Member Info for HarmProf

HD, shouldn’t these questions be directed to LC (Leon)? Perhaps JMK could forward your query to Leon, and once he responds, please share the information with us. I also wonder whether the long-term residents should take responsibility for regularly requesting that JMK and LC provide clarity on issues that remain unclear. A situation where everyone emails JMK with the same question is far from ideal. Gotreal and SeisNav should really show some leadership here.

Kalan, Famous Magical Kalan (FMK)?

Apology, but could you provide a feedback for this board Gotreal?

Lol, I’m not sure what happened, Frog. Whatever the case, people should refer the matter to JMK. However, he is supposed to be more active and provide clarity when the audience perceives an RNS as ambiguous. The latest RNS was — and still is — poorly understood, which inevitably invites negativity and speculation. If his role is to improve communication, then he should at least have posted something to create a clearer understanding of GLR’s 23% equity in the Molefe Mine. Is it a warning sign that Harmies cognitive function rapidly decline? I must take note. :}

Apology, typo Jonathan Morley-Kirk (JMK).

Gotreal, ask FMK! He should explain on this board about what happened! That is it.

Pillar 3 - Processing of Jubilee acquired surface stockpiles or large rock surface project

$ 18m, 240m tonnes of surface material, "Jubilee has been developing separation techniques to pre-classify the surface material to produce a copper containing stream with a copper grade similar to the grade that is traditionally mined as copper reef in the area." This information is important. A number of modular units one capable of producing an estimated 2 250tpa of copper units are planned. Apparently there is a lot of interest, and various production routes, models are being debated with the potential JV partners.

The internal target date for selecting the JV partner for large waste rock surface project is 31 December 2025. So, an update will be provided end of before the end of December 2025. Roan will continue to run on ROM and after the rainy season the option exists to reintroduce the Roan front end DMS circuit at the end of November 2025. Although Roan is mentioned as separate pillar.

Sooner or later the share price will move sharply upward. It does make one wonder whether the major controlling shareholders have a strategy in play, using poor communication to influence the share price and place themselves in a position to increase their holdings.

The drilling results at Molefe mine suggest all these small copper deposits may be part of one big connected copper body. If that’s true, we can turn several little pits into one large mine and as well in the geographical area around Molefe Mine. GLR is the partner explore and drill for all of this. We also must not forget the x 2 concentrators at Molefe Mine, completion due Q1 2026 financial year. Second Q3 2026 financial.

“It is envisaged that Project G will be pursued through a similar joint-venture arrangement.” (RNS, 08 October 2025). This implies that Jubilee may be considering bringing in another joint-venture partner for Project G. Jubilee should clarify this point and provide shareholders with an indication of the expected timeline for finalising such a JV. Also feeding into Sable (upgrade completed before end of December 2025).

Than there is large rock surface project.

"

HD, you will know better I guess. Runners routine in the morning! Coffee, gels, etc. Club runs start at 04h.30 in the morning in summer, some earlier. It is too hot after 08h.00 AM.

16000 hectares

Positive interpretation.

The presence of ~2% Cu at Pit 2 suggests the correct structural setting, alteration, and stratigraphy. Jubilee may have internal data (mapping, soil geochem, artisanal pit sampling, old historical logs) suggesting multiple copper-bearing corridors. They acquired the 16,000 ha early to secure the ground before the drilling results mature. Bringing in GLR, which has exploration expertise, could accelerate this and reduce Jubilee’s exploration risk.

Negative interpretation.

Only Pit 2 has proven near-surface, high-grade copper. The remaining hectares might be geological “hope grounds”. Expanding aggressively without showing drilling results suggests more promotion than proof. Language such as “potentially one of the most significant deposits” is promotional unless backed by data.

Jubilee continue to invest with a high risk appetite. It means business for GLR that is a fact and investors to hope for best scenario!

Ardbeggar, other licence areas … within the larger Molefe district” now total over 16,000 hectares, compared to the roughly 400 hectares of the original Molefe-mining-licence footprint.

It is more than x 4 rather 40 and GLR to drill and explore all?

"My only point on the resuts would be that since Jubes got them they have said nothing to the market, bought licences 4x the Molefe size area around it, and brougut in exploratuin specialists...."

HD, I am nothing like Smelly. He’s a trader, and in my view he has benefited from shorting Jubilee. Yes, I’m up early because I go for a jog, walk or run in the mornings — the birds in South Africa don’t let you sleep late! I assume he also lives in SA, although I’ve never managed to make sense of his posts. On a separate point, AI indicates that the 23% allocation to GLR is broadly in line with industry practice. As for Govender Mine and the LWP project — the progress updates, plans and proper reporting are long overdue and still very much awaited.

An excellent time to add more shares and lower your average. It won’t be long before copper production figures start rising and the share price follows suit. Jubilee’s communication only fuels speculation and frustration. Leon continues with his sales pitch, giving the impression that Jubilee has hit the jackpot, while providing very little solid (factual) information to back it up.

Gotreal I would nominate you to represent the new and recently joined residents to take all our issues to the AGM. You very good at accurately reporting on what is written! Actually, we should nominate a few residents to take all issues to the AGM, why not?!

Molefe has now been announced in partnership with GLR, but the information provided is so limited that it invites all sorts of speculation. Thank you, JMK, for the recent improvement in communication — you seem to have taken that responsibility on — but much more clarity is still needed. At this stage we simply don’t know whether this is value for money or yet another poorly structured financial deal for Jubilee. My interpretation is that they want one open-pit mine defined on the back of drilling results within the next eight months. What I don’t understand is the 23% of Molefe and therefore 23% of future profits assigned to GLR. There must be further terms in the agreement that haven’t been disclosed yet. I may be mistaken, but JMK should urgently clarify this for all shareholders. Residents of this board attending the AGM should take all these concerns to the AGM and query the board decisions.

D, I’m very interested to know how far the progress actually is. I’ve been part of these types of meetings before, where engineering teams report in percentages, expenditure to date, rainy-day delays, and so on. Jubilee should have communicated far more clearly — for example, the funding required for the Molefe concentrator, when construction is scheduled to start, the progress made so far, and the expected completion date, including whether it’s still on track or likely to finish earlier. A simple update on money spent to date would also go a long way.

Roan is now dedicated to a 3rd party ROM supplier (nearby mine). That is it. No plans for large waste rock has been finalized and thus also no resource commitment.

HDs,

I am interested in a repsonse from the loyal longterm residents on this board regarding the issue below. No response, but sure SEIS, GOTREAL, FROG, SUVLIN, etc. should provide a comment as silence is condoning the what could again by interpreted as misleading information by Jubilee.

"28th May RNS

An on-site processing plant is being planned, with funding discussions ongoing, for the low-grade ROM that incorporates a copper leaching, solid liquid separation, and copper precipitation circuit. Implementation of two 60 tonnes per hour (tph) processing units (30 000 tpm per unit) are targeted with a combined production capability of 350tpm of Cu units. Implementation of the second unit is scheduled to follow approximately six months after the trials on the first unit.

Extended pilot trials are scheduled over the coming three months to include the copper precipitation processing step to confirm the optimal composition of the copper precipitant for direct refining at Sable. The implementation of the first copper processing unit at Munkoyo is targeted for commissioning by end of Q1 CY2026.

The problem is that Jubilee simply does not release drilling results, and nobody can explain why. Long-standing members of this board seem to accept this without ever questioning or challenging the practice. LWP and Project G are repeatedly presented as future profit centres, yet we’ve seen no progress reports, no drilling data and no confirmation that either resource can actually produce copper at a profitable grade or volume. The large surface-rock project has no prioritised plan for concentrator placement, no transport-costing to Roan, and no clarity on whether it is economically viable. This strategic silence is worrying — we’ve already seen what happened with the northern strategy. Despite this lack of transparency, the long-term loyal residents of the board continue to defend the company and often dismiss newcomers as having bad intent. Some are even labelled liars whenever “misleading” or unclear RNS statements are questioned or challenged.

Gotrea;. somebody is quietly accumulating. The share price won’t move meaningfully until we see substantial copper production coming through. Communication remains an issue, and in my view parts of the strategic partnership still haven’t been properly explained. There’s a lot of work outstanding, and I’m sure discussions around the northern tailings are ongoing behind the scenes.

The joint venture with GLR could reignite the Northern Strategy again. GLR and JPL are desperate to increase revenue and margins. Mopani could be back in the equation with a modified strategy!