Member Info for HarmProf

Eagle, thank you for highlighting the issues around modular units. My understanding is that each unit will be site-specific, designed for the local geology and material characteristics. Once installed and operational, there will inevitably be a period of optimisation before copper recovery is maximised. It is also unclear whether the Project G modular units will be the same as those planned for Molefe. I would assume that the LWP units will differ from both Molefe and Project G, with costs varying accordingly.

Clarification from the company or insiders on this point would be helpful.

Foreverlong, JMK, and others. - CEO liability: If the CEO makes public promises or forecasts that are materially misleading, the company itself is liable because the CEO speaks on behalf of the company. Regulators (like the FCA in the UK or JSE in South Africa) treat CEO statements as company disclosures. Finance Director distancing: Even if the Finance Director (FD) distances themselves, that does not absolve the company. The FD’s role is to ensure financial disclosures are accurate, but liability for misleading statements rests with the board collectively. So, even after November 2024 Jubilee could face serious legal challenges. Just to make the point.

JMK, you response is appreciated, and the project G statements of 300 tonnes per month were made in October 2024. You were appointed in November 2024. So, that is fine. I will monitor to see what was promised, etc. since Nov 2024.

Got it, thank you. However, it is still not clear to me where these modular units will be placed. I understand that Jubilee has received information on how to design them, based on the analysed “laboratory” data from the sold LWP resources, but the location and deployment plan remain unclear.

Interesting. Of course JMK monitors all posts on the board and may perceive some as a threat, or as a misunderstanding of accounting methodology (I hope I have phrased this correctly). The primary objective, however, is simply to ensure that matters are done correctly and in line with the rules. Interpreting the reported net loss, and the loss per share, is not straightforward and, as expected, this has weighed on the share price. Despite this, I added to my holding today on the positive news that the Molefe licences have been, or will be, increased to 25,000 tonnes, and that a similar outcome is anticipated for Project G. That said, I am intrigued by the ongoing silence around Project G. Jubilee previously announced production of 300 tonnes per month or more during this financial year. If this does not materialise, how should an investor interpret that guidance?

Capital investment at Jubilee has historically taken longer to deliver than indicated in RNS announcements in Zambia. This is not new, and most long-term shareholders have learned to factor this in over time.

We now look forward to the delivery of the LWP project “baby” next month (to use the familiar language), and hope to see execution finally match ambition.

Seis, LC spoke of additional units to be planned in the license area at Molefe and this seems to make sense with millions of tonnes of low grade ROM and also providing many, many years of profits. Suprise to , he increased or was it the intention? to 25,000 hectares.

Seis, July 2026 it will come into production! That is what he said.

Never give up! I agree. It is painful to hear all his promises while sitting with a massive unrealised loss (not me, but many). The processing unit is once again behind schedule (He promised x2 at the end of June 2026) Overpromising continues. He persists in his pathological habit of overpromising and chasing new resources. Get the production going instead of banking on investors to fund relentless acquisition! LWP is still in the womb!

Thanks Seis, and we just be updated that Molefe license area increased again from 16,000 hectares to 25,000 hectares! Maybe the will have another few thousands of hectares around Molefe in April 2026. They most likely expanding licences also at Project G. License hunting in progress.

Processing plant at Molefe ready by end of June 2026.

Next step: mapping the copper in the ground (at Molefe) and estimates of the lifespan of the Molefe licensed area.

Jubilee: A resource (copper mine) and processing company... (guess therefor redefining).

Project G - copied and pasted from annual report

Implementation of a more detailed exploration programme to better inform optimal open-pit design and completion of the on-site ore upgrade facility prior to refining at Sable Refinery.

Question for the AGM Jubilee to confirm whether production in FY2026 is on track against targets, and when shareholders will receive the detailed update e.g. Q4 FY 2026.

Sirboring, nice try, but read up on the methodology used - Discounting of deferred consideration. Anyway, the financials are complex and fair value adjustment is the most easy one to understand.

No deal is better than a bad deal. Copper production in Zambia is expected to exceed 10,000 tonnes of refined copper per annum in the near term.

The Board should formally evaluate placing the chrome operation into care and maintenance should suppliers be unwilling to offer ROM on terms that generate acceptable margins. In parallel, Jubilee should continue to mine the historical PGM tailings at Inyoni. While recovery rates may be lower, current PGM prices are highly favourable, making this a commercially rational interim strategy. Under a no-deal scenario, Jubilee would retain 100% of PGM profits, equating to approximately US$32 million per annum. Should chrome operations achieve margins of US$10–25 per tonne, South African profits would remain attractive and cash-generative. There is a potential concern regarding business reputation; however, it is reasonable to question whether this risk is materially greater than that already incurred through repeated unmet guidance and empty assurances.

Project G continues to mature. Jubilee increased its stake to 65%, signaling strong belief in the asset’s long-term value. By December 2024, Project G aims to produce 3,000 tonnes of pre-concentrate monthly, contributing around 350 copper units to the value chain. This increase highlights Jubilee’s capacity to extract full value from its investments. Jubilee should report production from last 6 months for Project G. Sure, it should be around 300 tonnes copper per month. A report on the resource drilling is also overdue! Transparency!

Details Project G (announced Oct 2024) :

Project G Agreement implemented to secure an increased 65% interest in the operations

The Company will settle the acquisition value of US$2.0 million in cash instead of in shares, with a commitment to invest a further US$500 000 into the upgrading of the Project G operations

Project G targeted to commence operations and delivery of pre-concentrated run-of-mine (ROM) to the Sable Refinery (Sable) by December 2024

Under the Agreement, Jubilee is appointed manager and operator of the open-pit operations with immediate effect

Project G will ramp up over a 6 month period to reach 3 000 tonnes per month of pre-concentrate material through a Jubilee on-site module, and delivery of an additional 350 copper units per month (4 200 per annum) to Sable for further refining

Resource drilling program currently underway, targeting a potential increase of production to 20 000 to 25 000 tonnes of ROM ore per month

LHPC private power agreement increased by a further 2MW power allocation effective immediately

Apology, total 28m for six month.

The main issue lies with chrome. There is insufficient disclosure, and this information must be provided by JMK. On the numbers already disclosed, Jubilee should be earning approximately USD 25 per tonne in profit after profit sharing. This amount must be added to the six-month PGM profit of R16 million to reflect the true economic position. Given this, Jubilee must renegotiate the existing arrangement with One Chrome.

On the current terms, no deal is preferable to a bad deal.

The main issue lies with chrome. There is insufficient disclosure, and this information must be provided by JMK. On the numbers already disclosed, Jubilee should be earning approximately USD 25 per tonne in profit after profit sharing. This amount must be added to the six-month PGM profit of R28 million to reflect the true economic position. Given this, Jubilee must renegotiate the existing arrangement with One Chrome.

On the current terms, no deal is preferable to a bad deal.

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Seis, it this incorrect? Inyoni … owns unprocessed 1.7 million tonnes drilled & assayed chrome & PGM rich tails and a further c. 1 million tonnes of PGM-rich material” (→ ~2.7 million tonnes total). Guess 5 years of tailing feed! Without new PGM feed as byproduct Jubilee will definitely make a profit with the current high prices. Chrome care and maintenance if not profitable. However, they are profitable and PGM > 30 m USD for 12 months this year! The profit sharing will be nullified and it means more profit!

Apology project G!

Sirboring, nice try, but doubling copper production is not that difficult. 3,600 tonnes or more from Project G. 3,600 tonnes or more from Molefe and 3,600 tonnes or more from Roan. Have a nice day and not sure why you are so pessimistic regarding the capabilities of Jubilee to double the output!

An AGM is essential to determine whether Jubilee should reject the audit outcome or impose alternative, manageable conditions.Shareholders must be provided with full and transparent disclosure on: the proposed chrome JV structure, the unsolicited offer received, current cash flow position, profitability of the South African businessJV partnership terms and obligations, and timing and availability of funding (the R90m is not available upfront).

On the basis of this information, shareholders should decide whether it is preferable to walk away, even at a cost of R15m plus a R1m penalty — a sum representing less than six months’ profit from the South African sale.

If chrome processing cannot be operated profitably, it should be mothballed until market conditions improve. This is a matter of capital discipline, transparency, and shareholder protection — not sentiment.

Sirboring, nice try, but doubling copper production is not that difficult. 3,600 tonnes or more from Project 3,600 tonnes or more from Molefe and 3,600 tonnes or more from Roan. Have a nice day and not sure why you are so pessimistic regarding the capabilities of Jubilee to double the output!

A reply. The JV with One Chrome made a provision for profit sharing with Partner. Please consult disposal document and the table 3. Additional Revenue for higher metal prices $ 15,5 mDeductions for JV partner $ 4,35m ! The most interesting is that after this ring fencing for profit for JV partner (One Chrome) additional deductions were made for higher production cost!!!! S 2,80m (used the upper guidance).

The most interesting part is and JMK must explain this as finance director that higher productions cost is only deducted from Jubilee profit and not from partner. Something is not right. I cannot work on Chrome JV agreement as JMK is not prepared to reveal this! My take, it must be investigated and if it was in the interest of shareholder!