Member Info for gotreal

Glyleach has been in development since 2102, Charles, that's 11 years. And Draslovka for a family company have some heft having acquired Mining Solutions the owner of the Glyleach technology for $521,000,000. So the solution is not novel and there is no reason to imagine it will not work in Zambia having been under the covers at JLP for quite a while now. Leon referred to it surreptitiously in October 2022:

"Waste to A Grade Copper

Jubilee’s Sable refinery piloting direct atmospheric leach of copper sulphide (no need for roasting or smelting)

Break through rapid leach technology of copper, offering potential to reduce acid consumption by 35%

Turned waste into assets"

There is an exceptional article on the history and dynamics of the copper market over the last 30 years here: https://orocoresourcecorp.com/_resources/blog/2021-Q1-Goehring-and-Rozencwajg-Market-Commentary.pdf It describes how, as the copper price soared in the earlier 2000s, instead of exploring for new discoveries, the major mining companies simply declared resources that were previously said to be of a too low, uneconomic grade as being economic (because of the rising price) such that the majority of newly declared resources were in fact just lower grades already discovered and newly included. As an example Escondida, the worlds largest producer mine " Between 2005 and 2012, Escondida added almost 30 mm tonnes of copper and replaced 275% of the reserves it produced — almost all by aggressively lowering the mine’s cut-off grade. Between 2012 and 2020, falling copper prices prevented Escondida’s operators from lowering cut-off grades and reserve additions plummeted to only 4 mm tonnes. The reserve replacement ratio had fallen from 275% to only 50%."

But this lowering of grades has reached bottom as it just isn't economic for major miners to process such low grades. Thus: "The copper bull market is now underway. Investors are beginning to appreciate the demand story surrounding copper but most investors do not understand the complex issues now affecting supply. Between 2000 and 2020, high copper prices allowed companies to grow their reserve basis even in the face of limited new copper discoveries. Because of increasing depletion issues, the lack of new world class mines coming online, and geological constraints embedded in copper porphyry deposits, our research tells us that copper supply will show little growth this decade. Strong demand is about to collide with severe copper supply problems. Copper prices are heading much, much higher."

I agree, Seis, it was never achieved and never claimed to have been. Roan had to be altered as the then design couldn't handle the mixed tailings and ROM feeds efficiently and yes, for the moment, until Draslovka is signed off, is focussed on ROM. It did not though fail as some here like to portray, as though the original investment was entirely wasted, and with the review of the overall processing infrastructure leading to the modular approach it is gaining modules to handle the ROM. And for the critics the acquisition of Sable and initial development of Roan cost $24 million - what a bargain, when it has a "replacement value of multiple hundreds of millions of dollars". Being in business for over 30 years you gain the understanding that first attempts don't always work out, and through the experience you gain knowledge that gives an advantage over competitors; that's just life. I suspect many of those so ready and willing to criticise have led somewhat less operational lives than me and fail to appreciate the rapidly changing and to a degree unstable environments in which JLP operates and the challenges that brings. In my book there are a number of armchair CEOs who, put in Leon's seat, wouldn't have the first clue but criticism comes easy to them. That's not to say when things don't go to plan it isn't disruptive and impactful but again, that's a risk we take. People who never make errors generally don't do anything of any worth.

The change to the process model for Copper in Zambia has come about through a number of factors: the recognition of the unreliability of the power infrastructure, logistics capabilities and rising costs as a result of Russia's invasion of Ukraine; the recognition that there were more cats to skin than originally envisaged in terms of feedstock which made changing the original design and capability of Roan and the wider infrastructure desirable. To quote: ""A decision was reached on a revised expansion strategy to upgrade Roan as a central processing hub to accommodate more copper waste feed streams. The decision is motivated by the size of copper waste opportunity presented to Jubilee. The roll-out of this copper expansion strategy in Zambia is progressing ahead of schedule with all long lead items secured for the Roan upgrade. Delivery of equipment and on-site assembly commenced in early September 2023. Commissioning remains on track to commence during Q2 FY2024...... The new front-end design offers the opportunity, SIMILAR TO THE CHROME BUSINESS MODEL, to rapidly deploy satellite modular units to upgrade remote feed sources for further refining. The total capital investment into new equipment and installation for the upgrade is budgeted at US$ 8.5 million."

I only suggested to Charles to sell because when you have lost faith, and as Nelson points out, JLP are pioneers in this space and so faith is definitely a requisite characteristic of investors here, then you will never be happy with company progress and instead of recognising the huge achievments hard won simply gnaw away at what you perceive as failure. Is it worth the grief when you can invest in something you do believe in, as EVERY investment requires some degree of faith.

I wish I'd sold instead of bought when were at 50p last time ..... The price of QED moves quickly on rumour and supposition and can crash just as fast if not faster. All it takes is a buoy .....

Charles432: "he does get carried away with technical mining break threws" ... if he didn't there would be no business. It is what the business is about. We COULD extract copper from tails by acid leaching, the methodolocy used for decades but Leon, through his being "... carried away with technical mining break threws (throughs)" became aware of Draslovka years ago and started collaborating with them to refine the use of glycine, discovered at Curtin University. It is lower cost as the reagents are cheaper than acid, it is environmentally harmless and it recovers as much as 80% of contained metal, far more than acid leaching ... and we have an EXCLUSIVE agreement for its use in Zambia and DRC on all of the tailings available.... literally billions of tonnes containing BILLIONS of dollars of metal. And yet you paint this as a negative in some way?? I suggest you sell Charles as you plainly have lost sight of what the company has achieved and is.

Https://www.facebook.com/Paulkabuswemp/videos/1009045556834229/ Ministry announcement

Gray, the copper content will vary site to site but tailings on average are 0.3% copper and ROM 1.5%+. They do not publish exact details because they do not want to give away valuable information to potential competitors. Find me another company that publishes the level of detail you demand? The involvement of Draslovka and the new process, new to the industry, has many benefits. It is lower cost as the reagents are cheaper, it is environmentally harmless, the previous method relied on sulphuric acid, and it recovers as much as 80% of contained metal, far more than acid leaching ... and we have an EXCLUSIVE agreement for its use in Zambia and DRC on all of the tailings available.... literally billions of tonnes containing BILLIONS of dollars of metal. And yet you paint this as a negative in some way?? I suggest you are a doubting Thomas who will never be satisfied.

Jubilee Metals Group ("Jubilee" or the "Company"), the AIM and Altx traded metals processing company, is pleased to announce that in line with its stated strategy to expand operations in Zambia, it has signed a Joint Venture Agreement with a private Zambian company (the "JV Agreement") securing the rights to process 2 million tonnes copper Run-Of-Mine material containing in excess of 2% copper (the "ROM Material"). Under the JV Agreement, there is a further potential to increase the supply of copper ore to approximately 4 million tonnes with an additional 2.5 million tonnes of copper containing tailings available for processing (together "the Project" or "Project Roan"). The Project will target the near-term production of copper concentrate through a dedicated newly constructed copper concentrating facility (the "Processing Facility") for which Jubilee has completed the design for the construction at a targeted Brownfield site adjacent to the tailings (the "Site"). The Processing Facility will be commissioned in two phases with the first copper concentrate and revenues expected within four months.

Sorry Gray, where has the company claimed grades that have proved to be wrong?

No it is not! Thats tailings ..... ROM is 2%.

Leon said of the modules on that presentation that "it is this breakthrough development that we had finally RESOLVED in our development center in Zambia" So he says they work...you think not?

Don't you read the presentations?? Slide 10 has the details .....

Innovative Modular Technology - 2 000 tonnes per annum of copper per 20 000 tonnes per month copper processing module (assuming feed of 1.5% copper grade), as depicted in the diagram for Project M.

"Heard this sort of stuff about Roan gotreal and it is good to hear but it is just words now. I will only believe it when they start delivering it too many false dawns they have lost credibility and need to rebuild it by doing what they say." So you are basically calling Leon a liar then??

You failed maths CSE??

Gray .... Oh God... hahahaha .. what in life is worth having that is easy???

"A decision was reached on a revised expansion strategy to upgrade Roan as a central processing hub to accommodate more copper waste feed streams. The decision is motivated by the size of copper waste opportunity presented to Jubilee. The roll-out of this copper expansion strategy in Zambia is progressing ahead of schedule with all long lead items secured for the Roan upgrade. Delivery of equipment and on-site assembly commenced in early September 2023. Commissioning remains on track to commence during Q2 FY2024...... The new front-end design offers the opportunity, SIMILAR TO THE CHROME BUSINESS MODEL, to rapidly deploy satellite modular units to upgrade remote feed sources for further refining. The total capital investment into new equipment and installation for the upgrade is budgeted at US$ 8.5 million."

And its 70kt/mth!!

They seen happy to operate there Gray??

List of executable mining companies in the DRC:

African Metals Corp

Amani Gold

AngloGold Ashanti

ARC Minerals Ltd

Armadale Capital Plc

AVZ Minerals Limited

Banro Corporation

Eurasian Resources Group

Loncor Resources Inc.

Mawson West Limited

Metorex

MMG Limited

Nzuri Copper Limited

Freeport-McMoRan

Glencore Xstrata Plc

Infinity Lithium Corp

Ivanhoe Mines

Katanga Mining Limited

Kilo Goldmines

Randgold Resources

Shalina Resources

SNEL

Tiger Resources

The modular approach has been used for 5 years in S Africa and in Zambia they are simply replicating this with these mechancial upgrading units which have been proved to work. From the transcript of the last presentation (maybe you should watch it again??) :. "....fed to our operations, it is this breakthrough development that we had finally RESOLVED in our development center in Zambia and it's this development that has finally opened up our ability to now expand into Zambia". https://www.youtube.com/watch?v=4J3qwKUK22k&t=2s @ 9:07