Member Info for Billyboy2fromiii

Jonah,
................Leon is bullish on fine chrome. He seemed to give the impression that we are already some way down the line to providing this process for majors other than Samancor. Does anyone else get that impression?..........

After last night, I would 100% agree with you on that observation!

Regards, BB2

The Q4 presentation in now on the website under investor relations, presentations and videos. As i said earlier, not much has actually changed from the Q3 presentation.

BB2.

I understand that RY was in London yesterday. Expect an interview.

BB2.

Contd...

The Windsor update will be next week, Leon seemed surprised that I said I had been expecting it this week. I will not quote the exact wording but I am expecting a very good update on Windsor!

DCM PGM approval still waiting. This, I understand, is down to the authorities having to confirm exact prior ownership(?) but "will not (hopefully) be too long".

Leon said the analyst at Shard had been very astute on a site visit in understanding the apparent excess plant nameplate capacity at Windsor PGM. Please read the Shard Broker note regards this. My understanding is that there may be even more capacity that quoted by Shard! This bit got a bit technical for me, to be honest.

I asked Lean why we never seem to report a PGM basket price and that it is often hard to understand breakdown of figures etc. He said that had been taken on board already. He agreed that previously Jubilee have wanted to keep certain info to themselves rather than shouting about it. However, he seemed to say that the next report will be much more specific and detailed. The need for "secrecy" seems to have passed. He agreed that it was important to people to now understand the Jubilee story.

Leon was then reminded (again) that he had a plane to catch and left.

Just remembered, Colin referred to the Chrome deal as "buying $85M with $16m".

If I think of anything else, I will add later.

Obviously, the above and previous comments are based upon my notes and memory. Please do your own research!!!!

Regards, BB2.

HI again,

I did manage to speak to Leon after the event but time was tight as he had already been told he had to go to get his plane.

Please appreciate that time was tight and he was obviously guarded on what he could and could not talk about...I could not make notes so below is based upon memory along...

Firstly, he is a very impressive person. Extremely confident. I thanked him on his work to date but he said that it was not him, it was him AND his team (Colin also talked of the Jubilee TEAM).

I

contd.

....one billion of "secondaries" in Zambia alone. First mover position, massive industry etc.

Many approaches from Companies for Jubilee to work with....

Colin suggested the chrome deal's contribution to earnings would be $800K pm ($10m pa) with no capital/opp cost.

Asked about financing the chrome deal he mentioned "extending convertible?" Asked directly about a placing, he said he obviously could not comment on that.

Colin said he and Leon are bullish on platinum. Interestingly said that the fuel cell and not electric cars (interim solution)will be the future, he said his thoughts were backed up by the Chinese. "Talking to people who will eventually want Tjate" but no rush and Tjate will be very valuable in a few years.

Asked about expansion plans, Colin said they are aware of the dangers of too rapid growth and keen to grow within means. Prefer to grow with things closer to home and with things that they currently know about rather than going across the other side of the world into the unknown etc.

Although the actual presentation did not have new numbers, Colin verbally estimated £15m earnings this year, £20m-£25m next year followed by £40m-£45m. When questioned that this may be conservative he said that his figure were not an actual forecast and if brokers/analysts think more then great.....

Colin mentioned 60K-80K PGM oz production next year without being specific.

Copper by the end of this year (I thought this had already started?).

So, as you would expect, nothing new materially disclosed. It is very evident that this is Leon's (and his team) baby and Colin is very happy to let Leon get on with it. I know Colin is not everyone's cup of tea but he presented well, a good salesman and he sold the story very well.

I am very confident to hold here and let Leon get on with continuing his good work. The opportunities here over the next few years are immense.

In addition, Riverfort Global Opps presented earlier in the evening. The used Jubilee as an example of a Comoany they had previously provided finance to (Hernic). They referred to Jubilee in their presentation as AN EXTREMELY IMPRESSIVE COMPANY.

Cup of tea time and I will then post details of my chat with Lean after the event.

Regards, BB2.

Hi,

I attended last night so thought I would share my notes/thoughts...

Upon my early arrival I was told that Leon was in London and was now hoping (but not certain) to attend. Sure enough, Leon was there. Colin still did the presentation (joking it was a treat for a recent birthday).

Updated Q4 2019 presentation was used (packs handed out) which I assume will be on the website later today. To be honest, this Q4 presentation pack is very much based upon the existing Q3 presentation with the odd addition but no new production or earnings figures.

Colin spend most of his time telling the backstory of Jubilee and the opportunities now presenting to Jubilee from this new industry. Some of his comments... "Jubilee have not pushed anywhere near where we are going to go", "Making very serios money", "only the beginning of Jubilee" or to that effect.

Colin spoke of how selective Jubilee are with their employee's, what a great team they have and that how well Leon has done in running the Company since 2010.

Colin batted away generic concerns that projects are too short duration suggesting the opportunities are massive, one billion tonnes of "secondaries" in

Colin mentioned the chrome price of $137 (all time low). Please read the Shard Broker note as regards the effect an increasing chrome price will have on earnings.

Hi,

Just checking my understanding of the Chrome deal.

We have purchased rights to chrome from 1.7Mt of historic tailing where we can extract chrome and then also fine chrome (once fine chrome circuit installed). Assuming throughput increased to 50Ktpm (600Ktpa) this gives us just about three years of production for chrome and then the fine chrome on top.

We have also purchased the rights to 630Kt of previously processed material from which we can now extract fine chrome.

We have NOT currently purchased rights to the chrome from any new tailings that are being added to the existing stockpile.

I am a bit confused with the additional 1Mt material near Windsor. I thought we had bought that material under the prior PGM deal. It appears now that previously we only got to keep the PGM from this additional 1Mt material and not the chrome. Under this new chrome deal, we now we get both.

Exciting (and hopefully very profitable) times!

BB2

Hi,

New broker note....

https://jubileemetalsgroup.com/wp-content/uploads/2019/11/Shard-Capital-JLP-7-11-2019.pdf

Regards, BB2

Hi Geng,

Firstly thank you for your informative posts on this share (and others), good reading.

Regarding BVI and AIM. The Nomad certainly suggested said that being on the AIM meant that the AIM rules must be followed (regardless of being registered in BVI). I am not 100% sure that is correct but that is what I was told. It would make sense that if you are on a particular market, then you must follow that markets rules regardless of country of registration.

All the best, BB2.

Hi,

I have today spoken to the Nomad regarding the asset manager not being named.

From this conversation, I understand that the Company do not have to disclose the name of the investor and that in some cases the investor may make it a condition of the subscription that they are not named.

It is a AIM requirement that an investor discloses when the investment thresholds are breached (as we know this subscription equates to approx 8.5% and therefore should be notified). AMC, however, have no control on whether the investor actually discloses the information or not as it is a requirement of the investor and not AMC.

AIM rules also stipulate that the Company should have a website which includes updated shareholder information every six months.

good luck, all.

Regards, BB2.

Hi,

I am interested in your recent ongoing discussions regarding the repo market. Its a bit too technical for me and I dont really understand.

I was at an investment conference recently and it was very negative regarding equities in general, basically due to the current massive global debt. It suggested the American equity market is largely being propped up by tech stocks. The only real positives were cash and gold. Very gloomy equity outlook and basically seemed to be a matter of time before the current long running bull market crashes down and what the trigger for it may be......

Hence my question about the Repo market. I cannot work out if this is good for the market or bad and if so, could that be a the catalyst for a severe market sell off.

Sorry to others for this off topic question.

Regards, BB2

Hi,

Tharisa recently posted results to 30th Sept which stated the price received for their chrome concentrate was $148 per t avg for the last quarter which was down from $162 per t avg for the last year.

On that basis if would seen realistic to use $120/£100 per t as a rough guide. 9000 t at $120 equates to $1,080,000 per month, so an approx 15 month payback.

Does that sound realistic or am I missing something?

Regards, BB2

Hi,

I thought, from the 24th Oct RNS that we had purchased PGM rights to existing and future tailings.......

....Agreement with NewCo, the world's largest Ferrochrome producer, to extend Jubilee's rights to 100% of all PGM earnings from current and future tailings at Hernic, gaining full control of the large-scale operations......

However, today's RNS states.........

.........Under the Tailings Agreement, Jubilee:

a) has acquired 100% of all rights to the PGM earnings from current tailings produced at Inyoni;

b) will acquire 100% of all rights to the PGM earnings from future tailings produced at Inyoni;.......

Does this not suggest that the PGM deal of 24th Oct does not actually include the cost of the future tailings that are currently accumulating and being added to the existing tailings which we have actually purchased??????

Any thoughts, please?

Regards, BB2.

The 268k at 11.38 is A BUY, my top up, showing as a sell.

Regards, BB2.

Hi,

for anyone interested, I have been told that Colin is presenting as Leon is busy in SA.

Regards, BB2.

Hi,
Just had a message to say that Jubilee are presenting above event at The Chesterfield Mayfair Hotel in Mayfair on Thur 7th Nov from 5.45 pm

ukevents@proactiveinvestors.com

I been to these events previously and would highly recommend.

Regards, BB2

Hi Edzi,

Thank you,

I have done plenty of research and certainly always question comments on here etc, hence my question to you.

The latest Company presentation (Sept 19) states..... 74,000oz 4E PGMs..... and......post capex repayment 67:33 PGM earnings split in favour of Jubilee.

I was just interested in how you were calculating your figure of $40m from the above info.

Regards, BB2.

Hi Edzi,

Can you please explain to me your workings re the $40m figure.

Do we have any idea on how long the regulatory approval is likely to take on this project, and also the estimated build cost? From memory, this is a smaller operation than Hernic??? so likely comparable build cost would be ???

Thanks again, BB2

Hi again.

Sorry to be pedantic but another question......

The Hernic Platinum Project on the Jubilee website refers separately to..............

Access to estimated 3Mt of historic chrome surface tailings, containing est. 224,000oz of 3PGM + Au...........

What is this in relation to? This does not seem to be mentioned in yesterday's RNS which referred to the 1.7m unprocessed tails, the 630k processed tails anhd the additional 1m material near Windsor.

So can someone please explain what the 3m chrome tails with est. 224,000oz of 3PGM + Au is.

Thank you again, BB2.