Member Info for NorthernShark

Sumo,

I fully expect something to come out next week or as you say there will not be a cooperative environment at the AGM.

There is no reason why the quarterlies can't be released. I appreciate there may be a lower run-rate on copper but this has been signalled to the market and it is the full year number I am interested in - which will rely on the commissioning at Roan which should nearly be complete by now.

ATB

Northern

Charles, I would re-read the Nov-21 RNS.

It doesn't state the Inyoni capacity. What it does state is the aspirational output which would include the 3rd party processing facility which is and has been used in the past.

The Aug-22 Operations update says nameplate is 44k tpa from Inyoni.

I do however agree that a number of the presentations are seemingly contradictory / movements have not been explained in any detail. This is something I will be raising at the AGM.

ATB

Northern

Happy - I am on the same page.

Given the scale of the announcement yesterday I would have expected the full tour of media outlets.

My belief as I mentioned yesterday is this is the key deal and a number of others will quickly be announced off the back of this.

Plus I am still hoping for the quarterly and additional chrome deal!

ATB

Northern

Booking my train tomorrow.

Any questions for the board and anyone else joining? Would be good to put faces to names!

Might be a trek for you Jack so let me know (will be asking about comms).

May get nosebleed in the big city but needs must!

ATB

Northern

Seis, I agree and I think this is the keystone deal to the North and the main reason why things have been slower than anticipated.

A JV with Sibanye could open up all sorts of other opportunities if/when they are successful in this venture!

I think things will move forward on a number of fronts from now on and should be supportive of the share price when the market eventually wakes up.

ATB

Northern

Https://jubileemetalsgroup.com/wp-content/uploads/2021/12/FN-JLP-071221.pdf

The confirmation might be in the post - or potentially they have been asked to sequence any announcement with other decisions the government are making (as per SeisNav note) which may delay things a little.

mufulira sl**s: of more interest are the sl** dumps at mufulira – the waste from the smelter – which contain significant amounts of cobalt; cobalt that was contained in the copper concentrate and not recovered. petrological studies of the ****s show they may contain between 0.5% and 0.9% copper and between 0.2% and 0.3% cobalt (m. vitkova, 2010. mineralogical magazine, august 2010, vol. 74(4), pp. 581–600).

from previous wh ireland note

it may be possible to recover this cobalt if it is in metallic phases or as sulphides

within the silicate matrix

Sumo,

My understanding was that around 900k tonnes was under the tolling agreements @circa 4% margin. The remaining 547k tonnes (up to the 1.47m forecast) were on a market related basis including the 160k from the new deal at nearer 20% margin.

Assuming we get the deals over the line to the 2m tpa then Chrome will become a very significant contributor at current prices, and will continue to be so if the management opinion on future price strength comes to pass.

ATB Northern

Dorf,

I agree the communications have not been good - normally you get a Chairmans comment with the results but nothing from Ollie.

Will see what Leon has to say in 45mins but I intend to pick this up at the AGM next month.

Northern

Agri, it was more they have the same sentances in twice but with timelines which are one month different. That and spelling mistakes on the annual review make you wonder who is signing these off and the attention to detail.

In general am happy with what I have read.

Quarterly reporting will be good news to most on here as well which Ollie confirms will be the case. I expect the Q1 FY24 shortly in that case.

ATB

Northern

I have been through the accounts and nothing stands out as any cause for concern. (Platcro has been moved to an intangible).

Some snippets from the annual review:

Opportunities for Growth

• 100kt 4E oz per year PGM

• 2.1Mt per year chromite concentrate

• 45 000t per annum of copper

Ollie

We introduced quarterly production reporting, regular updates on project work in progress and shorter and tighter announcements on strategic initiatives.

The drive to expand on the current secured resources of nearly 300 million tonnes of tailings has made slow progress through delays in the approval by authorities of various assets going through official tender processes. Whilst awaiting results of the aforementioned Northern tenders, our focus in the North will be the completion of a bulk semi-commercial pilot facility at the Luanshya tailings facility which is a pre-curser to the execution of the Northern Refining Strategy.

Leon

Jubilee’s ability to achieve chrome and PGM extraction efficiencies above the norm, is the driver to numerous potential further growth opportunities on offer to both our chrome and PGM operations which we are actively pursuing.

Roan concentrator targets the processing of previously mined ore as well as weathered transitional reefs left in-situ by previous mining activities.

At completion of the upgrade Roan concentrator will not only have increased its capacity but also be better equipped to capture this unique opportunity of effectively processing weathered and transitional copper waste ores. Jubilee has already been successful in contracting in excess of 15 million tonnes of such copper materials with an estimated in excess of 800 million tonnes at surface opportunity in country.

“The upgrade to the Roan Concentrator is currently underway and is expected to be completed by the end of October with commissioning scheduled for the first two weeks of November. Page 17 – is it November or December when it goes live – there are two statements with different dates (Shabby)”

Payback period on new copper modules is months!

In South Africa, our proven efficiencies in the chrome operations extend the accessibility of ore from reefs that were not previously viable. Efficiencies open up exceptional opportunities from previously economically un-viable deep reef mines.

Last years results will be impacted like most of the sector due to falling metals prices (chrome excluded).

I am looking at this year with a keen eye on the development of the business. Hopefully plenty to say about that in the results, subsequent interviews and in the coming weeks.

A key phase of the development of the company,

ATB

Northern

I think I may make the AGM trip from the North on the assumption the trains are running!

ATB Northern

Just use the filter buttons!

The screen has a lot of green but is a much more calm and reasoned place to be.

Some news has leaked somewhere by the looks of things!

I am sure he is spouting his/her usual nonsense. I would say the filter button has come in very handy and would advise everyone to do the same!

Responding to them is pointless and they will continue to pursue their own agenda (whatever that is this week).

ATB Northern

Mikey,

I normally try to hold back some enthusiasm (Northerner for you) but the potential having listened to the midweek takeaway is massive.

The key information from me is around the process solution for weathered oxide copper which nobody else has! Massive dumps all over Zambia as previously regarded as overburden. Modular, low capex pre-concentration then into the larger facilities. With the support of the government (employment and taxes) they can get a massive part of the 2.5-3bn tonnes of available material.

After a period of frustration I am re-affirming why I hold a big position in the stock - not to mention Chrome and PGMs!

ATB and DYOR

Northern

Given the recent newsflow I wanted to have a look at the potential capacity and heres what I came up with:

Chrome

Existing - Inyoni, Windsor and Windsor 8 = 1.3m tpa

Recently installed Western Limb = 0.2m tpa plus option for additional 0.2m tpa

New potential Western Limb - 0.33m tpa

Potential Eastern Limb - 0.25m tpa

Which all in adds up to Leons 2.25m tpa - which compares well to Leons stated 2.1m

PGM's - much more difficult to deciper but if the processing of the chrome is in direct proportion to the PGM output then we should be looking at 70k ozs plus.

Copper

Roan capacity being expanded to over double its 780ktpa capacity - lets call it 1.6m

60% of capacity at over 2% ROM copper - 19.2k plus say 5k copper units for the remaining 40% - 24.2k tpa

Kitwe tailings Concentrator (600mt tailings already secured) - who knows but probably of a similar size?

Sable can do 12k tpa and "New Refinery" 40k copper and 5k cobalt.

Not going to guess on metals prices but its a pretty hefty production profile in the not too distant future.

My estimates only but would be good to hear others opinions.

ATB

Northern

Good interview -

I really liked the comment on the speed of deployment of the Northern strategy as I did have some concerns on this given previous delays. Plus the support of the Zambian government...

Roan - they can process material previously regarded as waste - weathered oxide reef. I wonder how much of this is lying around as they should be able to do a belting deal on the feedstock!

There also seems to have been an increase on the chrome production aspiration from 2mtpa to 2.1mtpa.

An updated company presentation would help Seis and others with their numbers.

ATB

Northern