Member Info for Sirboring

They will not issue a production forecast cause they will have to admit their failure to even achieve their low ball estimates. 5th year in a row.

The reason why the share constantly dropping after Leons speech you start to realise Jubilee could have never achieved the past years production targets.

Listen to Molefe presentation from 48 minutes and 23 seconds.

They not going to give targets based on planned projects but now actual capacity.

For Jubilee to turn around requires accountability

1. Leon and JMK has to go.

2. Targets need to be aligned with compensation and the share price

3. Roan needs to be assembled at a Molefe or at the LWP with the other modulars. This buying roam with shares and expensive finance clearly ain't profitable or cash generative. For it's low volumes we can't have a cost of product linked to market price of copper

@Sumoskier

This transaction occured on the 3 April 2025.

The trade of the material was valued at US$6.75 million which is to be paid in fortnightly tranches as the material is uplifted, with US$600 000 already received.

Go look at the audited AFS for 30 June 2025 Jubilee could not recognise event a cent from this transaction

This is you can evidence on note 2 page 130.

Also in the management guidance on page 41 of the audited AFS

"Accordingly, copper revenue for the period under review excludes the revenue to be recognised on the two executed revenue contracts above totalling US$17.9 million that will largely be recognised during the current financial period"

Then in the current year half year results Jubilee did not recognise in revenue either sale of large waste project or the sale of the other waste material.

We only recognised the sale copper units sold 1367 tonnes of copper.

There definitely is a performance obligation this Large waste material is not meeting . Jubilee has not recognise any revenue from this sale in the final(FY25) and interim results (FY26).

LC drank his own cool aid when he thought Roan could process any material and definitely failed with the trials for IRH and will not release the results for it.

The LWP is another Roan performance. Either the copper material is so low grade we can't process it or theirs more waste materials than copper. Jubilee financial state does not allow them to time with projects

Share base payments note 23 page 150 and 107 on the annual financial statements

Leon has 23 510 000

Employees and service providers 25 173 332

At a pence strike price.

Not sure of AIM but JSE requires directors dealing to issue a SENS.

This option exercised was definitely by an employee leaving the company. Cause this was their entire share options in the company.

@gotreal do you honestly believe a supplier would accept shares that's been on a downward spiral for the past 5 years instead of cash ?

You asked for calculations and I provided them.

Then you mentioned Molefe cashflow numbers you don't even know.

When I asked you for evidence of these amazing numbers now you run away.

You don't even know who this investor is and point one was never about Molefe but Jubilee now having the ability to dilute shareholder even though slower than they like.

I have taken what they have reported. Jubilee have not released any estimates or cost for Molefe

Also what's the All in sustaining cost for Molefe?

@JuniorLassonde

Cashflow statement page 17-18 as at 31 December 2025 4 May 2026 12:59

On this post I did the calculations with the supporting evidence from the latest financial statements. The cashflow statement calculation and how the bulk of our cash balance was made up of holding onto trade creditor's money.

Also supported how we didn't have the funds to pay for ROM or the LWP payment due and settled it in shares

@bottomsup that 65 million will be burnt through by opex and debt repayments.

Banks are not touching Jubilee despite it being in copper production.

Rights issues and open issues are still dilution.

If you don't take up the offer you still get diluted.

Both cases they can have their intended party be the underwriter for the unsubscribed shares to be issued

Shareholders now can choose through in more money to protect yourself from dilution or get diluted

Slow dilution is still dilution.

This management will find a way to bring this up again to get that second resolution passed.

Both these resolutions was initially withdrawn and now one through. The AGM for the AFS still up ahead and this one can be brought to the table again.

Let the dilution games begin.

First it will be share options for the group that did not meet production targets

Then we pay our ROM suppliers and LWP debt in shares as well.

The next big debt is our revolving credit facility was supposed to be sorted in April no word on that.

We wait until the audited AFS to see jubilee cash situation looks.

We not getting a revised production targets it seems. What Jubilee gives we must accept as progress despite the low targets set in the beginning of the FY26.

Yesterdays presentation gave alot of details that were clearly not communicated.

At 49 minutes into the presentation Jubilee will announce production based on project capabilities and not targets.

I thought our targets took into account operational capabilities.

No mention of when we getting updated production guidance or phase 2 results.

Why could he not give a date for the LWP announcement. All RNS indicate the end of this month

Also Leon stated the increase to 6000 tonnes of ore for June would be an 80% increase from current. Does this mean we only on average delivering 3300 tonnes of ore to Sable

No new information on who the investor is and their goals with Jubilee. In RNS they described as a strategic investor but no further details

Junior the previous resolution requests for dilution was withdrawn from the previous AGM and the reason was for options and employee shares incentives.

When the CEO was asked about this EAGM. He did not state the value of this investor and experience and partnership but spoke about share options and attracting employees which he is one himself.

Also this investment of 1.5 million they are earning interest and Jubilee should be able to pay them back.

The other 10 million is contingent on performance and them deciding they want to back us with 10 million make it seems as if this 1.5 million is the first tranche.

It should be looked at separately and not an investment amount of 11.5 million

LC spoke about options and not the value( resources,skillset, capital) of this strategic investor or about converting this loan balance into equity.

This definitely an indication they going to use that full allotment to issue share options. At these levels share price levels the exercise price will be low and quantity issued will be significant

The update in half year 1

The targeted 8 500tpm of Cu ore delivered to Sable Refinery is expected to be achieved during Q4 FY2026.

Now the presentation

§ The delivery of high-grade (HG) ROM to the Sable refinery increases to a targeted 6 000tpm for June, stepping up to 8 500tpm by August to reach 10 000tpm by October 2026, which equates to more than a 100% increase in ROM deliveries to Sable

They not stating how much they ORE they currently sending to Sable.

Every number remains a target they fail to meet

This is the same information in the updates except confirms they ain't meeting their own targets set out and now pushing it back further

Hi Jonathan,

I trust are you are well.

May I ask how much copper in tonnage did Jubilee sell from 1 July 2025 to 31 December 2025?

Kind regards

Jonathan Reply

"I am at home recovering from a minor dental operation and do not have my notes with me. However I think the information is included in the Interim accounts to 31 Dec 2026 which were RNS’d at the end of March 2026. These should be on the website and AIM related website.

With kind regards,

Jonny

Jonathan C.R.Morley-Kirk

Finance Director

Now I ask how much copper did Jubilee sell from 1 July to 31 December 2025?

I can't find this number on the interim AFS

Opening inventory 58 tonnes of copper ( this can be found the audited AFS Note 15 and page 144)

Opening Inventory 58

Production. 1543 obtain from interim AFS

Stockpiled. (482) Obtained from Interim AFS

Sold tonnage (1365) calculate through cost of sale/cost of production per unit

We get a negative closing inventory tonnage (246)

That's why I want the tonnage we sold. Cause the numbers are not making sense we sold more copper than saleable copper volumes we had available

@Chatmandu Then how much volume of copper did we sell from 1 July 2025 to 31 December 2025

I used the information given in the AFS then you can use the cost of production/ cost per unit.

But in these AFS the entire amount of cost of production is equal to cost of food sold.

The tonnage I get is 1351.

Take 14098725/10439

But I would need someone to ask JMk and get an official response on the copper volume sold

@HarmProf with Jubilee the real picture is always in what they not telling you.

I am humbly just asking how much tonnage of copper did we sell from 1 July 2025 to 30 December 2025?

No where in the interim AFS do they mention how much copper was sold just a revenue number and average price

Why would they not tell us how much volume they sold

Can one of you ask JMk how much volume tonnage of copper did we sell?

Did we sell 1351 tones of copper

Please 🙏🏿