Member Info for Mikiesunday

Ok that RNS, whilst extremely disappointing in its detail does tell us everything is ok. It would appear there has been some considerable slippage at Inyoni, I was expecting similar news in August as promoted. However it is now up and running and capable of very sustainable earnings going forward. The foundations of our PGM business are now complete. Exactly what those earnings will be in reality we don’t know. We do know the company is on target for 50k oz with all the interruption for a large part of this financial year ( up to 5 months). Does that mean we can expect more than 55k oz target in reality? Time will tell. The sub header also referred to Windsor joint venture but gave no detail! We still active there? The copper update also confirmed third party processing which I presume has been ongoing since August. But I note the in excess of 25k tonne elephant date has been put back to end of 23. From recent promotions I had end of 22 in my mind. Is this slippage again or is it to complete a year of 25k tonnes, hopefully the latter. The good news here is ghe fundamentals are still fully in tact and growth is going to be astronomic over the next couple of years with the copper and cobalt expansions . Jubilee have to improve on their reporting and managing share holders. Whilst the company is doing staggeringly well on the ground the PR department is woefully inadequate. Good use of PR could drive the share price much much higher as it is justified, but waiting an eternity for a bland as bland update can be is not helping our cause. I can only assume this was strategically planned to aid incoming contracts.

Icmax- you can only imagine what Jubilee would achieve in 5 years, but I do feel it would be a very different organisation by then. Jubilee will either be bought out or will be doing the buying out. The power Jubilee will have in a couple of years time will be substantial, which I feel will make them an incredibly tasty target to be gobbled. But if they manage to avoid this I feel they will be gobbling and merging seriously. This may involve more placings, but I am cool with that given the value previous placings have created. One thing is for sure Jubes will be operating on a different level in 12 months. I just hope they can secure as many opportunities as they can whilst costs are relatively cheap and competition is not driving the price up. Really capitalise on our first mover position. I know this would mean another placing but wow, can you imagine the value, size and strength of the company in 2-3 years. I know many people won’t like that, aren’t in this for 2-3 years, but can you imagine the beast that would emerge in 2-3 years! Leon will soon have the power and resource to really scale up on different levels! He has the ambition. It may mean one or two more placings, but I am in for the ride big time, but I fear Jubilee will be gobbled first! Either way great if your in for the ride.

Sumo- have taken off 25% for profit share and run of mine. This is a guess, but I think a reasonable one as like Roan, lots of the tailings we own out right. Hopefully we will get a good steer soon.

I am coming to the conclusion there has been some slippage. I recall a similar late reporting early last year when we found out their was slippage of 4-6 weeks! At this stage though what’s a few weeks. This is all about 12-24?months! Just imagine Cobalt production, likely to be our biggest earner. 54,000 (allowing 6000 costs ) x 5,000 tonnes = $270M x85% ( it’s unlikely we will produce finished product) =$235M. Then Copper 31,000 ( without sable expansion) x 5,200= $162M. Let’s not forget the PGM’S 55,000 x 2,200 ( allowing 500 costs) = $121M. That $ 518M . Allow a further 25% pay away for profit share still gives $388M operating profits!! Add a few million for chrome!! Cyprus looking tasty! Wonder what’s next? One thing is for sure the market cap here in 24 months will be huge. Is a PE rate of 10 fair? 388 - 25m central costs = 363 x 72% ( CT) = $260M x 10 = $2.6 Billion divide by 1.35 gives £ 1.92 Billion. Roughly 5 times current market cap! Imagine a PE rate of 15!! Imagine Cobalt at $90k per tonne. Imagine a recovery in rhodium and PGMs! Imagine $12k per tonne copper! Imagine all of that together, highly likely one feels! Is this just a dream or the 24 month reality!

Sharky, it may just be as simple as they are a few weeks behind on Roan and don’t want to come to market until they can report positively, but hopefully it is a big deal as you say delaying matters.

Jonah, I completely agree with you about the secret process and yes it is definitely the elephants that are rich in Cobalt. I am still hoping for some cobalt production at sable after all there is a Cobalt recovery facility there, just not in the league of the elephants.

Not withhold Frog, take their time, it has to come out.

There is clearly a large buyer here around the 16- 16.5p range. They are supporting the price, but accumulating very steadily so as not to push up the price, but happy at this mark. If they have influence over the company they may be asking for a blackout until they finish loading up. Possibly one of the existing II or a new one. Most likely Slater in my opinion as we know they have been active at this price point and are very happy to take large positions in companies they believe in. Anyway, just my musings! Sitting here very comfortably thinking about all that Cobalt at nearly $60k per tonne and to think at the back end of next year Jubes will be delivering tonnes and tonnes of it! Just wonder what the price will be then! ( $60- $90k per tonne. ) I’m also wondering how much cobalt Roan will deliver? Very good times to invested as one considered investor is confirming at these levels. Current price is far too low and way off the mark!

Can you imagine the price of metals Dorf! Cobalt has already nearly breached $60,000 per tonne! https://www.lme.com/en/Metals/EV/LME-Cobalt#Trading+day+summary I remember, when we first got excited about cobalt at the back end of last year it was around $34k per tonne! What a difference a year makes! Just wonder what the price will be in 12 months time?

Agree with you Bobbin, except in 1 years time the elephants come into play as well. I know this is a profit share, but another 17k tonnes which will also produce significant cobalt at nearly $60k per tonne. Plus Sable may well be expanded by then producing another 10/11k tonnes. The future is astonishingly Rosie! Plus I also expect very shortly Inyoni mark 2 to be announced in the Eastern limb. Maybe a deal there is keeping a lid on news at Inyoni. Colin did give me a name of two targets there and immediately discounted one due to size, but I can’t remember the name for the life of me!

Think that’s about to change in the western world at least. Seems like this may be Carney’s new role. It would appear the FCA over here are about to jump all over that. This could be a watershed moment for Jubes. Greener materials could be highly sought after soon as companies have to justify their carbon position. Investment companies will have to back up their sustainable claims. There could be a massive shake up in the investment world soon as ESG funds look for truly sustainable companies. This can only favour companies like Jubilee. Their stock will come highly sought after, especially in the metals arena. We are on the cusp of a truly new era where claiming sustainability alone will not wash. I can see big fines for those flouting or blurring the rules. It is comforting to be invested in a company like Jubilee in the current environment.

Just looking at COP 26 and part of dishy richy’s speech. “ The Glasgow Financial Alliance for Net Zero has now brought together financial organisations with assets worth over $130 trillion of capital to be deployed.” Action is gathering momentum very fast! The pace of change could come quicker than most thought. Pressure on metals could be immense when all the pieces of jigsaw are put together.

Great comparison Jlp- not only will we be way up on this time last year in respect of PGMs , we will have the added kicker of copper and cobalt. ROM for most of the period and Roan hopefully kicking in now. Chrome production higher than its ever been.Just hope Inyoni wasn’t disrupted for too long in the expansion, but going forward it’s all gravy- copper, cobalt, chrome and PGMs, with year on year figures looking set to show another massive increase with Roan at full tilt next quarter.

No Excuses, I think Dorf is referring to Winsdor 8, plus you’ve then got new 80tonne facility. In my view this year easily trumps last year, even with just the expanded Inyoni as long as it hasn’t been out of action for too long, but on a month to month basis will easily average more when ramped up.

No excuses, my musings are based on a combination of fact and assumption. We know Inyoni produced over 3k oz in December as per the 6 monthly report. I believe this improvement was largely due to the improved feed added from the newly commissioned 35k tonne Windsor 8 chrome plant in October. Colin states in the end of year report a rich PGM discard is produced as a result of the chrome tailings. We know Inyoni has been disrupted since the new year by the expansion of Inyoni by 45% and the addition and integration of the new 80k tonne chrome plant which hopefully both have been completed now. So assuming the 3k oz was no fluke and as a result of the new Windsor 8, the 45 % expansion would allow production of 4350 Koz per month giving 52.2 k oz per year. Then we can only assume the difference the newly integrated 80k tonne chrome PGM rich feed would make? If it is anything like the Windsor 8 difference then it’s going to be substantial. Just my musings, but hopefully we should know soon as I believe works were scheduled to finish last quarter although it does take several months to ramp up.

Gentlemen, I believe there are several factors why the share price is trading below its highs. Firstly PGM’S are in the doldrums temporarily whilst the chip shortage sorts itself. Secondly the market is confused, there have been major upgrades at Inyoni with no results yet. Due to the upgrades we saw production at Inyoni drop in the second half of last year compared to the first and finally a lack of news to reassure a confused market. This is all very temporary in my view and when it sorts itself there is going to be an almighty re rate here. Firstly I believe we will start to get news, reassuring people. Secondly this news is likely to show Inyoni has been a big success and we are on target for circa 70k oz per year with lower costs ( no Windsor), improving dramatically on previous position. Thirdly PGM’S will recover substantially more than they have and the release of news will make the garden look very rosey. But in addition to the above we will have copper and cobalt news flowing through as well, which will signal to the market, substantially more profits coming! A major re rate is on the horizon. Chrome May even be interesting this year in its own right. Lots of other news to come as well keeping up interest. But the real game changer will come towards the end of next year, when the elephants and cobalt feature heavily, but in the meantime looking for a significant re rate as per the above shortly.

The longer this consolidates with a news blackout, the bigger the rise when news lands. I feel a lot of news will arrive with the end of year accounts and statement. Only days away now. This could open the floodgates to a plethora of news, waltzing the share price to another level. I firmly believe in this because the fundamentals dictate this!

I completely agree with you, I did bring the subject up several times with Colin to no avail, but the bigger the organisation becomes, the more essential to report regular. It will add so much value to the share price now. I can see in the earlier days it may have done damage to the share price, but Jubilee is past that period. Lots to report, lots going on. I think quarterly reporting would be expected on the ftse? May even be a requirement? Anyone know? Sounds like great news on the Cyprus front though.

HG, we need to be consolidated. It’s the only way. The AGM will be soon and those in support of 3 monthly will need to attend.

JLP - perhaps we can get 3 monthly reporting added to the agenda.