Member Info for Sirboring

Why do we have a vote for a dilution for interest in Molefe but we as shareholders will not have drilling results or LC presentation before this vote. So that we can determine is this dilution worth the risk and shouldn't we be charging them a premium?

This same trick was applied with the sale of the PGM business and they did not release the financial until after the sale cause then shareholders would see they were left with the copper debt of the business and that their was no excess capital and sold the PGM business at a loss.

Information on progress is coming in drips but begging for shareholder hand outs is met with efficiency

19 February 2026

Roan is on track for throughput of 40 000tpm by end of Q4 FY2026

4 June 2026

Roan has recommenced operations following the maintenance period and is operating at full capacity targeting 30 000tpm of ROM.

No update on the production copper production for the year

This will be another year of fixing things for things to be fixed next year as well

I did not say their would be no dilution.

I said their would be no dilution for jubilee shareholders.

Instead of diluting all the assets. We dilute the one asset this strategic partner wants and let LC justify the valuation like he did with Galileo.

This would mean Galileo is also diluted instead of the Jubilee shareholders.

I would rather not risk giving Jubilee management the authority to issue shares.

Why does Jubilee not give this strategic investor the same style of deal given to Galileo.

A direct interest in Molefe without them diluting Jubilee shareholders.

The partnership is formed with this strategic investor and more shares are issued in the Molefe interest as it grows and eventually Galileo gets bought out once mine up and running.

Also it's clear this investor only interested in Molefe mine and not the other projects

Also Jubilee shareholders are not diluted and no more paying for things with shares.

I still vote NO to give the board authorisation for dilution

Replying to @JuniorLassonde

If you are lending against something then it's not unsecured and I get the part where it's interest charge is below bank interest rate that's conditional on it being converted to equity. Why would LC agree to a loan at unsecured rate if money is not needed? We have overdraft facilities already.

Also this CLN is being used as an excuse to obtain general authority for dilution shareholders voted down initially. Which we should do again. The resolutions are not for this specific CLN but for general authority to issue shares

If Molefe is such a great asset then it would funds its own growth. Once reserves proven. We can fund that growth in other ways besides diluting shareholders even if it means paying abit more.

Hedging loans for 1.5 million is not a big amount and that's to lower the interest charges and also this would force jubilee management to actually achieve their own targets they put out annually.

The CLN is not a separate issue from the resolutions are for general authority. The CLN is the honey being used to obtain it.

I choose slow and cashflow positive

This feels very similar to when IRH were our alleged partners on the LWP we issued shares and nothing came of it. LC had us believe Jubilee was on the verge of this deal. I am sorry things must be proven before shareholders should commit to dilute themselves.

I choose prove it and it can be done cashflow positively then expand.

I remain with my no vote

I vote No on the proposed authorisation to issue shares.

-Jubilee should only be allowed to even think of issuing shares when they are cashflow positive.

-Not in Net debt position despite what has been said about the PGM business disposal Jubilee was left with all the debt and a business that can not generate sufficient cashflow to cover it.

-Also when copper targets are met.

This deal exposes LC incompetence at value creation and the fact that JMK allowed this transaction to occur show his complicit.

1. Why is every major transaction funded by shares being issued? Does the financial institutions deem Jubilee assets worth less than they stating or Does Jubilee believe they will not generate sufficient cash flow to cover the 1.5 million dollars?

2. Why would they agree to an interest rate of unsecured funding when they are a copper producer? They could have hedged their copper production and get a lower rate

3. If this strategic investor wants a partnership, he can buy shares and then be made a board member and take the risk like every other shareholder

4. What is the interest rate difference between what we are being charged and what the unsecured loan will rate will charge?

The following questions should be asked before considering any dilution

1. The status on resource holding on the last waste project. We were told this would come first then the partnership and the economics of the deal within quarter 4 of FY26

2. Update on the revised copper failure targets and how much less than FY24 we are producing

3. Update on the non-core asset disposal revenue. Jubilee has only recognised 1.4 million on the disposal of the waste dumps and from the large waste project we have not recognised any revenue. This is in both FY25 and so far in FY26

Both these disposals were announced in April 2025 and May 2025 and so far out of 17.9 million only 1.4 million worth of revenue recognised.

4. What is the plan to fund the Molefe mining development ?

5. What happened to project G ?

6. What is the status on the balance sheet restructure ?

7. The overdraft facility of 7.5 million dollars has this been settled or rolled over ? This was supposed to be settled 30 April 2026.

8. The drilling results of Molefe should be released before LC presentation to allow us to ask better informed questions instead of him just stating his beliefs and ideas

@JuniorLassonde .

You are correct the AIM is 3 per cent and the JSE 5 per cent.

Then why have other investors not increased their holdings or offered forms of finance and this outsider and yourself can see this mining expansion opportunity?

This is an excuse to obtain blanket authorisation for shareholder dilution to cover operational cost

It's not for this specific deal so once authorised then we will get regular updates how suppliers wanted "Shares for payment cause they saw the immense value in Jubilee "

LC made it clear the funds from SA sale is enough for the development of Copper assets. Let's first get the current Molefe cashflow positive or at least a JORC to prove reserves before chasing more land.

We got into this situation cause LC bought assets he does not know how to monetize.

That would be insider trader. The instrument is still amounts to the holder receiving equity. This was never a loan but a trap for us to authorise authority to issue shares to cover operational cost.

If an investor who's only interested in Molefe results are buying shares. Why are the investors that are interested in the LWP JV also not buying shares ? As Jubilee is apparently trading at a discount to its net asset value.

If this investor was sophisticated. He would have bought shares on the open market as Jubilee is a very liquid share and accumulate his position and has their are always sellers unloading. Why go through all this attention and admin?

He would still be below the 5 per cent announcement holding

Look at that circular they only have 2 resolutions. They both are related to giving directors authority issue shares.

The copper business destroyed the PGM business through burning cash and they sold the entire PGM for pennies on the dollar.

LC told shareholder they would be debt free but now they are not generating enough cashflow to cover trade payables and cost of mining.

No bank touching Jubilee with a barge pole cause the entire foundation of the copper project was Jubilee would take the waste mining houses could not process and extract the copper from it but instead we buying high grade materials and can't even doing in a volumes to cover operational cost now shareholders on top of losing the cash cow must must absorb these loses through multiple rounds of dilution.

We would have been better off buying a platinum mine.

LC and JMk needs to go

This 1.5 million just sounds like the honey to get shareholders to approve authority for LC&JMK to issue shares like for the LWP and ROMM. This copper business has lead to multiple rounds of dilution with no returns for shareholders

@Kalan

The worse deception was Jubilee pretending like they know how to scale copper production.

It's becoming clear on top of a copper production problem. Jubilee has a debt problem.

Now they entering all kinds of transactions where dilution is the payment method.

Why not pre sell our copper ?

If LC and JMK are confident on Jubilee copper production why not pre sell a portion of copper production to a mining house ?

This 1.5 million dollars they want to pay back in shares and why such a small amount?

Jubilee has secured a US$1.5 million unsecured convertible loan note investment (CLN) with the

Investor. The Company requires shareholder approval at an extraordinary general meeting (EGM) to

allot and issue shares or grant rights to subscribe for or convert any securities into shares. The Investor

has agreed an initial interest rate on the convertible loan that is below rates typically offered by

banking institutions on similar funding structures, reflecting the Investor's support for the Company's

copper growth strategy.

Also last year Jubilee issued an RNS on this date about a Zambia project update. Go have a look and see what's been promised and the time line given and what has been delivered

@JuniorLassonde

1. What value has been extracted from those tailing dumps? If Leon had all this information why didn't we demonstrate earlier the feasibility of these dumps by extracting copper from them ? Also why was the IRH trials not release to show how Roan attracted copper from the 15000 tonnage of waste material? Leon bought dumps first now he struggling to figure out how to extract the copper. Thats why we sat with that one dump for 4 years and nothing happened and 2 years with the LWP.

We would be in a stronger position for negotiation if we could show our potential investors we already extracting copper profitably from these dumps.

Second we are producing less copper than we did in FY2024 but Jubilee won't compare their performance with that they instead want to compare it to FY2025 where they had power (grid collapse)and debt issues.

The cost for expansion on the mine and the production goes to the balance sheet and is capitalised but the cost of production and operations are raising just as fast as price of copper. If not faster especially processing cost. Even if we increase volume those variable cost are moving with them except their won't be much finance cost as we would be processing the mines production as well.

I said sell and not give away the dumps at liquidation value like the PGM business. The only bargaining chip is money. Those dumps can't be processed if we don't have money and we don't have money. Fund the mine expansion and buyback shares.

I'll say this the reason Leon and Johnny haven't made big purchases of shares e.g 3 million plus shares or even 30 million shares. They fully understand the operational risk and their capabilities ( skills and financial requirements) and the mismatch better than You and I discussing it.

The sale of non core assets in the FY25

Executed the sale of one of the Company's non-core waste assets outside of its large copper tailings for a combined consideration of US$12.3 million

o The consideration has been largely excluded from the FY2025 results under IFRS15 with only US$1.4 million reflected in the results

o Revenue from the contract will be recognised during the current financial period

The current period revenue Half FY is only 14.1 million dollars from the sale of copper we produced.

No mention in the Half FY of the recognition of the sale the non-core waste assets (balance 12.3 million) or T he 2.25 million dollars from the sale of 10mt of waste material for the price of 6.75 million.

The 10mt waste material sale will be recognized over a period of 18 months.

Jubilee not accounting for any of these sales in half year results or mentioning them shows their is an issue.

The way Leon has been advertising Jubilee its like we have the IP to only process these waste dumps economically why would anyone else buy them now?

I can say what I want about Jubilee it wont affect the company but when its management that does not even have significant shares in the company sells its most valuable asset at liquidation value during a platinum bull market and cant make a profit during a copper bull market or even give a simple forecast on the production tonnage 11 months into a 12 month year.

That is what is bringing this company share price down and the lack of consequence for said management.

While they trying to pay every supplier with shares and waiting on the next 10 million dollars to fund operations. Leons record has shown he is a horrible capital allocator. I do not see him having the funds or operational capacity to expand into cobalt while trying to make the copper business look sustainable.

@bottomsup

In addition, the Company is also seeking to renew the standard authority to grant Directors authority to issue shares as granted at the previous 2024 AGM. from Chatgpt

“renew the standard authority … as granted at the previous 2024 AGM”

That usually means the directors already have an existing authority from the 2024 AGM that remains valid until:

the 2026 AGM, or a specified expiry date in the prior resolution.

So, if the previous authority is still in force, the company may already be able to issue shares before the 2026 AGM under that existing mandate. However, the exact answer depends on:

the wording of the 2024 AGM resolutions, whether the authority has already been fully used, and the expiry date of that authority.

In many jurisdictions (especially UK-style corporate governance), these authorities typically last until the next AGM or about 15 months, unless renewed earlier

Also Jubilee could issue shares directly in Molefe and further dilute our interest in the mining operations like they did with the Galileo partnership.

Thank you very much

Looking at those past RNS comparing them to current production it's clear Leon was as much as us informed on Roan performance.

He just bought tailing and had no idea of how to extract the resources from it economically and still doesn't.

"As part of Jubilee’s Zambia strategy, these tailings are categorised as previously processed material –

processing historically processed material such as tailings and partially processed materials, with ongoing projects with Zambia’s major miners’ material at Roan and Sable while also assessing the feasibility of unlocking value to the rights over 300Mt of tailings."

What's worrying alot of these ideas were allegedly profitable at 9000 dollars a tonne of copper but we at 12000 tonnes plus and we are not even cashflow positive from operations and still have debts.

Leon secured himself properly regardless of outcomes he still gets paid. He takes no risk.

They definitely going to issue more shares in this mine or jubilee directly. The LWP a stillborn. They should sell those tailing dumps as is for funding.

Are messages being deleted on this board ?

All we will receive is a drilling results from phase 2 before the presentation.

Those results will be used to ask us to support a share issue for mining cost and the JORC.

The LWP resource estimate and partners will come out before the year end results. They will need to give us something for failing to meet their own copper production targets.

This was stated in 30 April 2025

"The various mineralogical compositions of the different materials required circuit adjustments to Roan to optimally process each material. The final results from the trials have consequently been slightly delayed. There remain two further material compositions that will be trialled over the coming two weeks to complete the selection of the source material for a targeted long-term supply agreement.

"To date, these trials have vindicated our decision to prioritise the processing of the high-grade copper material. Over the past six weeks, four material types of varying grades and composition of copper within the overall 6Mt of high-grade, previously mined material have been processed at Roan. Each material type has shown a unique property that requires a dedicated processing configuration at Roan with varying metallurgical performance.

Now looking at the 11.8 million cash out flow capital expenditure

"US$5.3 million of commissioning and metallurgic testing costs were capitalised during the period under review, in the trialling and testing of the upgraded Roan plant to confirm the commercial readiness of the plant using different types of ore material. During December 2025, the Company concluded a commercial agreement for the supply of copper ore to Roan"

How did LC conclude Roan can produce 13k tonnes of copper ?

When he's still clearly and expensively testing copper materials.

990k share but mine is on the JSE

@Foresthomeshotm

-I would like management to be held accountable for failures and being rewarded in line with shareholders.

Look how LC was rewarded for giving away the PGM business cause the failures of the copper experiment bankrupted the entire group.

- incentives should be in line with value created and production targets.

-They should post on their website their monthly production no later than 15 days of month end . Each months copper production. Then in their SENS (RNS) they can announce project updates and plans.

Plans announcements must only be announced when financials and operational resources in place not like what LC doing announce something in FY2024 then only implementing it now and acting like it's progress.

-Clear reporting no mixing up post period end information with period being reported.

-Also Half year financials should be a month out after the period. They do monthly accounts and reports so their shouldn't be a 3 month delay.

-LC removed - LC for failing to meet his own stated goals and no value created for shares issued. Not acknowledging his own failure and just being silent.

This won't happen cause clearly an institutional shareholder is waiting for them to get this copper story right or fail and to buy the resources cheaply especially that Molefe mine.

- No more share issues it's either we factor that PGM payment to a bank or sell off an interest in one of these mines. Our asset base needs to be monetizes.

If we all can agree on something and send it JMK then he must put it forward at the AGM.

Has this happened?

- Sable is currently undergoing an expansion targeted for completion in Q3 FY2026