Member Info for Mikiesunday

Edzi, apart from capacity discrepancies. Its concise, understandable and much easier for a new investor to understand. This document makes it harder for the average deramper to cast lies and misinformation. For example, it clearly shows Sable in play at an easy glance, discrediting certain individuals. Its not going to make much difference to your seasoned investor, but i think it will help new investors no end. Hopefully a new web site to follow.

I feel, this presentation is getting the really important message out there. Copper ramp up is about to begin. The Southern project is just the tip of the iceberg. The Northern project is close. Its now in their hands to conquer Zambia and i presume on to the Congo. Cash flow should make life much easier shortly. We must remember they are ramping up chrome production simultaneously! The company is moving at pace now.

Seis, totally agree, the concentrate will be in addition, plus the capacity on the presentation for the modules is less than disclosed on the RNS, so they could be being very conservative here. Also Leon is trying to squeeze a third module in, which will increase capacity further. He did say the second module would be 50KT, but it would appears its only going to be 20kt, maybe sited at Mopani?

Dorf, just looked at the new presentation and very impressed in comparison to previous documents. This fills in a lot of blanks and pretty much sums up the Southern strategy. Hopefully we will get similar soon for the Northern strategy. Looks to me like Neil is already making a difference. very concise and simple for new investors.

Morning Dorf,

The modules are simply condensers in the same manner as Roan is. Feed source goes in one size and comes out much smaller, making it much more efficient to go through the refinery. The modules are easily produced and deployed taking 6-8 months from order to going live. They can vary in size depending on the size dump they are dealing with.

So, this is my take. Firstly there are basically 2 types of feed stuff. The first being what was termed as rocks at the AGM. This is the waste that is thrown away by miners. So it has never been processed before. The industry deemed this as impossible to process and simply discarded it. It was basically removed from the mine to get to the easy to process ore and binned. When Jubilee started this concept a few years ago, this material was not on the agenda and is a huge bonus offering massive extra capacity. Jubilee have already announced a life of mine contract for this material and this type of material is going to be predominately processed by Roan. This I took to be the first priority to get Sable ramping up around Christmas time with predominately this type of feed. There appears to be great potential for this type of ore, with many contracts being discussed, but with the priority of getting Sable up to 14k tonnes in the New Year. Biggest risk as i perceive it, would be getting the material to Roan, the first module and Sable because of rainy season approaching. The infrastructure is appalling in SA. Hopefully they have been stockpiling and the roads remain good. The plan is to get Sable up to 14 tonnes imminently with any excess material being sold directly in to market as a 20% copper contained solution. This process can then be replicated, for other miners as cash flow allows. There is plenty of feed source to attack and is constantly being produced. This nut has been completed cracked and roll out is on its way, along with the cash flow this will produce.

Secondly we have tailings, material that has already been processed, but not all the copper was recovered. It would appear this nut is very close to being cracked and i think they will be in a position by Christmas to confirm this after the semi commercial trials have been concluded. All the trails so far have been extremely successful with extraction at as much as 80% of copper, which i believe is outstanding. They are using the Draslovka process technology in this process. No doubt this will come with some sort of fee, but in comparison to the potential of releasing 80% of the contained copper, fades into insignificance in my mind.

Whilst there will be clearly no funding requirements for the southern project ( Sable & Roan ) as virtually complete, im not so sure for the Northern project and how big they want to go initially. But i perceive funding should be relatively easy with the cash flow provided by Sable and the excess concentrate sold combined with the current asset value.

This is just my take.

Edzi, timing the market is impossible, especially with the geopolitical storms around the world. Was great to see some better news from Biden & Zi. Dhould calm some nerves. But im sure you will look back on this in 2-3 years and think your timing was near on perfect!

Edzi, at first i presumed that test was ordered at the request of the banks. Until the partnership was announced and Seis posted the Draslovka flow sheet, which explained the pilot semi commercial plant test. I am now thinking there is no finance to be arranged as its pay as you, module by module. Unless a big purchase is announced? I cant see where there is a need for finance at present. What are you thinking?

Edzi, they are expecting the results in December. They started building quite a few weeks ago. Can only hope it is on schedule.

Its only Roan that is being upgraded. Leon said they will try and keep Sable going to some capacity.

Old D, it may not be as bad as feared because Sable is still up and running. Hopefully they stock piled some material to process. Hopefully your right and we see some rapid increases with increased copper production. @ Dorf- just ordering my wings! But definitely agree. @ Jonah- it can only get better from here! Or make sure you pick the ground floor ledge!

Morning everyone. Im feeling more confident at present. Not just with Jubilee after the AGM, but with the market as a whole. Has a pivot started? markets are forward looking, right? Even Biden & Zi talking! Has the market started to price in a recovery/ falling interest rate world? If not, is it on the horizon? What is everyone's thoughts? Maybe a great time to be going into commercial copper production?

Hi Gray, i am positive or would have sold out some time ago. The last 18 months have been very difficult, but i have held for the copper production. There is no question of the future demand for copper. Roan capacity is circa 10k tonnes and the module is circa 7 k tonnes as per recent RNS scaling up 20k ton throughput module. Sables capacity is 14k ton. Just adding the figures. I like you, hope it comes good here, but i have a lot of respect for Slaters achievements and he has recently added. I would be very surprised if he has misjudged this.

Jammer, i think your right about Roan and Sable, they are key. Especially for cash flow. But dont forget another copper module ( number 2) is on order already. How long has it been order, we dont know, but it has been for some time and takes a maximum 6-8months from order to finish. Roan and module 1 already produce more than Sable can cope with! So im assuming they must be planning to get Mopani up and running. Especially when you consider Leon is trying to squeeze the 3rd module in! After all Mopani is a binding MOU. Surely does the new owners not have to accept that particular plant is effectively not under their control?

IHD, I believe we buy the material from them and pay a rate dependant on grade. The material is tested and payment agreed. That way we can take feed from many third parties. I have no idea how much is paid, but i am assuming it is in the cost of production. That is only my assumption, i could be way off the mark.

Edzi, i make you right and it would be a good time for a complete update. I do think they have had the test results and moved onto the large scale testing. Seis posted the Dopravka flow sheet a few days ago and it appears we are on stage 4, which i believe leon said we should have the results in December

https://www.draslovka.com/content/files/downloads/GlyLeach%20Brochure_English.pdf

I do think we may be looking for more than there is out there now. Probably because the share price has dropped so much, we’re looking for the problem. All caused by previous reporting failures! I am hopeful its a home run now, but dome clarity is necessary to reverse the share price decline.

I agree HD about grade, but Roan was always intended to process ROM from various third parties and tailings.

I believe, the plan is to place the first ones at Roan as the infrastructure is now there and capable of taking another 3 modules. Its the cheapest way to get commercial production underway. The strategy changed when the Zambian government supplied more water and electric than Roan required.

HD, Roan was a greenfield site. Needed all infrastructure to be implemented. Was built during lockdown, when costs, delivery etc spiralled out of control. The new modules are being placed at Roan to take advantage of the new electric and water supply, keeping costs to a minimum. Plus they now have the experience they have gained over the last 18 months. Roan should be capable of 10k per annum once the upgrades are completed if not already completed. If not its time to ask questions.

Evening Jammer. Yes, i cannot disagree with your summary, except at the current stage, i do not feel there is a need for extra funding. One of the statements the chairman made at the AGM related to not over stretching the finances and creating problems. At present we have Sable up and running, with Roan and the first module about to come on line. Assuming these are now successful, of which they certainly seem confident, the free cash will flow as you say. Im not sure how much cash the next stage would require, with the second module already on order and the Mopani refinery already secured. Obviously Mopani would need a refit and the second module installed. If Roan and the first module are performing as planned and it takes 3-6 months to complete the refit of Mopani and the installation of the second module. The free cash flow generated from Roan and module one, would certainly assist here. I see funding becoming more relevant if they want to expand faster or look beyond this with say the purchase of another refinery like Chimbishi. Otherwise its one module at a time until the 31k ton per annum capacity is used or cashflow allows more. Seems a great strategy to me, at least thats my thoughts! Whilst i cannot disagree with your view, as only the next few months will prove Roan and module one competent or otherwise. I am taking the opportunity to accumulate more shares at this price as i feel the chrome and PGM business more than underwrite the current share price, especially when you consider the expansions planned and greater chrome profits about to be enjoyed. I do very much believe the current share price is an anomaly and as the earnings of the current year come through in South Africa ( chrome and PGM ) copper aside, there is not much risk at buying at these levels. Just my beliefs!

The reality of the situation here is Got Real is right. Look at chrome. It only takes a few months to install a chrome module as we have seen and a few more for the long lead items. The ninth module is about to be fitted after only a few years, with the pace of installations rising fast. Once the industry for chrome was established, the roll out of new plants has been crazy in comparison for how long it takes to create a new mine. Expansion and development is rapid. As is testament to becoming the largest chrome producer in the world shortly. With the added bonus of escalating PGM production. Now for copper. Jubilee are about to establish another new industry in the production of copper, through various recovery procedures. This industry has taken several years to establish and is now about to follow chrome with the roll out of copper module after copper module, which no traditional miners could compete with even in the wildest derampers fantasy! With Sable proven and ready to go, plus the Mopani binding MOU in our back pockets, copper is production is set skyrocket. I wouldn't mind betting we acquire Chimbishi as well. My guess is that Jubilee will have more copper modules than chrome modules in 3-5 years time.