Member Info for HarmProf

Glencore is aggressively scaling back on ferrochrome and vanadium in South Africa (High electricity costs, Eskom unreliability, Chinese competition).

Sharing a few issues. Reduce the outputs and prices will go up.

South Africa being sold? LOL. Who would want to buy South Africa? Unemployment is out of control, and the country is likely to face another tariff increase from Donald Trump, possibly even sanctions due to its support for Iran. The probability of future civil unrest is high. Frankly, no one can criticise any company that chooses to disinvest from South Africa.

https://www.miningweekly.com/article/large-miners-and-industrial-firms-want-tariff-reopener-after-r54bn-nersa-settlement-creates-price-path-uncertainty-2025-09-02

https://www.miningweekly.com/article/minister-meth-vows-her-dept-is-working-to-curb-job-losses-across-the-country-2025-09-02

I have no agenda (bottomsup)—perhaps just too much time (retirement). It’s fascinating how some of the old guard, or long-time investors, remain suspicious and prefer to go for the man rather than play the ball. Speculation is rife, yet somehow acceptable when it comes from the regulars. I appreciated gotreal’s input on the large waste project and decided to post the article so others could verify whether his claims were 100% accurate. You be the judge. It’s human nature to construct a reality out of uncertainty—and Jubilee has left far too much open to interpretation.

Feedstock debt for Jubilee. Is it really a debt?

Feedstock debt typically refers to the financial obligation incurred when a company acquires tailings material upfront—often from a third party or legacy site—with the intention of processing it later to extract valuable metals. It’s not debt in the traditional sense of borrowing cash, but rather a liability tied to the cost of acquiring raw material that hasn’t yet been monetised. Jubilee sells the SA business with the tailing value (processed or not yet processed).

The New Thutse contract posting will follow the release of the Q1 2026 report. Most, if not all, seem to miss the real issues. I’m holding my horses for now.

Sibanye is one of my other investments. I follow PGM movements. Researching Tharisa mining at this stage.

Gray 1: Further reports (in the board or chat) on Q1 2016 profits from non-core assets. Chrome is up 1.8% in the past week. SeisNav refers to the Nersa saga. Eskom would be entitled to an additional R54 billion, representing an 8.76% increase next year (2016) and 8.83% in 2027. Mining companies continue to invest in solar power.

My dilemma is knowing when to invest further in Jubilee—not based on plans or projections, but purely on the share price. I’m hoping for a slight dip to create a more favourable entry point. The fundamentals may be evolving, but sentiment and timing still matter.

Jubilee must now:

• Publish the technical findings that justified the acquisition

• Define the rollout plan for modular concentrators

• Clarify funding structures—JV, offtake-backed, or internal

• Align delivery timelines with Zambia’s national copper ambition

The asset is vast—260 million tonnes. The trial covered less than 5%. The acquisition is real.

Thank you bottomsup!

https://copperbeltkatangamining.com/zambia-targets-1-million-tons-of-copper-in-2025-as-mine-revivals-boost-output/?utm_source=chatgpt.com

https://www.miningweekly.com/article/jubilee-executes-transaction-on-large-waste-project-2025-04-03

A proxy trial as the buyer of the 10m waste material provide the info to Jubilee how to proceed. There is no more information available at this stage. JMK will provide us with an update end of September 2025?

Retired now, with a wealth of experience—but increasingly frustrated with the board and the shareholder chat. Much of the speculation around what JPL ought to do lacks grounding, and I’ve the financial modelling tools and the forensic accounting skills to fully verify what’s actually going on. I’m awaiting the Q1 2016 financial report for the South African business, which may well confirm a misrepresentation of fact. I’ve already emailed JMK regarding this. No secretary, no public relations officer—just me, and I’ve come to recognise that as a weakness.

2035 and not 2025. Rest my case for the spinners!

Bottomsup, I successfully turned around a company far larger than Jubilee and stabilised it for ten years before stepping down from my role as turnaround manager. SeisNav will no doubt panic again—it’s true. (JMK hope you following the postings).

Official Government Target:

Zambia aims to achieve over 1 million metric tonnes of copper production by the end of 2025, as announced by Mines and Minerals Development Minister Paul Kabuswe. Shall I post all the articles?

What is your agenda SeisNav?

Read the news please SeisNav for 2025! It is 1 million ton. You refer to which year?

SeisNav, read your posting. You said it.

Eagle, Zambia has set ambitious targets for copper production—1 million tonnes, no less. One suspects this is as much an election promise as it is an industrial aspiration. The country urgently needs revenue to improve living conditions, and copper is the chosen (only) lifeline.

The government has demanded meaningful investment from KCM. Vedanta, however, has failed to honour these commitments—alongside a few other inconvenient issues. Notably, large waste assets were taken from KCM and handed to Jubilee Metals (SeisNav) with a similar demand for investment and clean-up.

And yet, your reply remains curiously myopic. Where is the helicopter view? Did you map any if the strategic terrain, rather than just reacting to my input?

Thank you, Gotreal, for taking the time to update us on what has been published and what remains outstanding.

I’m particularly looking forward to the Q1 2026 results for the South African business, especially with platinum holding above USD 1,400 and chrome export prices showing upward momentum. This should translate into a welcome profit—one that could help kickstart some of Jubilee’s strategic priorities in Zambia. I can’t wait for October, when these results will (hopefully) be presented. Profits will continue to accrue to Jubilee until the sale is finalised, and we could see a very healthy outcome reflected in the Q2 2026 results.

Kalan,

That was my initial understanding as well—that the partner would provide the funding, and that this had already been agreed. However, there has been no formal report of progress to date, aside from references to ongoing discussions. This arrangement appears to differ from the setup at Project M, where the ore is earmarked for further processing at Sable. (Sorry, I am not an engineer).

I had assumed a similar process would apply to the large waste initiative, with modular concentrators upgrading the material before refining. If that assumption proves incorrect, then the strategic framework for the large waste project may be fundamentally different. (average grade is low at large waste project).

Let us hope that by the end of September we receive full clarity on this matter. There is no such thing as a free or cheap lunch for Jubilee—particularly in the eyes of the Zambian Government, which will be expecting tangible revenue outcomes.

- It is my interpretation that Jubilee must accelerate copper production from the large waste initiative, potentially in response to a specific condition set by the Zambian Government. This remains an assumption, and if such terms were agreed behind closed doors, shareholders will not know whether it is true or not.

- Nevertheless, the urgency surrounding capital expansion—particularly the deployment of two modular units reportedly valued at USD 25 million—suggests that Jubilee is under pressure to deliver. This may well be linked to government expectations.

- It is my understanding that the joint venture partner will be responsible for refining the concentrated copper tailings, which could streamline Jubilee’s operational focus.

- Regardless of whether these assumptions hold, Jubilee must act with agility and produce tangible results—not only for shareholders, but also to maintain credibility with the Zambian Government.

- The share price will benefit from a measurable copper ramp-up plan across Sable, Projects M, G, and L, as well as the large waste initiative. A clear investment case, supported by published estimates of annual profits, is essential to restore market confidence. Details will be publish end of September 2025 (commitment made by JMK).

I invite anyone raising AI concerns to provide their mobile numbers—I’ll gladly contact you directly. Let’s dispense with the cloak-and-dagger nonsense and confront the real issue: the coordinated defence of entrenched long-term investors who are deep in the red and desperate to preserve their narrative.

This isn’t about protecting the integrity of the forum—it’s about shielding reputations and suppressing dissent. The moment someone challenges the status quo with facts, strategy, or uncomfortable truths, the accusations begin: “bot,” “AI,” “disruptive.” It’s a tired playbook.

If there’s a conspiracy to protect groupthink and deflect scrutiny from Jubilee’s operational and strategic missteps, then let’s call it what it is. I’ve got time, clarity, and conviction—and I won’t be silenced by a defensive echo chamber.

SeisNav, where do we go from here! I know you got financial interest in drilling and not yet sure if it is also related to Jubilee. I hold back more sensitive information for now.

You’re the moderator, with powers to remove people—but doing so arbitrarily and without transparency? That borders on the unconstitutional.

I hold shares in Jubilee. I’ll admit I didn’t pay close attention initially, but I’ve since noticed they’re down 77%. Now I’ve got all the time in the world to analyse, reflect, and offer my opinion—whether that suits your clique or not.

Being accused by a group of long-standing forum regulars—who, let’s be honest, have never seen any meaningful profit from Jubilee—is a step too far. The irony is rich.

You’re active on X, clearly have an interest in drilling, and likely stand to benefit from Jubilee’s positioning. That’s fine—but don’t pretend neutrality while silencing dissent.

Yes, I let my guard down. But being accused of being AI? Absurd. And if this is the tone being set, I suspect Ardbegger will be next in line.

When I visit Europe let cross our swords. Enough is enough.

Kalan, How do you respond to Eagle1234’s remarks? I’m genuinely interested in your perspective, especially given your earlier observations.

NB: As for being accused of being a bot—honestly, who’s stooping that low? Let’s keep the discussion focused on substance.