Member Info for JuniorLassonde

I agree HG, and that point seems to have been missed. Buying on the secondary market merely changes who owns the shares, whereas this process injects ££ into the company for Molefe. The new investors are credible. They have plants that process oxide and sulphide. They have given the Molefe asset more credibility and independent validation. This could be a huge asset. Hopefully the phase 2 results will reinforce why they want ‘in’.

I get the frustration on past promises and poor communication – that’s justified. But on Molefe and this funding, a few key facts are getting lost.

An investor team that has helped grow small copper companies into multi‑billion‑pound mid‑tiers has independently identified Molefe as worth backing and is willing to put significant money at risk to prove out the wider district. That’s not an AIM punter; it’s sector capital that understands what a scalable hub‑and‑spoke copper system looks like, and is clear independent validation of the asset and strategy.

The funding is ring‑fenced for greater Molefe, with a staged path up to US$10m aimed at licences, drilling and mine development feeding Sable – exactly what you’d want if you believe Molefe can evolve from a single pit into a broader copper district.

“Vote no now, yes later” sounds cost‑free, but serious partners don’t wait indefinitely while retail holders “send a message” – they put their effort where there’s alignment and low friction. By all means keep pressing management hard on Large Waste, disposals, overdraft, and skin‑in‑the‑game, but using those historical issues to choke off Molefe‑specific growth capital – when a proven copper growth team is prepared to fund, validate and accelerate it – starts to look less like discipline and more like self‑harm to our own upside.

When people talk about a “copper district”, they’re not talking about one pit – they’re talking about a cluster of pits.

Think: a defined area where you’ve got a series of copper deposits and prospects along the same trend, close enough that you can share roads, power and, crucially, a central plant. You don’t build a separate mine and plant for each little orebody; you truck multiple shallow sources into one hub and run it as a system.

That’s the whole point of the Molefe discussion. If it stays a single merged but growing pit, it’s interesting but limited. If exploration starts to pull out a string of near‑surface deposits within haulage distance of Sable, you’re suddenly looking at district economics – longer life, more tonnes, and the ability to keep the plant full by rotating pits over time.

This is exactly why the recently announced strategic investor in JLP is getting involved. They’re not coming in for a one‑off Molefe pit; they’re taking a toe‑hold on district‑level optionality – the chance that Molefe plus its satellites becomes a proper hub that can be scaled over time.

And from a GLR angle, it’s worth remembering we will soon hold 23.75% of Molefe, while the new investor only has exposure via a percentage of JLP’s interest in Molefe, not a direct slice of the mine itself. In other words, they’re buying into JLP’s share of the hub; we’re directly leveraged to Molefe at the asset level if the district thesis comes good.

I am not convinced the market understands this. Maybe the Molefe presentation in June will help.

Sirboring,

There are some fair questions in your list, but a few of the conclusions about this CLN don’t match how it actually works or how early‑stage copper growth is usually funded. The CLN is unsecured, at an initial rate described as below typical bank funding, and ring‑fenced for Molefe/greater Molefe. That means a credible copper investor is lending against Jubilee’s asset base without security, specifically to accelerate the one area that can scale cash flow.

It is a loan first, equity later structure. If shareholders approve, it converts at the 20‑day VWAP – effectively at market price, not at a big discount. If shareholders vote it down, Jubilee still has the cash but pays a higher, more typical unsecured rate and must repay within 12 months. That’s normal risk‑pricing, not a giveaway.

Saying “no share issuance until cash‑flow positive and net debt‑free” sounds tough but, in practice, would mean starving Molefe and the wider district concept of growth capital just when a strategic copper partner is willing to fund drilling, licence expansion and mine development.

On hedging: you generally hedge when you have stable, predictable output. Jubilee’s copper platform is still ramping and integrating new ore sources. Locking in large hedges now on a small, evolving base would cap upside and add its own risks. A small, project‑linked CLN from a sector player is a different tool to a bank loan swapped against a big hedge book.

Governance and execution questions (Large Waste economics, non‑core disposals, overdraft status, balance sheet restructure, Project G, Molefe drill data) are all valid and should be put directly to management at the presentation. But they are separate from the logic of using a modest, targeted CLN to progress Molefe from a single mine toward a potential hub.

In the end, the vote is really about this: do you want Molefe/greater Molefe (district) funded and drilled with help from an industry player now, accepting limited dilution, or do you prefer to slow everything down until the balance sheet is tidied up and copper is fully self‑funding?

I choose speed and a highly experienced investment team who created a multi-billion dollar company, and are obviously very keen on what Molefe can deliver. I vote YES.

The new investor into JLP has in effect validated the strategy for Molefe - the hub and spoke model. Molefe is not a side project for JLP or the investor, it is clearly the most important pillar in their three pillar strategy at present. That was the focus of the RNS and the reason the investor is putting money in. The investor is making that clear. A credible funding and operating partner will soon have skin in the Molefe game in the very area where GLR will hold a 23.75% interest.

If the Molefe district thesis works - and it seems logical to conclude that the investor believes it will, the logic becomes

1. Sable needs long‑term feed from multiple near‑surface deposits.

2. Molefe and its satellites cannot supply everything forever.

3. The lowest‑risk additional tonnes are those that can be trucked to Sable and de‑risked quickly.

It's independent validation of the opportunity at Molefe.

For GLR, that opens several routes:

1. JV or farm‑in deals where GLR ground is explored and, if successful, mined as satellite pits feeding Molefe/Sable.

2. Royalty/stream or carried‑interest structures that let GLR monetise discoveries without having to fund a plant.

3. A higher probability that any GLR copper hit in the broader region can be commercialised faster, because the processing solution already exists.

In short, every metre JLP drills at Molefe with GLR and their new backer, and every tonne that goes through Sable, raises the strategic value of GLR’s potential feed‑type assets in the area.

In Summary

1. Molefe funding = Jubilee and a mid‑tier copper house (IMO the investor is a team not an individula) starting to build a district, not just a pit.

2. Sable gives that district a ready‑made processing home.

3. As that hub grows, GLR’s nearby copper ground and JV interests gain option value as future feed into a funded, derisked system.

Everything to play for folks.

The US$1.5m CLN is small in size but big in signal. It’s a toe‑hold for a serious copper player into what Jubilee is clearly positioning as a district‑scale opportunity around Molefe. The funding is ring‑fenced for the greater Molefe region, with talk of acquiring additional licences and a potential US$10m staggered follow‑on to accelerate drilling and development. That’s classic early district behaviour: prove up multiple shallow deposits within trucking distance, feed them into Sable, and grow production off an existing processing hub.

The RNS references a team behind Mantos Copper and its merger with Capstone Copper – a group that helped take Capstone from a relatively small copper company into a merged mid‑tier producer with a market capitalisation in the billions of dollars, and a portfolio of large copper mines in the Americas, not a small private outfit. The investor is therefore highly likely to be an institutional/corporate team, not a single individual punting on AIM, and they are taking an option on Molefe as a future hub and bringing their expertise with it. In South America they have several plats which process both Sulphide and Oxide. No coincidence IMO.

It’s also worth noting that both Jubilee’s CEO and Capstone’s CEO are South African, bringing a shared regional background and understanding of African mining and deal‑making culture. That combination of local insight and mid‑tier copper firepower, focused on a district concept rather than a one‑off pit, makes the modest dilution today a trade‑off I’m happy to see JLP make.

I'll be voting Yes. Molefe is an amazing opportunity. Bring on an experienced 'rain maker' (I think I know who it is - turned another Company into a serious Mid Tier) and this will not only accelerate Molefe, but the entire company. I expect as his influence and shareholding grows he will make a move to the board.

If there were no further potential at Molefe the new investor would not be investing IMO. Great news for the asset. Also it tells me the Pillar 2 strategy is the strongest pillar at present.

Molefe is already monetised so not sure how you arrive at your last sentence sirboring. The money is for accelerating the Molefe prospect wider and faster. The Molefe presentation is clearly becoming more important for investors. Join the dots folks. Some third party with deep pockets and expertise is getting on board the train.

I agree NS.

The money is being used to accelerate into a much larger area. That is a key indicator of the likely size of a Molefe. Go slow or go fast. They chose faster.

Sirboring. Incorrect.

- AIM companies must notify the market "without delay" of any changes (e.g., crossing a percentage point) in holdings of significant shareholders (defined as 3%+). This includes the identity of the shareholder and the size of their holding.

As for insider trading anyone who has looked at the anomalies image, old Chinese workings to the south east, the phase 1 results, and soon phase 2 results will likely conclude there is further possibility within the license, and no doubt in the greater Molefe area. It's good news. It's a done deal bar the BB shouting, and Molefe will accelerate. You'll have to suck it up. Looks like Molefe will be much bigger than people may have thought.

4El - the reality of what goes on the board room is clear to most folk who have worked in these environments. I am glad to see a well healed individual come aboard. I doubt they frequent this board for advice and guidance - just getting real - it's good news.

I agree NS. The presentation is in June as we know. Sooner the better. The acceleration plans will be of interest to JLP and GLR shareholders for same and also different reasons. The investor likely already knows the Phase 2 results and the further potential within the license. Molefe will turn out to be high FCF generating asset sooner than the market is yet to realise.

Of course they will. The fight will already have been once before they put it to the vote. In the same way going into a Board Meeting will almost always be a rubber stamp meeting because all the key stakeholders will have been met with, opinions sought, and the deal settled based on feedback before they table it. That's the norm. Saves embarrassment.

JLP RNS ‘In line with this strategy, Jubilee has secured a US$1.5 million unsecured convertible loan note investment specifically designated for the accelerated development of the greater Molefe region (refer to the announcement dated 28 May 2026). The investor holds a successful track record in the development of various copper projects and formed part of the team behind the development of Mantos Copper and its subsequent merger with Capstone Copper (Investor). This initial investment reflects the Investor's keen interest in supporting Jubilee's copper exploration and mining strategy in Zambia, including the development of the greater Molefe region, beyond the current mining area.

Great for us - as it does not dilute lit Molefe interest. :-)

The larger shareholders, the ones with the real clout, will already have given the nod. They will likely also know the reasons for pushing on hard with Molefe. Looking forward to the Molefe presentation.

Interesting https://x.com/terrybali/status/2060020885956993322

Maybe they have a better idea of what the Phase 2 results at Molefe will be plus further extension possibilities are likely to be.

HI BS, the accounting for Molefe will be separated out as it’s a JV. JLP will get back their original investment and then the profits on Molefe will be shared in proportion to the JV agreement. Interestingly JLP just got a £deal - the focus on Molefe is clear and to GLR’s benefit. All good.

Excellent post WWT. I like the line of questioning.