Member Info for 4everlong

Your quote verbatim:

" particularly if they need to issue shares for feedstock. "

Directly from your post.....

Happy to help. 👍

Sub 3p

@CoeurdeLyon

Agreed with most of your points with the EXCEPTION of this one.

"THE FLEXIBILITY FOR THE COMPANY TO ISSUE SHARES FOR FEEDSTOCK."

Really? Shares for feedstock?

What business gives away part of the company as payment for raw materials???

THERE-IN LIES THE PROBLEM.

● We have an income stream (annual payments) from the SA sale for +- 4 years. $25m already received, plus significantly reduced debt.

● We are producing and selling Cu currently which should by all accounts be ramping up atm. This is being sold which creates additional cash flow!

● Continued sale of non core assets. Amongst which LWP. There is a regular income from that over the last year. $millions already received.

If we have to purchase feedstock why aren't we just paying for it? If it's an option in the deal why weren't we told??

Key question:

☆ HOW MANY MORE DEALS WITH SHARE OPTIONS, ARE WE STILL BOUND TO?

DO THEY WANT TO ISSUE ANOTHER 50 MILLION SHARES IN TERMS OF THESE AGREEMENTS NEXT YEAR?

As per Leon, Jubilee would be cash flush and have the flexibility to progress in Zambia, without the need for further dilution. This was a key point in motivating for the sale of SA.

Since the sale, less than 3 months ago, we have been advised of multiple cases of dilution. Some more significant than others.

This serves to reduce the value of each share and affects shareholders ( the owners of this company). ONE of the causes for the share price to tank from 20p to sub 2p was due to the effect of continued dilution.

Over a year ago we were told that the purchase of higher % feedstock for Roan (paid with shares), was to catchup on production a year ago. Leon never even came close to catching up but we spent a fortune.

Rinse and repeat a year later.

Was an annual renewal part of the agreement at that time, which we weren't advised about? Hence the share price value that was pre-set for the deal which differed from the current share value? (management claim the seller paid a premium but the real reason could be the above.)

As per the chairman's letter:

▪︎▪︎▪︎▪︎▪︎▪︎▪︎

The Company wishes to dis-apply pre-emption rights to a maximum of 7.5% of the issued ordinary share capital of the Company. This resolution is intended to give flexibility to the Company to issue new warrants or options, to retain and incentivise employees and service providers, and to align their interests with those of investors.

▪︎▪︎▪︎▪︎▪︎▪︎▪︎

In 3 months management have already issued a significant amount of shares.

How does continued dilution align with shareholder interests? 7.5% represents a very LARGE number of shares.

Based on past performance, although stated otherwise, it appears that yet more dilution is on the cards.

We were assured post SA sale, that there with all the cash in hand there would be no dilution.

Any freebies for staff need to be linked to targets and timelines.

It appears that the cash is being burned up quicker than its coming in.

Numbers are due out any day now.

Time to lube up.

@an60

▪︎▪︎▪︎▪︎▪︎▪︎▪︎

that authority is required for "aligning employees' and stakeholders' interests with shareholders.

▪︎▪︎▪︎▪︎▪︎▪︎▪︎

That's a novel approach for management. The implication is that shareholders interests were never previously aligned with management / stakeholders / employees.

The shareholders, the owners of the company, interests should always be paramount. For some management members this has been a lifestyle company. Huge salaries, minimal skin in the game (other than freebies), with the share price steadily declining.....

After many years, with management finally seeing the need now to align with shareholders interests, would be a most welcome change.

Or, the competent person was subsequently found to be incompetent?

Clearly management weren't given enough shares.

Needed to give them a few million more to keep them focused.....

Key Aspects of Reducing Share Premium Account:

• Purpose: Primarily used to create distributable reserves, which can be used to make future dividend payments to shareholders or for other corporate purposes.

• Nature of Reserves: Share premium is a statutory reserve created when shares are issued above par value. Reducing it moves these funds into a pool that can be distributed to shareholders.

• Procedure: Often requires shareholder approval via a general meeting and usually requires confirmation by a court.

• Effect on Assets: The process generally does not result in any return of capital to shareholders and does not reduce the company's underlying assets

Why Reduce Share Premium?

• Distributing Profits: If a company has high share premium but low retained earnings, it cannot pay dividends.

• Writing Off Losses: It can be used to write off accumulated losses to improve the balance sheet. 

Management issued 71m shares recently after declaring that post the sale of SA there would be no more dilution.

Now they want to renew permission to issue more shares so that they don't impact the balance sheet????

The duvidrnd / buyback is not on the cards in the near future. You can't issue shares while implying you are lanning on doing a share reduction. Surely its one OR the other??

The current share price is a direct reflection of trust in the management of Jubilee.

Management significantly mistimed the sale of SA, & sold at the bottom of the market, barely days before the biggest recovery in Pt & associated metals. They were so determined to sell, that they made every effort to convince shareholders that it was in OUR best interests. It appears they never revisited the deal in line with the resurgence in value of the company. It was essentially a squeezed sale due to incompetence, for which the shareholders have paid the price.

We missed the Pt boom after years of pain to shareholders.

The big upsell was that they would be cash flush, almost debt free & there would be no more dilution.

Well here we are.

Significant dilution less than 3 months on.

And, of course, free shares for management. 🥂

Dilutive, and certainly not in line with the performance of management, and the erosion of shareholder value.

Shareholders pay the price, management help themselves.

(yes, there's a renumeration committee but I question anything to do with this board now. They are aligned with management and definitely not shareholders.)

If management shares WERE to have been issued they should have been forward looking, linked to the new venture, with clearly defined targets & time lines, aligned to share holders interests.

Management have little skin in the game & Leon is happy to talk a big game, bank his cash, and take the free shares. Followed by appearing on a promotional chat show and make his normal big claims (but never deliver on them).

Now we are told many more millions of have been shares issued, but reassuringly at a premium!! ( The sellers were happy to "pay" 15% more than they would on the open market. )

Well if they loved paying the 15% premium previously, they're sure going to love the effective 40% premium of today. It seems that according to management at least someone's happy. 🤡

We are just 3 months out from the current financial year end, and we still don't have a clue what the numbers are yet.

The market is left to speculate.

This has certainly not giving the market any confidence as to what is happening at Jubilee. The share price reflects that.

CONE ON JMK. Get the figures out and stabilize the share price.

Even the biggest supporters are starting to doubt.

Actually, the REAL answer is delivery.

Delivery on timelines and on targets.

That would be the most basic requirement. The market reflects the current frustration with management.

Lose the smoke and mirrors approach and embrace transparency.

Everything with Jubilee is shrouded in secrecy, and on the flip side, unrealistic statements from Leon. Shareholders are continually left to speculate as to the real status of the company, and live in hope that their patience will be rewarded.

History tells us that Leon has a poor track record in that regard.

It would be awesome if Jubilee did a share buy back at the current price, but I don't think they have the capacity to do that.

We continue to live in the hope that management ARE going to pull a rabbit out the bag, but as the months and years fly by it's beginning to look less likely to happen...

Most here are hanging on for fomo, but the vision of this potential sleeping copper giant is like the proverbial mirage. The closer we seem to get, the further away it is.

We can be sure of one thing though. Jubilee management as always, will never fail to disappoint....

If Leon had delivered on just 30% of his promises over the years Jubilee would be at 20p plus.

I keep holding on in the belief that he can't miss 100% of his OWN targets?

History repeats itself, yet we keep holding on in the hope that this time its different.

@Sirboring

Agreed. It seems a very short term gain for long term pain, and serves to undermine the suggested share buy back program.

In motivating for the SA sale, management stated there would be no longer any dilution. They would be cash flush. More than enough cash according to the Leon. It seems now that they imply (suggested but still not officially confirmed) that some agreements had that option. Once again that caveat was not pointed out at the time.

If, as we anticipate (we continue to live in hope), that the share price recovers the additional volume of shares issued would be bought back at a much higher price. If management were that convinced they could have offered a cash premium as an incentive with the confidence that it would be the significantly cheaper option in a few months.

As CEO, Leon himself has hardly committed any of his own cash to buying shares. Based on recent events its suggested that the sellers have more confidence than he has.

( before the Leon fans refer to closed periods, as a very minor shareholder he hasn't BOUGHT a single share in Jubilee for more 18 months).

Serious question for the accountants here.

Is there an advantage for the company to issue shares as payment INSTEAD of paying from cash reserves? We are obviously affected by dilution (whatever the qty or % of the total) but let's ignore that for now.

Does this help the financial picture so that aspect looks more rosy? Ie. We then still have that amount of cash on hand (looks good in paper) and no debt if we forget the dilutive effect.

Last week I posted regarding the rinse and repeat nature of securing feedstock for Roan. Some had questioned my statement. We were told in early 25 that the higher grade was secured to accelerate output and catch up on lost production.

I refer the extract below from the RNS dated 6 Feb 25 when cash and 51 million shares were issued then as payment.

When promoting the sale of SA Leon made it clear that the benefit to shareholders was no more dilution as they had more than sufficient cash to fund Zambia. If the sale wasn't voted for then dilution would be the order of the day.

Only 2 months in and management have issued shares twice and given away a % of our mine in exchange for $700k.

Read the last sentence re the LWP which was due exactly a year ago.

So much potential yet management cannot be trusted.

Both comments below are extracted directly from that RNS. Leon has never hit his OWN targets in 6 years in Zambia.

" Under the terms of the agreements the copper material is settled through a part payment by Jubilee's Zambian operations and a payment of US$2.70 million (£2.17 million) to be settled through the issuance of 51 774 429 new Jubilee ordinary shares (Shares) at a price of 4.20 pence per share, subject to lock in provisions of up to 180 days."

"· In addition, Jubilee is concluding final details of the due diligence on the Large Waste Project with expected conclusion of the transaction as per the terms of the agreement during March 2025. "

@Courdelion

I've tried to make sense of your post but I've come to the conclusion it was late at night, and you were probably well lubricated when posting that.

Dilution has a negative impact on shareholder value. (The clue is in the word itself).

For a company that is "cash flush" due to the sale of SA ops, and would allow progress in Zambia in a "non dilutive way for shareholders" (quote Leon C) the actions since don't bare scrutiny.

● After management slapped each other on the back for concluding the sale (driven only by the fact that they had never secured long term contracts), at a time when PGMs were at all time highs, (probable pe of 3) they were gifted with millions of shares!! ( unjustified and DILUTIVE). They failed in protecting SA, were squeezed into selling, and were then rewarded for doing their jobs in concluding the process!! The poor shareholders who had bought into Leon's stories were smashed. Jubilee were the worst performing Pt share in '25, the share tanked on the news of the sale and never recovered whilst contemparys went up in multiples.

But well done Leon et al. Who cares about shareholders???

● Subsequent to the sale all in exchange for £700k of drilling, they gave away a chunk of shares in and effectively part of the income stream in Molefe. We supposedly had enough cash on hand to buy that company, or we could have just paid for the services.

● They have now once again issued shares for more feedstock for Roan. I refer you to January last year where this was done at Roan to "catch up on lost production after the restart." (Never happened). Rinse and repeat. (DILUTIVE).

● LWP - we supposedly had enough cash on hand to make the payment but paid in shares ( DILUTIVE).

"The sellers elected to take shares at a premium"

Really??? And people believe that!!! The deal was negotiated at a time when the share price was higher and subsequently tanked. The sellers didn't expect to be paying a premium although history might have shown that!

18 months ago we were told that we had multiple approaches for the project yet here we are, still waiting to see them. Even if a partner were announced today, it would take many months to see any progress.

Leon is incapable of running a company and should stick to technical issues.

After nearly 6 years and many millions spent we are still to see a profit in Zambia. Confidence in this company has been severely eroded.

It's always next year. So much investor confidence in the company destroyed.

Yet we continue to hang on in the belief that THIS is the year it's going to happen!!!

Like a battered wife we keep thinking its not going to happen again. Right? This time he really means it.

Unfortunately as in the battered wife syndrome, it can and it will.

Shareholders are treated with contempt.

Actually I think the premium on the share price was probably not anticipated at the time of the deal.

The deals would have been done at the prevailing share price at that time. It was just coincidence that the share price dipped so that now it looks like the sellers paid a premium!!

Some posters here cannot see the wood for the trees.

What a toxic forum.

@Gotreal,

Harmprof is entitled, as we all are, to voice his opinion. It's an open platform.

Harmprof is certainly active in learning as much as he can about Jubilee, and then posts his views on that. The reader can decide if there is any relevance or validity in his statements.

To state they are "untrue" because they don't always align with your own views is a cheap shot. Rather present a clear argument that invalidates his statements if you feel that strongly about it.

The REAL truth is Leon has failed to achieve any of his targets in Zambia for 5 years now. Yet ALL those statements and targets were set by him, no one else. Leon has always been somewhat economical with the truth!

Shareholders are left to speculate on the TRUTH due to the smoke and mirrors approach favored by Jubilee, hence the rampant speculation on this forum.

The common goal is that we are ALL hoping that finally, after all these years and investment in Zambia, we are on the cusp of something great.

The clock is ticking, the ball is firmly in Leon's court, and its time for Leon to finally deliver.

Yours in Cu.

Harmprof sorry to hear about that.

Wish you and your family well. The share price, personal attacks, & policing by certain members on this forum are irrelevant at this time.

Really hope your child recovers asap. 🙏

I would like to apologize to absolutely no one for the use of an emoji. 🙃

PARTICULARLY Seis, Coeurdelion et al.

@Seis

your continued efforts at insulting posters is churlish, tiresome and quite unnecessary.

It seems that whoever presents a different narrative on this forum, must accept that they will be insulted and bullied to tow the line.

I can assure you I am not as insecure as you appear to be, and don't feel the need to lower myself to your level.

I will continue to post whether it is in line with the corporate narrative or not. This is an open forum and I will post as I see fit.

Hi Northern.

The reference to "fan boys" was that certain members here believe that Leon, as the CEO, should not be held accountable and is above reproach.

It's a blind cult like mentality that is hard to fathom, given that most here have been financially impacted by Leon's actions in the past.

Pass the Kool Aid.

I believe in the potential of the company, hence my continued investment, but believe that management should be accountable, not rewarded for failures.

Some were even praising the fact that management took the shares and not cash!!! Quite frankly if they HAD opted for cash, the share price would be at 2p right now.

I live in hope that JMK is driving the bus now & that we will see the results.

Hopefully sooner rather than later.