Wrap Text
Operational Update Q4 FY2024
Jubilee Metals Group PLC
Registration number (4459850)
AIM share code: JLP
Altx share code: JBL
ISIN: GB0031852162
("Jubilee" or "Company" or "Group")
Dissemination of a Regulatory Announcement that contains inside information according to UK
Market Abuse Regulations. Not for release, publication or distribution in whole or in part in, into or
from any jurisdiction where to do so would constitute a violation of the relevant laws or regulations
of such jurisdiction.
Operational Update Q4 FY2024
Jubilee, a diversified metals producer with operations in South Africa and Zambia, today publishes its
unaudited operational and project update for the quarter ended 30 June 2024 (Q4 FY2024),
highlighting that Jubilee exceeded chrome production guidance and met revised copper production
targets.
Highlights
Zambia
- Improved safety performance achieved of 488 lost time injury free (LTI-free) days (FY2023: 122
LTI-free days), and commensurately realising a reduction in the LTI Frequency Rate (LTIFR) to zero
(FY2023: 2.4).
- Copper units produced for Q4 FY2024 increased by 51.7% to 1 048 tonnes (Q3 FY2024: 691
tonnes), despite operational stoppages due to construction activities at Roan.
- Copper units produced for the financial year increased by 17.1% to 3 422 tonnes (FY2023: 2 923
tonnes) meeting the revised guidance for FY2024 of 3 250 – 4 000 tonnes.
- Construction and commissioning of the Roan Front-End Module were completed during July 2024
with production of first copper concentrate announced on 12 August 2024.
o Production of copper concentrate from the Roan Front-End Module is in addition to the
existing sulphide copper concentrate production from Roan's mill and flotation circuit
currently being traded in the market.
o Roan's capacity is dedicated to the processing of Previously Mined Material and Previously
Processed Material.
o Early results indicate Roan's Front-End Module achieving a 10-fold copper grade upgrade
into concentrate from Previously Mined Material meeting design specifications.
o These early results provide further confidence in the proposed process design solution
being developed for the Waste Rock Project in partnership with IRH.
- Jubilee expanded its portfolio of Open-Pit copper resources with the acquisition and
implementation of Project Munkoyo and the agreement for the acquisition of Project G as
previously announced on 24 June 2024. Both operations contain significant copper resources that
are near surface and are currently being open-pit mined with material being delivered to Sable for
refining.
o Project Munkoyo was brought into operation during July 2024, ahead of schedule, with
mined run-of-mine (ROM) grades exceeding 3.5% copper which is delivered to Sable for
refining.
o Jubilee is concluding its technical review of Project G with expected completion during
September 2024. Bulk sampled mined material is being refined at Sable as part of the
technical due diligence review.
o Jubilee has entered into further negotiations for additional Open-Pit copper resources
surrounding both Munkoyo and Project G where Jubilee targets to implement processing
hubs to upgrade the copper ROM at both locations.
- Sable Refinery is currently being upgraded to expand its refining capacity and copper sulphide
concentrating capacity targeting to reach a combined capacity of 16 000 tonnes per annum of
copper which will be dedicated to the concentrating and refining of Open-Pit mined copper
resources.
- The Roan Front-End Module and Concentrator, and the Sable Refinery are expected to reach a
processing capacity in excess of 25 000 tonnes of copper per annum.
South Africa
- Operations achieved 88 LTI-free days (FY2023: 177 LTI-free days), reflecting a consistent LTIFR rate
of 1.62, in line with performance from the previous year.
- Chrome concentrate produced for Q4 FY2024 increased by 3.2% to 421 698 tonnes (Q3 FY2024:
408 710 tonnes).
- Chrome concentrate produced for FY2024 increased by 20.0% year-on-year, exceeding guidance
at 1 548 205 tonnes (FY2023: 1 289 891 tonnes).
- Platinum Group Metals 6E (PGM 6E) produced for Q4 FY2024 reached 7 828oz (Q3 FY2024:
8 339oz) driven lower by reduced PGM feed grades delivered with higher chrome recoverable
material being prioritised to benefit from favourable chrome market conditions.
- PGM 6E production for FY2024 decreased by 14.2% to 36 411oz (FY2023: 42 433oz) offset by the
significant increase in chrome production given the prioritisation to improved economic merits of
our chrome material.
- Jubilee's chrome operations continue to perform, with the construction of a new chrome
processing module at Thutse remaining on track for construction completion during Q3 CY2024.
Production guidance for FY2025
- Chrome concentrate production guidance is 1.65 million tonnes (6.7% year-on-year production
increase), and PGM 6E production guidance is 36 000oz (similar year-on-year).
- Copper units production guidance of between 5 750 tonnes (68.0% year-on-year production
increase) and 7 500 tonnes (119.2% year-on-year production increase).
Statement from Leon Coetzer, Jubilee CEO:
"Jubilee continued to show strong growth in its South African and Zambian operations with increased
copper and chrome production while maintaining our strong safety performance.
Our Zambian operations are emerging from a period of significant investment in upgrading the Roan
operations while expanding our copper resource portfolio with the commissioning of our Munkoyo
Open-Pit copper mining operation. The upgraded Roan operation is now capable of processing
Previously Mined material through the new Front-End Module while continuing to produce copper
concentrate from Previously Processed material through the existing flotation section. Roan's unique
capabilities offer Jubilee the opportunity to grow significantly within Zambia.
I am particularly excited by the potential to significantly grow our open-pit copper resource portfolio
to complement both our Munkoyo and Project G operations as we target committing the expanded
Sable refining capacity to these resources.
In South Africa, our chrome production continued to deliver strong growth with a 20.0% year-on-year
increase. Our South African business utilised its processing flexibility to prioritise chrome recoverability
over PGM production to capitalise on the buoyant chrome market while PGM prices remain depressed.
We will continue to prioritise chrome production on the back of the success of this strategy by keeping
our PGM forecast numbers stable for the coming period.
The team's performance highlights our exceptional technical and processing expertise, bolstered by
our modular expansion strategy. The processing efficiencies driving this success continue to create new
growth opportunities within the sector.
As we move forward, we remain committed to delivering on our growth projects for copper in Zambia
and chrome in South Africa. This successful quarter further highlights our operational excellence,
resilience, and adaptability. With strong, mature operations in South Africa and tremendous strides
taken in Zambia, Jubilee is well-prepared to deliver a robust FY2025 performance, with anticipated
production increases across all commodities."
Quarterly Production results
The table below presents the unaudited operational production performance of the group for Q4
FY2024:
OPERATIONAL Q4 Q3 % %
Unit FY2024 FY2023
PERFORMANCE FY2024 FY2024 change change
Copper units tonne 1 048 691 51.7% 3 422 2 923 17.1%
Chrome concentrates tonne 421 698 408 710 3.2% 1 548 205 1 289 891 20.0%
PGM 6E oz 7 828 8 339 (6.1%) 36 411 42 433 (14.2%)
Projects Update
Zambia
Jubilee's Integrated Copper Strategy is enabled by its proven ability to extract value from materials
often regarded by the industry as either waste or too complex to extract economically through
traditional methods.
Targeted copper resources are classed into three groups namely:
• Medium Open-Pit Mining Operations - Acquiring open-pit resources using Jubilee's
experienced management team and refinery for processing.
• Previously Mined Material - Processing low-grade material discarded by other mining
operations, including waste rock surrounding our processing facilities.
• Previously Processed Material - Processing historically processed material such as tailings and
partially processed materials, with ongoing projects with Zambia major miners' material at
Roan and Sable while also assessing the feasibility of unlocking value to the rights over 300
million tonnes of tailings.
The Company's Zambian copper processing operational footprint now encompasses the Roan Front-
End module with its mill and flotation circuit, collectively referred to as the Roan Concentrator, and
the Sable Refinery, which is currently being upgraded for a combined in-country copper capacity in
excess of 25 000 tonnes per annum.
Roan Concentrator
The Roan Concentrator completed construction and commissioning of its new Front-End Module in
July 2024. Operations commenced on 8 August with first copper concentrate produced on 13 August
2024. The Front-End Module is adjacent to the existing Roan mill-and-float circuit already producing
and trading copper units.
The upgraded Roan Concentrator provides additional processing capacity complementing the existing
sulphide copper concentrate capacity at Roan to a combined maximum design capacity of 13 000tpa
of copper depending on the copper feed grades.
The Jubilee team has commenced with the feeding of Previously Mined Material into Roan. The
material is upgraded at source before being transported to Roan where a saleable copper concentrate
is produced. The copper concentrate will initially be refined to copper cathode at Sable until such time
that Sable's capacity is fully committed to the Open-Pit Mined Material from Project Munkoyo and
Project G whereafter the Roan concentrate will be traded on the open market.
The Roan Front-End Module will treat predominantly Previously Mined and Processed Material such
as waste rock material. Early operational results from the new Front-End Module confirm the capability
to upgrade Previously Mined Material grades from material such as waste rock by more than 10-fold
prior to further refining the concentrate. These early results are key to confirming the design
parameters of the process solution being developed for Jubilee's large Waste Rock project that it has
partnered with the Abu Dhabi based IRH. Jubilee targets to incorporate the Front-End Modules into
the overall processing solution for this Waste Rock Project. Jubilee expects to finalise the designs over
the coming weeks as more results from Roan are evaluated.
Sable Refinery
Pursuant to Jubilee's continued resource expansion in Zambia, it is able to upscale and upgrade its
Sable Refinery to become a dedicated refiner for processing materials from Open-Pit mining
operations, including the newly acquired Project Munkoyo.
The success in securing these targeted resources allowed Jubilee to transition Sable into a dedicated
refiner for the processing of Open-Pit mining operations.
Medium Open-Pit Mining Operations
Project Munkoyo
- Secured a 95% interest in Project Munkoyo for US$1.75 million while continuing negotiations for
the acquisition of further Open-Pit copper resources in the region to supply a targeted regional
processing hub for the upgrade of the mined ore prior to refining at Sable.
- Commenced operation of the Open-Pit ahead of schedule in July 2024 with the project targeting
to expand to 25 000 tonnes per month over the next 10 months.
- Current mined ROM is averaging above 3.5% copper exceeding expectations.
- Initial capital expenditure estimates indicate US$2.25 million over the 10-month period for the
development and expansion of the Munkoyo operation.
- Final capital expenditure numbers for a targeted regional processing hub will be guided by the
processing review of the copper resources in the region and the successful completion of further
resource acquisitions in the surrounding area.
Jubilee has committed to various community support programmes which include providing clean
water along the Munkoyo Mine Corridor, improving community health outcomes for the surrounding
communities, while initiating educational improvements and sustainable sanitation solutions,
including solar pump installations and improved ablution facilities at the Kabanga Primary School.
Project G
- As previously announced on 24 June 2024, the acquisition of a 51% interest in Project G for US$2.1
million, of an established open-pit mining operation remains subject to the conclusion of the
purchase conditions.
- This will be settled through the issuance of Jubilee ordinary shares, on conclusion of the purchase
conditions.
- Project G includes the refurbishment of an on-site processing facility and targeted ramp-up to
20 000 tonnes per month of mined ore at 3-4% copper grade.
- An initial capital expenditure estimate for the plant refurbishment and stabilisation of the open-
pit operation is US$2.7 million with final numbers expected as part of the current due diligence
program expected to be concluded during September 2024.
South Africa
The Jubilee South African team together with resource partners are progressing with the construction
of Thutse's chrome module. This initiative is part of the continued targeted growth in chrome
concentrate production towards the 2Mt per annum goal. Construction of the new chrome module is
progressing well and is expected to be completed during Q3 CY2024. Jubilee has significantly expanded
its chrome operational capacity to process chrome ROM materials in partnership with the resource
holders of chrome mining rights under an agreed earnings share model which offers Jubilee greater
exposure to the chrome market.
21 August 2024
For further information visit www.jubileemetalsgroup.com, follow Jubilee on Twitter
(@Jubilee_Metals) or contact:
Jubilee Metals Group PLC
Leon Coetzer (CEO) / Neal Reynolds (CFO)
Tel: +27 (0) 11 465 1913
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 (0)11 011 9207
About Jubilee
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: 21-08-2024 08:00:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
Sharenet Sites 
