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No, it will continue to reflect the markets perception of reality. Not the same at all.

It looks like the rise in silver is bringing the punters back.

They have had offers to buy the entire waste dump so valuing it at zero is ridiculous. If we got US$6-7m from the transaction for 6% of the dump then you can assume the the company who bought it stands to make a heck of a lot more than that, especially with recent elevated copper prices. They are looking to partner with a refinery owner nearby so it's likely that all Jubilee will be doing is upgrading the waste as they have been doing at Roan. There's no denying that they have been able to upgrade feed by more than 10 times even if the actual throughput has been lower than we were led to expect (so far).

That's only one of the assets of course. What is Molefe worth? What is project G worth? What are the recently acquired exploration grounds worth? You will need to exercise more patience if you want to find that out.

Well that explains some of the selling pressure. James Packwood taking some profit. Can't say I blame him after that rise, I did the same. Now sitting on a free carry so happy to let this play out!

I guess a lot of the selling is from traders looking for a short term gain rather than investors. The investment case hasn't changed just because silver has dropped in value, it's still up more than 200% on the year anyway!

We already know from the pXRF results that there's silver in the upcoming assays. What I'm curious about is does the silver footprint extend further north or is that the northern boundary? It's noticeable that the two drills which are north of the surface anomaly show a significant drop off in copper grades compared to the two which are within the footprint.

Do you actually know anything about Jubilee Mazerunner? I ask because all of your posts are just general ramping with absolutely zero value to anyone.

On a more positive note, I saw this report about the current power situation in Zambia:

https://www.facebook.com/reel/919309860534962

At the moment there appears to be no load shedding and fingers crossed it's looking good going forward. Good for the country as a whole and Jubilee in particular!

Maybe you'll get back in at the price you sold for Kalan 😉 Pity you missed out on the 20% rise though! Still we all call it wrong sometimes.

You should have a look at the technical specs for Sable from Glencore when they owned it Kalan. Copper recovery is stated as being in the mid to high 90% region so you might be under playing the Sable numbers a bit.

I'm not expecting miracles for the first half, we know that there's a bottleneck at Roan with not enough drying capacity to send all the production to Sable (why wasn't this foreseen until now is a valid question). That is supposed to be remedied in February so all of the backlog should then get pushed through to Sable in Q3 and Q4.

I'd like to see news on a partner or partners for the LWP being announced this quarter, not sure if they are awaiting the final results of the additional drilling to finalise a deal.

I don't think so Northern, I think they are just talking about mining the waste pile. From memory it's something like 80m deep so it's almost like a large shallow open cast mine in itself!

I'm not sure why he's making such a big song and dance. If the last quarter results are poor then he will get an opportunity to buy his shares back cheaper and if they are not then he will have missed out on a very big rise.... either way it's hardly worth the constant posts.

I'm surprised that more people can't see the potential here with copper near US$14,000 / tonne and silver up nearly 300% on the year at US$117 / ounce. Mushima North is the most obvious catalyst for value creation but it's not the only one. I wouldn't be surprised to see a JV for the wholly owned Mupala licence on the Kabompo Dome, adjacent to Arc Minerals grounds and Barrick Gold licence. Tertiary have done soil sampling there and identified a large copper in soil anomaly in a very key location. Worth having a look at if you are interested.

Here's a map showing Mupala license in green with the copper in soil anomaly and the blue pin is where Anglo drilled 40m @ 0.6 % copper. That's just along the basin edge from Mupala:

https://www.dropbox.com/scl/fi/x7r8uzbk1bluddmbbpgx4/Mupala-copper-in-soil-anomaly.jpg?rlkey=6odrxnfl472ja4d9tkblf04q3&dl=0

There's also the JV with FQM at Mukai and the JV with KoBold Metals at Konkola West...

The presentation is available to watch now for anyone who missed it or want to see it again.

I missed the first part, which was Vassili's presentation, so will have to watch that back again.

The comparison Remy drew with Midnight Sun is an interesting one. I'm an investor in Midnight Sun so I'm aware of what's happening with them (and thankfully I'm actually in profit on that one!). He said that they had two companies walk away from a JV, that's not strictly true, actually Midnight Sun decided to walk away from the JV with KoBold Metals. They saw the upside as just too good to give it away to another company. It's relevant because the way they plan to finance exploration at their flagship asset (Dumbwa) is by monetising a high grade oxide cap, most likely by low cost heap leaching, and selling the concentrate to FQM who's Kansanshi mine is very close by. They have the advantage that Kansanshi has a smelter which produces alot of Sulphuric acid as a by product and it can be neutralised by leaching copper. The parallels with Cheyeza East are obvious although Arc doesn't have the advantage of a ready source of sulphuric acid very close by but I guess that could be overcome.

Here's the news item if you want to see:

https://midnightsunmining.com/2025/midnight-sun-announces-resource-estimate-for-kazhiba-main-copper-oxide-deposit/

Did anyone notice when this page was updated on the website?

https://jubileemetalsgroup.com/vision-and-strategy/

It must have been done recently I guess, because it lays out the 3 pillar strategy.

Interesting that they put this:

"Global strategic partnerships

Jubilee focuses on building global partnerships to initiate and execute projects that enhance the value of commodities."

I wonder what global strategic partnerships they are referring to. Maybe the LWP?

"At the end of the Quarter, approximately 1,429 4E PGM ounces and 10,023 attributable Chrome tons remained in work in progress. These PGM ounces and Chrome tons were produced but not delivered by 31 December 2025, and were dispatched post Period-end."

Chrome production is just a sensible diversification of earnings. With PGM prices so elevated, Thaba is just a side note, even at full production but in the event that PGM prices collapse again then chrome should help support earnings. Chrome and PGM's tend to operate in opposing cycles so as industry PGM production drops then chrome prices should rise.

No sign of a reaction to the increased PGM guidance from yesterday.

https://www.dropbox.com/scl/fi/9mqc7i8hkuha5ko5awbin/SLP-PGM-basket-and-SP.jpg?rlkey=xhr2l3632ptp4kp13gwu2oei3&dl=0

Are you still invested never? I thought you sold your shares a while ago. You must be kicking yourself eh?

Citi have just raised their short term forecast for silver to US$150 / ounce. There should be no shortage of interest from third parties in the Mushima North project at current silver (and copper) prices. The question is, how far do they try to prove it up before getting into a JV? The more they can prove up, the better position they are in to negotiate a favourable deal. It's a balancing act because this target is just the first of several. To explore the area fully they need a much bigger drilling campaign.

Looks like I was right to be optimistic on production, although the results exceeded even my expectations! With the upgraded guidance on PGM's, this quarter will absolutely blow the doors off!