Member Info for Bluebelly

"Jubilee is well-positioned to continue its growth trajectory.’

Oh sh*t!

Scary thought, lootgaloot! ;-)

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Statement from Leon Coetzer, Jubilee CEO:

"Our South African chrome operations have delivered an exceptional performance, setting new record production levels for both the quarter and our monthly output for March 2024. The team's performance speaks to our renowned technical and processing capabilities supported by the modular expansion approach. The processing efficiencies underpinning this performance continues to offer additional growth opportunities in this sector.

We remain firmly committed to replicating the success of this modular expansion strategy at our Zambian Operations. I am encouraged by the team's ability to overcome the final frustrating logistical difficulties that have challenged the completion of Project Roan. Project Roan offers us the ability to significantly step-up our copper production in Zambia within the current quarter.

Project Roan and the expansion of Sable are supported by our rapidly growing footprint of secured copper resources. These resources include the increased feed sources from small-scale partnership agreements in addition to the already secured long term feed supply to Roan.

Our large surface copper Waste Rock Project continues to develop in partnership with International Resources Holding RSC Limited (IRH) from Abu Dhabi. The potential of these projects combined sets Jubilee on a path to far exceed its initial target of 25 000 tonnes per annum of copper over the next two years.

Jubilee is well-positioned to continue its growth trajectory. Delivering on another successful quarter, highlights our operational excellence, resilience and adaptability. With robust operations in South Africa and a solid foundation for growth established in Zambia, Jubilee is well-positioned to deliver a strong Q4 performance, with production increases expected across all commodities."

What changed, apart from the massive increase in our PGM profits from June?

How many years of PGM rich material did we have stockpiled, as we switched to chrome production as a priority due to prices. That stockpile is probably worth the majority of the offer. I can’t find the interview where he stated the size of the stockpiled PGM material.

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If the deal was cancelled now, where would SP settle? 6p or 7p

If the ROI of this proposed deal is that good (hopefully mentioned in the circular). Then we could raise the initial payment through 20% dilution at 6p, that would give us 0.06 x 600,000,000 =36,000,000.

36 x 1.35=48.6

$45m to play with & in 12 months the profit from PGM’s/chrome & copper would exceed the next payment from the deal & so on.

If the deal goes ahead & the current copper plan fails we will be diluted further and with no assets to support the SP.

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Got real:- ‘You should write fiction with an imagination like that Bluebelly ......’

I find it hard to understand why they would even consider, this offer to be paid over three years. When it is far below the NAV stated in previous FY reports, unless they are desperate for cash. Our income stream is now much improved & the board remain quiet and continue to persue this deal. This side of the business must have accounted for 5-10p of the share price the last time PGM’S’s were at this level. We’re giving it away for a little over 2p.

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Could the board have been using cash in the bank to progress Zambia and using the RCF to buy ROM for the Chrome/PGM business. Expecting to pay it back from copper production over the Finacial year, but the plan fell apart and the debt is now going to show up in the annual report & will need explaining. Off load and hide it.

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Thanks ActuaryBoi. Maybe now is not the time to be exiting SA , if things are improving..

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Bottoms up; I have also heard South Africa is deteriorating rapidly.

That has always been a risk for JLP & possibly why we diversified.

If it was the case, though, I would expect the SP to rally on the potential exit news.

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It not the shareholders deramping. I’m still hold my shares. The company is now priced for failure, through their own doing.

‘Up to $90m over 3 years’.

Maybe we’ll get $40m the first year. That will be spent quickly, leaving $50m to possibly boost the balance sheet along with the Zambia assets.

They have failed to release any test results, that they say are proof that the concept works. That may have boosted/saved the Sp. 20% of the value has been wiped off the mcap since the announcement, when other PGM producers are at 1-2year highs. It’s not deramping to put facts out there. Is anyone impressed by the boards actions? Those that remain???

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Good points nevertogiveup.

Northern Shark; Dare I say not noticeboard stories or paranoid individuals.

I’m not paranoid, I am more concerned about this transaction and why the there is the continued push to off load the SA operations at a discount. Have the board committed to something, that will now cost us to reverse. We should be able to secure funding to advance Zambia if the story is that good and SA has now turned the corner wrt PGM’s. I think we are giving up a profit making part of the business at a discount. Leaving us at the mercy of copper pricing and share dilution.

Almost 2 months to release the circular, which should give timings for the voting /EGM

Let’s hope the ‘Operational update’ is out prior to that.

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Shuvlin, you're probably right. However if the Circular ignores the increase in value of the PGM's circuit, a lot of HNW/II investors may ask for a delay or an increased offer on the back of the Company being way undervalued. The mcap is currently around $150m, on 40,000oz/yr of PGM's we will make approx $16m extra profit due to the rise ($400).

Delay the deal to assess if the PGM rise will hold or is it just a spike? Over the next quarter we have $4m extra cash to progress copper and see if we hit the higher targets given recently for October. If the offer is withdrawn, so be it.

It's probably more complicated than that, but I'm sure if an RNS came out stating something similar, we wouldn't be sat here at 3.4p!

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The creation of a Zambia Board will facilitate efficient allocation of capital investment, management's focus on strategic growth areas, and improvement of the Zambian Operation's ability to manage risks, identify opportunities and strengthen operational resilience.

The Zambia Board includes representation from Jubilee's StratCo to guide in the specific jurisdictional and industry dynamics of Zambia, providing experienced strategic direction to support the Zambian Operations.

The Zambian Board will comprise the following members:

· Chairperson: Leon Coetzer, Chief Executive Officer of Jubilee, ensuring overarching leadership and strategic alignment

· Managing Director: Ricus Grimbeek

· Executive director: Neal Reynolds, Chief Financial Officer of Jubilee

· Non-executive director: Mr Muna Hantuba, a representative from Jubilee's local Zambian partnership

Jubilee Strategic Committee (StratCo)

The members of the StratCo, comprising the Jubilee CEO, Leon Coetzer, the two managing directors of the SA and Zambian Operations Bertus van der Merwe and Ricus Grimbeek respectively, the Jubilee Chief Financial Officer, Neal Reynolds, and the Jubilee Chief Strategy Officer, Pedja Kovacevic, remains unchanged.

Changes to the Jubilee Metals Group board

It is a great honour to welcome Mr Muna Hantuba as a member to the Zambian Board. Muna is a respected figure within the local Zambian business community and comes with a wealth of local and industry experience.The implementation of the two boards signals a new level of maturity reached by Jubilee offering greater agility in decision making to not only to seize opportunities but to also rapidly respond to changing market dynamics."

SA Operations

The SA Operations have reached a high-level of maturity, with stable, sustainable, and established business operations and a clear vision to grow organically whilst securing direct ownership of resources. In addition, the business has matured its managerial structures across operational, financial, legal, and human resources areas.

The business has established new benchmarks for performance in the industry. Management is continually evaluating opportunities for organic growth and the SA Operations are capable of self-funding future growth by leveraging their balance sheets and cashflows while delivering returns to Jubilee on the investment made during the development phases of the business.

The SA Board will oversee the strategic and operational management of the SA Operations and will comprise the following members:

· Chairperson: Dr Mathews Phosa will remain the non-executive deputy chairperson of Jubilee but will resign, with immediate effect, as chairperson of Jubilee's remuneration committee (REMCO) to afford him the time and focus on this new role.

· Managing director: Bertus van der Merwe

· Executive director: Neal Reynolds, Chief Financial Officer of Jubilee and

· Non-executive director: An external position, to be confirmed, to strengthen independent oversight

Zambian Operations

In Zambia, the formation of a dedicated board is aligned with Jubilee's focussed and strategic direction to the implementation and rollout of its copper business which includes:

· Establishing the Sable Refinery's (Sable) operational footprint as an independent processing node underpinned by the Munkoyo resource and third-party supplies. The expansion of the copper resource base targets at Sable which, combined, offer a long-term feed supply capable of sustained operational output well in excess of 16 000t of copper per annum.

· Establishing the Roan Concentrator's operational footprint as an independent processing node with the potential to expand the resource base to include longer-term opportunities. An expanded resource portfolio will allow Roan to sustain a production output in excess of 13 000t per annum.

· Development of the Waste Rock project in partnership with IRH, targeting copper output in excess of 25 000t per annum.

· Jubilee in-house Technical Services team continuing to progress with the research and development program to unlock the value of copper contained in historical processed tailings in Zambia.

The creation of a Zambia Board will facilitate effici

FromRNS o6 Mar 24:SA Operations

· Formation of a dedicated board of directors for Jubilee's SA Operations.

· With immediate effect, Dr Mathews Phosa will be appointed as chairperson of the holding company of Jubilee's SA Operations (SA Board) with Jubilee's current Chief Operating Officer, Bertus van der Merwe, appointed as Managing Director of the SA Board. The formation of the dedicated SA Board recognises the maturity of the SA Operations as an established cashflow generative business able to fund its growth objectives with its partners.

Zambian Operations

· Formation of a dedicated board of directors (Zambian Board) for Jubilee's Zambian Operations through a yet to be nominated Zambian subsidiary of Jubilee.

· The Zambian Board will include representation from Jubilee's StratCo (as announced 14 August 2023), providing experienced strategic direction to successfully implement and support the Zambian Operations in its transition to an established and self-sustained business.

· The Zambian Board will include Jubilee's Chief Executive Officer, Leon Coetzer, as chairperson of the Zambian Board and joined by current Chief of Energy Metals, Ricus Grimbeek, as Managing Director.

· Mr Muna Hantuba, a respected businessman offering a wealth of local industry and country knowledge will also join the Zambian Board.

· The seniority of the Zambian Board speaks to the growth opportunities offered by copper and the metals strategic value in the future growth of Jubilee.

Statement from Leon Coetzer, Chief Executive Officer:

"Jubilee has reached an exciting inflection point in its business journey with the ability to significantly further grow its SA Operations as a recognised processor of choice, while rapidly stepping up its copper production on the back of the rollout of its secured Zambian copper projects.

The formation of the SA and Zambian Boards, establishes dedicated senior executives for each of our SA and Zambian business units, that are aligned with the respective levels of maturity reached by these business units. Each Board has a focussed mandate to deliver on expected key performance indicators.

The SA Board with Dr Mathews Phosa as chairperson and Bertus van der Merwe as Managing Director have both played a pivotal role in the success and growth of the SA Operations. They bring together a wealth of industry expertise and regional knowledge well positioned to capitalise on the growth opportunities on offer.

Our Zambian Board, comprising a strong representation of the current Jubilee StratCo and local business leadership, will focus on driving the implementation and roll-out of our copper strategy in Zambia at a time when we look to significantly step-up our copper output on the back of the investment made to date.

It is a great honour to welcome Mr Muna Hantuba as a member to the Zambian Board. Muna is a respected figure within the local Zambian business community and comes with a wealth of local a

Seis 'I reckon we could be at 16,000-18,000 tonnes / year by the end of calendar year 2026'.

That would be acceptable to most investor IMHO. We would be self funding/profit making with a further payment due in the next calendar year for the chrome/PGM business sale & that would add to the cash pile for further development.

I hope you're correct or there abouts in your estimation.

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Gotreal, the full sentence was 'but will need another few year to prove up and raise the SP significantly'.

It was a point of view as opposed to an 'undoubting assertion'.

It could also be done whilst still holding the Chrome/PGM business. As little cash is needed to progress Zambia.

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Gotreal, we seem to have gone from a 'Cash Cow' to a 'Cash Strapped' company as our Chrome production has increased. Is the chrome part of the business a failed business model (not owning the ROM), as they need to sell it off on the cheap. The Copper business may be the way to go, but will need another few year to prove up and raise the SP significantly. Investors are a bit miffed, that they release the deal information without releasing details of the way ahead. We don't know if 3.4p is a fair price currently, or will it drop/rise significantly when the fine print is released. Leon & the board aren't stupid they are paid well and don't worry about the SP.

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A question for SeisNav & other knowledgeable posters . Does the PGM price have any effect on the ROM pricing or is it purely on Chrome pricing?

If not, we will now be processing higher cost ROM & receiving a lower Chrome price, but we get the higher basket price for the PGM's. Neutral effect

The reverse effect would give us a positive outcome on the balance sheet. Cheaper ROM & higher chrome price, adjust production for chrome unless PGM's remain good. As the chrome price falls we switch to more PGM's that are stockpiled. Would a 2nd PGM plant help?

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Thanks Seis: Schoolboy error.

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I can't see what they are, buys or sells as we have held steady at 3.4p & 3.6p Bid/Ask & all the big trades go through at 3.5p. Orderly transfer??

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Closed above it!

Could be a good sign, or just delaying the inevitable.

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