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The Windsor chrome plant would to a large extent been the only plant protected from the very low chrome price inQ4 as it has some sort of cap and collar hedging arrangement in place. When the new 80k plant just over the road from Inyoni gets going that will also be protected as it will be a toll fee arrangement. I believe all,other chrome processing is subject to chrome price movements.

Windsor 8 would have been gradually ramped up during Q4 and probably loss making during this period. It is also possible that Jubilee started ramping up the ultra fine plant rebuilt at Inyoni, which contributed to some of the loss. Pure speculation but was the unexpected 3K ozs of PGMs in December, 500 ozs better than the original targeted capacity, partly due to the higher grade ore feed coming from the ultra fine plant?

Windsor 8 would have been gradually ramped up during Q4 and probably loss making during this period. It is also possible that Jubilee started ramping up the ultra fine plant rebuilt at Inyoni, which contributed to some of the loss. Pure speculation but was the unexpected 3K ozs of PGMs in December, 500 ozs better than the original targeted capacity, partly due to the higher grade ore feed coming from the ultra fine plant?

What a hypocrite. Today in his bearcast TW has decided not to sell his own shares in Jubilee as he believes they are cheap.At least he seemed under control today. Why couldn’t he man up and admit he got it completely wrong yesterday and apologise. Particularly to Colin.He threw in examples of poor director behaviour towards shareholders in other companies, and yes Colin Bird has acted in this way in some of his other companies, but those examples had absolutely no relevance to the corporate transactions announced yesterday. Some on this board know I am not a Colin Bird fan, but the attack on him yesterday was totally out of order.

Valuerebel, I was aware of the XTR sages and again an emotional and not logical investment decision to sell. But I I actually had some sympathy for TWs views at the time he made them. XTRs funding position was stretched to put it mildly. But shortly after, maybe just a day or so after TWs comments additional finance came into the company I believe. As I am not a close follower of XTR I don’t know at what terms that finance came in or indeed if a further placing at these much higher share prices may be required to keep the drilling of the copper projects going whilst the gold assets hopefully ramp up to a level to produce the cash flow needed to support the company without relying further on shareholders.

In his bearcast today Tom Winnifrith really let his emotions about Colin Bird get the better of him. With some justification he believes Colin has a la ck of concern about diluting shareholders in his other companies at discounted prices with bucket shop brokers. Of course this has nothing to do with Jubilee, whose company name he got wrong for the umpteenth time. He seemed to have no knowledge of yesterday’s RNS either, but saw there was some dilution going on here and launched into a personal attack on Colin. He badly let himself down and his N50 shareholders may well regret his recommendation to sell Jubilee not on investment grounds but purely in my mind his personal feelings and animosity towards Colin.

Shorn, and in Galileo and Bezant and the unholy mess at BMR and probably a number of other tiny companies. Interesting that he is now gradually building management teams at Galileo and Xtract instead of running them as one man and his boy operation. Definitely preparing the ground for perhaps semi retirement.

Billyboy you could be completely right. The decks seem to be clearing for some further blue chip institutional funding for the next leg of the growth strategy whatever that may be. There appeared to be big hints it was geographical expansion in the RNS announcing the half year operational earnings. but your own ideas are just as valid.
Very interesting that Colin has sold all of his shares. To me this looks like he is preparing the ground to depart as chairman. He is I believe in his later 70s. Furthermore he may not really be seen to be of the right calibre for chairman by the blue chip institutional investors as Jubilee develop into a substantial size company. Personally I think this would be right, but I would be the first to thank him for his influence on getting into Zambia and the focus on copper, as well as getting through very tough times with Leon.

If investors want real growth in this company then occasionally there is going to be some dilution. As long as the dilution is for the right reason to support that growth and not at a discounted price, then what's the concern. The latest share sales have cleared some debt and liability on the balance sheet which will then significantly help with the discussions with institutional lenders in the near future . It will also help to secure future debt for growth at a more competitive interest rate.

Always the slight negatives TBTT.
1. This is not a negative. It is a positive. They have prematurely got rid of some expensive debt generating some interest savings. Money that can be put to better use.
2. The two directors should be thanked for helping the company out during a time of need. If I was them I would be taking the money I was owed too. They risked their own money when times did not look great and they are entitled to profit from it. They still both have significant interest/incentive in the company. By the way CB should be thanked for ensuring Leon stayed with the company in the darker days
3. Only real point of agreement.

Just compare this fund raise with that to secure their foothold in Zambia with the discounted placing and expensive convertible debt to secure the Sable refinery and Kabwe Project. Chalk and cheese. For long term holders the financial foundations are being put in place for the next strategic step into another country by the looks of things on brilliant terms in my opinion.

Spot on gotreal in my opinion.I am afraid TBTT has always been a bit negative about Jubilee. I think he has been burnt in the past by the salesman CB.

Well clearly Leon is your Father Christmas Mikesunday! I love your enthusiastic narrative.

LUFC And that was what Leon indicated in his interview with Tom Winnifrith back in July. Dividend would be considered if appropriate for FY2022.

Going on further Jonah, Leon has indicated Jubilee has been offered term sheets for enough debt to supplement the cash for Project Roan and Elephant last September/ October. We don't know yet how much has been , if any drawn down. May have to wait for the half year results to find that out. And yes if something substantial came along an equity raise is always possible, but for the right reason.If it happened it would probably be with family offices or large institutional funds, and should not be heavily discounted with loads of warrants. Gone are the days when Jubilee had to grovel for capital either through very expensive debt or heavily discounted placings to the bucket shop brokers.

Jonah, Jubilee is not paying for all the copper concentrators at the same time! Project Roan is being paid for in the 2021 financial year, project elephant during the 2022FY and Project Kitwe in the 2023FY. This phased project timetable should enable the large CAPEX ( $100m?) for the copper projects and the known South African ones to be easily funded, virtually out of free cash flow if the average commodity price for PGMs and copper stays anywhere near to the level at the end of 2020, let alone at the now much higher PGM price level.

Mikiesunday, your field of cash cows descriptive narrative amused me and made me smile. There is of course the zinc baby cash cow as well and maybe a silver tiny baby cash cow if it can be extracted economically from the Star Zinc ore.

Thanks all for the interesting replies to my earlier message on this topic.

Very interesting video. Before everyone gets too giddy on the commodity prices and Jubilees metal positioning, the increasing political risk was also highlighted. Extra taxes on super profits and changes to make exhaust emissions not so hard to meet because of the rhodium price were mentioned as factors that could hold back PGM companies share prices.

Everything on track with production guidance. Brilliant financials indicated with as expected very high PGM basket price and highlighted in turning a net debt of $21.3m at the financial year end 2020 into a net cash position of $4.8m just 3 months later. Chrome prices have just started to pick up. Only one concern is that there are 35 active cases of COVID, and the national government is continually reviewing the level of lock down.