Member Info for SeisNav

Bottomsup, it's the oxides / mixed ores they are mining which are averaging 2% Cu or more, we don't know anything about sulphide grades or thickness as yet.

They were quoting a total JORC resource of about 97,000 tonnes copper in the website so it's certainly in the right ball park.

Everyone blaming PC seems a bit daft when he was the one who targeted and acquired the Mushima North license in the first place. All of the licenses in Zambia are in key locations and personally I think he did well to build up a decent portfolio of copper projects before the market took off. Try getting those licenses now and you wouldn't be able to do it on Tertiary's budget. Too many people are quick to blame management when high risk exploration doesn't pay off.

Yes what Leon said in the Roast podcast makes more sense to me too Dru, they get a percentage of the RoM sold by Molefe to Jubilee for processing. Another thing that was mentioned when the original announcement was made is that Jubilee recoup costs for the mine first before Galilieo have a right to earnings from Molefe. I don't remember the exact wording but something along those lines.

Https://podcasts.apple.com/gb/podcast/the-sunday-roast/id1593750832?i=1000745613783

Leon from 01:04:40

Why doesn't that surprise me that you were full of hot air. Oh well I'm significantly in profit here whilst you were dithering about, not to worry eh.

I'm about 50% up on Midnight Sun. Happy to let it run and see what happens.

Did you attend the AGM MetalTrade? You made such a big thing about holding a few quids worth of shares just so you could attend, I hope you were there.

I'm invested in Midnight Sun myself. (Currently about 50% up on my investment which is nice!).They cancelled the JV with KoBold Metals and are going it alone with the Dumbwa project. Yes the scale is much larger than Mushima North and it's also very close to major mines so would be an obvious addition to current resources if it turns out to be a significant deposit. I don't think you can really compare the two at this stage.

Thanks Mikie. It's possible that IRH are using the Mufulira project as leverage to try and 'encourage' Jubilee to partner with them on the LWP. Maybe once that deal is finalised with whoever, it might get things moving again with the Mufulira project.

Great to see some churn of shares this week, it wasn't so long ago that you could count the number of daily trades on one hand! Interest certainly is picking up.

I was hoping to see the website being updated to reflect the updated 3 pillar strategy but, at least for now, it looks like they have just removed the South African operations from the website. Maybe down the road we will see more changes. I see that Riaan Smit is being retained as group CFO in addition to JMK as FD.

Mikie, one other thing I meant to ask, was there any mention of cobalt in the AGM?

Thank's Mikie, if they can manage to do that then it will be very impressive. I guess it depends on them being able to expand the current pits and potentially join them together, then you would have a much large area of high grade ore exposed for mining. Was there any mention of Project G? I guess there's no rush to get that into production if they don't need it for Sable.

Mikie, you said in your notes that all of Sable's expanded capacity is expected to be taken up by Molefe.... are you sure about that? Up until now they have said that Molefe plus Project G would be needed to fill Sable and production at Molefe would have to step up quite significantly to supply Sable on it's own, even with two modules processing the low grade material.

Cheers Mikie, some very useful information in there. If the breakeven point is 350 tpm based on a lower copper price (did they say what price?) then we should already be well past breakeven now and that's before the plants at Molefe and the LWP start to come online. Great stuff.

If they prove up a significant resource then the chances of Tertiary actually mining it are small in my view. It's likely to be bought by a larger mining company. Teriary are a very small exploration company, they don't have either the experience or the finance to go it alone.

It was for re-election of Nicholas Taylor as a director.

12 months ago, silver was trading at US$30 / ounce, today it's more than triple that at just over US$90 / ounce! That must have a significant bearing on the economics of the Mushima North discovery. Thats to say nothing of copper which is up about 40% over the same period.

Here's the latest chart showing copper and cobalt prices as of yesterday:

https://www.dropbox.com/scl/fi/tlcbhgrnj5yxbpfd4ln8h/Commodity-Prices.jpg?rlkey=7vx9nc4syt0zd6rl6xmszzngy&dl=0

I was just having a look back at what the copper cost / tonne was in the previous year.

For H1FY25:

Tonnes sold: 1,336

Revenue / tonne : US$6,191

Cost / tonne: US$5,948

For full year FY25:

Tonnes sold: 2,045

Revenue / tonne : US$7,421

Cost / tonne: US$7,776

So what are we expecting for H1FY26?

Best guess for copper tonnes produced is somewhere around 2,100 tonnes (assuming Roan has been running at 30,000 tpm throughput) which although nothing to shout about is still a step up from last year. How much of that copper produced is sold during the period? That's anyones guess, which will obviously have an impact on cost / tonne sold.

The big upside should be the much higher percentage of copper produced going on to make cathode rather than sulphide concentrate. That feeds through to the revenue / tonne which (based on 85% oxides) would be somewhere closer to US$10,000 tonne. Part of that is obviously due to a much higher copper price in H1 than the previous period.

Nice to see Jubilee finally getting a bit of traction and even nicer to be back in profit again!

Yes it's in the RNS titled "Audited Results for FY2025 & Notice of AGM" but you can always find it on the website under corporate documents / circulars:

https://jubileemetalsgroup.com/wp-content/uploads/2025/12/Jubilee-Notice-of-AGM-2025.pdf