Member Info for 4everlong

@Harmp spoken like a true newbie.

You bought in cheap and aren't carrying the losses of most longer term investors here.

You also haven't endured the endless cycle of missed targets. At the start of each year we anticipate that THIS will be the one!!

And each year, as the months go by, we come to realize once again that Leons' so called "targets" are based on air.

Like a mirage, it always remains just out of reach. Even the most faithful have lost confidence in Leon. It is clear we are still some time away from meaningful production.

What the market wants is solid info.

Most are hoping for a key partnership anouncement that would validate the potential, and by their association withvJubilee, ensure execution.

The risk is then eliminated / reduced and most savvy investors will jump on board at that stage, for the anticipated expedited ramp up to meaningful production, and the resulting share rerate.

We continue to live in hope.

Same old .....

Both from RNS March '26

Another chunk of shares issued. Is this also at the discretion of the seller? Still another + £5.4m in shares to be issued?

"At the Large Waste Project, the sellers have elected to receive the next stage payment of US$2.6 million in Jubilee shares recognising the potential value uplift the project offers to Jubilee. The payment leaves a remaining balance of the acquisition of approximately US$5.4 million"

Leon stated that post the sale of SA, there would be no more dilution in Zambia. We are 6 months in and another 100 million plus shares issued.

Not forgetting Leons own free shares!

Roan

Further to the announcement dated 5 June 2025 regarding the addition of a refining step on the back end of the Roan facility to increase copper recoveries, the Company has secured further high-grade ROM copper ore grading approximately 1.65% Cu from the existing feed partner. The feed partner elected to receive Jubilee shares for the settlement of the payment of US$1.8 million.

 

Jubilee will settle the payment of US$1.8 million (£1.3 million) through the issuance of 29 761 905 new Jubilee ordinary shares (Shares) at a price of 4.48 pence per Share (a 14.3% premium to the Jubilee closing share price of 9 March 2026).

☆☆☆☆

How much feedstock is needed for Roan and how much more of the company will be given away in payment?

Is this an annual event where 30 million shares would be issued whenever feedstock is required? Jubilee state that the seller has the choice.

Another cracking deal by Leon.

@forest

My position has always been clear.

Any shares or awards should be aligned to milestone achievements. Failure should never be rewarded.

I believe incentives are a key part of a successful business but should be implemented in a constructive way, that best serves the interests of the owners of the business.

In this case the actions of the renumeration committee are clearly not aligned with shareholders interests.

When Jubilee was squeezed out of SA Leon's share award should have been linked to progress in Zambia. That was our future.

Leon might have great tech skills but has shown to be not great at financial performance. There is a reason why Slater placed his man JMK in charge of the purse strings.

Its crazy to think that management talk of share buy backs whilst they are still issuing millions of shares today for feedstock.

I believe with JMK steering this ship and Leon ONLY focusing on technical issues, Jubilee has a brighter future.

We live in hope.

Bottoms, Jubilee are not producing enough Cu to move the needle at the moment. The prevailing price has certainly helped to plug the financial gap between forecast and reality.

Leon & co need to announce a major step forward with regard to Molefe (not the same old vague obtuse waffle ) & the LWP.

Unfortunately kicking the can further and further down the road has always been Leons modus operandi. Hopefully that is coming to an end.

The share price will react to the announcement of a major resource at Molefe! Shareholders are desperate for some good news.

The LWP is another of Leons projects that has taken years to get to market.

If it was viable at $9000 Cu it should have been a shoe in at the current price? The problem with Leon is he talks such a big game but the reality is often quite different. The current Cu price should have closed the gap in a big way between his views and reality.

Surely that deal should be closed soon?

Its been long enough.

If it can't be done at $14k t Cu its hard to see how it could ever have been viable at $8500.

In the event a deal is announced it would be some time to delivery, but the market could then put a value on the project.

We continue to live in hope.

Some defenders of the faith here keep referring to the golden period when many years ago Jubilee had a positive trajectory that peaked at 20p. Like a punch drunk boxer on the skids, recalling the heady days years before, when he once fought for the title.

Those days were short lived and a long long time ago.

The harsh reality is that many on this platform including myself, bought into the hype subsequent to this. We believed and invested in a company we were told was only getting started.

Leon would continually spew out numbers on the various platforms that were clearly devoid of any reality. He suckered me, as well as many others here. Based on his statements as CEO, the investment case was off the charts.

Jubilee would be printing money.

Who wouldn't have bought into company producing 48k Oz Pt, 2m t Cr AND 25t Cu?

But it seems many institutions knew the real truth and ran for the hills.

Continual dilution started directly affecting the share value and price. Its been a constant 5 year decline since.

All under Leon's watch.

If one listened today, to Leon's various Sunday Roasts and other softball interviews over the last 3 or 4 years, and then objectively compared that to today's situation, I don't think there is anyone who could defend that.

The company has always been all smoke and mirrors, with Leon always obtuse and very economical with the truth. Every RNS has been subject to multiple interpretations even by his cheerleaders.

And yet today we are still paying for stock with shares. This after being told that there would be no more dilution and the sale of SA would provide more than enough capital. Yes I know there was a contract that Leon forgot about when he said that, just like he forgot to tell shareholders about the short term contracts that eventually squeezed the company out of SA.

Its clear from the chat that there aren't many happy shareholders here, and the company "influencers" are having a hard time steadying the ship.

Ultimately the buck stops with the CEO.

He is responsible for the lack of performance of the company and the resulting frustrations and anger that is seen on this platform.

As a divided entity we are left to squabble amongst ourselves about the various technicalities, yet the reality is we are divided and not jointly focused on creating a solution.

As a large number of shares are held by PI's its clearly time for like minded shareholders to form a group that collectively acts in our common interests.

Illuvise pillar 3 is a mirage.....

If Leon was to be believed (he's fooled me too many times so I don't), there were a queue of suitors to replace IRH a long long time ago. The IRH evaluation had numerous deadline extensions prior to termination (Leon claimed their demands became onerous). He then claimed at the time that he "allowed" the deal to lapse as he had received multiple proposals that better served Jubilees interests. At the time we were told that Jubilee was the only entity that had the ability to process the material economically but subsequently sold a portion to a 3rd party who apparently has had no issues in processing said material!! 🤷‍♂️

We were advised last year via RNS that Dec '25 was the internal date set for finalizing the preferred partner.

And here we are.....

The months and years fly by.

I invested in a company that was to produce

48 0000 oz Pt,

2 million t Cr

and 10 000t Cu.

Leon oversaw a share price tank from 20p to the 2's. The Leon fan boys say its not his fault we didn't have life of mine contracts (he is the CEO!!). He knew while incurring massive debts to build the SA capacity at the expense of shareholders returns, we were exposed to short term contracts for feedstock. There was zero moat around the busines.

Thanks to Leons business skills I am now holding shares in a company that produces:

Zero Pt,

Zero Cr

and just 3 500t Cu (maybe).

After years of patience by long suffering shareholders being forced into selling the SA business at the start of a metals super cycle!

10 000t Cu was clearly NEVER achievable at the time.

Imagine if Cu hadn't risen as it has in the last 12 months, what the current status of Jubilee would be given Zambian performance to date.

Yet Leon receives the same salary for a company that is probably a 3rd or quarter of the size, generates negative returns AND in addition to this gets awarded shares for the SA debacle, while shareholders suffer massive losses.

He should never have accepted shares for destroying share holder value. They should have been linked to performance in Zambia.

As always the money and shares keep rolling in for Leon. He is the ONLY winner with very little skin in the game.

it's not hard to see why some many corporates and key personnel left in the last 2 to 3 years.

I still holding 2.4m shares in the remote hope of an announcement that will finally justify the stress and aggravation of having invested in this company.

Pass the Kool Aid.

For those who DON'T seem to understand the idiom of "rats leaving a sinking ship".

Let me enlighten you.

Like rats leaving a sinking ship" is an idiom describing people abandoning a failing organization, project, or relationship, often in panic or large numbers, to avoid impending disaster. It signifies a selfish, abrupt escape, as rats were traditionally believed to sense a ship’s sinking and flee before others.

When sailors would often be warned by rats leaving the ship.

Sadly it seems that the good ship Jubilee is listing badly to port. Captain Leon Coertzer has managed to navigate this ship into every iceberg in the region. He hasn't missed one yet.

When Leon uses the word targeting in any communication I feel ill.

Past experience has taught me to ÷ Leons "targeted" qty by a factor of 8, and the time frame, should be multiplied by 6.

That result is generally a more accurate assessment of his targets, although these are often missed as well.

Surely he can't miss them all, can he?

Unfortunately the market is starting to believe he can.

A miracle JL, a miracle.....

That's what I'd like to see.

The elephant in the room:

At the time of the proposed sale Cu was $9800 /t. The decision to pivot to Zambia was based on THAT.

Today its $13000 cu/t.

Imagine if you will, how deep the hole would be today if $9800 was still the prevailing price today.

We missed the Pt boom entirely after years in the doldrums. Management had timed that move to "perfection." Almost to the day of announcing the sale Pt took off. Shareholders saw Jlps share price plummet while others took off.

It would seem that unless something is announced very soon, we aren't going to see any upside with Cu in the near future, and the share price is going to languish in the gutter.

The LWP project has been kicked down the road for years now, despite the numerous wild claims by Leon over that time.

He has a very distinct tendency to be economical with the truth.

If he appeared on the Roast or any other platform in the future I would make a POINT of not bothering to listen to him. He's fooled me too many times. His credibility is at zero with me.

So much unrealised potential. We continue to live in hope of a major RNS announcement, but history tells us the wait is in vain.

Yet we live in hope.

MT this reminds me of a book which was later a movie. I don't recall the title.

It was about a con artist.

The victim was later asked how he felt to which he replied:

"It only hurts when I laugh!"

As per Leon.

"WITHIN 3 weeks"

That would imply LESS than 21 days.

As per the Molefe RNS on 25th March, the CEO report:

"The updated expanded mine plan, incorporating the latest drill results and developed in partnership with Galileo, is expected to be published on the Company's website within the coming three weeks."

Leon, for the sake of your own credibility, and to ensure confidence in you as the CEO of Jubilee, it would be greatly appreciated if you ensured that you actually meet one of YOUR time frames.

Your statement wasn't a random response to a question, it was volunteered by you, and the time frame was stated by you.

As shareholders we depend on accurate information and timeframes. When you, as the CEO, make unsolicited statements in an RNS, shareholders should be able to consider them as reasonably accurate.

You repeatedly create expectation with your long suffering shareholders, but once again you ensure frustration and disappointment.

harmp as you mentioned, you are a relatively new holder of jubilee.

excuse me if i sound a bit jaded and view anything to do with jubilee with a jaundiced eye. past experience has taught me that.

for the record your ave cost is much lower than for many here, as well as your lower opportunity cost (years of investment with negative returns for most lth).

the years of patience, belief and hope for our investment in jubilee has certainly eroded confidence in the future, although of course we continue to live in hope.

if one factors in the opportunity cost as well as the % loss over the last few years, the financial cost to me, as with many others has been huge.

many of us bought into leon's wild stories over the years and the hype surrounding it.

but unfortunately the only constant with leon coertzer has been continual disappoint. the trajectory of the share price reflects that.

we have experienced years of listening to leon doing his snake oil salesman routine and believing that this is finally going to be the year, only to be disappointed once again.

so here we are!

nearing the end of another fy and it would seem another disappointment.

a year after the proposed sale of sa operations, with little to show for it.

we live in hope wrt the lwp & molefe, and hope that finally we will see tje light.

to be frank the only reason i am still here is fomo. i have invested so much for so long, i would be very bitter if i sold just before an upswing, although history has shown me that is unlikely.

to sum up.

leon gets paid an abo****e fortune by african standards for delivering nothing. given free shares but has invested very little of his own cash.

he's the clear winner here.

to date we're just the mugs paying for the party.

Anyone else see the irony in Leon's statements???

In 24/25 Leon - Roan has been idle due to no rain. As a result higher ore was purchased at great cost to catch up on lost production.

Yet production was not "caught up."

In 25/26. Production has been affected by rain.

(It's called the rainy season for a reason. After 5 years in Zambia one would think that Leon knew that.) More ore is secured at even greater cost.

When 5.1k tCu was forecast at the start of this year most thought JMK was putting forward a conservative number, and Jubilee would probably over achieve. There was talk on this platform of 7.5kt being realistically achievable.

Did ANYONE think that 5.1k was being OPTIMISTIC????

It seems from today's RNS that we are being prepared for a LOWERING of the forecast.

Leon has yet to come close to any target in Zambia in 5 years. Over paid and underdelivered. Year in year out.

The can gets kicked yet again further along the road.

What about the LWP? All quiet again.

Another year.

Another series of disappointments.

Financials due today.

Let's hope Leon was referring to March 31 this year !!

▪︎▪︎▪︎▪︎¤¤¤¤¤▪︎▪︎▪︎▪︎

Half Year results

The Company expects to release its interim results for the 6 months ending 31 December 2025 on or about 31 March 2026.

▪︎▪︎▪︎▪︎¤¤¤▪︎▪︎▪︎▪︎

Dorfan if pi's read your response and took your advice to sell whenever management decisions are questioned, the share would be at 1p.

In case you forgot;

Jubilee were squeezed by suppliers into selling SA, after spending €ms and years invested in growing the business to reach maturity. The suppliers called the shots after we took the risks and ultimately achieved the targeted volumes. They didn't even pay the purchase price up front, but staged the payments from the profits that would have been due to us anyway.

On to Roan / Zambia.

Rinse & Repeat. Totally dependent on feedstock from external suppliers. They call the shots.

Coeurdelion you keep deflecting from the fact.

The issue is and always has been transparency.

The continued printing of shares post sale contradicts what we were told.

IT'S THAT SIMPLE.

Were YOU aware that another 50m shares would be issued within 3 months? (with possibly more when the contract is extended).

Alternate option.

Let's say the value of the share option was 4.15p. (That was the price that was set).

Current status :

Seller gets xxxxx amount ÷ 4.15p = number of shares that were issued.

Positive.

▪︎No cash spent.

▪︎Short term gain.

Negative.

▪︎Long term pain.

▪︎Dilution.

Key point. When share buy backs are done as we expect, to reduce the share count by that additional 50m shares, these might then cost the company 8p each at that time.

The deal would only be a "good" deal if the share price was lower when the buy backs are done, but we wouldn't be invested here if we thought that would be the case.

Most agree that by the time we get to share buy backs, the share price would probably reflect its intrinsic value which is way higher than the prevailing rate.

Alternate option:

Instead of placing a small premium on the shares (+-15% we were told), the seller could have been offered 15% more cash for the transaction. The purchase value is them "locked in".

In business terms you would call it "forward cover".

It would be similar to buying 50m shares at a small premium now, rather than paying significantly more later, for the same volume of shares, when the buy backs are implemented. If you intend to do buybacks and you cannot implement that at this time, my suggestion above is the most logical approach at this time.

@CoeurdeLyon

Please stop deflecting from the key point.

The constant issuing of shares is the fundamental issue. This is what is creating mistrust, and affecting confidence in the company. I didn't anticipate that it would be such a difficult concept to understand.

It's not about the purchase of feedstock when required.

To be clear. When advised that a key benefit of the sale of SA was that there would be no need for more dilution, no reference to existing contracts with share options was made. If we are to believe those contracts were already in place, then the statements made were clearly untrue.

Based on this, and past history, it's not difficult to see why some are skeptical when Leon makes any of his statements.

It would have been very easy for him to qualify his statement at the time.

Happy to help. 👍

I'm not surprised by your response.

Typical deflection from the fundamental issue.

● We apparently have cash.

● Why can't we pay for feedstock as a normal business transaction, INSTEAD of giving bits of the company away in exchange.

If the share price rises in the near term as we all expect, the buy back of that qty of shares could potentially cost us double (or more) of the value of the initial transaction amount.....

Happy to help. 👍