Member Info for Billyboy2fromiii

Northern & Goreal,

Thank you for the link. Highly recommended watch.

The first part of that interview franks up my earlier observation re the PGM operaton(s). The second part re-iterates the copper and cobalt operation(s). However, the third part is very important.....

One risk (imo) to JLP could be complacency. In today's high inflation world, it would be easy for costs to spiral and eat into those high margins....

Yesterday, Lean spend quite some time detailing Jubilee's "cost management". He talked about the trucks being used for transport being as efficient as possible to reduce the transport costs. He talked about the "selective leeching" (reduces amount of acid needed) being used to offset the higher copper costs (high acid price especially).

His comments at the end of the interview are certainly encouraging that there will be no complacency with cost control measures in this current climate.

His comments that last year's capital spend would now be 25-30% higher also frank up our "first mover" position having completed the Inyoni and Roan capital spend already.

BB2.

BB2

Morning,

Just a few thoughts following yesterday.

Firstly, I though the RNS was very good. Lots of info. The criticism being that it could have possibly been spread out over a few RNS to help newsflow etc.

Secondly. the GM was very useful. Despite video link, LC spent approx an hour and half presenting and answering questions. I would certainly encourage shareholders to attend the AGM if possible.

My key observation......

The PGM target plan seems to be an additional 20,000 PGM oz pa from an Eastern Limb facility. Added to the 44,000 to 45,000 PGM oz at Inyoni would give a total 64,000 to 65,000 PGM oz pa (both 100% owned with no 40% JV share deduction). The RNS stated "in advanced discussions to secure an existing mothballed PGM footprint...). Leon stated "during 2023" as regards end of JV so hopefully if all goes to plan by the end of 2023 we could be a 65,000oz PGM producer (100% owned). I must admit that I have not fully understood the impact that this Eastern Limb facility will have on the current short term transport costs....

As regards the transport costs...

The RNS states transport cost currently ($198 per PGM oz). This transport cost included trucking 20,000 tonnes per month (out of total 86,000 plus 40,000 tonnes pm throughput) 450km. An Eastern Limb facility would reduce this distance to approx 40km. The current cost of this additional 410km is (for accounting purposes) being charged against ALL PGM oz produced, increasing cost by $198 per oz from $669 per oz to $867 per oz. Stripping a significant part of this additional transport cost out (obviously there will still be some transport cost incurred) and increasing production to approx 65,000 PGM oz per annum (100% owned) is an exciting thought for late 2023!

That is obviously just the PGM. Not to mention the copper, cobalt......

VERY happy to be invested here.

BB2.

Morning,

Just a few thoughts following yesterday.

Firstly, I though the RNS was very good. Lots of info. The criticism being that it could have possibly been spread out over a few RNS to help newsflow etc.

Secondly. the GM was very useful. Despite video link, LC spent approx an hour and half presenting and answering questions. I would certainly encourage shareholders to attend the AGM if possible.

My key observations......

The PGM target plan seems to be an additional 20,000 PGM

CONT..

CB steps down end of June. Seems that new chair identified and in final stages before announcement soon ? Discussions that communications need to (and will) improve !!!!

Cyprus taken back seat but about grades not quantity. Final results re r&d received couple of days ago. Results on table and will notify market.

Southern Zambia cobalt comm July 22. North, 18 months.

Cost of copper gone up (acid very large rise) but due to "selective leeching" which reduces the amount of acid required inc about 30% (?) now approx $5,000 per tonne.

Transport of Eastern Limb to Inyoni 450km. Would be reduced to 40km (significant reduction in transport cost) when new facility available (would take 8-10 months to launch).

As regards today's vote on share issue. LC stated "no real target but prudent to have option/flexibility. No target to issue stock but must ensure have the option. Cannot see need".

Will commit to quarterly update statements but not full quarterly reports.

Tjate. Renewed interest in large platinum.

Target is to not use Windsor JV with PGM production from Inyoni and Eastern Limb facility. End JV in 2023. Not efficient use of resources.

Zinc prices are up and discussion now whether to re-activiate or not. To do zinc must extract lead. Must be extra cautious with lead. In partnership with World Bank re lead in Zambia. Third party zinc mines are desperate for access to processing facility. Vanadium back on radar.

Apologies if this is a bit jumpy from one subject to another but that is the way the questions were answered.

As stated, this is based upon my own understanding and is based upon my hand scribbled notes, so apologies for any errors in my summary.

Please do your own research !!!!!!!!!!!!!!!!!!!!!!!!!!!

BB2

Sharehunter,

You have posted a very good summary.

A few snippets from my notes (please note that this is my understanding of what was said at meeting) ......

On a recent site visit, Berenburg (amongst others) "blown away by size"

Last year's capital costs would now cost 35% more (so good that we built last year!)

Presently transport approx 20,000 tonnes per month from Eastern Limb to Inyoni. Looking to purchase decommissioned facility which would add 20,000 oz pa PGM to the existing 44k-45K oz pa from Inyoni PGM. Already secured clients, waste, materials. Purchasing decommissioned facility would be quicker and cheaper than new facility.

Northern Zambia Refinery potentially much larger than the stated 15k tonnes pa copper.
Looking for/in talks. Use leverage for primary funding.

Africa dominates quality of waste. Must be good to better Zambia but DRC better than Zambia.l

New Chairman update overdue.

Hi Sharehunter,

Good to meet you today at the GM.

Just got home so, thank you for writing your notes up. I will check my notes and add anything that I feel is relevant.

Leon's presentation was dated March 2022. I said at the end of the meeting that I did not think (apologies if was incorrect) that this presentation (March 2022) was posted on the Jubilee website. I have just checked and it is there now....

https://jubileemetalsgroup.com/wp-content/uploads/2022/05/20220313-Jubilee-March-Roadshow-FINAL.pdf

BB2

Dorfan,

Here is the reply from Bulster...

billyboy2fromiii,

Yes, you are correct.

Because Jubilee would never give basket split %'s i looked for typical splits on the internet for the eastern and western limb and cobbled my own together.

Don't forget, Jubilees split is changing all the time because the source and grade of material changes.

I have allways said it is obviously not accurate, the true figure to any companies split will only be known exactly at end of results figure.

I always check the end of year results to gauge the difference between the value what my split produces and that of the actual value. This allows me to know the error in margin so i can compensate for it in my ongoing calculations.

p.s.

Will anyone be posting notes from the AGM ?
Nice of you to drop in again. atb.

BB2

Hi,

I have received confirmation of my attendance along with confirmation of my proxy appointment at Monday's GM from HL. Is anyone else going?

BB2

....kept constant.....

Dorfan,

I do not believe that Bullster's % split is based upon anything provided by JLP. It is merely (I believe) an assumed split which is kelp constant to compare the changing prices of the metals. I have asked his for comment on this.

BB2

Morning,

What are you guys/girls expecting re the financing?

How much debt/equity ?

BB2

https://www.londonstockexchange.com/news-article/CNR/results-for-the-three-months-ended-31-march-2022/15450625

BB2

Giltard,

You make a good point. I was there as well. Very strange. No one seemed to know what was going on!
I will be attending this vote and I will be enquiring as to exactly what is happening.
I will also be voting NO to this deal (in its current structure).
BB2

https://www.londonstockexchange.com/news-article/AMC/posting-of-circular-and-notice-of-general-meeting/15444325

BB2

https://www.londonstockexchange.com/news-article/HUM/updated-corporate-presentation-and-kouroussa-video/15442422

BB2

Seis,

Just to confirm I have emailed the Co today and they have replied to say a Letter of Representation (from broker) is required should you want to vote at the meeting. I assumed that this would be the case as it firstly proves you are actually a shareholder and secondly confirms the amount of shares you actually hold.

BB2

3card,

from NatKingCole post on Sunday...

https://www.thisismoney.co.uk/money/investing/article-10770319/MIDAS-SHARE-TIPS-Clean-investing-Jubilee-Metals.html

BB2

Seis,

Thanks for that. I will email tomorrow. My understanding is that you would need a LOA in order to vote at the meeting but I will email the Co.

Actually, I thought the original RNS stated to email the Co if you wanted to attend. However, when I checked RNS, I couldn’t see it stated???

BB2

Hi,

Anyone going to the GM.

I have asked HL for "letter of representation" which they have stated they will action about five days prior to meeting. I believe this is required to personally attend the GM. Am I correct on this?

BB2

madgpol,

If (yes, I know IF) 2022 guidance is actually achieved (assuming your $1,800 gold price).....

FY2022 production guidance of 87,000 - 97,000 oz of gold, with an AISC of US$1,300 - 1,450 per oz of gold......

87,000 times $350 ($1,800 less $1,450) equates to $30,450,000.

97,000 times $500 ($1,800 less $1,350) equates to $48,500,000.

I appreciate that guidance has been missed last two years and there will be inflationary pressure upon the AISC guidance figure throughout 2022. However, Bushy made a good point in is 13.09 post yesterday.....
The apparent production for the period 15th Dec to 31st Dec is suggested as being approx 5,000oz. If this is true (would be good for DB to be questioned on this) then there is evidence (hopefully) that maybe, just maybe, this year's production guidance has been set at a level of "under-promise and over-deliver."...
In the interest of all genuine holders here (especially those long-termers currently under water) I really hope so.

Let us hope for a better than expected Q1 update this week to kick things off!

BB2