Member Info for Chatmandu

As I've had to explain on numerous occasions, the market places zero value on the big piles of discarded rocks.

During the summer, the entire copper project was valued at zero. The total market was just the $90 million (the value of the PGM deal).

Rampers keep banging on about the sale of 7% of the large waste protect and how that proves 'value'. On that basis the LWP is worth something like £168 million, but the share price during the summer proved that the market values it at zero.

If we can prove it can be processed at a profit, it might be worth something, but it's currently worthless in terms of shares price.

He's only delivered 33% of the targets contained in the Annual Reports, but some people still lap it up. Why would any investor still listen to him?

The only thing anybody should be paying attention to is results. If they're being held back, why might that be?

It's so frustrating.

25k tonnes x £6k per tonne of profit = £150 million.

30x P/E = £4.5 billion.

3 billion shares = 150p share price.

That's my 'planets aligning' share price guestimate.

A more realistic price would be.

10k tonnes x £4k profit per tonne = £40 million.

15x P/E = £600 million

3 billion shares = 20p share price.

Which brings us to the current share price.

3500 tonnes per annum x £4k profit per tonne = £14 million

15x P/E = £210 million

3 billion shares = 7p per share

Minus unknown corporate/fixed overheads, but at least £3 million (?) = share price below 5.5p

Until we see actual results, with decent production figures, I can't see the share price breaking out.

Https://www.action.com

It's a B&M style retailer.

Dutch equivalent to Companies House:

https://www.kvk.nl/en/search/

KVK for the head office (Action Holding B.V.) = 53029712

KVK Number for the Dutch retail stores = 37112677

@bottomsup

You keep making this unsubstantiated claim that a buyout is imminent. Do you have any evidence at all or is it just desperate ramping to try and dig yourself out of a hole? What's your break even price? Mine is 5.05p.

With regards to the waste dump, management have been claiming to be close to a deal in numerous RNSs, but nothing has materialised so far.

I consider charts to be a form of copium, but the MACD is currently 'good' with no signs of a crossover.

https://www.investopedia.com/terms/m/macd.asp

https://i.postimg.cc/SKKN8ZVf/image-2026-01-29-131709707.png

The last thing we need is more of Leon's 'optimistic' targets and forecasts.

We need realistic and achievable targets and we need to meet them. I can't believe people are openly calling for dishonest ramping in the RNS.

Should we be worried?

_____

Changes to the Board

Jubilee, the Zambia copper focused producer, announces that Nicholas Taylor has notified the Company of his resignation from his position as non-executive director with immediate effect.

Appointed in 2020, Nicholas is chair of Audit and Risk Committee, a member of the Remuneration Committee and a former member of the Safety and Sustainability Committee. A new chair and members of these committees will be appointed in due course.

Statement from Jubilee's chairperson, Dr Mathews Phosa:

"On behalf of the Board, I would like to thank Nick for his more than five years of service and wish him well with his future endeavours. He has provided valuable input on numerous matters as a member of various committees during his time with the Company."

United Kingdom

23 January 2026

If you're concerned, you could phone the police on 111.

https://www.bbc.com/news/business-34086199.amp

Given the amounts poured into the Zambian operation vs the piddly amounts of copper produced, I would expect us to be the highest cost copper producer on the planet.

@bottomsup

"The drilling has been going on over a year and yes I agree Leon is over a year behind on its targets but move on to 2026."

We're actually six years behind Leon's targets and we're still only producing half the copper targeted in 2019.

Annual Report 2019

"The ramp-up of the copper circuit remains on track targeting 250 tonnes of plated copper cathode per month during Q1 2020, before stepping up to reach 400 tonnes per month from Q2 2020 resulting in early project cash flows during the construction of the zinc and vanadium refining circuits."

Total predicted for 2020 = 4350 tonnes

Total produced in 2020 = zero tonnes

https://www.lse.co.uk/ShareChat.html?ShareTicker=JLP&share=Jubilee-Metals&thread=E200D483-2491-40CF-9311-00DE204785FE

Annual Report 2025

Total produced in 2025 = 2,211 tonnes

"a place for cyberbullying, trolling, and groupthink, particularly around stocks with strong bullish sentiment. Allegations include conflicts of interest"

Hmmm. Are you sure you've not accidentally posted a review of this bulletin board?

Even if you hold the shares in an ISA or a SIPP, you still have the withholding tax problem and you'd then incur dealing/reinvestment fees if you reinvest the dividends. It's also unlikely that the dividends would exactly match the share price, so you'd need to add more funds just to keep level with a share buy back scenario.

@Kalan - agreed.

There appears to be a lot of chickens being counted before the eggs have even been laid.

We all know that Leon talks a good game, but so far he's delivered less than a third of what he's been targeting in the Annual Reports.

Was the AGM recorded?

I think share buybacks to cancel shares would be far better than dividends. Maybe try to reduce the shares in issue to 1 billion and then do a 1 for 10 consolidation?

Dividends, when the share price is so low, would be difficult to manage - e.g. a 5% dividend would be 0.2075p per share at today's price of 4.15p.

I don't think we'll see the big piles of rocks valued by the market until we prove that we can process them. We're currently buying in higher grade ROM than that contained in the waste dumps and we're still struggling to produce copper.

@NorthernShark - the target last year was 5k tonnes and we produced 2200 tonnes.

The target in previous years was 10k and we peaked at 3300 tonnes, before regressing by 33%.

Anybody that is still placing faith in the forward guidance is, in my opinion, deluded. The only thing that's going to matter, from this point onwards, is results.

Let's wait for the half year numbers. Hopefully, I'll be pilloried as a naysaying deramper with JLP finally delivering decent tonnage, but the previous 6 years strongly suggests the opposite will happen.

@Mazerunner

The copper price is pretty much irrelevant when we only produce 2200 tonnes of copper per annum.

We're 6 years into the Zambian copper strategy and, as somebody else said, we could probably deliver our output to market in a wheelbarrow.

It's interesting to note this line from @bottomsup :

o The consideration has been largely excluded from the FY2025 results under IFRS15 with only US$1.4 million reflected in the results

@Sirboring highlighted the markdown in the company accounts and it resulted in a dingdong with JMK, but we're now seeing the real world impact. He also questioned whether it should be IFRS 5 instead of IFRS 15. I'm not an accountant, so I'll leave that question open to others with more knowledge.

@bottomsup

Your calculations are rather basic... Without knowing the fixed costs and processing costs, it's impossible to know the profits.

5,000 tonnes might result in a $10 million loss, if our costs are $35 million.

10,000 tonnes might result in a $15 million profit, if our costs are $35 million.

Do we know either our fixed costs or our processing costs per tonne?

Without that information, you're just spreading baseless hopium.

People on this board complain about disinformation, but they also appear happy to tolerate this clueless ramping.

@LUFC1111

If you believe that, you'll believe anything.

Last year's target was only 5000 tonnes, but production was down a third on the previous year at around 2200 tonnes.

I think we'll be lucky to exceed 4000 tonnes.

In my personal opinion, anybody trusting Leon to keep to a deadline, meet a target or successfully deliver upon his social media announcements, is being naïve.

Can anybody point to a single 'copper strategy event' where what he's said is going to happen, has actually happened?

It's obviously nice to see the share price above 3p, but I'm not sure why we would be rerated at this point. Copper production needs to increase exponentially just to cover costs. We're missing out on the copper boom because we're simply not producing decent quantities of copper.