It's difficult to say IMO what the sp should be now.IMO the...

It's difficult to say IMO what the sp should be now.
IMO the current sp reflects the general platinum market and uncertainty regarding the merger. And I reiterate that nothing is priced in here. If it was, taking into account that jubilee will receive almost half it's market cap from the sale of non essential assets which the market didn't value anyway, then the market would value conroast, smokey hills and dump tailings and other projects at 2 packets of cigarettes and 3 cans of fosters!
The market in the uk, especially aim at the moment is news hungry.
The process has already taken IMO far too long, hence erosion in SP from the 12p mark in February.
The aim market can also change quickly in the positive direction and market over-reaction to good news occurs frequently.
Just look at SOLG with a 120% increase in a single day only recently.

I posted recently on another BB that the dump tailings here are almost giving jubilee a money tree that protects the company from the problems in the mining industry in general ie strikes and fluctuating platinum prices.
The profits from these will pay to restart smokey and crack on with rooderland and kalahari. If production occurs at these 3, we could potentially be looking at upwards of 300,000 oz platinum per year or nearly half of Lonmins output last year, all at a cheaper rate, and safeguarded by near endless tailings. And have you seen Lonmins share price? And it's fallen like most recently!
Of course, the new jubilee will not be the biggest platinum producer, but it could well be the best (in terms of costs and strategy). And again, the tailings project will safeguard the company IMO over the next few years. And that is why I intend to keep on to my shares for a good few years yet.

Best wishes

Eyeguy