Member Info for Mikiesunday

About to become the largest chrome producer in the world!

Thats a great find Seis and looks like we are at step 4 with the semi commercial test plant being built, maybe completed now. They expected the results from this sometime in December, alongside the completion of module one! It sounds to me like step 5 may be very close.

Edzi, from what i understood, i would agree with Jonah, but further believed each module is designed to deal with the particlar dump. Each dump is individual dependant on make up, age, exposure etc, so there is no one fit cure, but each dump processed on its own merits. So whilst they have cracked a lot of the opportunities, they are still working some and constantly looking to improve recovery and costs. They were very enthusiastic about the rocks as i think this was a major breakthrough, with so much material available and constantly being extracted.

Haha, the elephants! The good old fun days! They will soon be stampeding the likes of Bushey and his mates. Once they start running there will be no stopping them! Module after module. Suppose it will be a name change again for you then Bushey! I can think of a few????

Further note, this is all very close and copper is closer than believed. Think this point was very well illustrated by the seeking Alpha note. Does anyone have a copy they can post. But i believe he wasquite surprised at the speed copper was coming and going to influence the accounts.

Further note Leon is adding one more module, which i presume will also be at Roan and wont be far behind the second one as Leon has confirned he is trying to squeeze this one as he has capacity for 3 modules. Which in my mind utilises the full capacity of Sable and Mopani. 17k and 14k as set out in the binding MOU RNS.

It would be great to have an update to that, but remember there are many components to the site of Roan now. Firstly you have the upgrades to Roan itself, which i believe there were several. Then you have the install of the first copper module at Roan, then you have the install of the second copper module. The first one i believe is due to finish in December. The second was on order and about to start. This is why there were so many different dates all referring to different components of the upgrade. Then we all know Roan itself is way late to the party! But i feel when they talk about copper strategy being ahead of target, they refer to the 25 tonne per annum target as this is likely to be achieved very quick, almost in one go, between, Roan snd the two new modules. I believe the strategy changed completely when Roan had the power and water upgrades. Allowing the 25k target to be busted relatively quickly from ghat point, but more importantly without too much expenditure on new green field sites! Ofcourse greenfield sites will have to come for further growth, but by then hopefully copper is very profitable. My understanding anyway!

HD, i think another reason for likely prioritising the 450 ton extension over the 600 ton new contract may be the availability of distressed assets over the 6-12 months. All the infrastructure is in place for the extension, whereas they might be thinking cheap plant / infrastructure may become available as the industry takes heavy casualties in the bear future?

Totally agree Dorf. There is a lot of construction, engineering and testing going on. A little patience now and commercial copper production will be added to chrome and PGM’s. Its only a small number of weeks away. Then its just as quick as modules and refineries can be constructed. A process that will become faster and easier as revenues rise as module numbers increase. Its been an incredibly hard slog for shareholders, with 1-2 years in the dark, but i firmly believe the light is about to shine. Once metal prices start to move and they will, all hell could break lose here. Just need to find a little more patience!

@ Gotreal, im guessing the Bush is down to his last few pounds and becoming more desperate by the day!

@ HD, i dont think they will announce the 600 ton contract for a while now. Their plate is pretty full with the 450 ton additonal Thutse module, starting very soon. The Roan upgrades, which i believe are scheduled to be finished at some point in December. They are completing the installation of the first/new copper module at Roan, whilst awaiting delivery of the second and Leon is hoping to squeeze the third in. That is some serious expansion and growth happening now. Plus i would imagine they have the refurbishment of the Mopani refinery very soon. Im pretty sure in a few months, the potential earnings/ production will be in a different league to now.

No promise of an RNS Sumo, but i would be surprised if they dont.

Yes Gotreal, plus the latest quarterly update that states there is capacity for 3 modules. During the AGM, Leon stated one module is nearly installed, one is on order and im pretty sure he said he was going to try and squeeze the third one in. Perhaps some one present can validate or discount that. All seems to tie in with the binding MOU and Sable combined capacity.

Maybe forward selling the copper on an off-take agreement to fund Chimbishi? An off take was mentioned as a way of raising capital at the AGM.

“Jubilee establishes a refining presence at both its Sable Refinery in the South as well as at Kitwe in the North to better serve all of its secured copper & cobalt tailings projects - targeting a combined refining “capacity of 31 000 tonnes of copper units per annum”.

Just lifted this from the MOU for the Mopani Plant. Im now wondering if this is what they mean by capacity for 3 modules. I initially thought it was enough infrastructure at Roan, but i now think it's refining capacity. If you allow 10kt for Roan and 3 modules at 7kt you reach the max processing capacity of Sable and Mopani at 31kt. The MOU rns states they plan to beat their target of 25kt and now all is starting to make sense. In theory with Mopani only needing a make over and only one more module required to complete the 31kt capacity, this could all happen very quick. Funding more modules and Chimbishi! What is your thoughts Seis and everyone? Sounds plausible?

Morning Jonah, Just scaled up the figure in the quarterly report. If a 20k tonne per month module is expected to produce the equivalent of 3k tonnes per annum. Would it be fair to assume a 50k tonne per month module would produce 7k cathode equivalent? Have i missed the point here?

Looks like some seriously chunky buys, yesterday evening! @ Got Real. We didnt really discuss the IP situation and this was bought up in the meeting. Im not really sure of the laws around IP and the protection there of, but Jubilee certainly have some very important formulas and recipes to produce the copper. Physics and chemistry play a very important part. There is no magic machine. Which they have confirmed in a recent RNS with an 80% recovery rate, beyond their own expectations! Ollie was very proud of this and the IP Jubilee have. He stated the best way they can protect their IP is to use it quick and corner the market, just like they have achieved in chrome. They have first mover advantage and it would appear their technical ability is way ahead of the pack and they plan to waste no time in cornering the market. He compared this very well to the chrome market, with Jubilee about to commence their ninth chrome module. He made no hesitation of their desire to replicate this in copper , corner the market in Zambia, which is a huge market to say the least and even the Congo was mentioned. As previously stated in several recollections up to 20 copper modules was mentioned. Personally i think this could be the tip of the ice berg! The chrome business is living proof of Leon and Jubilee's desire and in my view we have a great chairman to back him up. ( We can discuss Ollie in another chat ). Their desire is clearly to be number one in the chrome world and it looks like they will achieve this in the next 12-18 months with circa 1.7M tonnes per annum inbound already on the cards. But clearly they feel their best way to protect their IP is to corner the market and they are wasting no time now. Roan is being adapted to take different feed stocks and the first module is nearly complete, leading to 17K tonnes per annum capacity in the next few weeks. The next module is already on order which will increase capacity to 24k tonnes per annum. Its going to be a race between copper and chrome, but lets face it were all here for the copper. Everyone understands the potential for copper over the next decade and it looks like Jubilee are going to be a very important part of that.

Https://www.nasdaq.com/articles/chinas-october-copper-imports-hit-10-month-high-as-inventories-fall

The beauty of the module approach is one at a time. Pay as you go! The first one has been purchased and is currently being installed, expected to be finished in the New Year. That will then add to incomes, helping install the second one now on order. Such a great strategy from the board! Pay as you build. One module at a time, but each complete installation just increases capacity and earnings. Simply genius from Leon & co!! Rinse and repeat! They are about to install the 9th chrome module and on the cusp of being the biggest chrome producers in the world. Now its the turn of copper!

Raider, they were very enthused or excited about what they termed rocks! My understanding, this comes from waste or run of mine and is naturally higher in copper content because it hasnt been previously processed. It was deemed as not possible by the industry or not viable. They have cracked it under the new process and its everywhere, multiplying by the day. Im sure the others can add to this as im technically useless! After the upgrades they are very confident Roan will be efficient. With roan producing 8-10 k tonnes annually and the new module circa 7k tonnes! Thats 17k tonnes potential, more than sable can process. With 1k tonnes already on the board, my feeling is 6k is very light when you include copper sold direct to market. The second module may even come live increasing annual capacity by a further 7 tonnes. Copper is now happening and happening very fast. The view regarding PGM’s was very much an industry on its knees with heavy casualties likely to take place over the coming months. This will severely restrict supply.

Additionally the chairman was firmly in charge, filling me with confidence for his job ahead.