Member Info for NorthernShark

Mikey, significant indeed!

Some may be disappointed by the 30% but for me having the capex covered is a key, especially at this period of the company development. Also it is important to note JLP will recover their costs at commercial rates from the SPV and this also will include the pre-deal work which could be a substantial sum. I would think they will be looking at much more than 4 modules at this site given how much material is there!

So we now have Roan, Project M, Mufulira Dump and IRH SPV as well as the tailings dumps with more to come. Once we have hoovered up the material in Zambia it will be off to DRC.

Having IRH as a partner has to be a good thing as well and offers a degree of protection if the government changes etc...

ATB

Northern

MIddle eastern / Glencore lot are apparently the winners (according to twitter so take with a pinch of salt)

Edzi, some useful informtion on the Draslovka site www.draslovka.com/news

Northern

Just listened again to the presentation.

There is a huge amount going on and likely to have lots of newsflow over the next few months. The copper expansion could well be rapid given the relatively short time to design, build and deploy modules. Payback periods for the modules is in months rather than years which makes funding a lot easier either from cash, project finance or offtake agreements.

The fact they are already successfully processing Project M material at Sable gives me comfort the process works and will deliver.

Roan and Project M delivered by the end of the financial year - conservatively 7k copper capacity.

Other local opportunities identified close to Sable to utilise capacity there (lower transport costs as well).

Mufilira s**g project will gain traction once Mopani ownership sorted - high cobalt and copper content.

Draslovka large scale testwork done in first two weeks of December = potentially unlocking tailings projects.

One dump with 3mt copper where they could deploy 3-5 modules.

All underpinned by a Chrome and PGM operation which is delivering in South Africa.

Challenges are the logistics issues in SA and low PGM prices but I think on balance there is a lot to look forward to and a clear plan from Leon and the team to deliver!

ATB

Northern

Mikey,

I would think we have 4 metals - lets not forget about Cobalt!

Northern

Jonah,

Regarding transport costs it might be one for Friday. They did talk about a rail link some time ago so would be interesting to see where this is up to... or not as the case maybe.

Northern

Any news before Friday? Roan commissioning perhaps?

7.8m expired on 19.11 so should hear if they have been converted or expired. 4p exercise price so still in the money and would expect them to have been converted but won't know until they RNS it.

ATB

Northern

Jonah,

You have hit the nail on the head with the payback period. This means that funding will be easier to achieve as there is less risk for the funder and speed of delivery will increase due to the free cashflow following the payback.

Material as we have been told repeatedly is not an issue in Zambia. The bottleneck may well become the production of the modules.

Either way the expansion will be rapid (caveat - once they have proved the first one works!)

ATB

Northern

Nelson,

Definitely a feeling at the AGM from Ollies opening remarks about the amending of the governance structure being better suited for the size of the organisation, which is what he has worked on and hence a re-jig of senior management.

In conversations we were advised the new CFO will bring a lot more structure and will also take control over company comms which they acknowledged had been poor. On this point I would give them a little time to demonstrate this in practice.

Also more control regarding investment decisions and going through a rigourous capital allocation process. This I believe was a tacit acknowledgement of previous errors which have been made.

I like many shareholders am deeply frustrated by the current decline in the share price but I believe this in no way recognises the full value of what has been built over the last few years or indeed the future looking potential.

Our earnings have been depressed as others have with the lower metals prices but we will still have the lights on as the tide turns upwards. Others dare I say will not which may also present other opportunities to pick up assets at attractive prices.

ATB

Northern

Edzi, Gray,

I can only re-iterate that comms were extensively covered at the AGM with Billy particularly strong. There was a commitment to improve on this area (proof of course is delivery).

Rather than going via Ollie the new FD Neal Reynolds has responsibility for this area moving forward.

ATB

Northern

Jonah,

Nice post.

The other point I would note about the current market instability is that it will present opportunities! Producers will be looking to make the most of their current assets which will include tailings or other waste stockpiles. They may also consider a new approach to processing which is lower cost. Jubilee make money when others don't.

In terms of metals prices we can't control them but the basic laws of demand and supply will come through, especially when more and more shafts from unprofitable mines are shut down as will inevitably happen!

ATB

Northern

HD, most shareholders are not happy about the comms. If you read the notes from the AGM you will know it was raised and is in the process of being addressed. We were led to believe this will be actioned very soon.

The 600k is in addition to the Thutse extension but was not specifically discussed as far as I recall.

The other thing I would say is the new FD will be in charge of comms and not Leon.

ATB

Northern

Jonah,

Some more from my AGM notes which may help (beware these were typed quickly)

One other point on the IP which the Chairman mentioned was around certain countries ignoring IP protections anyway. In terms of IP JLP also have the "best database in the world regarding dumps and tailings".

On the modular systems another benefit mentioned was in terms of the overall system. If there is a power or water problem with a particular module then it doesn't impact the whole system in the way a very large single plant would. Lower risk.

Weathered oxide is the ROM opportunity which is the middle ground between oxide and sulphide bearing rocks. JLP have solved the process. Grades 0.7-2%. One dump has 300MT of material but there are hundreds of mines in Zambia with similar material at surface (no value to the mine without the process!)

Modules can be deployed to where the material is situated, cutting down on the transport costs - concentrate roughly 10% copper content which will be trucked to refinery but made up of two products (one at 20% and one at 8%). 3-4k copper per 6.5m investment system.

In closing comments:

When they started in SA they were rich in capacity but not rich in feed. Zambia feed is not an issue – its more capacity.

Roan offtake will keep it busy for 7 years. Project M – 11 year profile.

20-50 years feed for some of the potential developments.

ATB

Northern

They were on the last RNS in terms of the timings. Format the new FD will be working on but led to believe it will be consistent and clear!

At the station after the AGM and a follow up with some fellow shareholders.

Leon and Neil in SA (working on something big was a collective opinion here) and Ollie had to catch a train rather than have a beer with shareholders but apart from that a really informative session.

Chrome - loads to go at and the Eastern Limb chrome is still an option. Thutse extension could be as much as an additional 500ktpa. PGM additional feed will be stockpiled and allocated to the best route of processing according to grade - Inyoni or 3rd party. Other options may become available to process the PGMs hence the Eastern Limb is under review.

PGMs - everybody struggling with the price. Many operations likely to shut down in the short to medium term which may present additional opportunities both from a price increase and availability redundant equipment perspective.

Copper - explained they have had issues which was no surprise). Roan post-upgrade can deal with tailings and ROM material which provides a lot of flexibility and can be scaled quickly. Funding could come from offtake agreements rather than traditional debt financing (takes a long time). Modular approach low risk and low capital. Loads of existing material to go at and 10-20 modules was mentioned. My take is this will expand very quickly from here.

Key quote "Nailed the recovery of the waste rock" - hence the focus on this before the secondary focus on tailings as there is a huge amount of this material available at surface.

Comms - acknowledged there is and have been issues. BillyBoy particularly strong on this! Website will be updated with up to date material and videos of operations shortly. New presentation to follow.

All in my view was positive and well worth a trip. Thanks to those other shareholders for the pre and post event conversations.

I will go through more detailed notes tomorrow and share.

All the best

Northern

Billy, certainly am - slightly delayed train but should be on or around 09:30. Blue coat

HD - on the list. I also had a few questions on Chrome

The Chrome deal on the list of questions HD!

If any of those heading to the AGM on Friday want a pre-event JLP discussion I will be in the Cafe Nero from 09:30 (assuming the trains are on time of course!)

ATB

Northern