Member Info for NorthernShark

If the strike price of the warrant is below the market price then its effectively selling shares at a discount and some view that as bad dilution. Not an issue any more as in the middle of January they will be all clear. A fair few have been issued in the past for various reasons.

22m warrants expired yesterday which means there are only 4m left with a strike price of 13p on 21st Jan 26.

ATB Northern

Also worth considering the earn in only covers Molefe, rather than the greater Molefe licence area at this stage (my interpretation)

Seis, that is the point right there. It is hard to know is this is a decent deal or not as the previous drilling results have not been published. I would have expected this to be highlighted in the release. Personally I would have preferred a larger entity but my knowledge of local drilling expertise is very limited so don't know what the options were.

ATB Northern

Ard, appreciate the name check but honestly couldn't add much more to Seisnavs expertise.

Personally I think the whole financials piece will depend on the timing of developments and implementation of certain initiatives so I have paused trying to model it at the moment. I am hoping for more clarity once the sale completes and the mining JV & OB1 projects are plumbed in.

ATB Northern

Cour - could that be the sulphide/oxide split? Oxide goes to Sable with Sulphide sold to the market.

ATB Northern

Chat, if you do not believe there is anything positive to discuss with Jubilee then my central question is why don't you just leave the board and focus on something else. It is clearly impacting on your health.

Clearly there have been some challenges which we all agree have impacted on the business and peoples returns on the stock. Reflecting on the past however offers only a limited window into what is in front of us.

What is there to be positive about?

1. The sale of the SA operations basically accounts for the current market cap and attributes little if any value to Zambia. We still have Tjate but in my opinion that will only offer value towards 2030 when the adjacent mine gets closer to the property border.

2. A general observation about Zambian non-core assets which are now being sold - JLP acquired these when Copper was 7-8k. Clearly now the valuation of these assets will be different and substantially higher than the acquisition cost.

3. Large waste project - the sale of 10MT of material for $6.75m. The 260MT has an acquisition cost of $18m. Whilst we don't know a lot in terms of grade continuity this clearly ascribes a market value to the material which far outweighs the acquisition cost. The project has taken a lot longer to bring to fruition than anticipated (negative!). The deal originally offered by IRH (from what we have been told) was substantially worse than the terms now being discussed. Time will tell but this to me looks like a positive move in the right direction.

4. Molefe - acquired for circa $1.5m. They have now taken a large amount of land around M (" large magnetic anomalies indicated by the aero magnetic study of the area") and kept drilling results quiet albeit the clear belief is the pits are all linked and have a Sulphide layer lower down. This started as a small scale mine concept but my belief is that they have something significant hence the need to get a partner in who is experienced at larger scale operations. Again slower than hoped in terms of production but better long term prospect.

5. Project G and Mufulira projects which can now get sufficient focus and capital spend to bring to fruition. Mufulira has a significant cobalt element to it.

6. Sable - we have a producing refinery with scope for expansion and local feed to supply it over the long-term (minimal value ascribed in the share price).

7. Roan - certainly has been the problem child and no getting away from it and remains a concern for me. However with the water and power issues seemingly solved then with the right level of focus we should see a better return.

These is my reasoned argument for why I am positive about the stock. Calling people "cheerleaders" is rather disingenuous. There is no doubt there have been mistakes in Zambia but we are in the right metal, at the right time and acquired assets at the right time. My belief is the value will show in the coming months.

ATB Northern

Frog, just use the filters. Makes things a lot easier in my opinion

Chat, I would very politely ask you to look at your posting history and make the same assertion about a narrative - in your case very very negative.

Different opinions are fine. Flagrant disregard of public statements or fabrication of the truth either way is not acceptable.

I would suggest if posters keep to facts or qualified opinions then this would be a more constructive forum.

ATB Northern

The best information I have found on Tjate is from the Impala Annual Report 2025. Marula is the mine of interest and starts from Page 54. Page 59 is the key page and shows how the extensions at Marula are being firmed up and all looks like it extends to the Tjate boundary. I would expect that the data from the Tjate drilling would provide Impala with a degree of confidence that the reef extends into the Tjate licence area and might be a logical extension once the existing areas have been mined out.

This won't happen in the short term but Marula look like they may hit the boundaries in early 2030's so from a forward mine planning perspective discussions may come into play in a few years time. Also the closer they get to the boundary the stronger JLP's hand in any negotiations become.

In summary its not something I would be overly excited by in the short term but could add value over the medium term.

ATB Northern

There is also a logical buyer next door who within a few years will have mined out towards the boundary of their claim and will be closer to the licence area. Not sure it will happen any time in the next couple of years but there will come a point when sale conversations will take place I would suggest.

ATB Northern

Seis, I agree with your post - my own view on why it has been kept under wraps is so they can secure the additional ground around the claim. Now this has been done as you say there is no reason why more details can't be published. I am hoping this is shared very shortly.

ATB Northern

Chat, they have already sold some of the material:

"In the RNS dated 3 April 2025, the Company has executed a trade of 10Mt of the near 260Mt of resources at surface. The movement of the material has commenced, offering Jubilee the potential to improve the accuracy of its grade profiling. The trade of the material was valued at US$6.75 million which is to be paid in fortnightly tranches as the material is uplifted, with US$600 000 already received."

It has value - just not appreciated by the market at the moment. They have also stated they believe a partner will be in place by the end of 2025.

One other point would be if they share results which are very good on the "relatively" small scale licence they have then they would invite competition for the nearby licences. Now these are secured then with along the mining partnership I would expect this news / results to be shared

Legodi, there is work to be done thats for sure but the fact on M they have done phase 1 drilling, confirmed a deeper sulphide layer and said there is continuity through all pits tells a story. As does partnering with a proper exploration / mining company. 95% owned and acquired for a very small sum.

The 9 pits will be worth a significant sum even without the addtiional land yielding any benefit.

Mikey, I completely agree. The narrative on this board is around Roan. Whilst I agree there are some questions around performance at Roan which need answering the size and scale of M is potentially huge.

The existing footprint has shown copper in all pits and a lower sulphide layer so there is mineralisation all the way through. Will take some time to drill this and JORC but why buy land around it if you are not super confident about what you have already found and can see extension potential via aerial surveys/trend.

M and the surrounding area, plus the LWP is where the long term value is in my book.

ATB Northern

HD - what have you factored in for Munkoyo / Molefe?

Some observations from me having had time to digest.

Roan - on the face of it doesn't look as good as it could have been based on run rate numbers. That said it has hit the original plan so some adjustments might have formed part of that. Would need to check with JMK/Leon interview to confirm.

Forecast still looks steady for the next quarter during the onset of the rainy season.

Biggest question for me on Roan is that we a re not using the new front end currently - how come and what is the plan?

Munkoyo/Molefe - seemingly glossed over by many on here but looks very large indeed. 400 to 14,000 hectares of land secured which looks like it is on a trend line.

Pit 2 which is the immediate focus has a higher targeted grade than the previous Pit 5. Continuous mineralisation in the drill holes to date and planned potential super pit (pits 3-9). Key thing here is the mining partner to expedite the plan and execution of the project.

OB1 - still a lot of interest and value in the project but taking longer than everyone has hoped. This did catch my eye however - "The Large Waste Project is undergoing a further upgrade to its resource definition to improve the targeted ore reclamation mine design as well as the initial ore reclamation zone of the vast rock dump area"

Mine design! Is there any material under the dumps which may extend from where the original material was mined? Its certainly a large area so potentially a possibility.

ATB Northern

Frog, I understand what you are saying about OB1 / LWP but ultimately that might prove to be better over the long term. I do agreee that if a deadline is mentioned then they should stick to it where possible, but ultimately we don't know whats going on behind the scenes - a positive slant could be they are trying to include other pertinent information which is new / just landed.

Will see when its released!

Sounds like a very strong accusation HD. Any evidence to support your assertion or just making things up?