Member Info for Jonah58

whi note: https://*********************/companies/uk/jubilee-metals-group-plc/research/whireland/jubilee-metals-q1-fy2023-results/41_2023110103593720618

we see little limitation on the growth potential in south africa and zambia where masses of mine waste and idled plant capacity can be leveraged with jubilee’s excellent processing experience. we are reviewing jubilee’s plans and will revise our forecasts. paul smith analyst

So, with respect to the RNS, the figures are much as expected. There were some annoying editorial mistakes, but the tone of the communication is better than we are used to, informative and fair. The expansion of chrome production in SA looks nailed on. The modular copper expansion in SA is proceeding at pace, with due attention to the capital costs of each module. I take this to mean that the board are not currently considering funding this through equity. Year end guidance looks eminently achievable. We continue to be profitable in hard times.

What was new to me is the link-up to Draslovka and their glycine leaching technology. Barrick Gold are already working with Draslovka on a major trial in Tanzania so this is no flash in the pan. They claim processing costs can be reduced by 20% to 50% due to increased recovery and much reduced cyanide use (plus reduced cyanide detoxification costs). This enables you to target lower grade material. The green credentials of the process wont go un-noticed too.

Obviously we will have to wait to see what comes of this, but it seems to me that there is a synergism between what we are doing and Draslovka and, considering the amount of appropriate material just lying around in Zambia, the potential is mind boggling.

Northern, Mickie et al: influx of visitors this w/e and looks like Mrs Jonah is going to exercise her right of veto. Still hoping but AGM looks doubtful. Of course they cannot divulge any price sensitive news, but often you can pick up a vibe from what is not said. If I don't make it, I'd be fascinated in what your collective antennae pick up!

Good point, Dorf. I'm hoping to get to the AGM (it's touch and go at the moment) and an alignment of the board's salaries with shareholder value is something that every respectable company should have on the agenda!

HD3. I don’t think we have invented anything! My feeling, and that’s all it is, is that we have developed something akin to our fine chrome process. This uses no technology or hardware that is not readily available to the industry, but we have found a way of putting it together, scaling it up and developing the flow sheets that makes economic sense. The queue of miners asking us to process their chrome testifies to the huge success of this approach. Now, for “chrome” read “copper”.

Papa, perhaps it's not too surprising that there was a muted reaction to the most recent RNS. The Mufulira material is furnace s l a g which has already been treated to high temperatures and is bound up in a sort of silicate glass. Jubilee has been researching this material for two years now, so it certainly would not have signed the deal unless we thought we could extract the metals economically, but I note from the RNS that we are still working on the process. Although the copper grade is very high for waste material, it is the cobalt that is off the roof, but we have not proved we can process this cobalt, nor how much it costs. Add to this the current low cost of cobalt and the muted Sp reaction is understandable.

Seis has comented on the recent upturn in the price of cobalt. If this turns into a half decent recovery, then the recent deal looks fantastic, especially as our cobalt will be produced from potentially toxic waste without recourse to child/low paid labour. European battery makers will surely be very interested in this additional green sredential.

Sadly sulphide, not sulphate! The latter is easily converted to pure copper by electrwinning. LC has always spoken about producing three products which can either be processed 'in house' or sold onto the market as concentrates. We know about the oxides and Roan is all about the economic extraction of these from weathered reefs. The sulphides are traditionally proocessed by smelting which is costly, though we have an ongoing leaching method under evaluation and I had assumed that the Northern strategy pilot plant was taking that forward. I stand to be corrected, but had assumed the third product was cobalt concentrate.

There is a truly vast amount of copper tied up as sulphide in tailings, so the answer to your question, Butter, is 'a lot'!

cut and paste from RNS: ""As a result, and to better capture this opportunity, Jubilee has taken the decision to significantly upgrade its Roan concentrator facility to offer a unique capability to target a broader range of materials and produce three concentrate products for both refining at Sable and direct on-sale to the market."

By the end of this month we should be in an important partnership with either IHC, Zijin or Sibanye. IHC have cash but little know how. Zijin have both but the Chinese battery industry is moving away from cobalt (good point Summit) so, for what it’s worth, my money is on Sibanye. Exciting times.

A couple of points, Heroric. People have known about these warrants for a long time, they represent a very small percentage of the issued equity in this share. As such, on their own, they would not 'drag the share price down' significantly. Secondly, if the warrant holders were to sell their shares immediately at a profit of, say 2p per share, they would make a grand profit of about £160k. The warrant holders might well look at what is happening in Zambia and decide to hold for a bit longer!

I always understood that the Eastern limb development was going to be in two phases. First a chrome concentrator, like we've been building all over the place, followed by an Inyoni type PGM plant. Clearly phase two does not make economic sense while the basket price is so low, so it is shelved for the time being. I guess our current and proposed operations in the western limb will be producing more PGM concentrate than Inyoni can process, leading either to stockpiling or an increase in the Eland joint venture. With this in mind, perhaps phase one in the east doesn't make sense either, though we may be tied into contracts that oblige us to process a certain amount of ore with all the transport costs that entails.

Happy (sad), Scott.Have you tried amitriptyline? It's AIM for God's sake. They go up and down. I bought some more today and expect to make money on them. If not, I'll go for a walk. It makes no sense to get too worked up about high risk investment (= gambling). With a fair wind, investors in JLP will clean up (more likely than not IMHO). But I might lose out if events conspire against us. So be it. Make your own judgement and stand by it.

As a postscript, most companies on AIM come to grief, so the naysayers start with in inbuilt advantage. But Jubilee will not come to grief. We are profitable, innovative and forward looking. I'm very happy with my investment here.

Unfortunately, I cannot get to the presentation. Will some public spirited poster provide an update n this board - many thanks.

RNS much as anticipated. Some slight disappointments, some causes for optimism. It's important to note our PGM operation is profitable even at the low basket price. It's all taking longer than some of us hoped (by our friend Bushy's definition, I am in the run up to my death!) but, as Mickie points out, the trend is now upward with truly astonishing opportunities. Have added a few at this Sp.

I know I’m being naive, Dorf, but in theory Slater should not have access to price sensitive news that we cannot access.

I don't think anyone here knows the details of the 600,000 tonne agreement. If that is not the case, plwase post what you know.

My understanding is that it will be like the previous one in which we get a bigger share of the chrome revenue in exchange for upfront investment in in the processor and they get a share in the PGM revenue. In that we have not mined the ore in the first place, it is a toll arrangement of sorts but you would usually associate that term with a fixed price toll arrangement. One in which our revenue is linked to chrome prices is something very different with large potential upside (and downside if chrome prices tank).

Just a couple of points, BT.

1. The calendar years is the closed interval [0000hrs Jan1,2400hrs Dec31]. We have more than 25% of the year to go.

2. You didn't predict 6.5p EOY (cut and paste below)

Precision is everything.

"Jonah,

How about this for guess work then

20 X PE at current sp

30M dollars short for roan

Recoverable copper grade only 0.2%

Placing for 20 million quid to hit by year end

Short term trading high of 9.15-9.40 (make sure you sell this time)

Year end target 5.5p

Let's see if I'm lucky"

Hopefully, MS

Are you going to the next AGM Mickie?

Eastern limb, western chrome parts one and two and front end of Roan already funded. There is a recent thread suggesting that northern copper is awaiting approval from one (or more) banks. Here is the original link (posted by Iluvise68).

https://slaterinvestments.com/wp-content/uploads/2018/12/Slater-Growth-Fund-Interim-Report-2023-Final.pdf

I think it’s unlikely we’ll get a placing to fund currently planned capex, BT. None of the signals point that way. The last major placing we had was to fund Platcro (Windsor) when we needed to grasp the opportunity quickly. This is proving to be very profitable. If a similar opportunity arises in Zambia, I would not rule out another placement and would support it.