Member Info for ActuaryBoi

Very high level calc from my side for December 2026.

If molefe and its low grade module comes online and function properly by Q3 CY 2026 we should be producing 10,000 to 11,000 tons of copper.

Assumptions at as at Dec 2026.

Copper price: $13,250 per ton (ball park average)

Copper produced: 10,500 (Excludes Project G and LWP)

Shares in issue: 3.15 bn

PE ratio: 11 (Usually 10-15 and higher for mining but using 11 to be prudent)

Cost/margin: 27.5% (probably most sensitive assumption as we dont know ROM cost at Roan and Galileo taking its cut from Molefe etc) but this is what I assumed. 10,500 tons produced is signficant in diluting costs compared to 2,200 produced in FY2025.

SP = PE x (copper price x copper produced x margin/ shares in issue)

SP ~ 14p.

Expecting around 13p to 15p. Keep in mind no allowance for LWP and Project G or Tjate or PGM business inflows or re-rate depending on Molefe mine results and what not. This is just Roan+Sable

We should really bring down that share count to improve the SP as production increases. As copper production becomes profitable and cash generative, I'd like to see future PGM installments being used to buy back shares

I'll be honest. The one person who provides factual info with proof and calculations is Seis. Plz no one attack him! He's my math buddy and I have a few projections I'd like to bounce around him. If we hit production targets, we will be in the 13p to 15p range this time next year. The only component is the cost margins that we'll need confirmed.

@billyrvalentine

Amen to that. Management had mentioned in the Q3 update on operating savings and marginally inflation. Let's hope that it is coupled with better sale figures which can drive this to at least 20 in the next 2 to 3 weeks when the trading update comes out.

OneChrome busy high fiving each other. I understand that chrome contracts were ending and the chrome run-off being use in pgm production. But damn, we sold the business at the bottom of the cycle.

Leon better deliver on copper. My worry is the Molefe low grade material will face many hiccups. They are meant to comisison it in Q3 CY 2026. I doubt it'll just phase in and produce copper like butter. Lets see LWP deal to be finalised this month... waiting for the update to see what the terms are. Like I said, we need to be in a position to produce 15,000 tons by 2027 to take advantage of the copper price uptick. Based on Leon's projections we can do it. Roan and Sable will be producing c. 10,000- 11,000 after the molefe modular expansion.... but then again projections. Add LWP with their 5,000 target which I am hoping for at least from Jan 2027. But I'm trying to think of different excuses the board can come up with for missing targets. Frustrating because JLP was taking about 25,000 tons p.a. for last 3 years and here we are trying to produce 5,000 as our upper bound for this financial year

I dont think plat will stay where it is right now. Further correction and profit taking will happen soon just as we saw last week. The London and US markets were closed on Friday and so i expect bigger downard pressure next week going forward. That being said $1800 to $2100 may be the new norm for plat.

The only positive im seeing with the pgm sale and low copper production right now is the depressed share price allowing me to accumulate just a bit more before lift off.

While copper is moving upwards I will not be surprised if it moves to $14,000-$15,000 in 2027. We need to be ready making 15,000-17,000 tons of copper by then. If by some miracle that happens. Then gents, we will be flying.

Not very risk averse of me but if I like the April/May updates more than expected, I might just go 100% in Jubilee to bring my avg price to 3.25p and just cash out on any spike if they still stumbling and not getting production in order. Knowing my luck, if I sell outta here, im pretty sure this stock will deliver a 10x after 2 years from then lol

Dear Leon

Please. Please. Please let 2026 be the year. Roan doing alright... i think. I just hope this modular expansion at Molefe really progresses with little resistance when regarding the low grade material. But knowing the company, there's always always always some delay.

Having gone through the RNS we were to reach 8,500 tpm delivery to Sable on high grade material by Oct/Nov 2025 so being delayed to Q3 FY2026 is yet another delay. If the Molefe low grade processing modular approach adds 4,000 tons as opposed to the 1,400 we all thought then I'll pardon it, but please. By July 2026 I want that the company should be producing 10,000 tons on an annual basis which is possible given their plans and proposal. I'm being ambitious but I want the LWP to start producing some copper from January 2027! But they owe it to us who have been here for a couple years now.

I dont want to be in the same place typing the same stuff in 2026 December. I will be in London to hopefully the attend the AGM in Jan. I need the assurity!

Thanks fromage.

We just need a bit more consolidation. Hoping coal really picks up in next month or two based on Indonesia reducing there coal supply by a big margin and seems that Germany may have less than 10% in gas reserves by Feb based on current storage and experience withdrawals. That will really get this moving!

Any thoughts on where this could be by Jan 8?

Postives: improved sales as of colder weather, from what I've heard good feedback from tesco sales, if Q3 trajectory continues then maybe we can see about £20

Negatives: higher min wage, increased prices

Many intrnsic calculations I've seen range from £23 to £26. And this is based on normal assumptions, not anything extraordinary but like a base case. Even bear scenarios shows £20 to £21 so I think we just need one good trading update to get the momentum going

@4everlong

Agreed. Why was rain not mentioned in 2024 or 2023 or before, I wonder. If it really is non-recurring phenomenon, then understood as one of the years there was a drought and dam levels were low when the water issue happened. But at this point I wonder what else they'll blame it on for lower than expected production. I am unfortunately getting impatient. Leon and the team HAVE to deliver in 2026!

I know it's the nature of the game but the opportunity cost of holding a lot of my capital here vs elsewhere is becoming very large at an exponential rate :(

I can't sleep because I'm back to monitoring the JLP price lol.

My sentiments at this time of the night... we are making cracking profits pgms for the 6 months to Dec '25 and okay profits from chrome.

If we can reach 5,000 tonnes of copper for the year Fy2026, we should be in a healthy cash position as at current copper prices and 5,000 tonnes per anum, surely there'll be some good profits (depending on costs but definitely better compared to FY2025 copper results! ). Was still hoping that they'd overperform and give us 5,500-6,000 but then this rain bs came in the mix.

We'll be getting $25 mil from the pgm sale. We'll have cash from the 6 months of pgm operations for this financial year and cash coming from sale of those other copper assets.

My hope is the board come with a share buyback in early 2026 so we can wipe out a good chunk of shares at these low prices.

They should start engaging in Tjate sale discussions. Whether we like it or not, Jubilee do not have the time, resources, or finances to develop that thing given the focus on copper. They might as well liquidate it and if anything use that money to buy back shares if they do not want to use profits or the pgm/chrome sale inflows to do so because at this point Tjate has done nothing for the company and I doubt it ever will.

Also, can someone confirm Leon's statement of those extra modules producing 4,000 tonnes per anum on the low grade. I mean that will be a game changer if the 4,000 is accurate!

Any idea why the 10% drop in the last 2 days? Coal prices are relatively stable to last week and no bad announcements so why the big fall?

Billyrvalentine.

You got the jump right at US market open. But it was mayhem thereafter lol. Im hoping it's a vwey brief pullback and hope this puppy recivers to £18 before the trading update. So on good news, we can see a further 10-20% jump!

I have been away from the JLP forum for a while. Was busy with other mining stocks and Greggs now lol. I have made some quick and decent profits and will stay true to reinvesting those profits in Jubilee as I still believe this to no longer be a long term, but rather a medium term share. I think April/May 2026 will really be the turn around based on good production, Molefe ramp ups, and hopefully much better than expected new on the LWP.

From the recent podcast, Leon mentions each module ramps up molefe production by 4,000-4,500 tons per year. Surely thats a bit much compared to the guidance? Maybe I may have misunderstood. What did he mean by that? I assume he was talking about the low grade material.

I also assume Project G is on the backseat for now

I say every year, this is the year for Jubilee again and again. Was very confident 2025 and rushed to invest money here and missed out on other pgm miners but oh well cant win them all. But I do think now 2026 will be it and will adding more to my holdings every month going forward until April/may. I am just hoping the LWP comes with good news and goes online asap!

New to investing in Greggs. I am a typical investor in mining companies and stocks but Greggs has caught my eye lately. Was monitoring over the past few months and am gutted I could not get in the £14-£15 range in November as I was invested elsewhere. Now that my money is liquidated I invested over the last week to average around £17. A bit higher than I wanted but I see good growth potential here in the upcoming months.

The Q3 results were slightly better than expected and given the EPS which is comparable to FY2023, the share price is undervalue imo. If we can get the operation profit (which at H1 was 14% lower than 2024) higher than expected in the Jan trading update, I think there'll be a quick re-rate to £20-£21. Similar to the drop we saw in July (due to worse than expected results) but this time an uptick (due to better than expected results) which could fuel further momentum. Last 10 days of December will be cold and this could just bump up sales more...not a significant impact but will add somehow i believe in a good way.

That £6m buy order on Friday should be a good indicator that someone big thinks the same!

At this point they should just drope everything and start producing cobalt. If cobalt reaches highs of $80k again and we can produce 4000-5000 tons as per capacity, we do that then sell the company all the shareholders will be happy. Then we domt have guesss work the copper story

I am just at a loss for words right now. Like im speechless. I thought the 3p was as low as it could get.

Agreed MetalTrade. Hoping the AGM is in person. I am in London for some time and will want to attend this. I have close to £100k tied up in this stock :') and have sleepless nights these days. All i want to see is at least $14,000 per ton and 15,000 tons of copper being produced by 2027. It's not a big ask given all the experience, assets, and project at JBLs disposal right now!

I think the most frustrating thing is looking back just 6 months ago I was deciding whether to go in Jubilee or another mainstream platinum miner.

Jubilee was undervalued, we were told how copper production was set to boom, and all. And now i look back and i literally could have 3x the money i invested at the time. But sadly I trusted the Jubilee management and put my money here. I will have to play the lomg game now and invest more here as I see stable numbers and reliability, because I still know this share can give a 6-7x multiple very quickly... just need to get copper production right

I feel that by Jan we will have a very healthy cash balance.

Incoming = 18m (non core assets sold) + 15 m (received on sale) + 10 m (once sale goes through by comission) + 6.75m (LWP material sold) + H2 for FY2025 + H1 FY2026 (current prices for pgm and chrome seen to be kak high with great cash inflow). Will await the published results to fill operation cashflow.

And we'll have very little debt and hence interest costs.

Outflows are = 2.5 m (Roan leaching) + 5.5m (Sable upgrade) + others i dont know. But these could be covered just from our H1Fy2026 chrome + pgm operations.

If they have a good abundance of cash, i say they should use it early next year when copper production looking good to buy back shares at such low prices instead of dividends.

Would like to see then get bavk to the 2.5 - 2.8 billion shares mark. Then we in for a good run up.

Let's hope LWP comes inline asap by July 2026

Im chuckling here because I just had a random memory pop up. Im pretty sure it was earlier this year on the roast and Leon talking about getting to 35,000 tons per year in 2 years (i.e. 2027). I'd be more than happy with 15,000 with how things are going.

Fingers crossed when they announce the LWP by 31 Dec they can implement whatever and start producing copper 6 months from then so that we can start FY 2027 with Roan (+ leeching circuit), an upgraded sable with molefe full steam, and the LWP. If by some miracle we get all that done, i could even see us breaching 17,000 to 18,000 in CY 2027. Hell, with predicted copper prices of $14,000 or more... all I can say is WOWZA. But let me go back to dreaming.