Member Info for HarmProf

Please, let us refrain from spreading misinformation. Many of us have been invested in Jubilee for years and have experienced the frustration of a declining share price and unrealised losses. These outcomes are not solely the result of market forces, but often stem from investment decisions made on the strength of sales pitches, without sufficient due diligence.

I, too, invested around 2021 and made the same error. However, I have since undertaken thorough due diligence and, irrespective of how the upcoming votes unfold, I have significantly increased my investment in Jubilee.

That said, the persistent pattern of communicating strategic intent without providing accurate reporting on outcomes against measurable targets must change. Shareholders deserve clarity, not ambiguity. If Jubilee is to rebuild trust and deliver long-term value, it must commit to transparent, outcome-based reporting—not aspirational messaging.

Thank you Ardbegger and with AI assistance.

Quarterly meaningful reports for Project G, Project Munkoyo, Sable and Roan. Targets versus outcome. That is all!

July Roan report was shared. So, they can do it!

This debt funds feedstock, not fixed assets. Treating it as a long-term liability in NAV skews the picture—especially when profit on resale isn’t guaranteed.

Let us first dispense with the negativity, the bullying, and the misleading commentary. It serves no one—not the company, not the shareholders, and certainly not the long-term value proposition. I speak as an investor who has recently increased my holding tenfold, and I do so with confidence in Jubilee’s copper strategy and its Zambian growth platform.

However, I remain critical of the proposed sale price for the South African chrome and PGM business. The transaction, capped at $90 million, undervalues an enterprise reportedly generating six times EBITDA and carrying strategic processing capacity across multiple sites. The absence of a competitive bidding process and the decision to divest at a time of cyclical weakness in PGM pricing raises legitimate questions about timing and valuation discipline.

Constructive engagement demands transparency, not acquiescence. If Jubilee is to reposition itself as a copper-focused growth story, it must do so with valuation integrity and shareholder alignment at its core.

Investor Commentary: Production Ambiguity Requires Urgent Clarification

Public disclosures indicate that Project Munkoyo is targeting 15,000 tonnes/month of run-of-mine (ROM) ore by December 2024, with 5,000 tonnes/month earmarked for direct delivery to Sable Refinery. In parallel, Project G commenced operations in July 2024 and is reportedly ramping up to 10,000 tonnes/month by February 2025, with the ambition to reach 20,000–25,000 tonnes/month pending confirmation of resource continuity.

These forward-looking statements—laden with qualifiers such as targeting, ramping up, with the ambition, and pending—remain conspicuously unaccompanied by actual production figures. The absence of tangible output data in quarterly updates undermines transparency and risks eroding investor confidence.

It is incumbent upon Jubilee Metals (JMK) to resolve this ambiguity. A clear articulation of current production volumes, delivery metrics, and operational milestones is not merely desirable—it is essential. In the absence of such clarity, strategic narrative risks being perceived as promotional rather than performance-based.

Gotreal: "Munkoyo having an ore body 1km long and Project G being even larger than Munkoyo" It is now in the public domain!

Thank you, Gotreal, for highlighting a matter of considerable importance. The release of information pertaining to Project G’s exploration findings—prior to its formal inclusion in the public domain—raises serious concerns regarding disclosure protocols and market fairness.

I bought and buy the dip, but all should remember:

• One must own the consequences of one's own convictions.

• Speculation is no substitute for due diligence.

• Investment missteps are rarely the fault of others.

Despite all.

Agreed! Quarterly targets and reporting!

Gotreal, my team now assist me with a response. So, no more abuse please!

It is important to clarify a recent exchange in which Suvlin accused another contributor of dishonesty. The statement made by Sirboring—"Not a single timeline given. Just straight the same capacity and possibilities"—was, in fact, entirely accurate. The rebuttal—"That is a lie, Sirboring"—was therefore unfounded and regrettable.

As shareholders, we anticipate that the forthcoming quarterly reports covering Roan, Project Munkoyo, Project G, and the Large Waste initiative will provide much-needed transparency. These disclosures are likely to mitigate speculative commentary and reduce the incidence of hostility or undue criticism within the share chat environment.

My interpretation of recent developments is that Leon acted with urgency to divest the South African business in order to expedite the copper strategy in Zambia. The strategic objective appears to be achieving copper production in excess of 25,000 to 30,000 tonnes per annum, thereby enhancing the company’s relevance and positioning within the sector. However, it must be noted that no specific timeframes, profit expectations, or margin guidance were communicated alongside this intent.

It is hoped that JMK will address these gaps in clarity and provide shareholders with a more structured and measurable framework moving forward.

Would you like a version with more rhetorical bite or one tailored for direct submission to a board or investor relations team? I can also help you craft a follow-up if JMK remains silent.

Sirboring, I replied to the watchers!

Hear ye, hear ye! The Watchers stir!

With brows furrowed and spreadsheets aglow, they toil not for time nor treasure,

But for the sacred scroll that speaketh: “Jubilee shall yield twenty and five tons of copper.”

No deadline was etched, no profit foretold—

Only the divine utterance of Strategic Intent,

That most holy of corporate sacraments,

Where ambiguity is not a flaw, but a feature.

Sir Leon, High Priest of the Pivot,

Speaketh not in mortal metrics nor quarterly tongues.

Nay, he declaimeth in riddles and runes,

His words carved in granite: “Finish and klaar!”

And lo, the faithful did nod,

For in the land of JSE, prophecy needeth no timestamp.

The copper shall come—eventually, probably,

And if not, well… the Intent was pure.

Thus ends the sermon.

Go forth, ye analysts, and interpret as thou wilt.

For in the kingdom of strategic vagueness,

Hope is a commodity, and clarity a luxury.

Thank you. I’ve taken on board the advice to pause, reflect, and structure my thoughts before posting—though I confess, my mind often outruns my fingers. Engaging here has offered a fascinating glimpse into the personalities at play, and I’ve enjoyed the opportunity to observe the subtle choreography of character and ego.

A sincere thank you to SeisNav for the thoughtful contributions. As for the rest, I’ll refrain from disturbing the delicate plumage of those whose self-importance seems tightly tethered to consensus. This forum, for all its promise, does carry the scent of an old boys’ club—where dissent is met not with dialogue, but with defensiveness, and where newcomers are expected to genuflect before the altar of groupthink.

If the intention is to focus solely on copper-related discussion within this Jubilee Metals Group chat, I respect that. I will refrain from personal commentary and instead either offer a considered response or choose to remain silent.

I interpret this behaviour as indicative of many shareholders being significantly underwater on the share price—and for an extended period. That context is important.

For clarity, Jubilee Metals Group has not rebranded or transitioned into a copper-exclusive entity. It remains Jubilee Metals Group for now (with copper, chrome and pgm).

You're quite right—I clearly need a new pair of reading glasses. Do carry on with your childish insults and vicious attacks on differing viewpoints. The shareholders must be absolutely thrilled with your unwavering spirit of negativity and suspicion. No doubt, after all the venom has been spat, new investors will be lining up to buy shares in Jubilee Metals.

And just to clarify—this chat is not your personal domain. Or do you claim ownership of it now as well?

1) Roan is producing very well and estimated to reach full capacity around November 2025.

2) Sable is processing copper ore similar as in the last 12 months (estimates 90tpm), expansion of for copper sulphate (soon in operation).

3) Project M with copper grades between 1.5 %and 3 % is on track to become one open pit mine. This will feed into Sable (roughly 55km).

4) Project G also open pit mine project with drilling in progress

5) Large waste project 240m ton in need of x 2 modules to process.

6) Copper ore from Roan to Sable for further processing and Copper sulphate sold to the market.

7) Small tonnage of large waste sold for 6,8m with very low grade of copper.

8) Production targets for 2026 most likely un understatement (5,100 pure copper) and could be much more with Roan ramping up production.

The vote is not for or against copper. It is about SA PGM and Chrome Business faced with declining margins and 3rd party supply of ore. My opinion is that additional financial models must be presented and issues should not be rushed through. PGM will bring in the profits in 2026 and Chrome will not be at a loss but could be at fixed margin.

This will be posted to Jubilee

Subject: Clarification and Strategic Implications of Chrome JV Contract Terms

I would like to raise a query regarding the recently announced two-year joint venture contract with One Chrome, sourced from Thuse. The agreement reportedly includes a floor price of $262 per tonne, which ensures Jubilee receives a fixed margin at that level and remains shielded from downside price risk. Notably, Jubilee also benefits from a 4.5% uplift for every 1% increase in chrome price above the floor—an arrangement that suggests Jubilee retains meaningful upside exposure.

This marks a significant shift from the previous toll-treatment model under the OBB contract, which concluded in 2025. Jubilee has since invested heavily in the unit to eliminate the need for toll-treatment and expand operations, thereby increasing its exposure to chrome price movements and enhancing margin potential.

It is important to note that while the JV partner may face financial risk should chrome prices fall below the floor, Jubilee appears structurally insulated. This raises a pertinent question: why did One Chrome make an unsolicited offer under such terms? Given the price sensitivity, supply agreement, and tailings rich in PGMs from Thuse, the strategic rationale warrants closer scrutiny.

Furthermore, neither the FD nor Leon disclosed the full details of the contract, yet both conveyed a rather pessimistic outlook regarding chrome production losses. This should be queried directly at the AGM. While it is true that the OBB contract resulted in a loss, those figures cannot reasonably be extrapolated to forecast future earnings under the new JV structure.

I urge the board to provide greater transparency on the contract terms and to clarify the strategic positioning of Jubilee within this JV, particularly in light of its margin structure and risk allocation.

Floor price $ 262 and above increased earning, equal the price Jubilee earns fixed margin, below shielded from loss

Margins Waste Rock estimates 2024 (https://www.miningweekly.com/article/jubilee-embarks-on-zambia-expansion-strategy-2024-02-08)

1) At Munkoyo, early test work of approximately 80 000 t has revealed excellent copper grades of 1.5% to 3% for what was believed to be an uneconomic source of copper by previous owners.

2) The Waste Rock Project, involves using Jubilee’s modular copper units to produce around 24 000 t/y of copper units at a cost below $4 000/t.

3) The company’s Sable refinery is undergoing design phase to expand the current copper sulphide concentrate circuit. This is in addition to the existing production of copper cathode from oxide ore.

https://www.miningweekly.com/article/jubilee-embarks-on-zambia-expansion-strategy-2024-02-08

https://www.miningweekly.com/article/jubilee-embarks-on-zambia-expansion-strategy-2024-02-08

Gotreal, I got a European passport. Right brain seems to be a bit better than the left brain. Sometimes I doubt. Analytical skills above average, maybe top 1%.