Member Info for Jonah58

Good advice Bup. I note Germany are replacing their entire fleet of diesel engines on non-electrified lines with fuel cell locomotives. That needs lots of platinum and iridium. Hydrogen is the way forward. I’ll be reading the circular very carefully before deciding how to vote.

Regards as

RNS. Jubilee is an undiversified non-producer of metals that specialises in it’s almost unique ability to process material other companies, excluding the one it has just sold its intellectual property to for a song, regardless of as waste …’

Of course it’s going to take time to sort this out. There are a lot of us retail investors and we need some very honest information to help us make a proper informed decision how to vote. Our vote will matter.

Very helpful posts, Seis. It’s the margin that counts. Talking of which, I got the impression from the dreadfully written and composed RNS that we might be looking to team up with a local miner to develop Grovenor. That would, of course, reduce our share. Even so, I agree with the principle that we concentrate on processing.

What ypu have said maked a lot of sense, Charles. The point is, LC wants to reproduce the SA chrome modular success story with copper in Zambia. But I think it rankles that he missed the boat securing cheap, difficult to process, chrome ore in SA and now has buy it in at a cost which is linked to the chrome price and has to compete with others who are playing catch up. He despeartely wanted to secure the respurces in Zambia before setting up his iracle modules and leave everyone else spitting in frustration. Buying in higher grade material now for Roan, and making longer term feed source agreements mimics what we are doing in SA and, I venture to guess, not a part of the master plan. Still, flexibility is a virtue and we could still make good money out of copper with a fair wind.

Some people have short memories, Sumo. I was merely pointing out that due to the improved hydrological situation at Kariba, the current guarantee is more likely to be guaranteed than the previous guarantee.

Any short term news on copper production, or guidance for future targets still remains crucially dependant on power provision in Zambia. I note that current water levels in Kariba are higher than last year and are predicted to grow further in the next month. It does look as though the power crisis of last year is likely to be averted. Those of us who take a longer term view will find this reassuring.

One phrase that keeps cropping up in the RNSs is 'long term' solution to the feed issue at Roan. How long is 'long term'? Which begs the question of what are we going to do with all the tailings we bought? Are we going to Draslovka them, or do they need physical pre-concentration first? Or, if 'long' is really long, are we looking to sell them off? The lesson from SA is that to get optimum value from metal price fluctuations, it is much better to own the source material.

Do you have a handle on this Seis?

I thought we had already put 15,000 tonnes of this stuff through Roan front end in Novemeber, before the power outages, as part of our 'final' due diligence. We've drilled and sampled it to death. As Leon is constantly saying, we can process this sort of material while no one else can. So I'm not sure what we are going to learn from the efforts of the big company to process it themselves.

Difficult to say, Maximus, as there are so many variables - but I think your estimate is at the upper end of what we can expect. We don't know the partner's margins. Our costs per ounce are $616 but this includes a chhome 'credit'. Last year it was $771 per ounce. If we guess the partner's cost is, say, $700 per ounce and a basket price of $1200, then the margin is $500. This would make Jubilee's share $1,7250,000 per annum at 18,000 tpm of processed material or $2,875,000 at 30,000 tpm.

Of course our margin includes the cost concentrating the waste by removing the chrome which the partner won't have to do (caveat Seis' comment re fine chrome) so their margin should be better. All in all, your figure could be in the right ball park.

Good suggestion GotR. I'll go for a nice walk in the Peak District.

Why can't it still be Northam, Frog?

Do people think this is the old Northam deal in a slightly different wrapper?

I'm in a gloomy mood today, and interpret the 11,000 extra ounces as being the total fro which we will recieve the profit on 5,500 ounces. We can't use our figurers for the margin as we will not be processing the material so the contribution to the bottom line is complete guesswork - but, as others have said, better than a kick in the teeth.

All excellent points Seis and Gotreal. Thanks. If I was the owner of the dump and I saw a big company paying 7* what I had been offered for 5% of the material, I might be tempted to negotiate a deal with that big company for the remaining 95% of the dump, assuming I am not locked in to the original terms with JLP.

A couple of things, in my naivety, I don’t understand about the most recent deal despite the ‘clarification’ in the webinar.

1. On face value the big international company is going to pay us $6.75 M for something we recently bought for $900,000 (5% of $18 M). I always thought if something is too good to be true, it’s not true.

2.. we have not yet committed to buying the dump, so how can we sell it. We are going to use the results of the big companies processing of the material to decide whether to buy the material we’ve sold to them. Has our original payment of $6.5 M given us irrevocable rights to 36% of the dump?

I have a hospital appointment during the meeting (nothing serious!). Could some kind person make a few notes and report back. Much appreciated.

All good points Nelson, though the writing style of the RNS is different from usual and I suspect Leon had less than total control of this one.

A dreadful half year, but most of the bad news was predicted and headwinds such as reduced production at Roan, reduced chrome margins and power issues will all be better in H2 (though i note water levels in Kariba at still terribly low).

Progress at Munkoyo was a rare cheerful moment though where the capex for the concentrator and leaching circuit is going to come from, gok.

Current sp action is overdone on smallish volume. Modest top up for me today at this price.

Can’t say I’m expecting any fireworks today or Monday. Hopefully with the higher grade feed we catch up with previous guidance on copper. PGMs and chrome a bit better.

It would come as no surprise if they announce an extension to the deadline for DD on OB1. I’d be happy enough just to hear that our other projects are more or less on track with no unexpected hitches.

As an LTH here, it is good to see a nice positive RNS, but I am having trouble seeing what this adds to the previous one of 9th January. We know P140 acts by promoting apoptosis (programmed cell death) of inappropriately activated immune cells in autoimmune disease = staggering potential, and 'potential' is still the word. Until clinical trials have shown that this potential translates into clinical benefit patients with these nasty conditions will continue to live in hope.

Of course, big pharma may get so interested in this 'potential' that we see some good Sp action prior to trial results, but the future of our investments ultimately rests on planning and executing good trials. Until then, it's going to up and down and a fertile ground for wily traders.

I know it's a bit boring to keep posting PGM prices, but rhodium is up again today 7% at $5,900.

PS Of course that calculation does not take into account the fact that if there is more Rhodium in the sample there must be less other PGMs but since Rhodium is so much more valuable that the otheres components the discrepancy wont be too large.