Member Info for HarmProf

My input as investor and share holder to hold management / board accountable. Should we award a bonus? No to board members.

i ran the comrades! will you join me next year ardbegger?

https://*************.net/jubilee-metals-group-acquires-two-opencast-copper-mines-in-zambia

read this directors posting 3-4% grade copper project m and g.

So yes—corporate rules require clear, timely communication. If Jubilee is still working on parts of the Northern strategy, it should say so plainly. If it’s deferred, shelved, or restructured, that too deserves a formal note. You said it was abandoned and that has implications. You call me a liar?

Frogkid, Frog, the temporary resident, may well become a permanent fixture. I’ve received an invitation to remain on this board a little longer. As the issues unravel, it’s becoming clear why things went astray. We must work on investor trust on this board / chat. Wishing everyone a wonderful weekend.

SeisNav (I see that you play the person and not attend to the real issue):

In September 2021 Jubilee Metals raised US$24.7 million (via a £30 million placing) to fund its multi-asset copper strategy in Zambia. That capital was specifically earmarked for the development of Roan, Project Elephant (TD52 tailings), Project Lechwe (Ndola), and the Mufulira tailings project.

Since shareholders subscribed for equity on the basis of this stated strategy, Jubilee has a duty of disclosure. If any of these projects were delayed, suspended, or abandoned, the company would be required under AIM rules (and normal corporate governance) to issue a formal market announcement.

If Jubilee were to withdraw from one of these projects, the company would normally:

- announce the termination or disposal,

- disclose any cash consideration received or write-off incurred, and

-update the market on how the funds are to be redeployed.

Do you have a specific agenda SeisNav?

SeisNav and what about the subsidary Enviro Processing Limited (EPL?

- a subsidiary of the South African company Jubilee Metals Group, holds a small-scale mining license for the former Kabwe mine area and its waste, known as “Black Mountain.” Selling tailings to the Chinese companies (Zinc extraction, but the waste contains copper and health issues).

SeisNav, S 24,7m project now abandoned and no official RNS and no capex to develop mulfulira? Strategic drift ...

SeisNav, please refer me to the official communication regarding the abandonment of the northern strategy! It is not in an official RNS according to me! II hold your long-standing involvement with Jubilee—from its Platinum days through its evolution into a multi-metal strategy.

Gotreal, Jubilee’s capital choreography has been bold, but arguably imbalanced. They’ve poured substantial funds into Roan, Sable, and the open-pit feedstock (Munkoyo and Project G), large waste, all of which are now revenue-generating. But in doing so, they’ve left the Northern Refining Strategy undercapitalised, with no clear pathway to equipment procurement or modular deployment. It resulted in a firesale of SA Business! Nothing more and nothing less.

My guess is that the sale of all non-core assets will be directed towards the development and capitalisation of the Northern Refining Strategy. Farewell, share buybacks and dividends—for now. (include all SA assets).

The Northern Refining Strategy is not receiving much attention at this stage (priority is the Southern Refinery Strategy)

https://min-met.com/blog/jubilee-to-process-300-million-tons-of-copper-cobalt-tailings-in-zambia

https://www.proactiveinvestors.com.au/companies/news/960377/jubilee-metals-lifts-stake-in-zambia-tailings-projects-and-raises-30mln-in-share-placing-960377.html (project elephant, project mufilira... something to read up again)

https://www.miningweekly.com/article/jubilee-completes-three-transactions-to-expand-zambia-tailings-projects-2021-09-15

Project Elephant - 114m tonnes of copper containing tailing resources

Project Lechwe - 150m tonnes of copper containing tailing resources

Project Mulifuro -Jubilee has been awarded exclusive rights to process 13 million tonnes of historical slag from Mopani’s operations. The slag contains an estimated 0.7% copper and 0.27% cobalt, which is double the grade of typical tailings. Jubilee will design, implement, and operate the processing facility, with first right to fund the project

https://www.miningweekly.com/article/roans-success-to-be-duplicated-in-north-2022-11-18 (The article and info)

copied:

"Thereby, Jubilee needs to decide whether to proceed with the initial 15 000 t/y of copper cathode production guaranteed for the north or exceed this target, as the north has the potential to produce more than 30 000 t/y if a copper refinery is built from scratch.

“This decision dictates the size of the concentrators we will invest in to concentrate the material,” says Coetzer."

" However, the success of the Sable pilot plant trialling the leaching of finely ground copper sulphide concentrates will result in the technology being integrated into the northern solution to enable Jubilee to directly produce copper cathode, which would normally be produced by smelting a concentrate in a furnace, he adds. (Coetzer)"

Southern Refinery Strategy:

1) Roan - 10,000 tpa copper concentrator

2 Sable - 14,000 - 16,000 tpa copper expansion ( 2026 Quarter 1 - finalised)

3) Project M feeds in Sable.

4) Project G feeds in Sable

https://www.engineeringnews.co.za/article/jubilee-increases-interest-in-project-g-secures-additional-power-for-project-2024-10-07 ("Project G is targeted to start operations and delivery of pre-concentrated run-of-mine (RoM) to the Sable refinery by December (2024)

Under the terms of the agreement, Jubilee is appointed manager and operator of the openpit operations with immediate effect.

Project G will ramp up over a six-month period to reach 3 000 t a month of pre-concentrate material through a Jubilee on-site module, and delivery of an additional 350 copper units per month (4 200 per year) to Sable for further refining. A resource drilling programme is currently under way, targeting a potential increase in production to 20 000 t to 25 000 t of RoM ore a month.") - We now

I found this article as I go through history of Jubilee in Zambia.

Project Elephant

Project Lechwe

2022... https://www.miningweekly.com/article/refinery-project-makes-headway-in-zambia-2022-05-20

"Project Lechwe, whereby Jubilee has secured the rights to about 150-million tonnes of copper-containing surface tailings, targets production of 7 500 t/y of copper by the second quarter of 2023.

Project Elephant, in the Kitwe area, targets the production of 10 200 t/y of copper. Jubilee subsidiary Braemore acquired a further 23% beneficial interest in the TD52 tailings dam portion of the overall project, increasing the company’s interest to 80.75%. TD52 holds the highest contained copper and cobalt in the larger Project Elephant’s 114-million-tonne tailings resource, at 0.7% copper and 0.08% cobalt.

“The Northern Refining Strategy currently targets the production of an additional 15 000 t of copper, but has the potential to be significantly expanded, based on the sheer size of opportunities offered in copper and cobalt recovery from waste in Zambia,” explains Coetzer."

3.15p, fib level. Mr. Market Maker knew it and made money. You cannot buy at that level (today)! Tomorrow new day!

Buyers on the fence at the moment - trading volumes

28 Aug Volume 5,7m

29 Aug Volume 9,8m

01 Sep Volume 3,4m

02 Sep Volume 2,9m

03 Sep Volume 2 m

04 Sep Volume 1,4m at 13h.45

Investors on the fence....

(not much liquidity at this stage)

Apology NFPR and Unemployment data tomorrow USA)

The technical structure suggests the double bottom has done its job—3.15p holding firm as a reliable support level, with 3.5p forming the upper band of a tentative consolidation range. Unless fresh adverse news emerges, there's little justification for a third retest (triple bottom). The board must regain the investors trust that is all. - Transparent reporting: Production figures, margins, and NAV must be presented without embellishment. Credible strategic plans: Especially around copper implementation—timelines, costs, and expected returns. Consistent updates: Investors need rhythm, not sporadic bursts of optimism. This will be around the end of September.

US non farm payroll and unemployment data will be out today and could affect the commodity prices, USD, etc.

I assume that Sable has sufficient material, since the supply from Munkoya was not just-in-time, and there are nine open pits. Receiving an update on Sable’s production will be helpful. Gotreal? SeisnNav?

Estimation of profit for Jubilee Q1 2026 ( July, August & September 2025)

1. Zambia Copper

- Sable Refinery: 264 tonnes (≈88 t/month)

- Roan Concentrator: 1,140 tonnes (≈380 t/month)

- Total Copper: 1,404 tonnes for the quarter.

- At a 30% margin, Jubilee guided around US$4.1m.

2. South Africa – PGMs

Basket Prices (my estimates for Jubilee):

- July = US$1,632/oz

- Aug/Sep = US$1,927/oz

- Cost assumption: US$1,000/oz.

- JV split: 72% Jubilee, 28% JV partners.

Scenario A – 9,000 oz in Q1

- Gross profit ≈ US$7.46m

- Jubilee share (72%) ≈ US$5.37m

Scenario B – 10,400 oz in Q1

- Gross profit ≈ US$8.44m

- Jubilee share (72%) ≈ US$6.08m

3. South Africa – Chrome

- With Thutse feed and new contract terms, chrome margins are significantly higher (4–5× previous levels).

- Base case: at least US$5m profit in the quarter.

- Upside case: much higher if volumes/prices hold

Base case:

- Copper: US$4.1m

- PGMs: US$5.4–6.1m

- Chrome: ≥US$5m

Total ≈ US$14–15m

Range:

- US$12m (conservative) → weaker chrome / lower PGM throughput / Copper margin less.

- US$15m+ (optimistic) → strong chrome contract uplift + higher PGM production

A feedback is more than welcome. I am looking forward to receive the actuals after Quarter 1 (verify assumptions, update estimates, etc.)

Gotreal, I’ve invested heavily and now I want to see results. That’s the bottom line. I don’t mind where Jubilee makes its money—what matters is that it delivers returns for investors.

Dear Jonathan,

Given the recent visibility achieved by Orion Minerals through its participation in the Africa Downunder Conference, I believe Jubilee is well positioned to host a dedicated investor event of its own. Jubilee’s shareholder base is not only broader but demonstrably more engaged and discerning.

A conference towards the end of September—post Q1 results—would provide an ideal platform to:

- Present operational delivery across Zambia and South Africa

- Clarify valuation metrics, particularly around NAV and recovery rates

- Address shareholder concerns regarding the Large Waste Project and modular concentrator strategy

A hybrid format (in-person and livestreamed) would allow for broader participation, with segment-specific presentations and a moderated Q&A featuring senior leadership.

This would not only reinforce Jubilee’s commitment to transparency and strategic clarity, but also distinguish its investor engagement from promotional narratives elsewhere in the sector.

Kind regards,

Harmprof.

Zambia profit speculations. Why? Sound strategy, Roan will produce, large waste project and Project M will perform extremely well when executed right. Mind games! Copper strategy will deliver and give JMK a chance. I waits for the share price dip and am not smeily!