Member Info for HarmProf

Apology, it is USD. BB, Q2 this year for Jublee Metals PGM 9000 oz? The estimated profits around $ 9m and say $ 7.5m for Q1 (30% of the profits for the partner One Chrome).

Was Jubilee Metals forced to sell of SA assets or negotiated this with the JV partners in advance before releasing the news that an unsolicited offer was received ? I still have to come to terms with this issue? Commodity prices are cyclical and we sell at the absolute bottom. Agree all should be queried and investigated.

BB, Q2 this year for Jublee Metals PGM 9000 oz? The estimated profits around R 9m and say R 7.5m for Q1 (30% of the profits for the partner One Chrome).

Was Jubilee Metals forced to sell of SA assets or negotiated this with the JV partners in advance before releasing the news that an unsolicited offer was received ? I still have to come to terms with this issue? Commodity prices are cyclical and we sell at the absolute bottom.

Bottomsup, It is likely that Jubilee finds multiple reefs in the licensed area and guess they worked out more than 5 reefs and 15% higher grade copper (> 2%), 65% moderate grade at .7 % copper and 20% .4 grade copper translate in approximate 13m tonnes. And it could result in ~$30–35 million profit per year. ~$120–150 million net profit over mine life. Payback inside 2–3 years, etc. Nice to work with AI to assist you.

Best case scenario is with low probabilities, but medium case as put down is most likely as base. Low case scenario, very unlikely.

This is for Molefe area.

Thanks Jonah58, I did not see that! Getting old!

4EL, LOL. I’ve spent days scanning satellite maps trying to pin down where Molefe Mine might be. A stupid activity, I agree. Let’s just hope Jubilee gets lucky this time around. One thing I have noticed, though, is that there seems to be more interest in Jubilee Metals from South Africa than from the UK. South Africa is buying; the UK is still selling.

NelsontheDog, Say what you actually want to say — no need to dance around it.

4EL, I don't expect Jubilee to produce an annual report before X-mas. Not sure if they make it this Calender Year. Don't worry AGM will be most likely from 2nd week in January 2026. Could be later.

Please assist me and scanning satelite images to find the undisclosed Molefe Mine area. I am bit frustrated that Jubileee did not reveal plans where to drill, and coordinates. Disregarding investors again?

The coordinates 14.607520 S, 28.039783 E lie in Central Province of Zambia, in or near Kapiri Mposhi District, which is where Jubilee’s Munkoyo/Molefe mining operations are understood to be located (Munkoyo is near the Sable refinery region and about ≈50 km from it). Jubilee’s open-pit copper mining development in that area has been reported in multiple public sources. Mining Weekly

+1

Satellite imagery at similar coordinates shows active earthworks and open-pit style excavation patterns, which are typical of surface mining operations rather than just rural fields — this fits Jubilee’s known operation model at Molefe/Munkoyo.

4EL and others — apologies, but hurting anyone’s feelings was never my aim. After everything I’ve seen, heard, and analysed, I’m honestly questioning whether it’s worth holding this share at all. Leon has shown himself to be a polished but misleading salesman, and the “Engineer’s Mindset” description I posted earlier fits him far too well — even though it originally sat under Colin Bird’s heading.

But let’s be honest: constant moaning on this forum achieves nothing. If shareholders want change, the pressure must be applied where it hurts. In my view, Leon - and all board members - should repay the bonuses he’s collected over the past three years. Hit him in the pocket — that’s the only thing likely to sharpen his focus on delivering genuine shareholder value.

In Jubilee’s case, ongoing pilots aimed at improving recovery rates are affecting negatively productivity. The company increasingly resembles a research lab.

Copper flower plotting, geographical zone mapping, and mineralisation studies (central Province) suggest Jubilee might be fortunate in the Molefe mine area (16,000 ha licences). However, we must wait for drilling results, which could take another eight months. Jubilee must release the early drilling result in the AGM and be transparent.

Meanwhile, copper production from higher-grade ROM is gradually improving, and lower-grade ROM will maintain supply for a long time. It is curious that a technically oriented CEO shares relatively few technical details and prefers a more “salesman” approach in public communications.

For the AGM : No bonuses for the Board or executives, and repayment of any bonuses received since 2022, in proportion to the drop in the share price. I would vote in favour of this. The company did not perform and executive cannot reward themselves.

Back to moaning and blaming Jubilee Metals? Fair enough, but no one forced anyone to invest. Greed drove some to buy at sky-high levels, fear and disillusion made others sell, and a few keep buying just to deny their mistakes. Then there are those who buy because they believe the worst is behind us, expecting production—and the share price—to gradually rise. We all understand that the share price will only increase with consistent growth in copper production, which will only be evident after Q3 FY 2026, and it’s unclear exactly when those results will be released. OB1 report is also due Q4 FY 2026

Some communicated expectations that RNS, Annual report would be released this week. Nope. Thus expectations not met and frustration!

Uk and SA residents. Analysis wrong? Let me know! More to come...

Obsessive–Technical Thinking / “Engineer’s Mindset” Drift Not a disorder, but a cognitive style seen in technically minded leaders. Common traits: Becoming fixated on technical improvement for its own sake. Neglecting commercial realities. Preferring experimentation instead of execution. Believing innovation will automatically translate into profit. Poor delegation and poor strategic oversight. This is common in founders or CEOs who come from engineering backgrounds and remain “trapped” in technical modes of thinking. Not sure, could it be or not be. Is this malicious? No! How should a board respond. Explore AI. Yes, there are other diagnosis that can be applied, but likely this is one that can be managed easily.

TellySong, wow — that really hits home and is very to the point. I’ve held a few Jubilee shares myself; I didn’t have more capital to invest and bought aggressively in the last few months, so I’m not significantly under water and haven’t experienced any emotional financial drama.

What really intrigues me is a personality like Leon Coetzer’s — grand ideas, but an apparent inability to prioritise projects and balance ambition with financial realities. I’ve tried to capture his character, but haven’t yet fully pinned it down.

JMK, it seems, was brought in by a major shareholder to handle specific issues. I won’t speculate further, but I’ve formed my own view on his role. UK residents appear to praise him as the saviour of Jubilee’s fortunes, but I remain cautious. Transparency is crucial: without actual copper production and realistic reporting, he could end up being part of a team that misleads investors.

Leon Coetzer has hinted — and not just hinted — that Jubilee has struck a jackpot. If that is not the case, he and the entire board should account for it. These are certainly interesting times ahead.

From my perspective, Jubilee’s discovery of copper at Molefe could be seen as fortunate. The surface waste rock project still awaits a detailed implementation plan, with locations of the resources yet to be clearly identified.

The question remains: have UK investors been misled by Jubilee, or were they overly optimistic? Either way, careful oversight and transparency will be essential going forward.

Seis, cheers — now let Sirboring finally come out of the closet! What’s he actually after?

Thank you, Sirboring. I’ve been reading up on the Copperbelt and going through Geology, Geochemistry, and Exploration of the Central African Copperbelt: A Review, along with several other articles. With that in mind, I believe the AGM should hold the Board and CEO accountable when information released to shareholders is incorrect. A mechanism such as requiring 50% of all performance bonuses received over the past five years to be repaid in cases of misleading communication would be a strong deterrent and would help protect investors. Happy X-mas.

Who exactly is Colin Bird, and why do so many on this board hold such a negative view of him? I understand he has been involved in several junior mining companies, but the strength of the criticism here seems unusually high. Is it based on past performance, over-promising, dilution, or something more specific to his dealings with GLR? I’d be interested to hear the reasoning from those who have followed him for longer.

TellySong, some of your points are valid, while others are less certain. The continued withholding of the early drilling results is a genuine frustration, and it leaves shareholders guessing about the reasons behind the partnership with GLR. Jubilee should address these matters clearly at the AGM or in the next copper-strategy RNS.

At this stage, any communication from private or retail investors—whether positive or negative—is unlikely to have any meaningful influence on the share price. My hope is that the reefs at Molefe Mine extend for miles, contain significant high-grade copper, and that substantial copper sulphide mineralisation exists at depth. It is important that Jubilee shares the early drill findings with the broader investor community.

My interpretation is that the early drilling results were very promising and were kept under wraps while licensing rights in the surrounding area were secured, allowing Jubilee to move quickly on further drilling and exploration. If this assumption is correct, then Jubilee should confirm it at the AGM.

Molefe Mine - Approximately 20–25 km northwest of Mkushi. Situated within the same broad Lufilian Arc structural trend that extends from the Copperbelt into Central Province. Governor Mine Also in Central Province, typically referenced as south-east of Mkushi, part of the same emerging mining corridor Jubilee has targeted.It is a small historic underground copper mine, operated intermittently between the 1930s and 1960s. It lies on a parallel mineralised trend to Molefe. Even though both mines sits outside the mapped historic Copperbelt, the orebody is hosted in Copperbelt-type metasediments, which is why it is geologically consistent with the belt to the north. The area is known to contain primary sulphide copper mineralisation, with reported grades in early work around 2–2.5% Cu in reef structures. The same rocks and structures that create the Copperbelt’s copper deposits run south into Central Province. Molefe sits on this continuation. The mineralisation reported — reef-like sulphide copper at 2%+ — is exactly what geologists would expect from this extended Copperbelt system. Central Province hosts: sulphide-rich mineralisation, continuation of Copperbelt lithostratigraphy, structurally controlled copper occurrences linked to the Lufilian Arc.

Research shows: The same Katangan sedimentary rocks extend southwards into Central Province. The same fold-and-thrust structures carrying copper mineralisation continue into this region. Copper-bearing horizons persist but are less explored and less developed.

Molefe sits within: a fold system parallel to the Copperbelt anticlines, compressional structures known to focus copper-bearing fluids. This explains why the area presents higher-grade zones (~2–2.5% Cu) compared with typical tailings or near-surface deposits.

Both Molefe and Governor lie in a transition zone where: Copperbelt sedimentary sequences taper southwards The Lufilian Arc deformation continues into Central Province Copper-bearing structures persist outside the “official” Copperbelt boundary Grades can be surprisingly high for non-Copperbelt Deposits This is exactly why Jubilee, IRH and other explorers are circling this area. This is why several deposits in Central Province show Copperbelt-type sulphide characteristics.

Above from CHATGPT and assisted me to interpret Leons words in the latest RNS "potentially one of the most significant, major copper deposits in the Central province of Zambia"

also from CHATGPT :

https://chatgpt.com/s/m_693822ecc6bc819187693ef8d9e6035d

Thank you BU!