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Don't bother trying to get into an argument with this moron just keep reporting his posts and he will get binned.

It looks like CA's interview has pricked up a few ears and unearthed a few pricks!

Https://audioboom.com/posts/8562465-midweek-takeaway-with-leon-coetzer-ceo-of-jubilee-metals-and-charles-archer-long-term-ftse-aim

So why are you here Nimrod? Obviously there's a reason.

Https://x.com/Jubilee_Metals/status/1828816271686992359

I'd be surprised if Projects M and G specifically requested stock. I'm of the opinion that Jubilee wanted to pay them that way because cash flow was tight, with copper and PGM's not contributing too much and chrome just starting to come through stronger. The fact that the RNS said the sellers were encouraged to hold on to their shares doesn't give the impression that they were keen to have them in the first place!

I'd assumed that our long term seller was from the Munkoyo transaction but it's been going on longer than I would have expected for just that amount of shares so I'm wondering if they have already done the deal with Project G as well and thats what we are seeing at the moment. If they did the deal at say 6p / share that would be a combined ~50 million shares to shift, assuming they sold them all. Normally they say a good rule of thumb is 2.5 times the number of shares in trading volume to rinse them through and I think we are in that kind of ballpark now. All just speculation of course but I believe Leon said they were already transporting material from Project G to Sable in the interview.

Presumably you can see that there is US$200,000 due in the short term? The licenses are in the process of being transferred. For a company of limited means that's a decent amount of cash. I'm not arguing that the rest is dependent on the project proceeding, and much further down the line. You could have made that clear yourself but you chose not to, so I did it for you.

Https://audioboom.com/posts/8562465-midweek-takeaway-with-leon-coetzer-ceo-of-jubilee-metals-and-charles-archer-long-term-ftse-aim

Some of my questions answered at least! A pretty good interview overall, lot's to digest there.

Your reply implies there's no cash due to Tertiary from FQM, which there clearly is:

8. First Quantum must make the following payments to Copernicus:

· US$20,000 within 30 days of signing the BLA.

· US$30,000 on satisfaction of the conditions precedent.

· US$150,000 within 30 days of the Transfer Date .

· US$300,000 within 30 days of making the election to proceed to Phase 3.

· US$500,000 within 30 days of delivery of a Notice of Intent to Mine.

· US$1,000,000 if requesting to extend Phase 3 beyond 24 months.

So to be clear (despite what KV3MC claims) thats US$200,000 to Copernicus with 30 days of the transfer of licenses being completed, which is ongoing as we speak. The rest is obviously conditional on proceeding further with the project.

In detail:

8. First Quantum must make the following payments to Copernicus:

· US$20,000 within 30 days of signing the BLA.

· US$30,000 on satisfaction of the conditions precedent.

· US$150,000 within 30 days of the Transfer Date .

· US$300,000 within 30 days of making the election to proceed to Phase 3.

· US$500,000 within 30 days of delivery of a Notice of Intent to Mine.

· US$1,000,000 if requesting to extend Phase 3 beyond 24 months.

Mikie, I think the question you need to ask is where is the copper actually going to come from in the short term?

We know that to fully utilise capacity and get up to 25,000 tpa of copper they need to implement the concentrators and they've given no indication that this will happen before the end of this financial year.

They now have Roan up and running and hopefully with continuous power, although in typical Jubilee fashion there's always room for interpretation!

"The power purchase agreement ensures that the total power supply needs of both Roan and Sable will be continuously met at competitive rates to the prevailing power tariffs, commencing on 1 September 2024."

"The power will be supplied from an integrated solar power and hydro-storage facility which is expected to be brought into operation over the coming 12 months."

So does that mean they have guaranteed power from 1st September or just that the agreement starts on 1st September?

I would hope that in any event they are implementing backup power as in South Africa, to ensure continuous operations.

What we don't know is how much of Roan capacity is being utilised, are they ramping up to maximum throughput or do they need additional feed sources to achieve that?

For Sable they are trucking material from Munkoyo for processing, targeting expansion to "25,000 tpm over the next 10 months" but what is it at the moment? Presumably considerably less than that. I think that any other acquisitions near Munkoyo are likely to follow the same plan, initially sending unconcentrated material to Sable for processing until the central processing module is in place.

One thing I'm particularly interested in, can we expect the same degree of concentration from the RoM from Munkoyo and others as they have confirmed at Roan with the low grade material? Will the 3% RoM become 30% concentrate? If so, you can see how quickly they can then start to fill capacity at Sable.

I think I need to start compiling a list of questions for the next investor call!

Caddy was on my filter list ages ago. He shows up whenever the SP retraces and talks the same tosh. The sad thing is these people believe they can actually impact the share price! Honestly, get a life people.

Oh well, we always knew a raise was on the cards at some point. I guess they were hoping for positive news from Konkola West and Mukai to lift the share price first but delays have put paid to that. I'm not unduly concerned because that gives the company money to drill the other two Zambian licenses plus Nevada. That's potentially five drilling programs this season. Once the drill starts turning on the other projects the SP will recover.

Just a little reminder:

Kobold Metals still drilling Konkola West

FQM due to drill the Mukai target which is very close to the Enterprise nickel mine

Mushima North: drilling will now get going on a target just a few km from Kalengwa the highest ever grade copper mine in Zambia (a core of up to 27%!)

Jacks project: multiple copper scandium anomalies to be drilled

Brunton Pass, Nevada: drilling on copper / gold target

Also Storuman fluorspar mining license appeal decision due

This is a make or break season with drilling on all fronts and it should be much quicker than we have seen at Konkola West!

Zeus note on the RNS highlights the ESG benefits now that Jubilee will be running on renewable energy sources.

It’s good to see that they have secured an independent energy supplier for Roan and Sable, the power situation in Zambia was certainly a major concern for me so I’m glad to see it addressed.

Mikie, obviously the main driver will be the addition of a new modular concentrator, as you see when Thutse was introduced in 2024 and then Thutse 2 (hopefully!) in 2025. The first step up for copper in Roan... what will be the next one? IRH waste rock project or Munkoyo?

Here's a nice pretty set of graphs showing production, earnings and metals prices:

https://shorturl.at/xoaP4

The main point of posting it is to emphasise how chrome production has grown and continues to grow, over the last few years. There's every reason to hope that copper can replicate this kind of growth.

The graph also includes my estimates for FY24 and FY25. The numbers for FY25 in particular are highly speculative and should be taken with a big pinch of salt but it paints a picture. I've used the top end of the copper forecast and ignored the chrome forecast altogether, just using Thutse 2 theoretical capacity for Q3 and Q4 (nothing for Q1 and Q2).

Our earnings from PGM's is down about 78% from FY2023 to FY2024, we've had continued delays in getting copper on track and yet earnings for the year are set to come in roughly on par with FY2023. For me that's a win. If Jubilee hadn't been pro-active and moved into higher margin chrome when they did then financially we would have been struggling to make any progress in South Africa or Zambia without going back to the markets for a lot more cash.

Chrome earning as things stand should be roughly US$40 million / year, with Thutse 2 coming on line soon that will step up again. Copper is finally making strides forward and will start generating rather than consuming cash. The IRH JV (fully funded) should now get underway in earnest with confirmation that the modular system works as designed.

I'm not saying there won't be more headwinds to come but the course is now set for significant growth in my opinion.

It should be remembered that Thutse 2 is a much bigger module than the first one, 50,000 tpm compared to 30,000 tpm. They said that construction would be completed in this quarter so I'm assuming it probably won't be ramped up until well into the next quarter. Even so I think they will comfortably beat the forecast. There's nothing new about the module, it's a tried and tested process so there's no reason not to expect them to hit capacity (assuming they have the material to max it out).

Don't you think it's relevant if they are only putting through 20,000 tpm rather than the capacity of 50,000 tpm? Unless you know what the throughput is how can you judge the performance of the module?