Member Info for SeisNav

Are you upset with JMK because he asked you to put up or shut up Boring? He has done nothing to suggest he needs to go, in fact he's the one who's brought some order to the financial free spending.

As for moving Roan from its current location, to somewhere without a power and water infrastructure... apart from the cost involved and the sacrificed production.... yes brilliant idea!

You still didn't answer my question, why you continue to hang around when you only want to spout reasons not to be invested.

A turnaround for me would be, as a first step, achieving breakeven on copper production. Once that is achieved (assuming it is!) we should be in a better place, with cash coming in from One Chrome and future expansion options across the current Molefe mine area and wider licenses, along with a JORC planned for the end of the year which will hopefully allow investors to put a value on the mine itself.

Once Molefe scales up to 10,000 tpm of RoM to Sable at 1.5% or more grade, that would be 150 tpm contained copper, or 450 tonnes / quarter. If you add that to Roan production of something like 900 tonnes / quarter. You would be on an annual run rate of ~5,400 tonnes / year. Stepping up from there would need the ore sorting system in place which is going to be several months away. That should push the annual run rate up over 6000 tonnes. Hopefully that's enough to breakeven although costs are significantly up compared to what they were expected to be.

LWP realistically is still months away from any kind of production even if they announced a deal this week but just getting it signed and sealed would be a big plus.

Sumo you need to ask yourself a simple question... is the company likely to turn a corner or not? If you think the answer is no then why waste your time here? You must be driving yourself mental.

Northern, having read through the RNS's again, I think what is labelled as "phase 3" in the presentation is actually phase 2, that's the drilling which I showed with light blue pins in my map, heading ESE towards the license boundary:

https://www.dropbox.com/scl/fi/ij15n8g40rrxz4pivz066/Molefe-Drilling-1.pdf?rlkey=5ssgmzopli5tjw5c5cutrtvcl&st=ccg3v3nu&e=1&dl=0

We don't have any drill results for that phase yet I don't think. It's a bit confusing that they seem to have started numbering the drills at 1 again. The only assays we have seen are from phase 1, which is within the current mine area. From what I can gather, the 250m mineralised extension was discovered as part of this phase 2 drilling (announced in 25th March RNS) and that mineralisation remained open as they continued that phase 2 drilling. To give an idea of scale, 250m from pit 1 would be about half way to the license boundary so still potential for that to increase significantly.

Boring, you can always be counted on to climb out from under your rock whenever the SP ticks down. Why would the buyer of the 10m tonnes still be trucking it away if it wasn't processable? You do talk some rubbish.

I found the information regarding drilling in the recent presentation to be confusing and contradictory. Which phase of drilling are we currently in? What has already been completed?

I plotted out the map from the Mine Plan presentation:

https://www.dropbox.com/scl/fi/ij15n8g40rrxz4pivz066/Molefe-Drilling-1.pdf?rlkey=5ssgmzopli5tjw5c5cutrtvcl&st=ccg3v3nu&dl=0

On it I've included the drilling locations that were in the recent presentation as "Phase 3". You can see that they map onto the box "P1" which is labelled as "completed exploration drilling". I confirmed this by looking at satellite images which indeed show that there has been drilling at those locations. So we can assume that these locations have already been drilled. The presentation talks about upcoming "phase 2 drilling" but I don't see how that can be the case when phase 1 and 2 are at the current mine location and phase 3 has already been completed!

I also overlaid those same "phase 3" drills on the EM map, along with the planned expanded pit and waste dump location. I'd like to know what the locations in dark blue are for... they were not indicated at all in the latest presentation. Are they exploratory trenches perhaps?

https://www.dropbox.com/scl/fi/ac37ho4alivhhwdqa6l8k/Molefe-Drilling-2.pdf?rlkey=78v431sd9688lc1175iweys36&st=f73elw3v&dl=0

"I have been told on good authority, that allegedly..."

Who told you Edzi? It wasn't Edzi by any chance was it?

They sold less than 5% of the Large Waste Project resource for US$6.75m when the copper price was less than US$10,000 / tonne. That implies the total value would be in the order of twice the current market cap just as it is, that's without pre-concentration prior to trucking it for processing. If they do get the deal over the line then... well we shall see.

Https://x.com/Tertiaryplc/status/2068966156870815863?s=20

Don't be a moron. You can't establish a JORC from a few exploratory drills just because some anonymous trader on a message board thinks they should!

"...but you even contradict Management of company when they said Zambia's operations are capitalized and no funds are needed from sell of SA business."

Nevergonnagiveyouup telling porkies again I see. They did not say the Zambian operations were fully capitalised. They laid out the use of proceeds from the sale of the SA business in the circular. Maybe you didn't actually read it.

7. Use of Proceeds

The use of proceeds from the payment consideration, net of transaction costs, will together with existing resources and operating cash flows, be employed to reduce existing bank facilities of up to US$8.3 million to allow Jubilee to restructure its funding to better align with the Company's copper strategy post the Disposal. The main use of the proceeds will be towards the development and implementation of Jubilee's copper strategy, and more specifically the following projects:

(i) Munkoyo Operations

Funding of the implementation of the optimised open pit mining solution as well as the implementation of the on-site processing solution. Munkoyo resource is currently being drilled in partnership with a mining and geological firm which will be used to inform the final designs.

(ii) Project G

Implementation of a more detailed exploration program to better inform optimal open pit design and completion of the on-site ore upgrade facility prior to refining at Sable Refinery

(iii) Sable Refinery Expansion

The expansion of the Sable refinery to meet the capacity demands from both the expanded Munkoyo and Project G operations.

(iv) Roan concentrator

Roan is an independent processing facility that produces both copper oxide and copper sulphide concentrate from waste, tailings, and previously mined material. The copper sulphide concentrate is sold via off-take agreements and the copper oxide concentrate is delivered to Sable for the production of copper cathode. The Company targets to install a copper refining stage at Roan to offer greater flexibility and further enhance margins. The refining step will also seek to recover the copper lost in the super fine fraction.

(v) Large Waste Project

The Company has prioritised the Large Waste project (in excess of 240 million tonnes). Jubilee is looking to roll out a series of 25 000tpm modular processing units on-site, based on the design implemented at Roan. The Company targets to achieve 5 000tpa of copper units through the initial rollout of modular processing units.

I did say I thought we were still on the dregs of the September placing being cleared out and I still think thats true. I did a bit more of an accurate count of the shares traded since the placing and its near enough 600m (as of yesterday). That means almost 3 times the placing in traded volume which in my experience means we should be almost done with it. Looking for mystery sellers isn't really necessary I don't think.

One other thing I forgot to mention about Fimpimpa Copper Mines is that they don’t appear to have any mining licenses, at least as for as I can tell from the cadastre, they only have a mineral processing license. So where are they planning to get the material to run a 50,000 tpa plant?

I don't know if anyone else has looked at who the potential partners are for the LWP (Chinese companies were mentioned previously I think, possibly on the other board which I don't read). I certainly have my suspicions which fit with that but one thing I'm more certain of is the buyer for the 10m tonnes. Having looked at satellite images I (and another board member I share info with) am pretty sure that the trucks are taking material to Fimpimpa Copper Mines, which is north of Chingola. The stockpile at Fimpimpa started to accumulate at the same time that material was first uplifted from the LWP site.

Here's a video taken last year at Fimpimpa: https://www.facebook.com/reel/1155251006699909

A couple of things are interesting. First it's mentioned that the material is being trucked there from Chingola (where the LWP dumps are) and second, the initial capacity of the plant is 20,000 tpa with plans to expand to 50,000 tpa.

Also Fimpimpa is owned by African Power Coal, a significant coal producer in the country and Zambian / Chinese owned and run.

Of course there's no guarantee that this is the buyer, although I'm pretty sure it is. Also if they are the buyer it doesn't guarantee that they are looking for a long term deal. I'll leave that for others to debate.

AI really isn't that smart, all it's doing is scraping the internet for information regarding the question (including no doubt, this board) and packaging it up in a readable output. How do you know it's not using incorrect or irrelevant information in producing its response? You don't. Much better to ask your question to the company if you want a factual answer.

Assuming the shares can actually be issued which is unclear at best, why would the investor then sell them for the same price that they would have been issued at? I thought the intention was to support the Molefe expansion.

I've been invested for a while Bottomsup. Funnily enough it was the licenses that they just agreed to sell that was my reason for buying in the first place. They are close to Arc Minerals licenses in the zone 5 area which is highly prospective. I've added another £5,000 worth this morning.

I suspect that the last of the placing from September is still being sold off. That was for 212.5m shares I believe and a general rule of thumb is allow 2.5-3 times the placing size in trading to clear it. By my reckoning there have been about 550m shares traded since last September so it should be almost clear on today's news. If thats the case there could be significant uplift once the selling pressure is off. Tempted to add on todays news.

I take it since you deliberately ignored my question as to why you are still here... you don't have a good answer.

It begs the question Boring... why are you still here? You clearly want to paint the worst possible picture of Jubilee. Any sensible person with your views would have fecked off by now.