Member Info for Foresthomeshotm

@junior no surprises there.

A brilliant prevention, I left it thinking what an impressive man......now what did he actually tell me?

There's no doubt he is flying at 35000ft, the problem is he forgot the passengers. The main reason he's got the plane and in charge of flying it.

So the strategy is very clear, to me anyway. The reason we need to dilute ourselves by up to 300 000 000 new shares is to buy the loyalty of our existing partners staff so they don't run off to a competitor.

@junior

Its quite striking that the same RNS can be seen so differently. After observing for some time one gets a clearer picture of the individuals and their objectivity. Very interesting what perceived anonymity facilitates.

Important to review the previous RNSs and compare and contrast what was said previously regarding targets and what is now being said ( but yet to be delivered). It provides an interesting audit trail and perspective on whether this is such a great RNS as you seem to suggest it is. But you already know that.

Presentation and you can submit questions in advance wow

Nice to see progress and an update.

JORC important. Be interesting to monitor the targets for Ore and it is good to have some targets for 3 months. Be nice to know their profits pmt and a lot more flesh on the likely on site processing aspirations magnitude of costs and thoughts upon funding payback etc. Overall improvement in communication so good. Surprised there's not more on the vote deal etc though? That to me is just plain bad planning. Even if they cannot release confidential matter then at least say that and release what they can well in advance of the vote via a shareholders circular.

@dorfin

And you are surprised? Its taken years for jlp to damage and destroy so it will not be repaired overnight and probably not by the main leader. I suspect there is a huge PI NO vote.

@nevergiveup thats what the long awaited LWP should cover and a lot more future phasing besides. What we are likely to get is quietly hoping it goes away or @junior and Molefe divert our gaze.

I doubt few dont think Molefe is highly valuable. Its about the faith and confidence of jlp leadership to ensure its a success for shareholders. So far its a success for 2x £600k per annum with the shares at almost a 6 Yr low

I voted no as previously explained no to 300 000 000 new share dilution not that just over 2m vote will turn things.

Still be nice to have honest updates explaining why things got delayed didn't go according to plan lessons learnt changes made etc

"In addition, Jubilee is concluding final details of the due diligence on the Large Waste Project with expected conclusion of the transaction as per the terms of the agreement during March 2025. "

Interesting AI input and output @Chatmandu . Certainly seems to summarise how quiet a few shareholders feel about LC......fiction v reality and thus the share price graph.

LWP fitting well into your descriptive input. March 2025 to March 2026 now to June 2026. How long does operational testing take? And thus the commercial results and either a no go or go decision progressing into commercial HOTs? And a JLP Update?

Always useful to get AI to do an independent assessment and pull out any areas to watch.

Areas of Concern

1. Fuel costs have risen dramatically

The update reveals that local fuel prices have increased by almost 80%.

This matters because:

Ore must be transported to Roan.

Concentrate must be transported to Sable.

Transport currently represents around 16% of monthly operating expenditure.

This is a substantial cost headwind.

2. Acid remains a major cost

Acid consumption represents approximately 20% of monthly expenditure.

Combined with transport costs, these two items account for roughly 36% of operating costs, making profitability sensitive to inflation in key inputs.

3. Dewatering circuit still being optimised

Although commissioning is complete, management is still:

"refining the operating parameters required to maintain stable continuous operation"

That wording suggests the circuit is functioning but has not yet demonstrated sustained performance under all operating conditions.

Investors will likely want to see:

Continuous operation.

Consistent concentrate quality.

Stable recovery rates.

before assigning full value to the upgrade.

Good new and the June July figures should really indicate sustainable production numbers going forward (or not).

Be nice to see the profit and what the efficiencies have achieved based upon a " normalised" cost copper rate base with those assumptions on cost and copper pmt set out as a reference point.

@bottoms

Be careful the vote expires on the 9th on some broker sites so you have to make the vote by the 8th midnight.

I agree yet again terribly managed with no presentation until after the vote. That suggest as a number @junior who seem to have an inside line that its a done deal.

However PIs count on the share register for more than 25% of jlp. Your vote count if you do have 5m 300k.

Noted thank you

@delion

Great explanation below. The original RNS, a typical jlp communication that to the average SH creates an impression of a sale and receipt and thus hysteria around the value of the LWP and a real likelihood it might be sold or processed at a great profit. Of course that has not happened. Theres no news no update. I am sure LC is hoping it goes away.

Jubilee metals. Large Waste Project. It was announced that JLP had sold 5% of the LWP project material for $6.75 million. Did JLP ever receive that payment? Does it appear in the accounts?

___

Short answer:

Based on all available regulatory announcements up to April 2025, there is no evidence that Jubilee Metals (JLP) ever received the US $6.75 million from the sale of 10 million tonnes of Large Waste Project (LWP) material, and the payment does not appear in any published financial accounts.

What the RNS actually said

The 3 April 2025 RNS states:

Jubilee entered into an agreement to sell 10 million tonnes of LWP material.

The estimated value of this material trade was US $6.75 million.

The purpose was to gain insight into processing performance at a partner’s facilities.

___

Crucially:

The RNS does not state that the payment was received, invoiced, or contractually guaranteed. It describes the value as an estimate and the arrangement as part of a technical evaluation process.

Does the $6.75m appear in the accounts?

- No published financials (interims or annuals) show:

- A line item for $6.75m revenue

- A receivable of that amount

- A cash inflow matching that figure

- Any note explaining receipt of funds from the LWP material sale

This strongly suggests that no payment had been received by the time of the latest available accounts.

___

Why the payment likely never appeared

Based on the wording of the RNS and typical mining‑sector practice, the most likely explanation is:

- The “sale” was not a commercial offtake, but a technical trial agreement.

- The $6.75m figure represented the implied value of the 10 Mt sample, not a confirmed transaction.

- Payment may have been conditional on further steps (e.g., full acquisition of the LWP, performance validation, or final contract execution).

This interpretation is supported by the RNS language emphasising insight, pilot trials, and due diligence, rather than revenue.

___

Summary

Was the $6.75m ever received?

No evidence of receipt.

Does it appear in the accounts?

No.

Why?

The arrangement appears to have been a technical evaluation trade, not a completed commercial sale.

@junior

"If Jubilee takes money on poor terms, with loose wording around Molefe and no clear milestones, then yes – that’s destructive "

And add that to the up to 300 000 000 new shares and its yet another badly managed jlp disaster to add to a proven track record of

No further dilution required

Share buy backs on the way

Dividends on the way

LWP money not in the accounts and the promised test results no where to be seen

Sable expansion not happening

Roan still not fully operational

Copper targets missed

GLD gifted 23% or Molefe benefits for only 700k investment

So a vote yes adds yet more dilution and another badly executed project that takes value away from shareholders.

@Happy

See how its all glossed over. Tells you everything

@northern

The exact details and specifics of the detail are not known. Lets not be conned here. We are giving away a slice of M for a fraction of its likely value that why they are here. They can buy anything else we dont own without us and get licences on anything we dont own. They want in on this hugely valuable asset.

For that we as shareholders get diluted by up to 300 000 000 new shares. Its very unclear what 1.5m or 10m buys and exactly what the value in cash equivalent they are putting in?

But let's just vote yes blindly on 2 lines of an rns. Brilliant.

@Mikiesunday

All pure cojecture that JMK has made a difference and got control. In fact as a shareholder the opposite looks true

No LWP update

No sable update

No Roan update

No coper update

No project G update

Same terrible SHcommunicatios

Big increase in balance sheet borrowing

No update on cash position

Oh now up to 300 000 000 new share dilution

Wheres the dividends?

Wheres the share buyback?

What is the current cash position?

I would evidence nothing has really changed but respect your view and opinion

@Jjunior

Appreciate the full professional response. Thanks.

Lets agree to disagree on the vote.

The fact that you are stating it is a done deal means you either carry a large part of the vote, have privileged information or are trying to spin a narrative to persuade voters there's no point in voting no or voting at all as its all wrapped up.

If it is then you are trying very hard to persuade people to vote yes.

@Junior

No surprise to see you pop straight up promoting the yes vote.

I said up to 300 000 000 and the allocation is then out of our control. Of course you knew that but used it to make the point well its not all those shares.

Ive never said vote no to get LC out either.

1)We don't need the cash.

2)We don't need to do this deal.

3)We don't yet know what we are trading for this cash in value terms.

4)We don't know if this is the best option best deal structure best partner etc etc.

A vote NO puts it on hold. It provides an opportunity to explore all the options seek wider proposals.

5)We don't need Molefe developed instantly. We have the feeds already and the combined pit feed.

6)We are making profits.

6)We have 95m cash from SA.Molefe is worth an incredible amount.

The JORC will show that. Yet here we are giving it away on 2 lines in an rns and now some hasty PowerPoint rushed together by LC having realised PIs might actually stop it all. And here you are like a knight in shining armour promoting it like some sales exec directly connected party relentless with the corporate narrative.

If its the best deal and the best structure and the best value and the only option let's see that all laid out well in advance in a written prospectus with time to review and vote.

This all smacks of a rush to steal the family gold. NO THANKS

@loot

Thats not fact. What is fact is a vote yes will grant permissions to dilute by up to 300 000 000 new shares.

Equally there is real and serious risk this gets taken private early and cheaply but larger shareholders get a piece of the private company as part of facilitating a cheap take over. Not fact but an equal possibility.

Best Western know all the facts and real picture before diluting ourselves by up to 300 000 000 new shares.

There seems to be quite a few poster on here pushing the jlp corporate narrative @Junior etc. That's fine if they don't get caught or have openly declared their status/connections.

If Slater is involved and is genuine towards all shareholders then of course i will support him as I am sure all smaller PIs would. However that is just conjecture at this point.

When is the so called presentation?

Votes have to.be made by the 8th June expire on the 9th.

Not for me I've voted NO for all the reasons previously stated. Not least of which is dilution by up to 300m new shares when we were specifically told no requirement to issue further shares followed by A AGM attempt to renew that authority and then the GLD dilution and now this latest attempt.