Member Info for Sirboring

They announced the acquisition of project G an initial acquiring a 51 per cent from that moment whether it be 51 per cent share capital or 51 per cent Net asset value or 51 per cent of the life of the mines output.

Then on consolidation the prepayment asset should have been reversed and the subsidiary or the asset or the valuation of the asset be recognised in Jubilee consolidated AFS.

It's taken them more than a year and 6 months to conclude this acquisition?

Then even in the disposal circular and in the interim AFS. They discuss this mine like they own it and obtained control over it. When it in fact the other party sitting with their money and could walk away.

Leon has to be honest and show the trial results of the 15000 tonnes of waste material and how much copper was produced for the IRH deal.

They can test the dumps as much as they want but if Roan or it's modules can not process these dumps and produce the copper as wanted by the market then this entire project should be impaired.

Theirs a reason why Onechrome only bought the platinum processing business and not that undeveloped mine and this failing copper project.

It's clear to them jubilee will not reach the promises Leon is making otherwise these assets he acquiring would have already been put into production to create cashflow. He's now hoping to get lucky

So we been announcing upgrades and planning on project G while not owning anything on this asset ?

That's the point I am trying to make. They have not concluded the acquisition. They already paid these people and no JV or subsidiary transferred to jubilee.

So that's why the minimal announcements on project G.

The annual AFS don't disclose how we acquired the 65 per cent of project G?

Look at Note 31 in the current year AFS and then also look at Note 28 in prior year. This is the disclosure note on any business combinations in terms of IFRS 3. If we acquired control over any other businesses. Control being crucial. I would assume 65 per cent would give Jubilee control over project G

They only speak of the 95 per cent of project M acquired.

While on 07 October (RNS Number : 0881H) jubilee announced a 65 per cent purchase of Project G for 2 million cash and a further 5 hundred thousand commitment.

The only thing in the current year AFS disclosure with regards to project G is this foot note in Note 16

Under prepayments

"An amount of US$4.4 million (FY2024: US$ Nil) advanced towards the Company’s Project G acquisition".

This is a prepayment for an acquisition that should have been concluded in October meaning they have not concluded this transaction as announced and why is it nearly double the price ?

This prepayment is not for copper material but for the acquisition.

Have a blessed Christmas everyone

@chatmandu

I am not familiar with the LSE announcement requirements. On the JSE where Jubilee has a secondary listing. They are strict on AFS and it's part of the companies act. Jubilee management could have used the preliminary 2025 numbers has they already had it at hand. Then shareholders would have clearly seen we are selling the PGM business to settle the copper business debt.

@Harmprof

Jubilee does not have long term debt cause they are struggling to obtain long term financing. So the majority of their debt is short term in nature due within 12 months.

Look at Note 20 page 147 it shows their financing and debt position

That 4 million in cash balance includes the 13 million generated from the PGM business and copper business generated a net negative -9 million dollars.

Look at their Trade receivables note 16 page 144.

It's mostly prepayments they are not expecting cash it's either they paying for a service or pre paying for an acquisition.

They have a reference to project G acquisition and then go look at the amount that was stated in a November 2024 RNS on the acquisition of project G.

Note 25 page 152

The bulk of their loans are unsecured and due within 12 months

Note 26 page 152

They owe 54 million to creditors due within the next 12 months.

If you look at the Metal trade facility payables it doubled compared to prior 14 to current year 33 but our inventory ( note 15 page 144) is a tenth of prior year and our sales is lower meaning we owe still of prior year inventory or we are being squeezed by ROMM providers on price.

Note 27 page 153 shows our banking facilities of 27 million.

RCF fully drawn out

Our on demand overdraft facility with availability of 11 million we owed 10.30 as at 30 June 2025 and used some of the 15 million to settle 5.30 million and the balance will be settled at 30 December 30.

I did not report anyone. I just engaged that financial director.He started the legal threats when I asked him about the IFRS 5 questions and how the 77 million is the actual value we are receiving for 90 million in asset value the way this sale is structured.

I sincerely hope that's clear enough

@Chatmandu

I am not familiar with LSE rules but the JSE is not so strict on circular announcements. That's why I even emailed their for questions at th

@Chatmandu

That entire short term capital requirement was a straight lie. They knew in August 2025 by looking at the preliminary results (that's why they used 2024 unaudited results). They would not be able to pay a dividend or a share buy back in the next 3 financial years.

It was a clearly a deceptive tactic used just like them not showing the present value of the offer being worth only 77 million USD and we giving away 90 million USD in assets.

Jubilee current assets are only 43 million while their current liabilities are 77 million. The bulk of the proceeds will be used to settle banking facilities and the debts to acquire copper ROM.

Sirboring,

“No doubt you have great experience on both consolidated financial reporting and managing large A & D transactions. Thus your comments may have validity”.

“In accounting terms, as you obviously know, the write backs of the PV provision , after receipts of the disposal consideration , are an immediate increase in net assets. This may impact on market value. Thus, there is future value which you appear to ignore.”

The provision will unwind at a rate of 7.32 per cent has time progresses this is to ensure that the 77 million present value equals to the cash face value of 90 million USD after the 5 years but my point still stands the 90 million USD in asset given up in assets are significantly greater than the 90 million that will be received over 5 years. A simple NPV calculation would have shown this on the first day of the offer.

“Present values vs accounting treatment values is clearly a subject that you feel passionate about. I do not recall you mentioning it to the chat room , or directly to me , at anytime after the potential disposal was announced. This looks odd; maybe I missed it. Jubilee could pivot to a current cost accounting which does in effect present value or replacement value. This present value would not just be for items over one year, but for all items of whatever duration. Some large listed companies use this accounting concept. This seems to be what you are suggesting is better for Jubilee's shareholders. I should be grateful if you would confirm your position on this point.”

I have never spoken directly to you on this forum. Why would it look odd? Information is available and has an investor I have every right to question it. I cannot determine accounting policies for Jubilee to follow that’s determined by management and which your audit committee will have oversight of.

“You assert that the entire Management are either dishonest or incompetent. Would you be willing to reveal your real name and address so that I can liaise with lawyers to handle this matter? If you are certain of your facts then no doubt you will respond via the chat room. However I am happy to accept your detail via my email address if you prefer to keep this matter out of the public domain at this point”.

We engaging why are you so quick for lawyers? when a civil conversation is being engaged in.

I will give you my name and email if you are willing to admit the disposal of the PGM operating unit is value destructive to shareholders on a net present value basis. What is being disposed of at 30 June 2025 is significantly greater than what will be received over the next 5 years.

Looking at the track record of this management and the promises in the past compared to what has been delivered today

The future value 90 million cash received over 5 years is still significantly less than the 90 million assets jubilee has given up as at 30June 2025.

Hi JMK

"The $12mill FV adjustment is an accounting provision required under IFRS. It is a provision that equates to the time value of money. When receipts of the disposal consideration are received, this provision will be written back. It is not a cash loss"

I did not state this is a cash loss but it is a loss of value as we gave away assets to the value of 90 million dollars as at 30 June 2025 and we will receive only 90 million cash over a period of 6 years ( 25 on the deal concluding and 65 over 6 years). We have to take TVM into account has the consideration is being settled over more than 12 months.

We will receive the 90 million cash face value of the sale price over the 6 years if you do an NPV calculation you will see this deal is value destructive.

Year discount rate 7.38 Net Present Value = -13.1 million USD

0=-90+25=-65

1=15

2=10

3=10

4=10

5=10

6=10

Should this not have been the first calculation you performed on the offer received ?

If Chrome one wanted to they could have offered 78 million cash upfront as at 30 June 2025 for the 90 million in assets as at 30 June 2025 and Jubilee would have been in the same boat.

Now you are writing down the fair value of the asset to match the present value of the receipts of the 90 million that would be received over 6 years

Also which IFRS are you referring to IFRS 5 or IFRS 13

On your other comment you referred to IFRS 15 which is the Revenue from customer standards.

Harmprof

We gave them net assets valued at 90 million USD as at 30 June 2025 upfront and then we receive 25 million upfront and the 65 million will be received over 3 years. if we had to take that 65 million and sell it to the bank and they agree on our incremental borrowing rate 7.32 per cent we would only get 52 million dollars .

We gave away 90 million dollars worth of hard assets in value and we are not receiving 90 million dollars in value. Face value is not the same as present value.

This entire management of Jubilee is either dishonest or utterly incompetent

Did Leon or JMK not see the 12 million USD loss they would be making on the disposal of the PGM business ?

So they did not mention this fair value loss which is the actual loss on disposal of the PGM operating unit and thats not including the increasing platinum price

ROM suppliers are not ignorant to the copper bull market and Jubilee not making these margins of 4000 to 5000 dollars per ton it will be more like a 1000 and they will not have the advantage of volume like they do in the PGM business. They are going to be squeezed for ROM and worse their suppliers know they are in control.

This business works where its a PGM and copper producer and not solely copper and Leon got a bonus for failing.

The results have been released.

LC fan club in for a long day

Everyone voted and agreed with LC vision and believes despite his history of failure and inability to make deals. Remember that special AGM that was organised so quickly in August and only certain questions answered

Jubilee the only company that had 2 of the best performing metals in their portfolio but their share had a constant negative return. The market knew something us shareholders could not comprehend the discount allocated to management incompetence.

Papi and Charm was right the incompetence displayed at the copper production could only be covered by the PGM cashflow production. Even during a a slump they were making profits on PGM now we entering a bull run and we sold it at liquidations value.

Jubilee can't double production within a year not this year FY26 or FY27.

Those small mines they acquired they literally had to put them on hold for drilling.

Roan and I share the same condition we can't operate under raining weather.

The LWP they would need to design a roan that can process it's type of material. Roan is the mold they building these processing modules from but they are designed specific to the type of material from the ROM they would have that easily another 2 years of hope.

When those results come out tomorrow. The deal has been concluded Chrome one will generate enough income within a year to pay us but will continue paying us 15 million a year until the 90 million debt paid up.

While in 4 years time Jubilee will create new shares to issue them for expansion while Leon saying it's an achievement and we are not where close to the 25k tonnes of copper promised.

I have a question what's the difference between the work being done by Galileo and the previous drillers ?

Or was Galileo always drilling their and now took an equity stake in this alleged super pit that has not been mentioned in an official document.

They have no current partner. No one is interested until they can prove they can ramp up production. I don't mean from 4800 tonnes to 51000 tonnes. I am talking about doubling production in a year.

Also when they get a partner we have to incur cost and time before stable production takes place and that's another year so 2028 more likely. We have seen how Leon picks partners Colin Bird always some how ends up in the mix. Here is both an execution and financial risk.

We are selling the PGM business way too cheaply and this kind of mistake destroys shareholders value.

The fact that Leon did not have foresight in June while other PGM producers were constantly stating that their customers were doing spot purchases Implats and Sibanye and then also looking at the Sylvania platinum and their results. Then Him looking at this offer has the best value creation tells you about his value creating abilities and how he reads the PGM industry.

I sincerely hope we don't make the 30 December deadline and pay the 800k and find another mine to supply chrome with a life of mine contract.

Cause we ain't gonna get a return within the next 5 years. Those 5000 units of various copper mix being produced ain't even covering it's opex cost and then we need to fund the expansion while our ROM suppliers definitely want to increase ROM price has copper prices climb.

This deal from the start was either a move in desperation or insiders robbing shareholders

Have a merry Christmas cause Jubilee ain't gonna give y'all that

"Funding of the implementation of the optimised open pit mining solution as well as the implementation of

the on-site processing solution. Munkoyo resource is currently being drilled in partnership with a mining

and geological firm which will be used to inform the final designs."

Taken from that bag of deceptive circular in August

Was Galileo always doing the drilling work ? Then we announced they got equity

Why would we change drillers ?

This is a proper question and also in the circular not using the 2025 financials. The sale was only authorised in August after the financial year end they could have waited to use the 2025 audited figures.

Then we would have a complete picture

Also Leon states in the circular the business reached it's Maturity phase but they haven't produced 50 thousand of PGMs has the capacity stated

They also state they are not interested in developing mines but keeping exposure to Tjate platinum a none cashflow producing asset. That produces no cashflow and has no interest from other mines but this Jubilee is keeping this.

We definitely sold the PGM business at x2 EBITDA for a business we can't sustainably scale in the next 5 years.

We are gonna be feed stories and drilling results with no actual copper production while PGMs could have carried us.

Now Leon them purposefully under producing PGMs not to let the sale look like a liquidation auction.

Let's see what the final results bring this week and how Leon defence team gonna spin this bag of turds and tell us it's fertilizer

Leon can delay the results and cancel the sale. Like he did with IRH deal allegedly just let it lapse. Pay back the funds we received so far with the PGM profits. Then jubilee can be an actual investment case and not just speculation and cash cow for management incompetence.

Telly

The audited AFS will tell the truth.

Leon's words and missing drilling results can not answer anything. Optimistic speculation will hurt your pockets and festive spirit.

Giving 25 per cent of a mine away for drilling work ? Is either we don't have cash or we do not believe the project is of a significant value. Yes they paid 700k but why could we not just pay them for drilling and have an actual JV with the entity that mines the copper and we split the profits with that entity.

This means we will be further diluted when the actual mining entity shows up

The period of high Capex is just beginning this entire copper project was supposed to be self funded and low capex requirements but clearly we are selling the PGM business and theirs not even a significant increase in output of copper production and it doesn't seem their will be a significant increase in the short or medium term. I will say this again Roan is dud and now they looking to strike lucky with the mines.

We are now replicating the PGMs business with the same mistake of relying on third party romm. We have to many so called copper assets but for some reason we must apply patients while we in copper bull market. The key to increasing share price is producing more copper and next year y'all will be having the same conversation with no progress and just promises.

Here is too many gaps that doesn't make sense. They want to keep the AGM in that period after Christmas before New Years so fewer people can ask what really happened this year.

Have a blessed Christmas people 🙏🏿