Member Info for Billyboy2fromiii

Morning,

A further question that I have submitted...

REPORTING OF PRODUCTION FIGURES;

It can be argued that Jubilee’s communication with shareholders could be improved. Two of Jubilee’s closest peers, SLP and THS, report their production figures on a quarterly basis whereas Jubilee report production figures on a six monthly basis. Could you please explain why Jubilee do not report production figures quarterly like SLP and THS. Going forward, please confirm if Jubilee, for the clarity of all shareholders, will in fact change to quarterly reporting (which is more in line with a mid-cap Company rather than a small-cap Company).

BB2

Hi,

Three additional questions submitted;

GLOBAL ROLL-OUT:

Please can you detail how Jubilee plan to finance their global roll-out strategy, as per the RNS dated 16th December. Please also detail how Jubilee will ensure that they will not expose itself to excessive risk with this global growth strategy. Would Jubilee be willing to do business in the DRC?

COPPER;

Please can you update us on the progress of the current copper strategy. Please also detail the expected copper production timetable over the next three years.

EASTERN LIMB;

Please could you update us on the current situation as regards a potential new PGM plant on the Eastern Limb. How much material would be needed to ensure this is a viable option. How much of the needed material has currently been secured. What would be the cost for a new PGM plant on the Eastern Limb. How would this be financed?

BB2.

graham.....

possibly by some impatient holders.........

Tjate remains a piece of the Jubilee jigsaw.

https://jubileemetalsgroup.com/operations/platinum-group-metals-pgms/

BB2

Morning,

One thing that CHLL have got right is delivery of the Zoetic products.

Order placed 9pm on Monday evening.

Box of all nine Zoetic products received by 11am today (Wednesday)!!!

BB2

Morning,

One thing that CHLL

Hi Dorfan,

Thank you for reply. I have asked a question re Cobalt. I am happy to reword it if you have an alternative question.

I will add questions re

Copper
Global Expansion

I will post on here once done.

BB2.

Thanks Northern,

I knew I had seen comment from someone.

May I ask where in the Accounts it states that the £17m write off was included within the £25m Operating Expenses)? From your accounting background, can you say why this would show as an operating expense rather than an impairment? Without this item, operating costs would be approx £8m (£25m less £17m) which would be a reduction from 2020 figure of £10m.

I do get your point though that this is (hopefully) a one-off item and as such the net profit (and EPS) would have been much higher. That in itself bodes will for 2022 which should help to negate the potential impact of current lower PGM prices than at times last last year.

BB2

Hi,

Just having a re-read of the Annual Report.

I seem to remember that someone stated that the £17m write down of the Nickel tailings had impacted 2021 Net Profit and thus 2021 EPS???????. Can anyone (better at reading Co Accounts than me) confirm this please. Not sure if I have misunderstood this so just wanting confirmation please.

BB2.

Cont.

DILOKONG (DCM);

Page 29 of the WH Ireland Broker Note references that Jubilee retains the right to the PGM-rich tailings at Dilokong and has already shipped small quantities to the PGM circuit at Inyoni. Please update the current situation as regards these PGM-rich tailings. Does "retains the right to" actually mean "100% ownnership" ? if so, please confirm Jubilee's future plans as regards these tailings at Dilokong.

BB2

Morning,

Some questions that I will be submitting for the AGM...

INYONI PGM OPERATION;

Page 15 of the Annual Report refers to the 45% increase in processing capacity to 75,000 tones per month. Please can you confirm, that once fully commissioned, what will be the PGM ounce per annum annual expected target from the Inyoni PGM operation.

WINDSOR PGM OPERATION;

Page 16 of the Annual Report refers to this JV being used for processing overflow material in excess of the Inyoni PGM processing capacity. Please confirm if this JV will still be required once the Inyoni expansion to 75,000 tonnes per month is fully commissioned. if so, please confirm what will be the PGM ounce per annum annual expected target from the Windsor PGM operation (in excess of the Inyoni PGM PGM target).

LEAD, ZINC & VANADIUM;

The Jubilee website states "Jubilee holds the rights to historical tailings containing vast quantities of lead, zinc and vanadium.? The recovery circuits for these metals are planned to be incorporated at Jubilee’s multi-metal Sable Refinery and is currently under review". Please can you provide an update on the future plans regarding lead, zinc and vanadium.

COBALT

The RNS dated 15th September referenced Cobalt 23 times. The WH Ireland Broker Note dated 7th December referenced estimated production of 5,300 tonnes of cobalt hydroxide per annum from 2024. Please can you confirm Jubilee's current Cobalt strategy and confirm the expected annual tonnes per annum production of Cobalt (hydroxide) along with timelines of such production.

DILOKONG (DCM);

Page 29 of the WH Ireland Broker Note references the

Hi,

Just ordered the full range of cosmetic products (except anti-ageing serum) as Xmas presents.

£420 before 30% discount.

Presents sorted and an opportunity to review the Zoetic product range.

BB2

Hi Sumo,

I had just worked your figures out but thank you for clarity.

To bring your figures into line with the Broker Note assumptions........

5,000 tonnes of Cobalt Hydroxide
$55,100 per ton of Cobalt ($25lb)
1.35 exchange rate
20% cobalt in the cobalt hydroxide (my understanding is the Broker note is using 20% but purely an estimate)
80% payment.........

Therefore,
5000t of cobalt hydroxide (estimated)
20% cobalt (estimated)
1000t cobalt (estimated)
$55,100 per tonne (estimated) @80% payment = $44,080 (estimated)
equates to $44.08m
using estimated exchange rate of 1.35 = £32.65m revenue

BB2

Hi Sumo,

Can you explain your working please. I do not get the /1.4x0.8x0.3.

The Broker Note I believe uses $55,100 per tonnes ($25 per lb) so (for consistency) could you use that rather than $65,000.

BB2.

Happy,

I am confused regards the potential revenue from Cobalt. I posted the following recently...........

Moneyhawk,

Are you sure regarding your comment re cobalt ?

My research seems to suggest that cobalt hydroxide typically contains 20-40% cobalt but the 80% is based upon the full cobalt price and not on the 20-40% contained cobalt. Reading the WHI Broker Note, it seems to imply 5k tonnes payable at 80%.

However, assuming their $55,100 per tonne $25 per lb), this would provide revenue of approx $220m which seems excessive. Looking at the increase in revenue (Sable and Leopard) from 2023 to 2024 (and adjusting for estimated increase of copper production from 28.3kt to 44.5kt) there appears to be an increase in revenue of approx $100m. This is well above your suggested revenue figure but only half of my above calculations.

So I am confused!!!!

I will draft a question (or two) regarding this for the AGM presentation and post on here.

BB2.......

It appears to me (from reading the Broker Note and additional research) that the cobalt hydroxide contains 20-40% cobalt and this is payable at 80%. However, revenue generated on this basis would be in excess of the estimated revenue as stated in the Broker Note.

Anyone got any input on this?

BB2

Happy,

The 140,000t is refined cobalt produced.

The 5,000t referred to in the broker note was cobalt hydroxide which I understand contains 20-40% cobalt.

So not actually 5k of 140k but yes still a good % of global production.

BB2

https://www.londonstockexchange.com/news-article/CORA/dfs-update-for-sanankoro-gold-project/15247062

Moneyhawk,

Are you sure regarding your comment re cobalt ?

My research seems to suggest that cobalt hydroxide typically contains 20-40% cobalt but the 80% is based upon the full cobalt price and not on the 20-40% contained cobalt. Reading the WHI Broker Note, it seems to imply 5k tonnes payable at 80%.

However, assuming their $55,100 per tonne $25 per lb), this would provide revenue of approx $220m which seems excessive. Looking at the increase in revenue (Sable and Leopard) from 2023 to 2024 (and adjusting for estimated increase of copper production from 28.3kt to 44.5kt) there appears to be an increase in revenue of approx $100m. This is well above your suggested revenue figure but only half of my above calculations.

So I am confused!!!!

I will draft a question (or two) regarding this for the AGM presentation and post on here.

BB2

Taxon,

I have not see that article, can you summarise what was written please?

BB2

Coldfeet,

Thank you for that.

Good to see some JLP coverage in a daily paper.

BB2

Hi Jonah,

Yes, I will asking about Kabwe and DCM material. I will
Post my questions on here for all to see when I do submit them…,

You say that “you hope to get there” but the AGM (similar to some of my other holdings) is behind closed doors with no shareholders permitted to attend. Hence, the presentation with invited questions.

BB2