Member Info for HarmProf

Chatmandu,

1. No effort was made to present financial impact of the new Thuse contract.

2. Past financial issues and dilemma's were present and not relevant at this moment as a new contract estimated a fivefold increase in margins1

No report on the financial impact of this new 2 year contract. Of course One Chrome already worked out the potential benefits and updated their shareholders!

Hi Seis,

1. It relates to the OBB contract.

2. No update about the new Thuse contract with fivefold increase in margin!

I demand honesty and not financial or accounting skills! The interim result for chrome please with the new contract!

Thank you.

HI Gotreal, I appreciate your engagement, though I suspect we’re destined to spar. Kindly steer clear of financial matters—they’re not your forte, and I say that without malice. Your analysis didn’t offend; on the contrary, it offered a useful lens through which to assess your operating style. I anticipated an AI-driven approach and countered with a few of my own. The copper strategy is sound—slow-burning, yes, but potentially rewarding. As for the sale of South African assets, it’s a masterclass in short-sightedness.

For a bit of clarity.

1. Harmprof is not exhibiting signs of dissociative identity disorder.

2. One profile, one person and investor in Jubilee.

Thank you!

Gotreal, have the early drilling reports been communicated and if so, are they encouraging? My understanding is that drilling will continue (not sure for how many months, etc.). Could you clarify this issue?

It is difficult for adults to change deeply embedded character traits. Therefore, such behavior is expected to be monitored and addressed by moderators. But could it be that some of the individuals responsible for rude or insulting responses are themselves among the moderators? Acting of character will not last long. Who are the moderators of this board?

No bonusses for 3 years as their was an admission of failure. You don't get rewarded for this.

Yes, it all makes sense, but insufficient information about capitalization and increasing production capacity! Invest heavily and get production and profits. Invest big and smile big! Not the if and that and what, etc. Bring a full investment picture to the AGM.

Yes, Jubilee Zambian Copper. Risk balancing seems to favour Zambia with forever increasing electricity prices. PGM tailing processing require additional capital but not mentioned, but should be valued IMO. No commitment to shareholders to pass on some or little bit of the sale profits. Share price will likely not rebound before we see a stable, constant uptick in copper production. The terms of sale could be tweaked a bit IMO, but that depends on the leadership to get more profit for shareholders. At this stage the sale is all about reducing the risk of low, unsustainable chrome prices perceived as major risk where more and more companies develop integrated processing processes. One, One Chrome not yet there and needs Jubilee assets. Get more out of the deal, delay a bit and increase shareholders wealth. Invest heavily in copper production and get results. It is still very confusing how Jubilee want to remap up production. Large waste project install x 4 or 8 modules and get going!

Yes, but the majority of contributors seems to have a technical background. Not so pleased that they come out clear that are not good at financial modelling.

The margin with the new contract at Thuse ( One Chrome in JV with Jubilee) is estimated to increase by 5. The contract is currently for 2 years. So, past calculations will not provide a proper estimate for chrome. Interesting aspect.

The financial model is flawed according to me.

There seems to be lot of things happening behind closed doors and Jubilee did not receive by accident a conditional offer from One Chrome. "One Chrome is now Jubilee’s partner at the Thutse chrome processing units and is also the buyer of Jubilee’s chrome and PGM assets."

It is obvious that Jubilee focus is to redirect all capital to Zambia to expand operations. A dream about big profits, but history only communicates challenges after challenges with hardly and copper profit.

Perhaps we should postpone the date of sale a bit to be reassured that Jubilee can produce copper in Zambia and make a profit as per targets and cash in the additional profits for Chrome operations with higher margin and also for PGM with profitable basket prices.

I am in for PGM, Chrome and Copper. Why the hurry to sell assets that produce more profit than the copper in the next 2 years?!

The share price communicate the unhappiness of investors..

Chrome contacts can be negotiated and depends on business skills. Samancor is still in my mind and not sure why, but leave it open to imagination! PGM tail sufficient to bring in many years of profits!

Sirboing, the gross profit for the H1 2016 (6 months) for PGM with profit margin 700 USD x 20,000 oz = 14m USD and add a conservative 9 m USD for Chrome. Rhodium price continue to increase in the comings and basket price also. So, SA business will reduce pressure on the cash flow and Zambia copper likely 7 m USD for the first six month. H2 2016 more or less same profit range. A good year with PGM riding the wave of increase PGM prices and this will not drop of the cliff (study the past trends). Copper profit to be used to expand copper initiative. After 3 years JBL to assess SA Business financial performance and could even consider care and maintenance, awaiting new PGM cycle for fuel cell technology for hydrogen power. The sale was initiated and considered when PGM and Chrome prices continued a downward trend and margins were declining. That has changed and it is insane not to update direction, decisions and hope that Leon will announce to shareholders that they recommend to abandon the sale due to improved PGM and Chrome prices. Smart contract prices for Chrome will be put in place. I hope Leon read the chats! A lot of profit this year and even more next year when SA PGM and Chrome cash cow and Zambia copper initiative will be pursued. Voting for small investors with a few millions of shares is complicated and hope that institutions investors do the right thing!

Dear gentlemen, let us get the facts and chrome reached its bottom and signs that we move up again. Contract conditions were not favorable and looking for the details if the new deal is better. A profit is a profit and 15m Chrome profit is still more than 6000 ton copper profit with a higher probability that chrome prices will go up. Word war 3 will put a spanner in the works, but peace deal with Ukraine (higher probability than shooting the nuclear warheads) will translate into world economic growth. Too much speculations and let Jubilee present the models, data to be reviewed by investors. Remember, I mentioned the most likely incorrect modeling of multiple possible futures.

What an interesting sales podcast!

Thank you Seis. My understanding and not a technical person that PGM is a by product and when you process or extract the Chrome you left with PGM as by product at the places where you extract, mostly at Inyoni. Perhaps we should be involved in crowd funding for the tailing and why not?! I am prepared to contribute to this, and also to copper production in Zambia. Really, I get an strong suspicion that finance acumen at Jubilee is perhaps the weakest part of the equation. I am fully aware that I am not permitted to state the latter, but is it different? I noticed that most contributors got a technical background.

(Debt + equity)/ debt x 100 and equity prices now very low and could tumble even more with the sale. They will according to me as we left with only copper and gross profit far less than with the SA business. How much value is the tailing and let us apply some financial models and integrate this with all other financial models! Proof me wrong that the value of tailing by far exceed the sale offer!

BB, You right and loans interest and remained the same since 2024 annual report. How much value is given by father Christmas Jubilee for the tailing mountain? Stop the chrome and focus on PGM with basket profit of above 900 USD. Rhodium and platinum will definitely not drop in the near future. What if Samancor behind this? Speculation, but they could have set up the new One Chrome at Sandton. My focus is and remains how finances are handled at Jubilee and the only explored one simple option and used the argument that copper was the only solutions. I sincerely hope that the deal will not go through and we in position to see how this is played by a major role-player and many influencers with copper interest.

NothernShark, I thought Jubilee was flexible and could change easily between Chrome and PMG. The profit margins for PGM much higher, tailing available and on site. Why buy more tailing to process Chrome with declining margins. It seems that there is no appetite to disclose how much value the tailing is worth. If copper is that promising than raise capital, be smart with disposing the assets and don't be confused by the loan amount. No details provided about this and is it in USD or ZAR? Refinancing options always and option, and raising of additional capital also. What is the value of the tailing in the offer?

Is the loan to a subsidiary with or without interest? What are the details of the loan to various subsidaries and why where this excluded from net debt in the reports?