Member Info for NorthernShark

Merely pointing out you may have an agenda Kalan. Opinions are fine and no serious poster here says things have gone according to plan. What’s in front of us is the key. Think you may have sold at the wrong time (my own opinion)

Enjoy your other investments

ATB Northern

Kalan, I believe you have sold up?

Gotreal, I agree that is a distinct possibility and also agree the cadastre information isn't kept up to date. Ultimately I have just tried doing my own research to match what has been said to publically available sources. If they can join up all the properties then obviously thats the best option, on the assumption there is copper all the way - certainly would make for a greater Molefe!

ATB Northern

Harm,

Go onto the mining cadastre map.

First one to identify is Munkoyo Mining - 32913. All the prospecting licences are up and to the right.

Type into the search box Sable Zinc which will bring up the active licences. Then look lower down on the page and it says applications (easy to miss as I did first time around).

The type in Grovenor and you will see 40948 and 40947 which are large exploration licences very close by.

Quite clear to me where they think the copper goes.

Hope this helps ATB Northern

Also another licence which fills in a bit of the gap 41099-HQ-SEL at 974ha which has a status of "approved for granting".

ATB Northern

Cadastre map updated and Sable Zinc have now got 41100-HQ-LEL which is 1640ha and close to Molefe. Will have to wait for the Aeromag once the wet season is done but quite clear where they think the copper seam runs.

ATB Northern

HD, SPV with MCM which are owned by IRH. Government will be the ones putting the urgency behind this one as you would assume there are obligations within the contract award documentation and the dump is an environmental hazard.

I do however acknowledge the LWP agreement didn't come to fruition.

HD - that will be the Mufulira project and hopefully now the court case is settled this can move forward. There is certainly a lot of pressure to get this one moving and there have been a couple of references to this in recent news releases. "estimated to contain 89kt of copper and 44kt of cobalt, in addition to current arising sl*g from the on-going MCM facility in Mufulira. The copper grades within the sl*g are double those of standard tailings, providing an exceptional opportunity to extract maximum value from this significant resource."

Chat, not sure why its not been recognised. We have sold a portion of the waste dump which allows investors to see the value if we sold it off in different parcels. $6.75m for 10MT out of 240MT.

Production has been an issue and I acknowledge that even recognising power and water constraints at different times.

Thing which has changed for me is the new CFO who is doing the forecasts. My personal view is he won't put anything into a forecast which isn't pretty much nailed on so personally I would hope for an upgrade in the forecast as the year progresses. Also, the fact Leon and the team are solely focused on Zambia should lead to better performance across the operations.

ATB Northern

Chat,

The copper price is not irrelevant as you well know. JLP has acquired a portfolio of copper assets over a 6 year period (as you point out). The copper price at the time of acquisition was a lot lower than it is now which means the value of the assets has rised considerably. So regardless of production the value of the company assets has risen, very little of which is currently in the share price (in my opinion).

JLP have already put out a forecast for this year "Copper unit production guidance for FY2026 is expected to be within the range of 4 500t to 5 100t depending on the extent of the current rainy season (FY2025 production: 2 211t)". Why are you looking at prior year production when talking about current prices?

The note on the revenue recognition is standard accounting - the revenue will be recognised as the material is removed and paid for rather than at the point of contract signature.

ATB Northern

The resolution of the court case might be the catalyst to get the project implemented.

"The Slag Project of 13 million tonnes of historical slag, represents an exciting opportunity for Jubilee to extract and process these valuable resources, estimated to contain 89kt of copper and 44kt of cobalt, in addition to current arising slag from the on-going MCM facility in Mufulira. The copper grades within the slag are double those of standard tailings, providing an exceptional opportunity to extract maximum value from this significant resource."

Thats a lot of cobalt!

ATB Northern

Its basically big but deep. Logically the way to process would be to extend from the Impats Marula mine. Page 59 of the Implats annual report gives a good visual illustration of where Tjate sits in relation to the Marula boundary limits.

ATB Northern

HD, from my notes the modules were 30k a month and there would be two. The first one planned to be in place by the end of the financial year with the other one to follow shortly afterwards. 2.2mt of feed expanding at circa 70k ish per month.

ATB Northern

Gotreal, the numbers do look in the ballpark as you mention but I am surprised it is in the books as a prepayment. If its effectively a subsidiary it should be shown as such or the asset placed on the balance sheet. Prepayment suggests to me there is some paperwork holding up the transfer of the assets.

A point for clarification in my opinion but might be an accounting technicality rather than anything to concern.

ATB Northern

SirB,

Its a fair point and one I picked up on in the notes. Might be something about the transfer of the mining licence which may take some time to transact but certainly a question for the AGM or any follow-on webinar / Q&A. Might also explain the limited progress on the project.

In terms of projects I am hoping for some movement on the Mufulira project as well as OB1 over the coming weeks.

ATB Northern

Papaki, thats one way of looking at things but given the land they have secured around Molefe I think that speaks to the confidence in the asset.

They have already stated there is a sulphide layer lower down so the drilling is to my mind about optimising mine design and the long term development of the asset. Personally I have very high hopes from what we have been told but will only find out the quality of the asset once the drill results come out.

ATB Northern

Key thing with respect to OB1 is what sort of deal is struck. If its materially better than the one proposed by IRH then the delay is worth it (albeit the delay is obviously not great for us shareholders).

From what we have been told a deal is close, but note that has been said before...

Completely agree. I appreciate the new drill holes might take a little time to interpret but they also have information from previous drilling which hasn't been published. That gave them the confidence to acquire a lot of prospecting licences around Molefe so there must be some details which haven't been previously released. Now is the time to show and demonstrate the bigger picture

Seis, I think a few drill results from Molefe might open a few eyes if the mood music from previous announcements and interviews is correct! The non-core Zambian assets which have been accumulated have also increased in value given most were acquired when the copper price was significantly lower than it is today!

ATB Northern

Nat, unfortunately you will be disappointed on that front! Having met Mikey at the last two AGM's he certainly isn't Harmprof. That said I only see green these days when that individual posts.

ATB Northern