Member Info for JuniorLassonde

If you mean the recent JLP tweet - is that not pit 2 and 3? https://galileoresources.com/projects-operations/molefe-copper-project/

Which pictures show Pit 5?

I agree Chri5p, not even PL253/2018, PL039/2018, PL040/2018 which is crazy. Even Molefe has not moved the dial which means it’s not built into the price. There’s the opportunity! :-) Maybe the Phase 2 Molefe results and forecasts will wake a few investors!!

Sumo,

At the Molefe Copper Mine, the following applies:

• Pits 2 and 3 are being merged into a single, larger open-pit operation. This follows Phase 1 drilling and trenching results that confirmed the continuity of shallow, high-grade copper oxide mineralisation. The integration includes ~4 months of development work (stripping ~400,000 tonnes of overburden) to improve efficiency, lower the stripping ratio (target ~6:1), and ramp up copper reef mining from ~15,000 t/quarter to ~60,000 t/quarter at an average grade of ~1.4% total copper.l at surface.

• Pit 5 is the main active mining area (the only fully developed pit so far). It has been the primary source of ore (mining rate around 80,000 tpm total material, with high-grade ROM delivered to the Sable refinery). The other pits started as satellite/test pits, and expansion focuses on connecting them for better scale.

What source are you using to say mining has reduced?

Current Spot

metric tonne (tonne) = 2,204.62262185 pounds (lb).

convertunits.com

Calculation: $6.12/lb × 2,204.62 lb/tonne ≈ $13,492.29/tonne.

Next tranche for Sandifre is within 70km of Motheo. Licenses sold:

Licence Approx distance from Motheo (km)

PL044/2018 99

PL045/2018 85

PL122/2020 111

PL154/2020 98

PL250/2018 137

PL251/2018 122

PL366/2018 140

PL367/2018 126

The $80m max payout is real upside if triggered — a one-off cash payment (not dilution) for the first JORC Ore Reserve on the specific 9 sold licences exceeding 200kt contained copper (scaling up to $80m above 750kt Cu).

You're right it's not index-linked, so every year of delay reduces its real value due to inflation.

That said, a dose of realism on ownership is needed: Sandfire owns 100% of those licences outright since the 2021 sale. They control drilling priorities, budgets and timing across their much larger Kalahari package.

Sandfire is now focused on expanding the Motheo hub to 5.2Mtpa by fast-tracking near-mine satellite deposits (A4 previously, now A1 with maiden Ore Reserve targeted for June 2026 quarter) to feed the central plant.

The 9 Galileo licences were early-stage ground in the broader belt — some nearby (good) , but not yet confirmed as priority satellites. Sandfire has strong commercial incentive to advance promising near-mine ground quickly rather than park it.

Good News: https://x.com/Jubilee_Metals/status/2046962760597053741

Progress.

Contingent deals always carry risk.

The 2021 agreement wasn't completely open-ended.Key terms included:

1. US$3m upfront (cash + Sandfire shares)

2. US$4m exploration commitment by Sandfire on the 9 licences within the first 2 years (any shortfall paid to Galileo in cash)

3. Success payment (US$10m–US$80m) triggered only by the first JORC Ore Reserve on those specific licences exceeding 200,000 tonnes contained copper.

Regarding the current Motheo expansion (targeting 5.2Mtpa with satellite deposits to feed the central plant): the 9 licences were prospective early-stage ground in the wider Kalahari Copper Belt, some in the general vicinity of the Motheo hub (T3/A4/A1 area).

Sandfire’s strategy focuses on near-mine satellites like A1 (maiden Ore Reserve targeted for the June 2026 quarter). While it’s possible some of the sold licences could contribute to future satellite discoveries, there is no public confirmation yet that any qualifying Ore Reserve has been declared on the original 9 licences specifically.

Sandfire has strong incentive to advance high-potential ground quickly to support the hub expansion. Botswana licence rules also require active exploration to support renewals — simply sitting on ground until expiry isn't straightforward.

Whether tighter milestones should have been negotiated is open to debate, but Galileo received immediate cash plus meaningful upside potential while passing early-stage risk to a well-funded operator with existing infrastructure nearby.No public indication yet of a triggering reserve on the sold licences, but regional drilling continues.Happy to be corrected on any points. Some of those funds were used to obtain the additional licenses we now have today.

Great for Molefe :-) https://www.livecharts.co.uk/MarketCharts/copper.php

Bobill, actions speak louder than words and Molefe is getting the attention. There will be reasons for that.

Hi Dru-Sa, I agree all eyes are on Molefe. For now Pillar 2 is the strongest high margin pillar in my opinion, and there are two companies jointly pushing to make it a success. Get Molefe ramping up and throwing off free cash flow and then move on to other spokes for the Sable hub. I am looking forward to the phase 2 extension results for sure.

Yes Chri5p, Zinc is looking good and the pits at Ka$hitu are very high grade, and worth significant $$$. Interestingly if you look at this https://www.grovenorresources.com/operations.html (Project G is Grovenor - no doubt in mind) you will see one JLP CEO - Leon - in front of Kabwe Lead and Zinc Project Signing Ceremony. Signed April 23 2025. Ka$hitu got its license March 14 2025. No coincidence IMO. :-)

Harmprof

Drilling activity actually supports the opposite of mothballing: e.g. Jubilee (and partners like Galileo Resources on related assets such as the Molefe/Munkoyo mine) has been actively drilling in Zambia copper projects, with Phase 1 results released in March 2026 showing extensions of mineralised zones and high-grade intercepts. Phase 2 drilling is already underway to support resource estimates and mine plan expansions.

"Project G" (frequently linked in market discussions to the Grovenor/Mumbwa area) and highly likely to be what Mumbwa is, has seen Jubilee increase its stake, no doubt to take on operator/manager roles, and plan further resource drilling. This fits the pattern of preparing for expanded open-pit mining and ore feed to their facilities, not care-and-maintenance.

Mothballing would mean suspending operations and placing the site on care-and-maintenance (common in low-price or uneconomic scenarios). Here, the opposite is happening: Jubilee is investing in pit expansions, ore delivery, and exploration to boost production. Any drilling "in and around the mine" is likely resource definition or extension work to support longer mine life and higher output — standard for advancing a project, especially one moving from early-stage to integrated mining/processing.

BU - it was very much higher and that was when copper lb was much lower.

Given the skills across Jubilee, Grovenor, and Galileo I wonder if there is a three way deal involving Molefe, Project G, and Luansobe that could work?

CB knows what he has and its value. I recall Datacheck mentioning previous offers mentioned at the AGM which were far in excess of £5m. All good.

Will Galileo get involved with Project G? With a bit of digging. These are the likely licenses IMO. Owned by a company called Grovenor Resources Zambia Ltd. Some recently awarded. Probably more exploration required, mine planning for an application to mine (Likely Galileo). Some stuff about already mining - probably bare mimumum because they are exploration licenses. Probably scopping off some copper oxide .. very small scale. Grovenor mentiones an EIA which would be required to get an large scale mining license.

Licence Number Type Area (Hectares)

40947-HQ-LEL - Large Scale Exploration - 8,838.79

40948-HQ-LEL - Large Scale Exploration - 1,782.34

40949-HQ-LEL - Large Scale Exploration - 5,836.09

40951-HQ-SEL - Small Scale Exploration - 439.49

40952-HQ-SEL - Small Scale Exploration - 164.83

Gorvenor licenses - exceeds 16,000 hectares (17,061). Grovenor refers to Jubillee Metals and Jubilee refers to Project G having > 16,000 hectares.

Licence Number Type Area (Hectares)

40947-HQ-LEL - Large Scale Exploration - 8,838.79

40948-HQ-LEL - Large Scale Exploration - 1,782.34

40949-HQ-LEL - Large Scale Exploration - 5,836.09

40951-HQ-SEL - Small Scale Exploration - 439.49

40952-HQ-SEL - Small Scale Exploration - 164.83

Gorvenor licenses - exceeds 16,000 hectares (17,061). Grovenor refers to Jubillee and all that crytpic stuff.

Project G is almost certaintly the Mumbwa area held by Grovenor in the process of being transferred to Jubillee as Operator/Manager (majority).

They will need a good exploiration company.

In terms of already mining - that's stretching the definition IMO.

BU, GLR was awarded a small scale license for Zinc at its Ka$hitu license. Some very high grade open pits. I am wondering if there is a connection. The license award came left field and was awarded very quickly.