Member Info for Bluebelly

At this point there is no point in releasing good news until the rear view looking FY25 results are released.

An early Sept RNS on Aug Copper production could have helped i they were ok.

I believe they stated Copper production by the end of Oct to be 500t/m output, although H2 2026 doesn't quite achieve that on guidance (Xmas Shutdown/maintenance???) Zambia Presentation:

'Guidance

▪ Copper unit production guidance for H1 FY2026 of 2 300 tonnes and 5 100 for the full year FY2026'.

28 May 25 RNS (May have been superceeded)

'Combined Roan and Munkoyo high grade ROM only, targets to produce 288tpm of Cu units for June 2025 stepping up to a production rate of 400tpm of Cu units from August 2025 with the potential of reaching 500 to 550tpm of Cu units from October 2025.' (Potential - Prbably not).

BB

Just bought 154,434 shares @ 3.02p shown as a sell.

Why??

My £4k was £660 up. I'm hoping there's more upside than downside???

BB

Thanks SeizNav: $17m gross profit for 6 months, $34m /yr if sustained.

It would be interesting to see those PE figures Leon was using to push for the deal (That is going ahead).

Hopefully not long to wait for the FY results, may be we are around the bottom here at 3p or a drop to confirm the recent low around 2.7p.

Unless they can show some post results optimism where we could see a nice rise.

There's some balance for you!

BB

Whilst were on the CEO thread. Leons comments from SA update 21/7/25: '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%'.

How do we stand, with the current chrome price wrt the Platinum price that is now up around 65% & Leon statement? SeizNav any idea - TIA

The sale is happening, but thankfully we are still recieving all the profits until it is finalised.

We are currently sitting around a 5yr low. We deserve to rerate, unless copper production is not as promised. Monthly Coper production would provide the market/ investors with some confidence, along withnews flow on drilling results & progress.

BB

Have just been reported. There's quite a churn of trades going on around this SP.

BB

Buy back or increase copper production?

If copper production is succesful and the SP rises to around 6p. The cost to buyback 500m shares currently costing £15m at 3p ish would rise to £30m.

We could maybe split the funds to increase copper production whilst simultaneously buying back shares whilst undervalued.

Stop the buybacks when copper is self funsing & SP has reached a level where we are in profit, with the likelyhood of a dividend being introduced in the future.

BB

LWP RNS comments

13/01/25

Large Scale Waste Rock Project-The project targets the processing of the approximate 260 million tonnes of previously mined material through a dedicated processing footprint resembling the new Roan facility. The Company is currently focussed on the completion of the extended industrial trial as part of its ongoing due diligence review. Under the terms of the option to purchase agreement, a due diligence extension to the end of January 2025 has been agreed to allow sufficient time to compile the results from the trial.

06/02/25

In addition, Jubilee is concluding final details of the due diligence on the Large Waste Project with expected conclusion of the transaction as per the terms of the agreement during March 2025.

28/05/25

Jubilee has entered into negotiations with various parties to potentially invest into the construction of the targeted modular processing units for the Large Waste Project. The targeted companies offer more attractive investment terms under a partnership agreement approach than offered previously by the Abu Dhabi based invest firm, which is preferred by Jubilee and is also non-dilutive for shareholders. Discussions over funding for processing plants on site at the Company's mining projects, also extend to the Large Waste Project.

06/08/25

Jubilee is looking to roll out a series of 25 000tpm modular processing units on-site, based on the design implemented at Roan. One unit is capable of producing 2 250tpa of copper units. The Company is seeking a partner to contribute US$25 million towards the funding and implementation of the project to accelerate the roll-out of the processing footprint under a non-dilutive partnership agreement. Jubilee is well advanced in negotiations to replace the initially targeted partnership pursued with an Abu Dhabi based group.

BB

Thanks SeisNav.

What I see from this is all those metal prices are higher now, than when we were last valued above 8pish, early 2023.

Something has to give to the upside at some point!

BB

Wait until Oct25 for the FY results.

The Company will have totally changed for it's next finanacial year reporting.

So investment is a Heads or Tails decision right now.

Most including myself see it as undervalued, asset wise with the cash/debt taken into account.

They need to produce copper and continue to increase how much they produce over the next few years. Historically they have struggled to do this.

Hopefully that isall behind us .

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Thanks for that info Klapka

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I'm guessing it needs to be approved by the SA Government first.

Hopefully we'll see some movement in the SP at that point to reflect our true value in the market, whatever that may be.

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'A closed period for a listed company is a restricted time, typically the 30 days before a company's annual or interim financial report is announced, during which persons discharging managerial responsibilities (PDMRs) (insiders) are prohibited from trading the company's securities to prevent insider trading.'

It looks like he had a small window before the expected results come out in October.

BB

'CEOS like coetzee never get their feet held to the fire so operate with impunity.'

You might be right Fatman83, but that may well change now we have JMK onboard.

I'm willing to give it another 12-24 months, as long as progress occurs.

BB

Hi Kalan, thanks for your input.

I’m holding my 1m shares for better or for worse, now. Will add no more, will buy no more.

18-36 months works for me 63.5yrs - 65yrs. Not exactly early retirement, but I’d only get bored anyway.

That may all change come 26th Nov.

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HarmProf ‘ The technical structure suggests the double bottom has done its job—3.15p holding firm as a reliable support level, with 3.5p forming the upper band of a tentative consolidation range. Unless fresh adverse news emerges, there's little justification for a third retest (triple bottom).

Is this the 3rd test of the triple bottom at 3.15p or has it failed?

BB

'CURRENT mining rate of approximately 80 000tpm of which 4 500t (increasing to 6 500t by end August 2025) of HIGH-GRADE ROM is transported directly to Sable for refining'

We should already be recieving that 40% uplift of the High Grade ROM at Sable. That would be a good point to confirm to the market, along with production at Roan being ahead of the forecasted tonnage for August.

BB

October would be better for 'Post Q1 results'.

BB

No they didn't Couerelion, but they state in their Zambian Update RNS:

'2. Processing of third-party copper feedstock: Jubilee's Roan concentrator (Roan). The upgraded Roan is fully operational reaching 384 tonnes of copper units for the month of July 2025 alone, proving the sustainability of the new upgraded processing solution.'

Is the proving now done and we should just expect 1150 tonnes per quarter unless informed differently?

I'm sure confidence would increase if they did report monthly numbers initially. Or did they pull out all the stops to get that figure. To get the deal over the line?

Next news may be the FY results in Oct along with the promised update on the way ahead in Zambia. This share does not do well in a news vacuum. It's generally meant targets are being missed.

BB

The market is not seeing a lot of value in Zambia. Now the vote has passed.

Cash in the bank, debt reduced & NAV of the remaining parts minus the remaining debt & we are now valued around £100m.

The risk factor is now a lot higher, lets hope they can pull a rabbit out of the hat. We need to see the August numbers now, or are we back to the normal level of comms?

BB

'However, DMS is typically uneconomic for low-grade ores'.

Don't we increase our copper % by a factor of ten, or there abouts with our front end modules?

Or is this process different?

BB