Member Info for Bluebelly

Roan 384t/m = 4608t/yr

Sable 200t/m=2400t/yr

How much from Roan goes through Sable to achieve the initial 200t/m.

5100t FY forecast suggest Sable adds about 50t/m

Going on previous achievements on copper production, we normally fall short.

Lets hope 5100t is easily achievable and they can over deliver.

The LWP looks a long way off.

More importantly can 5100t of copper production cover the company overheads and provide a profit for expansion?

BB

Bluebelly: "He doesn't know any more than any of us re: Zambia and if the process can work!" If the process can work...??? What process? We have been producing copper for years! Go on, explain what process ..?

Does the process work, by that I mean. Will we be able to produce enough copper at a profit to cover the Companies running costs. Or will dilution return with a vengeance?

Thanks for asking.

BB

33% lower now as it trends towards the 2p's with PGM earnings being banked by us for the time being.

Even if the sale went through, surely we should see a small uplift from here.

BB

Charles Archer 'risk/reward curve of the business is changing.'

That says it all.

He doesn't know any more than any of us re: Zambia and if the process can work! It's now a gamble!

BB

That 3p to 7p would have added approx £120m to the market cap. They could then issue equity at around 6p (500m shares). £30m for Zambia plus incoming profit from PGM/Chrome.

Atleast we will get the profit for CY Q3, by the time anything has been vote on.

BB

Gotreal, I was very positive over the years with Chrome/PGM's & Copper. However the positive messages from the company wrt Chrome /PGM, suddenly stopped & we now need to offload this millstone round our necks.

If sold and Copper considerably misses the target set, as in previous years that money will disappear and shre dilution will return, but this time, to keep the lights on, not expand!

The board are responsible for where we are today & I believe most shareholders feel let down. Even recently they knocked the uplift in PGM's because it doesn't suit their agenda.

BB

This coming week the Circular is to be released. Let's hope they can hit a paperwork target wrt Zambia!

I'm hoping there is something special in it, something nailed on that is not a punt, that will make the deal look like it must happen and not just spin.

BB

Not a good sign!

BB

I thought the same Gray1. Otherwise they would have mentioned it. Tjate has some asset value on the Financial reports ($40m form memory), but that doesn't help you when the money runs out. Many AIM firms have gone through the dilution death spiral over the years. If this Copper gamble doesn't work, we're shafted IMHO. The risk factor will have risen greatly if the deal goes through.

BB

Seis, it looks good for a long term higher price.

A least we won't have to worry about any upside from Chrome / PGM's.

We will have enough profit from our Copper production. As long as we get near to hitting the targets that started in 2020.

BB

Copper Operations

· Jubilee's Sable Refinery achieves early earnings from its copper and cobalt production as part of securing operational readiness to accept first production from Project Roan, achieving attributable operational earnings of GBP 1.8 million (ZAR 39 million)

· Jubilee's copper strategy gains momentum with the commencement of the construction of the new copper concentrator as part of its Project Roan

· Jubilee's Sable Refinery has completed the ore processing facility and is fully operational ready to accept the increased feed from Project Roan

· Project Roan will be commissioned over three phases with the first phase targeted to commence delivery of first copper units to Sable Refinery by end February 2021.

Leon Coetzer, Chief Executive Officer, commented: "Jubilee has delivered an exceptional operational performance during a time that has seen tremendous challenges overshadowed by the onslaught of the COVID-19 pandemic.

"The past six months has seen both Jubilee's PGM and chrome operations maturing as well as its copper strategy gaining significant momentum with the commencement of the construction of the first of a targeted three, copper concentrators in Zambia in line with our goal to take a leading role in the processing of surface tailings in the country.

"The Jubilee team has demonstrated its resilience and innovation during this time with the significant progress made with the roll-out of our copper strategy while growing our PGM and chrome business by delivering an exceptional operational performance.

"During the period key milestones were achieved with the transformation of our chrome operations to secure a more sustainable earnings margin while significantly growing the business; achieving record PGM operational results and driving forward the implementation of our copper and cobalt strategy in Zambia.

"The expected significant ramp-up of our copper production in Zambia has the clear potential to continue to grow Jubilee's earnings on the back of the commissioning of both of our copper and cobalt refining circuits and the expected ramp-up of our copper production, particularly with the recent rebound, and market expectations, of strong copper prices.

"As previously stated we have set ourselves a target to achieve the production of 25 000 tonnes of copper per annum within the next 4 years after securing nearly 300 million tonnes of copper and cobalt tailings. Our Project Roan is the first of three copper concentrators that we target to implement to achieve this goal. Jubilee is perfectly poised to play a commanding role in the processing of copper as we also look to further implement our strategy more widely."

We produced under 1m tonnes of chrome and plenty of PGM's in 2020 and the future looked great, we continued to plough money into PGM/Chrome ops.

Where did it all go wrong for the Chrome PGM business model?????

BB

'So, what does that mean? 450k tonnes down as of pretty much now, and then a further 600k tonnes down 18 months or so down the line, reducing Chrome production from 2m tonnes to under half that, thereby heavily reducing the Platinum by-product production as well'

From Ops Update - H2 2020

PGM Operations

· PGM project operational earnings4 up 119% to GBP 27.4 million (122% increase to ZAR 581 million) from H1 2020

· PGM attributable project revenue4 up 74% to GBP 36.6 million (77% increase to ZAR 776 million) from H1 2020

· PGM concentrate4 delivered reached 28 187 PGM ounces up 49% from H1 2020

· Increased PGM production, including record production at Inyoni during December, achieved despite planned December operational stoppage by the operation's JV PGM partner

4- All numbers reflect only production attributable to Jubilee and excludes that portion of production attributable to its JV partner

Chrome Operations

· Chrome project earnings increase sharply to GBP 1 million (ZAR 22 million) from H1 2020

· Chrome project revenue up 37% to GBP 11.6 million (39% to ZAR 244.4 million) from H1 2020

· Chrome concentrate produced up 67% to 319 834 tonnes for H2 2020

· The increase in chrome earnings are supported by the implementation of the new fixed margin chrome processing contracts

· New Windsor 8 operations commenced production in October 2020

· Jubilee has commenced with the construction of a new 80 000 tonne per month chrome operation adjacent to its Inyoni PGM operation

Northern shark ; WOBF, certainly agree there on the copper side but the SA business has been a success story to be fair. It is that background that I lean on which suggests the Copper side will follw suit, albeit after many delays, twists and turns!

Agree that the copper side may follow suit, but to sell the SA business for $90m ish does not say it was a success story, more a fire sale. Who sells at the lowest point in a business. We could be talking glass ceiling, when compared to the gold ratio to PGM’s over the long term.

BB.

From the interims 31 Mar 25;-

‘PGM revenue decreased by 9.2% to US$18.8 million (H1 FY2024: US$20.7 million), predominantly due to a decrease in PGM ounces produced of 8.9% to US$18 435oz (H1 FY2024: 20 244oz), due mainly to a shifted priority towards chrome recoverability during the first quarter to capitalise on favourable chrome market conditions resulting in lower PGM feed grades.

§ PGM cost per ounce decreased by 20.1% to US$616/oz (H1 FY2024: US$771/oz) mainly as a result of the reallocation of operating cost to the chrome operations.

§ PGM gross profit increased by 45.1% to US$7.4 million (H1 FY2024: US$5.1 million).’

I bet that FY2025 is gonna look pretty good if H1 2025 reported a 45.1% increase in gross profit, especially as we’ll be nearer 23koz even with the profit share.

BB

4everlong ‘ I've got $50 that's says Jubilee is up a minimum 20% within 5 days of release of circular.’

That still leaves us lower after the 20% loss since the deal announcement, and no increase for the PGM rise. 100% from here might cover what we are missing out on.

Are we not worth £180m ($240m) at these PGM prices. Look at the Annual report 24. Over $30m was put into chrome/PGM’s over the last 24 months and we were valued way higher than that prior to 2023

Page 162 is interesting - 102 shareholders out of 996 hold 98% of the shares.

There is a worry that this deal as it stands today is not for the benefit of the majority of the shareholders, but we are stuck here. Sell & they possibly cancel the deal, hold & the deal goes through & all those conspiracies play out.

Tjate has a intangible asset value of $106m, let them have that for UP TO $90m.

BB

Let’s hope the longer the rise in PGM’s is sustained. The less likely the deal is required to go ahead to fund Zambia. We were led to believe over the years, Chrome / PGM’s were going to become cash cow throwing off money. 2 months later it a burden we need to offload it, below market value.

I wish I had your will power Mikie. Unfortunately, I keep posting my thoughts/queries, which obviously no one can answer without the knowledge from the Circular.

BB

Chatmandu ‘ Rump business including debt = $49 million.’

You can knock off another $5m for the Rump of the remaining business & debt. Market cap now under $135m

BB

Northern Shark ‘ Fishy, the circular is being dependent on information being provided by the acquiring party not by JLP as I understand it from shareholders who have had contact with management’.

Surely the only input from the acquiring party to the Circular, would be the actual payment, as opposed to an ‘up to’ figure, along with the amount payable each year wrt the total price.

May be there are negotiations on what profit sharing there should be over the three years until the buying is completed.

Not to mention who takes on the debt as I would imagine it’s secured against proven producing assets & that is not currently the Zambian assets.

A week or so to go and we should all be a little wiser & possibly poorer as the SP continues it’s decline!

BB

£ & $ mixed up there.

Also,

‘You either trust in the management to broker the best deal or you look to move on whilst hopefully not being shafted.’

We have already been shafted if this deal goes through, we should now be valued nearer $270m (£200m).

BB

It looks like we could be valued above 3.2p -3.4p next year, if we just stay as we are, low risk & diverse. We could gain 25% to get back to where we were on the day of the announcement of the deal. We could gain from 4p to reflect the upturn in PGM’s. What’s a fair price now, Seiz, AB?

BB