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Jonah that could well be the case - just thinking about how they could bring forward the cashflow in other ways. Ultimately with the resources they have already the long lead item is the concentrator rather than the material.
Either way its a cherry on the already sizeable cake

Mikie, the key thing for me is not necessarily the tonnage (obviously helps in the long term) but their processing route. Imagine if the tails come with some form of processing infrastructure - a concentrator perhaps which Jubes tech could upgrade and make more efficient? Could bring the earnings forward as the other concentrators are being built.

This is a hope on my part and I have no idea if such infrastructure exists and is available/on the market in Zambia

Moneyhawk, I am in the same boat in so much as my valuations are only based on the planned and live projects.

If we get something out of Tjate in the short term then its a cherry on the top of a very nice cake but not banking my investment on it

Agreed HG! The Chinese could get a very large block of PGM's and have the patience to view it as a long term investment. You can see how it becomes more commercial if they have the three properties as well due to the apportionment of Capex over a larger ore body.

Always good to get a balance of views

Prof, lets break down components:
Source material
JLP recently signed agreements for Chrome and Plat mean the PGM operations should have at least an 8-10 year lifespan excluding any more deals. Our efficiency in fine chrome is the real key here. Copper we have 270mt which is >20yr lifespan. Critically we have no mining risk. Low risk
Labour
Our operations are low labour intensity and therefore I would put as low risk.
Cash
Operations delivering cash which is funding the growth and own costs. Operations becoming lower cost as they develop. No / very debt so flexibility of balance sheet - I would suggest low risk
Commodity prices
If we see a massive drop then could be an issue but JLP still profitable in PGM (Low cost to produce) and Copper ($4000 tonne cost vs $7,500+ sales price). Prices for most of the metals are going up and forecast to remain that way according to many commentators due to the role they will play in decarbonising the economy. (Low risk)
Competiton
Process expertise is what Leon cites as the Jubilee advantage. To what degree I don't know but we have first movers advantage and are the go-to re-processor. We also have Conroast which according to the accounts is being used in operations. The patent I believe expires at the end of this year but will take any competition a period of time to understand how to use it effectively. (Low/Medium Risk)
So for me it is only political risk of Zambia and SA which people could point to. Given how important metals production is to their economies plus the fact Jubes are cleaning up the mining companies environmental mess I would suggest this is as low as it might be operating in Africa

All IMHO and DYOR

Zinc rising on demand shortfall concerns. Good time to get a Zinc circuit up and running then. Leon and Colin seemed to have got their timings right!

Chaise, careful with the terminology as JLP doesn't mine anything - it reprocesses material at the surface. The mix may change over time but the CAPEX is mainly up front at project commissioning stage with a bit of care and maintenance on an ongoing basis.

Was just interesting that he has toned down some of the aspirations which as a finance man myself it smacks for the CFO involvement to build some slack into the forecasts

Given the size of the tailings in Zambia (Over 1bn tonnes) and Leons comment about the government helping them I can see us ending up with 500m+ tonnes. If we could get access to another refinery then we will be a very serious player...

You need to go into the general presentations/presenters and scroll down to Jubes

On the master investor show you can download a presentation in addition to watching the video. The download has a share price of 7ish and the one Leon uses is over 8 - so must be more up to date

Snippet from the presentation earnings on Chrome reaching $20 a tonne.

I think there has been some input from the new FD as some of the numbers from the presentation (which you can download and is older judging by the share price) are lower than the one Leon presents. I think this is sandbagging as if you look at the Q1 run rate on Chrome and PGM's then the numbers should be higher than what Leon quotes - 400k Chrome and 50k PGM. In addition we also have the new chrome production and additional PGM from the Inyoni expansion.
Plus the copper ramp up then zinc to follow...

My understanding is the cobalt is separate and in addition to the aspiration of 25ktpa copper.
Don't know the proportions yet but have seen a 1:10 ratio meaning 2.5t cobalt or circa $8m ish at full capacity but could be more or less.

H&D
Copper cathode (high grade according to Leon). Have a look at the Jubilee Metals website, Sable project pages and you can see what the finished product looks like

Careful with the terminology alloamad - we are a processor not a miner - wouldn't want all that risk now would we...

Mikie, completely agree with the potential. But, I am also happy with our share price growth trajectory which is steadily rising - no pump and dump here (excuse the pun) just more value being delivered in cash and earnings.
Further near term catalysts likely to be:
1. Confirmation copper has officially commenced
2. Half year results with an operations update. Should show the increased chrome, PGM prices and first contribution from copper and cobalt
3. Any news on DCM or Tjate
4. Any new projects (More copper in Zambia and potentially coupled with another refinery - dreamland). More likely to be in SA but leftfield could be the BHP Leinster Nickel tailings in AUS.

Even though I am significantly overweight with Jubes the lack of market recognition may buy me some more time to get some more.

A nice RNS to say the copper has commenced would be very nice based on todays prices...

Copper @$7,666 a tonne with a forecast cost of $4,000 a tonne (exluding concentrator margin) = potential of over $90m profit a year @25k tpa (in next 2 years)
Nice to see platinum @$988 as well which further strengthens the basket price so conservatively $60m+ from PGMs.
Add in the Chrome and the forward PE looks a tad low based on earnings potential. Some execution risk with the copper but I would say this is relatively low given the process at Sable has been proven.

Potentially a superb investment - as the quarterlies in Jan will remind us!

LJS. I think this was covered in the recent webcast as to why the Zinc project was delayed and centered around getting expertise and equipment into the country following lockdown. "Zinc circuit delayed and will recommence at the end of Q1 2021. Zinc production significant level at Q3 2021" From my notes on the webcast.

The government appears to be supportive of JLP and their copper expansion and are helping them find sites. Indeed Colin made a big deal about the connections they now have in Zambia so think jubes are in a decent space in that regard.
Copper move seems to be well timed with notes from analysts about the future copper price going one way to support EV's and the green agenda.

Good find Groucho!
The more press we can get the more people will start to appreciate the value being generated.
IMHO we should be into double figures comfortably and with the price rising for Copper and PGM basket.

Next quarterly results will be very interesting!