the_old_trout
02 May 2019
Delayed Quarterlies Good afternoon gents, Well I’ve just spoken to someone who is close to the action and the principal reason for the delay is down to the auditors taking a closer interest into the timing of the booking of costs and sales now that the company is in significant growth mode. That has held things up but I am assured that the quarterlies will be issued early next week. I also established that Leon is currently in London talking to major industry players and some news might emerge from that in the not too distant future. FWIW I was looking at the chart just now and the rise did not really get going until a couple of days after the interims were published and did not peak until April 8th after the II’s and HNWI’s piled in. I’m therefore looking foward to something similar after the update, assuming they prove up the growth trajectory - and not just a one day wonder. Fingers crossed, Tot
jaytee41
02 May 2019
Delayed Quarterlies Surprise surprise… still no RNS
dkok
01 May 2019
Delayed Quarterlies All Just looking back at a couple of the recent RNS’s and one reason for the delayed quarterlies may also be to allow the company to also confirm the commencement of processing of JLP’s PGM’s by Northam at Eland, which from the half yearly results RNS were notified to commence in May 2019. glta
dkok
01 May 2019
Lift off! HPC Understood, I don’t think Colin helps the situation by refering in the RNS to Jubilee with his own short reference as JMG for Jubilee Metals Group, rather than using the correct stock market ticker reference for the company which is still JLP, as it introduces an unessecary chance of confusion. Onward and upwards. glta
dkok
01 May 2019
Lift off! Hi ToT Agree in terms of the GLR RNS being positive for JLP in the potential to either extend the life of the Sable processing plant, or ensure that it is running at full capacity. I think CB has a win-win situation here as he will collect from both ends of the deal, so Sable and Kabwe were very beneficial to the future of GLR for him. The deal makes perfect sense, just as long as Colin doesn’t get too greedy from the GLR side of things, and any agreement should be able to be hammered out relatively quickly, though it would be interesting to be a fly on the wall of the discussions between LC and CB, as I am sure LC will be robust in his dealings on behalf of JLP shareholders, as it is within LC’s interests to make sure that JLP do as well as possible for his bonus/incentives to kick in/be maximised, and he is only working for the one company - JLP. The main potential benefit for JLP in this deal if they can get it done quickly, is that it may be possible to get the Star Zinc being fed through to Sable sooner than we can get the feed on line from Kabwe, thereby getting money into JLP sooner rather than later, though we will beearning from Sable pretty much straight away on the basis of Glencore buying back Sable services up until the time that JLP start with the feed from Kabwe. Tight lines (and dry feet) ToT & glta
HPC_Follower
01 May 2019
Lift off! Thanks… too many other things going on right now; I’d forgotten some the ownership & strategic plan facts. This does make a lot of sense; and will be happier when JLP makes steadily increasing profits & can start reducing debt… will try & find time to catch up on JLP’s progress & current plans.
the_old_trout
01 May 2019
Lift off! I’ve been out and about all morning and am off to try out my new waders shortly and cast a fly or two, so just catching up before I have to whizz off again. I can see how some confusion might arise from our Chairman’s dual roles but I am confident that he is speaking entirely for GLR in that RNS. There are clear synergies in the two companies working together though and the more feedstock that goes through Sable the better imho, so I welcome this deal. What I was fearful of in my post last night was an early buy out of GLR by JLP, so I am glad to see that is not on the agenda currently as the company needs a breather from fund raising activities if the share price is to continue the up trend which is now in play. Now that RNS has been delivered I would assume that another has at last winged it’s way to the Nomad, so we should get the quarterlies imminently. Oh and by the way, I thought Shard had already covered the early start to production at Sable from Kabwe in their note, but some clarification of the plans in the update wouldn’t go amiss. ATB, Tot
jaytee41
01 May 2019
Lift off! I found it on the LSE board mate so decided to put it on here. Colin does seem to have his knickers in a twits and I wonder if there is a conflict of interest here. But the 2 companies do seem to be associated so if one does well, then I guess so will the other.
dkok
01 May 2019
Lift off! JT41/ToT Looking at the RNS, it looks like Colin is struggling to differentiate between his roles within the various companies within which he has an interest/position. The last paragraph of the RNS before the Technical Sign-Off section, is a prime example where the RNS is not clear as to whether he is talking about Galileo working on the Star Zinc JORC Code maiden resource, or doing it for JLP on Kabwe, as he talks about run of mine feed to Kabwe! I am pretty sure that it is the former, and that the last sentence should be in relation to run of mone feed to SABLE (not Kabwe) but this is an example of where CB’s multiple chaimanship’s could lead to confusion. Notwithstanding this, the potential off-take and processing agreement may have the ability for Sable to have additional feed stock going through it on a toll basis, which will be earnings acretive to JLP, and with a possibility that this could be before we start sending our own feed stock from Kabwe, so potentially all good imho. glta
dkok
01 May 2019
Lift off! JT41 Good find there JT and thanks for posting. Expect to get a JLP RNS today to cover the quarterlies and with this info included, or a seperate RNS as this is fully relevant to JLP signing an off-take agreement with Galileo.
dkok
01 May 2019
Lift off! HPC Did you really ask that last question??? Maybe because JLP owns Sable, and Kabwe, and the RNS contains a huge amount of info which is absolutely pertinent to JLP, and its game plan for Kabwe, like denoting that it intends to produce first product within 12 months of purchase!
HPC_Follower
01 May 2019
Lift off! Why is this relevant to JLP?
jaytee41
01 May 2019
Lift off! For immediate release Dissemination of a Regulatory Announcement that contains inside information according to REGULATION (EU) No 596/2014 (MAR). 1 May 2019 Galileo Resources Plc (“Galileo†or “the Companyâ€) Star Zinc - Negotiations to Commence for Off-take Agreement Galileo is pleased to announce negotiations are to commence with Jubilee Metals Group plc (“JMG†or “Jubileeâ€), for an off-take agreement to supply ore from Star Zinc (“SZâ€), pursuant to a Binding Term Sheet (“Term Sheetâ€) (announced 31 August 2017). Commencement of negotiations is facilitated by JMG’s recently announced acquisition (21 March 2019) of Glencore’s Sable zinc refinery (the “Acquisitionâ€) for its Kabwe Tailings project in Zambia and the Company’s recent placing to raise £500,000, before expenses. to advance its 80.75% owned Star Zinc project. Highlights · Jubilee’s acquisition of the Sable refinery (the “Refineryâ€) enables negotiations to commence with JMG for an off-take agreement to supply ore mined from Star Zinc and other potential ore sources nearby, to which the Company has the exclusive option to acquire · Star Zinc has an independently modelled exploration target estimated at between 600,000 and 900,000 tonnes (t) with an estimated average grade of 10 to 12% Zn (announced 14 November 2018), with a high grade (>20% Zn) component estimated at between 60,000 to 90,000 t rock mass · Potential earnings from Star Zinc could be significant in the near future as there would be no requirement for either mining or processing capital · Mining risk and costs would be low since the deposit is shallow, mainly near surface to maximum 60 m deep and parts of the deposit could be mined using mechanical diggers without the need for blasting · Coincident with the off-take agreement negotiations, the Company will expedite use of the proceeds from the Placing to produce a JORC 2012 maiden resource estimate and an open pit design and plan to mine ore from Star Zinc · Future exploration for the Company will include the Kashitu zinc willemite (zinc silicate ore mineral) prospect, some 6 km distant from the Refinery, subject to completion of the acquisition of the Kabwe Residual Rights announced on 13 September 2018. · Kashitu is believed, by the Directors, to have similar mineralisation to Star Zinc and future ore from Kashitu would supplement that from Star Zinc · Historically, vanadium has been identified on Kashitu. Star Zinc, however contains silver and germanium, which would be included in off-take agreement negotiations depending on their recoverability · Kashitu licence area is more extensive than Star Zinc and is therefore believed to have the potential for a much larger tonnage based on interpretation of historical exploration on Kashitu Colin Bird Galileo CEO said “Jubilee’s acquisition of the Sable refinery and development plans necessitates fast tracking negotiations for an off-take agreement to supply Star Zinc ore. We will undertake all necessary work, related to expedite producing a JORC compliant maiden resource estimate and a mining plan for ore from Star Zinc. The Kashitu prospect has the potential to be a bigger resource than Star Zinc and we intend to commence a study for exploration on this prospect as soon as practicable.†JMG’s plans regarding its acquisition of the Sable Zinc refinery in Kabwe Zambia expects to deliver the first metal from its Kabwe Tailings within a year from the acquisition. In order to meet this schedule Galileo will expedite the completion of a maiden mineral resource estimate to 2012 JORC Code standard, which will include commissioning the refinement of its existing ETR model, in order to delineate a) potential high-grade and low-grade zinc components in the body, and b) develop an open pit design for selective mining, as appropriate, as run-of-mine feed to Kabwe. Technical Sign-Off Andrew Sarosi, Director of Galileo, who holds a B.Sc. Metallurgy and M.Sc. Engineering, University of Witwatersrand and is a member of the Institute of Materials, Minerals and Mining, is a “qualified person†as defined under the AIM Rules for Companies and a competent person under the reporting standards. The technical parts of this announcement have been prepared under Andrew’s supervision and he has approved the release of this announcement. You can also follow Galileo on Twitter: @GalileoResource For further information, please contact: Galileo Resources PLC Colin Bird, Chairman Andrew Sarosi, Executive Director Tel +44 (0) 20 7581 4477 Tel +44 (0) 1752 221937 Beaumont Cornish Limited - Nomad Roland Cornish/James Biddle Tel +44 (0) 20 7628 3396 Novum Securities Limited - Broker Colin Rowbury /Jon Belliss +44 (0) 20 7399 9400
the_old_trout
01 May 2019
Lift off! Well seems that this match has now gone into extra time. There must be some valid reason for this, other than the Nomad being pedantic over some of the wording, so my hunch is that another deal has been brewing, and the delay is because they want to include an announcement in the update. Let’s face it hints have already been dropped about more business in Zambia and we also know that they have been talking turkey with the majors. I hope it’s that and not some deal to buy out GLR. Tot
jaytee41
29 Apr 2019
Lift off! I’d be doing an inventory check before and after the boro fans visit Kalan lol. Some movement on JLP since we started moaning earlier on on lse ha
