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Would hardly call gold at $1,320 dire times!

OK I see it is listed in the interims as part of the 6Es but without the actual % breakdown it is relatively meaningless.

Is it? What is JLP's basket breakdown by %? I've never seen it...

Thanks for reply moneyhawk, some good points. However on SLP production was 33,892 Oz for 2H 2017. The higher figure you quoted includes the lower value "by-products" (Ruthenium, Iridium, Nickel and Copper) which are not part of quoted basket price and only have revenue of $1.6m. The remaining revenue of $26.5m is "net revenue", however I'll admit not clear on the difference between gross and net revenue for SLP's purposes, USD/ZAR Forex etc. Gross revenue based on the 34k Oz is more like $36m, so perhaps they've already taken off the refining costs in the "net" calculation. It doesn't matter too much when SLP are shedding off cash at a rate of knots and only have a market cap of �50m, with $15m+ already in bank and producing 75-80K Oz per annum. Whilst JLP has some potential to grow, like I said it will require a large amount of Capex and even with growth JLP will still be far behind SLP. And for now the expansion into other metals for JLP is the usual "jam tomorrow" until proven otherwise. SLP have demonstrated continued track record of growth and are building up a large pot of cash for either dividends, acquisitions or internal growth without the need of placings or debt at high interest. I do hope Kabwe works out for holders here, as this is really the only reason to stay, pull your hair out here and keep the fingers crossed. Tjate is a stranded asset and JLP PGMs tailings are fraction of SLP's. Chrome is marginal and SLP are looking to sell their Chrome Grasvally project, knowing money can be better utilised elsewhere.

Ragnar - agree with your sentiments and the bulk of my holding still remains and will hold on in. Like you say there is little I can see offering better value. I've been in since 7.25p and kept buying tranches through to 11p, at one point owning 1%. So it is only now I sold a portion of my holding. I'm obviously still very positive on SLP and left more than half of my holding. If there is any retrace back to 15p I may look to add again. On SHG, there are risks of course with Tanzania, just as there are with SA for SLP & PAF. It is not for everyone i'll admit, but there is huge upside with SHG in event the political situation becomes clearer for them and they receive $14m due to them in VAT rebates. They are the only miner to receive any rebates back so far ($3.5m) and they appear to have a far better relationship with the Government and local communities than Acacia. Increase in royalties are already within the AISC. They are producing 80K Oz and finally over a 3yr period of major Capex (> $100m), so I expect $40m net debt will start to come down significantly. Good to see SLP still strong... I doubt we'll see a 15p retrace at this rate! SLP, SHG and HUM are the only junior miners I have significant holdings

Accept JLP does not have a better margin. It sells its unrefined concentrate for around 700. The margin is clearly stated in the RNS as 342. SLP cash costs around 526 and sells at spot, with a basket price of 1,057 last period. The margin is around 531 on a far far greater production of 75-80k oz. You have to take a bit off for the 3rd party refining costs not incl. in cash costs but the margin is still better. With so many fingers in so many pies JLP has many other costs to cover and considering the Hernic cash costs are by no means all-in costs and get swallowed up elsewhere, it's no wonder they are making a loss and will continue to do so. For any meaningful turnaround and production increase, significant Capex is required, funded by drawing down on the debt facility which no doubt has a punishing interest rate or yet another placing. Perhaps both. I have not yet seen a good reason why anyone should invest in JLP over SLP

I'll admit I have been massively overweight here, so I have also taken a bit off the table with this ramp up too (about 2/5 of my holding), selling few tranches at 17.5p today and low 17s yester (probably show as buys as they were way over the mid point, which shows the demand for the shares). I could regret it if there is indeed something going on in background and it continues this rise, but with no updated dividend policy and PGMs taking bit of a whack in last week or so (basket must be down around $50), I decided in very short-term to rotate this money and add to my 2 favourite junior gold miners (SHG & HUM) and take a big punt on PAF at just over 7p (feel the collapse in PAF sp has some merit, but appears to have over-shot to downside). Gold is holding up bit better at moment (spread between Plat & Gold has widened back to $370), HUM is having site visit and HUM & SHG both should provide their next Quarterly Reports before SLP in April, which is normally bit later than others. So intent would be to add back to SLP at some point, if I see PGMs balancing out again and closing spread between gold. Again it's a risk and I don't tend normally trade in and out with my long-term positions, but I still have plenty of skin in the game so hey-ho. SHG and SLP are still by far my favourite stocks and biggest positions. Exciting times in the markets - hard to know how to play it

Whilst I believe SLP is grossly undervalued, in short-term I honestly was not expecting this strength after the results, without an updated dividend policy or an increase in PGM spot. In fact PGM spot in last few trading days has declined. Is there a big buyer in the background?

Share, Ragnar, Leas et al - thanks as always for comments and keeping board alive. 1) Production: downside risk has been introduced by providing lower-end estimate, but top-end of 75,000 still matches the last Q4 17 report. However even the lower-end will match 2017's 70,869Oz achieved. 2) Cash costs: based on the fact 71-75K lower range is same as 2017, cash costs should not actually increase or decrease by much at all, with exception of Forex. However with cash in bank + 7% interest any increase in ZAR to cash costs is offset by increase to cash in the bank, in USD Equivalent terms. 3) AISC and All-in costs: in a re-assuring sign of transparency and think it's first time I've seen this, SLP are reporting both an "AISC" and an "All-in Cost" (AIC) of ZAR 7,127 and 8,515 respectively, or USD Eq. $615 and $735. Conservatively I've always assumed $750 AIC, so not too far off my own assumptions. Based on a 71,000 - 75,000 Oz and with a basket spot price of over $1,100, the margin and free cashflow is substantial. 4) Capex: was nearly $5m in 2017 and due to be around $11m in 2018. So an additional $6m of Capex in 2018 compared to previous, which translates as roughly $80-$85 per oz extra on top of $735 (if 2017 is used as a benchmark), so estimate of AIC $820oz. Considering this will be highest year of Capex and then starts to fall, the margin is still significant at $1,100 basket. Looking at $20m free cashflow. Of course subject to Forex. Another metric which shows just how under-valued SLP is at Market Cap of �40m. 5) Dividend: With $12.4m in bank and substantial free cashflow even after AIC, disappointing there is no update. Separate to our industry, with a number of statements by new ANC leader Ramaphosa and SA economy in general with major hurdles to overcome, I would be surprised if ZAR appreciates much from here, but let's see.

The irony that autocorrect on my phone changed my post. Serves me right. Let's hope there is actual news soon we can discuss instead. Be it VAT refunds, Singida exploration or another strong movement in gold.

Let's just up they're informed constructive comments, with the spell check on and Caps key off. But I doubt it

Ducatti - agree and unlike the big miners like ACA, they have never worked under a Mining Development Agreement (MDA) which takes precedent over other Legislation, agreed by previous Governments and appears the new Magufuli Government does not look upon them favourably. Shanta has always worked within the usual existing standard Tax System with no MDA in place. From the news article showing the backlog in payments to the public sector appears to be resolving, hopefully they are now getting through it all and we will see other VAT rebates forthcoming. Shanta have an office and team in Dar and hopefully they continue to have good relations with the Government to progress VAT concerns etc.

*Typo - sell out not tell out!

O'Donnell: - Ariana is based in Turkey and has very small mine there. They're pottering along at a low production rate of 20K Oz per year and only 50% to Ariana, with the rest to their Turkish JV Partner. Any expansion to 50K Oz requires significant Capex. Their other asset is Salinbas, however considering Eldorado simply relinquished their share to Ariana for free, you really have to question if it is the next Hot Maden that many are trying to make out, or if the inhospitable geology and other factors simply make it untenable and marginal. After many dilutions and then Board giving themselves overly generous share options in December, told my father to tell out and put more money in SHG, HUM or SLP. - Back to Tanzania - it is not just miners, but all international companies in Tanzania are owed VAT rebates. Shanta is only one I'm aware of that received rebates back. And that is 200bn TZS, not $ - Why? Is the $14m question for SHG at least. This all started with Magufuli becoming president in Nov-15. There was a bit of a delay but VAT rebates stopped around May 2016. There was widespread corruption in the Tanzanian civil service and so the Government has effectively been clearing house and this has impacted many areas of Government. No doubt unofficially cash concerns may have been factor too, who knows. However I'm sure SHG with its plan to use VAT rebates for in-country opportunities (Singida) has better chance of receiving their $14m rebates due before ACA does of their $90m+

Well volunteered Jeffry you suggest to board JLP tale 100%. I'm sure if that's on table and a viable option they never would think of it unless suggested

Hazrat - perhaps mildly overstated for now, but I've taken top threshold of the AISC and SHG have only hedged 22k up to May at $1,275. That leaves 75% of the 88k annual production to be hedged over $1,300 and part of it unhedged at spot price, as SHG reduces its hedges as debt decreases and risk profile changes for the better. So all in all over course of year I don't think avg. $1,330 is too far off as long as spot can stay $1,350+

We have Debt of $54m, but also cash of $14m hence the $40m Net Debt. SHG will pay down $15.7m of scheduled debt repayments by year-end. We now have Capex of only $16m this year compared to $36m last year. New royalties are already included in the AISC of $680-$730. So with 88K Oz at $600 margin (assume top end of AISC and $1,330 spot), that equates to $52.8m margin. Minus the Capex + financing costs, that's circa $30m free cashflow before Tax, but also before the $14.5m VAT rebates still due. There is more than enough to pay-off debts this year then the Convertible Notes in April 2019, but wouldn't leave much cash for expediting expansion. That's why SHG appear to also be looking at financing for Singida. I assume to provide full financial long-term flexibility: a) Contingency in event VAT rebates still take time or is mainly offset against Corp Tax; b) With potential for Investec restructuring not appearing to materialise, the Convertible Notes of $14m may need to be paid by part cashflow part VAT rebates or the like. So again to provide full flexibility and allow Singida to not be delayed, financing makes sense. c) With old debt facilities getting paid down at higher interest rates, SHG now in stronger position to be able to negotiate debt facilities with lower rates. Their debt facilities with Exim and supplier Sandvik were already at far lower rates than the restructured convertible notes.

Unless after they did their due diligence they pulled out. Where is the Definitive Feasibility Study for Tjate? I looked through the 2008 - 2010 RNS' and there is no final output, yet a number of Contractors worked on it. If you ever needed a massive red flag or reason to think Tjate is one big stranded asset, extensive work on a DFS with no final output is one. Have I just missed it and it's on their website somewhere?

Few things to note on outdated early 2013 dividend policy: a) 2013 SLP cash costs were $708oz and production only 44,255 Oz. The basket price was only $867. b) Due to collapse in price of metals, high Capex and industrial actions, strikes etc., dividend was never implemented. In fact until recently (2017), SLP's would not have been over the $8m cash threshold position after a dividend pay-out. And of course Phoenix was then acquired. c) Management have done exceptionally well and SLP is now looking to produce 80K with cash costs down to $450 (may spike a bit higher to incorporate Phoenix) and Basket price over $1,100, so a lot of headroom over $1,000 even if there is a pullback. We now have a reported cash position of $11.2m end of Q3 17, which will only be higher when Q4 17 result come out anytime now. The dividend policy needs to be revamped and I would argue based on the stronger position of the company "minimum of 25% of the previous half year earnings as a cash dividend" is no longer valid and should be increased. I'll always caveat that if there's clear strategy to utilise the cash in other areas of internal growth or acquisitions, fine. Internally we would need clear defined update on Volspruit (3.1m Oz PGMs, Copper 77 million lbs & Nickel 262million lbs) or Grasvally (Chrome) and est. Capex spend.

Ragnar- I believe the Lonmin results are even worse than you allude to. Their "all-in cost" is far higher than the reported cash cost. Their last set of results before this in early Nov showed a cash position of $100m. This is now down to $60m in their results of yesterday. They're burning through cash. Good for low cost producers like SLP. Even at these levels SLP making substantial profit and at same time causing major long term structural damage to industry which at some point will constrain supply