Member Info for HarmProf

Gotreal, where do I say something that is far from the reality! Tell me! Please do so!

An update is likely next week, possibly the Q1 2026 report. No news this week would suit buyers, as silence may push the share price lower—an opportunity to buy. The sale process is progressing, and the principle remains: buy low, sell high. Profit profiling at Sable for lead and zinc tailings is also promising, though not yet realised. More good news to come.

It may confuse some, but copper profit for 2025 will be likely close to zero. It will be different after a few years.

Profit profiling of Sable for Lead, Zinc is interesting for the tailing in that area... not yet, not yet, but more good news!

HappyDays, thank you for the award! AI will assist you to find data, works on assumptions you feed it with and other facts you must put in the equation to model something. I use it mostly to check my spelling and grammar to respect residents of the board.

LC: (17 October 2023) - Award of New Slag Project with Mopani Copper Mines RNS Number : 2958Q

"Our immediate next step is to form an integrated team with Mopani to unpack the complexity within the slag material through our development centre. I expect to implement the Slag Project over two phases as we target to prioritise the quick-to-process initial slag material, while completing the process review for the more complex slags over the coming 6-month period."

Should be profitable for Copper and Cobalt and concentrators for copper not required at the current prices.

The Slag Project of 13 million tonnes of historical slag, represents an exciting opportunity for Jubilee to extract and process these valuable resources, estimated to contain 89kt of copper and 44kt of cobalt, in addition to current arising slag from the on-going MCM facility in Mufulira. The copper grades within the slag are double those of standard tailings, providing an exceptional opportunity to extract maximum value from this significant resource.

The salient terms of the JV include:

The exclusive right of the JV to access and refine the Mufulira Slag;

Jubilee taking the lead in developing the processing solution, its subsequent implementation, and managing the operations;

Jubilee will hold the first right to securing finance the project's capital for implementation of the Slag Project; and

The formation of a supervisory board for the JV, comprising representatives from both Jubilee and MCM.

The contractual commitment to this project takes effect immediately and will be superseded by the finalisation of the JV agreements between Jubilee and MCM.

Modeling of profits provide healthy profit profile with assumptions:

13 Mt slag

Grades: 0.7% Cu, 0.27% Co

Recoveries: Cu 70%, Co 50%

Annual feed: 1 Mt / year (→ ~13 years life)

Costs: Cu $4,500/t, Co $15,000/t

Life-of-Project (13 years, stable prices)

$53.9m × 13 years = $700m gross profit

Jubilee 50% JV share ≈ $350m net

However, it will be most likely more with annual 10% increase in commodity prices with likely 5% increase in cost prices. Etc.

What is unknown at this stage: capital requirement.

JMK to provide and update.

Let’s avoid making unsubstantiated accusations, Happydays. Jubilee should focus on maximising shareholder profits and, if necessary, only conclude the deal on the final day—or even later—to secure the best outcome.

The share price should have increased by at least 10-15% over the past two weeks in line with rising commodity prices. Instead, it has hovered around 3p, which is favourable for buyers.

With PGM basket prices above $2,040, Jubilee should prioritise accelerating PGM production and addressing oxidation at Inyoni. Acting in shareholders’ interests means maximising output, potentially 30,000 oz in six months from Inyoni tailings, which would materially contribute to Jubilee profits before the sale. A report should be produced after Quarter 1 2026 about the intent and progress + if what was included in NAV for the sale.

From the RNS:

"PGM stock held at Inyoni requires a pre-treatment prior to processing and carrying value of this stock is recognised as long term inventory on the balance sheet and forms part of the NAV of the Disposal Group."

Thank you for directing me to SLP and the share price suggest investor confidence and belief that PGM and Chrome ore has a profitable future within South Africa in the short term (3-5 years)?

I cannot help it, but it brought me back to PGM at Jubilee and tailing,

Jubilee holds approximately 2.7 Mt of PGM tailings adjacent to Inyoni. At a processing rate of around 400 ktpa (at Inyoni) this equates to annual output of roughly 40 koz of PGMs, providing a secure feed supply for six years or more without the need to source additional tailings.

Question: Jubilee owns this or is this partially owned and outstanding amount is mentioned under feedstock debt?

Northern, you got my point (made earlier). Jubilee must accelerate, invest, and produce — all profits should be reinvested to achieve this.

SeisNav, maybe one day you’ll see my point. Q1 2026 profit will exceed H1 2025, and Q2 2026 will exceed Q1 2026. I’ve given my Q1 estimates. A low share price isn’t bad for adding to holdings.

NorthernShark, why wait for a partner when Jubilee can fund two modular processing units for OB1? Partners should rather be prioritised for mining Projects M and K, though that’s just my view and may be wrong.

My view is that investor trust can be regained by accelerating copper production and profits, so all available funds should be invested to achieve this.

EBITDA multiples are calculated on EV excluding temporary liabilities like feedstock financing. Q1 2026 outcome will guide us Gotreal. Follow the postings and results.

Transaction has an enterprise value of approximately US$146 million, which represents a 6.0x multiple on the FY2024 EBITDA of the assets being sold.

Technically this is incorrect as feedstock can not be included. So 6x is not valid. The real and more issues to follow. JMK is aware of this.

Suvlin, you post only about clowns, but do not contribute much of value. Why? How do you consider your role on this board or chat?

Many in South Africa waited for the rapture on 23–24 September 2025, as Joshua and Danie Botha predicted with certainty. Perhaps some investors sold on such beliefs, but in reality people sell non-performing assets, especially where there is strategic uncertainty. It is odd that a company cannot publish quarterly results the following month — we used to produce monthly reports with commentary on variances. Why is everyone so sensitive? Few, if any, here can influence the share price, yet some resort to disrespect and rudeness.

Lol, and my grammer, spelling check message at the same time.

SeisNav, you got very detailed information. The info is from Financial Times. I am not worried when some institutions sell off and wait for opportunity to buy low. Small investors contribute to this board or chat. The rudeness and name calling like clown for investors with a different opinion is not helpful. I provided estimates about profits for Q1 2026 to be reviewed when Jubilee will publish it records. Actually, I am not interested in H2 2025 the financial results as these are uneventful and not inspiring. UK short business english.

ChatGPT said:

Here’s a refined UK business English version of your message:

SeisNav, thank you for the detailed information. I am not concerned when some institutions sell, as this often creates opportunities to buy at lower levels. Small investors also contribute to this board, and the rudeness or name-calling, such as labelling investors with different views as “clowns”, is unhelpful. I shared my estimates for Q1 2026 profits, which can be reviewed once Jubilee publishes its results. Frankly, I am not interested in the H2 2025 results, as they are uneventful and uninspiring. It is interesting that JMK did not know who SeisNav was. Interesting indeed.

Apology not will offload, but could offload bit more Canaccord Genuity Wealth Ltd.

Once sale is over than price will go up again (we hope)!

Major Share Sales recently..

FIL Investments International Shares sold and % 34.49m / -100.00%

FIL Investment Advisors (UK) Ltd. Shares sold and % -12.37m / -100.00%

Canaccord Genuity Wealth Ltd. Shares sold and % -26.64m / -15.12%

Slater Investments Ltd. Shares sold and % -5.21m / -1.43%

Jupiter Asset Management Ltd. Shares sold and % -4.29m / -100.00%

Fil investment and Jupiter Asset Management called it the day and sold all.

Perhaps Canaccord Genuity Wealth Ltd will offload bit more in the coming days.

Following the Copper profit discussions.

In which financial year will Jubilee reach a production of 25,000 tpa of pure copper? To me, this is the most relevant point. And when will it achieve a production of 50,000 tpa of pure copper?

A road map to follow soon by Jubilee, but perhaps interesting to be updated about shareholders expectation, thoughts, etc.

Gotreal, thank you and I try to work out the estimated profits for Quarter 1 for the SA Business and these could be put to work to accelerate the Copper Strategy. PGM profit for Q1 2026 8.5m (based on info available with profit sharing JV) and for Chrome a range between $2m to $10m (35% profit sharing JV Thutse, and fixed rate contract combo). My estimates (shooting in the dark) is north of $5m for Chrome for Q1 2026. Total around R 15m for Q1.

For H2 2025 it mot likely will be in line with result of H1 2025 and not inspiring according to me. I will be difficult to estimate copper profits at this stage for Q1 2026 due to lack of information

So, the copper strategy should mention the estimated profits for 2025 and Q1 2026.

Share price could or should benefit from very positive Q1 results for Jubilee. Shareholders look forwarrd to receive positive financial reasult and upward trend in shareprice.