Member Info for Bluebelly

Confirmed from the Corporate update that we have a seat on the BoD's relevant to the payments down to the last payment where the remaining 25% share holding would disappear. Did we ever find out if there is a profit share in the same fashion. Or do all profits go to the buyer from the business transfer date?

TIA

BB

'SA business will be exchanged in line with payments received.'

I believe it was more of a board room control - decision making, than profit sharing, which would have been great.

BB

6 Mar 24

'Formation of dedicated executive boards for

South African and Zambian Operations'.

BB

Wow, that is a kick in the ***s!

There's so many bullet points for Q's just from that one interview.

$90m of self funding over two years. The high capital period is finished.

Advance the project 6 months (IRH deal). Cash to book the module manufacturing early.

You can see why people are worried about the sale and what remains. We've added $90m of assets and the share price has shed at least that in value & more over those two years. 15p to 4.6p That deal/ interview raised the price back to peak at 8p. Then the market realised it wasn't going to plan and did not believe we had a better deal for the LWP, or was it the Chrome /PGM business not being the cash cow we thought it was?

BB

Jolly1 -

'Capital structure

The Group’s South African revolving credit facility of US$16.3 million and its South African metal trade finance facilities totalling approximately US$40.5 million, both fully drawn currently, totalling US$56.8 million, will be assumed by the Purchaser as part of the Transaction. The combination of the cash received in the form of consideration and reduced gearing will strengthen substantially the Group’s balance sheet. Table 5 below illustrates the effect of the Disposal on the Group’s financial position, showing a reduction in the Group’s total liabilities, current and non-current, from c.US$184 million to c.US$71 million, and total debt reducing from c.US$84 million to c.US$31 million, as at 31 December 2024, representing a reduction in debt-to-equity ratio from 35% to 13% (refer to table 5 on page 22). This strengthening of the balance sheet will better enable the Group to support growth in the ongoing Zambia copper business and to deliver value to shareholders.'

BB

Jolly1

From the Circular 'The Transaction places a valuation on the Disposal Group of approximately US$146 million on a enterprise value basis, which represents a 6.0x multiple on the FY2024 EBITDA. The consideration to be received by Jubilee for the Disposal is up to US$90 million, of which US$87 million is due and payable and not subject to performance measures. The balance of US$3 million is subject to certain metal prices and exchange rate criteria. If the Transaction is implemented, the Purchaser will assume c.US$56.8 million of loans and trade finance, which represents a substantial reduction in gearing and financing cost and will enable Jubilee to better manage its capital structure and financing strategy to support the continuing business in Zambia.

Table 5 in Part B of this Circular provides an illustration of the effect of the Disposal on the Group’s

financial position as at 31 December 2024.'

BB

$56m of debt (liabilies) removed - A big positive

$90m cash in the bank (Current & Non current Assets) - A positive

How much value will the Zambian assets be valued at?

JLP's Net assets for FY's 2023 & 2024 have been ITRO $250m

Remove the $146m payment from the asset value gives Zambia a value of $104m if the SA assets were valued at $146m on the balance sheet.

May last year we were valued by the market at 8p, was that due to the copper spike or Plat hitting $1100.

When the uncertainty of this event is removed, hopefully we will see an improvement in the SP.

Zambia has to work & the payments need to come in.

It looks like JLP were suffocating with the debt repayments, that we were unaware of.

Let's hope the goalposts remain fixed and all targets & timeframes are achieved/exceeded.

BB

Thanks NatCoalKing - I have now added my 1m shares to the 'Yes' pot.

BB

Nothing from HL as of yet.

BB

Yet we will vote for this prior to seeing the FY25 Annual results.

Page 26:

'6. Adjustment

The Purchase Consideration was calculated based on BHM’s representation and warranty that as at

30 June 2025, the NAV of the Disposal Group shall be at least US$90 million. If the NAV is below

US$90 million, then the Purchase Consideration shall be reduced by US$1 for every US$1 that the NAV

is below US$90 million.'

BB

If the Transaction is implemented, the Purchaser will assume c.US$56.8 million of loans and trade

finance, which represents a substantial reduction in gearing and financing cost and will enable Jubilee to

better manage its capital structure and financing strategy to support the continuing business in Zambia

'Sale proceeds would substantially exceed Jubilee's short-term capital requirements for its copper business.'

Dilution?

BB

From RNS 21st July :

'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.'

What about the rest of the elemants, why not use the basket price? Also, where is the chrome price now?

BB

Any ideas?

BB

'Total Equity: Decreased slightly from approximately US$259,180,729 to US$258,963,718, a reduction of about US$217,011'.

'Total equity is what is left over after you subtract the value of all the liabilities of a company from the value of all of its assets.'

So how much of that $258m was attributed to the Chrome/PGMs busines? (minus Tjate)

BB

AdriaanZA: I think that states we're worth more than the 3p the market is valuing JLP currently.

Today's buyers made do well!

BB

Https://jubileemetalsgroup.com/wp-content/uploads/2024/10/Jubilee-integrated-annual-report-2024.pdf

Loan to Horizon Corporation Limited– Star Tanganika $5 910 166 Page 136

Loan to Horizon Mining Limited– Kitwe $12 426 608 PAge 136

Debt as at 30 June 2024 ($4 751 055)+ ($3 182 158)+ ($23 311 917)= ($31 245 130) page140

Banking Facilities info (RCF, etc) Page 144

Debt at fixed interest rates 15% $4 751 055 - Page 150

Debt at variable interest rates 10.7% $21 650 754 - Page 150

BB

Upto £67m for Chrome /PGM's business

£13.5m sale of non-core assets

The market is pricing the Copper business at around £11m

Rediculous valuation. Unless the debt pile remains with Jubilee after the sale.

The Circular needs to anaswer so many question, lets hope its nothing like the RNS word salad.

Where is the floor? If it closes below 2.85p, that will be the lowest close in over five years.

BB

RE: £94m Market Cap - Out of date!

BB

Even at 2.9p, traders cannot see any value in JLP.

That tells a story in itself.

Those of us holding are locked in or we sell for a massive loss.

Jubilee Platinum - Jubilee Metals - Jubilee Copper

'The Emperor's New Clothes'.

BB