Member Info for Sirboring

Not a single timeline given. Just straight the same capacity and possibilities

Dividends and share buy backs are done with excess free cashflow. A luxury Jubilee will not have for the foreseeable future looking at this companies track record of deal making and operating.

Why did the circular not include illustrative financials and cashflow statements showing how Jubilee copper will look 6,12,18 months post the disposal of the pgm business?

With the sales input on the illustrative being 5100 copper production FY26 and then 6200 tons for FY27 and then show us the value creation. Including the capex for all the production LC promised us of 25k tons copper goal.

Then we all can see the reality of the consequences of Jubilee management and if the market is actually valuing this company correctly

Jubilee constantly shifting goal post.

Why are they so eager to get this vote before the final results are released ?

Why did Jubilee not negotiate a profit split as they hand over control in chunks ?

The next 2 years are going to be ugly cause alot of capex is ahead with LC you take the worse case scenario. Much is not being said and when result time comes we are surprised with facts they have known from the start.

The selling of the chrome business is value destructive to the point within 3 years jubilee will be back to issuing shares for development. I invested in a chrome processing business that accepted low margins on the processing and kept the PGM byproduct and sold it on the open market. Not a copper exploration entity. The reason they only showed a balance sheet snapshot and certain ratios and no estimated income statement or cashflow 6 months ahead is cause the volume of copper being produced does not break even. JBL will deplete that 25 million before end of FY26. Cause majority of our cashflows do not match our liabilities in terms of timing sales of assets over 24 months but liabilities are paid upfront. JBL does not even have a CFO. I have had investments go down 70 per cent but never have I seen an entity mismanaged while the market is in its favour copper and chrome and PGMS at all time highs and JBL selling itself for cents on the rand.

I have not received an option to vote yet

Yes,

I also asked why did Jubilee not mention the chrome contracts are being negotiated and that it will have a material impact on the business if not renewed

Why did Jubilee not provide an illustrative income statement for post the acquisition to show us how the numbers are going to look at interim and year end without PGMs and how lose making Zambia is at the current volumes. We know the average selling price and the cost of production so why exclude an illustrative set of AFS 6 months and 12 months post disposal? Jubilee is very selective with their disclosures

IRH was ready to fund the LWP and the trials. Then they saw how Roan failed deliver the required volumes and the copper yield was too low for a viable return. Once the sale goes through of the PGM within a Leon will burn through that money and we will still produce less than 6 thousand tons of copper. The market pricing in this failure

Over the barrel cause they feed us with the chrome material ?

Key dependency one supplier to such an extent should have been highlighted what about the following mitigating factors stated in the audited AFS

Look at page 24 of the 2024 Integrate AFS

' A key offtake agreement, due to expire in August 2024, was extended until 2027

• Additional PGM-bearing tailings that can be treated for approximately five years have been sourced

• Secured agreement with supplier at Windsor 8, Jubilee’s chrome processing plant at Brits in the North West from 1 September 2024

• Multiple suppliers to reduce dependency on a single source for ROM or feed material

So where are these multiple suppliers ?

Are we going to use the funds from this sale to fund the LWP alone now?

Look at page 24 of the 2024 Integrate AFS

' A key offtake agreement, due to expire in August 2024, was extended until 2027

• Additional PGM-bearing tailings that can be treated for approximately five years have been sourced

• Secured agreement with supplier at Windsor 8, Jubilee’s chrome processing plant at Brits in the North West from 1 September 2024

• Multiple suppliers to reduce dependency on a single source for ROM or feed material

So where are these multiple suppliers ?

Are we going to use the funds from this sale to fund the LWP alone now?

As the financial year is already done why did Jubilee not use the FY25 unaudited amounts in negotiating this 6 time earning multiple in selling price ?

Zambia will remain in a growth phase for the next few years and will require, inter alia, capital from the proceeds from the Transaction, from normal trade finance sources and ongoing operating cashflows to achieve that growth.

All the proceeds are going to be used to fund Zambia losses truthfully without this sale we would not even be able to produce 10k worth of copper. We are no different than copper360.

This deal is giving away the PGM material we own and can produce. They are more bullish in this deal on some undeveloped piece of land not even Anglo interested in developing than cashflow positive assets.

One Chrome is definitely a related party cause we are being paid with the profits of the increase in PGM prices

Also make the large waste project a JV where jubilee owns 70 per cent and other party own 30 per cent or form an separate legal entity and make a loan against the income generated from the LWP instead selling PGM to fund this project.

The copper should have been self funded with production but clearly they aint producing enough and now forced to buy expensive higher grade material.

The PGM sale does not make sense except if sold to a related party. Why rush copper production when you own the resouce and the IP for its extraction

What difference will the circular make ?

A super pit ? why was this not included in the Zambia update

I see them disposing the PGM business at a significant loss and using our profits from a raising PGM metal prices to fund their acquisition over 3 years.

We will be using the proceeds to hopefully actually produce 10 000 tonnage of copper like in the circular and then fund the large waste project alone cause a strategic partner actually wants actual production and not constant projected capacity numbers production.

Leon them are not in control of this sale and who ever this buyer is calling the shots and that 90 million price definitely defendant on PGM performance.

We will only see the destruction of value in the FY26 AFS

My investment case was Jubilee is a low cost cashflow positive PGM and chrome processor with a growing copper operation.

Now we are being turned into a copper exploration and junior miner this always ends up in multiple rounds of capital issues and constant set backs.

I would have felt comfortable with a sales price of at least 150 million dollars and copper reaching the upper limits of the 25k tonnage of copper actual produced and not 2500 tonnage of copper and still exploring what works best.

The Jubilee I invested had a solid PGM operation that was funding the Zambia operation. The PGM sale without us knowing the break even volume for Zambia and so many numbers are projected and the actual results are so far apart that it could be apparent from day one their estimations was wrong eg Roan 13 thousand tonnage projected low copper material and the actual result is higher grades of material 2,5% and cant even produce 6000 tonnage of copper per annum. The risk reward of Jubilee has now completely changed and the value of this share going to reflect the options issued to the management.

Looks like Jubilee has significant short term debt due and their lenders are not extending credit and share price to low to issue shares to outsiders.

These poor copper numbers plus the buyer struggling to find finance and playing hard ball with Jubilee.

This going to get ugly cause people and creditors are tired of the projections not becoming a reality.

When the copper project was launched 20k was the target now we aiming for 10k without the platinum business. This execution failure significantly increases Jubilee risk profile.

No one wants too buy it like no partner wants to fund the Large waste project. We should maximise PGM production and hope the scraps from the copper business can fund itself and the profits from our other ventures fund the large waste project.

This copper update does not justify selling the PGM business and have suffered alot compared to other PGM miners. We were supposed to benefit from both mental price increases. This update compared to what was promised is extremely underwhelming.

They do not have a partner for this large waste project at all. No one wants to fund this deal

This is exactly my concern then we constantly require a higher copper price to justify our operation and when higher copper prices does not materialise we are back to issuing shares and not having the ability to switch to PGM and chrome production.