New broker note



…just put out by Shard.

Have a good weekend all and may England and Wales both win their semi finals.



Cheers ToT

A very clear and concise read. It will be interesting to see the next one once they have the further info and can put that into thier earnings model. I cannot see JLP remaining at this SP for very much longer, and there is a strong possibility of going to double digits within a few months IMHO.

Well one out of the two teams into the final in the Rugby isn’t bad, though I guess you may have preferred it the other way round?




Wales and South Africa - nothing in it - could have gone either way - pity.
England were awesome and the score flattered NZ IMO.
The final is another day but IF England play like they did against NZ then there’s only one winner. IF.


Agree Kalan, England even scored 5 of NZ’s points for them by a momentary lapse in the line out, otherwise they would have been pointless.

Not saying anything about the final. I was a Jonah for the six nations so I am keeping shtumm!


Have to agree that England were awesome and I’ll be staggered if they lose to the Boks. Wales could easily have beaten them imo if we had stuck to our normal game and not persisted in those box kicks from the scrum half. The one time we got it out wide to the left we had a try so I think the blame must lie with Mr Gatland, and I feel for the players who now have to endure the dreaded third place play off which nobody wants.

In the meantime we have much to look forward to here following Leon’s excellent interview with Proactive and the financials which should be with us next month. JLP is now my largest holding in value terms of the 12 stocks I currently own and I’m looking forward to seeing a 5 in front of the share price in pretty short order, and dare I say it a maiden divi in a year or two.



I think we could see a bit of weakness in the sp this week (sell at 4.15 and buy back at 4p may be possible but is it worth the risk?). Further opportunity to add before next weeks update (if it is next and not this) is probably the better option.



JLP just bought out the Hernic plat rights for cold hard cash! Now is not the time to trade for the chance of a couple of percent.

Traders beware, an out of the blue RNS (not always 7am as we have seen) about the chrome option, Windsor even tjate could blow the doors off.


I thought that too mccarthycraig, but today’s price action does suggest that Kalan was right - with people taking profit to chase some of the other stocks which have become hot to trot this week. No matter, I’ll add some more JLP this week if the pullback continues.

I think it’s premature to talk about Tjate at the moment. Maybe once the price of Platinum gets above $1100 an ounce. However I wouldn’t rule out Anglo Plats taking out a small piece of it at Quartzhill farm since if memory serves me correctly that could be opened up by driving an adit or two from Anglo’s adjacent mine. Much much cheaper than sinking deep shafts, building a processing plant etc, and of course now that JLP are established as the tailings Kings in the region, there could be an attractive deal for both parties with JLP offering a reduced sale price in exchange for the right to process Anglo’s tailings.

Plenty more news to come here without that though and I’m here for the divis which Colin Bird mentioned in his interview today.


Haven’t traded - buying more on weakness looks the best option. JLP hadan agreement to sell Quartzhill for £5 million if memory serves and Colin made out it wasn’t worth selling at that lowly price, although he had previously championed it as a good deal when the company were cash strapped. The thoughts at the time were that depressed pgm prices killed the deal. Since then Rhodium and Palladium have soared so it may come back and maybe at an increased price.


Ditto to that Kalan. I’ve added again today. Yes, it was $5m for Quartzhill when Platinum was in a downtrend. It’s now trending upward and precious metals have just had a nice little boost from the Fed’s rate cut this evening. If the trend continues I think we can expect to see the recent high taken out within a couple of months or so and then onward to $1100 an ounce and above. That’s when things will start to get a bit frenzied around here, and the offers might start to flow again - if not sooner if the trend is steep.


When is the next update. I took some out of Bloe before it went red, so put a few in here.


W’ve been promised an update on Windsor next week Jaytee, then the financials sometime in November. The latter should show a signifcant increase in revenues here and possibly convince some II’s it’s time to get back in.



Charts indicating we are about half way through a small area of weakness jaytee so late tomorrow may be a good time to add. Late on Fridays often sees mm’s getting shut of a few when demand isn’t strong.


Glad I bought when I did, I’m actually blue now - good rise this afternoon.


Well done Jaytee. I now sitting on a substantial profit here im my ISA and the ones I hold in my Shard account from the placings I took part in but I still have some in a legacy ISA I took out with TDW years ago and now held in a dedicated account within II. That is still in deficit but I can now look forward to seeing some profit there in the not too distant future.

For next week I would just sound a word of caution in that the RSI now stands at 71.9. Once it gets up into the eighties it might be time to consider slicing a bit of profit. I’m thinking that with the herd arriving on other boards we might just see a big spike on the Windsor news and then a retrace ahead of the results statement, depending of course when the results are released.

I’ll look to sell around 20% of my holding if the stock gets overheated and then buy it back once the RSI has cooled off a bit, but it is a bit risky in that we don’t know exactly when the financial results will be released so you pays your money and takes your chance as they say.

Have a good weekend all,


Who would have thought that when this little minnow went into a JV with Hernic/Mitsubishi, we would end up a few years down the line owning the entire tailings and have control of the operation.

Just makes you think where we could be in another 12 months


Don’t know if anyone can help here with a problem understanding the figures provided by JLP. The first half of 2019 saw us booking down sales of chromium concentrate at £4 per tonne when you divide the revenue by the tonnes produced. Most were expecting around £100 to £150 per tonne for the concentrate. TotalTrader suggests that the reason for this is that JLP may have booked down all production tonnage including the tonnes handed to hernic for free.
It makes a big difference as at £40 per tonne payback on the £12.7 million expenditure is a little under 3 years but less than 1 year if what Total trader says is true.


That’s £40 not £4.



I think the historic cost/revenue on chrome will be immaterial here, because the key thing is that now that JLP get all the income from the chrome, then it is now worth them putting in the fine chrome recovery circuit which will boost the revenues significantly, and therefore the payback period will be much shorter, though I would expect that it is still in the 12-18 month ballpark.

Another great RNS IMHO and I cannot understand the markets current antipathy to it. Nothing but positive IMO.



Bullster on Advfn was crunching the numbers and says that “I am getting $120/t from Tharisas recent results, cut back a little because of recent price weakness.” Not had time to check myself

His calcs below:
Jubilee owns and operates a chrome and PGM processing facility at Inyoni with a processing capacity of 55 000 tonnes per month. The facility currently produces up to 9 000 tonnes of saleable chrome concentrate and 2 250 ounces of PGMs per month".

Inyoni lmpy-ch 9k t @ $120/t = $1,080,000
Inyoni fine-ch 8k t @ $130/t = $1,040,000
Inyoni pgms-4e 2500 oz @ $563/oz = $1,407,500