Member Info for Sirboring

What if the market is correct on the valuation of Zambia ?

LC buying up materials but has not successfully once met his own target he set and promised to the market.

While information like the large waste project is always under discussion but no feasibility results released.

The failures could have been tolerated while the PGM finance them but the moment that is gone we will have 6 billion shares in issue in no time.

Jubilee is targeting to complete an industrial trial of approximately 15 000 tonnes of the Waste Rock material through targeted sampling of the material and processing the bulk sample through the newly implemented Roan front-end plant. This trial will be used as a final confirmation of the scalability of the design proposals, as well as the variability in the mineralogical composition of the material. Jubilee has requested an extension of the due diligence period to January 2025 to ensure sufficient time for the technical and commercial terms to analyse the results of the industrial trial. The results from the industrial trial is also seen as crucial to the IRH partnership in the Waste Rock Project. (This can be found on page 47 on the integrate report of 2024

How much copper was recovered from this 15000 tonnes of waste and why were the due diligence results not released?

I have a feeling the proceeds from the disposal of the PGM business is going to be used to cover the debts of the copper business 40 million dollars and the other 50 million is going to be used to fund the large waste rock project gamble

This exposes Roans failure and under performance. I really think roan is producing volumes belong break even

If the circular is not dropped today after trading hours. Then this supposed buyer needs jubilee help to buy the PGM business cause a sale is supposed to be quick process as negotiations and finance should have been arranged and then the deal announced and awaiting shareholder approval.

The circular will be release definitely be released on a Friday afternoon after market closes in August.

Copper Update will be delivered on the last market day in August.

The Jubilee way

That is why they releasing the copper update in august and the sale details Friday afternoon aftermarket closes.

The do not want reconciling the reality with the copper losses happening in Zambia. They down playing the PGM increase in prices cause the offer price is not increasing

This is my view.

I would be concerned if Leon states they going to use the PGM sales to fund the large waste rock project.

This tells me no experienced mining house or trading entity calculated they could not earn back their cost of invested capital.

Cause Roan is the foundation for the processing of the large waste project and we have seen it cant produce even 4000 tones of copper per annum and worse its using higher grades of copper maintaining material. Why would we rush into expansion of something we already own ?

The circular must not speak of dirty we can process but it must speak of quantities are we are proven to produce. We can not give up a cashflow positive asset for developments where we have not understood all the risk involved, look what happened when the grid collapse our power source was not so independent.

Roan is supposed to be the foundation on which we roll out the copper model and Jubilee now pushing out the Zambia update in August but downplays the value and economic benefit that the platinum business is going to benefit from over the next 12 months. Why so eager to sell the platinum business so cheaply ? Since 2020 copper been struggling to produce more than 6000 tons. The large waste project under constant test since being announced. I think IRH was the only partner that was interested.

Leon is gonna promise 50 000 tons of copper if you look at page 42 of the annual report the CEO statement. We cant even breach 8000 tons. He constantly promising these numbers and the reality is completely opposite

25 thousand tons- correction

We should have been producing 25 tons of the stuff by now cause the large waste project was supposed to be implemented within 2 years. lol

I stand be correct was it not with Northam platinum and the price was 1300 an ounce. Leon purposefully did not mention the up swing and coming bull market to platinum as this would expose how bad this 90 million and breakage fee they negotiated themselves into.

This Update today was really trying to put out the fire of the PGM rally and make this sale seem like a smart business move.

From the 2024 annual report page 6 we were earning 300 dollars per ounce of PGM sold. Average sales price 1009 an ounce.

The current 1465 an ounce (https://matthey.com/products-and-markets/pgms-and-circularity/pgm-management)

Even if we look at the last update for December 2024 page 9. Chrome, we received 111 dollars per ton and our gross profit was 12 dollars a ton while for PGMs we received 1016 an ounce and 400 dollars in gross profit.

Leon statement is deceitful about the 33 increase in PGM prices being able to absorb the 11 decline in chrome prices.

Also they are purposefully under producing PGMS in a bull market why aim for the same production target while we were receiving 1016. When we could receive 1465 less cost of say 750 (this is an estimated cost ) we would be making 30 million dollars in estimated gross profit on PGM alone.

I understand the copper a separate update but why not release it before we have to vote and add numbers to production figures. We are selling the cash cow of the business for a copper business that was loss making as at the end of 30 June 2024. Look at the 31 December 2024 update page 24 they made an accounting loss of 3 485 000. I do not believe there are parties lining up to partner with us on this large waste project. IRH saw the performance results of Roan and ran the numbers and dipped.

We are constantly told about future numbers that need to be financed with present cash and that present cash producing assets is the PGM assets. The buyer is getting the PGM for free and using our profit to finance their purchase. While we could end up with a forever ending shares being issued for copper capex update after we blow through the 90 million.

We need to see the AFS cause something is terribly wrong here or this copper strategy is not as light as we were lead to believed.

Forgive the hand writing.

Does it make sense to sell a cashflow positive producing asset while the market increasing the value of the product you are selling. Jubilee selling point was they are low cost PGM producer.

Now they selling it to be a minor copper producer where after the sale cash proceeds are done they back to paying for assets in shares and the moment the business is looking viable on its own they sell it for a song.

It seems Leon does not want to tell us why IRH walked away they were prepared to inject 50 million into this copper project in a JV, Also where are these other investors for the copper project he claims are on better commercial terms ?

Cause throughout their annual report from 2022 Roan was constantly spoken off in 8000 to 13000 tons of copper from low grade material now its barely doing 5000 tons from high grade material (1,6). Sounds like they want to acquire a mine to cover up Roans failure and the wasting off the PGM profits of prior years.

They did not want the share price to increase along side the value of the PGM business. This way we can accurately see how poor the offer is. The reason the circular taking so long they want to make the copper business look good and the PGM business look like an ex girlfriend. Jubilee has a tendency of going quiet with bad news and announcing good news before its concrete.

Those results showed the operating capacity of Roan which Leon them are trying to sell us as a success. I have am thinking Roan is producing below break even volume and the reason for selling the Chrome business is clear debt and make this copper business look success from a low base

Jubilee share price will continue to drop until its level with the under offer made for the PGM business.

This offer tells me either Leon them under estimated the cost of this copper strategy and the middle eastern investor pulled out for this reason and this includes the large waste project cause Roan was not performing as per the announcement.

Now they are selling the PGM business just has platinum is about to rocket which insiders definitely know but want shareholders to again fund the copper strategy.

look at the sale terms we being paid 90 million in pieces clearly this buyer wants to use the PGM cashflow to fund his acquisition while we fund coppers changing strategies multiple projects ( this changes the risk profile of the company being a micro copper producer instead of small multi metal producer)

Also Leon saying their is no further expansion than them going into physical mining was this not seen when they expanded the chrome operating capacity and PGM tailing business?

Why not operate a few years at this level while funding copper capex with this funds. Jubilee has proven they are not good with large sums of money.

Jubilee share price will now only reflect the sale price offered if we are lucky. The market values copper if we lucky at zero.

This shows the increase risk Jubilee is taking on selling a proven profitable business to an obscure trading group out the middle east. While we will be left with a hope and prayers this copper idea is profitable.

Jubilee is quick with the good news but delays the truth. I just hope they do not stink up the PGM results to make the offer look rosey when in fact we will be paid with profits from our own operations

This entire smells like sale to insiders and the dividend will be a refund of the purchase price

Jubilee earns a fixed margin on the chrome processing why sell the cash cow after pumping so much capex into it.

Now we being told the copper is the future while currently its sucking up all the capital produced by chrome and PGMS.

Sounds like certain shareholders want to keep the jewels and let us bail out copper until its profitability cause clearly this copper development has been more expensive than Jubilee let us believe