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Coldfeet, maybe listen to the podcast that Dru was referring to, they were definitely talking about Lunsemfwa power starting from September. I agree the RNS is quite confusing but my understanding is the hydro part is already operational and supplying power but the solar plant will be constructed over the coming months. I might be wrong though. Will add it to the list of questions for the AGM!

Https://www.miningweekly.com/article/zambia-pursues-deals-with-investors-to-develop-mining-permits-2024-10-22

"More than 40 permits reserved by the nation’s Mines Ministry will be transferred to a state company, which will then negotiate agreements with partners, Jito Kayumba, President Hakainde Hichilema’s special assistant for finance and investment, said in an interview. "

I guess this is what the President was referring to when he said he wanted a transaction with Anglo American at the recent Insaka. Quite a few licenses have been cleared of new applications recently, including one adjacent to the JV area (which Anglo had an application in on at one point) and another between Arc and FQM areas.

What exactly do you think they will be taking over MrWait? Jubilee's business model is built around its R&D, finding bespoke solutions to extract value where others have failed. What's to stop those people leaving and going elsewhere? It's not like they can buy patented technology.

If you go back and look at my historical posts Pigglet, you will see that I pinpointed the drill locations in Botswana before they were released by the company. All it takes is a bit of effort. Try it some time 😂

Mikie, whats to stop Leon or any of the other recipients from taking up the options and immediately selling them for multiples of what they cost? I fail to see how that locks them in to anything.

It looks like they are still drilling in Botswana at PL162/2017, I just looked at the latest satellite images from today. Also at Muswema it looks like Anglo are still present at the same location they have been since mid September. Before that they were about 500m away for around 5 weeks or so.

Nice to see a bit more interest today, with pXRF results from Mushima North due "ASAP" and drilling due to get started shortly at Brunton Pass, Nevada.

Looking at the latest satellite images from Konkola West, it looks like the rig is still on location at hole 001. It's hard to know what to make of that one, are they just struggling due to the depth of the hole or is the target just much deeper than expected.... or have they already reached it!

Dru, I was thinking more of a compiled list of everyone’s questions rather than just mine.

I’ve set up a page here on my blog page which I use for notes on other companies. If you want to use it, just add any questions for the AGM as a comment and then I can compile a list from that. It might be handy as a reference at the AGM.

https://seisnav.blogspot.com/2024/10/shareholder-questions-for-jubilee.html

Chester, on the topic of PGM’s, I believe it’s because they are targeting RoM which is richer in chromite and less rich in PGM’s, in order to maximise chrome production at the expense of PGM production. It’s not necessarily that they are pushing less material through Inyoni, I think it’s more the case that the material they are pushing through it is lower in PGM content.

As chrome production increases they should still be building up a decent stockpile of PGM concentrate for future production though.

Dru, no I don’t think I’ll be able to make it unfortunately. I was thinking it might be worthwhile compiling a list of questions in advance, so that those who are planning to attend will be fully armed and ready!

I'm sure that shareholders will make their feelings known at the AGM. It's a shame that this has become the focus of attention at a time when things are finally moving in the right direction in Zambia and South Africa is performing well. It's an unnecessary distraction and certainly will leave a sour taste in the mouth of most long term holders. I have no problem with execs receiving options as part of their remuneration package but 1p options seems hard to justify.

We've already been told officially that they expect to have the results towards the end of this month, what more do you need to know? It might happen this week or it might not.

The question everyone should be asking themselves is why did they send off half a tonne of material for assay? You know it would have been tested on site before hand so they are sending it with some degree of confidence.

HD, they fiddled around with the costs in the last years numbers, presumably to make both PGM's and chrome look profitable, so really I think the best thing is to take the combined chrome and PGM numbers rather than trying to guess what they are doing with the costs each time. The big increase in costs last year means my estimate is lower than before but some of that increase was due to diesel generator usage during load shedding, that hopefully will not be an issue this year. I've got about US$35m gross profit for chrome plus PGM's at the moment, but much depends on what happens with metals prices. That number could be way off so I'll re-assess when we are at the end of Q2.

It certainly would be welcome Dru, especially with Jubilee producing ever increasing amounts of PGM concentrate for future processing!

I've already plugged the numbers into my spreadsheet for FY2025 but I'm reluctant to put anything out there at this early stage because as you say, so many things can change or are unknown. I've got a highly provisional gross profit figure of about US$60m for the year but let's see how things progress and how metals prices change!

From May this year:

"Rupen Raithatha, Market Research Director at Johnson Matthey, commented: “Although platinum, palladium and rhodium will all be in deficit this year, the markets remain highly liquid. Automotive and industrial users bought more metal than they needed during 2020-2022 to mitigate price and supply risks. Since then, consumers have been using up excess PGM inventory, and some have even sold metal back to the market. As a result, palladium and rhodium prices fell sharply during 2023 and have been relatively stable so far this year.” "

At some point that excess inventory will be depleted and they will need to start buying more, and with supply in deficit there must be potential for a significant uplift in prices.

Here's the PGM basket and chrome prices since early 2023: https://tinyurl.com/4p8hv58a

Chrome is just starting to show some signs of weakening after a very strong 18 months or so whilst at the same time PGM's are just starting to gain a little. I did speculate that any weakening in chrome would put even more pressure on some of the PGM miners who also mine chrome as a by product... are we starting to see that taking effect? It's still too early to say for sure but I'll be keeping a close eye on what happens to the PGM basket over the coming weeks, if it starts to break towards US$1500 PGM oz it could be the beginning of a reversal in fortunes for PGM's and Jubilee too!

All companies you're invested in I presume!

I presume you mean ‘she’ in the Eddie Izzard sense?

Just for reference, here's what the Jubilee website says about the remuneration committee:

'The Remuneration Committee performs both remuneration and nomination functions and comprises Ollie Oliveira (Chair), Nicholas Taylor, Christopher Molefe and Tracey Kerr. The composition of the remuneration committee is currently under review to further implement improved governance controls

The Committee is responsible for reviewing the performance of the executive directors and for setting the scale and structure of their remuneration, determining the payment of bonuses, considering the grant of options under any share option scheme and, in particular, the price per share and the application of performance standards which may apply to any such grant, paying due regard to the interests of shareholders as a whole and the performance of the Company."

A lot will depend on the effects of the power shortages which got progressively worse throughout the year. It sounds like they were not able to run the Roan plant 24 hours a day until recently, with the implementation of the new power agreement so there will be some impact from that.

Personally I'm not getting too wrapped up in short term numbers, as long as things are moving in the right direction over the next 12 months thats OK with me.

Slater has been averaging down since buying those shares at 15-16p, he must be in single figures as an average now.