Member Info for Chatmandu

He's too busy spamming the mods in an attempt to get any 'off message' replies deleted.

I interpret the RNS's timeline to be 'circular on 8th August at the latest'.

Around the last week in July suggests the 'week before the last week in July', 'last week in July' or 'week following the last week in July'.

@edzi Why do you care what he thinks?

Are there any regulations regarding RNSs being binding upon the CEO and Board?

Leon has repeatedly put out statements that haven't been entirely accurate with regards to timelines, likelihood of hitting targets, etc.

Are RNS binding in anyway or are they in the same camp as political manifestos and simply 'aspirations' that should be treated as pretty much pointless?

You're very keen on going through my posting history, so why don't you do that and find the answer?

This is the only company that I'm currently holding. All my other investments are in ETFs or ITs.

Why would I post in the Share Chats of equities that I don't own or plan to own?

For the global copper price to impact the company in a measurable way, JLP would first need to start producing meaningful quantities of copper.

Just because we get the LME price, it doesn't mean that USA stockpiling of a global commodity, followed by reduced USA demand for the global commodity, won't impact the LME pricing of that global commodity.

It's a perfectly legitimate topic.

Some people don't appear to understand how supply and demand works.

Also from that article / puff piece:

"It is now rolling out a similar strategy in Zambia, the only difference being that the end product is copper rather than chrome and PGMs. Copper production by the company from its Zambian operations totalled just under 3 000 tonnes in FY-2023. Guidance for FY-2024 is for 5 850 tonnes of copper."

It is worth noting:

Total produced in 2023 = 2,728 tonnes

Total produced in 2024 = 3,422 tonnes

It would have been more accurate to say "Copper production by the company from its Zambian operations totalled just over 2 500 tonnes in FY-2023."

Https://www.miningreview.com/base-metals/jubilee-metals-zambian-copper-production-ramps-up

There is a typo in the article's text.

"Approximately 80 kt of ROM material from Munkoyo has been trialled and refined at Sable indicating a copper ore grade of between 1.5 and 3% contained copper. In addition, Jubilee has undertaken initial exploration and aerial surveying of the licence area which has shown the potential for a new copper resource along a onekilometre strike."

The rallies keep getting smaller and shorter.

https://i.postimg.cc/PJk1xQFC/image-2025-07-25-083136426.png

Copper production has increased by an average of 39% per year, but it distorted by the initial jump from 1,387 tonnes to 2,604 tonnes.

If we're generous and assume that copper production continues to increase at that pace, we should hit Leon's 25,000 tonne production target in 2030.

What's good for Slater might not be good for small investors.

Is the CFO working in Slater's best interests, the shareholders' or the board's?

I've been back through the Annual Reports to check Leon's copper production forecasts/targets against copper produced.

Things have not gone well in Zambia.

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

Annual Report 2020

"Targeting to reach in excess 25 000 tonnes of copper per annum"

Total produced in 2021 = 1387 tonnes

Annual Report 2021

"During Q1 CY2022, which will result in the first significant increase in copper production by the Sable Refinery, targeting 10 000 tonnes of copper units annually. The fully operational Sable Refinery achieved positive earnings as part of its operational readiness activities"

Total target for 2022 = 10,000 tonnes.

Total produced in 2022 = 2,604 tonnes.

Annual Report 2022

"The Company targets to implement the upgraded infrastructure during December 2022, ramping up to target 10 000 tonnes of copper for the full FY2023"

Total target for 2023 = 10,000 tonnes

Total produced in 2023 = 2,728 tonnes

Annual Report 2023

"The Company confirms its guidance of 5,850 tonnes of copper for FY 2024 which is impacted by the upgrade at Project Roan."

Total target for 2024 = 5,850 tonnes

Total produced in 2024 = 3,422 tonnes

Overall totals:

Total predicted copper output = 30,200 tonnes

Total produced coppper = 10,141 tonnes

JLP have only produced 33.6% of the copper predicted in the Annual Reports. I've been generous and not included the '25,000 tonnes of copper' as the target in 2020.

We're still only producing 13.7% of Leon's 2020 target of 25,000 tonnes per year.

Meanwhile, we're buying up piles of discarded rocks all over the place.

You expect me to care what W4nker1 thinks?

Why don't you post an unredacted photo of your trading account, driving licence and council tax so that we can all be sure you're not just a fantasist that's claiming to hold shares in JLP?

Yawn...

The line is my purchase price FIFO.

https://postimg.cc/2bPv6mKJ

Transaction details here:

https://postimg.cc/JyFH6MMn

As per Ardbegger's rule, you shall now both be known as W4nker1 and W4nker2.

@Gray

I agree. There are a lot of red flags that are piling up.

- Key personnel quietly leaving.

- Sudden change of direction and PGM asset sale.

- Information vacuum since the RNS.

- Huge delay issuing circular.

- Sudden change of broker.

- Lack of information as to reasons for changing broker.

- Abysmal copper production vs predictions/targets.

- Inaccurate information released by CEO - e.g. just needs a paint job. Incompetent at best, shady at worst.

- 1p share options.

- £500k pay for abject failure and shareholder value destruction.

- Unknown PGM buyer.

- Slaters' man in key position. Could be good, but is that going to work in our favour?

I'm sure there's more, but you get the point.

Does anybody have Leon's predicted copper production figures available? It would be interesting to calculate the average underperformance vs Leon's predictions. I think we're going to need that 'x factor' to calculate the reality of his next optimistic pronouncement.

I've been through the Annual Reports and these are the Copper numbers.

Annual Reports

2024 = 3422 tonnes

2023 = 2923 tonnes

2022 = 2604 tonnes

2021 = 1387 tonnes

2020 = zero tonnes

Total = 10,336 tonnes

Am I missing something?

Everything is fine.

https://www.lse.co.uk/rns/JLP/large-copper-tailings-resources-in-zambia-secured-98vsnwxhqy0pc3e.html

Jubilee has secured the rights to the material through its subsidiary Braemore Holdings (Mauritius) Proprietary Limited ("Braemore"), by entering into a Joint Venture agreement (the "Agreement") with the mining rights holder Star Tanganika Limited ("Tanganika") to process the approximately 150 million tonnes of copper containing tailings. The project will target the production of copper concentrate through a dedicated new copper concentrating facility ("the Project"). This Project alone holds the potential to produce copper concentrates in excess of the total Sable Refinery capacity of 14 000 tonnes per annum of copper cathode. It is the Company's objective to increase the capacity to in excess of 25 000 tonnes of copper per annum over time based on feed sources and projects currently under review.