Member Info for Kalan

Sorry Kaiser B but for once I agree with gotreal. Only skim read the rns and all of the answers are there. looks like a comprehensive update and setting out of the position to me. Going to read it thoroughly later but at first glance, debt goes (much better deal than first thought), proceeds exceed near term requirements (ahem caveat) and there's a chance (albeit slim) of share buybacks in 3 or more years. I would settle for no debt and no dilution to get to a cash generative business.

I would vote for the deal at first look, the alternative is near term dilution to settle debts and get copper production up to snuff as the income from pgm's and chrome is much exaggerated and insufficient to meet goals.

"How's your Afrikaans Gotreal, in fact how fluent are you in other languages?"

FYI Frogkid - gotreal is effluent in all languages.

Regarding Roan - the current output is nowhere near the limit - they are pressing ahead cautiously with achieving consistent output rather than maximising output at this time, according to Leon. With the right feedstock and utilising more of the capacity, then 10,000t would be a minimum according to Leon.

Share now significantly oversold- a rebound is likely.

Selling the S.A. business at a multiple of capital requirements for Zambia - de-risks the investment, avoids further dilution - some cash mus surely be used for day to day expenses as Roan won't cover these at current output, none-the -less the company will have capital in the bank - buybacks??

Zambia is unleveraged with no securitised debt at all - debt goes with the sale??

JV with partner for waste rock - capital put in and the partner will be the buyer of product - truly de-risked, non dilutative and does not need Roan processing capacity - the waste rock can be all extra income.

Roan current production is the bottom end of the scale - proving that the processes work to the market. Higher grade input of oxides can take Roan to and above 10,000t copper units (approximately 1,100 ish t of concentrate = 384t of copper units at Roan currently).

Mining getting going and expanding at Munkoyo and G which should have profit margins of around 35% to 38% compared to 20% to 25% for Roan with bought in feed.

Next steps - Sable to take in Munkoyo, G and some Roan in 1st quarter 2026 (?) and Munkoyo game changing on site refining to reduce transport costs (higher margin) by quarter 2 2026.

Waste rock progress awaiting S.A. sale which is all in place but has taken management time. waste Rock sooner rather than later(?/).

Munkoyo and 2 waste rock units to produce the extra 10,000t.

15,000t possible in 2027 (?) and Roan rejig and different feed could give 20,000t.

Scaling the copper production is critical for profitability - cash support needed this and next financial year from S.A sale ??, then production kicks is.

The gamble is whether JLP produce to plan, which I don't believe they will, see Edzi, but my bet is that with a JV, Cash from low priority assets, Roan production and the S.A sale, the debt free copper producer will not run out of money and/or need dilution before the tonnages reach a level where the company becomes profitable.

Expecting a jump up when the circular is issued. Further interest from the 'thrill of the drill' reMunkoyo sulpate resource mapping and subsequent JORC compliant report. Further inteest as Roan beats current output when the company dare to stop the current less risky processing . More interest as the JV is anounced.

The road has been rough and there will be challenges and underperformance ahead but shareholder value is at the front of their minds - will they deliver? 100% delivery gets us north of 10p, 50% delivery should get us north of 5p. There's a risk, but the sp is at or near rock bottom, history has shown this to be a poor time to sell - so I am holding onto all my shares for better or worse, for richer or poorer. GLA.

Hope you are right re- debt coldfeet. If so, then surely JLP would have enough cash to go it alone on the waste rock project.

They must have a cash flow chart regarding proposed income and expenditure. The details of this should be made clear to shareholders.

Not holding my breath.

Presumably cold feet. Overheads. salaries, debts, purchases of mineral rights, leaching, modules etc, every scrap of cash is being gathered in to get us to break even. Talk of dividends and share buy backs is for the fairies. They just chicked the idea of dividend rule changes into the mix to try and get some positives in there.

So - where from here - measly copper production currently up to barely covering our bottoms by end of 2026. thereafter it's down to the waste rock partnership and the bought in mining company to fill up Roan and Sable. Buy and hold now for 3 years to treble or quadruple your money - looks possible IF they can deliver. So, holding as I've already bought.

We need to spend the £13million from non core assets, and then the £67 million from S Africa business and then money from further non core assets in order to get to a position of break even in Zambia without further dilution.

Evidence - Leon specifically states non-dilutative and also that we need someone to chuck in millions to get the waste rock project up and running, the conclusion being that all the money raised will have been spent on Roan, Sable, further assets, on site refining and leaching.

Guesswork conclusion - the larger investors refused to stump up any more money through dilution or accept any further dilution. This forced the board to add up what they needed and a fire sale of all non Zambian assets was the conclusion they came to.

Personally - going to write down the value of JLP on my spreadsheets of assets and leave it for 3 years, with a view to selling up as part of my legacy to the kids and grandkids. The original plan was to make a quick £20,000 to £30,000 and buy a new car with the profits. Was doing well whilst going in and out, up £14,000 but circumstance got the better of me, left the money in when my dad and wife got ill and took my eye off the ball. Still what's a new car compared to life - good luck everyone - here's to 15,000t and a share price of 10p, or who knows, a surge in copper price and a share price of 17p. I note the subtle change to the waste rock project being the number one priority, The fire sale will get us to break even, the waste rock project is needed for profits, hence my 3 year time frame.

If the new owners are a quoted company then anyone can have a share of the SA business - another unknown.

Here's another one - if we pull the plug on the deal, how much do we have to cough up?

I'm afraid it's already history welloil - things don't add up that's true but the path is almost 100% certain now - look forward, not back is my mantra.

Shut up gotreal - you wanna be online bully boy - we all know your a mummies boy whimp.

There another new thread lowered to his standards - doesn't take long does it.

Back in the day I remember typing on here that we ditch Jubilee Platinum for Jubilee Metals. A few weeks later it came about (pure coincidence).

Time for a new re-launch with a name change to Jubilee Copper.

The other metals have gone, the deal is struck we move on.

So let's look at copper - $9900 this morning, 28% higher than that in USA where Trumpenomics is muddying the water prior to the 50% tariff expected on copper on October 1st.

World supply and demand - oil has a 6% margin of production over demand, whilst copper has a 1% supply excess over demand- that's very tight and copper could spike any time soon.

Glencore is on the verge of deciding to shut copper mines in Australia because a major smelter is on the brink of failure - they are going cap in hand to the Australian Government for a handout to retain the smelter - this could be the tipping point for copper. In any case demand is projected to increase more from the energy transition than the decline from domestic demand.

So Jubilee Copper has a great opportunity - the circular needs to set out our short term path to 10,000t per annum, then the step up to 20,000t per annum and the proposed strategy regarding the 'waste rock' on top of the 20,000t.

Show the market the strategy and then show the market the actual copper in swift succession and the nasty pair will become the happy clappy pair once again and more importantly we will all see return on our investment.

Come on Jubilee Copper, come on Leon.

PGM basket almost irrelevant.

JLP is soon to be solely a copper producer. The update says rise in pgm's offset fall in chrome, so no material change to earnings from S. Africa (I know yada yada yada).

The whole tone is that the deal is going through as S. Africa operations were never going to make us all rich but copper might.

They aren't putting out copper production numbers because they are very low compared to expectations and past promises.

They are hoping / working on producing one good month of copper production on which to base forward guidance on. That guidance will need to be in excess of 8,000t and preferably in excess of 10,000t to justify the amount of shares that I continue to hold at the price I paid for them.

I have my fingers crossed and guess most of you are the same. GLA. On Leon we rely.

There are lots of knowledgeable posters on this board but none of us are party to the knowledge we need.

The rns today was issued because they must otherwise it would have been silence until the end of July.

What are we producing per week from our copper operations? we don't know.

Why does Leon think the pgm business is being sold for 10x to 15x profits? What are the overheads? we don't know.

What are the projections for copper production this week, this month, next 6 months, following 6 months, where is the evidence to substantiate those predictions? we don't know.

What are the next developments in copper, plant, leaching, mines, waste rock and what are the costs associated with each? we don't know.

Where is the money coming for to develop copper and will the sale mean that the gap is filled, or filled for now? we don't know.

Unless the circular itemises the above then share holders are not in a position to vote. This information should not be made available to large share holders but not smaller ones.

There must be a compelling case for such drastic action to be taken, is it a positive case or a covering our bottoms case? We don't know.

For all our chat, intellect and knowledge we know absolutely nothing of any consequence regarding this deal and the company's way forward.

Casino pays out 97% on the average bet - would take 97% of my bet back right now.

They thought that by saying shard would create and enhance shareholder value they were addressing our concerns.

When we all know they are just using the quick jump to shard as a get out of jail card.

I would vote for a mothballing of the copper business. Acrue cash through pgms for the next 3 years, then sell the S Africa business and go back to copper with the cash pile.

Unfortunately my strategy would involve massive cost cutting in terms of staff and those on the gravy train which isn't in the interests of the board .

It looks like the deal is all but done and the board know they have the votes. So we are going to sell S africa business and gamble all on Leon producing copper in large amounts at a large margin.

To be fair, holding shares in this company has always been a risk based on one individual. Either Colin Bird and selling Tjate or scooping stuff off the ground at a profit that no-one else can see OR Leon and his magical abilities to extract money from sludge based on his learning which began way back with Braemore and conroast technology.

The damage to the share price has been done, we are trapped, in Leon we trust - onwards and upwards. I'm selling at 9.5p. Don't know when though.

Scenario: copper looking good now we have abandoned being the clean green company to be a miner of shallow deposits. The costs are greater because of the need to purchase mines, the need for more leaching and the lack of capital comung from any JV. A decision is made to sell assets to raise the cash, a circular is promissed. The spin starts saying we are getting a good deal at 10x earnings for S Africa operations.

Then: out of the blue profits on pgm's triple overnight, maybe even quadruple on the bottom line. A quandry - the spin no longer works. The sale is no longer a good deal but the strategy decision to go all out copper has been made.

Result: the board become catatonic, staring hopelessly into the space ahead of them, hoping tge juggernaught of a decision they have to make won't hit them. Unable to swerve the decision, they wait fir the decision to swerve them.

Product: silence and inaction.

Anyway, copper showing strength, will it run up past 10,000? Whilst we wait and wait.

You're right, therefore its a good deal? 🙃

If they had said nothing about the potential sale, the rise in pgms and copper close to $9900 the sp would likely be around 5p now. A small profit for me. If they had produced half the copper promissed we would be around 6p to 7p.

We all know this and the frustration spilling out onto this board is a direct result.

If it hasn't been activated, then Leon misled us in the April rns.

p.s. gotreal, I said the market is pricing the sp as if the leaders were morons, not that they were morons.

Now off you pop, mummy will be coming up to your attic room with your lunch on a tray at 12. Better turn that other website off.

Surely excess pgm material is already being processed. In April Leon said the material would start being processed immediately through a rns bulletin with 18,000t per month initially going up to 30,000t per month. The agreement was for 12 months in the first instance.

Cash being generated through chrome, pgm and excess pgm material, plus sales of OB1 material and surely some from copper.

now planning to sell the current cash cow of pgm,s.

Either major shareholders want a one off big divi to return some of their cash or copper is going to be a massive cash generator or the leaders of our company are moronic. The market is assuming the latter of the 3. The upside could be tremendous, could be.

Spot on coldfeet. Excellent summary.

Which person is saying both things?

Tjate was drilled and assessed. The costs are prohibitive to develop.

A deal was arranged with Twickenham mine if memory serves ti sell a section of Tjate adjacentvto Twickenham mine but I dont think it went through. A trawl of rns bulletins from 15 to 20 years ago would reveal all if anyone has time. If adjacent miners already with development costs spent dont want Tjate, then no- one will. Ah the days when JLP was above a pound on the excitement of tge Tjate drills.

Saying we were retaining Tjate to keep exposure to pgms is a red herring.