Member Info for Bluebelly

Is that good or bad news?

Does he work on the law of averages.

Let's hope it's third tme lucky for him.

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First time in a while we've opened above it.

Onwards to a golden cross, might be a while yet!

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Appreciate your work SeisNav.

It's good to see what could be achieved. With more projects to add, as they come online/go to plan.

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We achieved 40743oz from 377883Tones of chrome concentrate in 2020, so we should still have enough chrome being available from the remaining contracts. And I imaginne there is a hugh stockpile of PGM rich material.

From Audited results 2021: 'Achieved stated target of 50 162 PGM5 ounces for FY2021 (up 23% compared with 40 743 ounces for FY2020); this was achieved during a period which included the construction and commissioning of two new chrome beneficiation facilities and the commencement of the construction of the expanded and refocused Inyoni PGM operation

o Chrome Operations delivered 751 223 tonnes of chrome concentrate (2020: 377 883 tonnes), generating chrome revenue of £ 34.5 million (ZAR 714 million) (2020: £ 17.2 million (ZAR 339.1 million)) on the back of increased operational capacities; this is set to increase further with the commencement of commissioning of the new Chrome Beneficiation circuit completed during Q2 CY2021.'

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We should be hitting that tonnage now, lets see what the Q2/H1 report shows us!

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Bottoms up:

Platinum costs $605

Platinum average $1450

I think it should be PGM and I believe the basket price average may be higher than $1450 for H1.

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Average cost of copper - 2024= $4294/2025= $7776 - Can we get this back down??

Chrome Revenue v Costs - Making $6/t doesn't seem bad on 1.9mt?? Is servicing the debt the problem?

PGM revenue v Cost (profit) 2024=$300/2025= $526. Probably nearer $1400/oz now?

· Safety performance improved with 123 consecutive days achieved without a lost time injury (LTI-free) in the current fiscal year, compared to 488 LTI-free days in FY2024, and commensurately realising a reduction in the LTI Frequency Rate (LTIFR) to 1.24 (FY2024:0) 488 days in2024? (Improved??)

the average copper unit revenue received decreased by 6.6% to US$7 421/t (FY2024: US$6 964/t) Decreased??

PGM EBITDA increased by 110.4% to US$14.1 million (FY2024: US$6.7 million) due mainly to the allocation of certain operating costs between two of Jubilee's PGM operating plants and two Inyoni chrome processing plants to reflect the costs more accurately for each operation in relation to output.

Does this change in cost allocation allow then to show chrome in a worse light whilst PGM was ashining light at a global low??

A total of US$10.4 million was spent towards local procurement. Key projects included water access, sanitation programmes, road improvements, and educational support. Seem high, almost 10% of our m/cap??

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"Our South African operations have produced strong production results for the period which speaks to our deep understanding in manging the interdependency of our chrome and PGM operations backed by the dedication of our team.

Leons statement from the RNS update on 21st July: 'Over the past quarter we have seen large fluctuations in the price of chrome. The Company's revenue and earnings exposure to chrome prices have significantly increased in line with the increase in operational output with a 1% movement in chrome price now being equivalent to an approximate 4.5% movement in the platinum price. Since May 2025, the chrome price has depreciated by approximately 11.4% which has been largely buffered by platinum prices that have appreciated by nearly 33% over the same period and further supported by the significant increase in chrome production.'

How does this statement compare with these prices; All credit goes to SeizNav for his updated charts post:

https://www.dropbox.com/scl/fi/tlcbhgrnj5yxbpfd4ln8h/Commodity-Prices.jpg?rlkey=7vx9nc4syt0zd6rl6xmszzngy&dl=0

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And the CEO literally doubles his holding. 'Tiziana Life Sciences has been notified that its Chief Executive Officer, Ivor Elrifi, has purchased 163,400 shares of Tiziana common stock in the open market. This brings his current purchased shares total to 357,848.'

Alright for some.

May be worth adding, he knows more than us!

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From 2020 Audited result:

'PGM2 Operations delivered a record production of 40 743 ounces (2019: 23 847 ounces) for the year, generating PGM revenue of £ 34.5 million (ZAR 681.9 million), compared to £ 15.8 million (ZAR 288.9 million) in the previous year.

· Chrome Operations delivered 377 883 tonnes of chrome concentrate (2019: 181 947 tonnes), generating chrome revenue of £ 17.2 million (ZAR 338.2 million) [(2019: £ 7.8 million (ZAR 143.7 million)]'

So we achieved 40k oz in 2020, not sure if any was stockpiled or we achieved it from the results of producing 377k tonnes of Chrome concentrate.

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Out of interest. How much ROM in chome processing do we need to achieve the 44K oz of PGM bearing material.

From 2022 audited results RNS:

'Key Achievements for FY2022

· Jubilee successfully completed its capitalisation and expansion programme and delivered on its targeted production for PGM (41 586 ounces),

chrome (1 222 452 tonnes) and copper (2 604 tonnes).'

What kind of figure would those production numbers return today, with copper production now increasing?

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Harmprof: Who is the poster! Name please! I guess somebody spreading rumours to support his short!

Sirboring on 5th Dec 08:27 - Platinum business being sold to pay debts cause covenants breached or a going concern issue.

Could be waffle, Sirboring hasn't been that positive wrt JLP.

We will know shortly or get suspended!!!

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Statutory Deadline: A public company must hold its AGM within six months of its financial year-end.

Minimum Notice Period: At least 21 clear days' notice must be given for an AGM.

A poster mentioned the breaking of a 'Loan Covenant'.

I'm not sure of the implications that this would have onJLP, but is it a reason for the delayed financials?

Or is it a case of the usual FY reporting method is not acceptable for this sale?

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A change to the thread title.

We may not have bottomed, but even after the current deal with GLR.L, we are still way undervalued.

I'm ot happy, but I'm not selling at the bottom.

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This is more April 1st.

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From 17 Oct 25 RNS.

'The Company expects to deliver its audited results for the financial year ending 30 June 2025 during the second half of November 2025.'

They've been a long time in coming. Let's hope there are no surprises.

Partnership Agreement due.

Will we see any RNS's this week?

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Some common sense! Well said Gray.

Not much to move the share price out of the current range, unless fair market value is applied.

May be 20% to be made by traders here & there.

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That doesn't surprise me.

Each year the reports use a different methods to reflect the costs of production.

Copper production, Copper units, Chrome credits associated with PGM cost??

I thought we were a debt free chrome producing behemoth about to do the same with chrome.

Now I hope they change.(To what???)

Dont put out dates for updating the market if you cannot keep them, that would be a start.

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'a substantial and scalable copper producer,positioning the Company in an industry known for superior valuation metrics.'

Can't wait!

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6 now, well done Gray1.

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