Member Info for Jammer1

The placing has not discounted the need to raise additional loan funds IMHO. There is a large amount of investment required to bring in all of the parts needed to execute the three copper projects. Unfortunately this has not all been clearly set out. It is quite possible that nearly all the profits made in South Arica will be retained in South Africa to invest in a new chrome/PGM PGM facility in the Eastern Limb. That would leave just this fund raise, and the gradually increasing copper profits from Roan and 3rd parties to fund the large remaining capital spend needed to get the remaining two copper projects up and running with in house refining.

Yes it appears so, as it was dated yesterday. A lot of the interview covered why in due course Jubilee should be rated at least as highly as miners, if not more highly. The points made are interesting but have been made before, and to prove that reprocessing of mine wastes will become an industry in its own right will take some time.

Sorry the figure was in the 3 June RNS.

Dorfan, the info re 50k PGM ozs is in the penultimate paragraph of the 4 June RNS. Inyoni was closed for an unknown period in June to integrate the new chrome ore processing facility to the PGM processing facility in the final commissioning stage.

If I recall shareholders were promised an update on the elephant projects by the end of 2nd quarter. Would be nice to know the phasing, projected costs and cobalt expectations in more detail. The new copper refinery options for the expanding production should be due soon as well. Fingers crossed.

An update on last weeks share talk just released. They are puzzled as to why the share seems to offer such extraordinary value and is out of line ilee and Sylvania share price growth.

$11 million. I wish it was only $11.

Jubilee must have to start in earnest in processing and cleaning up the Kabwe tailings dumps. They must have had to commit to the Zambian government to get their small mining licence renewed last Autumn. In a Criux interview Leon indicated a budget of $11 was needed to complete the zinc processing and modern tailings requirement. The zinc part is well underway, about 40 % complete last year at the time of the Crux interview. The last target date I heard for commencing the commissioning of the zinc processing was by the end of Q3 2021.

A real possibility Shiner. Was Colin only in Zambia for his relatively small licence interested in his exploration companies? Speculation I know.

Certainly. A deal on or with a large mothballed refinery(Eurasia II believe have one in Kitwe area)is surely in the wings. I was surprised Jubilee was prepared to give up long term some refining capacity at Sable to a 3rd party offtake when it needed it itself , unless a new refinery deal is in the wings.

CB hinted at an Elephant 3 project. We could be looking at 50k tonnes of copper units p.a. in 3 to 4 years. Calm down Jammer!

Just need the extra hopefully large refining capacity to be linked with it now.

Braemore has agreed to advance the equivalent of US$ 5.0 million funding (“Initial Investment”) to Tanganika’s owners Horizon Corporation Limited (“Horizon”) which investment will be applied in part for the continued project development of a second copper tailings dam of similar size, held by Horizon.

This is from the RNS last June when we first heard about Elephant 1. The $5m was a loan.

Apparently the transaction came about as a result of an unsolicited approach from Jubilee. If the option agreement proceeds into JV transactions ( and Jubilee will hold most of the Aces in the negotiations!) Caerus could proceed far earlier than they had expected to monetise some known small high grade open pit resources as well, providing some high grade ROM ore into the processing facilities Jubilee would have to build. Bit blue sky at the moment and three years away?, but it will be interesting to see how all of this turns out. I can't imagine Jubilee are contemplating going into Cyprus just to process the dump and potential small scale ROM resources Caerus own.

Chesterfield I assume have a number of dumps on their Cyprus licences, and a similar need to monetise them to pay for future exploration work, even though they have a FTSE 100 strategic partner in Polymetal. Just taken a small punt on Chesterfield. Their exploration side side looks interesting, but surely they must be talking to Jubilee as well?

Thank you everyone for your detailed responses to my concerns, particularly the one about the potential large overhang. Very reassuring.

F79 thanks for the clarification. That is still a large potential overhang of shares that might need to be cleared over the coming months, whether it be done in an orderly way or not. Of course the debt for equity bond holders may decide to become longer term holders but that from my experience is not the norm.

I though the lock in period for the equity swap bond holders didn’t come to an end until early June. They had 40% of the company’s shares. Why do most think the potentialoverhang from these ex bond holders cleared? The other concern is over half of this year’s production has been presold and similar hedging arrangements may be dictated to Rambler by the new institutional bond holder next year.

Very interesting article SeisNav re PGMs potentially being used in Lithium batteries. Thanks for posting

Shiner, without the detailed update on the Elephant copper and cobalt projects any price forecast on the copper projects as in the broker note is complete guesswork as far as I am concerned. I was really surprised this note was not held back until the update later this quarter.