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Operational Update H1 FY2025
Jubilee Metals Group Plc
Registration number (4459850)
AIM share code: JLP
Altx share code: JBL
ISIN: GB0031852162
("Jubilee" or "Company" or "Group")
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Operational Update H1 FY2025
Jubilee, a diversified metals producer with operations in South Africa and Zambia, today publishes its
unaudited operational and project update for the half year ended 31 December 2024 (H1 FY2025).
Highlights
Zambia
- Lost Time Frequency Injury Rate (LTFIR) of 1.00 (H1 FY2025: 0.61).
- Copper units produced reached 1 454 tonnes (H1 FY2024: 1 683 tonnes) below the revised half
year production target of 1 800 tonnes mainly due to the impact of power constraints.
- Run-of-Mine (ROM) and in process stock increased sharply as a result, reaching approximately
1.21 million tonnes containing an estimated 8 466 tonnes of copper units for future processing.
- Additional power agreement executed with a new broad based power provider to supplement the
existing power supply agreement, specifically aimed at achieving steady power supply at Roan.
The agreement:
o Secures access to a distributed power base from multiple sources of power generation to
avoid dependency on a single supply source and localised power network distribution
limitations;
o Is expected to commence with power supply within 7 business days pending regulatory
approval; and
o The new additional power supply is capable of supplying all of Sable and Roan's power
demands, if required, at a power cost similar to the existing power agreement.
- Sable refinery was able to continue operating and remains operational given its proximity to the
power producer.
- Roan upgrade and commissioning completed reaching ramp-up throughput targets of a combined
45 000 tonnes per month during the period before experiencing shut-downs due to power
constraints.
o Roan was commissioned and ramped up initially using low-grade waste materials before
targeting the switch to feed materials containing approximate 1.5% copper (Cu);
o Roan was placed under care and maintenance to prioritise maintenance activities and to
avoid any risk of equipment damage due to unstable power supply; and
o Roan will restart with the commencement of power supply under the additional power
supply agreement.
- Copper production at Munkoyo unaffected by power constraints:
o Munkoyo mining on target producing in excess of 70 000 tonnes per month of ROM ready
for future processing;
o High grade ROM at a rate of 8 000 tonnes per month exceeding 2.5% total copper,
continues to be directly refined at Sable; and
o Pilot-scale leach trials targeting all of the ROM produced at Munkoyo have shown
exceptional results and implementation will be accelerated with final designs and capital
estimations expected by end of Q1 CY2025.
- Copper production rates are expected to return to target on the back of the commencement of
the additional power agreements and the restart of Roan plant.
South Africa
- South Africa reported a LTIFR rate of 1.45 (H1 FY2024: 2.41).
- Chrome concentrate produced reached record highs on the back of the successful commissioning
of two further chrome processing units increasing by 35.7% to 974 659 tonnes (H1 FY2024: 718
189 tonnes), well on track to meet and exceed full year guidance of 1.65 million tonnes.
- 6E Platinum Group Metals* (PGM) produced for H1 FY2025 reached 18 435oz (H1 FY2024: 20
244oz), on track to meet full year guidance of 36 000oz.
- The new chrome processing modules built at Thutse met design throughput during December
setting a record total chrome concentrate production for Q2 FY2025 of 519 310 tonnes.
* 6E PGM - Platinum, palladium, rhodium, ruthenium, iridium and gold
Production guidance for FY2025
- Copper: Increased copper production in place, however, guidance is under review until such time
as consistent power supply is established and Roan is brought back into operation following the
most recent agreement.
- Chrome and PGM: On-track to achieve and exceed chrome concentrate production guidance of
1.65 million tonnes, and PGM production guidance of 36 000oz.
Statement from Leon Coetzer, Jubilee CEO:
"Over the past quarter, we have experienced significant challenges in our Zambian operations brought
on by a combination of extraordinary circumstances outside of our direct control. We have addressed
the power supply challenge by entering into an additional power supply agreement that sources power
across a broader generation network to avoid localised exposure to network instabilities and a single
power generation plant. This power supply contract should successfully address current power supply
limitations that affected Roan's ability to operate.
The timing of the interruptions was particularly unfortunate given the recent successful commissioning
of the upgraded Roan facility set to significantly increase the copper production alongside the Munkoyo
operation. We expect to return to the processing rate previously achieved at Roan once power delivery
under the new power supply agreement commences.
The Munkoyo process trials have delivered very encouraging results confirming our ability to process
all of the ROM mined at Munkoyo on-site, at a much lower operating cost and a reduced operating
footprint than originally envisaged. This offers the potential to fast track the implementation of this
process solution. Our technical team is completing the design and implementation plan which is
expected within this quarter.
While unexpected setbacks manly outside of our control do provide hurdles to a smooth growth path
in Zambia, we have successfully navigated these challenges and I remain confident in our ability to
bringing full value to the investment made into the expansion of our operating and processing
footprint. We are withholding an updated copper guidance until the additional power under the power
agreement is delivered and we are able to return to running the operations on a continuous basis.
In South Africa, the team continues to deliver an exceptional performance, and we are well on track to
achieve and exceed our chrome guidance of 1.65 million tonnes of chrome concentrate for FY2025,
following the two new Thutse production modules reaching design capacity during December, leading
to a quarterly production record for Q2 FY2025. Our Chrome and PGM business have proactively
reacted to the sharp decline in the chrome market prices by successfully increasing both operational
efficiencies and overall throughput. "
Zambia
Half Year Production results
The table below presents the unaudited operational production performance of Zambia for H1
FY2025:
OPERATIONAL PERFORMANCE H1 FY2025 H1 FY2024 % change
COPPER
In process stock
Copper in process stock DMT 1 210 312 - 100.0%
Grade Tcu% 0.7% - 100.0%
Copper units tonnes 8 466 - 100.0%
Production
Copper tonnes 1 454 1 683 (13.6%)
Power supply agreement
A new power agreement has been executed with a broad-based power provider to supplement the
existing power supply arrangement. This agreement secures access to a broader and more distributed
power base and power sources, reducing the Company's reliance on a single power generation facility
that is vulnerable to local distribution and generation constraints. These constraints have significantly
impacted continuous operations at the Roan facility, an issue which the supplementary agreement
aims to resolve. Power supply under the new agreement is expected to commence within 7 business
days, pending regulatory approval. The Company was successful in securing power rates comparative
to the current power rates charged under the existing power agreement. The new agreement caters
for the potential to supply all of the power demands at both Sable and Roan if required.
Roan Concentrator
The Roan upgrade and commissioning were successfully completed during the period, with the
operation achieving ramp-up targets by processing low-grade ROM from extensive historical
stockpiles. However, after reaching capacity, the Roan operation faced significant challenges, leading
to a partial closure to resolve issues related to supplementary power agreements. Roan was placed
under care and maintenance to prioritise key maintenance activities during this period.
Roan achieved a combined throughput of 45 000 tonnes per month processing low grade materials to
minimise loss of copper during the ramp-up and commissioning of the operation. Roan was scheduled
to switch over to the longer-term feed material targeting a copper grade in excess of 1.5% Cu prior to
the forced closure. Roan is expected to complete with the switch over once stable power under then
new power agreement is established.
Sable Refinery
In line with Jubilee's ongoing resource expansion in Zambia, the Company is upgrading Sable to serve
as a dedicated facility for processing materials from Open-Pit mining operations, including the recently
acquired Munkoyo and Project G. The upgrade is currently in progress and is expected to be completed
during Q2 FY2026.
The successful acquisition of these targeted resources has enabled Jubilee to transform Sable into a
specialised refiner focused on shallow Open-Pit mining operations.
Munkoyo
Copper production at Munkoyo has remained unaffected by recent challenges, with total production
of ROM exceeding 70 000 tonnes per month. The high-grade ROM exceeding 2.5% Cu is direct leached
and refined at Sable targeting a rate of 8 500 tonnes per month of ROM delivered. The remaining lower
grade ROM at an approximate grade of 0.7% Cu is stockpiled on site. An on-site leaching process
targeting all of the ROM mined at Munkoyo has been developed by Jubilee's technical team with pilot
trails scheduled during the period.
The pilot-scale leach trials of Munkoyo material, initiated in December 2024, have delivered
exceptional results, demonstrating significantly reduced acid consumption rates for copper extraction
and the potential to considerably reduce the required operating footprint. Currently, only high-grade
ROM material is transported to Sable for refining, while the remaining ROM is stockpiled at Munkoyo
for further on-site processing.
The leach trials confirm not only the recoverability of copper from the ROM, but also the strong
economic returns this processing method offers to the Munkoyo operation. Implementation of the
leach solution will be accelerated, with final design and capital estimates expected by the end of Q1
CY2025. Based on pilot run results, a modest capital investment is required at Munkoyo, with most
equipment sourced locally to avoid long lead times. Further details will be provided as soon as possible.
Project G
Following the completion of Jubilee's due diligence on Project G during August 2024, the Company
acquired a majority interest in Project G.
The project aims to expand existing operations to achieve an initial mining rate of 10 000 tpm by
February 2025. Project G includes an on-site facility designed to pre-concentrate mined ROM material,
with an immediate capacity to produce 3 000 tonnes of copper concentrate per month, containing
10% to 15% copper. Lower-grade copper will be stockpiled for future on-site processing. First copper
concentrate was produced at Project G during October 2024.
Large Scale Waste Rock Project
The project targets the processing of the approximate 260 million tonnes of previously mined material
through a dedicated processing footprint resembling the new Roan facility. The Company is currently
focussed on the completion of the extended industrial trial as part of its ongoing due diligence review.
Under the terms of the option to purchase agreement, a due diligence extension to the end of January
2025 has been agreed to allow sufficient time to compile the results from the trial.
South Africa
Half Year Production results
The table below presents the unaudited operational production performance of South Africa for H1
FY2025:
OPERATIONAL PERFORMANCE H1 FY2025 H1 FY2024 % change
Chrome and PGM
Production
Chrome tonnes 974 659 718 189 35.7%
PGM Oz 18 435 20 244 (8.9%)
The Company continues to experience growth in its South African operations, which are now well-
established and consistently delivering strong results. Chrome operations increased output to 974 659
tonnes for H1 FY2025 on the back of improved efficiencies while PGM production benefited from
better quality feed to produce 18 435 ounces.
Construction and commissioning of the two new chrome processing modules was successfully
completed and commissioned contributing to the record production achieved over the past period.
13 January 2025
For further information visit www.jubileemetalsgroup.com, follow Jubilee on Twitter
(@Jubilee_Metals) or contact:
Jubilee Metals Group PLC
Leon Coetzer (CEO) / Jonathan Morley-Kirk (FD)
Tel: +27 (0) 11 465 1913 / Tel: +44 (0) 7797 775546
Nominated Adviser - SPARK Advisory Partners Limited
Andrew Emmott/James Keeshan
Tel: +44 (0) 20 3368 3555
PR & IR Adviser - Tavistock
Jos Simson/ Gareth Tredway
Tel: +44 (0) 207 920 3150
Joint Broker – RBC Capital Markets
Farid Dadashev/Jamil Miah
Tel +44 (0) 20 7653 4000
Joint Broker - Zeus Capital
Harry Ansell/Katy Mitchell
Tel: +44 (0) 20 7220 1670/+44 (0) 113 394 6618
JSE Sponsor - Questco Corporate Advisory Proprietary Limited
Alison McLaren
Tel: +27 63 482 3802
About Jubilee Metals Group Plc
Jubilee is a low-cost, diversified producer, specialising in the recovery and processing of metals from
previously overlooked resources, such as unprocessed historical waste rock, run-of-mine materials and
tailings in Zambia and South Africa. The Company's low-capex, modular processing facilities are
deployed close to these various types of material, producing high grade concentrates for sale or further
refining to finished metal at the Company's downstream facilities. Production currently consists of
copper, chrome, and platinum group metals (PGMs). The modular processing facilities offer a platform
for growth and the rapid expansion of Jubilee's operational footprint in Zambia and South Africa.
Jubilee's success is derived from operational and technical excellence, an experienced management
team and a pioneering Technical Development Centre.
Date: 13-01-2025 09:00:00
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