Member Info for JuniorLassonde

They have a stockpile. Correct. That’s not the mining rate.

Simple answer: The 15,000 --> 60,000 tonnes number in the latest RNS is explicitly about the Molefe open pit mine itself: they are saying the current mine capacity on the copper reef is 15,000 t per quarter and, once they connect Pit 2 and Pit 3 and complete approx. 4 months of stripping, the mine’s own ore production rate will move to 60,000 t per quarter. The 70kt number is a processing/feed sourcing metric across their broader Zambian feed streams (Roan, purchased material etc.), whereas 15–60kt is a mine‑site ore tonnage number at Molefe alone

Mine to metals might seem lke what other miners are doing, but the real USP is the hub and spoke model to ramp up copper production - with no reliance on a single mine. I can foresee many spokes (highly likely limited to open pit mines) with similar characteristics to Molefe coming into play in Zambia. Together, that could get it to numbers that resemble large mining production through smaller low capex pits with expansion potential and reduced processing costs realised through economies of scale at Sable (Hub). Quicker to mobilise than building an underground mine for sure. In terms of Pillars - Pillar 2 - this approach - is likely to yield the best results IMO over all time periods.

Molefe shows the JLP–GLR collaboration doing exactly what it was meant to do: Galileo funds the drill/resource work, Jubilee runs the mine and processing, and together they’ve already produced a plan to take Molefe from 15kt/qtr to 60kt/qtr, merging the string of small pits into one enlarged open pit feeding Sable. Phase 1 drilling has confirmed continuity of mineralisation, so this is no longer just further blue‑sky exploration. Importantly, both companies describe this JV as a template for further shallow open‑pit collaborations on nearby Copperbelt targets (Project G et al), so if Molefe works technically and financially the model can snowball one open pit at a time through Sable and the wider Zambia platform. Big bucks for the JV.

Molefe is an expanding and operating copper asset, not just an exploration hope. Jubilee’s plan lifts output from 15,000 t/qtr to 60,000 t/qtr — a 4x increase, or about 20,000 t/month at steady state. The 1.4% TCu is the grade mined to surface, not the likely final Sable feed grade, because Jubilee then ROM-sorts it and has already referenced high-grade streams to Sable at around 2.0%–2.5% Cu, with actual Molefe material sent to Sable averaging 1.84% Cu in H1 FY2026.

So the maths is already interesting: 20,000 tpm x 1.4% = about 280t contained Cu/month before recovery. At a reasonable 85% recovery, that is roughly 238t recovered Cu/month, with clear upside if a meaningful portion is upgraded into the 2.0%–2.5% range after sorting. The final arm’s-length tolling fee is not yet known, but either way this still looks like a huge multiple on Galileo’s US$700k earn-in for 23.75% of Molefe.

And the bigger point is that this should not be a one-off. Both parties are explicitly positioning Molefe as a model for targeted neighbouring areas and future small-to-medium open-pit opportunities in Zambia, so if this formula works it can snowball one open pit project at a time. For GLR holders that matters even more because, alongside Molefe, Luansobe gives Galileo a separate 75%-owned, JORC-backed copper project with its own mining licence and development path. We also have Shinganda Open Pit potential.

Yes the market has not fully realised the upside potential here. It wll eventually. Buy when the market is snoozing :-)

Https://x.com/Jubilee_Metals/status/2039714205037728075

'A dedicated Molefe Mine presentation will follow within the next month'

BS, here is a formal response to an Email I sent. It was not marked as Private and Confidential etc so I am comfortable in sharing on that basis.

'Phase 2 Drilling UpdatePhase 2 was officially mobilised in February. However, the rigs were unable to reach the site as scheduled due to poor road and bridge conditions caused by heavy rains. Planning and coordination took place during February and March, with the first well being spudded in March.

Drilling is expected to be completed within approximately 8 weeks, although as is often the case in Zambia, timelines can be uncertain. Drill results and samples will be sent for processing by the Competent Person and independent third-party laboratories. This work is expected to ultimately lead to the publication of a JORC-compliant resource statement.

Jubilee may also release non-independent drill results in the interim, similar to what was done for Phase 1.

It is worth noting that Phase 2 is focused entirely on resource drilling, whereas part of Phase 1 included production drilling. Jubilee remains unusual in the sector as it is already a producing mine without a formal resource statement. Most small-cap mining companies typically secure a JORC resource before commencing commercial production.'

So 8 weeks time approximately. Not long to see how Phase 2 performs. If it is as good as Phase 1 then that would be brilliant. Also shows a level of pragmatism in producing interim results (fingers crossed).

This will be a cash cow.

From the JLP board - covers Molefe. Production costs are likely to be lower for Molefe than the average across Roan/Molefe etc. The article posted earlier explains why- consolidating pits, ore sorting, improved grades, expansion potential (incrased life of mine) etc - worth a read: https://theoakbloke.substack.com/p/the-self-jlp-therapy

To me, it looks like Molefe and other strategic pits are the way forward for JLP at the moment - and it seems like more collaboration is on the cards. From a Galileo perspective - small market cap - with big profit share on an expanding high grade producing copper asset, with all the other assets it has - buy when the market is asleep is my thoughts FWIW.

Thanks Padmaster. Interesting and great to see.

Good question BS.

https://www.londonstockexchange.com/news-article/JLP/financial-report-for-6-months-to-end-december-2025/17526773 :

Pillar 2 - Integrated mine-to-metals business: Sable Refinery and mining operations

"Phase 2 of the expanded Molefe Mine resource drilling is currently under way, targeting the eastern extension to determine the full extent of the mineralised zone. Consistency of grades and thicknesses supports continuity of the mineralised zone and provides a strong foundation for the advancement of a formal resource estimate".

Highlights

https://www.investegate.co.uk/announcement/rns/jubilee-metals-group--jlp/operational-and-projects-update-h1-fy2026/9437270 :

"Phase 2 of the expanded Molefe Mine resource drilling, targeting virgin areas to extend the resource, commenced in February 2026"

Phase 1 drilling has already defined about 250 m of additional strike of near‑surface oxide mineralisation east of the current expansion pit, and that 250 m is now effectively “in hand”. Fantastic grades, good stuff to send to Sable.

Phase 2 is then step‑out drilling beyond this newly defined 250 m zone, pushing further east along the same copper reef to see how far the mineralisation continues and how much more strike/tonnage can be added to the same open‑pit system

If phase 2 shows similar grades to Phase 1 - then mine life could extend significantly, or mining rate per month could increase etc. The value of the pit will have increased significantly. The phase 2 drilling started in February - and I am looking forward to the Phase 2 drilling preliminary results.

Other collaborations would be welcome :-) Eventually the market will recognise what we have at Molefe.

Meanwhile - let's land another asset deal Colin.

Nutshell: For clarity -

Molefe (HoldCo) sells/delivers ROM ore to Sable and pays a tolling fee -->

Sable earns the fee as its refining revenue/margin -->

Molefe keeps the net copper economics (minus fee).

All good.

Agreed Seisnav. The comment you quoted is a fair and realistic caution.

Galileo’s 23.75% is an equity interest in the mining/upgrading vehicle, not a full project-wide profit share that includes Sable’s refining margins. This aligns with everything in the original November 2025 RNS and subsequent Jubilee updates on the Molefe ramp (high-grade ROM tolling to Sable + on-site plans for the stockpile). This structure still gives Galileo leveraged exposure to successful execution of the enlarged pit, higher ore rates, and eastern extension you’ve been tracking — but the margins available to them are narrower than a simple “23.75% of everything” model would suggest.

Sable Refinery would earn money from refining Molefe material primarily through an "arm's length tolling arrangement". This means Molefe (the mine/HoldCo) pays Sable a processing/tolling fee for turning the delivered high-grade ROM (or upgraded medium-grade material) into copper cathode. Molefe retains most of the metal value (net of the fee and any costs), while Sable earns the fee as its revenue for the refining step.

In a nutshell - Molefe (HoldCo) sells/delivers the copper units to Sable and pays a tolling fee → Sable earns the fee as its refining revenue/margin → Molefe keeps the net copper economics (minus fee).

November RNS

1. High-grade ROM is delivered to Sable “under an arm's length tolling arrangement”. At targeted rates this was expected to deliver -200 tpm copper units to Sable

2. “Tolling means Molefe supplies ore and pays a processing fee, retaining the metal value net of charges.”

For Galileo - this is a gamechanger whichever way you look at it.

Bottom line:

Your read on the pre-plan reality was accurate and the frustrations (low output, rain damage, stockpiles, transport risk) were well-founded. The 31 March plan directly tackles those issues head-on with a structured 4-month stripping phase, 4× ore rate, on-site medium-grade processing, and a 12-month eastern-extension target. It strengthens the “only game in town” integrated model you highlighted. Whether that makes a 12-month hold less of a “mugs game” depends on execution and metal prices, but the fundamentals have clearly stepped up from where they were weeks ago.

Trade the volatility if you want, but the official roadmap now looks a lot more constructive than the prior status quo.

Kalan, I hope this is seen as constructive.

1. “Numbers are pitiful at present and it’s costing a lot” - "Correct on the status quo. Pre-plan output was low (historically ~3,500 tpm high-grade ROM + stockpiling the rest). The company has openly said the ramp-up to 8,500 tpm was delayed by rains. The new plan explicitly acknowledges this and front-loads the stripping to fix the bottleneck. Good.

2, “Projected rise in numbers is still pitiful” - The RNS update update materially changes that. 4× ore mining rate + on-site upgrading of medium-grade stockpile (already >2 Mt at ~0.7% Cu) is the biggest near-term step-up they’ve announced. Contained copper mined ramps from ~88 t in early months to 758–944 t per quarter once the enlarged pit is online. Good. I also expect the phase 2 expansion plan to result in additional upgrades in tonnage.

3. “Flow of material restricted due to damage from the rainy season” + “overburden stripping is now prioritised as that is onsite and doesn’t need transportation across dodgy bridge etc.” - Spot on, and the plan codifies exactly this. The Feb 2026 update already confirmed rains damaged roads/bridges, causing “slight delays” but operations “ramped back up” once access was restored. The new plan starts with accelerated onsite stripping (400 kt waste) before any big ore haulage increase — precisely to avoid transport risk.

4. “By the time the next rainy season starts they may have some plant in place to start processing the lower grade stuff they are piling up. The damage from the last rainy season may have been addressed” - Yes. On-site acid-curing plant for medium-grade is now part of the integrated flow. The eastern extension target (first production within 12 months) would give extra buffer before the next wet season (roughly Oct–Mar). CEO Leon Coetzer explicitly calls it a “disciplined approach to balancing production with long-term value creation” and “stable and consistent feed to our Sable Refinery.”

Seisnav - I have also run the numbers multiple times, with senstitivy analysis. The incentive is there to make Molefe a huge success. The one off impairment charges should not be there in the next years set of accounts, and FCF will increase significantly.

Hi Iluvise68, I was re-doing some calcs yesterday evening. It's all good. I'' put them out on the weekend for challenge. There is some sensitivity analysis at different tonnage, grades and so on. One of them will be close. I have upped the amount to pay back to JLP - added in contingency - likely $6.5m IMO - and payback within 3 months then into a good profit share for both JLP and GLR, and the Zambian stakeholder.

Is that for a different Bulletin Board Iluvise68?

Website: Original - Strategic Intent - General language about combining expertise and seeking new opportunities with immediate/short-term mine potential + exploration upside

New - strategic intent - Expanded with the new sentence about leveraging neighbouring small-to-medium opportunities in the Zambian Copperbelt inc Operational Details - Minimal or none (focus was on the agreement),Newly added detailed section:

• Open-pit with multiple near-surface pits, • Only Pit 5 fully developed and operating, • Mining rate: 80,000 tpm ,• High-grade ROM to Sable: 3,500 tpm at 2.0 – 2.5% Cu,• Low-grade ore: 0.7% Cu, with **2.2 million tonnes** already stockpiled,• Plans for on-site processing plant (leaching, solid-liquid separation, copper precipitation)

We can all see the direction of travel. Further monetisation - rapid start - spokes to the hub etc

Compounding. Flywheel Momentum. Snowball effect. Call it what you want :-) . Marvellous.

"Beyond developing the Molefe Mine it is anticipated that the collaboration agreement forms a unique opportunity capable of leveraging neighbouring small to medium sized mining opportunities elsewhere in the Zambian Copperbelt."

CHri5p, Rambler! That was an experience, I managed to build quite a chunk of £ in that one, then sold a large chunk on a poor RNS, then was too slow to trade out the rest and made a tad over the initial investment. However that was the cost of a very good lesson ! Some you win, some you learn. It did not have what GLR has for sure, and there was the SP Angel guy singing its praises etc. which added some credibility to a story that was unsustainable at the time. In the current copper price environment it would have been different I reckon but underground minning in Canada is expensive. The LSE BB had some very odd individuals on it you are right! I paid my money and made my choice and was glad to get out of dodge city. The contrast between RMM and GLRs opportunities is huge. A significant rerate is on the cards here. and I continue to put my money into a company that has the potential to make a significant return for each £ I invest. Onwards and upwards and all that!

Https://www.livecharts.co.uk/MarketCharts/copper.php $12,200 per tonne. Great for Molefe