Member Info for gotreal

If that is your view then of course you will vote against the proposal. However I would be interested in how you see the future value of the SA operation being realised given that it has no base resource ownership itself and those companies that have been supplying it are taking the feed in-house. Maybe you would explain how you would extract value given the current scenario?

"can you ask Leon or Jonny about that?????" Why don't you? There is an investor call on the 19th.....

BOBBINUP "the stockpile alone is worth more than they are paying for the business " Can we see your NPV figures and cost and price assumptions to verify that?

Clearly, you must have evidence that it is too small obviously for you to suggest that? But if that were the case and the transaction is backed by some other organisation, and the financial standing of One Chrome as part of the Arete Group would have been investigated as part of the deal proposal, it would have to be declared in the circular, which is a legal document. But it is far more likely you are simply making things up, isn't it?

Why are you sure? You have evidence? Whereas Papaki posted yesterday the group behind One Chrome https://www.arete.co.za/our-group/

Legal name: ONE CHROME (Pty) Ltd (Enterprise no. K2025088624)

Incorporated: 30 January 2025 (South Africa)

Registered address: 4th Floor, Global House, 28 Sturdee Avenue, Rosebank, Johannesburg, Gauteng, 2196.

Directors: Carlos Miguel da Costa Leite (director), Jason Andrew Schmulow (director).

VAT: Registered (listed as “pays VAT”; reg. no. shown on company-data site).

Corporate group / related entities

At the same Rosebank address there are several sister entities registered in early-2025 under the “One / Vana” naming convention (e.g., One Minerals, One Chrome Holdings, One Processing, One Vanadium, Vana Minerals). Many share the same two directors. This points to a wider resources/processing platform being assembled around the Rosebank office.

The company is newly incorporated and appears to be a special-purpose vehicle within a broader “One/Vana” resources group, formed to acquire and operate chrome/PGM processing assets in South Africa (initially, the Jubilee package). Its directors are also listed on related mining/processing vehicles at the same address, supporting the SPV/platform interpretation.

From all publicly available records searched, no related-party connection is evident between One Chrome (Pty) Ltd (or its named directors) and Jubilee Metals’ current or former directors/executives.

3cardbrag - read the circular.

"Never raises valid points about drill, exploration and defining a resource." and I answered them..... "How many thought on here we were going to end up being an exploration to mining to processing company when all this started with copper?" How many even imagined that such rich copper resources might be available for us to pick for a song by working with the government and local artisan miners...? All depends which way you look at it Gray... We also have the LWP and the tailings heaps and the 6-year (4 left) contracted supply to Roan.... Good isn't it?

Chat... "and have the budget and timescales to do things properly." You are suggesting that things will not be done properly.... despite a competent person's report being an industry /internationally recognised source? Tut, tut....

The CPR can be broken down into two phases. The first to produce an Indicated view of the resource which will give the market a defendable estimate, supporting Sable’s expansion and the basis for a NAV uplift. Phase 2 can then convert the Indicated resource to Measured, providing the basis for more detailed future pit planning and possibly uplifting the NAV further. Phase 1 is possible in the time suggested by the company, and could be quicker using more than one rig. As it is being done in partnership with a mining/ exploration company it is probably safe to assume they will be incentivised to not hang around. The rainy season could slow things down but not stop it.

It seems we row a similar boat, Ard. ;) If at the end of the "day" you look at the output and think, that's a load of codswallop .... throw it away. Tools/models are only as useful as the assumptions and data they are given, in every field. For example, development land valuation models will throw up some spectacular valuations. The job of the expert is to look at them and using their market knowledge and their site expertise, recognise that they are wholly unrealistic and start again, re-evaluating the assumptions and data.

It is the responsibility of the poster what is posted here, Ard. Yes, anyone who knows anything about the current state of AI development is well aware of the fact that it can produce spurious rubbish. And yes, the naive can believe that it is indeed "intelligent". However, it also can analyse a given set of data and produce an analysis far quicker than a human and from that point of view it is extremely useful. Give it a set of assumptions to work with and the output is often insightful. You can argue that it provides an opinion only, the same as all of the other posters here, with or without AI. Bottom line is that it remains the responsibility of the poster to sanity check anything before (blindly) posting it here. The issue with IIs is of course the definition of an institution.

Papaki... your source for that claim....or are you relying on your "expertise".

According to Simply Wall Street.... joke. Define an institution.

Hahaha... no stupid, I'm asking for YOUR evidence.

What other 20%???

JUBILEE METALS GROUP PLC will be holding a Jubilee Corporate Update meeting on 19th Aug 2025 at 11:00am BST.

Meeting Description:

Update from Jubilee management following release of circular regarding proposed sale of South African chome and PGM operations

Should you have any questions, please contact support@investormeetcompany.com.

Kind Regards,

The Team at Investor Meet Company

You asked "WHY would they inform us? " It may not be necessary under AIM rules to report it but the board would be bl**dy mad not to.... because "When you have NO income, SOME income is very relevant!".

"but all that takes lots of time and money ...." A few months.... and a lot less than $90 million.

The purchaser has the upper hand because there are no other bidders as we do not own the resource. Regardless of what numbers (and the unaudited results may well only show a temporary uplift because PGMs or chrome prices are not guaranteed to stay elevated) were presented, the plant is worth what they will pay - not what we want - and that amount will only get less the nearer to the next contract expiry we get as effectively they have us over a barrel.

HDs.... the supply contract for Roan is for 6 years, initially.

The point of a Competent Person's report is that the resource will be attributed a value and could vastly increase the value of the company and ergo the share price.

1. CPR as a Valuation Trigger

A CPR, prepared under internationally recognised reporting codes such as JORC or SAMREC, converts raw exploration or operational data into a compliant Mineral Resource/Reserve. This transforms Munkoyo from being described simply in operational terms (“ore of \~2.5%–6% Cu”) into a quantified and verified asset with tonnage, grade, and confidence category (Measured/Indicated/Inferred). Once quantified, that resource can be modelled for NPV based on copper price forecasts, mining and processing costs, recoveries, and timelines — giving analysts and investors the ability to assign a hard dollar value.

2. Market and NAV Impact

Right now, Munkoyo’s contribution to Jubilee’s Zambian NAV is mostly via its current production flow. A CPR will let the market capitalise its future production potential rather than just current output and provide an estimated mine life. For investors, this removes part of the “discount for uncertainty” that applies when no independently verified resource figure exists.

3. Risk and Perception

If the CPR shows limited life or lower-than-expected grade/tonnage, it could also negatively impact NAV — so it’s not without risk.

However, given Jubilee’s own public comments on grade (>2.5% Cu shipped, with spot grades \~6% in places), the probability is that the CPR will validate attractive feed quality, supporting value uplift.

4. Wider Zambian Portfolio Effect

A strong Munkoyo (and Project G, other additional mines) CPR will de-risk Sable’s feed strategy, since it will prove to the market that its feedstock is guaranteed for X years into the future.

This simple step could have a ballistic effect on the SP.