Member Info for Kalan

Next week would be a poor time for the roast to visit Happy. January is the wettest month in the rainy season, closely followed by February. The wet season continues to April. They would be better off going in May at the start of the dry season if they are going to see anything positive. Widespread flooding in the copper belt at this time of year and doubtful they would see the 'new' front end in operation at Roan until April at the earliest.

On the other hand maybe it would be good to hear how difficult things can be and maybe some would give Leon some slack.

3 pillar strategy ---- cut and paste

Leon statement --- cut and paste and tweak.

Copper production ---- insert.

10 minutes - done.

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Hi Bluebelly - done a quick look back at the last financials we have:

2025 average lme copper price (very aprox from a chart) about $9900.

Average JLP revenue per tonne was $7621 or about 77% of lme price.

Average cost per tonne $7,776 per tonne which is an operating loss of $155 per tonne before all expenses, taxes etc.

Looking forward - the selling price will be higher with copper about $300 per tonne higher for the time being.

The production price will be higher at current output due to increased wages etc and will increase further due to extra processes being introduced. But as tonnage increases the cost will be spread and bring the overall cost back down somewhat.

Currently JLP are on track to produce below the guidance of 4,500 to 5,100 tonnes and should be making a decent sized loss as a company just based on copper.

It's difficult to get a break even figure for the copper stand alone company but my estimate would be about 5,500 to 6,000 tonnes per annum.

The monthly run rate by the end of calendar year 2026 could be in this ballpark. If copper price falls back to $11,000 average and JLP can't control costs and don't produce copper to targets as usual then this share is overvalued.

If copper price stays at these levels, JLP deliver on production targets for once and get the costs under control as they have stated then 12 to 15 months from now we could see 7p+ per share.

How much is the share worth today given the risks and potential rewards. Well that's anyone's guess - each of us will have a price we will pay and a price we think is too high. Currently the market will let you buy at 4.7p and sell at 4.6p, that's the consensus value.

Is it cheap , expensive or about right - everyone has their own view.

Just had a quick scan of posts on here.

Chatmandu and Harmprof seem to be committed to their investments here but also present a balanced view of the company. Risk v reward rather than the reward only mantra of most.

As for the Mottley Fool article, well they are no fools, even though the article was amateurish and showed little understanding of the company or it's history. Any one of Seisnav's posts could knock spots off the article. They were simply bunging numbers into a calculator until they came up with a million, in order to grab punters' attention and hence get the punters to buy the information on their top 6 or top 10 companies. They openly state the JLP isn't one of them.

Anyone buying purely on the Mottley Fool article needs to visit a phrenologist.

Far better to read Chatmandu's post or Harmprofs (when he's being succinct) and of course Seisnav - for more reallistic expectations.

Predictions - gold and silver balloon has been pricked, believers will try to pump it back up but it's slowly deflating. Copper got giddy alongside precious metals and should slide back, probably in the $10,000 to $12,000 area - very healthy for copper producing companies.

Disclosure - I am out of all investments - 100% cash. Off you go slag me off. GLA.

Chatmandu - I think he means could buying at 4.8p make you a millionaire. Yes it could. On the other hand.....your warning is timely, only invest what you can afford to lose.

Operations update - 13th Jan a year ago, 23rd Jan 2 years ago. 15th Feb 3 years ago. So there is precedent for the late reporting. Reason?

(Aside from looking back at the report 3 years ago - targeted copper production for the half year was 3,000 tonnes, Actual just over 1,000 tonnes).

Dear me.

Gold down $1,000 in 4 days.

Silver and Bitcoin down about 40% from recent highs.

Copper down 4% over weekend but holding up better than most.

Bloomberg metals trader states that long term investment case for copper (long term is usually 3-5 years) is still intact.

However, short term his opinion is that it got too high with copper in cantango on at least one market, inventory of copper stock around the world at 10 year highs and supply outstripping current demand.

JLP safer than most as current production is so low and JLP still in an investment phase which means this short term fall in copper prices will do little real damage to the balance sheet, sentiment is another thing of course. Copper still over $300 per ounce higher than it was about 6 months ago.

Good article Trojan - the move in markets in copper was instant in response to precious metals fall - shows a softening of some bets as traders got spooked. Fundamentals still very good for copper and for JLP $11,000+ is great once we get copper production ...... etc. (4 years and waiting - could be 4th quarter Harmprof, maybe latter part of this callander year).

On top ups Harmprof - T.agree it's best to average in - if it helps I have 3 support points which are alignments of historic chart points of resistance and support with fibonacci retraces from highs. They are, conveniently for memorising, 4.5p (support now, already shown some strength and a small rebound), then 4.0, then 3.5 ish (maybe a tad lower).

If you buy at 4.6p and keep cash back and then again at 4.1 and 3.6 you will average in at 4.1p. and if / when it turns up you will quickly be in profit.

Of course we would all like to say the bottom is at 4.5p so pile in but MacD doesn't look good. Good luck and I'm sure your strategy will pay off in the medium term (18 months).

I think the share price will hold rock steady over the next 2 days harmprof.

Wasn't aware Sable recovery was historically that high - thanks Seis. A question for those with better memories. Are the modules for the LWP based on the same design as the Roan front end? If so, then delaying the LWP would make sense until the Roan front end is proven to produce copper at volume. Just a thought.

Quarter 1 - 938t in total.

Quarter 2 Roan 3x280 = 840t. Sable (excluding Roan - no double counting) 4500t per month at 1.75% recovered x3 = 236t

1076t in total. (Probably a maximum amount as operations may have been interrupted by weather - who knows).

Half year total 2014t, leaving a further 2,486t to 3,086t target for second half to meet guidance.

Already stated that bottom end is more likely. 4,500t does look possible dependent upon the cyclone and front end working at Roan and ramping up to 8500 throughput at Sable at 2.5% content (1.75% recovery).

The company will be making an operational loss and overall loss on first half figures. Second half could see JLP reach operational break even but still losing as a company. will look rosier in 12 months - for now - more expenditure and more copper losses but on the plus side LTH should be rewarded for their patience and copper price seems robust. Nothing has changed here at all - we all know the copper figures and we all know why they are delaying publishing them - they need a spoonful of sugar to help the medicine go down (e.g. 14.7% rise in copper production quarter on quarter, drilling results look promising etc etc). GLA TTFN.

Very funny lootgaloot and clever - are you on the right board? 😂

War chest.

Chickens hatch.

Pedants are pedantic.

Ah Et tu Frogkid.

I've only gone away once in 25 years Frogkid.

I buy JLP when it appears cheap given the titbits of information we are given.

I sell JLP when the share price gets ahead of reality.

Positives : Lot's of cash from S.Africa sale, more cash from asset sales, Roan and Sable are operational.

Negatives: we are a one product company, we produce very little of that product, expensive investments in copper at Roan and Sable have achieved nothing over 2 years, this year to June 2026 we will make an operating loss on copper. We are mining tiny amounts of copper to deliver to Sable, the Roan front end may well be a white elephant (never discussed on this board), the waste rock project is about 2 to 3 years old and gone nowhere.

At 2.6p this was cheap, the cash from sales made it worth 3p+, 4p+? I very much doubt it given the risk and reward balance. It's a matter of opinion, I wouldn't argue with any of the positive comments made by others this morning. I will buy back in if and when the share price meets what I am prepared to pay.

A warning to new investors, the board have never delivered what they promise, don't invest what you can't afford to lose. Encouragement for new investors - the potential is as great as it was 2 years ago, you can make good money in JLP if you buy at the right price and sell at the right price (no sh sherlock). Don't pay too much, don't be afraid to pocket profits when it gets overhyped. Don't listen to the resident ever positive posters, they have a bad track record.

Yes .... and?

8th February - who is up for a party - we should all celebrate:

Roan Front End 2 years old - YES 2 years old.

Look at what was promised 2 years ago via RNS.

"Highlights

Copper Processing Plants

· Following the revision of the project timetable at Roan occasioned by the logistical problems at South African ports, the expansion of the front end of the Roan concentrator is on track for commissioning by end of Q1 CY2024. It forms a fundamental part of Jubilee's strategy to progress production to 13 000 tonnes per annum of copper contained in concentrates.

· Manufacturing and testing of the new 50 000 tonnes per month copper processing module is now completed, with the final components being prepared for transit to Roan for commissioning.

. At Sable engineering designs for a new copper concentrate line are underway. With construction on track to commence in Q2 CY2024, this should see processing capacity increase to 16 000 tonnes per annum of copper contained in copper cathode and copper concentrates.

Everything that Leon just promised was promised 2 years ago, in fact he promised more back then.

For those new to the share we have been here before.

Prospects look great, delivery has been beyond appalling - let's hope something has changed, this time (bearing in mind it was already 2 years behind two years ago).

Cue vitriol, we know your game etc etc - the comments always come out when someone speaks the truth.

Yes share buybacks would be best. But only after the myriad of projects to spend on have been concluded and the company is at least breaking even. This red herring has been put out to divert attention from the disastorous roll out of the copper strategy to date. The plans look good. All depends on delivery. Leon has shown he can work miracles with chrome and pgms. Now investors are trusting he will do it with copper. Fingers crossed.

Thanks Mikie.

Looks like guidance for this year is going to be a stretch.

Resource JORC(s) possible in 12 months or so.

Deal with Galileo better than initially badly reported.

Company break even maybe some time in 2007 financial year, hopefully 1st half.

Patience should be rewarded as long as they deliver. A lot of stuff to pay for but should have enough cash to do all the work and pay overheads without dilution.

Thanks Poors.

Reminds me of a song" the sound of silence". The words of a prophet are written on a subway wall.

Cheers Jonah. I think it was mostly due to new investors getting on board after the publicity but as I posted I think there was an element of pump and dump. I noticed posts from folks I have known on various boards for a long time and were well associated with p and D's in the past. That's what made me make that comment. Quite happy to be out this morning. Much more relaxed and can re-enter the fray when I choose. Might be a little surge as folks report back from the AGM but if there are no figures for copper production we may see a gentle slide in the sp.

Release of good figures (doubtful) and /or a realisation of progress in some form could leave me behind. So be it, I've been in JLP on and off for nearly 3 decades and have a feeling which way the short term move is from here. The lack of an rns typifies JLP.

How much copper have they produced in the last 3 months from the two massive and expensive plants - not telling us!