Member Info for Sirboring

What are the status on the following projects since we have the capital from disposal of the PGM business

· Further capital dependent projects which are currently underway and being targeted to commence within FY2026, offer the potential to increase annual copper production by approximately 10 000 tonnes as follows:

o Onsite Munkoyo processing unit - 1 440 tonnes per annum;

o Project G processing unit - 1 320 tonnes per annum;

o Refining at Roan - 2 544 tonnes per annum; and

o Two processing modules at the Large Waste Tailings dump - 5 500 tonnes per annum.

Add to the miss list

-Copper unit production guidance for H1 FY2026 of 2 300 tonnes and 5 100 for the full year FY2026.

Actual half production results 1543 tonnes.

Post can't bring the share price down. It's the perpetual underperformance of management.

Now we all waiting for Molefe JORC or a potential buy out cause this management can not deliver value in the copper space.

Every chance they have been given they have failed to deliver and meet their own production targets.

It's always next year

Jubilee should have just straight paid these people and let them buy shares on the open market wtf.

Where is the Molefe JORC?

Why are we acquiring supply when Roan is a perpetual underperformer should we not be at a stage where our own supply can be processed by Roan?

Should shareholders not vote on those types of remuneration?

I mean the sale of the PGM business was due to strategic incompetence and not a change in a strategy

Thank you for the Response SeisNav.

From RNS February 2025

The increased feed grades are expected to have a marked increase in the production of copper units from Roan which holds a processing capacity of 45 000 tonnes per month. The Company looks forward to providing further updates on the back of the operational performance at Roan.

We are currently doing 30 000 tonnes a month of ROM processing so Jubilee is currently leaving 90 000 tonnes of processing capacity idle?

In Quarter 1

The copper production stemmed mainly from Roan concentrator producing 917t of copper contained in concentrate from third party acquired ore. Roan's performance showed a marked improvement on the back of constant power supply and consistent quality supplied third party ore.

Total production quarter 1 938 then we can assume difference from project M

But when we look at the half year update Roan production 691 for quarter 1

This definitely looks like they moved units around to mask Roan underperformance in quarter 2

Why are we discussing the LWP something thats very much still theoretical currently. We all know seen how jubilee plans fail into production

When the real problem is Roan can not even produce saleable copper units according to its own lowered targets and has not in its 6 years of existence produced more than 4000 tonnes of copper while claiming 13000 tonnes of capacity.

No mention of Roan massively missing it's lowered target production for quarter 2 and will do the same for quarter 3.

The LWP will be building modules base of Roan. They will have the same problem not producing at volumes that make the capital investment not worth it.

Whatever LC says or even puts in a RN fails to materialize in actual production.

Every quarter for the past 6 years Roan has failed to achieve it's target production .

This 3 pillars might be a new strategy but Roan has been in operation from Inception for this copper idea.

From the AFS page 43.

Roan performed to expectation during Q1 FY2026 reaching 917t of

copper contained in copper sulphide and oxide concentrates, up to

65.5% from Q4 FY2025. Production levels at Roan are targeted to be

maintained within a similar range to current production levels for the

next quarter, factoring in the seasonal impact of the upcoming rainy

season, with production expected to range between 900t and 950t for

the three-month period.

Actual production of Roan for the quarter 605

Why are we not comparing our production with it's targets ? Instead we compared to prior year production that's failed to meet it's own target as well.

The candy that was promise to give up the PGM business

Zambia production guidance for FY2026

· Copper unit production guidance for H1 FY2026 of 2 300 tonnes and 5 100 for the full year FY2026.

· Further capital dependent projects which are currently underway and being targeted to commence within FY2026, offer the potential to increase annual copper production by approximately 10 000 tonnes as follows:

o Onsite Munkoyo processing unit - 1 440 tonnes per annum;

o Project G processing unit - 1 320 tonnes per annum;

o Refining at Roan - 2 544 tonnes per annum; and

o Two processing modules at the Large Waste Tailings dump - 5 500 tonnes per annum

Makes sense why they did not release these operating numbers before the AGM and also before the mining Indaba.

So Molefe did not produce any copper in these 3 months ?

No mention of project G?

Half year guidance was 2300 units of copper we only produced 1543 units.

This is a massive miss

So drilling is delayed due to rain

Roan not meeting half year production target due to rain

LWP project partnership everyone interested but due to rain decision delayed

FY2025 Quarter 1

ramp up targets were achieved post the delivery of stable power supply to the operations, under the new private power purchase agreement, paving the way to exponentially increase production in the coming quarters of FY2025

§ Roan targets a stable run rate of 75 000 tonnes of feed per month (tpm) for the first three quarters of operation before increasing to 90 000 tpm of feed

§ Initial copper recovery from feed is targeted at 55% which equates to an equivalent copper production rate of 6 200 copper tonnes per annum (tpa) or 7 400 tpa of copper at the increased 90 000 tpm from Roan alone

§ Copper recoveries are expected to increase to more than 70% with the introduction of on-site leaching at Roan (H1 FY 2026) which equates to 9 500 to 13 000 tpa of copper from Roan depending on the feed grade

ROM Grade

The upgrade enhances Roan's processing capacity to a combined maximum of 13 000 tpa of copper, depending on feed grades (assuming a feed grade of 1.55% copper and run rate of 90 000 tpm).

FY2026 Quarter 1.

Roan concentrator to target an increased throughput of 40 000t per month from 30 000t per month currently (33% increase)

ROM Grade

The material feed grade is in-line with management expectations with current feed assays exceeding 1.6% Cu.

How can Jubilee say Roan production capacity is 13000 tonnes of copper production?

When Roan production has not exceeded 4000 tonnes of copper in it's 5 years of operation cause every strategy change then Roan is in need of an upgrade or a part added but production output doesn't materially increase.

Roan been in 5 years of constant ramp up but stays max out at 40000 tonnes of ROM

Look at the target number and look at actual feed rate Roan could take.

That 13000 figure or even 7500 tonnes of copper production does not seem possible for Roan.

Remember guys it's not what LC can deliver this year but what's promised for next year and when next year come just reread the sentence. X5

Bottomsup, that net debt from Financing activities on note 20 page 147. Is only debt from Financing activities meaning from financial institutions does not include your trade payable and amounts owed to suppliers

You say net debt increased to 15 million but that 4 million dollars worth of cash includes 13 million from PGM and negative -9 from the copper business

Then when you look at note 26 at page 154 jubilee has payables amounting to 54 million dollars owed to metal traders and creditors that provided them services

This debt must settled in cash as well.

That note 20 you looking at only takes in account debt from financial institutions and not money owed to suppliers and services providers.

Jubilee has cashflow issues due to the failures of the copper business.

Look at the Metal Facility 33 million USD but we did not produce sales even in that region. We only produced 15 million in sales and 3 million dollars worth of inventory.

I would have expected with stoppages we would have a similar value of inventory or consumable that can be converted to inventory on our statement of financial position but we don't.

Bottomsup

He forgets very quickly all debt for the South Africa business goes with the New owners leaving us with $8 million.

Question where does it state we will be left with only 8 million dollars’ worth of debt or how do you calculate this number?

The note 18 page 146 shows the 52 million and the 16 million being part of the disposal group. This is what Onechrome will assume. This debt relates to the PGM business and its not an issue cause we have inventory of 43 million and contract assets of 23 million and trade receivables of 40 million. Convertible to cash within the same cycle .

The statement of financial position as at 30 June 2025 only shows the liabilities for the copper business on page 115 we have 70 million dollars in current liabilities.

Copper business we have inventory of 3 million and trade receivables where actual cash is coming our way of 14 million and that 4 million cash we have on hand 13 million of it was produced by the PGM business and – 9 million came from the copper business.

We incurred 70 million in debt for only 15 million in revenue

He forgets the last 6 months of platinium produced at a average of $14,000 or more at a cost of $605 ,18,000 oz

Yes all this money will be feed to the copper business just cause you make something bigger doesn’t mean it will get profitable ( this year’s profit will definitely be due to the sale of non-core assets )

Chrome being stable and a higher price than the average price last year.

Some of this would no doubt would had been corrected by the FD.

He also knows being an accountant that he would only be able to correct posters if it’s in the public domain .

“He also forgets Copper has increased over 30% in the last 6 months with a annual production at the moment of 4,500-5000”.

This 4500-5000 is a target they have not produced more than 3500 tonnes. We talking actual production and not target numbers and copper prices has increase but so will the price of ROMM

“He forgets all the stoppages last year which decreased production and ramped up costs.No stoppages in the last 6 months.”

All that stoppage but the bulk of our debt is from our ROMM metal facility and we do not even have a significant amount of inventory on our balance sheet

“With $78 million coming to the company over several years he believes it will all be spent” .

That first 25 million will go into nothing but debt payments. Our ROMM suppliers are firmly in control

Both options are unlikely

Increasing copper production would create the most shareholders value but this is not something Jubilee can do willing there are too many technical issues and constant set backs they have not yet figured out.

If ain't the mines then it's Roan.

So in the short term they are gonna burn through the PGM money and then back to issuing shares

Their production has not exceeded 3500 tonnes in 5 years .

The disposal circular

The use of proceeds from the payment consideration, net of transaction costs, will together with existing

resources and operating cash flows, be employed to reduce existing bank facilities of up to US$8.3 million

to allow Jubilee to restructure its funding to better align with the Company’s copper strategy post the

Disposal. The main use of the proceeds will be towards the development and implementation of Jubilee’s

copper strategy, and more specifically the following projects:

The audited AFS

The use of proceeds from the payment consideration net of transaction costs will, together with existing

resources and operating cash flows, be employed towards working capital for the Company’s current copper

projects in Zambia and also for the development and implementation of its copper strategy, and more

specifically the following projects:

Same copy and paste job. The PGM business is being sacrificed for working Capital debt the Copper business can not cover from it's operation. It's 70 million dollars hole they need to cover. The circular presented as expansion mean while they can't even cover operating debts from copper

Look at the 3 pillar approach just a strategy with no plan or details to tell us when these ideas are going to produce a positive cashflow. Cause time is money in the commodity arena.

I would sincerely support a resolution to have Leon removed.

The liquidity crisis Jubilee found itself in and the copper strategy based on hope is not way to run a listed business.

Jubilee had the PGM and copper run on its side to be a multi bagger but it's management does not have the ability to take advantage and create value for shareholders.

Jubilee is unfortunately is now pure speculation.

This 3 pillar approach is just hope and losses.

Roan processing they are at the mercy of metal traders that link their price to copper prices. So increase in copper price increase in ROMM

The LWP project definitely 3 to 5 years before anything is created but we will be paying research costs and told things are being financially model for the best deal when their is no deals or even mining houses lining up, like IRH they will take one look and a walk away.

The mines no ORE body report going to be produce in next 6 months and they hoping to find something to sell to us investors. Then we gonna be paying mining developing cost

Next 3 years after this FY26 just straight losses copper gonna be like Chrome where they gonna have to get a life of mine deal with a fixed margin and then constantly look to shareholders to fund the research and mining cost.

PGM the platinum laying egg was destroyed by management incompetence.

Look how badly we are being managed. We in 2 of top performing metals but the market won't touch us with a barge pole cause they saw something us Jubilee shareholders did not. Management has no interest in making this company generate value for shareholders.

Sale of PGM business we can pay the breakaway fee and walk away but we not do have the leadership required.

We are being told these 938 tones of copper production is an achievement, but we are buying ROMM material containing twice has much copper material as the previous content.

Jubilee implements strategy to accelerate copper production on the back of stable power and secured new high grade copper material at an expected feed grade of approximately 1.6% copper. The present copper content of processed material is c. 0.7%.

We produced in Q1 2025 744 tonnes with 0.70% material but with 1.6% copper maintaining material we are producing only 938 tonnes

How are we not producing at least 1700 tonnes of copper per quarter from Roan

We are buying more expense ROMM but we are not getting the copper production from it.

Our copper target before the power outages was 6000 tones with lower grade material now with ROMM containing twice has much material we only targeting at best 5000 tones.

LWP

If you read the annual financial statement look on page 138 note 10.4

“The Company is still in the process of developing the technical methodology for processing the copper-containing material”

We are going to wait years before any partnership is announced for tailing production of the 300 million tones of waste material.

What further supports this view is Jubilee not releasing the large scale IRH trial of 15000 tones of material processed at Roan. How much copper was yielded from these trials?

That’s why we constantly hearing about research phase announcements never actual production.

Jubilee has not yet figured out how to economically produce copper tailings from these dumps. If this was the case they would have been leveraging themselves to the max and get this into production has quick has possible.

“With regard consideration for the SA disposal, it must have been frigging obvious to everyone that it wasn't $90 mill NPV

At no point did I discuss the valuation of the assets of the disposal group. NAV valuations are done for liquidation sales and now having seen the year end results its clear the PGM assets had to be sold to bail out the failures of the copper business. Jubilee board should/could have disclosed the net present value of the 90 million so a like for like comparison could have been performed. As they did not disclose their incremental borrowing rate for us to calculate the present value of the 90 million over the 4 years in the circular. A like for like would have been us receiving 90 million in cash on transfer of the business or use receiving 120 million over the 4 years.

Also I do not have to attempt to undermine the board or say anything negative about Jubilee. Go look at the results they a consequence of management valuation creature but in Jubilee case destruction.

You weather it be hard assets or intellectual property ( which was paid for in cash by Jubilee) the point remains we gave away 90 million dollars in asset value as at 30 June 2025 but will only receive 77 million dollars in value as at June 2024 because we have to take into account the time value of money. Look where on the balance sheet where they made the fair value adjustment of 12 million CR Assets (SOFP) 12 million and DR loss (P/L) 12 million.

Use chatgpt

Ask whats a NPV analysis and look at the rules stated

if an investment is positive the deal should be taken.

if an investment is negative then it should be rejected.

perform the following net present value analysis type in the following prompt and see the results.

“what is the NPV of -90 million then 25 million received in year 0 and 20 million in year 1 and then 15 million year 2 and then 15 million year 3 and then 15 million in year 4 at a discount rate of 7.32”

I am assuming every year we receive a 5 million royalty payment plus the 10 million after the 25 million initial payment.

This will show you the disposal is value destructive cause we are giving up more than we are receiving in value 90 million as at 30 June 2025 is much more worth than 90 million over 5 years.

If your Jubilee board wanted to create value they would have used the DCF method for a valuation has this would take into account future growth as (including an increasing platinum price and capital expenditure and the cost of producing the PGMS and chrome).

from the initial announcement this sale was value destructive and the board should have rejected instead of acting like its value creating

What's the difference between the initial drillers and resource measuring companies and the work Galileo resources is doing?

Cause every acquisition RNS(SENS) always has this statement or in an update we are told this with dates moving back.

07 October 204

"A resource drilling program is currently underway and, depending on the confirmation of resource continuity, will target an increase of production to 20-25 000 tonnes of ROM ore per month".

Why have we not even seen preliminary results?