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Context is everything. If you looked at the SLP chart you would see almost exactly the same thing. The only difference is that SLP dropped much more rapidly than JLP did because people still had optimism about the copper strategy. Charts can only tell you what happed in the past not what will happen in the future, despite what chartists will tell you!

It's funny watching the same faces that are on the Sunrise board popping on here to talk it down. I bet not one of them have a clue about the projects that are ongoing.

The high grade feed they are now processing was essentially free, they didn't pay anything for it... the shareholders did! So if you can't make a decent margin on that then something is very wrong!

Price is moving up... I think we can safely say the seller is done... at least for now!

Chrome prices are reported to be moving up again this morning. It looks like this financial year is definitely going to be a game of two halves!

Tempt not temp!

I get the feeling that the sellers stock is finally running dry. Either that or they are trying to temp in a few more buyers to dump a load more!

Northern, I've no idea if it would be applicable to Jubilee's process but it doesn't hurt to ask!

I just realised that my numbers quoted below for Munkyo and Project G assume all of the feed sent to Sable is leachable oxide copper which probably isn't the case, some will likely be sulphide. That will impact the percentage of cathode produced. The rest will presumably go through the expanded sulphide circuit.

Gotreal, the trial results I saw showed various percentages based on different methods. I think 80% recovery was based on using acid in combination glycine whereas glycine alone produced about 70%. I guess it depends which route they want to take.

That reminds me, they also demonstrated very good recoveries of platinum and palladium using glycine... I wanted to ask at the investor call if that is something Jubilee are looking at.

For Roan, the DMS production capacity was always based on a feed grade of 1.5%, thats what the numbers on the flow diagram on the Jubilee website were based on. Based on a recovery percentage of about 55% they should achieve 5,000 tonnes per year from the DMS circuit alone. If they have the glycine leaching at Roan as well that recovery could be around 70%, so about 6000 tonnes per year. We don't know much about the milling and floatation circuit, how much of the capacity is being utilised? What is the feed grade? How much is being produced? All questions that I think we need answers to.

From Munkoyo, they are aiming for 8,500 tpm of feed at >2.5% direct to Sable for leaching and electrowinning. At 90% recovery and 3% grade that would be about 2,750 tonnes per year of cathode. The leaching will add to that, whenever that goes ahead.

Project G should have been operating at 10,000 tpm through the on site concentrator to produce 3,000 tpm of concentrate at between 10-15% copper grade. That would equate to about 3000 tonnes per year of cathode.

That is more than enough to fill the current cathode capacity until they complete the second tank house later in the year. They can always sell excess concentrate until such time as they can process it at Sable.

I guess once this due diligence is completed then Jubilee have to make a decision either way, as do IRH. It's possible that given good results from the due diligence then they might be able to get a better deal elsewhere for financing or they might decide to go it alone.

The wording put out in the recent RNS suggested that they were just tying up loose ends before the deal goes ahead but Leon has said things in interviews which contradicted that, like letting shareholders know there are other interested parties... maybe just putting a bit of pressure on IRH, who knows?

I guess it's a possibility Gray, although the waste dumps are quite a distance from Sable, almost twice as far as Roan to Sable, so transport costs might make it uneconomical, I don't know.

I'm still on the fence Mikie, just putting it out there that IRH certainly don't hold all the cards anymore and with rising copper production and strong prices we might be able to go it alone. Would it be the best option? I don't know. There are other factors to consider like cash required to pay for two more mines to fill Sable's capacity. The good thing is that, assuming no more immediate CAPEX in SA, the strong chrome price and recovering PGM basket should generate significant profits this year which will more than cover group overheads.

I noticed that rhodium is getting a second wind after pulling back a little, a good sign that this may be a sustained rise rather than a one off blip!

Is there still a compelling case for the IRH deal? A year ago when the cost to buy the waste dump was US$30 million then the deal made sense. Now the cost is US$18 million, at least half of which Jubilee have already paid off and the rest has been negotiated over the rest of this year. The only positive thing about the IRH deal is that the project can be more quickly advanced but is it worth it to give away nearly 60% of the profits for years to come?

Interesting that Frog mentioned every possible cause for the weak share price apart from the obvious one… there’s still an active seller out there. Until that is done the price will not go up.

We do know Jupiter is out, it says they have sold all on the FT page, FIL should be out based on the rate they were selling. There has to be another seller just based on the volume of shares traded in the last few months. In my view that’s likely to be the shares issued for the 1.6% feed but it could equally be another small fund holder. Leon was very vague about how many shares were locked in and for how long, I guess we might see the truth in the H1 report.

I see Slater also wrote this:

"The news at Jubilee has tended to focus on Zambia because CEO Leon Coetzer has portrayed a copper Eldorado..."

It made me smile anyway! Hopefully that Eldorado will start to look a bit more real this year.

Auc, yes it's good to know that we should be getting the initial drill results from Mukai before too long. That was the license that convinced me to invest here so hopefully it doesn't disappoint.

If the further Mushima assays, due in the next few weeks, are similar to what they announced today then I think we will see plenty of JV interest in that license too, if thats not already happening.

Interview with the MD on the latest results

https://x.com/Tertiaryplc/status/1901648803997823071

He also mentioned Mukai assay results expected from FQM "imminently".

Northern, as I understand it they have a capacity which can be switched between copper and cobalt and at the moment all capacity is assigned to copper (although that may be a moot point as they are likely not yet filling that capacity!). I guess it depends on the relative prices of both when it comes to deciding when to switch that capacity back to cobalt again. Not something we need to be concerned about right now but it could become important if the cobalt price continues to go higher. I guess there will be an investor call soon so I'll certainly ask the question at what price does cobalt come into play again.