Member Info for Chatmandu

Leon now owns 3,464,267 after the recent dilution that gave him 2,069,267 free shares as a bonus for the forced sale of the South African business. 🙄

I would consider $5 million to be 'a lot more' than his salary of $2.5 million. so he needs a share price of 144p to achieve that.

Does he realistically 'stands to earn a lot more from share price appreciation than salary..."?

"Leon stands to earn a lot more from share price appreciation than salary..."

Is that actually true, though?

He makes $500k per year in salary, so $2.5 million over 5 years. How many shares does he own and what share price would be required to give him 'a lot more' than $2.5 million?

@NorthernShark

It is just basic forward planning. It's too late to change it now, so let's hope they've not bought a lemon.

@Coldfeet

It looks like it's had a fair bit of use, but I've no idea how many more years of life it has in it.

https://x.com/Jubilee_Metals/status/2024433049963024682/photo/1

I think they've messed up the construction.

They should have build the shelter at 90 degrees to the centrifuge mounting so that the roof panelling could be removed and the (second hand) centrifuge could then be craned upwards between the roof supports. If the centrifuge goes kaput they won't be able to swap it out without completely disassembling the structure.

If only it were linear. It might have gone like this:

2019 = Zero

2020 = 1387

2021 = 2604

2022 = 3900

2023 = 5200

2024 = 6500

2025 = 7800

2026 = 9100

Based upon these figures, I think we may have finally produced a total of 25k tonnes by 2032.

Total copper produced in 6 years = 12,352 tonnes.

Average copper produced each year = 2059 tonnes.

25,000 tonnes target / 2059 per annum = 12 years.

2019 + 12 years = 2031

Was that the 25k tonnes target that Leon was referring to back 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

_ _ _ _ _

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"

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"

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."

Target for 2024 = 5,850 tonnes

Total produced in 2024 = 3,422 tonnes

_ _ _ _ _

Annual Report 2024

"Throughout the 2025 financial year, we have adopted a cautious stance on our copper production forecast as we bring into operation several new resource projects while executing the expansion of the Sable Refinery while maintaining operations, setting it between 5 850 tonnes, which constitutes a 70.0% year-on-year increase and 7 500 tonnes, reflecting a 119.2% year-on-year rise."

Target for 2025 = 5,850 tonnes

Total produced in 2025 = 2,211 tonnes

_ _ _ _ _

"You and your Ilk conveniently forget any material progress in search of short term gain."

Me and my ilk...

What material progress? What short term gain?

Copper production fell by 36% last year.

The total copper produced since 2019 is only 12,352 tonnes. Pathetic.

As for trying to push down the share price, I'm not prepared to commit any further capital to this share and I have zero interest in a lower share price.

_ _ _ _ _

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"

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"

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."

Target for 2024 = 5,850 tonnes

Total produced in 2024 = 3,422 tonnes

_ _ _ _ _

Annual Report 2024

"Throughout the 2025 financial year, we have adopted a cautious stance on our copper production forecast as we bring into operation several new resource projects while executing the expansion of the Sable Refinery while maintaining operations, setting it between 5 850 tonnes, which constitutes a 70.0% year-on-year increase and 7 500 tonnes, reflecting a 119.2% year-on-year rise."

Target for 2025 = 5,850 tonnes

Total produced in 2025 = 2,211 tonnes

_ _ _ _ _

@edzi - I agree.

People need to stop listening to what Leon says and concentrate on what actually happens.

More dilutions despite Zambia being 'fully capitalised' and the company being 'cash rich'.

Don't hold your breath for those share buybacks or dividends.

"They haven't decided to pay in shares. That is what the company asked for. Big difference"

_ _ _ __ _

The RNS states:

"At the Large Waste Project, the sellers have elected to receive the next stage payment of US$2.6 million in Jubilee shares"

The key word is 'elected'. They had the choice of cash or shares and chose shares. Why were they given the choice?

@Homeytheclown - I agree regarding the use of the word 'aspirational'. It appears that Leon wants to throw the 25k tonnes figure into the mix, but doesn't want to be held accountable for failing to achieve yet another target.

The Sunday Roast was kind enough to throw 'Tier 1 asset' into the ether.

I'm not a mining expert, so I asked Copilot 'copper mining - what is a tier 1 asset?'.

A Tier 1 copper asset is a mining project or operating mine that is exceptionally large, long‑life, low‑cost, and economically robust enough to be considered “company‑making.” In practice, only a small fraction of global deposits qualify.

**What defines a Tier 1 copper asset**

Across the mining industry, Tier 1 status is tied to a combination of scale, longevity, cost position, and economic resilience:

- Large production scale — A Tier 1 copper deposit typically supports production of >200,000 tonnes of copper per year over decades.

- Long mine life — The deposit must sustain 20+ years of production at meaningful scale.

- Low-cost position — It must sit in the bottom quartile of the global cost curve, meaning it can remain profitable even in weak commodity markets.

- Strong economics — Projects are expected to deliver >12% after‑tax IRR in low‑risk jurisdictions and generate >$300–600 million per year in revenue at - - - - - long‑run prices.

- Resilience through cycles — Tier 1 assets are so robust that they will be developed regardless of where we are in the commodity cycle.

- Expansion potential — The resource is large and open enough to support future growth, not just a single development phase.

**Why Tier 1 matters in copper mining**

- Copper miners and investors prize Tier 1 assets because they:

- Anchor a company’s long‑term production base

- Generate strong free cash flow even at low copper prices

- Attract premium valuations and strategic interest

- Reduce portfolio risk due to scale and cost advantages

Major mining companies like Barrick explicitly target Tier One potential in their exploration and development strategies.

** Examples often cited as Tier 1**

Industry references commonly include:

- Olympic Dam (Australia)

- Broken Hill (Australia)

- Cadia East (Australia)

These are cited as classic Tier 1 examples due to their size, longevity, and cost position.

What are people's thoughts on the likelihood of JLP sitting on a Tier 1 Asset?

To my untrained eye, that looks like a small centrifuge.

The Schauenburg Racoon has a solids capacity of 2-6 tonnes per hour, so 48 to 144 tonnes per day.

If the ROM is 2% copper, that would equate to 0.96 to 2.88 tonnes of copper per day.

An 80% recovery rate would result in 0.77 to 2.3 tonnes per day.

365 days a year would be 280 to 840 tonnes per year.

It's worth having, but is it really a game changer?

With the exception of Leon, naturally.

I'm wishing I'd followed Kalan and sold for a slight loss at 5p. He appears to be one of the few people actually profiting from JLP.

Leon has historically only ever managed to achieve an average of ~30% of his targets.

I keep saying this, but anybody that is still placing faith in his targets or his jam tomorrow social media output is being very naïve.

Results are all that matter now and he's, once again, failing to deliver.

Is one or both of the potential LWP partners a shell company owned by Colin Bird? Asking for a friend....

@Kalan - I find your posts to be interesting. Please continue to share your thoughts as things develop.

But are we cynics the lesser of two weevils?

"What would someone else have done?"

Maybe the following?

Not massively diluted the company.

Given realistic copper production targets and met them.

Made sure they signed PGM contracts for the life of the mines, so as not to be held hostage by OneChrome.

Refrained from the repeated jam tomorrow statements on social media.

Taken the time to complete drilling surveys prior to buying assets.

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

I made the same observations regarding the historical targets contained in the Annual Reports.

Did the processing capacity even exist at that time? If it did, why didn't it work and what's happened to it since then?

Why would an Annual Report contain a target that isn't even possible, based upon the installed/planned processing capacity?