Member Info for JuniorLassonde

I reckon that Luansobe will be sold or JVd soon. Negotiations taking a tad longer than the 5 months estimate, but when it lands, then that monetisation snowball will really start building. Folks can wait for it to happen, or buy in advance of it happening. The probabilities of a large multi-bagger are in shareholders favour IMO.

Open pit copper mining uses Xrf all the time for obvious reasons - they want to keep digging, selecting, and not sending off to a Lab for assays.

Depending on the set up e.g.

1. Handheld/portable XRF analyzers: Geologists or technicians regularly scan blast hole samples, drill cores, stockpile faces, or truck loads on the ground. This helps with quick on-site grade estimation, delineating ore vs. waste boundaries, and deciding where to dig or send material. It's fast, requires little sample prep, and is widely used for copper and associated elements (e.g., in porphyry deposits).

2. Shovel-mounted or excavator-mounted XRF sensors: These are installed on the loading equipment (shovels or excavators). As the bucket digs and loads the truck, the sensors scan the material in real time using high-speed XRF. This provides immediate grade data (copper content, etc.) so operators or dispatch systems can direct the haul truck to the correct destination—high-grade ore to the mill, low-grade to a stockpile, or waste to a dump. This is a growing technology specifically for open-pit operations to reduce dilution and improve blending.

3. On-belt or conveyor XRF analyzers: After material is dumped from trucks (often after primary crushing), online XRF systems scan the flowing ore on conveyors. This gives frequent grade readings (sometimes multiple per truck load) for better process control, ore sorting, or feed monitoring before it reaches the mill. One example from a nickel-copper mine analyzed crushed material right after the primary crusher, providing ~5 analyses per large dump truck load

It's very good technology these days and very accurate.

Those time-scales make sense. Add a pinch of Luansobe et al and the re-rate will be very fast.

1. All future earnings from the Molefe Mine first repay Jubilee's capital loan in full (with interest on that portion) before any profit distributions according to the post-earn-in ownership (Jubilee retains 71.25%, Galileo up to 23.75% via its US$700k earn-in funding, and 5% local Zambian entity). This is explicitly a preferential right to recover the full investment from project cash flows/earnings.

2. The exact total amount of Jubilee's "current capital investment" (or the split between the capital loan and shareholder loan) is not publicly quantified in the agreement RNS, the drilling announcement, the FY2025 Integrated Annual Report, or related updates.

However:

3. Related disclosed figures include:Acquisition of 95% of Munkoyo Mining Ltd (Molefe) in prior periods: ~US$1.75 million total consideration (US$250k cash + shares valued at US$1.5m), with carrying value in intangible assets rising to US$2.3 million by FY2025 end. And an additional US$2.5 million capital investment toward Molefe mining operations during FY2025 (noted in property, plant & equipment)

4. Recovery is prioritised and begins as soon as the mine generates sufficient positive earnings (it is already in production and ramping). Current status (as of late 2025/early 2026 updates): High-grade ROM delivery to Sable refinery has ramped from 3,500 tpm to 4,500 tpm, targeting 8,500 tpm by Q3 FY2026 (around Apr–Jun 2026). A large low-grade stockpile exists for future on-site processing

Given the price of Copper, the run of mine rate, the ramping up, the grades, the low cut off grade, the likely mine plan targeting the high grade stuff, the probability is high that it will be paid off quickly. Do the sums. It's going to be huge.

I agree. And the cutoff grade (low) compared to the average grade, and the higher grades (likely to be targeted first) in hte mine plan where possible means significant £$Share.

The announcement does not state a single overall average grade. It only says the results “confirm copper ore grades consistent with those incorporated in Molefe Mine’s expansion mine plan” . However, using all reported significant intercepts from the Phase 1 results (diamond drill holes + infill holes + trenches, where TCu values are provided), the

- Weighted average TCu grade is 3.06%.

- Total mineralised length used in calculation: 319.89 m

- Weighted average TCu = 3.06% (calculated as total metal × length / total length)

This is a simple weighted average across the intercepts actually reported in the table. It includes both high-grade zones (>5–9%) and thinner/lower-grade ones near the cut-off. I would expect the mine plan to target higher grades first. We shall soon see. Onwards...

Fantastic stuff.

Through 1p then off we go ...

A few TR1s would help :-)

Sounds like your trolling resulted in you missing an opportunity 3CB. Still very early days though.

It's material in the sense that the results are amazing. However in Farm-in / Earn-in Deals In earn-in agreements on AIM, the senior partner (here Jubilee) usually announces material exploration results on the project. The earning party (Galileo) typically only makes its own announcement if the results are on a project where they are already the operator or majority owner.

Molefe alone is a good multiple of where we are today. Luansobe open pit will add a further multiple. Shinganda and Ka$hitu - will also add more. 10 bagger does not even begin to describe where this will go to. Sell or JV the Kalahari assets, Western Foreland and the mind boggles. Not sure about Zimbabwe unil the mining license is renewed, but Ferber could turn up trumps as well.

The competent person for Molefe: “Technical information in this announcement has been reviewed by Edward (Ed) Slowey, BSc, PGeo, Technical Director of Galileo. Mr Slowey is a geologist with more than 40 years’ relevant experience in mineral exploration and mining, a founder member of the Institute of Geologists of Ireland and is a Qualified Person under the AIM rules. Mr Slowey has reviewed and approved this announcement.”

He may be on travels - I think CB mentioned on a podcast going to Lusaka?

The competent person: “Technical information in this announcement has been reviewed by Edward (Ed) Slowey, BSc, PGeo, Technical Director of Galileo. Mr Slowey is a geologist with more than 40 years’ relevant experience in mineral exploration and mining, a founder member of the Institute of Geologists of Ireland and is a Qualified Person under the AIM rules. Mr Slowey has reviewed and approved this announcement.”

I think he may be on travels - CB mentioned on a podcast going to Lusaka...

24-Mar-26 17:10:07 3.315 2,000,000 Unknown* 3.25 3.30 66.30k O

24-Mar-26 16:40:12 3.265 1,000,000 Unknown* 3.25 3.30 32.65k O

24-Mar-26 17:07:12 3.30 300,000 Unknown* 3.25 3.30 9,900 O

Looks like someone knew...yesterday.

Definitely worth the wait Chri5p :-)

Summary on the JPL Board (Thanks).

These are exceptional drill results. In the world of copper mining, seeing grades above 1% or 2% is generally considered good. Seeing multiple intercepts above 5%, 8%, or even 9%—especially at such shallow depths—is rare and highly "high-grade."

Here is a brief breakdown of why these results are significant:

1. Exceptional "High-Grade" Intercepts

The copper percentages (TCu%) in this announcement are far above industry averages for open-pit mining.

• Standouts: MNKDD010 showed 16.0m @ 8.01% and MNKDD015 showed 7.5m @ 9.17%.

• Context: Many massive global copper mines operate on grades of 0.5\% to 1.0\%. These results are roughly 5 to 10 times higher than that.

2. Shallow Depth (Low Cost)

The mineralisation starts very close to the surface (e.g., from 18m, 22m, or even 0m in trenches).

• Why it matters: Shallow ore is much cheaper to mine because you don't have to dig a massive hole (strip ratio) to get to the "good stuff." This usually leads to higher profit margins.

3. Expansion Potential

The drilling didn't just confirm what they already knew; it found new mineralisation.

• The zone has been extended by 250 metres to the east.

• It remains "open," meaning they haven't found the end of the copper yet, and Phase 2 drilling is already hunting for more.

4. Metallurgical "Fit"

The announcement highlights "copper oxide" mineralisation.

• Oxide ore is generally easier and cheaper to process using "leaching" methods compared to sulfide ores.

• Crucially, these results fit perfectly with Jubilee’s existing Sable Refinery, meaning they can turn this rock into finished copper cathode quickly without building a new plant.

Excellent Summary. Both parties will be very happy!

Quick summary

1. Continuity and consistency: Copper oxide mineralisation is shallow, continuous, and the grades match (or support) what was already built into their mine plan. This reduces risk for scaling up production.

2. Extension discovered: They identified a new near-surface zone extending the mineralised area by about 250 metres to the east. It's still open in that direction, which is exciting for further growth. They hold a large additional exploration area (~12,300 ha) east of the current 400 ha mining lease - I reckon if there is a further deal on the larger area that JLP hold then it will be with Luansobe /Shinganda ops' in the mix

2. High-grade intercepts: Several strong hits of copper oxide (ideal for their processing at Sable).

Standouts include:

MNKDD010: 16m @ 8.01% TCu (total copper), including 1.60% ACu (acid-soluble copper).

MNKDD011: 20m @ 5.33% TCu.

MNKDD012: 10.7m @ 6.54% TCu.

MNKDD015: 7.5m @ 9.17% TCu.

Others in the 5–7%+ range over decent widths.

Note: The full table in the RNS has more intercepts; some lower-grade but still meaningful. Cut-offs used: 0.6% TCu / 0.35% ACu.) (Low - excellent)

Oxide material is near-surface and suits their existing refinery setup without needing complex sulphide processing.

They are on to something big … excellent

Top notch grades ! Low cut off grade. Amazing … more than happy. Super happy!! Well done to GLR/JLP - superb grades, pit expansion, and phase 2 drilling already underway!

Galileo’s only firm commitment is to spend US$700,000 on exploration and resource definition drilling. This must be completed within 8 months of the agreement (by ~27 July 2026 - not long to go) to earn up to 23.75% equity in the Molefe HoldCo. Once the earn-in is complete, Galileo has no further mandatory capital contributions required under the announced terms. After earning in, Galileo gets one board seat and one executive committee seat, but Jubilee retains majority control (71.25%) and day-to-day operatorship. Galileo contributes its geological expertise, exploration team, and technical know-how on an ongoing basis. Jubilee contributes operational, mining, and processing expertise (including use of the Sable plant in an 'at arms length' agreement ). There is no fixed budget or timeline for future projects mentioned — any additional projects would likely involve separate negotiations and funding agreements. Luansobe looks like a strong candidate as it fits the hub and spoke model - it's worth a lot of $$££ and I expect the heavy lifting to be done by Jubille for a share in the asset. Galileo and Jubill gains a strong strategic partnership platform in Zambia’s Copperbelt.

Galileo's ongoing role is mainly providing exploration brains and IP, not writing big cheques. Success at Molefe could lead to more low-cost earn-in style deals, but Galileo is not locked into unlimited future spending. In short: Low capital commitment after the initial $700k, but a potentially valuable long-term collaboration on multiple Zambian copper assets if the model works. So I can easily imagine a scenario where Molefe open pit, Luansobe open pit, and Shinganda open pits are all provding high grade ore to Sable for a very valuable relationship, whilst Galileo explores the potential 62mt @ 2.37% larger prize at Luansobe along strike from Mopani Mine. Massive multiple if it comes off...