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Audited Results for the year ended 30 June 2025
Notice of Annual General Meeting
Jubilee Metals Group Plc
Registration number (4459850)
Altx share code: JBL
AIM share code: JLP
ISIN: GB0031852162
("Jubilee" or the "Company" or the "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.
Short-form announcement: Audited Results for the year ended 30 June 2025
Jubilee, the Zambia copper focused producer, is pleased to announce its audited annual results for the year ended
30 June 2025. The proposed sale of Jubilee's chrome and PGM operations in South Africa (Disposal) is still
anticipated to completed by the end of December 2025.
The Company is presenting the results of the Disposal in accordance with IFRS 5: Non-current assets held for sale
and discontinued operations (IFRS 5). The assets and liabilities of the Disposal Group have been classified as held
for sale at 30 June 2025. In accordance with IFRS 5, the results for the previous financial year which ended on 30
June 2024 (FY2024) are re-presented for the Group statements of comprehensive income and cash flows as
if the Disposal took place in FY2024. As a result, the earnings and cashflows for the Group for both the 2024 and
2025 financial years are reported on for continuing operations only with the earnings and cash flows from the
Disposal Group presented as one line item on the face of the Group statements of comprehensive income cash
flows.
The Group statement of financial position for FY2024 is not re-presented. It presents the assets and liabilities
of the discontinued operations as held for sale in compliance with IFRS 5. The assets and liabilities of the Disposal
Group are presented on separate line items on the face of the Group statements of financial position for the 2025
financial year only.
The continuing operations for the Group represent the results from the Company's Zambian operations, its
investment in the Tjate Project, and its corporate overheads.
Highlights for the year ended 30 June 2025
• Major focus point for the copper operations has been to advance the Company's Three-Pillar strategy
through a structured investment program and to lay the foundation for copper growth. The investment
specifically targeted the Roan operations and the Molefe Mine's expanded Pit 2. The investment program
that impacted copper production over the period, has already delivered significant performance during Q1
FY2026
o Success of the capital investments already reflecting in the operational results for Q1 FY2026 with
production up by 65.5% from Q4 FY2025 to 938t of copper units
o Successful completion of Pit-2 at Molefe Mine with commencement of operations in Q1 FY2026
allowing the staggered increase in the delivery of high-grade ROM to Sable from 3 500tpm to 4
500tpm during November and targeting an 8 500tpm run rate from Q3 FY2026
o Operational performance at Roan concentrator has stabilised with a 65.1% increase in copper
output compared with the previous quarter, meeting its current feed rate target of 30 000tpm with
the option to increase throughput to 45 000tpm post the current rainy season. The copper feed
grade to Roan has maintained the targeted grade of an average of 1.6% copper (Cu)
• Executed the sale of one of the Company's non-core waste assets outside of its large copper tailings for a
combined consideration of US$12.3 million
o The consideration has been largely excluded from the FY2025 results under IFRS15 with only
US$1.4 million reflected in the results
o The contract includes clear performance obligations on the purchaser and enforceable rights.
Revenue from the contract will be recognised during the current financial period
• Executed the sale of 10Mt of copper bearing material from the Large Waste Project for a consideration of
US$7.06.75 million
o The consideration has been excluded from the FY2025 results under IFRS 15
o The Group has secured a fully executed customer contract, which provides a high degree of
certainty over the associated revenue. In accordance with applicable accounting standards,
revenue will be recognised progressively over an estimated period of 18 months from signature as
the contracted material is reclaimed
o To date approximately 19 000 truck loads have been reclaimed, with Jubilee also benefiting from
the assays and data generated completed on the sold material. Management is satisfied that the
consideration will be collected. The commercial terms and enforceable rights and obligations of the
contract support management's confidence in the recoverability and timing of the revenue to be
recognised over the contract term
o The contract margin is approximately 95.0% in relation to the total cost of the approximately 240Mt
of copper bearing material from the Large Waste Project
• Accordingly, copper revenue for the period under review excludes the revenue to be recognised on the two
executed revenue contracts above totalling US$17.9 million that will largely be recognised during the
current financial period
• Excluding the revenue from the two sale contracts, copper revenue decreased by 17.9% to US$15.2 million
(FY2024: US$18.5 million), due mainly to lower copper production during the investment program
Highlights post the year-end
• Executed a co-operation and project development agreement with Galileo Resources plc (Galileo), for the
implementation of an accelerated resource exploration program and the development of Jubilee's Molefe
Mine in Zambia
o Galileo has the right to earn up to 23.75% of the issued capital of Munkoyo Mine Limited, a
subsidiary of Jubilee, with Jubilee retaining a 71.25% shareholding and the remaining 5% held by
a local Zambian firm
• Copper production for Q1 FY2026 totalled 938t, up 65% (Q4 FY2025: 568t) with no material power outages
affecting operations
• Following significant capital investment during the financial year, the Company's copper strategy through
its Three-Pillar Strategy continues to be executed, with a focus on feed rate, yields and cost control:
o Pillar 1 - Processing of third party copper feedstock: Roan
- Roan production for Q1 FY2026 increased by 65.5% to 917t (Q4 FY2025: 554t) of copper
contained in copper sulphide and oxide concentrates
- Power supply agreements delivered consistently throughout the period with no material
power outages for the quarter allowing Roan to operate more stably which is reflected in
the improved performance
- Roan's filtering capacity currently being expanded by approximately 30% to accelerate
drying of concentrates prior to transporting to Sable refinery and offer the potential to
further increase the throughput at Roan
o Pillar 2 - Integrated mine-to-metals business: Sable and mining operations
- Following the expansion of Pit 2, Molefe Mine operations re-commenced operations on-
schedule with high-grade Cu ore deliveries to Sable during September 2025 following the
successfully expanded Pit 2
- Post Q1 FY2026 Molefe Mine reached its targeted 3 500t per month of high-grade Cu ore
on grade delivered to Sable in October 2025 and reached 4 500t of high-grade Cu ore in
November 2025
- In-fill drilling of the current Pit 2 is underway
o Pillar 3 - Processing of surface stockpiles and tailings: Large Waste Project
- An independent resource review of the near 240Mt Large Waste Project is progressing on
target with further infill drilling expected to commence during Q3 FY2026 as part of the
development of the detailed ore reclamation plan
- External project leaders have been appointed to drive the project implementation with near
final designs on track for completion by end of Q3 FY2026
- Jubilee has agreed with a potential project partner to commence with a large scale trial on
the stockpiles and tailings to confirm final proposed commercial terms. The trial is expected
to be concluded during Q3 FY2026.
• The South African Competition Tribunal approved the proposed Disposal of the chrome and PGM
operations, with completion of the Disposal expected by end-December 2025
Copper production guidance for FY2026
Copper unit production guidance for FY2026 is expected to be within the range of 4 500t to 5 100t depending on
the extent of the current rainy season (FY2025 production: 2 211t)
Statement from Leon Coetzer, Chief Executive Officer
"The financial year to end-June was one of momentous change for Jubilee Metals. Very soon, the Company will
become a pure play copper producer, generating our revenue from an exciting suite of copper growth assets
situated on one of the richest copper belts on earth.
Our Three-Pillar strategy is the culmination of our success achieved in South Africa and lessons learnt from our in
country Zambian presence to design a robust diversified copper growth strategy against which the Company's progress
can now be measured – one, a business focused on third party processing at Roan; two, a fully integrated mine-to-
metals business where the Molefe Mine feeds the Sable refinery; and three, unlocking the Large Waste Project through
financing and partnerships.
Out investment program over the past period was specifically targeted to lay the foundation for the targeted copper
growth from our Three-Pillar strategy. Although copper production was significantly impacted over the period, the results
from the investment are already delivering results at both our Roan operations and our exciting Molefe mining venture
as demonstrated by the step up in our Q1 FY2026 production to 938t, up 65.1% from Q4 FY2025.
We have worked hard to secure the key ingredients for our growth strategy, most critical of which has been a stable and
reliable power supply agreement for both our Roan and Sable operations. We are paying a premium for the security of
power but this is offset by the sharp improvement in production of copper.
The hard work in Zambia is beginning to show tangible results, and we remain focused, disciplined, and confident
in our strategy as it continues to translate into steady operational performance for the year ahead. "
Key operational performance indicators
Indicator Metric FY2025 FY2024 % change
Production – Copper1 tonnes 2 211 3 422 (35.4)
Production – Chrome2 tonnes 1 932 798 1 548 205 24.8
Production – PGM ounces 38 579 36 411 6.0
Sold – Copper1 tonnes 2 045 2 655 (23.0)
Sold – Chrome2 tonnes 2 007 348 1 569 817 27.9
Sold – PGM ounces 38 579 36 411 6.0
Average revenue – Copper3 US$/tonne 7 421 6 964 6.6
Average revenue – Chrome US$/tonne 110 96 15.2
Average revenue – PGM US$/ounce 1 130 1 009 12.0
Average cost – Copper4 US$/tonne 7 776 4 294 81.1
Average cost – Chrome concentrates5 US$/tonne 104 84 23.6
Average cost – PGM5 US$/ounce 604 709 (14.7)
1: Year-on-year copper production in tonnes decreased by 35.4% with copper sales in tonnes decreasing by 23.0%. This is due mainly to lower production as a result of
the upgrade of Roan and completion of successful trials during Q3 and Q4 of FY2025.
2: Year-on-year chrome production was up 24.8% and chrome sales were up 27.9% due mainly to increased production from the Thutse operations.
3: Copper revenue per tonne increased by 6.6% despite lower production which was offset by the sale of non core waste assets
4: Copper cost per tonne increased by 81.1% from US$4 294/t to US$7 776/t owing mainly to lower production and dilution of fixed costs
5: Certain operating costs were re-allocated between two of Jubilee's PGM operating plants and two Inyoni chrome processing plants to reflect the costs more accurately
for each operation in relation to output. The costs re-allocated amounted to US$7.9 million (FY2024: US$9.9 million).
Key Financial Indicators
Indicator Metric FY2025 FY2024
(Loss)/profit for the year US$ (29 760 418) 6 387 904
Basic (loss)/earnings per share US$ cents (1.00) 0.21
Headline (loss)/earnings per share US$ cents (0.62) 0.08
Net asset value per share US$ cents 5.10 5.07
No dividends were declared during the current reporting period to shareholders (FY2024: Nil).
Audit Opinion
The audit report for 30 June 2025 was unqualified, did not include a reference to any matters to which auditors
draw attention by way of emphasis of matter, and did not contain a statement under section 498(2) or 498(3) of the
Companies Act 2006. These statutory accounts have been prepared in accordance with IFRS and IFRS
Interpretations Committee interpretations adopted for use by the European Union, with those parts of the
Companies Act 2006 applicable to companies reporting under IFRS.
Integrated Annual Report
The Integrated Annual Report for the year ended 30 June 2025, and the Notice of Annual General Meeting are published
on the Company's website at https://jubileemetalsgroup.com/investors/corporate-documents/ today, 17 December 2025.
Physical copies of the Annual Report will be posted to shareholders who have elected to receive them.
Notice of Annual General Meeting
The Company also hereby gives notice of its 2025 Annual General Meeting (AGM), which will be held at 11 a.m. UK
time (1p.m. SA time) on 14 January 2026 at Druces LLP, Sixth Floor, 99 Gresham Street, London, EC2V 7NG , to
transact the business as stated in the notice of AGM.
Salient Dates:
Shareholders on the register who are entitled to receive the notice of Annual 5 December 2025
General Meeting (SA)
Notice of Annual General Meeting posted to Shareholders 17 December 2025
Last date to trade in order to be eligible to participate in and vote at the AGM 7 January 2026
(SA)
Record date for the purposes of determining which Shareholders are entitled 12 January 2026
to participate in and vote at the AGM (SA)
Record date for the purposes of determining which Shareholders are entitled 12 January 2026
to participate in and vote at the AGM (UK)
Latest time and date for receipt of CREST Proxy Instruction and other 11 a.m. (UK time) 12 January 2026
uncertificated instructions (UK)
Latest time and date for receipt of Dematerialised Holding Instruction and 1 p.m. (SA time) 12 January 2026
other uncertified instructions (SA)
Annual General Meeting 11 a.m. (UK time) 14 January 2026
Results of the AGM released on RNS and SENS 14 January 2026
Short-form announcement
This short-form announcement is the responsibility of the Directors of the Company and is a summary of the information
contained in the audited results for the year ended 30 June 2025 which were released on 17 December 2025 and can
be found on the following websites:
JSE website: https://senspdf.jse.co.za/documents/2025/jse/isse/jble/YE2025.pdf
The Company's website: https://jubileemetalsgroup.com/investors/corporate-documents/
Any investment decision by investors and/or shareholders should be based on consideration of the full announcement,
copies of which are also available, at no charge, on request from the Company at info@jubileemetalsgroup.com during
business hours.
17 December 2025
For further information visit www.jubileemetalsgroup.com, follow Jubilee on X (@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 - Zeus Capital
Harry Ansell/Katy Mitchell
Tel: +44 (0) 20 7220 1670/+44 (0) 113 394 6618
Joint Broker - Shard Capital Partners LLP
Erik Woolgar/Gareth Burchell
Tel +44 (0) 207 1869900
JSE Sponsor - Questco Corporate Advisory Proprietary Limited
Alison McLaren
Tel: +27 63 482 3802
Date: 17-12-2025 09:00:00
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