Member Info for JuniorLassonde

It’s highly likely other things are going on given the assets in the portfolio, especially given the demand for copper will only rise. As an example, the ‘miss’ on the Luansobe date does not mean it’s never going to happen. Delays happen when making deals. In the meantime the market has not yet absorbed how good a deal Molefe is. That’s the opportunity to those with an appetite to increase their holdings. The shares have been on sale, and I like sales. :-)

Moneyman

In a nutshell, the share price stays anchored below 1p mainly because of repeated dilution and a very large share register.

Despite positive deals (including the recent Molefe earn-in with Jubilee), many investors remain sceptical after years of little to no shareholder returns - albeit in a bear market which applied to the industry at large. It's cyclical.

Past asset sales such as the Kalahari licenses to Sandfire and Glenover to Afrimat generated cash for the company but delivered no lasting uplift for GLR shareholders.

Until Galileo completes earn-ins, grows resources meaningfully and shows a clear path to production with controlled dilution, the market will likely stay in “show me” mode.

But now there is a clear path to production and monetisation - and it starts with formalising the 23.75% equity holding in Molefe through the Phase 2 drilling in an expanding, and producing, high grade copper asset. The FCF is high, the Profits will be in multi-bagger territory, all the while we have assets to sell in a bull copper market. So you have a choice - stick or twist.

Moneyman, that's in the past, GLR shareholders are only interested in the Molefe copper producing asset as that is the JV deal. If we get involved in another JLP asset then we will be interested in that one as well. We have done well to secure such a large % of a producing asset for the price achieved - the potential is huge - the FCF is fantastic and will go towards compounding into other assets - which will help with their sale. The part time CEO and his team as you call it did a great deal based on their experience which is highly valued. Credit where it is deserved.

Moneyman, with respect, more holes for Molefe is about to result in GLR gaining 23.75% in a producing open pit copper asset with high grades and huge expansion potential. That's a result. Having run the likely numbers, the contribution to the bottom line for Jubilee and Galileo is a massive incentive to get it right. I would also add that just because a deal has yet to land does not mean a deal is not being worked on. Molefe came left field - and it's a gift. We have many assets that could light up AIM. More to come IMO.

Junior mining is high risk. It can be very high reward. I think GLR now has the bolts in place, and we now need to tighten them up.

Pays your money take your choice as WWT says.

I was thinking something similar WWT. It's good question BS. As always, it depends. I would expect profit share in CY Q12027 once the JLP loan has been paid off. If GLR sells some of its assets (high probability now IMO) then there will not be a need. If it does not sell then how much would it need before the cash starts to come in - not too much I reckon. If the mine plan ramps up like the one we saw today then we could be in for a nice surprise. If a deal comes in the re-rate will be super fast. I am ok with this level of risk which I see as low so will continue to accumulate in my plod along fashion every month. :-)

Point 1: The announcement and Phase 1 results clearly describe near-surface copper oxide mineralisation suited to direct leaching and acid curing. No sulfide flotation in the current plan. While near-surface zones can be transitional, the released data focuses on consistent acid-soluble copper, not dominant sulfides.

Point 2: Phase 1 was intentionally shallow infill to confirm the pit expansion and delivered consistent oxide grades + 250m eastern extension. Phase 2 (deeper/eastern) is already planned. More drilling is always welcome, but current results support the near-term plan. The longer term - yes go deeper - but for now - get the expansion plan in place so they can up the tonnage and meanwhile move onto phase 2.

Point 3: Jubilee is not holding off — they are actively implementing ROM sorting + acid curing now, based on Phase 1 confirmation for the Sable refinery. Suggesting they "should hold off" is your opinion, not what the company is doing.

Point 4: Fair comment on spacing — detailed drill hole maps and exact spacing aren't in this specific announcement - nor are they shown on the Galileo website - just simple graphics are shown - for a select number of holes.

Point 5: Phase 1 confirmed consistent grades and the eastern extension. Joining pits is presented as positive for higher mining rates which seems logical. The approx 1.6% full-capacity grade (vs >2% in smaller high-grade pockets) reflects larger-scale blended mining, not necessarily worsening with depth.

Point 6: The 6:1 strip ratio is part of the company's optimised plan for ramping production. With ROM sorting and nearby refining, they view 1.4–1.6% Cu as economic. We'll see how it performs. Seems logical that ROM sorting would improve grades going to Sable. When more data comes through, that will provide the evidence required of how successful it has been.

Overall: The announcement positions the enlarged pit as a milestone for scalable oxide production, with Phase 2 adding further potential. The plan is presented as disciplined and advancing, not premature. More data is always good - I agree with that.

hi pa****legodi, let me address your points in turn. hope this is constructive.

point 1 is incorrect: the announcement and phase 1 results describe near-surface copper oxide mineralisation, not transitional ore rich in sulfide. the plan uses direct leaching for high-grade and on-site acid curing for medium-grade - both suited to oxide. no need for sulfide flotation in the current plan.

point 2 is overstated: phase 1 drilling was intentionally shallow (near-surface infill) to confirm the current pit expansion. it already delivered consistent oxide grades. deeper drilling (phase 2) is planned next for the eastern extension - the near-term mine plan doesn’t require it yet.

point 3 doesn’t match company actions: jlp is not holding off on processing. they are implementing rom sorting + acid curing now, based on phase 1 confirmation that the oxide ore suits their existing sable refinery setup. resource work continues in parallel.

point 4 is true but minor: this specific announcement doesn’t include drill hole maps or spacing (it refers to the prior phase 1 release). that data exists in the drilling rns - it’s not a hidden flaw in the mine plan itself.

point 5 is not supported: phase 1 results (including trenching) confirmed consistent grades and a 250m eastern extension of oxide mineralisation. the company sees joining pit 2+3 as positive for higher mining rates, not problematic dilution. no evidence that grades will worsen with depth or that this explains “many pits.”

point 6 is opinion, not fact: a 6:1 strip ratio is stated as part of an optimised plan that ramps ore production from 15kt to 60kt per quarter. with rom sorting and nearby refining, jlp views the ~1.4–1.6% grades as economic for stable cash flow. calling it “very high” for “pedestrian” ore is subjective.

overall: the takeaways are too pessimistic. the announcement positions the enlarged pit as a milestone for scalable production while phase 2 drilling unlocks further potential. more work is always needed in mining, but the current plan is presented as disciplined and advancing — not premature.

Yes Chri5p, the Molefe mine looks very good with the Phase 1 expansion even better, and Phase 2 further expansion the tonnage and LOM with a very large joined up pit will be super. I think the bluesky is underneath the copper oxide layer - and that will come later - also what else is in the license? The £share of NPV is high - and a decent multi-bagger once the market wakes up. I think some of the other asset sales will trigger a huge re-rate. Lots to be positive about.

Sumo - that is what the Molefe phase / phase 2 drilling expansion plan is all about. High grade ROM to Sable - copper oxide (easyto process with a low cut off grade. Re 'Years in the making' - past tense. It's now coming together, and very quickly since the JV. I hope they build even more capacity at Sable - they are going to be very busy.

The future is where we are heading...

I think the Molefe mine plan RNS today says a lot. Excellent progress, lots of action, increasing production on its way. The JV is working well together.

Jubilee RNS Today: https://www.londonstockexchange.com/news-article/JLP/implementation-of-mine-plan-at-molefe/17526964

Much quicker than I thought would happen :)

Jubilee has now moved from exploration/drilling into actual implementation of an updated, practical mine plan at its Molefe Copper Mine in Zambia. This plan builds directly on the phase 1 drilling results released on the 25th March, which confirmed good grades and extended the mineralised zone. The goal is to create a stable, higher-volume supply of copper ore to feed Jubilee’s Sable refinery, while keeping costs under control and preparing for further growth.

Key Changes:

1. Connecting Pit 2 and Pit 3: They are merging these two pits into one larger open pit. This allows more efficient mining at scale.

2. Development work: Over the next 4 months, they will remove about 400,000 tonnes of overburden (waste rock) to enlarge the pit and connect the areas.

3. Big increase in mining rate:Current capacity: ~15,000 tonnes of ore per quarter. After the development work: 60,000 tonnes of ore per quarter !

This approach maximises value: high-grade gives quick cash flow, while medium-grade still contributes after upgrading.

a. Early months focus on waste stripping and development.

b. From month 4 onward, ore production jumps significantly.

c. Grades improve as they access better parts of the reef.

d. Target: Deliver in excess of 15,000 tonnes per month of ore to Sable on a consistent basis once ramped up!!!!!!

And then

1. Phase 2 drilling targets the eastern extension of the mineralisation (which Phase 1 showed extends at least ~250m and remains open).

2. Goal: Bring this eastern area into production within the next 12 months (i.e., by ~March 2027). This could significantly extend the mine life and scale.

A very big Cash Cow! Well done Colin! I'll have to re-run the numbers - nice problem to have :-)

Stripping ratio: Average 6:1 (6 bank cubic metres of waste for every 1 bcm of ore). This is reasonable for an open-pit oxide copper operation.

Grade profile: They are targeting a broader zone of the copper reef that delivers an average ~1.4% total copper (TCu) to surface. This is then ore sorted on-site into: High-grade ore → trucked directly to Sable refinery for leaching.

Medium-grade ore → processed on-site (using acid curing to improve recovery) before going to Sable.

Google Earth: Pits - 32913-HQ-SML : 14°34'37.39"S 28°50'16.85"E

Hi DC

From the coordinates thread:

‘The Chinese mine which BU mentioned, is just outside the JLP License. Google Earth: 14°35'08.53"S 28°51'11.13"E where there are several pits - which appear to be old workngs. It's worth flying over this area both to the north and to the west towards Molefe. The Chinese Mine is lower down that the 9 pits in Molefe.

It will therefore be interesting to know if the geophysical anomalies also exist further south in the JLP license towards the chinese mine. If so then that could be significant in terms of blue sky potential in the license. ‘

The Chinese mine is just outside the license area, and to the south east. I have searched for ownership specifically and presume it’s the license owner shown in the Cadastre.

Joining up the pits for a very large copper oxide pit is on the cards. The mine plan will be interesting. Below the pit might be a copper sulphide layer which would be processed differently to the copper oxide layer which is Sable ready and easier to process. It would likely be higher grades and turned into concentrate first whereas the copper oxide layer is acid soluble. Very low cut off grades with high copper grades make this economically very interesting in a very good way for shareholders. At last ! A producing asset !

Jubilee explicitly stated in the 25 March 2026 RNS: “The updated expanded mine plan, incorporating the latest drill results and developed in partnership with Galileo, is expected to be published on the Company’s website within the coming three weeks.”

So: Expected release window: Mid-April 2026 (roughly by 15 April).

This plan will (should) include:

1. Revised pit design (possibly combining satellite pits 1-9)

2. Updated production ramp-up targets (currently aiming for 4,500 tpm high-grade ROM short-term → 8,500 tpm target during Q4 2026)

3. Incorporation of the Phase 1 extension and stockpile strategy

4. Likely a clearer pathway to a formal resource estimate (Phase 2 results will feed into this)

All good.

Massive volume and up on the day. That's ok. Solid. :-)

Looking for the bid to move up to reduce the spread.

Hi Jack, I'd be interested to know your opinion on the latest results on Molefe, the expansion possibilities within the existing license, the JV with GLR and future opportunities e.g Project G as regards JVs etc. I think your opinion would be very useful. The likely amount to be paid back to JLP before profit sharing between GLR and JLP and likely period would be another check and balance. If you are happy to do so then thanks in advance.

Well done Chri5p. You took the trades, and it paid off :-)

I agree there are 10 years of compounding potential here.

Albeit, I expect incremental bagging over the coming 12 months that will see a very significant uplift in share price and will be life-changing for many.

Just need some de-risking by GLR to reduce uncertainty, and that will see an increase in share price.

Deals will do the trick, as will informing the market about plans and status on key assets in the portfolio.

More late chunky buys. Good to see.