Member Info for welloilbeefooked

As I may have mentioned before, and it's only my opinion, I believe CB has too many fingers in too many pies... https://hotcopper.com.au/documentdownload?id=uOMxKKzFkiWRTLKhOROKAxjvTDYC5Qm1wBSZpvRrke92GA%3D%3D

Kieffy - investors are fed up being messed around. JLP don't maintain any reasonable level of investor communication - bad news is hidden away instead of announced immediately, just read today's RNS in detail. Ultimately, over the last 15 years, our directors have established a remarkably consistent record of year on year losses, non delivery on promises and erosion of shareholder value and trust. Now maybe, just maybe, they're going to turn that round but if you've been beaten down with the big project pipeline stick, as I and many others have, there comes a point where you need to get it off your chest. Take the RNS from 15th June last year : "Jubilee is pleased to announce that its Hernic platinum and chrome processing operations ("Hernic") has achieved 100% of the design throughput of 1 900 tonnes (t) per day of chrome and platinum containing feed material equating to 55 000 t per month." Over 7 months on and we're at two thirds of full production - seems like more of the same old sh*t to me. Surely it's time for a change at the top. We've got the assets but now we need some proper heavy hitter guys on our board, people with successful track records of delivering value for shareholders - imo the current lot are sadly lacking in that respect.

Wonder how our lately arrived institutional investors are feeling - have they been suckered in too ? �400k loss in a matter of a couple of weeks...mind you, it's only on paper so that doesn't count. Welcome to the world of JLP - we feel your pain!

Having said all that, if we can get Hernic up to full throughput of 1900 tonnes per day I can see the unit cost coming down to �320 and annual earnings from Hernic alone of �7m -- looks like a big if at the moment though.

Exactly TDT - another perfect example of lack of communication with the people who keep them in a job - ( or maybe they thought we wouldn't want to know) The chrome processing plant upgrades interrupted processing of the ROM material for approximately 8 weeks before resuming in January 2018.

Fact is I bought in thinking this had multi bagger all over it - but that was a long time ago. My average is almost 5p. Let's say they somehow get to their stated aim of being mid cap - let's value that at the lower end �150m - at a PE of 7 we'd need to be making over �20m a year profit - that seems a long way off to me but let's just say we get there. �150m divided by 1.3b shares - 11.5p - assuming no more dilution. (But where's the plant coming from to process all the stock) Anyone else think that's optimistic ?

Troajan, for the record, I'm heavily invested here and want this to do well. All I'm doing is calling the management team to account. This company originally had less than 40m shares in issue, it's now way over a billion. That's dilution at all sorts of prices on the way down, so not every smarta**e investor gets it right when "invited" to invest at a discounted placing price. The lack of communication is disgraceful, disrespectful of PI's and ultimately detrimental to the sp. They don't respond to emails, they don't have any social media presence - the bottom line is they look like a couple of shoddy amateurs. I'll be out of this on the next spike. IMO CB in particular has a finger in too many pies and a poor company track record.

Essentially they've bought more stock - someone needs to introduce them to the concept of stock control.

CB and LC need to convert the stock pile into a cash pile and deliver it onto the balance sheet. Personally, I've had it with the "project pipeline" - they should start a project, profit from it, invest in the next one etc and grow the business that way. All we've seen is OUR cash chucked away on "projects" like Tjate, which is now a carbuncle and will likely end up as another massive impairment. The chuckle brothers need to start delivering.

We've had 15 years without a profit. What's the point of buying up mountains of dirt (stock) we don't have the capacity to process and paying for it by dilution of existing shareholders? 15 years of failure - if they can't even deliver monthly updates, how are we meant to believe they're taking us to mcap status ? Unnbelievably poor communication and I hate to say it but the J man may have called this spot on.

670,000 tonnes zinc @ current price of around $3600 = $2.4 BILLION 540,000 tonnes lead @ current price of around $2600 = $1.4 BILLION Wow !

Now that is a question for LC Moneyhawk. If I had to rely on my customers to tell me how much to invoice them for I'd have been bankrupt many moons ago. If this really is the case then the tail is wagging the dog for sure. Maybe someone else on here will have the answer to this. Cheers

Hi Moneyhawk and welcome tp the board. Interesting post and something I'd not really considedered so thanks for that. On the point of the December figures, I don't think the holidays will make any difference to the timing of the update. The sales figures will recorded as and when invoiced, not when the cash is received - which I know, as a small business owner, can be months later.

looks like at todays price of 1.8p he's got over �4.5m invested.

Hi Edzi, I've not given up on this but I'm still completely baffled as to the commercial sense in effectively buying up massive mountains of waste when we don't have the capacity to process it, and diluting the existing shareholders to fund it. So you may find that the �50m facility ends up being used to build additional processing capacity - that'll take years and the transformational mid cap company can is kicked further down the road. There is no clear business strategy, and there are no financial forecasts. No-one holds them to account. The only targets they have set themselves have not been delivered and they haven't told us why. eg If they came out and said "we're investing �10m in BMR now and expect that to yield �100m profit over the next 10 years" then yes, I'm in. But we don't get any detail and you can bet your bottom dollar we won't get any detail even if they announce the go-ahead for this deal after the due diligence. I get all the stuff about larger investors coming in but we all know AIM is open to all sorts of shenanigans so that hasn't cut the mustard with me I'm afraid. Without a clear strategy, how are we meant to know if they're delivering on the timescales and plans that are put in motion to deliver the strategic outcome ? Simply telling us that buying up assets through share issues will be transformational in the future is basically not good enough.

Have to agree - we could end up being the largest waste metals business in Africa and beyond but it doesn't add up to anything for PI's if the number of shares in issue is increased 100 fold. That may sound extreme but you look back - 38.8m shares issued in 2002, now well over a billion in issue after the BMR deal.

High time they started respecting the people who pay them

Hi Snaffleman, I've watched every podcast for years. The problem is that they promise and then don't deliver. Where is the monthly update for December ? They said we would have monthly updates but they're not following that through so that worries me, and it probably worries other people, who then sell on the deafening silence. I've been here for years and I'm fed up listening to Colin and Leon talking about the future, and if I hear the word "transformational" again I think I'll puke. What is the point of building up mountains of stock which they don't have the capacity to process ? And paying for it by issuing more shares ? They should be concentrating on their two current income streams, maximising the revenue from those and then doing deals on with that free cash flow as required.. High time they started

It's lack of information imo - they are among the worst of companies out there for failing to keep in touch with their investors so the price drifts down on no news. No social media presence - pretty unforgiveable these days. How hard can it be to post a few pictures and updates a month, show us that they're actually out there doing something? Someone is responsible for their investor relations and media output - that person should be fired double quick imo.

CB on the vox podcast today - https://audioboom.com/posts/6602701-galileo-resources-glr-toople-toop-african-battery-metals-abm-and-john-meyer-on-kod-geo Sounds very upbeat