Jubilee Metals Share Price (JLP)

Chatmandu, I think it’s fair to say Molefe has been under‑described rather than over‑described so far. We’ve had enough to know there is an operating mine in what appears to be the right postcode, feeding Sable, with a defined JV and earn‑in structure – with excellent phase 1 drilling results, and waiting on phase 2 drilling results, but not yet the kind of full resource, mine plan and cash‑flow detail that lets you build a proper model. That information gap is exactly why people are uneasy.

Where I don’t agree is that it’s “just a hook with nothing concrete”. We do know a few important things: there is existing production, existing haulage to an existing refinery, and a partner - GLR - committing real capital to exploration and development rather than just buying paper. That’s already a very different starting point from some of the historic “next big thing” stories which were effectively PowerPoint deposits miles from infrastructure.

On the “narrative shifting to the new area”: that’s normal if the greater Molefe region looks geologically more prospective than just the initial pit. Extending the focus from Molefe v1.0 to a wider cluster doesn’t automatically mean the existing mine is underwhelming; it can equally mean the upside sits in growing the district rather than squeezing every last tonne out of the first box cut.

As for the “white knight” and 7.5% dilution, I’d separate the marketing spin from the mechanics. Any dilution has to be judged on three things: price, structure, and how tightly the proceeds are ring‑fenced to value‑accretive work (drilling, JORC, mine development, logistics). If this investor’s money accelerates that work on sensible terms, then it’s more than just “external validation” – it’s a way of turning Molefe from a vague story into a set of hard numbers. If it doesn’t, then the criticism is justified.

So I’d frame it this way: yes, the communication has been slow and thin, and yes, that makes people suspicious given the history. But it’s too early to declare Molefe v1.0 “underwhelming” and assume v1.1 is just another carrot. The real test will be the next phase of disclosure – resource numbers, mine plan, grades, tonnages, ramp‑up and how this investor’s money is actually deployed. That’s what will show whether Molefe is just another narrative pivot or the first genuinely solid pillar of the Sable hub.

Molefe is very vague.

What do we actually know about Molefe? There has been just enough information to act as a hook for investors, but nothing concrete.

Actual news is sparse and delayed.

Now the narrative is shifting to the new area, rather than the existing mine.

'External validation' has appeared in the form of a 'white knight investor', which may be used to authorise 7.5% dilution. Our new champion is (apparently) going to hold Leon to account, turbocharge copper production and turn JLP into the next big thing.

Would it be unreasonable to assume that Molefe v1.0 is underwhelming, but.... Molefe v1.1 will be a game changer?

Kalan,

For me the only useful way to think about it now is point‑in‑time and forward‑looking: if you assume Colin and Leon will never change, the logical move is to trade the volatility and ignore the assets. If you think Molefe and the Sable hub are strong enough to matter even with a flawed history, then the key questions become: what does the JV actually deliver in terms of resource, mine plan and cash flow, and are future funding decisions around it accretive per share or not.

You’re right to highlight the pattern; I just prefer to judge this phase on what gets done with Molefe and Sable from here, rather than assume the punchline has to be the same as it was in 2008, 2012 etc.

Three things Junior - yes this time it could be different.

- the repeated pattern as described by Chatmandu has been going on for 20 years.

- - finish on a positive - yes the JV appears to be going well - Colin had a lorry with a drill rig on the back - hey up mate - can you drill us some holes, yes says Colin but I need my usual pound of flesh. No problem, when can you start - oh straight away. Excellent - what shall we tell the punters - the usual says Colin - as little as possible but enough to keep them dangling. Righto says Leon - now where else can I raise some money?

Why do we have a vote for a dilution for interest in Molefe but we as shareholders will not have drilling results or LC presentation before this vote. So that we can determine is this dilution worth the risk and shouldn't we be charging them a premium?

This same trick was applied with the sale of the PGM business and they did not release the financial until after the sale cause then shareholders would see they were left with the copper debt of the business and that their was no excess capital and sold the PGM business at a loss.

Information on progress is coming in drips but begging for shareholder hand outs is met with efficiency