Member Info for HarmProf

Kalan, the share price could take another hit with the release of more depressing data. Investors are being left in the dark regarding copper production for H2 FY2026. My speculation is that while production will be around 4,000 tonnes for the 2026 FY, actual sales will be much lower. This impact on the revenue and profit margins, if any.

We still have no update from Sable, which is critical. Is the Sable upgrade finalized, or is it also running a few weeks behind schedule? Even with an upgraded Sable, we face the risk of sulphuric acid being out of stock or sold at very high prices—more bad luck.

Furthermore, recent diesel price increases will erode profit margins for Molefe and Roan. When will the good news finally come for Jubilee Metals? Copper demand could increase significantly in the short term, driven by the growing appetite for electrification in Europe and Asia.

Share price for short term will be depressive with Jubilee having no clue how much copper it will produce in Q4 (and thus for the year as first 3 quarters are known).

Jubilee has one certainty and that is the reality of rising input costs (diesel prices up 28% from 01 April 2026 in Zambia and this could even rise to above 40% (Cushing by Government - no VAT levy, suspension of excise duty). I am not sure about the price increase for sulphuric acid), and delayed operational gratification.

Blame it all on the USA!

Hi TellySong, The performance bonus was for a SA disposal loss! No details of PGM profits, and chrome losses.

It is a fact that major risks were reported with the potential to dent the limited copper production and revenue, profit margins even more.

Would like to know more about issues with short term finances at Jubilee.

Regarding the exploration and development roadmap for the Greater Molefe area

Is it correct to assume that management’s immediate priority is the systematic exhaustion of all near-surface copper oxide resources—specifically across Project G and the newly extended 12,300-hectare exploration boundary—before committing to deeper drilling?

Furthermore, if Phase 2 drilling identifies significant copper sulphide resources at depth, is Jubilee’s long-term intention to monetize these deeper assets through a sale or joint venture to a specialist underground operator, rather than shifting away from your core competency in low-CAPEX surface processing and reclamation?

The last question. Hope some will follow up on any of my questions as I will be flying back from Europe to SA.

Management has recently secured another $1.8 million worth of high-grade ROM ore for Roan. However, your own H1 data shows that copper gross margins jumped from 3.9% to 21.8% largely due to improved efficiencies.

As the dewatering unit finally unlocks the processing of stockpiled oxide fines, which carry a significantly lower 'cost-of-feed' than third-party ROM, what is the specific roadmap for phasing out expensive ROM purchases in favor of the higher-margin LWP fines?

Is the goal to transition Roan into a purely 'waste-to-value' plant by 2027 to maximize the bottom line?

That is the other question.

My Question --> Regarding the Roan dewatering system.

You have noted that final mechanical checks are underway for commissioning on the 7th of April. Given past slippages, what specific technical milestones must be met this month to ensure the system is stable?

Furthermore, as Molefe Mine is projected to utilize the majority of Sable’s refining capacity within the next 2–3 years (perhaps 3 - 5 years), how does the Large Waste Project (LWP) fit into your 'Northern Strategy'?

Specifically, will the LWP necessitate a partnership with another cathode refinery up north—such as the Mopani/Mufulira complex—and when can shareholders expect a definitive timeline for that additional refining solution?

Hi Bottomsup,

I agree that we have one underwhelming third quarter to go. Guidance likely to be missed. Following this, I expect we will finally see positive production news, characterized by a gradual increase in volume and copper output. It is clear that these poor production figures are currently weighing down the share price (and the war in the middle east).

In my view, the processing of high-grade ROM at Roan will not the primary game-changer; rather, it could be the processing of copper fines. The dewatering unit appears to be the final piece of the puzzle. However, as results will only be published at the end of Q4, the market remains in a 'wait-and-see' mode.

The share price is currently fair, given the recent results. We are all locked into our Jubilee positions now, waiting for improved production and profitability to drive the re-rating. In my estimation, that significant move will likely materialise in 2027.

Chatmandu, Jubilee must report financials for each pillar separate. Roan, LWP, Molefe Mine / Sable + separate Greater Molefe area and Project G. LWP will eventually include own refinery up north (not Sable).

Roan : capital investment since they bought it + upgrades (including infrastructure), production cost minus revenue, etc.

Is Roan a white elephant? Yes, at this stage according to me. Maybe not in the future when they resolve copper fines (dewatering unit). However, was the latter part of the original planning when they bought it? An important question and if not than it could be trial and error approach from Jubilee.

Kalan, it requires a bit of modeling to answer you question. Will the run out of cash in 2026 / Q1 2027 (Jan - March)? Anyway, a good topic and could assist us all to create a more realistic expectations about profitability of Jubilee Metals the next 12 months. H2 2026 Financial year not that wonderful according to me. Not sure about July - December 2026, but will be heavily influenced by Q4 (June 2026) performance at Roan, and Sable imo.

NelsontheDog, you provide a case for Leadership Renewal at Jubilee.

The current leadership's behavior has become destructive to the very culture that previously drove the company’s success.

To restore the "no misses" mandate, a strategic reset is required.

---Technical Reset: A new appointment would allow for a transparent, bottom-up audit of production forecasts, removing the "optics-first" bias.

---Cultural Reset: Replacing the leadership signals to the workforce that the period of tolerated failure has ended, re-aligning all levels toward a high-performance standard.

Is the current Board Captured by LC? Their role is to provide oversight and as time goes on concerns increases among investors, likely top performers at Jubilee, other stakeholders.

NGiveUp, I adjusted for the rainy period, and expect Roan to be fully functional at that time, the modular unit at Molefe will be functional according to me, and Molefe will produce significant more copper. Sable upgrade will be finalized and perhaps 3rd party ROM will be processed at Sable as interim arrangement to run it at full capacity. LWP copper production likely in 2028. The remainder of 2026 could be depressive for investors with high expectations of short term increased production figures. Let us hope they make a profit this (2026) calendar year. LC ability to set achievable targets and realistic estimates / predictions seems to be the major problem at Jubilee and impact on investor confidence.

Nevergiveup, meaningful profits for JBL most likely from March 2027 and onwards. Not years!

Kalan, The RNS, detailing past performance and mine development updates, serves as a necessary reality check of Jubilee’s current standing. As expected, the company is merely 'crawling' into slight profitability this financial year. Copper production has fallen short of previous guidance—a shortfall I personally anticipated with an 85% probability.

Looking ahead to the period of July to December 2026, we should expect a disciplined, steady increase in both copper output and margins. However, the true transformation is slated for the 2027 calendar year. As the foundational 'building blocks' finally click into place, production should scale significantly. The lingering question for the market remains: at what point will the share price finally begin its upward trajectory?

How many shares will be allocated to GLR for exploration and drilling in the greater Molefe area? How many envisaged for ROM supply and how many to retain employees. Dishing out add shares to board members should be rejected at this stage and linked to stable and increasing copper production. No shares for golden handshakes of departing board members, etc.

Bottom line for me: Jubilee should provide more details why and to whom additional shares should be awarded and how this aspect will mitigate immediate or future risks. I imagine that they want entice GLR to assist them with fast tracking drilling and exploration in the Greater Molefe area! I got no major issue with this. Future ROM supply seems to be the other contractual optional clause and fine.

Calendar Year 2027 the year of healthy and significant profits. Calendar Year 2026 sufficient cash to deal with any or most of the risks. This week we will be updated about the significant H1 PGM and Chrome profits and bit of loss for Copper in Zambia. Etc.

It is clear to me that Jubilee must go the extra mile to address investors concerns, suspicion, and perceptions among a large number of investors that the company doesn't care about their wealth.

Let everybody express their own opinion or viewpoint and any delay with the release of resource results provide us information about the confirmation biases amongst us. The PTSD trader/investor - all seen before-, the cynic - suspicious- , the pragmatic realist - bought on analysis not on loyalty, timing, value-, the loyal - trust the process all is ok-, the pure trader - volatility is my friend-, etc. Reporting because we got different interpretations does not make sense imo and could we change that mindset. Jubilee is what it is and nobody can change this with a problematic strategy implementation in Zambia thus far.

While drilling was in progress at Molefe Mine CB mentioned very promising result and LC we sitting on a goldmine or something like this. When the JORC results will be released this week (imo) than we know if they were honest or not.

Speculation rife today! Let us wait a few days or hours! I am an investor and not a trader, loaded up more shares yesterday early in the morning and in the waiting room. We learn more about the individuals today than about Jubilee. Let there be more responses. I enjoy it.

I hope that all wrong and the resources even mention significant gold findings! 😂

Kalan, you moaning about making the wrong decisions. JLP is unpredictable in the short term. Anything can happen and investment remains risky. One LWP and Molefe Mine resources announced and implementation on the go than it will be less risky. Sell your shares with a profit and return when both projects on the go!

Kalan is full of self pity and his ego is damaged, others just troll around and I have a good laugh. we just wait another few days and the speculation that results will not be good are at this stage is preliminary and without any supporting facts. 7 days before financial H1 results and perhaps we get the Molefe results before the weekend. Sirboring you got a creative mind! Keep it up, it made me smile.

Remember one thing: Mistakes / Errors only happen when you work on something and more when it goes in a hurry! MSunday provided details about the efforts made to get information out to shareholders.

Time to load up share for the investors that read between the lines. Capital investment will be required for Molefe as they know the resuts! Perhaps also for LWP. Easy access to (more) capital that is what Jubilee is looking for. Others will sell and in panic mode. Tomorrow we Jubilee will publish what they want to release and they know they got copper in the ground.

The strategy remains consistent, but copper production will be impacted by the conflict in Iran, leading to a temporary dip in the spot price. Investors stilll faced with unrealistic timeframes and may consider divesting their holdings and exploring other opportunities. Calendar Year 2027 should be acceptable. Hopefully, Zambia will have sufficient fuel to maintain operations in the coming weeks. Jubilee should provide an update on significant risks and their management. Very Important to me e.g. all flood related damage dealt with, new projects not affected by war, safe supply, and impact on profit margin, if any, etc.

Eight days to go before major update 31 March 2026?!