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Papaki, most investors are not experts in chemical engineering so of course most of us have to take what the company says and either believe it or not.

I agree with you that things have continued to evolve since the company first entered Zambia, costly mistakes have clearly been made along the way. The latest announcement that they are only using the milling and floatation circuit for transitional ores throws up a lot of questions about how they will implement the processing solution at Munkoyo / Project G and the LWP which are also transitional ores (with potentially sulphide ore as well). At the end of the day I don't really care what solution is implemented, as long as it works and produces copper at a decent margin.

Thats certainly a possibility Jonah, I was wondering about that myself but transport would be the obvious issue.

If the intention is to only utilise the milling and floatation circuit for the transitional ore as they are doing at the moment then the question is what are they going to use the DMS for? Leon has hinted that there is the option to supplement Roan with less complex ore from another source, he did say they were looking at licenses close to Roan, maybe with the intention of doing exactly that. I think longer term that will be the plan, processing a combination of transitional ores and more traditional ores to utilise Roan's full capacity.

Iluvise68, I think we've seen in the past that guidance is a bit of a moveable feast with Leon! Something has clearly happened for the production rate to drop so much after July and with no information forthcoming from the company about what the issue was or is then it leaves the door open for speculation.

Personally I would have been more concerned if they were not hitting the recovery rates of 65% that they had claimed but as far as the numbers show, they ARE hitting that recovery rate. They did manage to run the plant at a higher rate in July which suggests that it is possible and I think it's reasonable to assume that they can go up from the present 30,000 tpm throughput.

What about when the leaching circuit comes online? Leon said that 60% of all plant losses were down to the fine copper oxides which can be recovered via leaching. With recoveries at 65%, therefore the losses are 35% and the fine copper oxides are 60% of that 35%. Let's assume they can recover 70% of the fines via leaching (typical for glyleach) then you get 65% + (35% x 60% x 70%) = 79.7% overall recovery.

at 30,000 tpm throughput that would be 382 Cu tonnes / month or 4584 tonnes / year

at 35,000 tpm throughput that would be 446 Cu tonnes / month or 5352 tonnes / year.

All the testing was completed before they started production so I doubt that is the case although I guess there will still need to be some adjustment during day to day production. I think the issue might be the throughput rate.

In the RNS on 28th May, Leon wrote:

"The trials confirm Roan's capability to maintain a ROM feedstock run rate of between 35 000 to 40 000 tonnes per month (tpm) on the transitional reefs"

On 6th October the RNS states:

"Our Roan operation is performing to plan which at present is utilising approximately 30 000 tonnes per month of the installed 45 000 tonnes per month mill and float capacity "

So current throughput is less than anticipated for whatever reason.

At 35,000 tpm and average grade 1.65% and 65% recovery you get: 35,000 x 1.65% x 65% = 375 Cu tonnes / month.

At 30,000 tpm and average grade 1.60% and 65% recovery you get: 30,000 x 1.60% x 65% = 312 Cu tonnes / month.

Maybe they started off running it at the higher rate and then found they couldn't maintain it.

Yes I did ask about that charttopper, but he couldn't tell me anything because it wasn't public information. He's at the Roan operation at the moment so must be getting acquainted with whats going on in Zambia.

I have had a response from Jonny regarding the South African operations. He confirms that revenue will continue to accrue to Jubilee until the formal completion of the sale process. He said that this was explicitly stated in the circular so suggest re-reading that if you want more confirmation.

Https://www.miningweekly.com/article/silver-soars-to-record-high-riding-golds-coattails-2025-10-09

A rising silver price as well as copper is bound to attract interest in a project with the potential for both.

Have you even read the RNS Pandy?

If you want I could copy and paste your negative comments for you and save you the bother!

Yes they are trying to do something clever. The difference between what Jubilee are doing and what most mining companies are doing is that they are going after what is normally considered to be waste. Just like they did with chrome. If they can make the process work (better than it has to date) then the upside is massive because there are millions of tonnes of that material on surface waiting to be processed.

Owning mines like Munkoyo gives them the potential upside of hitting a sulphide orebody which is relatively straightforward to process and could add significantly to the copper concentrate produced.

One license which hasn't really been mentioned much is a potential wildcard for Tertiary. Mupala, the wholly owned license they acquired next to the Anglo American JV with Arc Minerals. Anglo are drilling very close to the Mupala license border right now and if they find something significant then Mupala suddenly becomes very attractive. Also Barrick have just acquired a license in a JV with the Zambian government to explore the license immediately to the north of Mupala... the government were keeping certain high potential licenses available for this kind of JV. It puts Tertiary very close to the action.

I'm pretty sure work is still ongoing at Cheyeza East, at least two of the targets I've seen (exactly 1000m apart) on the satellite images are almost certainly drilling. I don't know if they are active elsewhere because the license is so big you really need to know where to look to stand a chance of spotting anything.

Realistically, what they need is a joint venture partner to come in and drill the heck out of the license. There are multiple targets to drill, this is just the first one, and with a limited time window due to the rains and limited resources they need someone with deeper pockets to get the job done. Because Zambia operates a 'use it or loose it' licensing system, you have to give up half the license area every time it gets renewed so there is time pressure to get things done. If they can announce a JV, ideally with some cash up front, that would be transformational for the company and the share price.

Https://www.dropbox.com/scl/fi/y0rssnn6hgxqkazqhed4w/JLP-commodity-prices.png?rlkey=odvttna8jid7t6i176gvd8qxc&st=ygiok5af&dl=0

I emailed the company yesterday with some questions regarding the RNS update, including what happens to the revenue from the South African ops. until the sale is finalised. If I get any response I'll post it here.

Ray, the only information I have is a note from 2022 that production costs were US$17,000 / tonne but I can't remember if that was from the company or not.

I guess they would want to be certain of the longer term price of cobalt hydroxide before committing to changing production. There would probably be significant costs involved in gearing up for that. The DRC quota system starts in the next few days so that should give some stability to the price.

Fishy, I don't know ATYM very well but from a quick look it seems they are processing sulphides into concentrate primarily. That kind of grade of ~0.5% is also typical of what is seen in the Domes region of Zambia. Jubilee are doing something different, they are targeting the mixed oxide / sulphide zone which normally would just be dumped as waste because it's more difficult to process. I'm presuming the grades they are reporting (eg, 3.35%) is from this mixed oxide / sulphide layer. It would be nice to see some assay results indicating what the grades are and what the potential of the underlying sulphide orebody is, in terms of both grade and size.

Still pushing upwards, I guess to some extent being dragged along by the gold price:

https://www.dropbox.com/scl/fi/xe7iirp96a89sc5a0pv0q/SLP-PGM-basket-and-chrome-prices.png?rlkey=hai1gonuj5uka30k0rapd8lv5&st=8crr5pvc&dl=0

I estimate PGM gross profit for Q1 of about US$7.5m and for Q2 of about 9.0-9.5m assuming 9000 ounces of own production plus 1000 ounces from the JV in Q2. Chrome profits remain a mystery.

Has anyone been in touch with the company with questions this week? I want to confirm that SA profits continue to accrue to Jubilee until the sale is finalised towards the end of the year amongst other things.

Why would they put Sable on care and maintenance? The majority of copper is still coming from Roan right now not from Munkoyo. That's a big assumption to make. Sable was still producing when they were making less copper than they are at the moment!