Member Info for HarmProf

Jonah58, 1 million shares at such a low price is not a significant investment. I call it a symbolic gesture to achieve investor confidence.

Bottomsup, I disagree with you but that is fine, it is not about working hard, but smart and Zambia production of copper is really not what it supposed to be. SA sale, I got different viewpoint and still call it destruction of value. Yes, Jubilee should be profitable. Soon we will know at end of Quarter 4. Once the live up to the expectation than reward the board members.

Bottomsup, while I remain in profit, my concern lies with the corporate behavior and public image of the board. This recent maneuver lacks strategic foresight. By issuing reward shares now, the directors have ensured they will receive future dividends on shares they did not personally fund. It is particularly telling that neither individual has made significant open-market purchases of their own company’s stock, yet they are quick to accept equity as a reward for an expedited asset sale. (grammar checked done)

Bottomsup, it is about ethical corporate behaviour! Not about me! Jubilee has not yet produced any significant copper in Zambia. That is a fact! Reward investors at the same time as you reward yourself.

I am concerned regarding what appears to be a reward for value destruction following the expedited sale of our South African business. This disposal was pushed through via an unsolicited offer before the company has demonstrated significant or sustainable copper production in Zambia.

It is particularly troubling that specific board members have received share-based rewards linked to this sale while the final financial results—inclusive of the H1 profits from the SA disposal—have yet to be fully transparent to the market.

While directors benefit from immediate equity awards, retail investors continue to sit on significant unrealised losses with no clear timeline for a dividend. Executive compensation must be synchronised with shareholder returns; it is unacceptable for the Board to be rewarded today for a strategy that requires shareholders to wait years for the copper "pivot" to yield results.

Dru, copernicus provide updated picture but not with low resolution. You see the new road from Molefe (NW direction), 1.2km earthwork (length = horizontal) and almost oval shaped (450m wide = vertical (suggesting work in progress open cast mine). Yes also pits with water inside it. You wonder where all the other areas can be found in the greater Molefe Area. Anyway, soon we will be able to identify the new processor on site.

Dru, how to get a recent satellite picture of Molefe Mine?

Molefe mine - link https://www.google.com/maps/@-14.5781498,28.839794,975m/data=!3m1!1e3?entry=ttu&g_ep=EgoyMDI2MDIyMy4wIKXMDSoASAFQAw%3D%3D.

Not sure when the satellite picture was taken, but guess recent..

"Partnership potential with local and international stakeholders, including possible acquisition of existing plants like Chambishi for further scale" (annual report 2025 page 13. The Chambishi Metals Plant, a Hydrometallurgical Refinery. (use chemicals to dissolve copper and cobalt).

ERG the owners and JV with them seems to make sense. The other partner to agree on capital investment for concentrators and securing the future supply to the chambishi metal plant (not the chambishi copper smelter owned by CNMC (Chinees)

Cobalt is very high in the chambishi slag dumps (different from Mopani slag dump). I guess that JV of such nature is complex and takes time.

ERG set up new plant in the DRC. Interesting to read up these issue and in the past cobalt was moved from DRC to Zambia plant.

At Chambishi : Jubilee likely to set up new front end module (similar as Roan), upgrade / restart the cobalt unit, reviving the Solvent Extraction (SX) and Electro-Winning (EW) tanks, replacing corroded pumps, and upgrading the automation systems is the most labor-intensive part. It will only work when supplies is garantueed : concentrators near the analyzed and prioritized LWP sites.

Gotreal, if they can produce..... cobalt.

Next time a visit WC I will let you know Nevergiveup! We meet on the beach Fishhoek or Strand. I am in KZN near Richards Bay. Hot, humid, but always green in KZN. Share price is volatile JSE. Always wonder about the arbitrage...

MetalTade, of course this is a sponsored episode (like al), and most fascinating aspect is that the interviewers mentioned that Jubilee coud be a T1 company, referring to Molefe Mine area. Interesting. LWP and slag project were kept under the carpet. We await the announcement next week and how it will be formulated, whilst deeper, underground copper sulphate levels or grade will still be kept a guess for the investors, but with hints that it most likely will be significant. I could be wrong, but let us wait and SP will continue to go up. Everything negative is in transitional phase to become positive according to LC and he is allowed to educate, teach investors about 3 streams of income at Roan to instill confidence and we stabilized and no more setbacks!

Wow a T1 company! That sounds as music to my ears! SP to hit 5p and slice through it?

Bob, you are still young and I confident that SP will be much higher in two years time. Hope it will not be used on medical bills. Working on staying healthy is even more important, and quality of life counts when you become older.

Apology released and not realized.

Mufulira expansion discussion not yet ready to be realized. RNS and related to deal with IRH? Of course LWP concentrates will go to a refinery/smelter and not to Sable. Good news is delayed!

The summary is appreciated. Thank you, but some aspect where or edited or left out as per agreement according to me. More interesting development behind the scene according to me.

Frog, I think the podcast was edited and relevant information was withheld.

"The show features in-depth interviews with Leon Coetzer (Jubilee Metals) and Ryan Mee (Fulcrum Metals). Jubilee discusses accelerating copper production in Zambia, expansion at Roan and Mufulira, progress at the Large Waste project, and the long-term resource growth strategy. "

Mufulira was not mentioned according to me. LWP hardly covered as info is kept close to their chest. IRH will be one according to me.

Molefe update... additional nearby close to surface reefs...

Seis thanks,

So, copper sulphate is recovered first (leach with sulphate minerals taken out), and after this copper oxide (waste product, different chemicals - next route to process.

"Roan Operations (Roan) reached targeted production levels of approximately 30 000 tonnes per month feed rate during the period overcoming the expected rainy season interruptions",

Q1 2026 Jubilee produced 456 sulphide concentrate vs 70 in Q2. Jubilee proudly reported saleable Cu units 938. Q2, Cu units in oxide concentrates 155 vs 83 in Q1, and Cu units in oxide fine concentrates double from 152 to 330.

Production is now split, it is difficult for me to understand the variation per quarter and most fascinating is the drop in saleable sulphide concentrate from Q1 to Q2 (due to higher concentrate oxide ROM?) .... Reported average 30,000 tonnes per month for Q2 and it works out as follows: grade 1.6 copper and recovery rate of .7 means 288 copper oxide per month.

If the circuit for oxide is non functional or faced with challenges than I assume they have a stock pile of unprocessed oxide at Roan and not reported?

The concentrate in fines goes a different route separated first by DMS (density separator with cyclon), low grade cupper concentrate capturer.. This seems to have worked well.

Seis, your technical knowledge would assist and is the interpretation correct?

Thank you Seis! It assist me to understand things better what is going on at Roan. I must plan a visit to Zambia, educational tour to learn more about copper mining, processing, etc.

The future for Jubilee could be very bright with LWP finalisation or partially, resource or mine development mapping, drilling and exploration Greater Molefe area, Mponani slag project back into action, and perhaps expansion into processing tailings other multinational companies in the distant or near future. Hope Jubilee will appoint various project managers with dedicated budgets for the various projects.

Roan, fragmented, capital heavy, production to investment ratio is poor. Always just about to ramp up and become profitable. 40,000 tpm not yet achieved, but we informed it will be soon. Higher grade copper feed improving the revenue stream, etc. Not sure, LWP likely to be processed and refined at another location, and not at Roan? Molefe and LWP seems to be the ace cards for Jubilee. Processing of waste tailing other big mining companies should be considered at later stage? Mopani Slag (Copper and Cobalt) can be funded the LWP profits, and include refinery upgrading.

Roan the integrated ROM processor. When will they produce 13,000 tonnes of copper? More sophisticated units to be bolded on? Seis, could you provide some perspective on Roan and it seems to specialize on ROM from 3rd party.