Member Info for SeisNav

Dru, yes I have an account there with the same username as here if you want to get in touch.

Interesting snippet from today:

" the news of Zimbabwe's plan to promote a comprehensive ban on chrome ore exports has attracted market attention. If the final policy is implemented, domestic chrome ore supply may experience a tightening situation, and China's reliance on South African chrome ore will further increase. Subsequent developments in Zimbabwe's chrome ore export policy will continue to be closely monitored."

“ Excluding the waste rock, the capex requirements would be as follows:

Roan $2.5m

Sable $5.5m

Munkoyo and project G $12m

Waste rock acquisition $11 m ($7 mil already paid)

vs $18 m from disposal of non-core and potential further injection plus additional cash flows from the business.

What am I missing?”

Papaki, there’s also the potential acquisition of further mines which could be several million. I guess we just have to see what is revealed this week, there may be things either in Zambia or SA that we don’t yet know.

I suspect some of the Johnny come lately posters want to convince people to vote against the sale because then they get to make a quick return on any investment when the SP shoots up. Lots of games being played. Just read the circular, ask questions and then make a decision.

Nevertogiveup, you didn't reply to when I answered some of your questions... maybe you didn't actually want them answered?

Gotreal, I asked a question at the last investor call regarding the shipment of RoM from Grovenor and Leon said that they had produced some concentrate for testing at Sable. It seemed to imply that this was a one off rather than the start of regular shipments but as always with Leon, it's open to interpretation.

The RNS doesn't say that the projects will be brought online within FY26, it just says that the projects are targeted to commence during FY26. The first processing plant for Munkoyo isn't expected to be commissioned until the end of June 2026.

Realistically, the only expansion in production I can see during this financial year is improved production of high grade RoM at Munkoyo, improved throughput at Roan / possible leaching and potentially start of RoM shipments from Grovenor. Drilling at Grovenor isn't due to start until sometime in Q2FY26 so I assume no production will happen until after that... at which point the rainy season starts. Will mining continue through that?

Thank's Jonah, they are still managing the level of the Kariba reservoir by rationing power but fingers crossed, a good rainy season this year should boost levels to a sustainable point where they can stop power rationing. At the same time they are rolling out multiple solar plants across the country as well as expanding coal fired power so that in turn should take some of the load away from hydro, allowing the reservoirs levels to increase.

Nevertogiveup,

Having looked at satellite images for the LWP I can confirm that material continues to be uplifted from the dump site for processing, so hopefully that helps put that question to bed.

The location of the LWP is on the edge of Chingola, a large mining area so I don't think water and power will be an issue but worth raising the question at the meeting.

I presume you are referring to the funds from the placing when you ask about the Sable upgrade. There was never US$10m allocated to Sable. They allocated US$5.7m for the upgrade of the sulphide recovery circuit. Later they said that a second tank house would be required at additional cost of US$6m. I agree that the need for another tank house should have been made clear earlier.

Saying that it will take three years to make a meaningful profit in Zambia is pure speculation.

There has been one year of drought, not "several years". There has been a rainy season since then. I don't see that as any higher risk than at any other time.

Election risk is the same anywhere in Africa and certainly in South Africa but the country is making progress under the current government and I think it highly doubtful that they won't be re-elected. There doesn't seem to be any credible opposition at the moment.

PGM basket seems to be stabilising at around US$1,900 / PGM ounce after briefly hitting just under US$2,000 / PGM ounce

Chrome concentrate price has ticked up this week to US$267-268 / tonne

Copper settling at around US$9,600 / tonne

Cobalt Hydroxide has continued to climb this week, currently around US$28,800 / tonne.

I was disappointed not to see any mention of cobalt in the RNS, maybe it's just not on the cards right now.

I used to have no problem posting any potentially useful information on these boards 'for the common good' but increasingly I get annoyed by all the underhanded posting that happens not just on this board but all of them. I realise that a lot of long term holders are deep underwater so there's always the temptation to try and influence sentiment one way or the other, it's maybe understandable but the traders who show up out of the blue claiming to have been here for years... they really annoy me. I tend to be more guarded in what I post here now, some of the things I find are kept just for me. Sad maybe, but that's the way it is.

Just something I saw from our mine manager in Zambia, posted on Linkedin the other day:

"Today marks my 1-year anniversary with Jubilee Metals Group. Over the past year, I've delved into diverse mining cultures, methods, and community upliftment projects. Exploring copper ore bodies and witnessing the lives of individuals within Artisanal and Small-Scale Mining (ASM) communities has been enlightening.

The genuine joy and positive impact seen on the faces of those involved in mining activities are truly rewarding. I am grateful to my mentors for their invaluable guidance in navigating this unfamiliar world where ASM miners are often overlooked, yet deserve recognition and safe mining practices.

Here's to another year of growth and impact in #SafeMining and #ChangingPeoplesLives."

It's good to see someone feeling positive, something that's been in short supply here lately!

Adriaan, that's ridiculous to say it will take 3 years to get to 10,000 tonne of copper. You can't judge future performance based on what has happened over the last few years when production was blighted by constant power and water problems, then the plant was taken offline to add the new front end, then there was a nationwide drought and the power grid failed. All of that is now history. They have secured power over a distributed network which should cushion them against any future problems. Just two processing modules on the LWP (9-12 months from start of construction to deployment) would already increase production beyond 10,000 tonnes. Grovenor mine should start contributing production by next year, they are adding a leaching circuit at Roan now which should increase production. Even pessimistically we could and should reach that rate next year sometime.

Edzi, I wonder why you keep addressing posts to me when you already know that I don't believe a word you say? Clearly it's not for my benefit.

Oops that was drilling start at Grovenor in Q2CY25, there must be a typo in the RNS (Q2FY25) which threw me.

Northern, I was surprised when he said the drilling campaign would go on for another 4 months, given it was originally expected to complete in early July. I wonder if that drilling program includes Grovenor as well which was due to start drilling in Q2FY26.

Ardbeggar, I'm cautiously optimistic on Zambia. The numbers for Roan are obviously much lower than we were led to believe based on Leons focus on capacity rather than actual production but the fact that the new front end module is processing transitional copper successfully bodes well for future modules and I'm sure lessons will have been learned from the Roan implementation which will feed into future designs. It's just going to take time and money to scale up.

I must admit I'm still confused as to why they want to dispose of the SA operations given what Leon said in the Roast, if capital requirements are as low as he suggests then why not fund it from SA operations? He alludes to misconceptions amongst shareholders (hardly surprising given how little information we are privy to in general) so maybe the reasons will make more sense when the circular comes out.

Welloilbeefooked, you keep saying 'we' but you said you sold out of Jubilee already. It can't be 'we' unless you are an investor.

Roan production in July was 384 tonnes, August is set to exceed the 350 tonnes target at current rate, so if you assume 384 tonnes as a monthly benchmark, that's an estimated 4,600 tonnes from Roan. If they hit the production targets for high grade RoM from Munkoyo to Sable, that would add about 1,800 tonnes. So potentially up to 6,400 tonnes from Roan and Munkoyo combined. The 5,100 tonne guidance is probably a little cautious because they can't afford to miss any more targets. There's an outside chance of some early stage production from Grovenor but I'm discounting that until we know the timeline.

Yes chatty boy, I spent the last few years posting on here because secretly I'm not invested, I just enjoy researching companies I have no stake in.... get a grip eh.