Member Info for Billyboy2fromiii

Wild,

The VAG was questioned at GM.

I did not make notes on that part.

Chirpy, Swatton, Adam, do you have any comments on this?

I th8nk it was declared the amount of VAT owed but can’t remember…

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Bushy,

You asked about assurances re Yan at the GM…….

Not assurances as such but….in relation to the “on-site leadership changes” comment in RNS dated 6th Feb….

My understanding is that Anthony Kocken is no longer COO. If you look back through the RNS, I think (please check for accuracy) the last reference to AK as COO was in the RNS dated 15th Nov. HUM have not replaced AK. We have a Manager (experienced and lives in Mali) at Yan and a separate Manager (experienced) at Kou.

Personally, I thought AK certainly talked a “great game”. However, it did concern me as to how much time he was actually based on site in Mali. A Manager living “locally” ticks a box for me….

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Morning Chirp,

No worries. Just wanted to clarify as did not want others to get a falsely positive image.

With current gross debt of approx $135m, little cash/gold inventory it is pretty clear (imo) that without the strategic investment we were pretty much running on fumes and basically totally reliant upon Yan cash flow to see Kou through to production.

DB was explicit that NO more debt was required (I think we have exhausted our debt supply in any case) following the strategic investment.

Obviously, as of Tuesday we have approx $14m (second tranche, subscription and open offer) additional liquidity along with (hopefully) cash flow from Yan.

Personally hoping that there is sufficient oz in KE to provide good cash flow for Q2 (as Q1 appears to have continued similar trend to Q4) and that the gold price continues its recent strength. In my book, every little helps…..

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Chirpy,

Good to see you yesterday...

However, I do not agree with you comment...

....... but perhaps YAN is not as vital as we all believe.....

I thought it was pretty clear that HUM definitely DO need the Q1 and Q2 cashflow from Yan..... When Adam asked if Yan was cash neutral, both DB and TH stated that Q4 EBITDA was approx $11m (Group not just Yan) and (imo) Q1 and Q2 cashflow will be needed, alongside the approx 17m raise to complete Kou. I am 100% on that!!!! However, I do agree that they did state that the "expected" cashflow was based upon realistic figures (i.e. we do not need an increase in gold price etc). As it happens, the gold price has been (so far) approx $75 higher for Q1 than Q4 which at 25k oz for Q1 (just a guess) would throw off approx $2m additional cash flow.

So for clarity, following the GM, I believe that Q1 and Q2 cashflow from Yan IS indeed vital in getting Kou into production but it is also expected (and based upon realistic and achievable production and AISC).

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Playboy,

From memory, the proxy vote total, read out during GM. were approx 96% for and approx 4% against for all eight resolutions.

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Adam,

Yes, spot on. The RNS is very clear on this.

Will be interesting if they allow questions before the vote is cast. From experience of these meetings, Companies usually like to get the vote done first. I would like to ask questions before I vote. Obviously I appreciate a few million votes on the day will probably make little difference to the actual result.

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Morning Swatton,

My understanding (based upon reading the RNS) is the second tranche is dependent upon shareholder approval at Monday’s GM not the AGM (June?). That is the reason the GM has been called. It is basically to ease liquidity now as projected cash flow from Yan has not been as expected, so nothing to do with cashflow post AGM. The funds provided will enable Kor to proceed to production (hopefully) on time (and budget). This derisks Kor from not going ahead due to the poor liquidity position from the poor performance Q1/2/3.
As regards non use of funds, should shareholder approval not be achieved then this tranche would need to be returned to CIG and as such the funds are being held on deposit until approval. There is no way this will have been used.

I am due into KX at 12 but will try and get an earlier train to arrive at 11. Half an hour to meeting so at meeting either 11.30 or 12.30. Will let you know.

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No, the $/£ have not been confirmed as being received yet so no x date set.

The traders that bought in for a quick profit may be getting a bit twitchy. As a long term holder significantly under water, I am.........

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Morning Swatton,

Good to catch up then on Monday.....

Chirpy is also attending so there will be at least three, hopefully several more....

If you are there early, I will see you in the reception area and have a coffee and chat before the meeting. I have questions that I will ask before voting....

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Playboy,

No, from experience, the votes will be cast at the GM and then added to the existing votes already made and then the results declared very shortly after.

I would suggest , again from experience, not that many will attend the GM, that the votes cast at the GM will not form a substantial % of total votes and thus will probably not really influence the result. However, I hold circa 1m shares and despite (poor) management performance (at Yan) am positive about the future (especially Kou). I attended the 2022 AGM and do thin it important if possible to attend such meetings to question the Board etc.

I will be asking questions on Monday for sure. I am happy to report back after.

Let us hope that we are finally turning the corner here....

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Playboy,

Why not attend the GM on Monday, ask questions to the Board and then decide how to vote?

That is what I am doing. However, I am inclined to vote yes as it appears we need the £ to keep on track. I do not like the dilution (who does) but if it is needed to progress then so be it.

A smaller slice of the pizza is better than no pizza....

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Ripley,

You should have an entitlement to one new share for every 17.75 existing shares at a purchase price of 7.79p. You are also able to apply for additional (excess) shares at the same price.

AJ Bell have the correct info.

Anyone else going to the GM. If so, remember you will need a Letter of Representation from your Broker to attend.

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Morning,

I don't think this has been commented on, apologies if it is old news...

I have just listened to recent Bearcasts by TW ************* (I fully understand that TW is not everyone's flavour)...

On 17th TW (an existing holder, bought at 4p) stated that he was not buying nor selling but holding after the recent news. However, did state that Mark Slater (a friend) had a meeting with LC the following week....

On 24th TW stated that Mark Slater had had a meeting with LC. Interestingly, TW stated he had now increased his holding in JLP.

Cant post link to the two but thought I would share comments....

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Bushy...

"resolved" ???

not sure, personally, that is correct. was definitely mentions in today's presentation.....

Wild.....

Have you watched the Presentation ?

Have you read the Production updates for 2022 (with exception of Q4) ?

Very simple, the internal cash flow for Yan has NOT been achieved and hence there is a (potential) shortfall, presenting a risk to Kou..... These funds "eliminate" that risk and ensures Kou will be brought into production.....

Obviously, I do not like what has happened at Yan in 2022 but we cannot change that now.....

I am looking forwards rather than backwards.

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Hi,

The Presentation seemed to make sense to me. I obviously do not like dilution but this seems to guarantee we get Kou to production "on time and in budget"....

I have booked train and will attend the GM, ask some questions and then vote accordingly.....

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Bushy,

From experience of attending a GM, you do get the opportunity to ask any questions before having to cast your vote. I am planning on attending.

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Bushy,

You going to the GM ?

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Morning Chirpy,

Do you fancy going to the GM on 13th? Beer after .

Stratton, you going?

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Bushy,

The correct link for the Presentation is....

https://presentations.investormeetcompany.com/investor-meet-company/JUBILEE-METALS-GROUP-PLC-Investor-Presentation?bmid=41d2cc71bbc6

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