Jubilee Metals Group PLC (JLP) Earnings Call Transcript & Summary

Good morning, ladies and gentlemen, and welcome to the Jubilee Metals Group plc Investor Presentation. [Operator Instructions] However, the company can review all questions submitted today and publish responses where it's appropriate to do so and needs to be available via your Investor Meet company dashboard. Before we begin, I would like to submit the following call, which will just appear on your screens now. And I would now like to hand you over to CEO, Leon Coetzer. Good morning, sir.

Good morning, and welcome, everybody. Good afternoon to the people dialing in from South Africa, and good morning to our U.K. attendees. Thank you again for taking the time to dial in and allowing us an opportunity to present to you. First, our corporate presentation, which has gone live into our website, which is a prelude to our website itself being upgraded and updated to reflect Jubilee's strategy, what we are doing, both in South Africa and Zambia and elsewhere. So without further ado, what I'll do is jump into the presentation. And as I go through the presentation, we've received quite a number of questions before going live. I'll attempt to use where it's applicable, the particular slide and address some of the questions that have come through. The questions has been obviously dominated by copper in Zambia, which is totally understandable. And I'm hoping that following this presentation, the clarity that we are able to give on Zambia now going forward, the similarity between the manner in which we are deploying our copper strategy and that that's been so successful in South Africa on our chrome and PGMs become clear to everybody so that the path to achieving copper expansion, copper numbers becomes more easily to follow. And as we provide updates on our achievements and what we are doing in Zambia, one can draw that similarity back to South Africa and also fill in the blank spaces on how we, in fact, are putting it together in Zambia. Just maybe as an initial introduction, especially for those people who aren't as familiar with Jubilee, if you look at to Jubilee, what you should see is a company that is striving to be a leading diversified metals production company or producing company at our core, is driven by technical and operational excellence. We have a very large internal technical development center, which we are showcasing more and more to our clients, to our investors, and certainly, we'll, next year, with the [indiscernible] make use of that opportunity to even more showcase this very unique capability that Jubilee has, which is the driving engine behind the solutions we roll out into industry. What we've achieved, and if you look at our company, you'll see that we have specialized in targeting those reefs, those materials that have been discarded by industry or forgotten by industry because either it's too difficult, it didn't suit the operational production profile at the time or simply was regarded as unrecoverable metal. This is the area that we've carved out a business. And as we called it back in 2015 and '16 when we set on this journey, that soon, the industry will wake up to this as an industry in its own right. And today, you've seen many companies talk of their focus or part of the strategic intent to look at these wastes of previously discarded materials. Jubilee believes we've taken a leading role in identifying and unpacking and realizing the value in these materials. If you look at our company, just a quick overview. Sadly, so from -- on the one side, of course, we have our South African operations. It is a company that, in South Africa, over the last or past 5 years, have grown from producing back in 2017, we produced just on 40,000 tonnes of Chrome concentrate for that year or per annum. Today, we are processing north of 1.2 million tonnes a year and set our targets of reaching 1.5 million tonnes per annum of Chrome concentrate, making us one of the largest in the industry. More significant is the fact that every tonne of Chrome we produce comes from materials that industry had regarded as either not economical or not recoverable. We have pioneered several industry-leading and groundbreaking technologies in delivering that business on the back end of that Chrome production profile is the PGM or Platinum Group Metals business, where we recover the discard from our Chrome operations to recover the remaining platinum, palladiums, rhodiums and rutheniums out of that waste. We have a capacity at the moment, which we own of about 44,000 ounces of PGMs per annum that we can produce from our Chrome operations. Zambia is the new kid on the block, where we entered Zambia in 2019, and during November, with a mission to recreate the success in South Africa, to develop technologies, to develop processes, to extract copper from materials, people had regarded or the industry had regarded as either uneconomical, difficult to recover or simply not recoverable. That's the mission we set out for Zambia. As part of that mission, we acquired a refining footprint as an anchor point, and from there, have driven our strategy, which we'll go into quite a bit of detail today. Of course, this didn't happen overnight. In South Africa, over 5 years of development. We, today, are in a position where we've rolled out what we call our modular chrome processing units. Eight Of these modules currently are rolled out into the industry. These 8 modules make up our capacity to produce our Chrome concentrates. And it's the discard of these 8 modules that we further refine and recover through our Inyoni facility to make our 44,000 ounces per annum. A very similar approach you will note as we go through copper, where we look to diversify our operating processing modules across the industry as these modules produce copper concentrate that is then further refined at a central location. The modular approach has numerous advantages. The fact that it is compact, it is, therefore, light on power and water. It means you have a diversified footprint. Your processing modules are closer to source and less reliant on large available infrastructure, which is a challenge in the jurisdictions we operate in, most notably, both in South Africa with its well-publicized power outages as well as the limitations of rail and logistics. Zambia has suffered an equal limitation on power and logistical challenges in Zambia. So being power light to enable the capacity and the expansion of your operations is a vital component to success. And some of these lessons Jubilee had to learn from the mistakes we have made because we are pioneering in this field. As we discussed, our processing modules are at the center of our success in South Africa. Being able to have 8 modules that combined makes up our capacity, ensures that at no given time any, but all of the operational capacity is exposed to power outages or infrastructure challenges. We've also been able to roll out backup power systems to our modules because they power light to ensure that we are able to run off the national grid when needed so that the only impact of power going on or off in South African operations is simply the cost of the power being fed to our operations. It is this breakthrough development that we had finally resolved in our development center in Zambia, and it's this development that has finally opened up our ability to now expand into Zambia. Yes, and we've made mistakes when we entered into Zambia. We entered in with the approach to put or establish centralized processing facilities, which we could bring in our materials, concentrate up our copper and bring it and have it refined at our refinery. This approach was severely challenged by the lack of reliable infrastructure, the lack of reliable power to feed this central processing footprint. And in the background, our development center had concluded the development of these packaged modular approach, which enables us to take our copper processing modules exactly as in South Africa with Chrome to source across various modules, which are able to do the hard work of upgrading our copper into a high-grade copper concentrate, which can then be transported to our central refining footprint. It has unshackled our ability to expand our copper operations being limited by infrastructure and infrastructure availability. The manner in which these modular systems are design makes it also very suitable to be reliant on backup power, if necessary, to have it commissioned. And it's this approach that we are now rolling into Zambia and no doubt the copper industry will take note of our capability of taking low-grade copper resources into high-grade concentrates at source and then having it refined at a central location, groundbreaking stuff done by our technical development center. In Zambia, if we step into Zambia specifically and taking the time to unpack what we are doing and how we are doing Zambia for people to understand how we are chasing down that target, we've set of 25,000 tonnes of copper per annum, which is just an initial target. We certainly have aspirations far greater than that. At the moment in Zambia, we have 2 operational footprints. We have the Kabwe, which is on the left, down on the slide, which is in the central area of Zambia. And then we have Roan concentrator, which is closer to that northwestern corner where most of copper production happens in Zambia. These 2 operational footprints, the philosophy is that the Sable refinery with its refining capacity of 14,000 tonnes of copper cathode per annum, that capacity is defined by the grade of the concentrate arriving at Sable. That concentrate material, Roan plays a vital part of producing that concentrate, which is then refined at Sable. Roan is only one of the footprints that we will expand to feed our Sable refinery. We look to have 3 to 4 processing modules, which upgrades our material, makes these concentrates, which is then transported into our Sable refinery. The first of these modules are currently targeted for our own concentrator where that module has the capability of taking a particular waste material upgrade that waste material and have it transported into Sable for refining. This slide might look busy, but I'm going to stand slightly back from the slide and just take a step back to make sure the clarity of how we're executing and what we're executing in Zambia. We often, as a company, loosely speak about waste, tailings or discarded materials. If you look at copper and copper waste, it is grouped into 2 key categories for Jubilee. There is the waste that is created from mining and rejected onto what's called waste rock stockpiles, which is material that has never been processed. It's been rejected either for the type of reef or type of copper mineralogy often because of the grade of copper. It's therefore unprocessed burden rock. Often, like in South Africa with Chrome as well, mining companies have left this material in their open pit abandoned and regarded as too complex to process. That's the one category of waste in Zambia. It's an extremely large category of waste with many, many hundreds of millions, more than 1 billion tonnes of rock sitting on surface that's been discarded mostly because of its oxidized nature of the copper. The second category of waste or tailings that we look at is what we call processed tailings. This is material that's been mined, been processed through the metallurgical processes and then a tailings is rejected onto a tailings dam. It's therefore not virgin rock, but in fact, fine mud containing that copper that was not recoverable by the process that was deployed. It, therefore, is naturally much lower grade than the waste rock. It also is technically more complex because it means that the current metallurgical process has already processed that material. And it's only that copper that was not recoverable that's rejected into the tailings. These 2 components of waste is fundamentally different, fundamentally approached by segregated technical teams within Jubilee. It's also independent of one another being pursued. And therefore, the time lines to complete the development and process solution for each of these components are driven by the technical development success. It is coincidental that the process development of the waste rock through its modular processing systems that have been concluded has been fully completed ahead of the tailings. It's also very opportune that, that has happened because of the value of the copper contained within this waste rock, which now Jubilee is able to pursue so aggressively through its processing modules. It is why we speak of the deployment of our processing modules at source at these waste rock materials. Our Project M, we announced a couple of weeks back with the release of our quarter results, is extremely fundamental in the rollout of these processing module strategies. Project M, which is a classic example in Zambia, is an abundant open pit operation, where the reef with it an oxidized reef have been abandoned because of its complexity. Jubilee is able and already have recommissioned the operations at that particular project. We are able to extract that reef both at surface and what's left in situ in the operations. We already are bringing out material to Sable, processing it very successfully and refining it to copper cathode. It's an example of the hundreds of such mines existing in Zambia, fully abandoned because of that type of reef. It is where a process module is being developed and constructed to be deployed at Project M, where that process module will not outsource further upgrade that copper to a copper concentrate of high value, which is then refined at Sable. While that module is being constructed, we are directly taking that reef profitably to Sable and refining it to cathode. So you can see the impact that this process modules will have, where not only are we transporting high-grade concentrate, but we'll also be feeding high-grade concentrate into our refinery, which naturally expands the refinery's capacity to make more copper cathode. It's a fundamental development, it's a fundamental project we're doing as a demonstration to the copper industry and to the Zambian government to show how these junior mining sector, which is a thriving sector in Zambia, can be supported by technology, formal process development and a camp like Jubilee with our ability to extract and process that copper. So you, as shareholders and investors, can expect more of these style of projects coming on stream within Zambia as we roll out the modules targeting the abandoned small mining operations and medium mining operations where that rock has been left. It's an exact replica of the process and the success in South Africa, where our Thutse Chrome project is that example of an abandoned Chrome operation that today has a thriving Chrome production facility, making Chrome concentrate by Jubilee and the discard of that being refined to PGMs, a similar strategy being rolled out. The second step-up component to what is happening in Zambia is through Roan, where Roan targets that overburden rock, it's now being mined, dumped onto overburden rocks and walked away from because of its complexities. That's where the process module is currently being deployed to upgrade that waste rock to high-grade concentrate for refining at Sable. Just Roan, together with the already identified 3 targets surrounding Sable, which are similar to our Project M, [ will follow ] Sable. But that's not where it ends for us at Jubilee. We are in advanced discussions to secure more and more of these overburden rock -- waste rock dumps. To put it in perspective, there our overburden waste rock dumps in Zambia, where one such waste rock dump contains more than 3 million tonnes of copper. That's the order of magnitude we are pursuing. We are able to deploy 4, 5 modules on 1 waste rock dump to expand because it's simply a replication of our footprint we're rolling out. That's how clear the expansion strategy for just that component of waste, which is the waste rock surface and abandoned waste rock in situ is for our expansion drive. It is, therefore, in our sights to achieve our 25,000 tonnes of copper per annum from our waste rock alone. It would take roughly 4 to 5 modules to achieve that kind of output by simply a replication of what we've got, where we have 8 modules already in South Africa on Chrome. That's the breakthrough our development center has achieved, and that's the breakthrough we're bringing to the copper industry on that materials. It's, therefore, critically important for Jubilee to secure as many of these opportunities as possible because it's only time for the industry to be educated on our capability of extracting yet another valuable metal out of yet another resource that was discarded by industry and forgotten by industry. You take South Africa. We were the first to produce commercially at scale fine chrome and make fine chrome valuable in South Africa. 5 years later, we have other companies now claiming to have the same. But in the interim, we've secured the lion's share of the opportunity in any event. That's the same target for the waste rock in Zambia and in copper. The second component of that waste opportunity, which is, of course, the tailings, which are processed material, mined and process and discarded. That development is progressing at pace. The key challenge that we face on that development is our commitment to use a solution that shrinks or addresses the environmental liabilities caused from the historical processing of that material in those tailings. We are, therefore, committed to find a solution that not only is viable economically, but also actively reduces the environmental impact from the historical depositioning of these tailings. That's the development happening, that's what we spoke of, of our relationship with a company called Draslovka, where we've signed an exclusive agreement that Jubilee has the exclusive right to that solution across Zambia and the DRC as we develop that technique specifically to tails because the chemicals we are jointly evaluating is chemicals, which offer 0 harm to the environment. That's the second component of the waste, which we seek to unlock and bring yet another solution of extracting metal out of what people thought was valueless. This slide, therefore, demonstrates in the orange is -- I'm sorry, green is the replication of these process modules. As we roll out these process modules, fully tested, fully tried through our development center, where we're able to run a pilot scale, large pilot scale our systems. Our technical team is traveling across Zambia, profiling each opportunity to ensure the sizing of our module now the technology we use is accurate for that solution. That's the pace at which we seek to roll out this solution in copper. I've never been more clear in seeing the future in copper and in Zambia as where we are today with a solution at hand, which is not reliant on infrastructure in Zambia, a solution at hand that is able to very economically take a low-grade rock, people thought had no value to a high-grade concentrate through an existing refining process. This is groundbreaking stuff Jubilee is bringing to the copper industry. And as shareholders and as investors, through all the challenges we've faced in Zambia, you could measure us at the pace at which we now roll this out into the industry. And of course, we've made mistakes. We've discussed our initial entry into Zambia, deploying a large Roan operational footprint only to be faced by infrastructure limitations, even though contractually, it's supposed to be delivered with power and water. At every corner, such a large footprint becomes reliant on the infrastructure to exist. Our modular plants are free of that because of its ability to have its supplemental power being supplied to it. It's a modular approach shifted 2 source rather than having a centralized footprint. That's a fundamental shift that's come through in Zambia. I hope that's more clear for our people and for our investors. As we said, we had our Roan, the photo on the left. That currently is being added with its front end, this modular comes in. So it allows Roan to strip out a copper concentrate early in the process long before it has to be chemically extracted. Timelines on the Roan implementation. As we said, we're pushing hard to have that system in place. It's been fully pre constructed and tested. It now gets constructed into its containers and shipped to Zambia. We have 1 or 2 components that is stuck within our logistical system in South Africa. It's probably you've seen the news of the chaotic state that some of our harbors where ships are docked for weeks trying to offload at the moment, and there's a couple of equipment that we have to just confirm that, in fact, they are ready and able to be offloaded, but we'll keep you posted on that development. In South Africa, just to clarify, especially for those shareholders who aren't as informed about Jubilee in South Africa. We've said it's a different company than Zambia. It's far more evolved. It's a company that over the last 5 years have developed dramatically, seen enormous growth as the technologies and process techniques we've developed expanded into the industry as we capture that opportunity that was overlooked by the industry so that, today, we have our 8 operating modules, and we've told our shareholders we look to have 10 operating modules going forward. At 10 operating modules, we'll be the world's largest producer of Chrome, simply [ dealing ] of material people had thought had no value. Our project Thutse, which on the far left there, is the newest addition to our portfolio. That project Thutse is set for its upgrade, where we are deploying our ninth operating module to take its capacity from 35 to 65, and into 100,000 tonnes per month capacity to breach that 1.75 million tonnes of Chrome concentrate we set for ourselves as a medium-term target and chasing down that 2 million tonnes aspirational target. On the far left -- or sorry, the far right, we have that yellow Eastern Limb side. We have rights to significant material in the Eastern Limb. We have placed for now the construction of the new platinum group metals processing plant on hold. Platinum materials and the platinum market has gone through a [ tougher ] time where the value of what we sell has halved by the industry -- in the industry at the moment. We are fortunate as a company because of how we operate our efficiencies that our PGM operations remain profitable even at these very depressed prices. So we're ready to bounce, to reignite the construction of that PGM plant as soon as the recovery of the PGM market comes through, which is expected to reflect its fundamentals more strongly over the coming 18 months as the true supply and demand of PGMs start being reflected rather than in the current period, where there's a lot of PGM capacity that was off for refurbishment from the very large producers that have come back on stream, and therefore, had a short-term effect on the PGM pricing. Again, as we said, in South Africa, it is the prelude to what we're doing in Zambia. It is a diverse 8 processing modules placed at source, upgrading chrome materials overlooked by the industry into a high-grade Chrome concentrate and refining PGMs at a central operating processing location. We have set an aspirational target to hit 2 million tonnes. It's in our sights. We know how to get there. We need 2 more operating modules from our 8 to 10, and we've reached that level. It is important that we capture this opportunity for us in Jubilee and its shareholders and investors on the extremely hard work that's gone in to not only establish the technology, the processing modules, the PGM side to benefit from that integrated process, but also the operational excellence that runs throughout Jubilee South Africa. Jubilee, under our Executive Head, Bertus van der Merwe, is a beacon of reference for the industry on efficiencies we achieve, on our cost measures we achieve and the transparency in which we work with our clients in South Africa. It's why the company has gone from strength to strength, able to fund its own growth of its own cash flows and revenues as it expands its operational footprint in South Africa. It is a huge foundation to Jubilee's success and the sheer size of what happens in South Africa. Maybe just to throw back, this should be news to not very many people. This is just a summary of our results over the past year, and just again, highlighting key aspects of the health of the company. The strength of our balance sheet, even though we've so -- we've capitalized our operations, we've invested heavily into our growth in South Africa, both in the PGM side to take up that extra discard from our Chrome operations as well as expanding our Chrome operations, while developing, deploying and now ready to expand our copper industry in Zambia. That's a company renowned for our investment into our growth into our 2 operations, both South Africa and Zambia. Of course, as part of this, our company's governance structures, board composition, committee compositions have all matured from the entrepreneurial ideas we had back in 2010 to 2014, where we convinced our investors to back us in creating this unique little carved out space to show the industry you can build a real company with longevity focusing on what people had overlooked in value. It's evolved today to a company run with strict governance, strict environmental sustainability guidelines run by a world-leading nonexecutive in Tracey Kerr at the Board overseeing that drive of our company. We are from -- when people come into our company, they join our company, they're often surprised by the level of investment we put back into our people. It's a core component of our success. Our teams are regarded so high by industry that our biggest loss of employees of very large companies trying to entice our people to join them. Our company is structured in a Board, followed by our -- what we call, our Strategic Committee of StratCo. Our StratCo has named highly recognizable in the industry. On the one side, we have Bertus van der Merwe, leading a drive in South Africa, leading that operational excellence backed by a technical team to deliver what is in South Africa. We have Ricus Grimbeek, who has joined us. He was taken on board and owns our Zambia rollout. His sole purpose is to roll out the Zambia modular system into Zambia to show how energy metal focus cannot only equal our South African operations, but in the very near term, far exceed it in its contribution to earnings and revenue. We are supported by Neal as our Chief Financial Officer, joined us roughly 2 months ago, well known in the South African industry, well exposed to Africa and operations in Africa. And then we have Pedja on our strategic side, looking at our strategic investment portfolio, supporting us at StratCo. As I said at our board level, we have a Board of 6 members. Ollie, as our Chairman, has wide breadth of experience serving on boards of very large companies and supporting me and the Board in the evolution of this group. Each of our Board members, unique in own right skill set that is enviable in many, many companies. At the moment, I suppose the biggest frustration of our group is where our share price is hovering. Our share price waiting to be reflective of what it is we're actually achieving in the background to reflect the success in South Africa and to reflect finally the solution and the clarity we've secured in Zambia as we now roll out that solution on the back of the lessons learned, which are so valuable to have learned as well as the proven track record in South Africa of the success you can achieve by rolling out your modular units once they've been completely developed, which is the position where we are. So I look forward to the next period as people start seeing the next modular component being contracted to be employed and installed in Zambia. The next Project M to come on stream as yet another mining company either partners or we directly secure that reef on the back of our modular success, yet another waste rock resource being secured where we can deploy 4, 5, 6 modules onto a singular waste rock resource and of course, the updates through our development of that second category, which is the process tailings. That's where we are as a group. I hope that's far more clear to our investors, to the interest of people looking at what we do and how we achieve that. And that concludes my formal presentation. Thank you for those listening in.

We'll now take some time to just go through key questions. I'm hoping that some of them have been answered through the presentation, but I'll quickly go through what we've got at the moment and the questions we have, just to answer them, some of them more directly in case there's still some confusion. And as we said earlier, we will certainly post out more formal questions -- sorry, formal answers to those questions where we might have missed them during this live session. Just to look at the grouping of questions, if that is okay. Looking at the grouping of questions, the first grouping of questions really is around clarity of the process flow, clarity to understand how we treat third-party ore, third-party waste, et cetera? And maybe I'll answer them as a group because there's roughly about 10, 15 questions, all with a similar theme, just to again ensure that clarity is there. At the current central refining footprint we have Sable refinery, an exceptional refinery, with a replacement value of multiple hundred millions of dollars. That Sable refinery's key feed target is in 3 categories. The first is Project Ms, and there will be many more project Ms. These are these open cast mines where the reef has been left or discarded waste rock because of its nature. These projects will be secured, process modules will be deployed, and that concentrate will come into Sable. Three such Project Ms were already for Sable. Currently, we have Project M fully secured. The second category is your more distant modules like Roan, where Roan upgrades produces a high-grade concentrate for the feed into Sable. The third category, by far the lowest category, is third-party ores. Third-party ores is opportunistic to fully utilize capacity while these other capacities, which is more direct, more directly owned by Jubilee, we control the quality and the quantity and the operational excellence of these operations. That combined forms Sable. It is highly unlikely that Sable will continue to have any capacity for third-party material outside of our strategic rollout of our modulars in the foreseeable future. The other group on this particular topic is, of course, Roan. Roan, yes, Roan has not delivered the throughputs we had hoped, dogged by infrastructure challenges, challenged by the fact that it's a large singular process footprint, dogged by the fact that it had -- that it is able to process a limited category of material. The process module being added to Roan opens up that capacity completely. It means the process module going into Roan is able to produce early concentrate immediately refinable at Sable. And only the discard of that module will be treated through the Roan concentrator to make a second high-grade concentrate going forward. The next group of questions is around the Northern project. It speaks to a very good question around Mopani. We had announced a while back that we had signed a memorandum of understanding and binding memorandum with Mopani to utilize some of their disfunct, decommissioned operating footprint to establish another refining footprint in that northwestern region in the heart of the copper manufacturing or copper production area of Zambia. That is all very live, very active and it ties into a significant announcement we made and just touched on it at the time, which is the Mufulira slag project. The Mufulira slag project is, if you look at that component of waste, which we discussed mine the material that's been processed and then discarded, the premier quality or premier value of that portfolio at the very pinnacle sits Mufulira slag. It therefore, if one could pick your assets within that category, you would pick the Mufulira slag because of its contained value that it holds within that slag. Mufulira Slag or Mufulira as such is owned by Mopani. It therefore would be a perfect example of how do you establish a processing solution for the Mufulira Slag project by integrating it into decommissioned current infrastructure at Mopani that can be repurposed. The next phase of that project has 2 components to it. The first component is the current well-publicized sale of the Mopani company. That company, which is run through a formal tender process through the Zambia government as well as the current shareholders of Mopani is coming to a conclusion. I can only speak to deadlines given by government, which is at that process they stick to have completed before the end of this calendar year. It's a vital step because it means we finally get to meet who is the true new owner of Mopani. The second component to that process is our technical dedicated team on that project, completing the technical evaluation of that project. And as part of that, we are concluding the final commercial terms of the Mufulira Slag project because we have to conclude under what commercial terms do we access that property infrastructure that we seek to repurpose, recapitalize for the use of the Mufulira Slag project. To put in perspective, the Mufulira Slag project is able in its own right to make more than 25,000 tonnes of copper. That's a significance of the Mufulira Slag project. We have to -- as part of that formal tender process, there were companies are larger than us tendering to that project, but we were selected because of our ability to technically unpack and provide a solution for the treatment of that material as we've shown in South Africa in our development center. That's where the Mopani JV, or joint venture, agreement sits at the moment. There's a question, which I just want to clarify. Of course, during our processing of copper, we made 2 types of concentrates. Beyond just high-grade and low-grade, there is an oxide-dominant copper or quite often referred to as acid soluble copper. That is the component we refine straight into cathode. Then there's the sulfide copper or often referred to as the insoluble copper, there we sell the high-grade copper concentrate into the market. It's why our copper production capacity is bigger than what Sable is. Sable only speaks to the cathode production capacity. There's a couple of questions on the Northern development side on Draslovka, which is the company who we partnered with for the development of the chemicals required for the extraction of copper out of processed tailings. We specifically partnered with Draslovka because of the development of chemicals, which are inert to nature and offer no harm to nature. It's that component that we have executed an agreement with Draslovka for the process of tailings we have an exclusive agreement for the regions of Zambia and the DRC. That's the relationship between us. That test work is ongoing. We have upscaled that test work. We've gone from small-scale, lab scale, batch scale, which means you do a once-off test. It's now running continuously in a lot upscaled process with all of that process coming to a completion during the first couple of weeks of December, where we then have the outcome of a continuously run process over the past 90 to 120 days of that system. Last question that I've got in the grouping is on South Africa. I'm glad South Africa is featuring because with significance to our group is when do we start with Thutse's ninth module. We're currently taking Thutse to the 35,000 tonnes capacity. We've taken that up with an addition of a 50,000 tonne module at Thutse. The construction has started at the manufacturing site. The Thutse implementation will be updated to market as soon -- as soon as we have better sight of that construction time line. We are in a period where logistics and delivery of equipment is particularly challenged through the infrastructure and breakdown at some of the South African harbors, which, of course, is a critical component of logistics as most of these parts are imported into South Africa. And as soon as we have better clarity, we soon -- we will certainly bring that to market. That concludes the grouping of questions that we had received. I truly hope that, through today's presentation, people are more clear on what we are pursuing, how we seek to implement our strategy in Zambia, how South Africa is rolling on its own cash flow, its expansion. And I hope that there is a similar level of excitement and expectation, certainly what I hope for what we seek to implement in Zambia and the clarity with which we now can see how to roll that out into Zambia. Thank you, everybody, for attending. Thank you again for taking the time. We certainly appreciate the sheer numbers of people that have logged on and listened to our story. And thank you for your support to date.

Leon, that's great. And thank you very much indeed for being so generous of your time then addressing all of those questions that came in from investors. And of course, we'll be able to give you back all of the questions, just to review to then add any additional responses where appropriate do so and we'll publish all those responses out on the platform. But Leon, if I may, just thank you 1 more time just for updating investors this morning. Could I please ask investors not to close this session as you'll now be automatically redirected for the opportunity to provide your feedback in order that the management team can really better understand your views and expectations. This will only take a few moments to complete, but I'm sure it'll be greatly valued by the company. On behalf of the management team of Jubilee Metals Group plc, we would like to thank you for attending today's presentation. That now concludes today's session. So good afternoon to you all.