Member Info for HarmProf

Sirboring, Jubilee know the results through own lab testing and they cannot release it. What is not acceptable is LC misleading information that it would be released within a few weeks. LC transformed himself into a sale person and is not factual anymore. Everything could be true, partially true or not at all regarding performance guidance for Jubilee. Past indicate he missed all.

We all should wait for the panic and anxiety when petrol, diesel, etc. runs out in Zambia! I don't belief all is priced in at this stage. So, I wait for the opportunity and lower my SP! Enjoy the weekend.

Kalan, you are 100% correct about JLP at the moment. We see a fast-rising share price for a short period after positive news, followed by a prolonged drop. It is a traders' paradise and entirely predictable at this stage. Psychology is at work here, and more investors are selling, often at a loss. With 12 days to go until the RNS, the SA business profits look fine, but Zambia is facing H1 losses. Consequently, the price is unlikely to break its downward trajectory yet. Molefe and LWP are the only factors that will lift the share price again. The Zambian oil supply differs from Europe's; they could face fuel rationalisation in the future. In my view, big companies will likely receive priority, and I say this without intending to scaremonger.

SP invites me to buy again.

3p and lower today? Most likely.

Eagle, why bother and the results have not yet been released for the end of March 2026. I believe is will be worse than expected for copper production in Zambia. Yes, H1 for SA asset will be fine. Nobody knows how Jubilee will present the copper figures and what they include in it. Expenditure for flood damage repairs in H1 or reported at a later stage. That is my opinion and not to influence anybody, but my interpretation of information and clues I pick up or receive. I already mentioned the probabilities of not reaching the published production guides as all take a bit longer than expected. This information is from my perspective and please share your viewpoints or interpretation. The other one is just a joke according to me. Why are we so oversensitive!

Share price move into the discount region again. Time to start loading up again? I think so!

Why are most so negative about any action of Jubilee? ROM purchases had to be done. The supplier has more trust than some on this board that share price definitely will go above this.

I wonder what will happen if the country runs dry and out of petrol. How big is the reserves in Zambia. Risk for all.

Is the frontloading unit working or not?

Perhaps IRH is the JV and query about shares will be answered soon?

RNS today - LWP JV "The partnership discussions focus on establishing a joint venture to upgrade the copper contained in the Large Waste Stockpile and refine the recovered material into copper cathode."

By saying they will "refine into copper cathode," Jubilee is signaling that they won't just be selling a low-margin concentrate. They are going for the full value chain.

Saving money for ... we soon will know. Must be an interesting project already decided upon!

Thanks Northern, but IRH still to agree with Jubilee. That is not moving or at standstill.

My understanding is that the blue print for the LWP was 4 modules at estimated cost of $ 50m USD producing 2,000 tonnes of copper per month (24,000 tonnes per year). Jubilee to create and run these units, capital by the partner. Jubilee project as I understand is to produce evidence that processing low grade is economically viable. Front end at Roan provided the evidence and uses glycine for the copper fines (and water), guess also for high grade oxide. So, each module should must have a dewatering unit. Dewatering unit at Roan commissioned this month and will provide on 31 March 2026 the initial results AND proof LWP is economically viable.

So, Jubilee needs another refinery and could look at Mopani refinery or ERG refinery. Partnership with either of them would have the advantage to unlock the copper / cobalt slag (also using glycine and thus savings whilst the smelter is left out of the equation).

Bottomsup beliefs that take over is not an if but rather when! That is the other scenario. Take over of LWP and rights to use glycine technology in Zambia is very attractive for a cash flush large company. Building x 4 units at cost of $ 50m and producing after 12 months 2,000 tonnes of copper is very, very attractive.

So, Jubilee could be left with Molefe and Sable but all depends on resource at the Molefe Mine and Greater Molefe area. Could this also be a target for take over?

Share price to react to the news released on 31 March 2026. Good time to accumulate more shares before 31 March 2026 that is my conclusion. Interesting time ahead.

Gotreal, you told me not to read up the old RNS. 😂 Anyway thanks. So, Jubilee the exclusive rights to use GlyLeach™ and GlyCat™ in Zambia. At the same time the Mopani slag was announced. However, this did not proceed at all. I still believe that ERG (Chambishi - mentioned in the annual report of 2025) is one of the JV companies. The can use the existing Solvent Extraction (SX) circuit to strip the copper/cobalt and send the glycine back at the Chambishi refinery and recycle the glycine. The Chambishi slag leach also with glycine and at fraction of the cost of the smelter. If ERG is in the equation than who could be the other? IRH unlikely, perhaps Zambia's State Mining Arm (ZCCM-IH). This could assist with access to more mothballed assets in the country, including part of KCM and Mponai slag. Of course Sinome is another candidate with cash and maybe Sibanye-Stillwater (SWW)?

IRH unlikely, but could replace ERG and similar setup as with ERV JV.

Interesting times ahead and soon we will know. We left with time to speculate and guess the outcome.

AND according to me the JV will unlock slag resources at Chambishi or Mopani or both. Share price will definitely move on the news.

Thanks Gotreal,

1) LWP trials likely uses glycine in the trials.

2) Glycine likely produced SA by Draslovka

3) It is recyclable

https://www.youtube.com/watch?v=MwxgxAWTw18

Draslovka generally does not grant total exclusivity to one mining company. Their business model is to sell the "reagent and license" to as many mines as possible. Jubilee soon to reveal the JV and trail results with glycine (that is my understanding) and thus first mover advantage (and use it on modular units)

Barrick proved it works for Gold. Jubilee likely proving it works for Copper Waste at scale. Unicorn is proving it works for Namibia.

Could anybody provide clarity which alternative methods are used by Jubilee Metals to reduce the impact of rising prices of sulphuric acid?

1) Roan is using dewatering to reduce demand

2) Sable is recycling

3) Bioleaching? Where?

Could the experts provide more insight into this issue?

https://www.argusmedia.com/en/news-and-insights/latest-market-news/2796296-sulphur-chokepoint-threatens-battery-metals

And his dog!

Thank you, but an economical cases must be made and drilling exploration and feasibility study will cost between $ 20-30m USD? (30 000m drilling - 50 000m drilling at cost $ 200 per meter and feasibility $ 15 -25m (engineering, metallurgy, environmental, social) according to AI cost estimate.

A joint venture (JV) is the most likely option for funding the Tjate/Tate drilling programme. However, Jubilee Metals may not have the appetite to pursue this immediately, as management is focused on stabilising the copper business and delivering steady profits. Once that division is consistently cash‑generative, Jubilee could be in a stronger position to negotiate a JV.

If there were strong interest from major South African mining companies, such as Glencore, Anglo American Platinum, or Implats, one would expect that an offer to partner or fund exploration would already have been made. The absence of such an announcement suggests that the project remains in a speculative stage.

The share price will only move meaningfully once there is a formal announcement of funding to start drilling and feasibility work at Tate. Geological proof alone is not enough; the market reacts to concrete steps toward economic proof. Until then, speculation about horizontal shaft expansion or JV arrangements has little impact on the share price.

The Tate mine lies south of the Dwarsrivier Fault, while the mines mentioned earlier (Twickenham, Modikwa, Marula, Bokoni) are all north of it. In the southern area, Mototolo Mine (Glencore & Anglo American Platinum, across UG2 reef blocks) and Two Rivers Mine (ARM & Implats, across both Merensky and UG2 reefs) are geographically closest to Tate. The Mototolo/Der Brochen Life Extension Project is moving eastward, directionally toward Jubilee’s Tate ground.

Mines along the UG2 and Merensky reefs — including Tate — are aligned geologically, but any speculation about horizontal shaft expansion, joint ventures, or royalty arrangements depends entirely on drilling results to prove reef continuity, grade, and thickness at Tate. The critical question is who funds this exploration. A joint venture where Glencore and Anglo finance the drilling is one possible scenario.

Horizontal shaft development from Mototolo into Tate would take about 5–7 years, but only if resources are mapped and proven first.

At this stage, such speculation has no immediate impact on Jubilee’s share price. The market typically reacts only when there is definitive news — for example, an announced JV or a funded drilling program to map Tate’s resources. Without that, the story remains background potential rather than a price driver.

Bottomsup, No I have not sold any Jubilee share. Added bit more but stopped with the realization that price could dip below my average 3.3p and it would be wise to add below this level. That is all.

I am still positive, but fed up with poor communication of Jubilee. RNS seems totally not to talk to H1 operational report. I put a high probability of not reaching this year guidance for copper production. So, this could impact on the share price (short term).

I belief that Jubilee will report very positive on resource Molefe Mine (and later greater Molefe Mine).

I cannot belief that LWP JVs will not be finalized at the end of Quarter 4. Although every is possible with Jubilee.

I expect that Jubilee consistently produce copper in CY 2027 and share price will be less volatile.

I keep cash at hand to acquire Jubilee share at a discount. I noted that you continue to buy and less concerned with timing the market.

I remain positive, but also realistic that it most likely take a bit longer than we hope for.

That is it. Cash from crypto profits - as BTC is going through identify crisis and cannot work out where they are going the next 6-9 months.

We all should be patient and buy shares when it is cheap. At this stage share price drift lower with no news, till it doesn't anymore, but why should investors push up the price without any news?

Gotreal. "We got 25 days before any news from Jubilee. " So, that is my expectations based on the Jubilee way of doing things. Calling my expectation an "untruth" or a "lie" would be factually incorrect. It is a projection based on past patterns. How much more information must we provide to educate investors about the Jubilee way of doing things! It is a belief or forecast rather than factual statement. You call this untruth or lie?

So, I must say something like this?

Based on Jubilee’s usual communication patterns, I expect we’ll hear something in about 25 days. This isn’t confirmed, but historically they’ve followed that rhythm. Given the latest probability shifts, the chances of news coming around then are higher than before.

So, no drilling result or resource announcement were not released in the first week and was it a lie by LC or rescued by or so...

Be honest that any communication by Jubilee is not that factual but rather an optimistic best guess.

Gotreal!

The truth is simple: In mining, you cannot mine "intent." You can only mine grade and volume. The H1 numbers for this year suggest the volume isn't there.

The drilling results (Molefe Mine) are also not there! What more to say, I estimate that the will be announced 31 March 2026. So what else will be announced before that day?

Gotreal, copper Zambia...

Financial Year Initial Guidance Revised / Late Guidance Actual Outcome Variance (Initial vs. Actual)

FY2022 10,000 3,500 - 4,000 2,414 -76%

FY2023 10,000 3,000 2,923 -71%

FY2024 5,850 3,250 - 4,000 3,422 -42%

FY2025 5,750 - 7,500 N/A 2,211 -62% (Avg)

FY2026 (Est) 4,500 - 5,100 Ongoing 1,543 (H1) TBC

So, H2 2026 require a 221% increase in H2. I mentioned probabilities high of not achieving this.

Gotreal,

Systematic overestimation is not a business strategy; it is a credibility gap. When missing targets becomes the rule rather than the exception, questioning the competence and transparency of the board is a matter of fiduciary duty. To brand such evidence-based scrutiny as 'deramping' or 'spreading lies'— or to suggest critics have 'ulterior motives'—is a transparent attempt to deflect from operational underperformance. Yes, it is!!!!! You are part of these voices to coverup operational underperformance!

It raises the question: are these defenders objective shareholders, or are they merely paid voices for the company narrative? I don't know if anybody is paid to perform this PR function.

Going Forward: please provide facts, evidence and rationale to argue your point.

Kalan, the worst attacks were made by Seis with the tendency to discredit you and makes mockery out of your credentials. 4everlong and many other got the same personal attacks. That is personal and uncalled for. I cannot change my past, career, achievement, etc. I tried to understand personalities like Suvlin, Gotreal (seems to be very knowledgeable, but does not share it with us). I appreciate the input from everybody and learn. I cashed in the crypto profits and use the funds to add to Jubilee. It is not averaging down anymore as I am in profit. I don't want to make the mistake to buy falling SP above my average share price. When SP goes up I don't buy, but should consider next time to sell a portion of it and use the cash to buy back at a lower price. Jubilee shoot up with positive news and drift lower with no new info ( I am not the one who is selling), it is volatile! 3.2p-3.5p seems to be a good entry point for me.

It is clear that Jubilee lacks investors trust and it becomes clear when there is no news or bad news (temporary).

If I was the Communication Officer at Jubilee Metals I would update investors about progress made with Molefe Mine, Roan, any other development e.g. bridge repairs, increasing stockpile of low grade copper at Molefe, etc. It is not happening! Sloppy and a sign that management is disconnected with a large segment of investors - the private big or small investors. Am I negative? Bring Jubilee down or give suggestions how to improve?

Why can't they update the webpages on a monthly basis? Are they that short-staffed?

Wishing everyone a good and memorable weekend. I’m currently navigating some significant family drama; one of my children is in the ICU dealing with a pulmonary embolism and a bacterial infection. I find myself back in 'medical mode,' closely following the specialists' work and dreaming of clinical protocols again. It is a stark reminder that life is precious and there are no guarantees. Things can change so quickly from one day to the next.

Take care, all