Member Info for HarmProf

Gotreal, when a CEO must maintain investor confidence, timelines are often treated as aspirations rather than hard deadlines. So, we understand this.

If third-party laboratories are the bottleneck, the control is entirely out of Jubilee's hands. Laboratory backlogs are common in busy mining cycles and when you are aware of this than you must provide a more accurate or best estimate when these results will be ready (could take more than 1 month according to me).

So, LC - we know him over optimistic - and he almost present the miracle case scenario during his interviews through the RNS. Is it negative? Perhaps if your expectations were that results would be released this week. I did not expect this, not next week, etc. I wait patiently, but fully aware that it will impact on the share price, it will drift lower.

Bottomsup, we both wait for dips in the price. So, we develop our plans and best estimates when prices will dip. Good news the prices moves very quickly up, and drift downwards with no news. Q3 result will be underwhelming. The SP likely to significantly drop. So, cash on the sideline will be deployed around that time.

We got 25 days before any news from Jubilee. I sincerely hope that the drilling sample were not washed away in the floods as the bridge was severely damaged. 😂😂😂😂🎢🎢🎢 ride Jubilee.

We await the Molefe mine resources report this week. The share price remains volatile due to the lack of significant positive news. 26 days wait for a finance report and the share price could drift to 3.5 and go even lower. Quarter 3 copper production and sale report will be underwhelming and SP could go down again or even more. What will reduce volatility is resource report for Molefe and or LWP JVs and additional strategic actions in the north.

Northern: "To be clear I am disappointed with Zambia timescales not being hit, changes in strategy and production taking an age to materialise but I do believe we have good quality assets in the right country and importantly have experience on the ground and with the government which will help over the longer term. The strategy is also more understandable and clear."

The government is helping, but if Jubilee cannot assist them with increasing the revenue than things could change for the worse. Jubilee would also assist with cleaning up the mess of other companies (tailings). So, they cannot continue to go nowhere.

Kalan, wait with a bit. SP will drift lower as there will be no good news for few months.

Sies, what is the purpose of your posting? Result would be announced according to me. However, Jubilee is Jubilee, with or without JMK.

Sumo, a boring day today! SP could be drifting to 4p and dip below to test the support. Jubilee is Jubilee and "or so", could take us by surprise! Production data will not be as we would like to see this FY 2026. Investor hope is all around resource announcement, and LWP finalisation. I repeat again and again CY 2027 will be with excellent copper production, but I have my doubts at CY 2026.

I’m sticking to my guns: CY 2027 is the real turning point. For us investors, it’s all about the LWP finalisation, the Molefe expansion, and the Chambishi Refinery JV. The "Greater Molefe" area looks like it has enough copper to keep us busy for years. There’s an 85% chance that Jubilee Metal miss the 4,500-tonne guidance this year. That’s fine—if Q4 proves the tech works. We need to see those 482 tonnes of stockpiled copper fines finally processed (dried, moved processes at Sable). If we don’t see a massive Q4 surge, market confidence in this "Pure Copper" pivot is going to tank.

Sumoskier, you right, I must move on! It was a flop!

Frog, I sign off. KWV caubernet sauvignon tonight! Cheers!

AI assisted me with the issue of UK dividend hopium. It put my thoughts it bit more structured.

In a rational market, dividends are the natural result of consistent profitability and a de-leveraged balance sheet. The 'dividend hopium' surrounding Jubilee in the UK ignores the technical reality of the company's lack of distributable reserves. While today’s announcement of a High Court capital reduction is a necessary step, shareholders require clear assurance that future cash flows from the Zambian copper assets will be prioritized for distributions rather than further opaque capital expenditure. The board must demonstrate that the sacrifice of the cash-generative South African assets will directly translate into shareholder rewards.

As a shareholder, I find the discrepancy between the recent RNS updates and the H1 operational report absolutely staggering. The market was led to believe Molefe was achieving a 90,000 tpm run-rate, yet the H1 data reveals an average of barely 30,000 tpm. This incomprehensible reporting makes it nearly impossible to trust the company's forward guidance.

Furthermore, the disposal of the South African assets appears to have been executed without transparent financial modeling; we have sacrificed an excellent, cash-generative business for a copper strategy that remains, at this stage, unprofitable. While Leon Coetzer is a brilliant strategist, the execution and communication—specifically under JMK—have been deeply disappointing. It is time for a thorough board reconfiguration to introduce fresh expertise and restore institutional credibility. Yes, not a favour at this stage of JMK. Please provide the facts that I am wrong.

Production Zambia copper FY 2026

-HI - 1,543t

-Q3 - 900t (Sable still being upgraded, Molefe still faced with transport, mining issues (wet), Roan still raining ..

-Q4 - 1,841t

-Total 4,284t )

These are my predications. So, below 4,5kt.

Q3 will provide us with more direction, but I cannot see that it will be much more than these figures.

Aspirational or more grounded in reality?

Coldfeet, I sincerely hope the board follows through on its plan to appoint a Non-Executive Director with specific Zambian Copperbelt operational experience. We need someone qualified to audit these production figures before they are published in an RNS. Furthermore, the 2.3 million-tonne, 0.7% low-grade copper stockpile must be independently verified. In my opinion, risk and credibility are not being managed effectively at this stage, and the board must address these transparency issues to restore investor confidence.

There is a startling lack of reconciliation between the RNS operational data and the H1 financial reports. One has to wonder: were the October and November tonnage targets at Molefe based on reality, or were they merely aspirational 'dreams'? It has become increasingly difficult to link actual production back to previous announcements. This suggests a disconnect between the mine managers at Molefe and Roan and those responsible for drafting the RNS updates. It is high time for a board reconfiguration to ensure more transparent reporting and to protect investors from such incomprehensible data discrepancies.

Let me go back to copper production.

RNS - Oct 2025 Pit 2 targets a mining rate of 80,000 tpm including both a high-grade ROM and lower-grade ROM portion. It further clarified that this volume would be split, with a "staggered increase" of the high-grade portion sent to Sable (moving from 3,500 to 4,500, then 8,500 tpm).

RNS - Nov 2025 The mine was "operating as a single pit with a mining rate of 80,000 tpm

H1 operational Update - Feb 2026 - Molefe 181,000 tonnes mined! Mmmm, average of 30,000 tonnes and the actual H1 delivery was only 9,130 tonnes in total to Sable at average 1.8%

Something doesn't tally. I conclude that mining was severly negative affected or that RNS was not acurate or both. One of the reasons I am very reserved about the Q3 operational report and estimate they still making a loss if we add repair to Molefe bridge road, dewatering system with higher energy cost, etc. Hope Sable will work fullsteam in Quarter 4 to turn Zambia Copper in a profit.

The critical voices on this board are not based on a fantasy, or a reality that doesn't exist. Jubilee remains a high risk low copper producing company this year. They have tremendous potential, but the reporting is still problematic and you could almost query anything they produce on paper or in a RNS.

Isn't it convenient that the H1 FY2026 earnings for the discontinued PGM and Chrome operations won't be released until 31 March, well after the sale has been finalized?" It most likely will be around $25m USD. Very profitable. They could have included this in the RNS

I am not looking forward to the H1 copper results; they will likely be underwhelming. Q3 operational results in Zambia are expected to be similarly lackluster, but I anticipate Q4 will be the turnaround quarter for Jubilee. Bring on the 'Q4 Jam.

- Sable upgrade end of Q3

- Dewatering Roan end of Q3

- increase Molefe tonnage end of Q3.

Quarter 4 - all should be fully operational and turn from loss making to profitable copper producer + resource announcement Molefe, LWP finalization, and perhaps new announcement of JV ERG Chambishi (cobalt and copper slag).

Price per share 26 Feb 2026: 3.04p. Is it possible for me to acquire more shares at the same price as the directors? JMK, may I also acquire few millions for that price!

Seis, there are various issues. You want to go for dividend to shareholders. Discuss it as a separate topic. It will most likely take 3 years before dividend is can or will be paid. Start the discussion!

BUs, you reward yourself when others also receive a reward. Ai, they just should have waited till after there is clear evidence of copper profit, successful LWP partnership, Molefe Mine resources and mining plan + H1 SA profits. Why the hurry? Reports always to late, or delayed.