Member Info for Mikiesunday

Evening Seiss, i guess they have been accumulating for some time. An awful lot of chrome is now being produced. From memory i think we processed circa 50k oz 4ish years ago? If so, chrome production is massively more now and PGM production much less.

What i found very interesting was the 45 day feed stock period. This will ensure a decent margin, even with falling chrome prices. But Leon is expecting chrome prices to harden again.

Quite the opposite lootgaloot. IRH very much sound, but incredibly demanding. Jubilee getting solid interest from other parties. Jubilee in a different position now with the front end of Roan proven. Potential to re- negotiate, while IRH ask for due dilligence. Maybe ask for better terms from IRH? Its no longer a lab concept, its now reality. Very likely to be repeated as well with IRH or different partner.

Sorry run out of room!

8. IRH asking for a lot of due diligence. No problems in providing this, but other potential partners showing interest allowing push back on IRH. Possible potential to re-negotiate? Lots of potential and possible partners to replicate this deal on other projects, although this is the biggest in Zambia. Clearly ambition here and appears to be sooner rather than later. No plans to look outside of Zambia for at least 2/3 years as so much to pursue in Zambia.

9. The Waste rock project easily supports 50kt production.

The options were discussed against a back drop of falling EPS and collapsing share price. They were essential to maintain key staff. Competition for our staff is very high. Disclosure of this information was discussed and Leon stated it was disclosed. Very important to tie our key members in.

The splitting of the Zambian business and South African business was discussed. This was to protect the company for potential M and A action. Whilst there is no plans or intent, it is wise to be flexible. Also aids easier reporting. I could not form an opinion on this other than the above. Just prudent planning for all eventualities.

All shareholders left the meeting in very positive moods. Dare i say, some very excited at whats to come. Personally, i was made up.

great to see old friends and new. really appreciate your thoughts and findings.

i’ve not met leon before and wasn’t sure what to expect. would he be battle scarred from the last 3 years or so? would the share price be dragging on him? over the last few months i have been doubting his ability to lead. in short, not at all. this was a man in charge and fully energised. this was a man ready to head a billion dollar company and take it forward. like a magician with plenty of tricks up his sleeve.

the south african business is in fine fettle. points to note:

1. exposure to chrome prices on own produced chrome is limited to 45 days.feed stock is purchased for a 45 day period only, giving lots of protection to the margin.

2. very close to producing ultra fine chrome. originally the industry discarded anything under 150 microns. jubilee first developed the ability to process at 70 microns. then 40 microns. now they are close to cracking 10 microns. to illustrate this, leon compared this to the fine particles in face make up. nothing short but amazing. clients are now courting jubilee for their processing ability. originally this was all tails and due to efficiency its now 85% reef.

3. substantial pile of pgm’s constantly growing. jubilee still have access to the windsor joint partnership with northan. this facility has the capability of processing 3 times the amount of inyoni. circa 120k oz! the basket price would have to stabilise and rise to circa $1500 to activate the joint venture. at this rate, the stockpile would take circa 7 years to process. this is in addition to inyoni. our share is 60% of proceeds. stock pile will grow faster with new thutse modules!

4. fine chrome cost was the reason for the accounting charge change, originally billed against pgm’s. this was corrected to demonstrate true costs for negotiated deals.

the zambian business is maturing fast. points to note:

1. sable should be at full capacity in 2 and a half quarters. fed entirely by projects m and g.

2. project m is a considerable resource. unlikely to find another like this. project g is complimented by an on site concentrator already in situ.

3. the lower grade copper at m is being rapidly stockpiled with 550k tonnes already. average grade of 1 %. higher grade going to sable with an average grade of 3%.

4. roan feed average grade just over 1%.

5. detailed splits of production between roan and sable will be given in future disclosure.

6. copper finance in the industry is standard at 120 days production. with a clean balance sheet, this demonstrates the ability to raise finance based on copper production. could be fairly substantial in 2 and a half quarters.

7. processing available at mopani for the joint venture project **** heap with mopani.

8. irh asking for a lot of due diligence. no problems in providing this, but other potential partners showing interest allowing push back on irh. possible potential to re-negotiate? lots of potential and possibl

Morning Ever, Northern, Chester, running a bit late. Just about to get on the underground. Should be about 40 mins.

Morning Northern, i have only scanned the RNS. Need to read properly, but i agree regarding Roan. This is very concerning at the very least. Before i say anymore i need to read the RNS properly later this morning.

Maybe Seis, possible they had a target of circa 150M. Or under 5%. That would have roughly halved their position. Next few days will tell.

Thats great BB2, see you there.

Dorf, dont worry, i’m all over that. Plus even more importantly disclosure. The volume of those options should have been disclosed to the market by RNS. Disclosure improved a lot with Neal, but hes gone. I think his parting gift was the annual accounts document which was very detailed. Slater obviously not happy, but im very glad they are taking control of the situation. Hoping it will lift Leons game too as definite vote of no confidence in him. This could be a game changer for shareholders. Ollie would have been very constructive here too. There is the makings of a huge company here, Slater just guiding Leon, after all he is the architect of what has been achieved.

Https://www.brecorder.com/news/40329630/copper-prices-rebound

Lets hope this is big.

With Russia producing circa 40% of the worlds palladium, any kind of sanction could be explosive! Is this the surprise story of the year? If this gathers momentum could we see $2,000-$3,000 an ounce? What are your thoughts? I cant find much news on this story.

Https://www.mining.com/web/us-asks-g-7-to-consider-sanctions-on-russian-palladium-titanium/

Sanctions could be highly beneficial for Jubilee. Especially assisting the copper growth with additional funds.

Edzi, do you think Slater have no idea?

Edzi, i completely agree about the manners and will be more than forceful at the AGM, because i feel this should have been an RNS. But my point still stands and i think we are seeing the evidence in Project G. Leon was never the founder of Jubilee so never had the luxury of issuing shares at inception. He was bought in to a job. He has struggled in the last few years, but seems to have got everything back on track. I am quite hopeful, this move will stop him issuing shares at will. I believe firmly he will make us all very rich now. Yes i cant argue, they are options, but for all intensive purposes, they are shares at that price, just he has to wait for them. I will find out the terms under which they are released at the AGM.

Seis, the options/ shares are awarded over a number of years. I think 3-10, so they drawdown each year. Not sure how itv works exactly. Will find out at the AGM. But hopefully they can afford to keep them as they are almost fredbies.

Further, every time Leon issues a share, he loses more than you and I!

Edzi, your missing the point, as i did initially. He’s not been given options, he’s been given shares. He is now a big holder. At first, like you, i thought it was out of order. As i posted. Its now dawning on me, that might just be Ollie and Slaters best move so far. Look what happened at Project G. Completely different mind set for the guvnor!

Couerdelion, whilst it is easy to condemn the options as i did several days ago. I have stewed on these over the weekend and am changing my mood on them. Whilst i am going to ask very difficult questions at the AGM, i am starting to wonder if these are in fact a very good idea. Leon effectively has serious equity in the company now for the first time. Every time he issues shares again, he’s shooting himself in the foot. Did this influence Project G. Are his interests now actually aligned with shareholders for the first time. I’m starting to think this may have been a very good move by Ollie and Mark Slater. Slater is nobody’s fool. Its very important the two MD’s are locked in as they are probably effectively running the company. This might just be move that shapes the company. Only time will tell.

Indeed Seis. I think the latest presentation/ annual accounts was suggesting they will have the potential to produce 100k pgm oz’s if they could process it. The joint venture could be maxed out, if PGM prices rise.

More than happy to take up any questions as im sure Northern, Chester and Ever would be.

No worries Edzi, i hope your daughter is ok.