Member Info for 4everlong

@ gotreal. JMK has not put anyone back in their box!!

He has merely advised that if anyone has any questions that he could address given the current status to email him and he will respond where able.

You tend to exaggerate just a teeny bit.

The management are aware of the frustrations and that the lack of clear dependable communication has been an ongoing issue.

That is being addressed now.

Wrt sentiment I can assure that would change very rapidly regardless of any posters opinion when Jubliee start delivering. Investment is about significant and consistent financial returns not just sentiment. Positive sentiment follows delivery.

@ Gotreal, if LC had delivered on just half what he stated Jubilee would achieve in the last year or so, the share price would be in the teens.

It's an over simplification to suggest posters on this forum are to blame. Shareholders have had good reason to have been frustrated and to have voiced their concerns.

We all look forward to a clearly laid out, attainable and brighter future for Jubilee.

Sentiment alone won't drive the price. Jubilee needs to start delivering and ramping up copper at a significant rate.

@ArdB.

We are now at the wait n see stage.

The discussion wrt the sale has been exhausted, and we now just await the outcome. It seems the sale is a formality.

Once the sale is confirmed, the ball is firmly in LCs / managements court. There is no luxury of a fallback position, as we are now a single commodity company. It's been many years, and millions of $ invested in Zambia in copper. Now it's time to deliver.

5.1k Cu is not a significant target (too low imho), and I would expect that this would be significantly higher for the current year.

It's clear the wild claims made by LC in past interviews have been toned down to the point it seems to have gone to the other extreme (conservative).

$25m PLUS the sale of various non core assets, 10m tons of LWP etc etc PLUS reduced overheads should put Jubilee in a financially sound state.

We need a clear road map for copper, with time lines, to attract new investors and reassure current holders.

The market need to see significant value in Jubilee, lower risk, and the potential for a multi bagger based on the current share price.

@HappyD.

Is it really YOU?

Or has someone hacked your acct??? Blink twice if you're under duress.

I would like to see Leon Coertzer put his money where his mouth is post this closed period.

As Jubilees CEO he needs to show the market his belief and confidence in the way forward, with a significant purchase. Not just banking on his 1p options!

Many private investors have risked more and have been significantly impacted. He talks a big game (often far bigger than reality) but nows the time for him to put up or shut up. It is time for him to make a significant commitment.

When directors make large share purchases, hopefully followed by corporate buybacks, the message to the market is clear. Combined with a rapid implementation in Zambia that would certainly help to move the needle.

Let's go Leon!!! 💸💸💸💸

Additionally, I don't think Charles Archer included the sale of the various non core assets, as well as the sale from the LWP.

The combined value equates to a significant sum as well.

@ Bluebelly

I'm pretty sure beneficial ownership passes on closing the deal and receipt of intitial payments. The shares are held as security only and released as per payment schedule.

The last 25% are held UNTIL full and final payment which according to JMK, would mpst probably be around 3 years based on projections with current info at hand.

The big question now is how QUICKLY Jubilee can utilize the funds and scale up copper. Only then will the share price start reflecting the intrinsic value. Updates on LWP JVs would provide a significant boost as well, preferably provided with timelines.

JMK referred to the question of the share price during the meeting & made reference to the sentiment on the chat groups. One of the key mistakes made by management is that THEY did not include the debt in their earlier communications leaving the market to speculate for many weeks. They missed 2 timelines for the circular as well (LC & their RNS update).

Management can use forum emotions as a useful tool to gauge market reaction & what needs to be done to fix sentiment.

JMK has to accept that most lth have have been significantly impacted by the current share price & affected by LCs wild claims on previous roasts etc. Until new investors realise the intrinsic value of this share the price will reflect the current status.

It is up to management to fix this.

We know that the deal should be a formality.

Management have laid out their basic "3 prong" plan for Zambian copper.

We are transitioning from producing:

▪︎ +-2m t Chrome + 40k Oz + 2.5k t Cu ▪︎

▪︎ to 5.1 t Cu.

It's clear that the Copper figure needs to be ramped up very quickly!

New investors need to be shown the significant potential of Jubilee going forward.

Management need to create a clear road map with TIMELINES as each segment would come on stream, & the VALUE add of that. At the moment they speak about the process but not WHEN it will be implemented.

The value of the resources M & G need to be quantified as a matter of urgency. We are months away from a comprehensive report, but broad indicative value updates to the market would be of benefit. We need to see multiple POSITIVE RNS going forward.

I would assume they have already allocated the initial funds from the sale to various projects & purchases in principle, on the assumption the deal goes through so that no time is lost to implementation.

Purchases could be negotiated & secured now, on the understanding that they were "subject to" the sale of SA operations & be effective if the sale is concluded.

On 1st September, after the sale is confirmed, the Zambian implentation plan could be released to the market via RNS.

This would have the desired effect.

Reflecting:

○Reduced overheads.

○Reduced debt.

○Significant cash on hand.

○New projects secured.

○Clear timelines.

AND the income from SA operations to date of conclusion of sale.

The market will respond.

Thanks Seis.

Assuming that around 15 % wouldn't vote, the % required to close the deal should be a formality as per the 30% already secured.

Gotreal, are you able to read for meaning, or do you make every effort to be offensive and obtuse?

But more than likely, in your case, it's both.

Let me write this slowly for you .....

If no (nothing, nada, zero) vote

is received from a private investor is it taken as a yes vote?

Hope that helps.

I think a lot of private investors will probably not vote.

Am I correct in saying that if no vote is received from an individual by the due date, the total volume of their shares they hold at that time, are counted as a yes vote?

Frog there is no consistency in LC's statements. They tend to flip flop to suit the current narrative.

Gotreal how are you remunerated?

Is it per post or per insult?

This is an open forum with members entitled to expressing their personal views. They don't have to comply to your version or the corporate narrative.

If you spend 10 minutes listening to the link I posted below you would understand the frustration and anger that is being expressed by shareholders. Our investment decisions were based on information provided and it is clear that we have continually been misinformed by management, either by omission of relevant information, ignorance, or naivete.

Let's hope it wasnt intentional.

Important to watch these interviews to get a clearer picture.

At 3:09 LC makes a very clear statement reflecting Roan.

https://youtu.be/4OUASVIoSH0?si=mxu05APY3kCwixKi

Sirboring that is one of the most valid questions posted recently.

The minimum expectation would have been financial projections post sale, to illustrate the financial impact, or benefit to Jubilee, in the current FY. They have had over 2 months to prepare it!

Ie. Reflect reduced overheads

Net revenue from copper mining 5100

tons

SA revenue +- 50% of current year

(to date of sale and w/o debt)

Added value of Zambian sales LWP etc

Additional income from Munkoyo etc

Surely some sort of financial modelling was done, with time lines, as the new copper projects came on stream?

A year 1, 2 and 3 projection (lower and upper expectations) would have been of benefit to shareholders and the market.

The share price reflects that the market hasn't got a clue (as per most investors), or maybe they do.

Let's hope it's the former.

As per an independent analysts assessment released today.

Key segments below:

▪︎▪︎▪︎▪︎▪︎▪︎▪︎▪︎▪︎▪︎▪︎▪︎▪︎▪︎▪︎▪︎▪︎▪︎▪︎▪︎▪︎▪︎▪︎▪︎

To Jubilee Metals and their disposal of the chrome and PGM operations for up to $90 million. This is based on an enterprise value (which isn’t the same as equity as it considers the underlying debt in the operations) of $148 million, which is a 6x EBITDA multiple based on FY24 EBITDA.

We’ve now reached the more valid criticism than the timing: the pricing of the deal. The FY24 earnings base is a highly depressed period, as evidenced by broader sector performance. 

The FY24 earnings base is a highly depressed period, as evidenced by broader sector performance. A 6x forward EBITDA multiple would be a great outcome, based on expected earnings in the next financial year. A 6x trailing EBITDA multiple doesn’t seem very appealing. The timing of selling this house is probably right, but the asking price is much too low as the owner is arguably desperate to buy somewhere else – in this case, copper in Zambia.

Jubilee first announced this potential disposal on 5 June 2025, with the share price trading at R1.00. It is now trading 31% lower at 69 cents per share. That’s a pretty strong message from the market, but is there a further nuance worth consideration?

EBITDA for FY24 was $24.6 million. At the halfway point in FY25, they were already on EBITDA of $16.5 million. If we just take the simplistic approach of doubling the interim number, this deal is a forward EBITDA multiple of 4.5x.

▪︎▪︎▪︎▪︎▪︎▪︎▪︎▪︎▪︎▪︎▪︎▪︎▪︎▪︎▪︎▪︎▪︎▪︎▪︎▪︎▪︎▪︎▪︎▪︎▪︎▪︎

Https://youtu.be/_yfDhWbaWwY?si=vLX75wOk3WGaf_vh

Frog in my opinion Papakis comments and observations have been quite accurate. His view is more technical than most on this platform and I think that he shares our frustration with the performance of Jubilee to date. He's not wrong.

I differ from him in that I don't agree with any drastic changes to management. We are at a critical point now and need stability, although we all know most of the criticism of LC is not unfounded.

I believe that with the new FD, there is a definite change in how Jubilee does business.

We have all seen the potential and now need a solid game plan to ensure that it is delivered.

Better late than never.

Gotreal your post is way out of line.

To refer to any South Africans that don't agree with your narrative as due to "Boer pride" serves only to confirm your ignorance.

FYI the total % of Boers in the SA population is probably 2 to 3% if that. To label all SAns as Boers would be seen as an insult given the racial / ethnic diversity.

You are entitled to your opinion wrt to Jubilee but stay in your lane regarding political/ racial issues.

I would have liked to have seen more cash up front.

As previously discussed, the buyer is using the business to pay for itself and is getting a cracking deal.

Holding shares as security in an entity that was created in'25 is a risk?

The significant positive was the debt, although a significant portion would have been revolving and linked to production.