Member Info for Gray1

Spot on Mikie.

Fair enough. It would depend on the cost to transport and upgrade to cathode and whether you realise more or more economical to just sell as concentrate. It would reduce the margin whichever way they go by $1 to $2k/tonne. Would need to reduce cost by another $1k/tonne to get close to the gross margin I mentioned probably more likely to be in the region of $25/$30 mill for 1 module still good numbers.

Seis could they not fill Sable capacity with concentrate from an OB1 module until they can afford to purchase more mines?

1x50k tonne/month module cost of around $7 mill even only producing at 1% copper gives 6k copper per year.

Cost around $5K/tonne. Sales $11k/tonne, $36 mill/year gross profit easy pay for other modules as the year progresses. Wouldn't be that slow to ramp up either once the module is running it's a no brainer.

I would rather they issues shares for the $7 mill to kick start it if they had to. Profit would depend on cathode/concentrate split so probably lower but costs would probably be lower than $5k/tonne.

Seis, Mikie now you are coming round to my thinking on the OB1. it has taken that long JLP can do it themselves as soon as the price dropped from $30 mill to $18 mill it became much more feasible. Why get a reduced amount back especially if Copper stays over $11k/tonne. All they need is 1 module to kick start it.

Probably right Edzi but they shouldn't sit on them to add something to make them more palatable. They should have known the unaudited 6 monthly accounts weeks ago.

I never said they should disclose my comment was how long it takes them to get financial information out. I don't understand why it takes them so long. Off course they don't have an FD now so that doesn't help. Your comment was about variables in cost and you can't compute it exactly at any time. It isn't hard to work them out they have all the information it should be done monthly and then built on each month as they FY moves on. It is easy to do I used to audit the accounts once completed.

Spreadsheets Gotreal. I worked for a multi-billion pound company and they knew monthly what the costs and profitability was and compare it to forecasts and adjust forecasts accordingly in each quarter if they needed to. It isn't that hard once you have it set up to input figures the work is done for you.

It is the 21st century now. JLP are only tiny how it takes almost 3 months to produce the 6 monthly interim results is beyond me apart from exceptional items they would pretty much know what they are at each month end. They must still be working with an abacus and pencil and paper.

Fair enough Gotreal. Last word from me on this we shall see how much more these rights cost if they chose to progress with it.

Both the last two RNS has clearly stated "securing rights to an initial 200k tonnes", Either the RNS is right or the youtube interview is right they can't both be right. Which one is it? I will take the RNS and Leon getting carried away in an interview wouldn't be the first time. We shall see if they go forward with it.

Doesn't say that in the RNS Gotreal which is the official communication. That is shoddy communications if youtube then contradicts the RNS. Hmmm that is a worry.

"securing rights to an initial 200 000 tonnes"

It is all as clear as mud Frog. Hope Gotreal is right and they issued 51 million shares for the option to buy and the cost of the material comes out of the waste processed that would be much better but I suspect not from how the RNS is worded. We shall see if they buy any more.

Personally Frog if they do go forward with acquiring more of this waste expect a lot more shares to be issued because they don't have the cash to pay for it.

30k/month for 3 years is around 1 million tons. How much would this cost? Based on 200k upwards of $10 million dollars (300 million shares) to realise around 300 tons of copper a month. There will be a small net profit unless copper price takes off. They could do 45k/month and process it faster so economy of scale would help the bottom line.

They could buy a bit at a time to improve the overall grades for processing with the 0.7% material they have. Roan does offer that flexibility. They do have options but whichever they choose it will come at an extra cost.

In support of this strategy Jubilee has agreed to invest into securing rights to an initial 200 000 tonnes of copper material with an expected copper content of approximately 1.6% copper, which is available immediately for processing at Roan, which is equivalent to more than double the waste material currently being processed. Jubilee holds the option to increase the initial 200 000 allocation of copper material with the potential to secure a long-term feed supply of this high grade material.

Taken from RNS they have only bought rights to 200k the 3 years is an option to buy they haven't bought rights to 3 years of material.

3.2k not 3200k

The 200k of material at 1.6% is 3200k of copper and they won't get 1.6% out of it more like 1% so 2k copper short term over 4 and a bit months will help offset the loss of production from the power interruptions. Whether they buy the rites to the rest of the material for 3 years production we will have to wait and see but that will come at an extra cost.

They have only bought the rites to 200k of material Gotreal they have an option on the rest that hasn't been bought yet.

I should have made it clearer Frog I was referring to the cost price of the new material it is 51 mill shares plus some unknown amount from production. There will be some profit in it but looks more like a deal to get the copper production figures up somewhere to the lower end of the original forecast. The copper price increasing will help.

Second half Chrome and pgms margin should be better. It should be worth considering doing some of the pgms stockpile at Northram if they started now even a small margin of $50 an ounce would bring some extra cash in better than the continual dilution every time they acquire something. Far too many false dawns. Time to deliver.

The profitability won't be visible in the 3rd quarter as JLP don't usually put financials to the 3rd quarter update they just inform us on the production amounts we won't know the profitability of it until the end of financial year update then it will be masked by what the concentrate/cathode split is.

We will only be able to compare the cost in the gross margin on copper for FY24 vs the cost in gross margin FY25 to see whether it has improved or not. Then other caveats apply. I am not convinced the margin will be that great but the higher the copper price the better. We will have to wait and see.

Your posting style is always confrontational or aggressive surprised you haven't questioned what agenda they have. Anyway I should know better than to reply to you it is pointless.

Seisnav those numbers would do. Hopefully only a few months away from Copper production starting to improve the sp. Meanwhile Chrome margin will be interesting for the second half of this FY. First half probably not so good.

Lots of news to come. IRH deal should be signed off this month unless it gets pushed back further. Hope they do come to some conclusion over this dragged on too long as it is.