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Overall, the numbers for Q2 were a bit worse than I expected, and I thought I was setting a pretty low bar already!

Roan positives:

A swing from 34% oxides / 64% sulphides in Q1 to 87% oxides / 13% sulphides in Q2

That is in line with the 85% figure we were told to expect and that's significant because the oxides go to Sable to make cathode, which sells at a much better price than sulphide concentrates.

Expected to increase throughput to 40,000 tpm by end Q4. 40,000 tpm x 1.6% (feed grade) x 65% (recovery) = 416 tpm copper or ~5,000 tpa.

Glad to see they are finally breaking down the numbers by product type for Roan.... let's see the same for Sable.

Roan Negatives:

Reduced production in Q2 so they clearly didn't maintain 280 tpm which was the (latest) target. Was that due to the heavy rains?

The dewatering expansion now not until end of March rather than February as previously stated. More slippage.

Molefe showed a big step up in mining from Q1 to Q2 despite the infrastructure damage caused by heavy rains, hopefully this continues as the weather improves and repairs are implemented. The overall grade was a bit disappointing at 1.84% when they had previously said they were targeting over 2%. That may improve... or it may not. Ramp up to 8,500 tpm to Sable by Q4?

The start of construction of the module at Molefe next month is a big step forward, that should significantly improve delivery to Sable by later this CY.

The LWP saga rolls on but at least we know to expect a report and potentially a deal with one of the two parties by the end of this FY.

Social media overdrive this week... two in two days!

https://x.com/Jubilee_Metals/status/2024077849464877352?s=20

Maybe that coverage is bringing in fresh interest.

People tripping over each other to try and find anything negative to say again I see. There’s a reason why drilling usually doesn’t get started until after the rainy season starts to subside. Also it’s not Jubilee doing the drilling so maybe go on the GLR board and moan over there!

Holleraa, if you seriously want to believe that the Market Makers are deliberately moving the SP around then nothing I say is going to change your mind. Personally I think that's a load of old nonsense for the reasons I already told you.

Https://www.dropbox.com/scl/fi/mtcqu14ne4ryilx9foxl1/PGM-basket-and-SP.jpg?rlkey=atlpqto80h51mwybta2z0mq7c&dl=0

I sold out at about 125p and am still keeping a watchful eye on what's happening with the PGM basket. I'm not yet convinced if the recent pullback is temporary or the start of a trend lower. At current prices, rhodium contributes almost as much as platinum to the overall basket so any movement in rhodium price is likely to have a significant impact on the SP either way. The precious metals market may be quieter right now due to the Chinese New Year holidays.

Https://x.com/Jubilee_Metals/status/2023725461050741174?s=20

Drilling in a new area SE of pit 1, which is the furthest East of the excavated pits.

How could those institutions possibly ignore what you had to say Never, with your wealth of self professed experience! What fools they were eh?

Good manners prevents me from stating what you are Never.

"In 2026, we intend to aggressively advance the Mushima North discovery and envisage a number of value-adding steps as we head towards the definition of a maiden mineral resource. We also expect to have news on other fronts from NEW AND EXISTING joint ventures on other projects."

It's perhaps significant that they state they plan further exploration activities at ALL of the Zambian projects as well as in Nevada. With the primary focus on Mushima North, they only way I can see them doing that is though further JV's. I think if that is the case then we are likely to hear about it sooner rather than later later, before the the drilling season. As well as the JV's currently active, they plan exploration at Mupala, which really interests me, given the geology and location in Tier 1 country and also at Jacks Project where several targets have been identified for follow up drilling.

They are still potentially exposed to multiple commodities in copper and cobalt, trace gold was also mentioned. Probably not what they were referring to though!

It's about 8 minutes or so in after the weekly news roundup. It's just a short mention.

It was mentioned. One of the two was in Kabwe after Indaba and was due to visit Molefe over the last couple of days.

Leon said that they could see oxide copper outcropping at surface when flying over these licenses so I don't doubt there will be further potential beyond the Molefe mine itself. Remember also that the whole point of the strategy was to find several small scale opportunities that could feed into a central processing unit rather than trying to discover a tier 1 mine. If Molefe does turn out to be significantly bigger than first thought then fantastic but multiple clustered smaller opportunities could achieve the same thing.

We should have had a decent last quarter from SA operations, the PGM's in particular. Chrome is a bit of an unknown but I think anything better than breakeven would have been a win. The thing that limits any upside is the interest payments on the loan to purchase RoM. They took a big bite out of any profit.

Copper we already have a pretty good idea about. They have said that Roan is operating steadily at 280 tpm at the moment so that should give you a decent estimate of Roan production. The problem is that not all that production can be sent to Sable until they expand the drying capacity, which is supposed to be happening this month. If you're expecting miracles then I think you'll probably be disappointed.

Interesting update from the Swedish Mining Inspectorate:

"Today, February 11, 2026, the Swedish Mining Authority is launching a new e-service to facilitate the application process for exploration permits and mining concessions. The aim is to streamline the handling of cases, increase transparency in processes and simplify things for prospectors.

Together with the Geological Survey of Sweden (SGU), the Swedish Mining Authority has developed improved system support with functionality that, among other things, enables prospectors to apply for permits digitally. The initiative has a clear connection to the government's goal of more mines in Sweden and makes it easier for prospectors and other stakeholders to use already collected data.

– It's great to now be able to launch the first version of our e-service aimed at those who conduct exploration in Sweden. This is an important step in our work to streamline the handling of cases, increase transparency in our processes and simplify things for prospectors, says mining manager Helena Kjellson."

In particular "the government's goal of more mines in Sweden" caught my eye!

It's funny that LunaNera was telling everyone "Long term, this one is a blind buy, regardless of entry point." less than two weeks ago.

Things seem (for now at least) to be stabilising with the gold price. I remain on the sidelines for now as I don't see any advantage for me to jump back in but certainly want to be back in before the Q3 results. I agree right now with other forecasts for revenue of US$75-80m for Q3.

It's Indaba this week so we might not get anything until that's done. I believe some of the Jubilee management will be there.

So you think you know who's selling but I don't? I can tell you for sure that Chelverton Asset Management have sold some. They were holding 88m as of December and about 60m in January. Some funds are dynamic so any one share is a fixed percentage of the overall portfolio. If for example, a share doubles in value then they need to reduce their holding to bring it back into balance, if it drops in vale then they might buy more.

I've taken advantage of the institutional selling to significantly increase my holding. Hopefully this is near the bottom now. I've been in SM for a few years but rarely post here these days.

It's quite sad but entirely predictable that characters like rewindrepeat will take advantage to fill the board with nonsense in the hope that they can somehow affect the share price... heads up, you're wasting your time.

There's a new exploration permit for a Swedish company (Energy X92 AB) at Storuman, right next to Tertiary's expired exploration licenses. That's also for flourspar amongst other things. It seems a bit pointless to be granting exploration permits unless there's some possibility of a mining permit for that area being granted!