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Don't worry your track record has absolutely no bearing on the outcome here either way.

The Mukai assay results are also expected soon. Watch the video if you want to understand more:

https://youtu.be/06YRuPiWG2M

FQM are certainly a possibility Auc but ideally there's more than one interested party. The potential for a copper / silver / zinc mine is bound to attract attention especially now when every man and his dog are looking for copper. If they do go down the JV route I hope they can negotiate some cash up front because that would be a game changer in terms of market interest.

Munkoyo was targeting 8500 tpm at a grade >2.5% so if you assume 3% grade that would be about 250 tpm copper contained (mixed oxide and sulphide?) to Sable.

The last update on the waste pile at Munkoyo was 1.2 million tonnes (and growing). If you assume 0.5% average grade thats about 6000 tonnes of contained copper. How much of that is leachable oxide copper is not clear but it should add considerably to the total when it goes into production. I'm not expecting much from that this FY as they said the designs and CAPEX for a low cost plant would be finalised around the end of this month.

Project G was supposed to be producing 3000 tpm of 10-15% concentrate on site for trucking to Sable, so 300-450 tpm copper contained (mixed oxide and sulphide?).

At the moment there's a limit on processing capacity at Sable until the upgrade is completed, hopefully that coincides with bringing two more mines into production to fill the expanded capacity without using concentrate from Roan.

A JV on Mupala is certainly a possibility. I'm strongly invested in Arc Minerals so I'm very aware of whats happening on the other side of the license boundary with Anglo American. Yes they had an application in on the Mupala license but Tertiary got there first. Anglo have established copper oxide / sulphide mineralisation along the basin edge, about 2km from the Mupala license. Further along the basin edge, Tertiary have confirmed a large copper in soil anomaly which extends into the Arc / Anglo JV area.

It looks like the market is starting to wake up to the Mushima North results which point to potentially something of economic potential. That's going to need a deeper drilling campaign to investigate further, I think a JV here is a strong possibility judging from the wording in the RNS.

Mukai drilling results must be due very soon. The geology they are drilling is equivalent to that at the Enterprise mine, a short distance away, FQM have already established sulphide mineralisation just across the license boundary... very excited by this one.

To me it looks ridiculously cheap but obviously people wary of more fundraising. I think they will give these projects every chance to deliver before that happens though.

Marine, you're quoting the US copper price which is much higher than LME prices at the moment due to the impending potential copper tariffs. LME is just over US$10,000 right now. That difference should narrow as LME stocks are bought up for the US market. Anyway it's a good price and provided Zambian operations are progressing to plan we should be generating a good cash flow to grow the business as well as the share price.

Pandy, do you know ANYTHING about Tertiary's projects at all? I've never heard you discuss anything here apart from the fact that you've been invested for a long time and you think the management can't deliver any value. Well guess what, Mushima North has a very good chance of delivering value. Maybe you should make a bit of effort and do some reading instead of your inane posts and smiley faces eh?

I believe there's only a loose connection between cobalt metal prices and cobalt hydroxide price so it's hard to say what a good price would be but I think it would still need to go higher to displace copper production, especially with strong copper prices. I plan to ask the question at the investor call though... when might it become attractive again.

Https://www.miningweekly.com/article/congo-may-extend-cobalt-export-suspension-president-says-2025-03-25

This could make things interesting for Jubilee if it happens.

Art always pops up hoping to damp down any good news so he can buy back in again. Those are commercial grades and they have only drilled the near surface, most holes ending in mineralisation

🚀🚀🚀

Richard Belcher, Managing Director of Tertiary Minerals plc, commented:

"We are delighted to report additional silver drill results from the Mushima North Project. These results, along with previously announced results, confirm the thick intervals of silver mineralisation commonly associated with zinc and/or copper at Target A1, including 26 g/t silver over 66m from 13m downhole (24TMNAC-006P). With only a small section of the soil geochemical anomaly tested and many of the holes ending in mineralisation, including 73 g/t Ag over 5 m at the end of hole 24TMNAC-005, we are only just starting to test this exciting prospect.

It looks like something big developing here

"We are reviewing several opportunities to liquidate for value certain of the non-core lower grade assets."

Maybe the zinc/lead/vanadium tailings were what he was talking about rather than the copper tailings.

Chester, I'm not sure what I'm more surprised by, using the zinc tailings to get the copper feed or the fact that you actually got a response to an email! I wonder if thats connected to Shuka Minerals who are looking to acquire the Kabwe mine and the license area that surrounds Sable.

So if I'm reading that correctly, they paid for the 200,000 tonnes from cash reserves and the shares were issued in order to secure the exclusive rights to buy more of the RoM. Is that right? Different to how I interpreted it from the RNS / Roast interview but I guess it makes sense.

Gray, I started buying when it was still in the 1's , my strategy was to add more as I researched and gained more confidence.... I should have just bought a decent chunk to start with and left it at that! Still with the benefit of hindsight we would all be perfect investors. My average is in the low 4's now so still reasonably happy but I could have been a whole lot happier!

There were a handful of trades yesterday, one person sold about 8 grand and suddenly people are making ridiculous claims. No mention that most of those shares have already been bought back... most likely by the same loudmouths who are complaining.

Gray, I wish I'd been a bit more proactive here earlier and I could have been sitting on a decent profit now rather than a small paper loss! Oh well, you live and learn. Hopefully the time is coming when I can be more hands off and just let things develop. I think by the end of this calendar year we should (🤞) be in a much better position.

I was thinking about the IRH deal, one of the positives if that does go ahead is that it will immediately free up the cash that Jubilee has already invested in buying the waste dumps (at least US$9m) which could then be deployed in buying the two further mines needed to fill capacity at Sable. With completion of the expanded capacity at Sable in the second half of this calendar year then I could see things really moving forward by the end of year. FY26 should, if all goes to plan finally see us somewhere near that fabled 25,000 tonnes target!

You have definitely said in the past that you have sold shares on more than one occasion.

Not that it's any of your business but yes I bought them back when I thought we had hit the bottom. I never question anyone else for selling shares, it's funny that it's the ones who have freely admitted to doing so themselves that are trying to make it an issue when I did!

To be clear, I sold because of the vague messaging around the shares issued for the high grade feed, I thought, rightly or wrongly that the SP was likely to drop when they came to the market and frankly I'd had enough of sitting around watching that happen. I always intended to buy them back and it had no bearing on my long term expectations. Would I do the same if they issued further shares... you bet I would, just as some others here have undoubtedly been doing on the quiet. I just won't be making it public knowledge next time.

Neither do I, but that isn't my point as you well know. You want to draw attention to the chart but you don't want to look at the reasons behind it.... fair enough but I do.