Member Info for SeisNav

If you look at the flow diagram for the DMS part of the Roan plant on the Jubilee website, all of the numbers are based on a feed grade of 1.5% for the waste ore. If anything I was surprised when they told us that the input grade to date was only 0.7%, I was expecting it to be higher. Securing the new material at 1.6% only brings it into line with what we were lead to believe Roan would be achieving in the first place.

The Waste Rock Project is supposed to be in the ballpark of 1.5% with four modules capable of producing a combined 2000 tonnes / month of copper, that's 24,000 tonnes / year.

As far as I understand it they continue to process local tailings through the milling and floatation circuit, so to say they are moving away from tailings is wrong, along with most of what Looty has said. Apparently the institutions "have done the maths" and headed for the exits! We all know this is not true and he should know that as well if he's being reading this board but for reasons best known to himself he chooses to ignore the truth in favour of blatant porkies.

Yes the fact that it's above ground might be a consideration. The text is a Google translation from the Swedish so some nuances might have been lost but my reading was that the CAB did not want the project to go ahead because it would conflict with reindeer husbandry but the Mining Inspectorate has over-ruled them in this case, in the national interest. I might be misinterpreting that though.

Looty, you're making yourself look like an idiot. The new DMS at Roan is for the processing of low grade waste, not tailings which have previously been processed. The material they were processing was 0.7% or thereabouts and they were successfully upgrading it more than tenfold, which is in line with the theoretical performance. They had an opportunity to secure local material which is 1.6% copper (this is not much more than the waste pile at Munkoyo). Yes we don't know yet what they paid for it but they wouldn't have bothered unless it made sense economically.

Looty, your whole deramping strategy seems to be based on the company processing material that's TOO HIGH GRADE! You might want to stand back and take a look at yourself. Also you might want to learn about the difference between tailings and low grade waste.

Https://www.miningweekly.com/article/congo-suspends-cobalt-exports-for-four-months-amid-oversupply-2025-02-24

Congo looking to restrict the oversupply of cobalt to the market and push the price back up. I don't think it will be a consideration for Jubilee unless it recovers quite a bit from where it is right now but might be something to keep an eye on. It could bring the Mufulira project back into focus, being so rich in cobalt.

Interesting that the Swedish mining inspectorate has approved new licenses in areas which conflict with reindeer husbandry, giving priority to mining.... maybe all is not lost there yet?!

"Today, February 13, the Mining Inspector has granted Boliden Mineral AB a mining concession for the Nautanen K no. 1 area. The concession entails the right to extract copper, molybdenum, silver and gold. The area is located approximately one and a half kilometers northwest of the Aitik mine in the municipality of Gällivare. Nautanen will be an underground mine where the ore is transported to Aitik for crushing and enrichment.

– The deposit contains several important metals that are of great importance for a modern and fossil-free society. The ore potential is large and the deposit is one of the largest known copper deposits in Sweden, says Mining Inspector Helena Kjellson.

The area for the planned mining operations is designated as of national interest for valuable substances or minerals. However, the planned operations will, directly or indirectly, affect areas designated as of national interest for the reindeer industry. After consultation with the County Administrative Board, the Mining Inspector has found that it is not possible to conduct reindeer husbandry and mineral extraction in parallel in the area, without giving priority to the national interest for valuable substances or minerals.

However, the decision sets certain conditions to protect the reindeer industry. Additional and more detailed conditions will be needed to limit the negative impact of the mining operations on the reindeer industry and other interests.

– Such conditions, for example for noise, dust and emissions to water, should however be prescribed within the framework of the permit examination carried out in accordance with the Environmental Code, says the Mining Inspector."

Brunton Pass assay results due this week according to the last update, lets hope for positive news!

Konkola West: at least 25-225m to reach the target which would be a few days to several weeks based on the recent drilling rate.

Mukai drilling was completed at least 2 months ago, hopefully assays are in progress and news on that in the next few weeks.

Wildcard news... another JV on Mushima North or Mupala? Recent communications have hinted at the possibility.

Seeing Machines Limited (AIM: SEE), the advanced computer vision technology company that designs AI-powered operator monitoring systems to improve transport safety, announces that Mitsubishi Electric Automotive America, Inc. ("MEAA") has signed a Referral Agreement ("Agreement") with the Company that will allow Seeing Machines to leverage MEAA's significant Aftermarket distribution network and customer base across The Americas. Following Mitsubishi Electric Mobility Corporations's ("MELMB") recent strategic investment into Seeing Machines, this Agreement will help to accelerate sales of the Company's Guardian Generation 3 AI-powered driver monitoring solution, the latest generation of driver safety technology recently launched globally.

MEAA, a US affilitate company of MELMB, is a recognised leader in the manufacture, marketing and sales of electrical and electronic equipment targeting a range of industries including transport. With an enviable customer base and expertise across the commercial vehicles segment, MEAA is extremely well positioned to support Seeing Machines as it penetrates the large telematics and connected vehicle market in The Americas with its industry leading driver safety solution, Guardian Generation 3.

The Referral Agreement will facilitate the joint pursuit of business where MEAA has existing commercial relationships across its transport and logistics segment in the region. With access to operators covering over 1,000,000 individual vehicles, the opportunity is significant and MEAA has already seen strong initial interest in the potential of Guardian Generation 3 to enhance safety across these fleets.

In the immediate term, Seeing Machines will leverage its US based sales force to support MEAA's efforts across The Americas and, as opportunities progress, will be provided qualified leads that they will finalise directly. Leveraging MEAA's deep relationships across the segment, this highly complementary collaboration aims to signfiicantly reduce the traditionally long sales lead times associated with the sale of a highly technical product such as Guardian.

Most of the tailings dumps are a long way from Roan or Sable and they were secured with the intention to build concentrators at site. Maybe you aren't aware but they changed the plan quite a long time ago to focus on the Roan site where they now have water and power infrastructure, which was unlikely to be delivered at the other sites.

The low grade waste material which was being upgraded successfully at Roan by more than ten-fold is essentially the same type of waste that they would be processing at the large waste rock project. Do you really think they would have already put so much of their own money into securing the project if they didn't think they could process it?

The company wants to see a profitable operation in Zambia after so many delays due to infrastructure and other problems, Ricus has assessed the opportunities and is choosing the ones which will fill capacity the quickest, which I would say is the smart thing to do.

As for the institutions "doing the maths".... Jupiter sold a huge chunk of their portfolio due to their star asset manager leaving to set up on his own. Nothing to do with Jubilee. Fidelity liquidated the whole fund that Jubilee was held in. Those have been the two big sellers over the last 9 months or so and they have hit the share price hard. At least one and probably both of them are now out. The recent share issue to pay for the higher grade RoM is also potentially in play, we don't know because it wasn't made clear when the shares can be sold into the market but I'd be surprised if some of them are not already being sold.

If you are not a true believer why are you still hanging around like a bad smell looty? I see you like to do the same on other boards as well. Odd behaviour I'd say.

Yes I think thats the case, Tertiary get to retain the rights to that area as part of the earn-in agreement. Maybe there was already a provision in the agreement to add any other licenses held by either party to the agreement if they fall within a certain distance. Anglo American and Arc Minerals have something similar in that any license within 5km of the JV which is aquired by either company will be added to the JV. That’s why I think Mupala is going to be of interest to Anglo, because it falls within the 5km and also they applied for it themselves but were beaten to it by Tertiary.

I did specifically ask the question of Leon if the leaching at Munkoyo was going to replace the concentrator module and he said no, it's in addition to it. I don't remember in which interview the question was asked but it must have been one of the Roasts with Charles Archer.

Also the leaching process appears to be something new and is not a traditional heap leach which can take weeks. He said it would use a "minimal" amount of acid, possibly in conjunction with glycine, although that wasn't stated.

Here's a map I did showing how close Anglo American are drilling to the Mupala license and explaining why I think Anglo could be interested in either buying the Mupala license or JV'ing on it (read both parts of the tweet)

https://x.com/NavSeis/status/1892164155706159267

The half of TYM's license which was surrendered during the renewal process was acquired by KoBold and has been added into the earn in agreement.

Drilling Update - Hole KWDD001

Drilling of hole KWDD001 has advanced past 2,600m down-hole depth and is now drilling ahead in the Kitwe Formation which forms the upper part of the Lower Roan Subgroup and which, at its base, is host to the Ore Shale (Copperbelt Orebody Member) of the Zambian Copperbelt.

The drill hole is currently in the Shale with Grit unit of the Kitwe Formation, the base of which is typically between 25-225m above the Ore Shale in the Konkola area1. If conditions and equipment allow, the planned completion depth for KWDD001 is 3,000m.

Drilling has taken substantially longer than expected and KWDD001 has drilled deeper than originally planned. This is due to folding, possibly along an extension of the major Fitwaola fault system. Drilling also becomes progressively slower with depth due to the incremental time required to recover drill core from the drill face.

Second Drill Hole

KoBold has advised the Company that it plans to start drilling a second deep hole at Konkola West shortly after the completion of the first hole. A number of possible locations have been selected where the Lower Roan is now projected to be closer to the surface with a final location decision contingent on further geological interpretation of hole KWDD001.

Further Agreements

Under the Earn-in Agreement, KoBold is required to complete two holes and a minimum 2,000m of drilling within 14 months of signing the Earn-in Agreement. In the circumstances, Tertiary Minerals (Zambia) Limited and its local partner, Mwashia Resources Limited, have agreed with KoBold to extend this 14-month period by four months to allow time to start and progress drilling of the second hole.

The parties have also signed a second agreement to give effect to a provision of the Earn-In Agreement to ensure that KoBold's newly granted adjacent Large Exploration Licence, 38615-HQ-LEL, will be also be held under the terms of the Earn-in Agreement for the benefit of all the parties.

"Konkola West is a property that - prior to the efforts of KoBold, Tertiary, and Mwashia - has not seen systematic work to locate and explore the Copperbelt Orebody Member and other strata that are mineral bearing in the region. KWDD001 is, to our knowledge, the deepest hole ever drilled on the Zambian Copperbelt and has been crucial to understanding regional structure and stratigraphy. We are using the data collected from this hole to update our regional models and predictions, and design our next hole at Konkola West. We are proud to have pushed the boundaries of exploration in Zambia in general, and at Konkola West in particular; we look forward to starting our second hole at Konkola West shortly."

Mfikeyi Makayi, Chief Executive Officer, KoBold Metals Africa

It's possible Shuvlin but it seems odd to dump that many onto the market at once. I still tend to think it was a fund clearing out the dregs, but we will likely never know either way!

"With the new shares on a 180 day lock in..."

Actually that's not quite true, as always with Leon you have to read between the lines, the RNS says "...subject to lock in provisions of UP TO 180 days." I understand from that, some of the shares are locked in for 180 days and some for less, or not at all. I would hope they have arranged some kind of staggered arrangement this time but frankly who knows?

It's good to see Jubilee involved in this kind of initiative, showing commitment to ESG, I just wish they would shout about it a bi more!

https://www.linkedin.com/posts/bind-x_bindx-jubileemetalsgroup-kickuphopenotdust-activity-7261976645421449216-ZRQi?utm_source=share&utm_medium=member_desktop&rcm=ACoAADWCFd4Bmyh6AvZzC586qUHhr8MaK1aovOE

Shareswotter, that's just because FIL dropped out of the top holdings and so was no longer reported by Jubilee. I guess Halifax replaced them on the list, that's why one disappears and the other one appears.

I hope that means that they plan to report the results of the first full week!

Edzi, I'm not so easily upset. Of course it's true that some investors are feeling negative towards the company because of the current share price and I'm sure all of us LTH's are frustrated. All I'm saying is that overall, retail investors are taking advantage of the funds selling and are increasing their collective holding. Still that's not enough to counter the selling pressure, so until the funds are done, the SP will suffer, that's just the way it is. I don't see that as any reflection on the company because they would have sold regardless of how the company is doing. I don't see myself as fixated on the company but I do think it will come good so I'm not concerned about the SP in the long term.