Member Info for NoExcuses

I disagree. Investors are waiting to see actual production capacities being met for copper not hyperbole from the company. We have seen evidence that the copper is ramping up to good levels (last 3 months they have produced @520 tonnes per month - which is good progress). I would rather they under promise and over deliver - from the guidance in the last RNS it would seem they are doing just that. In my view they will comfortably exceed copper guidance of 5850 tonnes for FY2024 but until we see this actually manifested in the numbers, no amount of education or convincing is going to work. I think Leon now realises this and hopefully the good or better than expected numbers will do the talking for him.

Looks like the professional and sophisticated investors have been buying.

In the latest half year results, this is what JLP said about Inyoni production outlook:

Due to the continued uncertainty over stable power supply, and the expected time lag to expand the back-up power supply for operations, and as announced in the Company's operation update on 15 February 2023, the Company felt it prudent to update its full-year guidance to 38 000 PGM oz from its own production for FY2023, with the continued option to add a further 8 000 PGM oz from third party processing agreements dependent on stock and power availability.

Excerpt from 20 March interims:

Full year Outlook FY2023

§ PGM production of 38 000oz unchanged with potential of upwards revision depending on South Africa's power supply outlook

§ Chrome operations expected to exceed guidance of 1.2 m tonnes of chrome concentrate with support of stronger chrome prices seen during current period

§ Copper guidance adjusted to 3 000 tonnes, revised to align with the delayed ramp-up of Roan Concentrator and commercialisation of the Southern Copper Refining project

o Post commercialisation, expected in May 2023, the Southern Copper Refining project, projected to maintain 550 tonnes of copper per month from Roan alone and 130 tonnes from third party supplies

o Copper prices remain well supported by constrained supply against a strong demand for the metal. Copper price up by 13.6% during January 2023 to date compared with the reporting period

§ The flexibility of Sable Refinery offers Jubilee the ability to pivot between copper and cobalt production to rapidly respond to changing market fundamentals. This flexibility is used at all times to maximise copper equivalent production units.

o Cobalt prices have come off sharply during the current period therefore Sable is able to pivot towards increased copper production

No it is not.

Check the interim results it clearly states the target for FY2023 is 3000 copper tonnes.

Happy we have already produced 1000 copper tonnes in the first six months of the FY so there’s another 2000 to produce in the current six month period. We may have already produced 500 in the first 3 months of this year leaving 1500 to produce in April, May, June. I think this is doable with Roan ramping up and close to commercialisation.

Also as per JLP’s RNS on 22 Nov 2022, it confirmed that ‘power constraints experienced at Roan have been satisfactorily resolved.’

According to the last AR 2022 page 80, JLP states that for Zambia it is ‘..not directly impacted by load shedding on account of a Power Supply Agreement signed with ZESCO..’

Bushy, the reality is that you are mostly wrong in your analysis of JLP’s financial situation. You appear to have been lucky with your 2022 share price prediction but I expect you will be proven completely wrong with your 2023 prediction. The JLP share price will probably double next year.

For the 6 months to 31 Dec 2022 I’ve pencilled in revenue of @£65-70M and earnings of @£28-31M.

JLP differs because not only does it produce PGMs and chrome but also now copper and cobalt. It is the growth potential in the latter two metals which make JLP a much more exciting prospect. Also it doesn’t do any mining but is an innovative processor of such metals.

Following the exercise of the Warrant Shares the warrant holder holds no further warrants. Good to know.

Hi dorfan, I didn’t attend the agm but, according to Tavistock, there were only 4-5 investors in attendance. Only 2 questions were asked - one on the intangibles and payables and the other on cobalt production. The answers to these are apparently in the latest annual accounts (so no new information). Apparently, Ollie, Leon, Nick and the ESG director were there from Jubilee’s board. There was no presentation or further information provided.

ACAM LP now being shown as a shareholder on Jubilee’s website:

https://jubileemetalsgroup.com/investors/shareholder-analysis/

No BT it is just a percentage adjustment, please try harder!

BT, what on earth are you talking about? ACAM had absolute discretion in electing to convert (which they did). JLP also had the right to notify ACAM of its intention to repay the loan but that would not have stopped ACAM from electing to convert as it had absolute discretion to do so. ACAM consequently elected to convert and have now become a strategic and substantial investor in JLP. It is as simple as that. Good luck with the short btw!

Apologies if this a silly question, but where does it say it is related to DCM -l? I couldn’t see any reference to this in the report.

Yep reported too. Shameful behaviour.

Jlp positive, thanks for your interesting comments. I also hope to see better results for the last six months but how would you account for the Inyoni expansion downtime? Surely that will impact the numbers unless there are other sources of earnings to make up the shortfall e.g copper. Appreciate your thoughts.

Also perhaps some progress on the global strategy too.