Member Info for SeisNav

Manx, a bit disappointing not to have something more definitive. The last hole is very similar to what was drilled at Enterprise so if anything it might be a Nickel play but needs more drilling to see if it's significant or not.

Mikie, the chrome price is still rising at the moment. I found another site where you can check the price daily and it's currently over US$300. If it maintains these levels then the average price in H2 will be very similar to that in H1 but with two advantages, lower average RoM costs and much more high margin chrome from Thutse 2 and 3. Hopefully we are in for a very pleasant surprise when the full year chrome and PGM numbers are out.

I'm not expecting miracles from copper this year, with most production still coming from Roan, Munkoyo still increasing the high grade RoM to Sable and Grovenor seemingly unlikely to deliver too much until the pit is designed and opened up. Next year I don't think it's unreasonable to expect a solid timeline showing how Jubilee actually expects operations to ramp up to fill capacity at Sable and Roan.

Good to see JMK taking a permanent role, he seems a steady hand with plenty of experience.

Raising the cash for processing modules is only half the story. Unless we have access to a refinery we would just be producing concentrate to sell on. The OB-1 waste dump was created from open pit mining at Nchanga, owned by KCM. They have a SX-EW refinery right there on site and would be the most obvious partners in a JV. I don't know how many truck loads it would take to move 10m tonnes of waste but it must be a lot, I doubt they would want to truck it any great distance, especially at their own cost.

Vassili said in the interview that he was on site in February and was going to meet up with Anglo there again "shortly" so yes hopefully within the next couple of week or so we might get something.

I thought it was interesting that Nick mentioned that they had been in talks with a major to do something with them in Botswana, potentially a JV with MMG who own Khoemacau? That would be the obvious choice given their licenses and targets are on both sides of PL135.

Tharisa reported results today and mention spot price for chrome of US$300 / tonne at the moment.

I saw the Chinese Embassy in US posted this old clip of Ronald Reagan talking about tariffs on X:

https://x.com/ChineseEmbinUS/status/1909243694336581747

Although to be fair I don't think this is really about higher tariffs, I think thats just leverage to get people to the table to give the US whatever Trump thinks they deserve for being the worlds policeman.

I thought the same as Jonah. 11,500 oz of extra processing capacity with the earnings to be spilt equally. I thought it was pretty clearly stated this time to be honest.

One other thing is there may also be additional chrome as part of the processing. Normally at Inyoni, the output from the chrome module would then go to the fine / ultra-fine chrome circuit before going to the PGM circuit. The stockpiles at Thutse haven't been through that additional chrome circuit as far as I understand it. Thats probably why the RNS says "PGM and chrome stock".

When travelcard first showed up he was asking about a high court case brought by the ‘businessman’ mushinge (read conman). Now the only way he could have known about that is if the person bringing the case told him about it. I certainly wouldn’t put any trust in anything that guy has to say, best filtered.

Prof, I’d be happy just to see us doubling production each year for the next couple of years and then we should be somewhere near the promised land of 25,000 tonnes!

Just a reminder that it took seven years for chrome to scale up from 40,000 tonnes to an estimated 2 million tonnes, it wasn't an overnight success. We are now in the 5th year of trying to scale up copper production having faced some very significant headwinds. Finally it feels like we are on the verge of the same kind of breakout in copper that happened in chrome.

Https://news.metal.com/newscontent/103263324/The-Impact-of-US-Tariff-Increases-on-Chinas-Stainless-Steel-Exports

The good news for us is that Chinese exports of stainless steel to the US account for just 5.8% of total exports. It looks like they are already exploring other markets to try and reduce reliance on US in future. Obviously that doesn't help if the world enters a recession but hopefully it doesn't come to that.

Another article on chrome ore price which was still rising last week:

https://news.metal.com/newscontent/103260526/[SMM-Daily-Review]-Chrome-Ore-Prices-Continue-to-Rise-Ferrochrome-Companies-Stand-Firm-on-Quotes

The US price is still about US$500 / tonne above LME but I guess the gap between the markets is closing. Hopefully it lands somewhere around US$9000 / tonne.

Commodity prices and certainly LME copper seem to be moving up quite strongly at the minute.

Quite a brave statement Yorkie, to say this is the bottom with so much uncertainty swirling around the markets but I hope you're right!

If you didn't look at the news you would think it was just a normal trading day for Jubilee 😂

It seems a decent bit of business to me, little to pay up front. Run a soil sampling program over some very prospective geology, outcropping Roan again, and surrounded by mines on similar geology. If they identify targets from the soil sampling we might hook another JV from that.

I'm surprised they have been able to acquire another license with them theoretically already holding 5, which the government set as a limit. I guess that may mean the other licenses are already grouped together under Handa as was the plan I believe.

Https://podcasts.apple.com/gb/podcast/the-sunday-roast/id1593750832?i=1000702370655

A short mention about the Jubilee transaction. Colin Bird talking about Trumps tariffs, also thinks he's just trying to bully a deal.

I'll be moving some more Jubilee shares into my ISA tomorrow anyway, just a lot more than I expected!

The more I look at the news, the more I think these tariffs are just a negotiation tactic. You are already seeing countries in talks with the US to negotiate the tariffs down. The fact that he said China “played it wrong”, to me he’s saying there’s a deal to be done here.

Why are you posting this on the Jubilee board specifically?

Https://www.podbean.com/ep/pb-un8nc-186e807

An interesting listen with a lot of the detail analogous to Arc / Anglo area. In particular they talk about re-mobilised oxide blankets (from about 11:20). Something I hadn't really appreciated when Vasilli said they think Cheyeza East was potentially re-mobilised, they mean that the oxide blanket was originally linked to a sulphide deposit but at some point it became detached and moved by ancient rivers. If that is the case with Cheyeza I guess we would see Anglo drilling around it to try and track down the sulphide source. The first drill which hit sulphides could be the first step in finding that.