Member Info for Kalan

The share price DOES reflect copper. The sale of Chrome and platinum assets is worth about 2.1p per share. Copper business is therefore valued at 2p per share currently.

O.K valuations - sell up and cash in, wind up the company - quick calculation (others will do better/criticise) - $90 million South Africa + $150 million.OB1, gives $240 or £177 million, equating to about 5.8p per share. What about all the other assets, assuming they pay off debts and solicitors and bankers.

Bottom line the share is worth at least 5.8p and others can produce more accurate and probably higher figures. So - not selling.

Back of an envelope valuation.

No change for South Africa business - I assumed it would pay the overheads, capital requirements etc and it still will albeit for a 3 year period. assuming the copper business is mature and self financing by then and the $90 million has been invested/ wasted, the profit and valuation are based on copper production. No finesse here - it's back of an envelope at 6,500 tonnes of copper at previously reported margins with copper at $6,000 per tonne and a price earnings ratio of 8 (no enterprise value i.e. pessimistic), the share is worth 3.1p per share (in my very humble opinion). Currently the copper price is at 6680 so add 0.1p for every $80, gives approximately 4p per share. So on this rank amateurish basis the market believes we are producing or are going to soon produce at a rate of 6,500 tonnes per annum. actually we are probably going to see about half that for this year, so 2p per share but based on a fire sale of assets, see above, that share price would be nonsense, so the market is vexed and seasoned students of all things JLP are lost and confused.

By my methodology at 14,000 tonnes per annum at the current share price would give a sp of 8.8p.

Take away scenarios: 1. JLP blow the $90 million and have to sell off what's left at $150 or 3.6p per share (worst case)

2. JLP wind up now 5.8p per share.

3. JLP reach 14,000 tonnes 18 months from now at $10,000 at tonne gives us 10p a share.

Hope that helps Couerdelion.

(For clarity I do have qualifications in mineral valuation through the Royal Institution of Chartered Surveyors, but with so little transparency, what's the point of even attempting any of that technical stuff - those who have been labouring under the assumption that JLP can be valued on current share issuance and potential income from chrome, pgms and copper now know they have been sadly mistaken and share price valuations in excess of 20p look fantastic (in the true sense of the word fantastic i.e unbelievable)).

GLA - holding for 9,5p.

I'nt Google brilliant.

The sp does reflect copper. With no expenditure on copper there would be sinificant and risinng amounts of cash in the bank, instead of processing capacity that hss processed vrry little. The share price could well have been 6p or higher. No copper production. No price rise. My wish is for 13 to 14, 000 t copper in 2 years time. Share price 10p assuming copper, pgm and chrome prices stay in recent parameters.

Hmmm interesting that every time anyone makes a valid criticism, Gotreal tries to outwit them and fails and then Shuvlin joins in to back up Gotreal.

The old 1, 2. Or is it the old 1,1? Hmmm interesting.

"We remain committed to scaling our operations in a non-dilutive, capital-efficient and sustainable manner as we advance toward our medium-term production targets," he adds.

The main positive - actively avoiding further dilution - for expansion at any rate.

Good to see you are still sticking in there Flipper. Every step and misstep of JLP has had a chaotic knee jerk reaction about it for years and years. They've settled things down in South Africa to provide a bedrock for the company worth 3p to 5p depending on prices (except in extraordinary circumstances). The rise in value needs copper delivery and we are 12 months behind on that at least and tacking away from resources that were to be the mainstay 12 months ago - step, misstep, stumble and then produce - 2 years more In My Humble Opinion. (2 Dickens references this morning- I'll quit at that, look up Mr Mcawber's favourite saying for yourselves).

Been here 20 years on and off. Read the update thoroughly. Done my quick calculations and trust my JLP instinct. Looking away now - two years wait for me, maybe with a few sells and buys on overbuying and overselling.

Strange how some people can't cope with any other opinion than there own.

Finishing on a plus point - I've also listened to and studied Colin Bird over 20 years and there was enough cash with the sales of assets to pay him his £200,000 up front but he wants shares - there's a message in there.

On a second positive, they seem determined to expand through self generated cash - no more dilution is the aim - Leon says it twice between the lines and bit of garble.

Good luck to one and all, researchers, calculators, religious believers and serial rampers and moaners. This time in next two years we will be miwionaires Rodders.

Guidance for next year 6 000 ton8000 I would guess.

Year after 10,000 to 12,000.

Share price for nexr 12 months 4o to 6p range. Year after 6p tp 10p depending on delivery and selling prices.

Not allowing forcwaste rock project or surge in pgms or copper.

Just playing devil's advocate, cash now or lots more potential cash later - we don't know enough to make the decision.

p.s. There are billions of £'s worth of nickel under my house and it belongs to me as the freeholder of the land. It's a bit too far away and too hot and too costly for me to get to it just now. if anyone wants to offer me £50 for it, It's theirs.

Well said Charles.

Tweaking in South Africa varies the production of pgms to chrome based on selling price which helps JLP get in as much cash as possible.

Add in profits from sending excess material to Northam to recover further pgms.

No more investment in South Africa just coining in the profits.

Copper, as usual with JLP is a moveable feast and strategy is/ has been made on the hoof with the focus on expansion. Recently it appears that the focus is switching to monetisation of existing assets. JLP trying out different strategies to find the one that works best for cash inflow. Maybe JLP fill up Roan and Sable with mined /high grade waste material to maximise output. There are costs with this for expansion of Sable which is ongoing and adding in leaching facilities, further expense for securing high grade material. If this can be done through cash generation then we are reaching the promised land.

Now then, the waste rock project - how about we just sell it all onto the third party for 50 million profit. Done and dusted. Jlp makes money from chrome, pgms, copper and pays a dividend with 50 million cash in hand for share buy backs. Share price around 15p to 20p depending how successful they are .

Sell for a profit or keep for the dividend income. luvly jubbly.

UKBBBBBB

"On 6th Feb (15 weeks ago) we were told a Cu update would be provided after a 4 to 6 week trial which was beginning within a week."

With the greatest of respect, that's a little tardy (Maybe with a better long term outcome?).

A beautifully balanced post seisnav. The positives, the negatives and the opportunities and pitfalls all in one post. Excellent.

All true Happy, but we did have copper at 10800 an the expectation of the 25,000 t capacity being filled very quickly.

The reality is better now in terms of actual production and actual prices being received for that production.

I think we are going top side of 9p, possibly this year, IF we get actual copper production increasing with a clear roadmap towards filling the copper capacity. How far North of 9p is unpredictable IMO.

Chrome price steadilly high, production increased.

Pgm s in deficit, above ground supplies down to 3 months of annual supply, pgm production steady, margins improving.

Copper in highest deficit for 2 decades, accirding to Snowdon. JLP on the cusp of a masssuve change increase in copper production?? Come on Leon, you did it withbpgm, you did it with Chrome, both had stops and starts along the way. Bring the copper strategy to fruition and the cash will roll in like a tsunami in Skegvegas.

Being widely reported on bloomberg and elsewhere. https://www.tradingview.com/news/reuters.com,2025:newsml_L1N3RT02B:0-mercuria-says-copper-deficits-could-push-prices-to-records/

Hopefully Bluebelly. Platinum at 1028 now. Palladiunaround 975. Chrome adding tioincome in an enhanced fashion. Capital spend much reduced. Copper price supportive. Seller gone/ going.

Copper production and/ or decent guidance would certainly put paid to sub 4p.

Bloo.berg quote "China imports the most platinum in a year as the squeeze tightens".

Platinum at 1008 this morning.

Being flexible can be a good thing in your strategy.

Early last year I bought into JLP and bought and sold 6 times, the last sale close to 9p. The share had gone up about 30% but my return was 106%.

Then I bought back in and my wife and dad were diagnosed with cancer. I decided, wrongly to leave my money in and focus on my familly. The sellers, the copper dtrategy underwhelming, led to me being underwater. Changed strategy and kept averaging down after my familly issues were resolved for good and bad.

Now is a new phase. Holding for recovery now, but will sell and buy back if the oprtunity arises to hopefully enhance returns. Most likely a portion, maybe a third of my 1 million shares.

At some point, hopefully JLP will be overpriced, at that point I may sell up everything and await an opportunity to return.

Lth good, traders bad is just a pointless mantra. Each to their own and good luck to everone.

Jubilee Platinum doing nicely. Steady output and Platinum price at or around 1,000.

Jubilee Chrome doing ell with price at the high end of the range and setting record production levels.

Jubilee Copper has rising prices in response to tariff talks. Production about to rise? Guidance about to be cinfirmed in the next couple of weeks.

Bottom line.... capital investment will no longer soak up pgm and chrome operating profits. Can Jubilee copper produce enough copper to meet costs and capital investment? If so we are in for a significnt rerate. IF.....

If Sable is full and producing 16 000 tonnes, then I dont think further refining capacity at Roan is going tjo be a worry. JLP would be churning out cash and the share price would be North of 10p.

The worry is them rsising cash for more processing whilst only churning out 1 or 2 thousand from Sable.