Member Info for JuniorLassonde

To be clear - On the left hand side the anomaly is shown to the edge of the license. I expect the anomaly goes into the next door license 27777-HQ-LEL which is a large exploration license. https://portals.landfolio.com/zambia/ covering 15,634 Hectares. I do not know if JLP are in negoiations, all discussions to date mention 12,300 ha, not 15,634 ha. No connection has been disclosed between license 27777-HQ-LEL and Jubilee/Galileo’s Molefe activities or any negotiations. Just seems like something I would be pushing for!

Seisnav on the Jubilee Board has put this up:

https://www.dropbox.com/scl/fi/dx9ew0y67q9epqd4whzu4/Molefe-Mine-Data.jpg?rlkey=lr8ap0y1ylwivelfzdi8hx5y5&e=1&dl=0

You can see the Molefe license shape for 32913-HQ-SML and geo anomalies overlaid.

On the left hand side the anomaly is shown to the edge of the license. I expect it goes into the next door license 27777-HQ-LEL which is a large exploration license. https://portals.landfolio.com/zambia/ covering 15,634 Hectares. I do not know if JLP are in negoiations, all discussions to date mention 12,300 ha, not 15,634 ha. No connection has been disclosed between license 27777-HQ-LEL and Jubilee/Galileo’s Molefe activities or any negotiations.

Either

Thanks Seisnav. Much more prospectivity in the license than the market has realised. Wet, North, East! I presume the west anomaly abuts another license - maybe 27777-HQ-LEL - and in negotiations to purchase. Likely I would say.

I agree Iluvsie68. It may well be that there are Aeromagnetic Surveys across the license from previous license holders as well. Lots of prospectivity in the license. The Chinese Mine to the South East gives an indication that there may be additional anomalies heading in that direction. My gut tells me there are additional anomalies to the West and to the North. No Doubt CB will know - he tends to be able to sniff copper a mile off. Maybe that is what is driving the sense of urgency for both sets of shareholders. I would like to see what they have...

MM - I am not convinced on this aspect of your comment:

'Totally convinced Bird is not putting in enough time,effort or dedication to get the deals in respect of Luansobe and other potential income generators over the line.'

For blance, Molefe is an income generator, an already producing asset, Phase 1 extension drilling is complete with superb results, the phase 2 extension drilling further to the east is in the process of completion. Overburden is in the process of being cleared right now in order to merge pits 2 and 3. High grade Copper 1.4% at surface, likely 2%+ post ROM ore sorting, and a ramp up to 60,000 tpq. The mining plan will have come from Galileo and Jubilee have issued an early sight mining plan - which shows how pits 2 and 3 will merge at Molefe. There is additional prospectivity in the license looking at the geo anomalies, and in all probability nearby licenses - which I anticipate further collaboration. So GLR are pushing on monetising further and expanding an open pit asset rapidly that will result in Serious $ incoming in due course. Making a monetised asset priority 1 - it looks to be - has always been what most folk have wanted. We now have that.

I agree Luansobe is disappointing given the period for which the Small scale license to mine has been in operation, and earlier false dawns on the dates for production to start have contributed heavily to poor sentiment. IR are very poor. However, Luansobe has a lot of potential, especially the blue sky aspect, and no doubt it will have deal. I expect JLP and GLR to come up with something to promote the assets to both sets of shareholders, even if it is not overtly.

Lots of opportunity - I keep accumulating. But I will not go over 3%. I am sure others will at some point and all the best to them.

I agree Seisnav. The Molefe focused presentation will be soon and I would expect the Phase 2 results - Xrf - to be in there for most drills. I am speculating that the asset will be much larger in prospectivity terms than we have so far seen. Additional anomalies yet to be drilled, and we are only seeing a small geo anomaly map at present. Bringing together JPL and GLR ane leveraging their strengths is moving at pace in a high grade hhigh margin resource. Both will want this to be a huge success. Follow on collaborations I also expect to see announced in due course.

The ramp up schedule was disclosed previously,

Exactly. The pack shows Molefe has finally ‘landed’ with a defined plan to move from a small starter pit into a proper, scaled operation. Phase 1 has de‑risked the model, but Phase 2 is the real growth catalyst – that’s where you start talking about potentially doubling output and extending the life of mine, while still only working within the immediate footprint. And crucially, all of that comes before they even start testing the wider licence area, so there’s still meaningful upside that isn’t in the base case yet.

The Pack from JLP which contains the drawings from Galileo says, in essence, that Molefe is moving from “interesting exploration” to “scaling producer”.

The story is no longer just drill results – there is a defined plan to take the pit from about 15,000 t/quarter to 60,000 t/quarter, with clear timelines and grades, and to use ROM sorting plus Sable to monetise that ore efficiently.

Jubilee is building an integrated copper platform, not a single-asset bet. The three‑pillar framework (Roan, Sable + mines like Molefe, large waste project) shows how Molefe fits into a broader mine‑to‑refinery strategy targeting ~25,000 tpa of copper units, which can structurally improve margins versus selling ore or concentrates alone. Therefore it is really important to Jubilee and Galileo that this is a success.

The JV lets Galileo punch above its weight. Galileo gets up to 23.75% of Molefe for a relatively small earn‑in, while Jubilee funds and operates the mining and processing side. For a small shareholder in GLR (or even JLP), that means leverage to a larger, integrated value chain than either company could build alone.

There is visible upside beyond the base case. The slides flag Phase 2 eastern‑extension drilling (more tonnes and mine life), grade‑uplift from sorting (higher Sable feed grades than the 1.4% mined average at surface grade pre-ROM sorting), and the possibility of repeating the same JV model on further shallow pits (“one open pit at a time”).

Risk is shifting from “can they find it?” to “can they execute fully?”. The geology risk has been reduced by drilling and a 12‑month ramp‑up plan, but there is still some (low imo) execution risk around stripping, logistics, Sable capacity , and tolling terms. This means more focus on delivery, timelines, and cost control. Put simply: this deck is management saying “Molefe is real, plugged into a bigger copper machine, and designed to grow – and if we can prove this model once, we plan to repeat it.” I am looking forward to the next set of Phase 2 results -to get our 23.75% and also potential extension drilling to the West ;-)

Https://jubileemetalsgroup.com/wp-content/uploads/2026/04/20260416-Molefe-Mine-Plan-1.pdf

This is very interesting for Molefe! https://x.com/jubilee_metals/status/2045155199870750866

The crazy thing with Molefe right now, in my view, is that the market is effectively valuing Phase 1 and Phase 2 extension and infill drilling at close to zero.

Phase 1 drilling has already confirmed continuous, shallow copper oxide mineralisation, with grades in line with – and in places better than – the expansion mine plan, and has extended the mineralised zone by about 250m beyond the current plan eastwards. Phase 2 is now targeting virgin areas further to the east with the explicit objective of pushing that extension into construction and first production within the next 12 months, on top of a ramp from c.15kt/quarter to 60kt/quarter ore delivery once pits 2 and 3 are connected.

Yet if you look at where JLP and GLR trade, you’d think none of that exists – no incremental mine life, no bigger resource footprint, no higher‑throughput, high‑margin feed into Sable. The current pricing is basically for the “here and now” pit only, with Phase 1, Phase 2 and any “what if” to the west treated as optionality. I think the area to the West is also intriguing.

If/when those phases are properly captured in a formal resource, mine plan and sustained production numbers – and especially if a Phase 3 steps out towards that western target – the market will have to start putting a number on what it’s currently valuing at nothing. There is the opportunity.

For me, the real sleeper in both GLR and JLP right now is Molefe.

You’ve effectively got a producing, high‑margin copper mine feeding into an established processing route at Sable – and the market is still pricing it like just another “maybe, one day” project. The mine plan is being ramped hard because every extra tonne of decent‑grade ore dropping into Sable is high‑margin revenue for Jubilee, and a leveraged uplift on Galileo’s minority earn‑in slice.

Crucially, both companies are fully aligned here. Jubilee wants Molefe running flat out because it’s a direct engine for cash generation and de‑risked copper growth. Galileo, meanwhile, has a clear path to up to 23.75% of a real mine, not just a licence on a map – so every step up in production and mine life translates into a more valuable, cash‑backed interest.

The opportunity, in my view, is that the story still isn’t being sold properly! The market is anchored on the past: missed timelines, “false dawns”, AIM fatigue, Zambia assets hand‑wringing. Against that backdrop, Molefe is quietly moving to scale up significantly and rapidly, but the promotion and narrative haven’t caught up yet. That gap between what Molefe is actually becoming (a high‑margin copper engine) and how little it’s reflected in the GLR/JLP share prices is where the upside lies.

If – or when – we get a run of solid quarters showing Molefe volumes ramping and cash dropping through, the market will be forced to re‑price both names. Right now sentiment is still washed‑out and the story is under‑owned and under‑promoted. That’s exactly the setup I want in a copper‑bull backdrop: a real asset, ramping, with two incentivised parties behind it, and a market that hasn’t fully woken up yet. Simple as that.

FS, that was my thoughts exactly. A really important monetised asset that will get bigger, and for which we will have a significant share. The -$$$ are compelling. GLR and JLp need to jointly promote this asset across both sets of shareholders. Any future collaborations (likely) will add to the pot.

Https://www.miningmx.com/news/base-metals/64997-uncertainty-clouds-jubilees-copper-ambitions/

Wrong link!

FS - https://www.miningmx.com/news/base-metals/63889-is-jubilee-south-africas-best-copper-play/

And here is the link. Nice. https://www.mwebantu.com/cabinet-approves-export-controls-on-sulphuric-acid-to-avert-shortage-of-chemical/

Bottomsup - a very good post - and good news for Zambian Mining and Producing Companies selling Copper. Looking good.

HI Levi, I agree with you on all points. With regard to MM's point - it is not specific enough for me. I think the Molefe potential is amazing which proves CB can make deals, however I am surprised that Galileo and Jubilee do not make a joint effort in promoting it rather than just Jubilee - for which a presentation is being prepared. The leverage for GLR compared to JLP is huge. Both should do well from it, but GLRs nano cap! should multiply more IMO. Hopefully.

When the Phase 2 Molefe drilling extension results are announced, both companies will be in a position to promote it. With regard to Luansobe - we are coming up to 7 months since the 17th September RNS hinted at a deal within 5 months. The IR function paid for by shareholders - needs to pull its weight.