.6m Est. Capex for 2018: $16m (not incl. in AISC) Est. Interest on loans: $4-5m (not incl. in AISC) So even deducting Capex + Interest and perhaps with other costs (Singida, non-sustaining exploration etc.), you're looking at free cashflow of $25-30m. With last reported Net Debt of $39.9m (end of Dec 17), end of this year we could be looking at Net Debt in the teens or single digits. Even taking into account the political risks, the market obviously has not caught on to this fact and appears significantly under-valued at a market cap of �39m. And I'm not even taking into account the potential for SHG to see some of the remaining VAT rebates back ($14.5m). The above does not take into account any major funding to start developing Singida mine, but that would be positive development. In fact drilling results to firm up the resource should be imminent.

Rhodium is the saving grace at the moment $2,000, with Platinum still struggling. The gap between Gold and Platinum may be a the highest it's ever been now? Some $400 difference between them. Based on SLP's last "PGM Prill Split" (pg.22 of Feb 18 presentation), I make current SLP PGM basket price $1,084: 1) Platinum: 63.3% 2) Palladium: 24.2% 3) Rhodium: 12.3% 4) Gold: 0.2% ZAR strength is concern as you allude to Ragnar, but fingers crossed for production increase. In any event, with the cash in the bank, 75-78K Oz est. production and based on current basket, on long-term basis we're still undervalued, even with the recent rise in share price. However in very short-term, be interesting to see reaction of next Quarterly report in a month. But a lot can happen in a month anyway and we may see Platinum close the gap with Gold. Fingers crossed Platinum can get back to the psychologically important 4 digits - $1,000

Rosewall - apologies as my post was bit cryptic but it should not impact JLP at all. I assume JLP has a long term agreement with the Hernic entity and it matters not what owner takes over, they must abide by the contract agreed. JLP has invested a lot in Hernic and so I would hope they would have negotiated a long term exclusivity period for the tailings. However if Birdy and LC have winged it again like they did with Kabwe and it's all a wink and a shake with no formal agreement, then it's "open season" on who has the right to treat the tailings

You know who Samancor have a very good relationship with for tailing retreatment... Slyvania Platinum

To be fair Mulder there is not a single comment on PAF either where it is far more relevant. It's been discussed in the past on here and advfn. SLP as a tailings retreatment company (not mining) and therefore arguably does not come under the auspices of the Mining Charter. At the moment there are very few articles on the discussions yesterday too

Yes it increases the overall shares, but only by 1% and the shares are linked to the salary sacrifices announced last June (payment in shares in lieu of salary).

Last June a number of Shanta management entered into a salary sacrifice arrangement, with such salary to be paid through shares: "certain directors will also enter into a salary sacrifice arrangement under which those directors will be issued with new ordinary shares in the Company. The effect of this will be to provide the Company with an aggregate cash saving of $450,000 over the 12 month period, demonstrating those directors' belief in the future prospects of the Company and further enhancing the Company's working capital position"

In terms of why I invested in PAF taking the risk on PAF achieving what they have clearly set out: 1. Elikhulu: 70k at AISC $650 2. BTRP: 21k oz 3. Barberton: 32% increase in head grade so if everything else remains the same, ultimately means 32% increase in production and significant decrease in AISC. If Barberton achieved 40k oz in the last 6 months (80k oz per annum), is it unreasonable to think if they continue to get their house in order as last RNS implies, they could achieve circa 100k oz pa? So even without Evander you're looking at 190k oz, with a much reduced AISC across all operations averaging below $1,000. On Evander which produced 45k oz in last 6 months at AISC $1,310 and all-in cost at $1,351. It's of course marginal at moment, but if they can somehow optimise this mine, work with unions etc. Maybe both operationally and politically it would be better to continue operations? They may even make a very marginal profit if gold stays here, but also means there is upside on 90k oz pa if gold spot increases. Would score political brownie points keeping the mine working and employment too

SLP has treated me very well after getting in at 7.5p. It was grossly undervalued and still is. It still only has a market cap of £50m which is a third of PAFs, yet it will produce 75-80k oz (nearly half of PAFs if you pro-rata PAFs last 6month interim) has $15m cash in the bank, achieves basket price of $1,050 versus all-in cost of $710. That's a margin of $340 x 80k = $27m free cashflow before tax. Having said all that I recently sold a portion of my SLP and put it into PAF at 7p and HUM at 32p. If PAF can achieve what they have set out in their last operations update RNS and resolve Evander, this could easily double within a year (depending where gold spot is). I guess many need assurance that PAF will actually achieve what it has stated in the last RNS, but for now I'm willing to take that risk.

The following HUM presentation in Dec 17 provides very concise overview of HUM. Also have look at the couple of RNS' after this: http://hummingbirdresources.co.uk/corporate-ir/news/first-gold-poured-at-yanfolila-gold-mine

Utretcht - to add a few points to Ragnar's very good summary: 1. Net Debt: as of end of Dec 17, HUM had cash of $40m and debt of $60m. Considering they have not reached commercial production, the costs will still outpace cashflow from gold sales, so you're probably looking at net debt of circa $30m end of Q1 '18. 2. AISC is $700 3. Estimated production of 132,000 in 1st year (clock starts upon commercial production) and 107,000 thereafter. 4. All-in Cost: so in 1st yr, HUM have said they may spend $10-15m on Exploration, which is to increase Life of Mine and ultimately increase production so will no doubt be classed as "non-sustaining". This will not be in AISC. Interest charges on the $60m debt are also not included in AISC. Not sure of exact interest rate, but if we conservatively say 10%, it would be $6m pa. There are then other costs, Capex, separate Liberia Dugbe project etc. So let's say in total $25m is not included in Yanfolila's AISC. In 1st year on per Oz basis, this adds $189oz to the AISC ($25m divided across 132K oz). So you're looking at an All-in cost of $889oz ("back of fag packet"). So at current Gold price ($1,325 - $889) and based on 132K, in 1st year you're looking at free cashflow of $57.6m. That is phenomenal and would mean after only 1yr in production, being cashflow positive already. I'm being bit more conservative than HUM management who have stated $70m free-cashflow. 5. Potential Upside - Commercial production due anytime now. Will confirm mine is operating as planned and bring lot of attention to HUM, but wider market will probably want to see a couple quarterly results in commercial production to ensure 132K will be met. - 1m Oz outside current Yanfolila plan with drilling to firm this up and increase LoM. This will get HUM to all important 10yr+ LoM - Targeting >150,000oz from Yanfolila alone end of 2020 - HUM own 34% of Cora Gold, small explorer drilling near HUM site. Any gold concentrate could be transported and processed at HUM site thereby increasing production. HUM could charge a toll or just take out/ acquire Cora in its entirety. - Cashflow positive after 1st yr chaning risk profile dramatically and potential for dividends, organic growth and M&A - Dugbe mine in Liberia has 4.2m Oz. Optimised DFS being prepared. Lower grades but with such a large resource and only 40miles from main port to get infrastructure in etc., surely at $1,300+ gold they can make this viable. There are mines across Africa with grades of less than 2g/t than have all-in costs of less than $1,000. Admittedly of course each mine is different.

Thanks for the post AP, I did not see the original article until now

Eish - gotcha fair enough! I've picked gold and precious miners that I see are under-valued due to various country/ company specific risks and should do very well if the risks abate no matter what gold does. If gold does even better than now, they should fly even further. SHG is significantly under-priced due to the perceived political risk, VAT rebates not yet forthcoming, finally the end to a major 3yr Capex period and recent start of commercial production from underground mine, which investors still need confirmation of with steady production and few more quarters showing continual trend of reduction in net debt. I've then been in SLP since 7.5p which has done very well lately and just got in to HUM at 32p and PAF at 7p. I need to do bit more research on PAF before I add anymore and may take a while to see turnaround (e.g. closure of loss making Evander if unions & Government allow this) and successful early commencement of Elikhulu. Still many risks to navigate.

Cj - what broker do you use to buy TSX shares? My usual UK broker does not deal in TSX or ASX, where a few mining companies have caught my eye. It's been a while since I've done any updated research, but few months ago I did like the look of B2Gold and Dalradian on TSX

I would also recommend HUM. The key as Ragnar notes is spotting Mcap at low multiples of near term cash flow and understanding reason why a company is "cheap", to see if it fits in with your risk profile. My favourite at moment as I stated above is SHG, followed closely by SLP and HUM. I've only just started to research BMN and do like what I see, but I do not think it's as good a value as some are implying on the BMN board. BMN produces Vanadium, one of the best performing metals last year used in high grade steel, however BMN produces it in 2 forms: "Nitrovan" and "FeV". Nitrovan is a form that appears specific to the BMN operations and is hard to ascertain spot prices. But as a Vanadium-Nitrogen form, it has a lower % Vanadium content than FeV and demands lower spot price. The majority of BMN's output is Nitrovan, whereas all the spot prices and cashflow calcs I see on the BMN board appear to use only FeV, which is not correct.

Cj - you should not risk the profit you have made here by losing on JLP. JLP is plagued by problems and "jam tomorrow" that never comes to fruition. Even with the recent increase in SLP share price, when comparing the market caps of the respective companies, SLP is grossly undervalued compared to JLP. When you take into account SLP's cash in the bank, which is most likely $15m by now, their market caps are effectively the same. That is just crazy when comparing track record, JLP PGM production a fraction of SLP and fact JLP will need to do yet more placings or draw down on its debt facility at high interest to grow, yet still be behind SLP's PGM production. In such a period where JLP will try to grow, SLP will still be highly cash generative and continue to amass cash. JLP will continue to dilute or amass debt. If there is some kind of resolution on Kabwe asset in Zambia for JLP/ BMR, maybe you will see the JLP sp increase, but it's a bit of a punt. There are far better punts out there.