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Jolly.... Companies pay dividends when they have an excess of capital and they have limited opportunities to reinvest it for an increased return; basically, they don't need it. This defines a mature, healthy business. Anyone investing in Jubilee must have been aware that it was and still is a growth company and that capital was/is therefore at a premium and needed to finance that growth. Of course, all companies are aware that a percentage of their investors will have an appetite for a regular income and will periodically evaluate the prudence of paying a dividend. BUT "we will be looking at paying dividends in 2 orv3 yrs" .... there is a great deal of difference between saying we will evaluate in 2 or 3 years if we are able to pay dividends and we WILL pay dividends. Anyone investing in Jubilee in the last few years in the hope, in the short to medium term, of a regular dividend were investing with one eye closed. A shift change from an, overall, low-ish margin business to a high margin one through the sale of the South African business releasing capital tied up in the low margin business MIGHT allow a dividend to be paid. But as Leon said, you don't set expectations that a regular dividend will be paid unless you are sure it can be, and, even after the sale, should it proceed, there is no guarantee that will be the case for another 2 or 3 years. Paying a special, one-off dividend is a possibility ..... but in probability it would make far more sense, if possible, to deploy that capital to boost the roll-out of further processing capability, which will get the company to a position where it is able to pay a regular dividend from stable and high cash flows sooner.

Dividends have never been promised to be paid in the last 3 years.... that is just bull.

...is now on the website https://jubileemetalsgroup.com/corporate-videos-2025/ After all of the flummery and speculation here, it makes listening again to it quite useful. In many ways Jubilee is very similar to a farmer - it is a price taker not a price maker, the prices for its products being decided by a market, not the company. Farmers must decide, usually a year in advance, what to grow that will maximise their returns based on the best available market information. And during the growing season they have to cope with the vagaries of the weather and and variable, often increasing, costs of inputs. There is a large element of luck involved. Ask a UK farmer about the price variance of fertiliser, or the impact on yields of the recent dry spell we have had to see a worried face. The more variables that a business of any type can control the less risk there is to its profits. The Jubilee South African business buys in all of its Chrome ore and, for the non-tolled operation, the price it pays varies in line with the Chrome concentrate sale price. Therefore, even with the non-tolled operation, the potential for margin growth is limited whilst the potential for input cost rises are unlimited. As Leon says in the podcast, electricity prices in SA are due to rise by far more than inflation, shortly. This makes the Chrome business vulnerable, as we saw when the price dipped to $200/t, and with it the PGM operation which depends upon processing Chrome ore for its input material. A major downturn in Chrome, where net operating profit margin is at best slim, affects the whole, country operation. Which is why it is a mine owner that is interested in buying it not another processor.

By contrast, and from learning from South Africa, the strategy in Zambia from the outset has been to acquire copper resources, removing the most important price variability suffered in SA and at the same time ensuring longevity of operations. Should this sale go ahead it will result in a Copper operation that already owns a great deal of valuable resources worth more than the current enterprise value of the whole, including South Africa, with a balance sheet free of debt and able to acquire even more high grade mines, an ability to expand far more rapidly without the capex restraints that have held it back to date and a product with a much greater degree of certainty of demand and price stability compared to Chrome or PGMs. Yes, the price of PGMs is going up this week....but can just as quickly come down again next.... and there would be nothing we could do about it.

Leon is adamant that Roan is now operating as intended at capacity and all infrastructure issues have been overcome, that the risks to operations have been ameliorated, and that within 2 years we could be producing 25Kt of Copper and a FCF of $100 million..... "2 years from now, potentially, you are into a company that is making $300 million dollars of (Copper) revenue..."

NB. The circular will provide the detail to underpin the rationale for the sale and one must assume that there will be guarantees on stage payments. And remember, the circular is a legal document in which any claims made must be provable, which the NOMAD must verify. Leon can't just make things up in it, despite what some may claim. But in the meantime, listen again to what he says in light of what has been written here in the last few days. It will be time usefully spent.

Wrong - see below.

We are making money off it NOW.

The strategy is to own the resource, not to be a miner.

"we hear at Munkoyu we need specialist miner partners - perhaps this strategy is not quite as envisaged." I don't think at anytime it has been said that we NEED them, which implies a lack of competence and ability at Jubilee. But mining isn't a core activity and so partnering probably makes practical and financial sense and will aid progress. In the grand scheme of things, if we are to acquire other mines, as suggested, having a mining partner to open them up and do the digging and who carries the capital requirements for plant seems a sensible strategy. It is a positive thing is it not as opposed to the statement from Nelson which seems to suggest it is a negative?

And 100% certain about something he knows nothing about.....

Too many people on here are dancing on the head of a pin.... for whatever reasons....

What a clever little chap your are, Colon. ...

"What does up to 90 mil mean? I've seen a deal.like this? Talk about keeping investors frustrated." How about you WAIT FOR THE CIRCULAR! FFS....

"or.... he's an engineer with no corporate strategy who moves from shiny thing to shiny thing without a clue of the underpinning business, how to make money, how to run a business etc. ...." I honestly can't believe someone could write that twaddle.... I can't be bothered to list the achievements ....

HDs, your speculation is verging on spamming the board with rubbish. Reel in your emotions.

Edzi: "Well 1.7% is more than most mines today are digging up, ( Leon's words not mine). A lot of people could make money out of 1.7% doing it the normal way." REALITY: The material they have targeted and are digging at Munkoyo is transitional material... other producers find such material too difficult to process as the chemistry is complex, it is not regular oxide ore. You don't seem to understand that this is the JLP value proposition, the ability to process all kinds of material that other processors find too difficult.

Even in challenging market conditions, multiples within the 3x to 6x range are common for mining companies.

For reference: "Median EV/EBITDA multiples followed the same trend that we saw in many other sectors, growing by over 200% between Q1 2020 and Q1 2021 and then seeing a major correction. In Q4 2023 the median EV/EBITDA multiple for Mining & Specialty Chemicals companies was 7.3x." https://finerva.com/report/mining-specialty-chemicals-2024-valuation-multiples/

Even in challenging market conditions, multiples within the 3x to 6x range are common for mining companies. Although from 2016, Tharisa reported an EV/EBITDA multiple of 5.5x, with peer averages reaching up to 12.3x.

"MiningMX stated the deal was 70% of the value of the asset" How on earth would they know?

That was a reply to HDs....

Yes it is - you cretin.