Member Info for HarmProf

Gray, I am bullish about the future. I don't need a RNS.

Seis, provide me with your email and I will provide MP Imedical practitioner) number, and work experience.

Sirboring, I am a happy investor, with an average SP in the 3.2 p range at this stage, having added significantly to my holdings. Jubilee seems to be on the right track, but no performance bonuses should be granted to board members or managing directors for past poor company performance. Turnaround strategies should only be rewarded when they generate cash and benefit shareholders. We need to find a way to query past decisions, but more importantly to scrutinise current strategies and understand why set targets were missed.

Thank you Gotreal! Excellent! To hit the nail on the head! Let us go forward!

Gotreal, you did not call me liar and that is a compliment! What about the Northern Strategy of Jubilee. Who was right! Who lied? Roan was part of the package to acquire Roan and copper resources. You were in the boardroom? I was not, but very familiar with these discussions.

Sirboring and residents, it is clear that Jubilee made serious strategic errors, pursuing unprioritised acquisitions of resources and ultimately encountering cash flow issues. This has since changed, with a renewed strategic focus and gradual growth in production and profit. Long-term residents, however, seem unwilling to discuss past mistakes and tend to ridicule any differing viewpoints or opinions. Should we have two boards?

Sirboring, correction it was there for other northern tailing or dumps. But these are going nowhere at this stage.

Sirboring, I came to the realization that Roan is running on 3rd party ROM. That is it and of course with a risk! The residents say it is not for LWP and also not for other nothern tailing dumps. So, you right about future risks and faced with similar issues like in SA!

Frog, you like the gladiator movie? Are you amongst them or ...

MetalTrade, I hope this answers partly your question. I am sure that none of us were present when strategic decisions were made at Jubilee.

Perhaps I am suffering from Alzheimer’s, or another degenerative condition, and am not fully able to discern all the relevant issues when analysing Jubilee’s past strategic decisions and pitfalls, nor to decide how much I should invest. Long-term residents focus on managing fear, evaluating knowledge, and discerning differing opinions and viewpoints. Yet disagreements are too often dismissed, ignored, or personalised, with critics labelled as AI, fools, or otherwise sidelined from the discussion.

Have a nice day!

Seis and Gray, how much capital was invested in the Northern strategy, of which Roan was only one component of this ambitious plan? Clearly, not everything went according to plan: Roan now relies on third-party ROM supply under a contingency arrangement, with additional share dilution, while LWP still awaits its modules. Analysing these past decisions is essential for a more informed future, and we should avoid confusing other residents with half-truths.

Seis and Gray, It appears that the acquisition of LWP and other tailings was part of a broader strategy to also secure northern tailings. Jubilee was effectively expanding ahead of having a fully finalised strategy — the “Jubilee way,” and not without risk. As a shareholder, I remain concerned about the undisciplined acquisition of resources. It seems to be more controlled these days. Thank you for pointing out issues.

Gray, The LWP and northern tailings acquisitions came later, so Jubilee was effectively expanding ahead of having a fully finalised strategy.

Thank you Gray and Seis, so Roan was acquired for the original Northen Strategy? Is this correct?

Ha, Seis you assist with answering the question!

Gray, I am not repeating, but don't understand if Roan was not for LWP than is was planned for what? The 3rd party ROM not mentioned until JV was concluded for 3 years? Be with me. I don't get it.

Gray, thank you! Jubilee states that for its Large Waste Project (LWP), it’s targeting to “roll out a series of 25,000 tpm modular processing units on-site.” This means at Roan. Each module could eventually produce “2,250 tpa of copper units.” Over time, Jubilee expects these modular units to be “self-funding … through early revenues generated from the sale of this [upgraded] material.” Jubilee confirms in its 2025 report that Roan’s combined (front-end + existing mill and flotation) capacity is 45,000 tpm. This underpins their modular design — Roan’s setup is the model for these on‑site modular units at LWP. etc.

Jubilee is using Roan’s design and experience to justify modular plants at LWP.

However, Roan was planned for what if not for LWP?

Gray, Jubilee originally built Roan to process its own LWP tailings. At the time, part of the tailings was sold to a third party because Roan wasn’t ready — the plant lacked front-end capacity, logistics, and processing knowledge. That sale brought in cash and processing data.Separately, Roan is now processing third-party ROM feed (~1.5% Cu) under a long-term agreement. To fund part of this feed, Jubilee is using a combination of cash from Zambian operations and the issuance of 51.77 million new shares (£2.17 million), subject to a 180-day lock-in. This is distinct from the LWP tailings and represents the only part involving share dilution. I forgot this information, shares where diluted for the 3rd party ROM supplied to Roan.

https://senspdf.jse.co.za/documents/SENS_20250206_S500521.pdf

Gray, I’ve asked a few times why funds weren’t committed to acquire these modules — SA and sale profits should have been able to cover this, given the healthier cash flow. I had assumed some of the LWP tailings would go to Roan, but Jubilee never mentioned third-party ROM until the JV was put in place. So, was Roan originally intended to process third-party ROM, or did that come later?