Member Info for NorthernShark

Mikie,

I agree the waste rock projects should take priority but there maybe some ESG funding when it comes to clearing up some of the tailings dumps which may come into the thinking?

Sumo, very valid points.

The interim results presentationprovided some more clarity about the splits of concentrate / cathode sales both now and the future forecast so well worth another listen.

Chambishi funding will be very interesting and there are many different scenarios with different risk/reward profiles.

Thanks Seisnav, much appreciated

Chart - they already have pulled it off when it comes to Chrome and PGM's, lets not forget that.

Back to the presentation - Key takeaways:

- Some talk about running the excess PGM material through the Northam JV in H2. Increases production but at a lower margin but also monetises some of the excess stockpiled material (due to higher chrome production).

- Currrently producing roughly 50:50 cathorde to concentrate

- Roan front end a critical step - will move Roan to circa 1k per month (40% Sulphide Conc sold to the market and 60% Oxide to be processed to Cathode at Sable).

- Monkoyo - will provide ROM to sable and has the ability to fill Sable for a very long time. Trenching about to re-commence following rainy season. Several other project M's in the area which has the attention of the Zam Govt. (Hence in my view the Chambishi talk as there could be a very large quantity of material which needs processing)

- Chrome - will move to more than 50% own material in the current period (margins up!). At least two more 50k modules but sounded like there could be more in the offing depending on material.

- Roan currently at 300t copper units per month but will be in excess of 1000t when front end complete by end of April. Feed source secured and in discussions for more as Roan will take multiple different feed sources.

- Sable - when expansion complete capacity of 16k split 12k Cathode and 4k Sulphide Conc.

- OB1 - IRH focus has been on completing Mopani transaction - now focus back on JV.

- Mufilira s**g - Project team engageed and resource definition nearly complete. Further news in coming months.

- Financials - similar capex profile in H2 to H1. Comfortable with current cash position.

- Any transactions are reviewed individually and didn't rule out equity funding if required but based on the economics of the project.

- Share consolidation discussed

- Will look at dividend policy once Capex phase winds down.

- 2025 production guidance will come when Roan complete and operating.

Re-affirms my view of this investment by DYOR.

ATB

Northern

Tich, I agree to a point but where there are blatent misrepresentations of the facts then this should be called out.

Personally I prefer and use the filters but its obviously a personal choice.

ATB

Northern

Very good presentation and a lot of detail which answers some of the questions which have been raised here.

I would advise all interested parties to have a listen.

ATB

Northern

Home page - scroll down to just above the light blue section - Interim Results Presentation 2023.

Interesting snippets contained:

>25k copper units capacity in FY25

- Split on Chrome - own source vs toll now 41:59

- IRH Partnerships mentioned - more than the waste rock project?

ATB

Northern

Interim results presentation up on the website

Edzi,

Copper has certainly been a frustration and agree it has put JLP back by a couple of years.

On the positive side I look back at what has been achieved in the Chrome and PGM space and the growth trajectory has been highly significant - hopefully potential investors will see that in due course.

My belief is we are on the cusp of a similar story on the copper albeit the scale will be a multiple of what has been achieved in SA. I get that people want to see the proof of the pudding in the Roan upgrade.

My other main concern has been the balance between expanding quickly to get first mover advantage vs keeping some of the cash generated within the business. This concern will be removed to a large extent with the IRH deal getting over the line.

Sometimes these things do take longer than hoped but I do believe there is not long to wait before we start to see the rewards.

ATB

Northern

Seis - many thanks!

ATB

Northern

TFFT

Has the boiler room been active?

All I can see is a raft of green boxes so I would guess the usual drivel has been the order of the day!

ATB

Northern

Taken from his recovery fund annual review:

Jubilee Metals had a difficult year, falling -55% and detracting by -0.83%. The rapidly rising adoption of electric vehicles in China has caused weakness in the prices of the platinum group metals (PGMs) used in exhaust catalysts. Jubilee makes most of its profits from extracting PGMs when it produces chrome concentrate as toll production for mining customers. Some PGM capacity may be withdrawn by other producers but this remains an uncomfortable situation. Fortunately the picture for copper in Zambia seems to be brightening decisively at last.

On 15 December 2023 the company reported it has formed a partnership with International Resources Holdings (IRH) of Abu Dhabi. IRH will fund the purchase of a 350 million tonne heap of mine waste and it will also cover the $50 million cost of the first batch of concentrators. The aim is to start producing enough 15% concentrate to produce 25k-35k tonnes of copper in

the smelters. Some of this final stage processing will take place in Jubilee’s own Sable refinery. The cost per tonne is expected to be around $4,000 (versus a spot price of around $8,000). IRH will have a 70% profit share and Jubilee will have 30%, rising to 42% owing to management and after mark ups. This is a pivotal step for the company. Early 2024 may be difficult if PGM prices weaken further but the outlook for copper is at last very strong.

Summit, I don't disagree and am sure as the operations mature the P&L will become a lot clearer.

My point is at the development phase of some of the projects it is a rough estimate - and they have provided this for the IRH deal and the rest of the copper you could make similar assumptions =/- a %.

Main thing is getting the projects up and running at capacity then all will follow. I think the Roasts host comment to Leon about 100k tpa Copper is definitely on the optimistic side but hitting the 25k run rate by the end of 2024 would still be a massive achievement.

ATB

Northern

Summit, I suggest you look at previous announcements regarding estimated margins on the Copper projects.

These things take time to mobilise and fully embed so the economics will shift and get better as volumes increase.

They are implementing new processes / techniques where nobody else has tried so I can understand why hard and fast numbers are not provided until production is in full swing.

Plus the margin will vary with metals prices which are predictably unpredictable.

I would suggest its maybe not the right investment if you need to see future P&L's down to the nth degree.

ATB

Northern

Telly, depending on the grades I would think they will process the at surface material first (1.5%-3%) whilst they test the anomaly.

Don't forsee any need for a placing as the test material will be processed at Sable and hence cash generating. Roan should be at full tilt by the time a decision comes on the anomaly as well.

ATB

Northern

Stukey - the electrical component was for the copper concentrator which they now say is complete. Durban docks news irrelevant in the shorter term as they have manufacturered the component locally.

ATB

Northern

Edzi, I get peoples disappointment with the share price ( I am also disappointed but the so called market is a fickle beast) but the last thing I want is to be acquired as I believe like many the story is only just beginning.

We have a great platform with the SA businesses and I believe the basket price will appreciate based on the supply being taken out of the market with bigger operations being shut down due to losses at current prices.

Zambia - we have been delayed and it has been frustrating. However, lets assume the modules work (why would IRH partner if they hadn't seen firm evidence). Just with what we know - Roan, Monkoyo, Mufulira Heap, Tailings (if Draslovka process works) plus the processing capacity at Sable and potentially Mufulira - Copper could be massive.

Once the copper starts to ramp up the cash flow will fund expansion and leave residual for buybacks or dividends - as Leon has stated this aim. If the Copper price follows the predictions then....

Plus with Kobald looking like making some major investments this should hopefully ensure Zambia is stable politically and the infrastructure gets enhanced.

I also think the UK market is undervalued in comparison with others which will be rectified over the medium term.

All IMHO and as stated previously a LTH

ATB

Northern

Personally, I am hoping he is with IRH getting the SPV sorted and the forward plan for the development of the waste rock resource. Plus a few other things on his plate...