Jubilee Metals (JLP) - in which we own shares - “is pleased to announce that it has successfully concluded further copper tailings transactions to secure the rights to an additional approximately 115 million tonnes of copper and cobalt containing surface tailings in Zambia”...
The transactions are with “a number” of privately held entities and the company “is in addition working with the Zambian authorities, reviewing further copper tailings in the country which the company expects will create a number of opportunities for further expansion of operations in Zambia”. It adds that it “has targeted to fund the capitalisation of its Zambian copper projects through a combination of its own cash reserves and accessing non-dilutive project funding from leading institutions by leveraging off Jubilee's strong balance sheet. Jubilee is well progressed with the discussions to secure the targeted project funding and will provide further updates in this regard in due course”. That is also with its Sable Refinery “operationally ready and able to significantly enhance its capacity alongside the expected production build up, without incurring any significant new capital expenditure”.
In terms of schedule, “Jubilee is targeting to complete the project scoping and design phase within six months, during which time Jubilee's Project Roan is expected to reach full production and Project Elephant will be commencing its construction phase”. Project Roan is from an agreement we noted in August and Project Elephant we noted on recommendation holds the potential to more than double Jubilee’s current South Africa PGM, chrome, earnings profile. Project Elephant is from an approximately 150 million tonnes of copper-containing surface material agreement and we noted H1 2020 operational earnings up to £12.8 million and cash of £10.8 million.
Potential annualising and doubling the earnings (£50 million+) compares to a market cap, despite the shares now up to 7p to buy, of still below £150 million. The July recommendation was at a 4.6p offer price and we increased our target price last month to target 8.5p. We suggest even that now looks light and at up to 7p the shares are still a buy with a revised target price of 9.5p.
This article first appeared on the N50 website which Tom Winnifrith runs with Steve Moore & Lucian Miers. To access the website for a large cap share tip from Tom & Steve JUST OUT LAST FRIDAY AFTERNOON and a new shorting piece this week click HERE
Filed under: Jubilee Metals, Tom Winnifrith Bearcast, Inspirit Energy, Pelatro, Dignity, N50 website
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