Member Info for Sirboring

Hi @eagle1234

I used the total operating cost to approximate fixed cost.

The jubilee on their interim results have copper and other.

Other being that platinum mine they can't sell.

It has cost attached to it but no cashflow streams so copper production will have to cover that. So we would have to produce copper to cover those cost as well.

Have I answered you ?

Look at the third party Roan processing business

Sales price per unit of copper 10 439 A

Revenue 14 098 275

Units Sold 1 351

Cost of Production 11 022 038

Units 1 351

Cost per unit 8 161 B

Finance cost 2 907 229 Reason finance included cause this financing used to acquire ROM and ROM usage increase with production.

Units 1 543 Units produced under the period. IAS 2 does not allow interest cost to be allocated to inventory

Cost per unit 1 884 C

Contribution Margin per unit 394 D=A-B-C

operating cost 7 261 416 Assume majority fixed cost in nature period cost and the depreciation used as an estimate for machinery replacement

Vat write off -1 800 000 This a VAT write off treat like once off event

Normalised Operating cost 5 461 416

Contribution margin per unit 394

Units to break even 13 874 =(5461416/394)

Roans alleged production capacity 13 000

Assumptions

Jubilee does not disclose what makes up the full operating cost so cant conclude whats fixed and what is linked to production

Depreciation is none cash expense but jubilee does not state its depreciation policy

Assume Jubilee allocates the finance cost over the units of production

Excluded tax their deferred tax movements and tax have their own rules and allowances

If we use our mines own ROM through Roan these are the units required to break-even

Saving In ROM acquisition cost 3 176 (4900 000/1543)

Saving on finance cost 1 884

Gross Contribution Margin 5 060

Less transport per unit -1 200

New Contribution Margin 3 860

Operating cost 5 461 416

New Amount of Units required break-even 1 415 =(5461416/3860)

So when it Molefe going to Supply Roan ?

This third party roan business is not profitable and only leads to dilution.

Hi Guys,

Their will be an investor day. Where we can ask questions and not like that Sunday Roast.

This gives us the opportunity to be organised and to ask proper questions and demand accountability

Lets come up with questions and those who can attend ask the questions and be blunt Leon aint your friend.

The only consistency here has been miss targets and mounting loses.

Management will host an investor presentation at 11:00 a.m. (UK time) 12:00 p.m. (SA time) on 7 April 2026.

Investors can sign up to Investor Meet Company at no cost at https://bit.ly/3kT8Fb9. Investors who already

follow Jubilee Metals on the Investor Meet Company platform have automatically been invited. Please email

any questions regarding the interim financial results ahead of the presentation to:

cdrummond@jubileemetalsgroup.com

So we using expensive capital to buy ROM and also buying ROM issuing shares while claiming it has higher grades of copper content but still not seeing an increase in copper recovered and now they are reducing production targets ?

Clearly Roan not producing enough cashflow to cover the cost of its operations

Copper production guidance for FY2026 in the range of 4 500t to 5 100t (FY2025 production: 2 211t) is under review to determine the extent of the impact of the below short-term factors:

No mention of them failing to meet interim targets now they are lowering it cause third quarter production definitely looking like the second quarter

@lootgaloot

Sign off would have taken place the moment the competent person agrees with the results Infront of him.

Nothing will happen to this management as they are not accountable to anyone. Missed targets and missed results and selling assets at a loss nothing seems to trigger a change at the top.

Quick question

Will we be having one vote for both issues or two separate votes on the issue of share issue and the reserve being used for buybacks ?

The competent person was travelling?

Could he not doc-sign the results and email it to them?

When they announced yesterday drilling results would be released today

I expected them to already have the signed and results on hand and just being put on a jubilee letterhead.

This delay clearly shows their is disagreements with what Jubilee results and competent person interpreting.

These results were supposed to be the teaspoon of sugar for the horrible results that will hopefully be released next week and Tuesday

They definitely will announce issuing more shares then and claim it's for development cost of the mine.

That 7,5 per cent of authority to issue more shares shows they going to issue more shares for the LWP project.

Question once the cash from the reserves are released the alleged 149 million.

It will be a DR reserve and CR retained earnings

They are not saying how much much of the funds will be used for dividends and buybacks

Cause they buy back 10 million worth of shares and use the rest of the funds on value destroying activities

The competent person was travelling?

Could he not doc-sign the results and email it to them?

When they announced yesterday drilling results would be released today

I expected them to already have the signed and results on hand and just being put on a jubilee letterhead.

This delay clearly shows their is disagreements with what Jubilee results and competent person interpreting.

These results were supposed to be the teaspoon of sugar for the horrible results that will hopefully be released next week and Tuesday

They definitely will announce issuing more shares then and claim it's for development cost of the mine.

That 7,5 per cent of authority to issue more shares shows they going to issue more shares for the LWP project.

Question once the cash from the reserves are released the alleged 149 million.

It will be a DR reserve

😂😂😂

This is clownish

The carrot here is the possibility of a dividend or buy back

But why do they want approval to issue up to 320 million shares

Didn't they already issue 240 million shares for the LWP but those funds spent are never mentioned.

On the Zambia strategy slides jubilee presents the following

https://jubileemetalsgroup.com/wp-content/uploads/2025/08/25-08-19-Zambia-Update-August-2025-FINAL.pdf

On slide 5 all planned operating non dilutive to shareholder

Now we up like 70 million in shares going to 3.2 billion in shares issued.

It seems those parties who received their shares immediately dumped it.

Then slide 6 gives guidance

Jubilee misses the half year production by 800 tonnes and nothing is mentioning or correcting action offered.

Notice every time Jubilee drops any information they normally state production numbers and how it exceed target but since December theirs been no mention seems like this quarter 3 going to be worse than quarter 2 numbers.

I also think the lab is definitely challenging their results and asking questions that's why the delay LC thought the lab would just rubber stamp and jubilee release results to the market.

I am just curious to see the cash position.

Cause Jubilee trading like an exploration company and this completely changes it's risk profile.

I want to see what they doing with all this cash cause we buying ROM with shares and Galileo covering the exploration cost and the LWP the waste material being paid in shares.

So all our that cash being saved for salaries and energy cost ?

How secure is our power situation?

Cause Zimbabwe hiked fuel prices today and Zambia sending out notices to fuel companies.

Cause this energy crisis would be the perfect excuse for LC to state why Jubilee missed it's production targets when it was obvious already from quarter 1.

Their targets are always increasing and they fail to meet them every year.

The math ain't the problem the production is and your loyalty to this failed copper projection.

Copper prices been increasing steadily and they failed to take advantage of it. So clearly price ain't the issue but the incompetence of this management.

Copper prices can double now but Jubilee can not increase its production of copper.

Our production updates have been telling us this for 5 years now

Chrome prices increase and they could easily increase production to take advantage of the increase in price.

@4everlong

Not an accountant

It comes down to the cost of the return.

If you pay cash- reduce your cash balance but you also get a tax write- off for the expenses.

It's once off and the cost is just the cash you used.

Now paying with shares

These people will be entitled future profits and a claim to the NAV of the business.

The cost of equity would be their required rate of return but also you are diluting other shareholders claims to profits and the NAV of the business. That's why more shares issued. The lower your earnings per share.

With cash you reducing one asset for a service or changing it for another asset and it's once off.

Giving shares these new shares become part of the equity structure and they entitled to future returns permanently ( as long as they hold the shares).

If Jubilee prospects are so enormously value generative and the shares are undervalued ( LC saying market not taking into account the mining + LWP) then you would move to buy back shares and not issue more cause why would you dilute future earnings for you and your current shareholders.

Whoever is close to JMK ask him please how much has been spent on planning and developing Roan to date including the dewatering system

This will give an indication of how much capital will be required to make the LWP profitable for all parties.

This will also tell us how strong our position in negotiating profit split for the group is.

Will the content of this Tier 1 mine go through Roan for processing?

Why have we not received a 5 year projection and development plans to measure progress?

Cause now everything is a in a planning phase and things are announced without certainty e.g. the silence around mine G and Leon claiming they walked away from IRH but never had any plans in place to create cash flows for these assets.

The mining results will come out when the operating loss from core operations come out on 30 March.

Leon will need something to tell us for their failures.

Then announcement of LWP partner will be announced in the final result cause they failed to achieve their own announced production targets and no production has been caught up.

Thank you

Following strong demand in the bookbuild, the total gross proceeds from the Placing has increased from the minimum amount of approximately £10 million to £13 million (approximately US$16.6 million[1]) through the placing of 236,363,636 new Ordinary Shares (the "Placing Shares") with certain institutional and other investors at a price of 5.5 pence per share (the "Placing Price").

These shares were issued for the partnership with the IRh and Large waste project

I state again we did not get the results of that trials to see the actual state of underperformance for them to walk away

But what happened to this money and what benefits has accrued to shareholders for Zambia share issues?