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That is since the previous update on 25th July.

The Shareholder list has been updated on the website today.... the mystery deepens! Slater Investments is unchanged, FIL Investments is down about 13 million, Canaccord is down about 8 million... the rest largely unchanged.

They are / were definitely in the "Fidelity Emerging Europe, Middle East and Africa Fund" which is operated by FIL Investment Services (UK) Ltd, the name in the shareholder list. It would have to be another fund managed by the same company.

I was trying to establish if they hold Jubilee in any other funds but they operate so many of them it's difficult to check!

Mikie, they are closing the fund down and liquidating it because it was performing very poorly (and yes Jubilee played their part in that!). There will be an inevitable bounce back once the selling stops. I'm sure a few LTH's have dumped some too, with the expectation that they can pick them up cheaper later on. I'm still hoping to pick up a big chunk myself in the coming weeks, but that depends on outcomes elsewhere!

Yes I saw that too Jonah, the low grade overburden flicked on a lightbulb saying JUBILEE straight away! 😁 It’s not hugely big news for Jubilee as there are lots of options out there but it might be important for Galileo.

Battery technology is constantly evolving and improving (including the use of PGM’s to improve performance), hydrogen, whilst it sounds great, cannot currently be produced in the kind of volumes needed to be a serious contender. I’m sure that will change as the demand increases. At least the infrastructure in terms of fuel stations is already in place. I think we will see a combination of different technologies needed to satisfy demand and achieve the end goal.

Places like Africa have a big advantage when it comes to hydrogen production, with abundant solar energy potential. Europe, not so much.

Slater's first buys were something like 270m at an average of about 14p so he's taking advantage of these low prices to get that average down. The recent announcement of proof of concept at Roan should have done a lot to satisfy him that Jubilee is on the right track in Zambia.

The FQM mining license for the area adjacent to Mukai has recently become active in the Cadastre. It was at the application stage since 2012 but has only been activated now which I think signals FQM's intent to fully explore that license. It's a pity Mukai didn't get approved in the last round as that would have definitely generated some interest, with FQM keen to start drilling. Hopefully everything is in place for the next meeting, likely sometime in the next 2-3 weeks.

Engaging with the likes of TNR and the rest is a pointless exercise. You may think you're doing everyone a favour but you're really not, you're just helping them to make this board totally valueless to any new potential shareholders... which is exactly what they want.

Hopefully we get a bit more clarity on the timeline for implementation of these copper modules. I got the impression from recent interviews that they want to acquire the mines first before designing and implementing the modules. They can transport RoM to Sable in the short term but obviously there will be increased transport costs associated with that. Personally I'd like to see them push ahead with the IRH project first because that's a relatively quick route to cost free revenue generation, which can then help fund expansion of the modules at projects M and G (plus a n other).

I do wonder if the bottleneck is module construction, maybe our manufacturer might be considering expansion if we can guarantee a full order book for the foreseeable future.

Here's the data for copper revenue and costs to date, the top graph is the unaudited 6 month numbers and the lower graph is the audited 12 month numbers. Obviously fixed costs will come down as copper production ramps up but also you have to consider the revenue. You can see in the top graph, the effect of increasing sulphide production bringing the revenue / tonne down compared to LME copper price:

https://shorturl.at/TEu7p

I'm basing my numbers on a 50/50 oxide to sulphide copper split which at an LME price of US$9,000 / tonne would give revenue of ~US$7,200 / tonne. Costs are harder to estimate but US$6,000 seems over cautious.

Kalan can you explain where the chrome cash is being eaten up? They should be generating about US$40 million in earnings before Thutse 2 kicks in and considerably more after that. As far as we know they are probably going to add another chrome module at Thutse, the last one was estimated at US$6 million.

I certainly don't think he's an idiot but maybe it's a case of trying to keep too many plates spinning at one time. How many companies can you realistically research in depth? I've trimmed my portfolio right down to just a few companies that I can spend the time to understand as well as it's possible to do. Even then there are unknowns which can crop up and bite you.

Nelson, I got the impression he was talking about the major mining companies extracting as much value out of the rock as is possible before Jubilee gets to it, in other words he's talking about tailings which have already been processed. It's obvious to investors that the majority of what Jubilee is currently processing / planning to process has never been processed at all before, it's shallow RoM, overburden etc. Interesting to hear his take on it but it's maybe based on the earlier strategy when Jubilee were looking to process just the tailings rather than where they are now.

Dru, that's a good question about the last update. I had thought when I last looked at that Fidelity web page the date of last update was 31st July, hence why I said a month since the figures were last updated. Now when I look at it, I see it says 31st August... did I just get the date wrong or has it been updated in the meantime?

I thought maybe I could check the last time the web page was cached to see if that gave any clues. If anyone doesn't know what that is, google takes snapshots of many websites as a backup and you can check these snapshots to see how a page looked at an earlier date. Anyway, I checked the last cache which was done and it was from 30th July, you can see the cached page here:

http://webcache.googleusercontent.com/search?q=cache:https://www.fidelity.co.uk/factsheet-data/factsheet/GB0031852162-jubilee-metals-group-plc/profile&sca_esv=a781b331acaf4086&strip=0&vwsrc=0

It doesn't show dates but it does show the number of shares for each holder. If you compare that version with the current version, the difference in number of shares held is reflected in the "last change" column.

So as of 30th July, when the page snapshot was taken, it looks like Fidelity held 98,127,735 shares. Then at some point between 30th July and yesterday it was updated to 95,720,469 shares.... so I'm none the wiser to be honest!

The other thing to note is that Hargreave Hale and Marlborough funds are both managed by Canaccord Genuity, so if you add them together, you get roughly what is shown on the Jubilee website for that holding. It looks like they sold 5,000,000 from each fund during the last period too.

Yes, I think probably as you say, the best thing is to keep an eye on that Fidelity page and see if it gets updated again, at least that might give a clue as to the rate they or anyone else is selling (or buying!).

Jubilee can only RNS it when they get a TR-1 notification from Fidelity about the change so I guess they don't plan on issuing that until they have finished selling down.

I didn't mention it but in the Slater reports there's some relevant information about Jubilee. It's interesting that they went against their own voting policy to vote in favour of the placing to accelerate the IRH deal. They have also been meeting with the company regarding the ESG systems and how they get the word out to investors regarding that. Worth a read.

Assuming it's correct that FIL were holding ~95 million shares a month ago, based on the trading volume, I'd guess that there's maybe 50 million still to sell down. If the stars align for once, I've got plans to pick up a million of those for myself at some point in the next few weeks!

I'm not sure how accurate this is:

https://www.fidelity.co.uk/factsheet-data/factsheet/GB0031852162-jubilee-metals-group-plc/profile

It shows Slater holding 174,796,062 in the growth fund which agrees with the latest report from Slater:

https://slaterinvestments.com/wp-content/uploads/2024/08/Slater-Growth-Fund-Interim-30-June-2024.pdf (page 22)

They also added to the Recovery Fund in H1:

https://slaterinvestments.com/wp-content/uploads/2018/12/Slater-Recovery-Fund-Interim-Report-to-31-May-2024.pdf (page 8)

It also shows Leons latest purchase.

If it is up to date it's showing FIL holding 95,720,469 compared with 244,412,286 in the last update to the Jubilee website. That was exactly a month ago.

"The real problem is that there is absolutely no guarantee that there is copper in any of TYM's Zambian licences until some is physically discovered."

You could say exactly the same about ANY early stage exploration company, that's why it's called exploration.

Actually at Mukai, FQM have already drilled part of the anomaly and discovered copper, the main part of the anomaly lies within TYM's license and that's why they are keen to drill it.

If Konkola West was a failed drill they would have already abandoned it and moved on to the next one but they haven't done that. Feel free to speculate the worst possible outcome as you usually do (to no effect) but until they tell us otherwise then I'm assuming they are continuing with the drill.

I had a look at the latest satellite images for the Mukai area and it looks like there's activity on the FQM side, very close to the license boundary, near the main anomaly. Perhaps preparing the site for drilling. At any rate I think that will get going as soon as the license transfer is completed.