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Sumo, I had 8% which I think was from the broker note. They also have some rhodium rich tailings on the eastern limb which I think are 12-13% rhodium but would need to check my notes to confirm

That’s the most positive thing you have said in months Sumo! Long may it continue

The EU delaying their mandate on % of vehicles being EV by three years and DT not being a fan of EV's will support demand for PGM's in the next few years. That is relatively recent news so doubt that will be factored into the report Kalan kindly shared.

ATB Northern

Blue, there is a large amount of material ready to be processed - as of the AGM it was 10 years at approx 80k oz per year from memory.

They will process via the JV when the basket price is steady at $1500 (not quite there yet and need Rhodium to tick up)

Material not on the balance sheet as would need drilling and assaying for this but confident of the levels of PGMs as this is what they put through Inyoni anyway.

ATB Northern

BB, notwithstanding the current Mcap the income from Copper when at capacity will exceed the total raised and be a recurring annual income stream so I would suggest yes the position has improved.

ATB Northern

From 13.01 - "Following the completion of Jubilee's due diligence on Project G during August 2024, the Company acquired a majority interest in Project G.

The project aims to expand existing operations to achieve an initial mining rate of 10ktpm by February 2025. Project G includes an on-site facility designed to pre-concentrate mined ROM material, with an immediate capacity to produce 3kt Cu Conc per month, containing 10% to 15% copper. Lower-grade copper will be stockpiled for future on-site processing. First copper concentrate was produced at Project G during October 2024."

Q2 Operational Update:

Copper production at Munkoyo has remained unaffected by recent challenges, with total production of ROM exceeding 70ktpm. The high-grade ROM exceeding 2.5% Cu is direct leached and refined at Sable targeting a rate of 8.5ktpm of ROM delivered. The remaining lower grade ROM at an approximate grade of 0.7% Cu is stockpiled on site. An on-site leaching process targeting all of the ROM mined at Munkoyo has been developed by Jubilee's technical team with pilot trails scheduled during the period.

The pilot-scale leach trials of Munkoyo material, initiated in December 2024, have delivered exceptional results, demonstrating significantly reduced acid consumption rates for copper extraction and the potential to considerably reduce the required operating footprint. Currently, only high-grade ROM material is transported to Sable for refining, while the remaining ROM is stockpiled at Munkoyo for further on-site processing.

The leach trials confirm not only the recoverability of copper from the ROM, but also the strong economic returns this processing method offers to the Munkoyo operation. Implementation of the leach solution will be accelerated, with final design and capital estimates expected by the end of Q1 CY2025. Based on pilot run results, a modest capital investment is required at Munkoyo, with most equipment sourced locally to avoid long lead times. Further details will be provided as soon as possible.

So timescales by end of Q1CY2025 i.e. March. So I would suggest we have heard news recently.

"Munkoyo commenced operations in Jul-24 and was successfully expanded to achieve its monthly targeted 100kt ROM for Oct-24 with a total of 250kt during Q1 FY2025.

Of the total mined material, 5-10ktpm is trucked directly to Sable at a targeted minimum grade of 2.5% copper which is expected to increase to 3.5% copper from Q3 FY2025. The remainder of the mined ROM is stockpiled for future processing at site with the first large scale leaching trials to commence at site during Dec-24.

Total inventory increased to 3,538 tonnes of copper units from mining and processing activities."

My only query is where it states "An on-site leaching process targeting all of the ROM mined at Munkoyo has been developed" which might suggest all material will be leached before being sent to Sable.

Sumo, I would expect in run rate terms it shouldn't be too far off if/when Roan is dedicated to the higher grade material and project G is ramped up. The leaching solution deployment will add more copper units faster than the originally proposed OB1 deal but I suspect (based on Leons recent comments) they will use other third party processing operations to bring in early revenue whilst the modules are constructed.

Important not to forget the Chrome and PGM operations as part of the overall mix as will impact on the financial flexibility for the company.

Https://www.moneyweb.co.za/mny_sens/sibanye-stillwater-limited-sibanye-stillwater-to-unlock-significant-shared-value-from-enhanced-and-new-chrome-agreements-with-the-glencore/

Chester, those tailings would definitely make sense especially the Zinc if local processing is available!

LinkedIn

Jubilee Metals Group PLC recently welcomed mining analyst Marina Calero,CFA of RBC Capital Markets to our operations in hashtag#Zambia. It is always a pleasure to host such esteemed analysts at our operations, which afford us the opportunity to present not only the magnitude of our operations in Zambia but also the readiness to deliver on our promised hashtag#copper growth.

Marina noted our material copper growth potential and significant progress made by us to resolve challenges with ramping up copper production, as well as further upside potential as we continue to secure additional mining licenses alongside Munkoyo.

Thank you very much for joining us down in Zambia, Marina!

Loot, I am merely suggesting that Sumo looks to place his investments elsewhere because Jubilee is obviously troubling him.

There maybe a mishap in the next 6 weeks but I am looking over the next three years. I am confident as we have an operational footprint and local expertise in one of the hottest metals / regions going. The experience of the development of chrome/pgm side of the business which has been outstanding gives me confidence we will get it right on copper.

Has there been mistakes - absolutely, but what other business doesn't have those. The key thing is to adapt to the circumstances and come out the other side. As Dorfan mentioned (and he should know having done it), building a business takes time!

Financially, as the main capex has now been done this company will turn into a cash generating machine, even more so if the PGM basket rises as many expect over the course of this year.

OB1 project - if it doesn't happen with IRH I expect it to happen with another partner or go it alone. I would also hope it is on better terms than the original 70:30 split. As Shuvlin said nothing is baked into the share price for OB1.

Others may have different opinions and thats fine, but if all someone wants to do is moan and complain then I would suggest its time to sell up and move on.

ATB Northern

Sumo, I may suggest a casino is more appropriate for your cash. Alternatively some relaxing tablets may help.

A machine which sorts big rocks from smaller material which then gets fed into the plant

"Following our recent announcement of the securement of new higher-grade copper feed material, in order to accelerate the production of copper. We are pleased to see the scalper plant is now in operation and producing high-grade copper feed for our operations at Roan.

⚒️This marks an exciting step in our accelerated copper production strategy and affords us the ability to significantly enhance our copper production at increased operating margins."

Video on their Linkedin Page of the Scalper in action

Gray, HD, those who attended the AGM like I did spoke to Leon directly on this. He is definitely frustrated about the level of due diligence (and time taken) IRH wanted to go through and they have been approached by others who are also interested in the project.

We don't know the terms of the MoU with IRH but they haven't paid anything yet and made JLP jump through lots of hoops. Given the project has been substantially de-risked through the due diligence my personal opinion is they will either re-negotiate better terms with IRH or walk away and find another partner (as they have with the resource owner).

HappyD - you are just making stuff up now.

Do you have any factual evidence to suggest the OB1 deal is dead? In fact you are basically calling the CEO of the company a liar and have deliberately misled shareholders in the recent RNS's?

Gray, I get the requirement to see results!

Worth factoring in that most of the 1H was from Sable and that H2 will benefit from the full ramp up at Munkoyo and also getting up to speed at Project G (300-450 units a month from Feb).

"Project G includes an on-site facility designed to pre-concentrate mined ROM material, with an immediate capacity to produce 3kt Cu Conc per month, containing 10% to 15% copper. Lower-grade copper will be stockpiled for future on-site processing. First copper concentrate was produced at Project G during October 2024")

Key to the end of year production targets will be how much Roan can produce from this high grade material which will become clear over the coming few weeks.

ATB Northern

Economies of scale - as production increases the fixed costs are absorbed over a larger number of units bringing the cost per unit down. They did mention this many moons ago but had a few bumps in the road since then. Also previously there was a greater split of sulphide (sold as concentrate) and over time this will move towards more plated cathode which will also increase margins.

ATB Northern