Member Info for HarmProf

Gotreal. This is not about interpretation – it is a request for transparency to estimate chrome profits going forward. Speculation only creates uncertainty. Hopefully, chrome will deliver a positive financial result (I speculate that this will be a reality), and these profits should be used to accelerate the copper strategy as they become available. The decision stands that the SA business must be sold, but in the meantime the share price will benefit from transparent, disclosed pricing. The majority shareholders agreed to sell the SA Business for $90m as per recommendation of the board. That is it.

"I am not satisfied with the $90m sale price. That is all." Whether you are satisfied with it or not is IRRELEVANT. That is the price. Finito.

In the end, this is not merely a matter of disclosure—it is a matter of duty. Jubilee’s directors are entrusted with fiduciary responsibility: to act in good faith, to exercise independent judgment, and to promote the success of the company for the benefit of its shareholders. Strategic silence, when material information is at hand, risks undermining that trust.

SeisNav, He is defensive! JMK.

Gray1, thank you and much appreciated. I am, however, focused on the Q1 2026 profits for the SA business, and even more so on Q2 2026. This will guide decisions on financing, expansion, and capitalisation. I am not satisfied with the $90m sale price. That is all.

SeisNav, that is what is published. I am interested in the details. Financial management of chrome issues and financial modelling. Nothing more and nothing less. Jubilee made a significant investment to reduce tolling cost. Finance did not include this. That is my opinion.

Gotreal and SeisNav, I got issues with Chrome profits estimates. That is all. I will pursue.

Never give up. Thanks. I am intrigued by characters like Gotreal, Suvlin, and a few others. I do use AI and other tools to check my grammar and spelling, but I’ve noticed they sometimes introduce a subtle twist or spin that isn’t always intended.

The company I invest in must perform — finish and klaar. Jonny must deliver, or it’s time to move. Leon achieved excellent results with chrome innovation (concentration) but was unlucky with price action in China.

In my view, the argument for copper versus chrome is somewhat flawed. The risk remains that the Chinese may treat copper the same way they did chrome. Fortunately, with Trump affecting the dollar, commodities have been moving upwards.

Gotreal, I live in SA and know the issues. As an investor, I am simply critical of Jubilee’s communication, which I believe may contribute to the low share price. That is all. My share price is now down to 3.5p (average after topping up again).

Sorry, $8.5m PGM for Q1 2026 estimate.

So, quarter 1 PGM profits likely 12k tonnes PGM $85m profit (reduced by profit sharing and rand depreciation) + Chrome ??? S5m or $10m or more. The issue. 540 tonnes produced.

Gotreal, we operate at different levels. Sorry, but that is what it is.

So, 1,6 m tpa Chrome tpa and cost benefit Thutse + 600,000 tpa second contract. That is my understanding 2,2m guidance for Chrome and unknown pricing arrangement at Thutse 1,6m tpa).

SeisNav, something is strange, and not transparent.. read RNS

Operational Summary for Q4 FY2025

Jubilee's South African operations depend on chrome ore being delivered to the Company's processing facilities, from which chrome concentrate is first extracted. The tailings resulting from this processing of chrome ore contain commercially extractable quantities of PGMs. In essence, this makes Jubilee first and foremost, a chrome concentrate producer, with the benefit of PGM production as a follow-on product. The Company has seen a sharp increase in chrome production from third party chrome ore partnership agreements.

The cessation of the ore supply and operating contract to the OBB chrome ROM facility in South Africa at the end of June 2025, has been largely offset by a sharp increase in chrome production from third party chrome ore partnership agreements. These partnership agreements offering direct exposure to chrome prices, now contribute approximately 70% of current chrome production.

With the significant growth in the Company's chrome processing operations, the exposure to chrome markets outweighs the exposure to PGM markets in a ratio of approximate 4.5-to-1. This ratio suggests that a 1% downward movement in the chrome price will require an increase of 4.5% in the platinum prices to offset the reduced chrome earnings. Equally, a recovery in chrome prices will have a far greater impact on the Company's earnings. Chrome markets have retracted over the past 3 months by approximately 11.4%, driven mainly by concerns on world demand for stainless steel which is often a lead indicator of global growth expectations. The 33% appreciation in the platinum price has been able to buffer largely the expected loss in chrome earnings.

The increased production rates at the Thutse operations will offset largely the discontinued tolling agreement which accounted for an approximate 450 000 tonnes of chrome production during the FY2025 period. Production levels are expected to remain at approximately 1.65Mt on an annualised run rate.

The discontinuation of the OBB operating contract will have a limited impact on the PGM production profile of Jubilee given the adequate availability of PGM bearing feedstock.

Jubilee holds a second tolling agreement with this specific ore feed supplier, producing 600 000tpa of chrome concentrate, which reaches maturity in February 2027.

The new PGM joint partnership announced on 9 April 2025 under an earnings share agreement has commenced with operational trials which is ongoing under the supervision of the Jubilee technical team. The team is working towards enhancing the partnered processing facility to improve the final product specifications.

SeisNav, Q1 2026 Chrome profits could be substantially different than previous financial year as most if not all chrome ore is concentrated at Thutse, It could be substantial or significant! Jubilee must bring the details for Chrome for the July, August and September 2025. I expect the profits will surprise all.

Klapka, this is the moment to reduce the average share price. :) And honestly, why not sell gold mining shares now and reinvest in Jubilee, with the chance to double or even triple returns? This goes through my mind.

SeisNav, thank you, and respond more direct and not polished by a grammar and spelling checker.

I requested details of the Chrome Ore JV contract to test the scenarios and verify the figures prepared by the external advisers for the proposed sale of the South African assets. This should have been discussed with the Board, and I believe Jonny ought to have raised it formally. I received a very hostile response.

Perhaps controversial or trouble, but Jonny must come to the table and provide details of the JV chrome contract!

Quarter 1 2026: A Test of Strategic Candour

Jubilee Metals is expected to release its Quarter 1 2026 results in October. With South African profitability having significantly improved, this disclosure offers a timely opportunity to reset the narrative—especially in light of the uninspiring financials of the prior year. Silence, in contrast, would speak volumes.

The Chrome ore joint venture remains shrouded in discretion. Jonny’s reluctance to share its terms may reflect tactical caution, but it also invites speculation. In the absence of detail, shareholders are left to infer—and inference, as ever, is a double-edged sword. Should the agreement prove accretive, Jubilee may yet surprise to the upside. But opacity breeds unease.

Quarter 1 may surface operational inflections or strategic pivots. If these are material and yet unpublished, the market will rightly question whether Jubilee is managing perception rather than performance. In such cases, delay is not neutral—it is interpretive.

Timely and candid disclosure will not only reinforce Jubilee’s commitment to shareholder engagement but may also serve to clarify the strategic trajectory underpinning recent decisions. The market does not demand perfection—it demands integrity.

In the end, this is not merely a matter of disclosure—it is a matter of duty. Jubilee’s directors are entrusted with fiduciary responsibility: to act in good faith, to exercise independent judgment, and to promote the success of the company for the benefit of its shareholders. Strategic silence, when material information is at hand, risks undermining that trust.

Quarter 1 2026 may well be a turning point. If so, let it be marked not by opacity, but by candour (for Zambia and for SA Business profits). The choice is Jubilee’s. The consequences are collective.

Canaccord Genuity Asset Management Limited sold off 11.5% of their holding. Other major Shareholders no change or increase. Sale is on and take advantage!

Frog, you’re right—apologies for the earlier slip. One scenario: $220m valuation over 3.15B shares gives us ~5.6p per share. Yet the share price hovers around 3p. It’s not just about numbers—it’s investor sentiment. Could be a good time to lower the average. Small holders often sell here, only to chase back in above 4p or 5p. Classic retail psychology.