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Good to see a bit of upwards pressure on the SP at last, now we just need some positive news to really get things moving!

The only change of note is FIL dropping off the list and Canaccord Genuity dropping about 15m shares since the December update, which was known already from the Jubilee page on the FT website.

Initially most of the copper production should come from Roan, with the oxide concentrate being sent to Sable for processing to cathode. The numbers are there in the RNS to figure out what's coming from Munkoyo and project G in the short term... Munkoyo: 8,000 tpm @ 2.5% Cu = 200 tpm of contained copper. Project G: 3,000 tpm @ 10-15% Cu = 300-450 tpm of contained copper, so a total of 500-650 tpm of contained copper going to Sable. Not all of that will be recoverable. So you are looking at around 1,500 tonnes per quarter from those two operations. Then there's the leaching of the low grade waste piles which has the potential to add multiples of that to the total. Then the modular concentrators which still haven't been planned yet as far as we know.

It's going to be more of a gradual ramp up initially with the potential for exponential growth at some point in the next couple of years, just like we have seen in chrome.

There doesn't seem to be any sign of the institutional seller(s) that have plagued the SP for so long, you would have thought if they were keen to get out they would have taken advantage of the buying to dump shares. Maybe they are done?

I'm moving away from the idea of buying in tranches. If I'd had the faith of my convictions I'd have filled my boots when I first started buying JLP at about 1p. Averaging up has certainly not done me any favours and it's not the only share I own where thats the case. Oh well, live and learn!

I think that's about as good as we could have expected numbers wise. South Africa continuing to perform well, the Q2 chrome production of 519,310 tonnes already puts us on target to achieve 2 million tonnes for the year, and that's with the two additional modules only completing ramp up towards the end of Q2. PGM's in line with guidance, lower than last year because they are targeting RoM with higher chrome content and hence lower PGM content.

Copper production not bad considering all of the setbacks and Roan having to go into care and maintenance. Hopefully the additional power contract is available from next week and they can get Roan back into full production again, with higher grade waste than previously. No mention of how the Roan issues impact the Waste Rock project testing.

Chatmandu who has posted almost totally on SLP and never on JLP....I wonder why you popped up now? Worried that SLP investors might jump ship over here perhaps?

Work it out for yourself, I did.

Slater has been averaging down since he first invested. His average will be in single figures by now.

Jubilee are not obliged to go with IRH once the due diligence is completed. Leon has said a couple of times that other investors are keen to get involved. That might be just to act as a bargaining chip to strike a better deal with IRH or they might indeed have another preferred investment partner.

Hopefully the power issues haven't delayed the testing too much and they can still hit the end of January target.

If it's FY2025 you mean then there is guidance in the Q1 operational update. Obviously thats subject to change as far as copper goes because of the problems with the national power grid in Zambia. It should be clearer after the next update.

I hope TNR is earning more than minimum wage for all this work he puts in, 12 hours a day, 7 days a week, he's always monitoring this board to try and spread doom and gloom! What a prize twat. 😂

Frog, we've had two institutional shareholders liquidating their funds which has sent the SP into freefall. Yes there have been other issues, mostly outside of the companies control. Trying to shift the problem solely onto management just doesn't line up with the facts. Everyone is frustrated at the moment but try and at least keep some balance.

Never let the facts get in the way of a good story eh?

PGM's have been in the same band for about 18 months:

https://tinyurl.com/yzc6phvd

So it needs some event on either the supply side or the demand side to trigger a move out of that band.

None of the big players seem keen to cut production so far but with many operating at a loss that can't continue indefinitely. I was thinking that the fall in chrome price could be another nail in the coffin of some of the more expensive PGM mines which also mine chrome as a by product.

On the demand side, the adoption rate of EV's is slowing dramatically with hybrids gaining in popularity so the death of auto catalysts might be slower than originally forecast.

I've seen a few analysts lately being positive on PGM's, including Rick Rule so let's see how the next few months plays out.

What were the damages they were looking to get from Mushinge? I believe it was US$800,000 wasn't it? Assuming he's capable of paying, that would be a nice addition to the coffers. Cheers easy!

Hopefully Anglo now free to continue drilling the affected areas if it's still possible during the rains.

Https://x.com/ruffles80/status/1876617505218720199

From the RNS's the theoretical copper production in the short term:

Roan: 520 tpm initially. Increasing to 670 tpm once the glycine leaching circuit is operational. Glycine leaching test was due to kick off in February. So in the short term 1,560 tonnes / quarter from Roan, increasing to ~2,000 tonnes / quarter after leaching. The throughput rate was expected to be stepped up later in the year, further increasing output.

Munkoyo was expected to produce 5,000-10,000 tpm of feed at 2.5% copper for processing at Sable, so theoretically 125-250 tpm of copper contained. Not sure what the recovery percentage is expected to be but that would be the upper limit.

There is also the stockpile of low grade material at Munkoyo, 3538 tonnes of contained copper at the last estimate, but growing all the time. The rapid leach trails were due to kick off there late last year so some potential for copper concentrate from that but unknown at the moment.

Project G first concentrate was produced in October 2024, targeting 3,000 tpm of concentrate at 10-15 % copper by February 2025.

Obviously we don't know the impact of power problems on Roan production in the last quarter but for those with a longer term view the numbers point to copper production stepping up in the second half of the year, with likely 2 further open pit operations to be added soon.

This is a board to discuss Jubilee KevH, if you want to talk about other companies I suggest you go forth and find the relevant board, where I’m sure you will be given a warmer welcome than you will get here with your very transparent deramping.

There was already a concentrator on site at project G, it's been mentioned in RNS's. They were planning to refurb it if I remember correctly so they could quickly start delivering upgraded material to Sable.