RE: Molefe21 Feb 2026 08:40
Interesting with regard to Molefe: https://theoakbloke.substack.com/p/1h26-jlp-crowns-its-rain-in-zambia.
"This statement from the February 19, 2026, update is a classic piece of “mining speak” that carries three major implications for the value of the Molefe Mine and Jubilee’s stock:
a. The “Satellite” Pits are likely one giant Ore Body - Currently, Molefe is operated as a series of smaller “test pits” (Pit 5 being the main one). The fact that early drilling results “support the accelerated Phase 1 program” strongly suggests that the copper mineralisation is continuous between these pits.
The Implication: Jubilee will likely merge these small pits into one large-scale open pit. This dramatically lowers mining costs because you aren’t moving equipment between small holes; you’re running a single, high-efficiency industrial operation.
b. Potential for a “Tier 1” Discovery - The phrase “Early indications... already support the accelerated Phase 1” is a massive vote of confidence from the geologists.
The Implication: If the laboratory results (due later in Q4) confirm what they are seeing in the drill cores, it implies the copper grade and volume are better than originally modeled.
Why it matters: This is why they have already started Phase 2 drilling (targeting “virgin areas”). Common sense tells you that you only spend money on Phase 2 before you even have the final lab results for Phase 1 if you are very certain you’ve hit a significant deposit.
c. The “Galileo Effect” (Risk Offset)
By partnering with Galileo Resources, Jubilee has essentially “outsourced” the exploration risk getting a free carry.
The Implication: Galileo is paying $700,000 to do the drilling work. Jubilee gets the geological data for free while retaining 71.25% ownership.
The Strategy: This allows Jubilee’s management to focus entirely on Sable and Roan (the processing side) while Galileo’s team proves that the ground beneath them is worth significantly more than what is currently on the books."
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