Member Info for Mikiesunday

Hi Seis, I assumed they included the 20% deduction as they are now using a margin. That would assume they get 45%. If they were using costs I would expect the 20% deduction. That would also help explain such a big deduction at 55%.

Hi Higgin. Next 3 months @50tonnes ( Dec, Jan and Feb) Then March, April, May and June @100 tonnes.

Morning Northern, I read that as a 45% margin on cobalt. So 550 tonnes to end of year @ 52k x 45% = $13m approx. Later paragraph suggests margin will be at least 45%. I would imagine they are being very careful here, leaving lots of room to out perform. Next year looks very decent with 1200 tonnes producing earnings of $28M. Still a very nice addition this year and straight to the bottom line I guess. Leon’s £100,000M in earnings looking very achievable.

Seis, I note, the copper is back on track for 10,000 tonnes current financial period, now the independent water licence is in place. Got to be good news, especially if copper finds more strength 3Rd and 4th quarter.

Yes Frog, you are absolutely right. I am gutted I did not attend. Whilst I perceive the company is doing very well with many income streams now, the market needs reassuring with an RNS. At the moment there is drift on the back of minimal volume. Just no buyers being attracted and the usual crowd turning up to prey on weakness. Leon disclosed on the Sunday roast, earnings of £100M are now likely. That’s puts us on circa 3 x earnings looking forward. Absolutely ridiculous. Now would be a great time for a broker note. In the meantime I have emailed the company asking for quarterly figures and rang to speak to Waltie who is on annual leave. I suggest everyone does the same, but you are right Frog for sure, shareholders need to do their part, put pressure on and rally behind what is an incredible company in the making.

Morning Sumo, there must be an element of that, coupled with general market reductions for perceived high risk smaller companies on the AIM, China lockdowns, war, inflationary pressures etc, etc. However on the positive side now, monthly earnings will be swelling with the new found efficiencies of Inyoni, southern copper strategy paying off, record chrome production and cobalt joining the party. I think the risk of a placing is very low. Would love to know how much cash in the bank there is now? Must be accumulating rapidly and the increased copper prices will help greatly.

Just getting to grips with recent news here! I note copper costs come in much lower than the latest estimates at 4,500 per tonne. Then Leon tells us they are piloting a new scheme to reduce acid costs ( by 30%) significantly. He says acid costs make up 45% of production. That’s 45% of $4500 giving $2025@ 30% is $607 so hopefully reducing costs to around $3,900 per tonne! ( anyone else agree with that?). Copper prices flying up to around $8,500, on reduced inventories, rumours of China relaxing their lock down and inflation slowing Stateside. Wait till China open up and world sentiment improves. What a difference a few days make, costs going down, prices going up, just when we are starting meaningful production. Another 300m tonnes of tailings all but secured, allowing production of 40k tonnes of copper in the north alone, circa 52k in total. Oh my word, a dedicated cobalt facility! Looks like my wish list is very much coming true this Christmas. Would love to see a cobalt number for the north, would love to see a cobalt number for the south? How much are we producing???? Yep, Cobalt, copper, PGMs and chrome all in Leon’s sack this Christmas! What an exciting quarter this is and how good is the second half of the year going to be???

This is fab news and playing out exactly as expected. I am still very confident in a £3 exit in 3-5 years! Just a shame covid put us a little behind schedule. Keep up the good work Leon, it’s very much appreciated.

For sure NTD, earnings will show through eventually and what’s more- it’s just the tip of the iceberg!

Well NTD- Cobalt is a game changer and I sense some confidence in that tweet! 100 tonnes of cobalt a month would be dreamy.

BB2, some people who attended the AGM, posted on here, that during conversation Leon confirmed he would give a quarterly update. Not a full financial statement, but production update. I can’t remember who though. I feel it is very important Leon follows through on this after so much of an increase in infrastructure. Quarterly reporting is important to underpin and increase the share price, avoiding massive chasms of information the traders prey on so well. This won’t be popular with many of the traders, but it is now time to reward the long term shareholders with the growth that has been undertaken and about to be undertaken.

Nice to see Berenberg are still recommending Jubilee as a buy, with a 19p price target as in the share news on the header.

Quarterly figures could just start that spectacular recovery off Dorf! If Jubilee achieve anywhere near 100 tons per month of cobalt going forward, the financial implications will be huge and really demonstrate to the market what is to come with the northern project.

I completely disagree with you Heroic and think a dividend is very much on the horizon. Jubilee have taken many positive steps in the last 2 or 3 year culminating in multi million pound profits being invested into new infrastructure and projects allowing further growth, now all being funnelled towards the Northern Zambia project, which I very much believe on completion and sustained production will lead to dividend payments. In my view dividends are on the horizon and will benefit shareholders greatly in the form of income and capital growth. I believe, Just one project away!

Charles, much of what you say makes absolute sense. Unless they are planning to go large. At the current proposed processing rates it is going to take many years to process the already secured tails. Assuming they are in constructive talks to partner with more dumps , I would assume the prospective dumps would want to see a relatively swift return and Mopani will not offer this. All capacity is already needed for many years to tackle already secured dumps. We know they have eyes on more tails and have only secured a very small amount, relatively speaking of available tails in Zambia. If more tails are being secured, the option of going large must be very tempting and I am just wondering if Leon is edging towards this when he underlined Jubes is in a period of cash accumulation, knowing this period may have to be elongated to go large. Leon has intimated many times, there are lots of eyes looking at the results of the Southern refinery and I am guessing lots of those eyes are now sitting round the table wanting a piece of the action, hence the possible change in plans.

Totally agree Seis, Ollie was bought in to help develop the company on its next phase. Jubilee is in a completely different position now and it would be very disappointing if they cannot arrange financial instruments based on debt. @ Sumo, hopefully the cash is piling up as we speak. As stated by Leon we are in an accumulation stage as all major expenditure has finished. It would appear to be some time before the Northern expenditure gains traction, so hopefully a cash pile and the above will see us through. Ultimately any re rate is going to be based on earnings and sentiment. Hopefully we will get a glimpse of the possible earnings in a few weeks.

Seis, that was my take. If they were planning 17-20 k tonnes, the cheapest option has to be Mopani. I recall them saying this had the potential to be expanded to circa 30-35k relatively easily. The only reason for a greenfield site in my view, would be a substantially bigger operation. Either way exciting times lay ahead.

Wow, just what the doctor ordered. Leon came out swinging last week and is maintaining the momentum. For me, the clear message in this interview- the market cap is clearly undervalued with 7 X EBITDA mentioned! The problems of the last 18 months acknowledged ( pull back in share price ) with clear and concise recognition of all the upgrades, new builds and developments in that period have now completely transformed Jubes into an entirely different animal, that shareholders can look forward to the results with much anticipation of all the progress in the last 18 months or so. Hopefully we will see the first improvements in a few weeks ( yes a few weeks ), with the newly promised quarterly updates! But it doesn’t stop here, Cobalt to come, the entire Northern project to come, which undoubtably is the shining Jewel in the crown. News of the Nortern strategy imminent. I am very much guessing news of mass expansion in Zambia, with eyes firmly on the riches of cobalt in the Congo! The progress excites me once again and I feel Jubilee is now firmly on a journey, that will change the lives of many, from those working in the company, the residents in much polluted areas, hundreds of jobs created in much needed areas and not least us shareholders. I am proud to be associated with this company and take my hat off to you Leon.

Seis, what’s really interesting here is the dollar rate. Currently around 1.15, when compared to previous rates typically around 1.35 , when metal prices were peaking. The impact on our Bottom line is quite substantial. $93M at 1.35 gives a sterling profit of £69M, but at 1.15 gives a sterling profit of around £81M. Even more interesting, if cobalt profit takes this to £100m, the current share price would suggest a PE rate of just 3.5! Given the longevity of earnings I think the previously accepted ( on here ) PE rate of 8 looks a tad low, but suggests there is substantial growth to be expected in the share price between now and the end of the financial year.

What a great response from Leon and Ollie. Thank you to the respective posters. Can’t believe people losing faith here, when Jubilee is about set record production at Inyoni and hit commercial production in copper with cobalt to come. Even at current metal prices, profits are set to break records. Great photos Leon. When metal prices harden, a firework show will brighten the horizon. Like any true heavyweight champion Leon came out fighting today with Ollie well and truly in his corner. Without doubt, a very confident Leon signalling lots of news imminent. He’s had a tough fight in the last 18 months, but came out swinging today. I very much sense a new horizon developing here with Zambia and the Congo very much in the sights!