Member Info for HarmProf

Bottomsup, no — I am not being impatient. This is about strategic implementation that genuinely benefits shareholders. There has still been no firm confirmation of the agreed JV with GLR regarding Mufulira slag processing at Mopani Copper Mines, if I am not mistaken. In the absence of a signed and clearly defined agreement, it would be premature to budget for this at this stage. The same applies to the reported 240 million tonnes of surface waste rock. That scale of material will require extensive — and potentially costly — exploration work to identify the most suitable locations for future processing units. Until that technical work is completed, committing major capital there would be speculative. That is my view. In contrast, Molefe — and most likely Project G — already present clear, near-term, revenue-generating opportunities. The sensible capital allocation sequence, in the interests of shareholders, is therefore to prioritise projects that can generate cash immediately. The large surface waste rock opportunity can then be budgeted for once a strong and stable revenue stream is established from Molefe and, potentially, Project G. Shareholder value is maximised by cash flow first, expansion second. I have been reading some of the stories about the personal drama faced by very long-standing investors — people who, after years of holding, now find themselves with little money left to live on and sitting on massive unrealised losses. It is deeply troubling, and it does help explain the level of emotion, anger and mistrust that still surrounds this share. For many, this is not just about charts and strategies anymore — it is about real financial hardship. That context should never be ignored when shareholders express frustration.

Ardbegger, Part 2. After reflecting on this further, the real advantage of modular processing units is their flexibility. They can be dismantled and relocated to another site, for example to Project G, should circumstances change. This significantly reduces long-term capital risk. On the current numbers, the 2.2 million tonnes of low-grade stockpile at Molefe will, in my view, not be cleared within the next four years. Even at a modest processing rate of 600,000 tonnes per annum, the payback period for a single modular unit remains comfortably under two years. On a simple illustrative basis: 600,000 t × 0.7% Cu × 75% recovery × USD 4,000 profit per tonne of copper = approximately USD 12.6 million annual profit. That level of return fully justifies at least one dedicated low-grade processing unit at Molefe, and potentially a second. It is also highly unlikely that none of the other eight open-pit areas within the enlarged licence footprint will produce additional low-grade copper ore. The expansion of the licensed area from 400 hectares to around 16,000 hectares is another key factor that materially increases the probability of sustained ROM supply. On this basis, Molefe clearly justifies:

One confirmed low-grade processing unit, and A strong economic case for a second. Meanwhile, the strategic focus rightly remains on the hunt for high-grade copper ore and, if I am not mistaken, copper sulphide mineralisation in particular. That upside only adds to the longer-term value case and does not weaken the short-term justification for accelerating low-grade processing.

That is exactly the point. Jubilee increased the licensed area at Molefe from roughly 400 hectares to about 16,000 hectares — a forty-fold expansion. This materially changes the scale of the opportunity. Such a landholding inevitably contains a combination of lower-grade disseminated copper mineralisation over wide areas, alongside more concentrated, high-grade copper zones that can be extremely profitable. At present, the single processing unit at Molefe is clearly aligned with the current open-pit operation. However, with a licensed footprint of this size, it is virtually guaranteed that sufficient low-grade ROM will be generated to justify additional processing units over time. The notion that expanding low-grade processing capacity is “too risky” does not fully stand up when one considers the ongoing ROM generation rates, the growing stockpile, and the strong but realistic copper price outlook. Low-grade material only becomes risky when there is no guaranteed feed, no scalability, or no capital discipline. At Molefe, all three conditions appear to be in place:

• The feed is being generated continuously.

• The resource footprint has expanded dramatically.

• Modular processing allows phased, low-risk capital deployment with rapid payback.

On that basis, the strategic risk of not adding further low-grade processing capacity may soon outweigh the risk of adding it.

Oops ....3 × 120 tonnes per month!

@Gotreal, and others — I do wonder whether the 2.2 million tonnes of low-grade stockpile at Molefe may have been accumulated only since 2024. I tried to model the annual growth, and if approximately 80,000 tonnes per month is being mined at Molefe, with about 4,500 tonnes per month being high-grade material sent to Sable, then the low-grade material going to stockpile is roughly 75,000 tonnes per month. That equates to around 900,000 tonnes per year being added to the low-grade stockpile.

On that basis, it would suggest that at least three 300,000 tpa processing units would be required just to keep up with ongoing production. Using Gotreal’s capital estimates, that implies a total investment of roughly USD 27 million, with a combined throughput of about 3 × 120 tonnes per month ! and a projected payback period of less than two years. With those economics, it is difficult to understand why capital is not being deployed immediately to maximise net profit for shareholders. Phasing the units in one by one no longer appears to make strategic sense at this stage, and the probability of a major copper price collapse seems extremely low. Am I missing something fundamental here?

Turning to Project G: Jubilee really must provide an update. It was producing copper previously, yet there has been no recent report on its current status. Is this because all operational focus has shifted to Molefe for now? If the geology and grades at Project G are similar to Molefe, then it would make equal sense to restart and scale production there as well, particularly from the high-grade copper areas.

It is also unclear how Galileo (GLR) fits into this going forward. Will GLR participate in profits at Project G in the same way as at Molefe? Or will GLR focus on drilling and exploration at Govender Mine while ownership and production profits remain entirely with Jubilee? This point needs urgent clarification, as it could have a material impact on the investment case if large high-grade and low-grade resources similar to Molefe are confirmed.

Investors should be fully informed on these structures and timelines.

@Gotreal, and others — I do wonder whether the 2.2 million tonnes of low-grade stockpile at Molefe may have been accumulated only since 2024. I tried to model the annual growth, and if approximately 80,000 tonnes per month is being mined at Molefe, with about 4,500 tonnes per month being high-grade material sent to Sable, then the low-grade material going to stockpile is roughly 75,000 tonnes per month. That equates to around 900,000 tonnes per year being added to the low-grade stockpile.

On that basis, it would suggest that at least three 300,000 tpa processing units would be required just to keep up with ongoing production. Using Gotreal’s capital estimates, that implies a total investment of roughly USD 27 million, with a combined throughput of about 3 × 120 tonnes per hour and a projected payback period of less than two years. With those economics, it is difficult to understand why capital is not being deployed immediately to maximise net profit for shareholders. Phasing the units in one by one no longer appears to make strategic sense at this stage, and the probability of a major copper price collapse seems extremely low. Am I missing something fundamental here?

Turning to Project G: Jubilee really must provide an update. It was producing copper previously, yet there has been no recent report on its current status. Is this because all operational focus has shifted to Molefe for now? If the geology and grades at Project G are similar to Molefe, then it would make equal sense to restart and scale production there as well, particularly from the high-grade copper areas.

It is also unclear how Galileo (GLR) fits into this going forward. Will GLR participate in profits at Project G in the same way as at Molefe? Or will GLR focus on drilling and exploration at Govender Mine while ownership and production profits remain entirely with Jubilee? This point needs urgent clarification, as it could have a material impact on the investment case if large high-grade and low-grade resources similar to Molefe are confirmed.

Investors should be fully informed on these structures and timelines.

Bottomsup, Saturday Morning Run! Wake up early, post bit later (SA time), move outside for a run. Cycling later in the afternoon with my dog. Pensioners must invest in health and in particular focus on quality later in life. Smokehot also from South Africa? It is summer and we wake up early in SA!

Thank you, Gotreal. I assume this excludes any additional infrastructure costs, but it remains an interpretation. (Jubilee : "An on-site processing plant is being planned at Molefe Mine. This plant will be designed for the low-grade ROM that incorporates a copper leaching, solid liquid separation, and copper precipitation circuit. " Is this included in your price?) The key point, however, is this: why wait to turn this into profit? Jubilee is already cash positive, and with the additional licenses at Molefe, it clearly makes sense to start generating revenue as soon as possible. This will be in the interest of investors.

Gotreal, modular concentrators vary between $10 and $30 million. 1,000 tpd is close to S 30 million. Jubilee mentioned x 2 for estimated $ 50m. Anyway, if you set up a big one that it could be above $ 1 Billion and should not be considered. You welcome to throw the posting in the trash box. Advise us about the cost of concentrator at Molefe and the years it will take to pay it back (check the feasibility also of the investment).

HD, three modular concentrators processing 300,000 tonnes each per year would generate about $25 million profit annually at current prices. With a capital cost of $66 million, they’d be paid off in three years. A USD loan could be sensible if the dollar weakens. The existing stockpile would be cleared in 2.7 years, but fresh ore will be added, likely in greater volumes than now. Do they have to wait for cash?

You posted - "stockpile at Molefe say 2.5 million stockpile (by April next year) @ 0.7% copper. 2 500 000T x say 0.5% (recoverable) = 12 500T x say $5000 (profit) per ton = $62 500 000"

All the copper is already above ground. Millions in assets ready to turn into cash — and still the frustration runs deep. Maybe it’s just PTSD from watching the share price fall like Niagara. Coffee helps. ☕

Thanks Gotreal, lots of interesting dynamics at play! You seems to be the most credible at this stage!

Is this board for Jubilee or for personalities? I wonder. Froggie removed himself because he could not deal with the pressure! Quiet month and we all await the moment of truth. Will copper production increase in Zambia? Did Jubilee hit the jackpot?

JuniorLassonde, thank you and keep on posting on the JBL board. What about the other opportunities with GLR and Jubilee?

MetalTrade, their will be a thunderstorm if Leon and Jonathan misled the investors. Mofefe, and Project G will bring in the money according to me. I have my doubts about waste rock project.

JuniorLassonde, I say hi, and are you on the board of GLR? You seem to have a lot of inside knowledge?

MetalTrade, it is festive season! Jubilee will produce a report and I await the SA Chrome profits and how the JV with One Chrome was agreed upon. JMK did not want to share this info. D-day is coming!

Auditors find difficulty in everything! I am familiar with their methodology working on contingent liabilities for medico legal claims for KZN Department of Health. Anyway got clean audit when I joined the medico legal unit. Ha, will be ridiculed again for another experience I haven't mentioned! Be patient, go for a run, enjoy the festive season HDs. Jubilee will most likely produce a report just before month end!

Yes, how many holes can we expect in 30 days? 2 a day, so 60 per month?

MetalTrade, thank you and keep us informed. Reading between lines seems to be a must these days!

Eagle1234, please explain how you come to the conclusion that 4EL is a deramper. Whatever that means or is!