Member Info for Kalan

The finance bloke said sulphuric acid was a worry. To the point they were getting together with others to buy in sulphuric acid but it was frught with difficulties.

If JLP could just produce their own, surely hw would have mentioned it and gone down this line.

Can't just blame USA (in the long run Trump's actions, badly thought through as they were, might make the world a safer palace), the company did a fire sale to get rid of crushing debt at the same time they needed more cash for copper, so called expansion. Everything is desperate cobbled together thinking and knee jerk reaction. The actions in the gulf have exposed all of the flaws in JLP's plans but they didn't create them. Survival of the fittest at this time. Fingers crossed for JLP.

My take - depressing.

New information - sulphuric acid supplier has stopped producing (temporarily), other supplier has reduced production. Trying to get some imported but full of difficulties.

Debt attached to copper production not ideally set up, trying to remedy this.

De-watering at Roan will hopefully work, could be a couple of weeks, we'll have to see if it works and how well it works.

With 80% of the year gone they don't have much idea how much copper they will produce.

Rainy season still going on, albeit not as bad as it was, bottomsup.

He thinks it's a going concern because he said so in the accounts and so did the auditors but he hasn't got a crystal ball i.e. don't pin it on him if it isn't a going concern.

Accepted my error in buying 200,000 for a small trade on the jump from the investor update. Sold up at a 5% loss. Taken it on the chin and walked away.

GLA - might be some news from somewhere in next month that will lift the sp unexpectedly, can't see from where but if it does I'll hold my hands up and congratulate all holders. Back to 100% cash for now.

Oh dear.

The rns said they were already ubderway and would commence in FY 2026.

Ok sirboring put in the word promissed when indicated would have been better. Otgerwise his post was spot on and for that he is attacked. Plus ça change plus c'est la même chose.

Thats how I remember it Seis. 5100 and commencement on the others.

Lootagloot. So true.

Dont know Chatmandu. Usually the share bounces the day after. Uber positive reports come back from the meeting. Then theres Leons take onnit. All positive, then theres media covrage and share gurus chipping in. Lots of folks picking up small amounts at 3.1 to 3.3p. Unfortunately a 2.5 million sell means the bottom is bouncing off 3p psychological support. If 3p holds it might be a decent trade. Otherwise its sell at a small loss or hold the few Ive bought for the long term. When / if Im out will say so Chatmandu.

Yes Frogboy. Not AGM but a GM and investor call.

Agreed Chatmabdu. Bought 20% of my original holding for the BS bounce trade.

I think Oak Bloke lives in Fantasy Island - he needs to consider what if - what if it takes twice as long to get to profitability - what if it costs twice to 3 x as much as expected.

Then he might say there are substantial short term problems to overcome and IF they overcome them without running out of cash - then JLP has really good potential.

That would be a fairer summary.

Pick your valuation based on the JLP reality on potential and delivery experience, not on the say so of someone who never goes out.

Is 3p and a bit a bargain or will it go quite a bit lower. these two scenarios are playing out on the charts right now. A small uptick this morning could have been the breakout - ticked down - watching it closely now. In two months could be anywhere between 2p and 4p IMO. GLA

Thanks Seisnav - a few IFS in there but figures duly noted - god it's hard to get a sensible discussion on here without provocation.

Sirboring - you are p...ing in the wind.

Your post is excellent but the share price has gone up a bit today and anyway they don't want to hear it.

Roan was supposed to take any old rubbish and turn it into copper - now they are purchasing higher grade because they can't get the numbers up. The front end may start to work with the de-watering system - we await proof.

3 pillar update - Roan - according to your calculations is a white elephant.

- LWP - depends on Roan front end and now dewatering as well - no wonder there's no progress - potential partners need to see that JLP can process it at a profit and the evidence does not appear to exist. The LWP does have a value if sold to a third party in chunks we believe. No news there.

- Molefe and Sable - as I posted weeks ago - it is the only game in town. Own feed and own processing. The numbers are pitiful at present and it's costing a lot of money. The projected rise in numbers is still pitiful and now we hear that the flow of material is restricted due to damage from the rainy season. On top of that overburden stripping is now prioritised as that is onsite and doesn't need transportation across dodgy bridge etc. By the time the next rainy season starts they may have some plant in place to start processing the lower grade stuff they are piling up. The damage from the last rainy season may have been addressed and let's hope it can withstand the next rainy season.

There will be rises and falls in the sp on drill results and share issuance and I may buy in and get out occasionally but holding this share for the next 12 months is starting to look like a mugs game on the fundamentals.

On a positive the one year chart has been flirting with a break upwards over the past 24 hours - probably on anticipation of the orchestrated AGM and phone in B... S... that the believers soak up. The 5 year chart says there's a way to go down yet - just charts eh - best ignored.

Your post deserves serious discussion Sirboring but will likely get swept under the carpet. GLA.

There is only one question.

Will Jubilee get to bottom line profitability with the expected cash due paying for projects or will they be going to banks (loans) and shareholders (dilution and rights issues) for more money?

Chrome made a loss.

Pgm boom of 69% higher price swallowed up by 72% rise in costs. I.e. suppliers got the benefit, none to JLP

The effect of the rainy seasin continues to hinder copper production ( I did do my researchBottoms Up).

Copper production to be revised down, finally, ramp up to be tediously slow and expensive over next 2 to 3 months.

Cash at hand will be needed.

GLA Holders.

Just had lunch with an insolvency lawyer. Outlined the details of this company but without naming it.

At the end she said a) she wouldn't touch the company with a bargepole and b) if she was an investor she would vote against all 3 resolutions.

The recent dilution and ability to dilute further was, as we know, a reduction in shareholders holdings.

She had seen and advised upon the legality or otherwise of the capital adjustment proposed and in all cases the company were up to something and they need to come clean about it in the interest of shareholders. Typically they were making the company look better than it actually was in order to take out loans.

My feeling is that the dilution, proposed ability to dilute further and setting up the company to potentially take out loans, makes me wary, particularly regarding the cash position and commitments for capital required before JLP starts throwing off cash.

Personally waiting for the financials and then may buy in for a short while for a bounce after the AGM.

The potential good news is that the insolvency lawyer said all 3 items on the AGM 'could' be good news and in the long term interests of shareholders.

In the short term she wouldn't go near it. She would want to forensically examine the accounts, particularly looking at debt and borrowing requirements. Diluting for Board freebies was a red flag. We both thought that if the financials were delayed to coincide with the AGM, it would be another red flag.

Sharing - do with it what you will. In and out 'opportunistically' as Leon would say for me for now. Need to know much more before committing anything longer term. GLA.

What does moving reserves from share premium to distributable reserves mean?

Moving reserves from a share premium account to distributable reserves is an accounting process used to "unlock" capital that is otherwise legally restricted from being paid out to shareholders.

What it Means in Simple Terms?

Share Premium (Non-Distributable): This account holds the "extra" money paid for shares above their nominal (face) value. By law, this money is locked away and cannot be used to pay dividends or buy back shares.

Distributable Reserves (Realised Profit): These are profits a company is legally allowed to distribute to its owners. If a company has accumulated losses (negative reserves), it cannot pay dividends even if it has plenty of cash in the bank.

The "Move": By cancelling or reducing the share premium account, you "convert" that restricted capital into distributable profit (Retained Earnings/P&L

Why Companies Do This

To Pay Dividends: If a company has negative retained earnings (accumulated losses) but a large share premium account, it can use the transfer to clear the deficit and create a surplus from which it can legally pay dividends.

To Repay Capital: It allows the company to return surplus cash to shareholders more easily.

To Clean Up the Balance Sheet: It can be used to write off historical losses, making the company's financial position look healthier for future investors or lenders.

Th company gets the ability to buy back shares and/or pay dividends.

The company DNA as demonstrated over 20 years plus is to never give anything back to shareholders but rather to print more shares, effectively taking from shareholders.

So - what are they really up to - how can this benefit the board and/or major investors? My problem as flagged up by bottoms up is that I think a lot but don't know half the story. You are right bottoms up - I'm still thinking though and yet to come up with an answer. Perhaps it's just a deliberate distraction from the awful performance - innocent enough.

Perhaps they really are going to pay dividends or do share buybacks, mm - why are they wanting to continue to dilute at the same time.

Suspicion and disbelief are my middle names.

(Are you sure, I don't think they are!)

100% agree Chatmandu.

It's the same with everything they say an60. They tell shareholders what they want to hear. many have complained that the board have little skin in the game and the interests of shareholders are not aligned with the interests of the board.

They want to give themselves, or others providing services (e.g.Colin or a feedstock supplier) shares or warrants or both, so they couch it in terms that shareholders are more receptive to.

aligning .... blah blah. As you point out an60, the problem is now in the open with the board and shareholders but the solution should be their purchase of shares with their own cash, not being given free or cheap shares.

Dilution, however small, is taking part of your company and giving it to themselves or selling it to themselves at a discounted price. They gain and you lose.

Sorry zpoors but that 3 million was a sell I think. A very vrry lste reported trade from yesterday when the share price was quite a bit higher.