Member Info for NorthernShark

If we are moving to quarterly updates then next Thursday would seem a logical date for an update. Lots they could inform us about:
Inyoni - quarterly numbers at full capacity and any impact of load shedding
Roan - ramp up progress
Sable - Cobalt circuit progress
Northern Refinery Plans
Eastern Limb plans

ATB
Northern

Gotreal, I agree and quite frankly Leon has had a fair bit of airtime recently.

Load shedding in SA could be an issue. I am sure we have backup generators which whilst not cheap will keep the operation running. However, it will be a bigger problem for the mines which may push up PGM prices due to lower supply.

Copper in Zambia will make a similar contribution to Inyoni in the coming period.

ATB
Northern

Red, they tend to keep the process side close to their chest for obvious reasons. The most detail I have seen is in some of the broker notes and some process speak in the annual report which you will be able to find on the Jubilee website.

ATB
Northern

Sounds like Zambia is only just beginning! Plus decision due shortly on Eastern Limb

youtu.be/rg8gCE8cI18

Thanks to Robers98 on the other board

Comms overdrive it seems - posting on their LinkedIn page as well

Thanks SeisNav - good to see some words from the Chairman and his Jubilee recruitment journey.

Grand plans afoot and a heavy hitter to support them. I also like what he has to say about minimum delivery and funding options.

ATB
Northern

Frog,
Unlikely in the long term the tax will be so generous but by that stage EV prices will have parity with ICE vehicles.
Some manufacturers have already stated they are phasing out production of ICE powertrains.
Energy security concerns to think about as well which could support the long term.

Northern

Frog,
As someone who works with vehicle fleets over 80% of the orders we see are electric! Salary sacrifice for EV's is going through the roof.

So I would disagree but thats only my opinion,

ATB
Northern

Don't forget the ownership increased - 15th September

At completion of the Transactions, Jubilee will hold a 100% interest across its integrated Southern Refining strategy which includes the Sable copper and cobalt refinery (14 000 tonnes per annum copper capacity) together with Project Roan (10 000 tonnes per annum copper concentrator). In addition, Jubilee increases its beneficial interest across its Northern Refining Strategy, with Project Elephant's TD52 portion to 80.75% (highest copper and cobalt concentration of all tailings within Project elephant) which is specifically targeted by the accelerated development of Jubilee's cobalt extraction process, Jubilee's beneficial interest at the Mufulira Project increasing to 97%.
Combined, the Transactions have an aggregate value of c. US$ 24.77 million (c. £ 17.83 million) and offers Jubilee the flexibility to better schedule the development of the various tailings projects. As such Jubilee will increase its investment into the Southern Refining Strategy by expanding Sable Refinery to increase the copper sulphide recovery circuit as well as expanding the cobalt recovery circuit.

ATB
Northern

Tobin, the reason for changing Inyoni was to be able to accept feed sources from many different places, so not struggling for feed in the short term especially as they make it more profitable for the suppliers. Also taking higher RH feed from Eastern Limb but comes with a transport cost.

A lot of negativity and I understand some of it. Constantly changing metrics makes it hard for an accountant like me to track which brings the inevitable “are they trying to manipulate the numbers” (who doesn’t).
What I would say is look at the operational pictures on the website and see what they have built. They are huge operations!
Long and strong for me despite the bumps in the road. All metals needed to move to a low carbon future and only starting in Africa let alone anywhere else!
ATB
Northern

Off hand I don’t as am away. They did reference some dumps at Elephant (TD52?) which would be processed first as had a much higher cobalt content. Apologies am on a beach so can’t reference my records
Northern

Yes and in larger quantities as the tailings in the north have a higher cobalt content. >5k tap all told but that maybe back end of 2024,
Northern

If you pro-rata the H2 copper forecast you also look at more than 10ktpa Copper as well. Could well be over 12k

Northern

Completely agree SeisNav.

I do have some issues with communications and the impact of the Inyoni shutdown but look at what we will have:

Major chrome operation including fine chrome tech with prices rising
Large PGM operation which can take feed from multiple sources plus potential for Eastern Limb plant
First copper concentrator delivered with two more to come to process vast amounts of tailings already secured
Cobalt at Sable

The numbers will speak for themselves in the next financial period and so (hopefully) will the share price

ATB
Northern

Summit, not sure they are squandering their position - more building on their position to make sure they capture future long term growth. Given what they have delivered in the last couple of years and continue to deliver I don't want them going anywhere - but each to their own.
JLP is a growth play but if you want steady earnings then would go for SLP instead.

ATB
Northern

Its an interesting debate and there is much to be said in terms of consolidating what we have.

Expansion for me depends both on capacity and the type of deal we are talking about. If we can get the Northern copper strategy implemented with existing cashflows then I would support the expansion as long as it is debt funded and into a stable country with ample growth opportunities. Deals maybe attractive in the relatively short term as miners focus on their core offerings.

The AUS nickel project for one would be high on my list of targets but will depend on the relationship with BHP.

ATB
Northern

Video of High Grade concentrate from Roan on LinkedIn. Look for the Jubilee page

Jonah, I agree we need to wait the specifics in terms of how much can be produced but would guess we wouldn't turn the circuit on unless there was a degree of confidence we could get the material.

Am sure this will become clear when they update the company presentations and financials come out in August.

Northern

Thanks Mikie - I had 75% in my mind but couldn't find where I heard it from in my notes.

Very useful additional income stream and should fund the requirements for the Northern Copper Strategy in the near to medium term.

Early work on a cobalt circuit at the Kitwe refinery?

Northern