REG - Jubilee Metals Group - Financial report for 6 months to end-December 2025
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RNS Number : 8145Y Jubilee Metals Group PLC 31 March 2026
Jubilee Metals Group PLC
Registration number: 4459850
AIM share code: JLP
Altx share code: JBL
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
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jurisdiction.
Unaudited interim financial report for the six months ended 31 December 2025
Jubilee, the integrated copper producer and resource developer in Zambia, is
pleased to announce its unaudited interim financial report for the six months
ended 31 December 2025 (H1 FY2026).
Key Highlights
Safety
· Lost Time Frequency Injury Rate (LTFIR) of 0.23, an improvement
from 0.65 in H1 FY2025
Operational
· Total saleable Cu units produced, including Roan, reached 1 543t
(H1 FY2025: 1 419t) an increase of 8.7%
o Production at Roan for H1 FY2026 reached 1 246t (H1 FY2025: 457t) an
increase of 172.8%*
· The upgraded Roan concentrator is fully operational targeting a
throughput of 40 000tpm, from 30 000tpm currently, by end of Q4 FY2026
· Post the period end
o Settled the next stage payment towards the acquisition of the Large Waste
Project of US$2.6 million leaving a balance of US$5.4 million (total
acquisition value of US$18 million)
o Secured further high-grade run-of-mine (ROM) copper ore grading
approximately 1.65% Cu to the value of US$1.8 million
o Roan's performance is further strengthened by the near completion of the
concentrate dewatering system, which is expected to start treating stockpiled
fines material in April 2026
§ The new concentrate thickening system for the fine copper concentrate which
reduces the water content in the concentrate prior to the final new dewatering
step, was brought into operation on the 26th of March 2026
§ Construction has been completed of the enlarged dewatering system with
final mechanical checks currently underway targeting commissioning of the
fully integrated system to commence on the 7th of April 2026
o Phase 1 infill drilling programme at Molefe Mine has confirmed the
continuity of near-surface copper oxide mineralisation and consistency of
grades with those incorporated in the expansion mine plan
§ Results continue to demonstrate shallow, copper oxide mineralisation
suitable for processing at Jubilee's Sable Refinery with the expansion of the
Molefe Mine remaining on track to achieve 8 500tpm of Cu ore delivered to
Sable refinery by Q4 FY2026
o Phase 2 drilling programme commencing soon and undertaken by project
partner, Galileo Resources Plc, targeting the eastern extension to determine
the full extent of the mineralised zone
* References to % movements throughout this announcement are based on
actual unrounded figures
Financial
· The average LME copper price for the period under review was US$10
439/t (H1 FY2025: US$9 193/t) reaching a high of US$13 952/t since the
beginning of the 2026 financial year and currently at US$12 045/t
· Copper revenue increased by 70.5% to US$14.1 million (H1 FY2025:
US$8.3 million)
· Copper gross profit increased by 847.6% to US$3.1 million (H1
FY2025: US$0.3 million)
· Copper gross profit margin of 21.8% (H1 FY2025: 3.9%)
· Copper EBITDA improved by 125.8% to US$0.2 million from a loss of
US$0.8 million in H1 FY2025
· EBITDA from continuing operations improved by 169.3% to US$2.0
million (H1 FY2025: loss of US$2.9 million)
· Invested US$11.8 million in the expansion of its copper
operations
· Net cash position of US$11.5 million at 31 December 2025 (30 June
2025: US$4.6 million)
o US$19 million cash received from the sale of the South African chrome and
PGM operations (Disposal) (note 7)
· The Group's property, plant and equipment are unencumbered at the
period end
· Post the period end
o US$6 million cash received from the Disposal (note 7)
o Reduced bank facilities by US$10.1 million (note 4)
Production Guidance
Copper production guidance for FY2026 in the range of 4 500t to 5 100t (FY2025
production: 2 211t) is under review to determine the extent of the impact of
the below short-term factors:
· The seasonal rain at Molefe Mine which continues to hamper ore
deliveries to Sable refinery. Extensive damage to road and bridge
infrastructure is being addressed. Haulage of the high-grade Cu ore to Sable
refinery has been reduced for safety reasons while upgrades to the road
infrastructure is undertaken. Expect to return to full capacity during the
month of April 2026
· The implementation of the upgraded mine plan for the Molefe Mine,
that will result in a significant increase in sustained mining rates, will
impact continued mining operations with a reduced mining rate only during the
pre-stripping phase to connect Pit 2 and 3 which is over an expected 9-week
period
· The commissioning and ramp-up of the expanded concentrate
dewatering facilities at Roan has suffered a delay of 3 weeks to ensure the
safety of the construction teams during heavy down pours. Commissioning of
the fully integrated system and ramp-up is expected to commence during April
2026. The new concentrate facility is expected to contribute to an increase in
the production of copper cathode at the Sable refinery in excess of 100 tonnes
per month
Statement from Leon Coetzer, Chief Executive Officer:
"The first half of FY2026 was a defining period for Jubilee, with the
successful completion of the disposal of our South African operations allowing
the Company to now fully focus on our significant copper opportunity in
Zambia. This transition strengthens the Group's balance sheet, simplifies the
business and positions Jubilee to accelerate the delivery of its scalable,
integrated copper strategy in Zambia.
Our Zambian operations have demonstrated improved operational progress, with
production at the Roan concentrator increasing compared to the first half of
2025 which will further be supported by the soon to be completed concentrate
dewatering system. Turning to Pillar 2 of our 3 Pillar strategy in Zambia,
operations at the Molefe Mine continue to expand, with strong production
during the period and ore successfully delivered to our Sable Refinery at
attractive grades. Construction of the first phase on-site upgrade facility
remains on track, with development preparations underway following site
selection to enhance the proportion of mined ore delivered to Sable.
Importantly, we continue to transition from a processing-led model to a
resource-backed mining business. I am particularly excited by the continued
development of the Molefe Mine, supported by encouraging recent drilling
results confirming the continuity of near-surface oxide mineralisation, which
underpins our strategy to secure and define the resources feeding our
operations. Further drilling is underway to define the full extent of the
mineralised zone, with progress supporting the advancement of a formal
resource estimate. This approach anchors our valuation in a defined asset base
while supporting low-cost, scalable production growth.
The Large Waste Project further enhances this strategy, offering a
substantial, long-life resource with the potential to deploy our proven
modular processing solutions. Progressing partnership discussions to advance
this project remains a key priority as we look to unlock its full value.
With a strengthened financial position, unencumbered core assets and a clear
strategic direction, Jubilee is well positioned to continue delivering
operational growth while establishing itself as an integrated copper producer
underpinned by a defined and expanding resource base.
We are highly encouraged by the progress to date and the opportunities ahead
for the remainder of FY2026 and beyond and will continue to update the market
as key milestones are delivered."
Investor Call
Management will host an investor presentation at 11:00 a.m. (UK time) 12:00
p.m. (SA time) on 7 April 2026. Investors can sign up to Investor Meet Company
at no cost at https://bit.ly/3kT8Fb9 (https://bit.ly/3kT8Fb9) . Investors who
already follow Jubilee Metals on the Investor Meet Company platform have
automatically been invited. Please email any questions regarding the interim
financial results ahead of the presentation to:
cdrummond@jubileemetalsgroup.com
Update on South Africa
· The sale of Jubilee's chrome and PGM operations in South Africa
(Disposal) was completed on 31 December 2025 (refer note 7 for more detail).
The purchase consideration is receivable as follows:
o Cash consideration of US$25.0 million received as follows:
§ US$19.0 million cash received during the period under review
§ US$6.0 million cash received post the period under review (included in
other financial assets - current)
· Costs to sell amounted to US$1.3 million
o Deferred consideration receivable of up to US$65.0 million as follows:
· US$20.6 million included in other financial assets - current; and
· US$44.4 million included in other financial assets - non-current
· As part of the Disposal, the purchaser assumed c.US$56.8 million of
loans and trade finance, which represents a substantial reduction in gearing
and financing cost and will enable Jubilee to better manage its capital
structure and financing strategy to support the continuing business in Zambia
· The cash payments received during and post the period under review,
net of costs to sell, have together with existing resources and operating cash
flows, been utilised to reduce existing bank facilities by US$10.1 million and
to develop and implement Jubilee's copper strategy, more specifically the
Molefe Operations, sustaining capital at Roan and Sable, securing ROM ore for
Roan and developing the Large Waste Project
Operational and financial overview of South Africa for the six months to 31
December 2025
· Chrome concentrate production decreased by 17.5% to 804 227t (H1
FY2025: 974 659t) due mainly to the cessation of the OBB chrome ore supply
contract at the end of Q4 FY2025 (equivalent to approximately 450 000tpa of
chrome concentrate)
· Chrome revenue decreased by 12.7% to US$99.9 million (H1 FY2025:
US$114.5 million) due mainly to a decrease in contracted chrome concentrate
sales tonnes of 52.4%
· Chrome concentrate prices realised increased by 13.8% to US$127/t
(H1 FY2025: US$111/t) due mainly to non-contract sales contributing to 63.2%
of total chrome concentrate tonnes sold (40.7% in the comparative period)
· The average chrome CIF price reached US$272/t for H1 FY2026
compared to US$280/t in the comparative period, reaching US$299/t average for
January and February 2026
· Chrome cost per tonne produced increased by 33.7% to US$133/t (H1
FY2025: US$99/t) mainly because of higher ore cost of non-contracted ROM
feedstock
· The chrome margin decreased by 160.0% to a negative margin of
6.9% from a profit margin of 11.4% for the comparative period
· Chrome EBITDA decreased by 206.6% to a loss of US$14.4 million
(H1 FY2025: earnings of US$13.5 million)
· PGM oz production decreased marginally to 18 259 oz (H1 FY2025:
18 435 oz) in line with a decrease in chrome concentrate production,
confirming the interdependency of PGM and chrome concentrate production
· Despite a decrease in production, PGM revenue increased by 67.8%
to US$31.5 million (H1 FY2025: US$18.7 million) mainly due to strong PGM
prices during the period under review
· PGM prices realised increased by 69.5% to US$1 722/oz (H1
FY2025: US$1 016/oz)
· PGM cost per oz increased by 72.8% to US$1 066/oz (H1 FY2025:
US$616/oz) due mainly to the profit share arrangements with ore suppliers
Operational review
The table below presents the unaudited operational production performance of
Zambia for H1 FY2026:
PRODUCTION PERFORMANCE Q1 FY2026 Q2 FY2026 H1 FY2026 H1 FY2025 % change
Roan production*
Cu units in oxide concentrates tonnes 83 155 238 84 182.5%
Cu units in sulphide concentrates tonnes 456 70 526 372 41.2%
Cu units in oxide concentrate fines tonnes 152 330 482 - 100.0%
Total Roan production tonnes 691 555 1 246 457 172.8%
Total saleable Cu units produced** tonnes 938 605 1 543 1 419 8.7%
Molefe Mine production
Low-grade ore and overburden mined tonnes 38 648 143 242 181 890 - 100.0%
ROM ore dispatched to Sable tonnes 881 8 249 9 130 - 100.0%
* Cu tonnes produced are recorded in three products:
o Cu in oxide concentrate that is further refined to cathode at Sable
Refinery
o Cu in sulphide concentrate which is sold directly into the market
o Cu in the oxide fines which are currently not delivered to Sable Refinery
but stockpiled and awaiting the completion of the upgraded concentrate
dewatering facility at Roan, scheduled to commence commissioning during April
2026. The oxide fines will be transported to Sable Refinery for further
refining
** Includes Cu cathode produced at Sable Refinery and Cu sulphide concentrate
produced at Roan and excludes all Cu units in oxide fines stockpiled at Roan
Pillar 1 - Processing of third-party copper feedstock - Roan Concentrator
Roan is on track for throughput of 40 000tpm by end of Q4 FY2026. Production
at Roan reached 1 246t of Cu units for H1 FY2026, up 172.8% from H1 FY2025.
This excludes the stockpiled Cu oxide fines at Roan. Post the period Jubilee
secured further high-grade ROM grading 1.65% Cu to the value of US$1.8
million.
The stockpiled Cu oxide fines (482t of Cu units for H1 FY2026) will be
processed and delivered to Sable Refinery upon commissioning of the new
dewatering system and will provide additional Cu cathode production during Q4
FY2026.
Pillar 2 - Integrated mine-to-metals business: Sable Refinery and mining
operations
Molefe Mine operations continued to perform well despite heavy rains during Q2
FY2026 which caused significant damage to road and bridge infrastructure in
the surrounding area.
Operations continue to expand with 181 890t of Cu reef mined during H1 FY2026,
of which 9 130t were transported to Sable Refinery at an average Cu grade of
1.84%. The remaining tonnes (already exceeding 2.3Mt) continue to be
stockpiled at Molefe Mine for future on-site processing prior to refining at
Sable Refinery. Construction of the first phase on-site upgrade facility
remains on track. Following site selection, the Company is advancing
development preparations to increase the proportion of mined ore delivered to
Sable.
The Phase 1 infill drilling programme has confirmed the continuity of
near-surface copper oxide mineralisation and consistency of grades, supporting
the Molefe Mine's expansion programme and Jubilee's strategy of securing
high-quality copper feed sources from owned resources to underpin its growing
processing operations in Zambia.
Phase 2 of the expanded Molefe Mine resource drilling is currently under way,
targeting the eastern extension to determine the full extent of the
mineralised zone. Consistency of grades and thicknesses supports continuity of
the mineralised zone and provides a strong foundation for the advancement of a
formal resource estimate.
Results continue to demonstrate shallow, copper oxide mineralisation suitable
for processing at Jubilee's Sable Refinery with the expansion of the Molefe
Mine remaining on track to achieve 8 500tpm of Cu ore delivered to Sable
refinery by Q4 FY2026.
Pillar 3 - Processing of surface stockpiles and tailings - Large Waste Project
The Company secured the exclusive rights to the Large Waste Project for a
consideration of US$18 million. The next phase payment towards the acquisition
of the Large Waste Project in the amount of US$2.6 million was settled post
the period under review. The remaining balance of the consideration is US$5.4
million. The approximate, 240 million tonnes of surface material was formed by
historical mining activity discarding the overburden rock. Jubilee has been
developing separation techniques to pre-classify the surface material to
produce a copper containing stream with a copper grade similar to the grade
that is traditionally mined as copper reef in the area.
The scale of the project offers the opportunity to implement multiple
processing modules. These modular processing units will adopt techniques
similar to the development of Jubilee's successful modular chrome units in
South Africa. It is estimated that one unit can produce an estimated
2 250tpa of copper units. Initially, it is intended that the modular units
will produce saleable upgraded copper units which offers the potential for the
project to generate early revenues from the sale of this material.
The successful agreement for the sale of material from the project during
FY2025 to the value of US$6.75 million for a total quantity of 10Mt tonnes
(4.2% of the total stockpile) demonstrating the inherent value of this
exciting project.
The Company has progressed partnership discussions with two preferred
counterparties, both established operators in Zambia, in respect of a
potential joint venture to advance the Large Waste Project towards copper
cathode production. These partnerships are expected to support the efficient
development and monetisation of the project. The discussions are anticipated
to be concluded by the end of FY2026.
Mufulira Slag Project update
The Company was awarded the tender to process the slag waste dumps, subject to
agreeing commercial terms with the owner. At the Mufulira Slag Project,
progress has been slower than anticipated following a recent change in the
counterparty's ownership structure. The Company continues to pursue
constructive engagement to advance discussions and unlock the project's
broader community and economic benefits.
Financial overview
Exchange rates and their impact on results
Jubilee subsidiaries are incorporated in multiple jurisdictions including
South Africa (ZAR), Zambia (ZMW), Mauritius (US$), the United Kingdom (£/GBP)
and Australia (AUD). The Group's operating subsidiaries are in Zambia where
revenue is invoiced in US$ and recorded in ZMW. Costs incurred in Zambia are
in both ZMW and US$. The functional currency for Zambia is ZMW, while the
Group's reporting currency is United States Dollars (US$).
Period-on-period changes in the currency rates, respectively, must be
considered when comparing period-on-period results. The ZMW strengthened
significantly against the US$ resulting in foreign exchange gains on
translation of operations and higher period-on-period increases in costs.
During the period under review, spot and average exchange rates moved as
illustrated below.
SPOT H1 FY2026 H1 FY2025 % change
US$/GBP 0.74 0.79 (7.2)
US$/ZAR 16.58 18.82 (11.9)
US$/ZMW 22.17 27.85 (20.4)
AVERAGE H1 FY2026 H1 FY2025 % change
US$/GBP 0.75 0.77 (3.2)
US$/ZAR 17.37 17.92 (3.1)
US$/ZMW 23.08 26.48 (12.8)
Risks and opportunities
Jubilee's operations, together with external factors, expose the business to
risks and opportunities that may affect its ability to deliver sustainable
value for shareholders and other stakeholders. The Company has systems and
processes in place to evaluate, manage and mitigate these risks carefully and
proactively and to realise opportunities.
Revenue
Copper revenue increased by 70.5% to US$14.1 million (H1 FY2025 US$8.3
million) driven primarily by a 66.6% increase in realised copper prices and an
8.7% increase in copper production with improved operational performance and a
higher proportion of saleable copper units contributing to enhanced revenue
conversion and margins.
Cost of production
Copper cost per tonne increased by 35.6% to US$8 062/t (H1 FY2025: US$5
948/t). Cost of production increased by 38.7% to US$11.0 million (H1 FY2025:
US$7.9 million). The Zambian Kwacha strengthened against the US$ by 12.3% on
average during the period under review accounting for a portion of the
increased costs for the period under review. The main components of cost of
production are as follows:
· Electricity costs increased by 16.9% to US$1.1 million (H1
FY2025: US$0.9 million) due mainly to an increase in electricity unit cost of
85.3% from US$8.5 cents/kW to US$15.75 cents/kW during the period under review
· Salaries and wages increased by 26.7% to US$1.7 million (H1
FY2025: US$1.3 million) due mainly to increased shifts and overtime worked
during the period under review
· Processing costs increased by 105.1% to US$3.4 million (H1
FY2025: US$1.6 million) (contributing to 30.5% of total cost of production).
The increase is due mainly to increased cost of acid and reagents (80%
increase) as well as increased consumption of acid and reagents required to
treat specific ore types during the period under review
· ROM ore cost increased by 20.8% to US$4.9 million (H1 FY2025:
US$4.1 million) (contributing to 44.6% of total cost of production) in line
with the increase in copper prices. ROM ore cost furthermore increased as a
result of a 126.4% increase in the ROM processed at Roan
Operating costs
Operating expenses increased by 68.5% to US$7.3 million (H1 FY2025: US$4.3
million). The Zambian Kwacha strengthened against the United States Dollar by
12.3% on average during the period under review resulting in higher
period-on-period costs. The increase in operating expenses was further due
mainly to:
· An increase in depreciation and amortisation of 26.9% to US$2.9
million (H1 FY2025: US$2.3 million) due mainly to the commencement of
depreciation on the Roan concentrator
· A write off, of historical VAT claims disallowed in the amount of
US$1.8 million
Finance cost
Finance cost increased by 55.2% to US$2.9 million (H1 FY2025: US$1.9 million).
The increase is due mainly to increased working capital facilities to secure
ROM feed.
Loss after tax
Loss after tax from continuing operations increased by 20.8% to US$4.7 million
from US$3.9 million due mainly to:
· A deferred tax charge of US$3.1 million from the prior period as
follows:
o US$1.6 million deferred tax charge on the disposal of intangible assets
relating directly to the Disposal; and
o deferred tax movements on temporary differences in Zambia in the amount of
US$1.1 million resulting from unrealised foreign exchange gains
EBITDA
The table below sets out the EBITDA for the continuing and discontinued
operations for the 6 months to 31 December 2025:
H1 FY2026
Figures in US Dollars (US$) Copper Other Continuing operations Discontinued operations Total
Loss before tax (5 285 727) 978 067 (4 307 660) (2 742 380) (7 050 040)
Depreciation, amortisation and impairments 2 411 421 517 702 2 929 124 4 562 304 7 491 428
Present value adjustment of the Disposal consideration (Note 7) 507 176 - 507 176 - 507 176
Impairments directly related to the Disposal - - - 850 900 850 900
Investment revenue - (25 960) (25 960) (57 877) (83 837)
Finance costs 2 560 305 346 924 2 907 229 3 207 740 6 114 970
EBITDA 193 175 1 816 734 2 009 909 5 820 688* 7 830 597
* Chrome loss of US$14.4 million and PGM earnings of US$20.5 million
H1 FY2025
Figures in US Dollars (US$) Copper Other Continuing operations Discontinued operations Total
(Loss)/profit before tax (3 484 492) (3 027 337) (6 511 829) 8 036 061 1 524 232
Depreciation, amortisation and impairments 1 902 751 298 107 2 200 858 5 357 672 7 558 530
Investment revenue - (460 884) (460 884) (91 466) (552 350)
Finance costs 831 494 1 041 178 1 872 673 3 224 334 5 097 007
EBITDA (750 246) (2 148 936) (2 899 182) 16 526 602* 13 627 420
* Chrome earnings of US$13.5 million and PGM earnings of US$3.0 million
FY2025
Figures in US Dollars (US$) Copper Other Continuing operations Discontinued operations Total
Loss before tax (18 199 150) (10 312 496) (28 511 647) (1 364 350) (29 875 996)
Depreciation and amortisation 7 376 835 - 7 376 835 8 872 666 16 249 502
Impairments directly related to the Disposal - 4 710 922 4 710 922 - 4 710 922
Present value adjustment of the Disposal consideration - - - 12 296 749 12 296 749
Impairments - prior year sales provision reversal (once off) 3 100 000 - 3 100 000 - 3 100 000
Investment revenue - (842 622) (842 622) (171 012) (1 013 634)
Finance costs 2 566 004 1 848 130 4 414 134 6 780 483 11 194 617
EBITDA (5 156 311) (4 596 066) (9 752 377) 26 414 536 16 662 159
Capital expenditure
During the period under review, the Group invested US$11.8 million (H1 FY2025:
US$7.1 million) in the expansion of its copper operations as follows:
· US$5.3 million of commissioning and metallurgic testing costs
were capitalised during the period under review, in the trialling and testing
of the upgraded Roan plant to confirm the commercial readiness of the plant
using different types of ore material. During December 2025, the Company
concluded a commercial agreement for the supply of copper ore to Roan
· US$4.5 million paid for the future transfer of a property and a
mineral processing license to Sable Zinc Kabwe (Sable), a subsidiary of the
Company, pursuant to an agreement with ShamRock Mining Limited. The property
and the mineral processing license will be recognised as assets once legal
title transfers to Sable
· US$2.0 million of mine development and mining costs capitalised
on the Molefe Mining operations
Cash and debt facilities
The Group had cash and cash equivalents of US$11.5 million (30 June 2025:
US$4.6 million) and net debt of US$8.0 million (30 June 2025: US$15.9
million).
Sustainability
During the period under review, the Company strengthened its Environmental,
Social, and Governance (ESG) performance as a core component of its
operational strategy and long-term value creation. Operating within Zambia's
mining and processing sector, the Company recognises the increasing importance
of responsible resource management, stakeholder engagement, and transparent
governance in maintaining its social license to operate and meeting both
regulatory and international expectations.
The Company recorded a significant improvement in its Lost Time Injury
Frequency Rate (LTIFR), achieving a rate of 0.23 for the period under review,
compared to 0.65 in the previous reporting period. This notable reduction
demonstrates the effectiveness of enhanced safety interventions, increased
workforce awareness, and a stronger emphasis on hazard identification and
incident prevention. Key initiatives included strengthening safety management
systems, conducting regular audits and inspections, and fostering a culture
where employees are empowered to report hazards and near misses without
hesitation.
Jubilee's operations are highly dependent on a stable and reliable power
supply to sustain continuous processing and production activities. Currently,
electricity is primarily sourced from the national grid, supplied by a local
power utility, which is largely dependent on hydropower generation. While this
energy source offers a relatively low-carbon advantage, it is increasingly
vulnerable to climate variability, particularly drought conditions that affect
water levels and result in load shedding and supply instability. Improving
energy efficiency across the Zambian operations remains a critical priority.
Implementing energy management systems, optimising processing technologies,
and adopting energy-efficient equipment is an attempt to significantly reduce
energy intensity and operational costs.
Jubilee aims to reduce the carbon intensity of its operations by 25% across
Scope 1 and Scope 2 (GHG) emissions over the next 10 years, using 2025 as the
base year. This target will be supported by committed investment and
measurable implementation milestones.
With the goal of adopting a structured, community-focused approach that aligns
with the United Nations Sustainable Development Goals (SDGs) and by
integrating Corporate Social Responsibility (CSR) into our core business
strategy, the Company has continued to deliver meaningful socio-economic
benefits to host communities while enhancing its ESG performance. Jubilee
continues to contribute to sustainable community development through local job
creation and skills transfer, investment in water and sanitation
infrastructure, support for women empowerment through SME initiatives, and the
development of community infrastructure to improve access to essential
services and drive inclusive economic growth. In the period under review, key
CSR initiatives included:
· Job creation: promoting local employment through our operations,
prioritising hiring from surrounding communities to reduce unemployment,
improve household incomes, and support skills development through hands-on
work experience
· Water and sanitation: invested in borehole projects to provide
reliable access to clean water, improving community health and resilience,
reducing reliance on unsafe sources, and enabling local economic activities,
including small-scale farming and business development
· Women empowerment through SME projects: supported women
empowerment by promoting SME initiatives that provide training, financial
support, and entrepreneurial opportunities, enabling women to build
sustainable businesses, improve household welfare, and strengthen local
economies
Infrastructure developments: invested in community infrastructure, including
bridges, schools, and health facilities, to improve access to essential
services, facilitate trade, and support broader economic and social
development
The person responsible for the release of this announcement is Finance
Director, Jonathan Morley-Kirk.
United Kingdom
31 March 2026
For more information 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
About Jubilee Metals Group
Jubilee Metals, listed on AIM and the Altx of the JSE, is a copper producer
focused on building a world-class integrated copper business in Zambia. The
Company aims to reach 25 000 tonnes per annum of copper production by
integrating exploration, mining, concentrating and refining through its
three-pillar strategy, combining the Roan concentrator, the Sable refinery and
regional mining assets and the Large Waste Rock Project. Led by an experienced
team, Jubilee applies innovative technologies to transform previously
underutilised materials into value while supporting circular resource use and
strong environmental stewardship. For more information, please visit
www.jubileemetalsgroup.com (http://www.jubileemetalsgroup.com) and follow
Jubilee on X at @Jubilee_Metals
Important information when reading the Group interim financial statements
The sale of the Company's chrome and PGM operations in South Africa (Disposal
or Disposal Group or discontinued operations) was completed on 31 December
2025. In these interim financial statements, 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).
In accordance with IFRS 5, the results for the previous financial period which
ended on 31 December 2024 (H1 FY2025) are re-presented for the Group
statements of comprehensive income as if the Disposal took place in FY2025. As
a result, income statements for the Group for both the H1 FY2025 and H1 FY2026
financial periods are reported on for continuing operations only with the
operating results from the Disposal Group presented separately.
The Group statements of financial position and cash flows for the comparative
period (H1 FY2025) are not re-presented.
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.
UNAUDITED INTERIM FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 31 DECEMBER
2025
Group statements of comprehensive income for the six months ended 31 December
2025
Unaudited Unaudited Audited
Figures in US Dollars (US$) Notes H1 FY2026 H1 FY2025 FY2025
Continuing operations
Revenue 14 098 275 8 270 608 15 175 687
Cost of sales (11 022 038) (9 879 296) (15 501 336)
Gross profit/(loss) 3 076 237 (1 608 688) (325 649)
Operating costs (7 261 416) (4 309 546) (25 266 884)
Operating loss (4 185 179) (5 918 234) (25 592 533)
Investment revenue 25 960 460 884 842 622
Finance costs (2 907 229) (1 872 673) (4 414 135)
Fair value adjustments (855 005) 707 992 652 398
Profit on sale of non-current assets held for sale 7 3 613 793 - -
Loss before taxation (4 307 660) (6 622 030) (28 511 648)
Taxation (413 616) 2 712 934 3 280 002
Loss for the period from continuing operations (4 721 276) (3 909 096) (25 231 646)
Discontinued operations
(Loss)/profit from discontinued 7 (4 542 620) 6 409 289 (4 528 771)
operations
(Loss)/profit for the period (9 263 896) 2 500 193 (29 760 417)
Attributable to:
Owners of the parent (10 737 286) 2 196 130 (30 322 163)
Non-controlling interest 1 473 390 304 063 561 746
(Loss)/profit for the period (9 263 896) 2 500 193 (29 760 417)
Reconciliation of (loss)/profit attributable to owners of the parent
Loss for the period from continuing operations (6 194 666) (4 213 159) (25 793 392)
(Loss)/profit for the period from discontinued operations (4 542 620) 6 409 289 (4 528 771)
(Loss)/profit for the period (10 737 286) 2 196 130 (30 322 163)
Reconciliation of other comprehensive profit/(loss):
(Loss)/profit for the period (9 263 896) 2 500 193 (29 760 417)
Profit/(loss) on translation of foreign subsidiaries 15 541 652 (18 938 295) 8 595 289
Total other comprehensive income/(loss) 6 277 756 (16 438 102) (21 165 128)
Attributable to:
Owners of the parent 4 353 047 (16 531 881) (21 835 617)
Non-controlling interest 1 924 709 93 779 670 489
Total other comprehensive loss 6 277 756 (16 438 102) (21 165 128)
Weighted average number of shares ('000) 3 146 296 3 006 403 3 034 475
Diluted weighted average number of shares ('000) 3 175 300 3 067 775 3 078 379
Basic and diluted (loss)/earnings per share (US$ cents) 2 (0.34) 0.07 (1.00)
Basic loss per share (US$ cents) - continuing operations 2 (0.20) (0.14) (0.85)
Basic (loss)/earnings per share (US$ cents) - discontinued operations 2 (0.14) 0.21 (0.15)
Group statements of financial position as at 31 December 2025
Figures in US Dollars (US$) Notes Unaudited Unaudited Audited
H1 FY2026 H1 FY2025 FY2025
Assets
Non-current assets
Property, plant and equipment 116 308 002 108 539 466 100 517 232
Intangible assets 86 907 045 104 969 558 84 417 191
Other financial assets 7 63 439 041 20 187 588 19 943 292
Non-current inventory 1 754 436 16 251 058 1 634 915
Deferred tax 7 204 778 7 762 080 7 176 223
Total non-current assets 275 613 302 257 709 750 213 688 853
Current assets
Inventories 2 356 207 38 291 683 3 054 794
Other financial assets 7 26 640 000 428 219 -
Tax assets 468 814 586 783 406 449
Trade and other receivables 34 657 997 64 742 704 34 678 097
Contract assets 38 514 56 617 291 -
Cash and cash equivalents 11 499 061 8 369 770 4 588 767
Total current assets 75 660 593 169 036 450 42 728 107
Disposal Group assets held for sale 7 - - 155 255 633
Total assets 351 273 895 426 746 200 411 672 593
Equity and liabilities
Share capital 6 272 665 708 265 499 852 272 665 708
Reserves (27 086 580) (69 480 578) (42 176 913)
Retained income (557 266) 42 561 297 10 180 020
Total equity before non-controlling interest 245 021 862 238 580 571 240 668 815
Non-controlling interest 3 963 306 4 589 628 5 166 338
Total equity 248 985 168 243 170 199 245 835 153
Non-current liabilities
Other financial liabilities 8 267 540 - -
Lease liabilities - 2 760 482 -
Deferred tax liability 10 189 518 17 771 313 9 473 900
Long-term provisions 1 733 369 804 170 1 615 283
Total non-current liabilities 20 190 427 21 335 965 11 089 183
Current liabilities
Other financial liabilities 3 457 797 2 139 529 2 050 000
Trade and other payables 19 271 772 120 989 361 20 193 793
Metal trade facilities 43 446 963 - 33 946 964
Banking facilities 4 12 989 748 34 531 679 17 643 449
Current tax payable 2 152 350 3 733 560 2 635 438
Lease liabilities 779 670 845 907 791 072
Total current liabilities 82 098 300 162 240 036 77 260 716
Disposal Group liabilities held for 7 - - 77 487 541
sale
Total liabilities 102 288 728 183 576 001 165 837 440
Total equity and liabilities 351 273 895 426 746 200 411 672 593
Group statements of changes in equity as at 31 December 2025
Figures in US Dollars (US$) Share capital Currency translation reserve Merger reserve Share-based payment reserve Total reserves Retained earnings Total attributable to Parent of equity holders Non-controlling interest Total equity
Balance at 30 June 2024 264 953 093 (94 394 844) 36 826 515 6 717 936 (50 850 393) 40 365 168 254 467 868 4 495 849 258 963 717
Changes in equity
(Loss)/profit for the period - - - - - (30 322 163) (30 322 163) 561 746 (29 760 417)
Other comprehensive income - 8 486 546 - - 8 486 546 - 8 486 546 108 743 8 595 289
Total comprehensive profit/(loss) - 8 486 546 - - 8 486 546 (30 322 163) (21 835 617) 670 489 (21 165 128)
Issue of share capital net of costs 6 770 269 - - - - - 6 770 269 - 6 770 269
Share warrants exercised 384 300 - - (111 338) (111 338) - 272 962 - 272 962
Share options issued - - - 1 193 188 1 193 188 - 1 193 188 - 1 193 188
Share options exercised/lapsed 558 046 - - (523 783) (523 783) - 34 263 - 34 263
Share options settled - - - (234 118) (234 118) - (234 118) - (234 118)
Share options cancelled - - - (137 015) (137 015) 137 015 - - -
Total changes 7 712 615 8 486 546 - 186 934 8 673 480 (30 185 148) (13 799 053) 670 489 (13 128 564)
Balance at 30 June 2025 272 665 708 (85 908 298) 36 826 515 6 904 870 (42 176 913) 10 180 020 240 668 815 5 166 338 245 835 153
Changes in equity
(Loss)/profit for the period - - - - - (10 737 286) (10 737 286) 1 473 390 (9 263 896)
Other comprehensive income - 15 090 333 - - 15 090 333 - 15 090 333 451 319 15 541 652
Total comprehensive income for the period - 15 090 333 - - 15 090 333 (10 737 286) 4 353 047 1 924 709 6 277 756
Non-controlling interest - Disposal - - - - - - - (3 613 791) (3 613 791)
Changes in ownership interest - control not lost - - - - - - - 486 050 486 050
Total changes - 15 090 333 - - 15 090 333 (10 737 286) 4 353 047 (1 203 032) 3 150 015
Balance as at 31 December 2025 272 665 708 (70 817 964) 36 826 515 6 904 869 (27 086 580) (557 266) 245 021 862 3 963 306 248 985 168
§ The foreign currency translation reserve includes all differences arising
from the translation of financial statements of foreign operations. These
differences result from using the closing exchange rate at the end of the
financial year for the statement of financial position and the average
exchange rate during the financial year for statement of comprehensive income.
§ The share-based payment reserve is the value of equity-settled
share-based payment transactions. This reserve accounts for the share
retention incentives granted, recognised over the vesting period of the
related share-based payment awards. The value within this reserve represents
the cumulative expense recognised in the financial statements for share-based
payments that are settled through equity issuance.
§ Non-controlling interest is the difference between the carrying amount of
non-controlling interests and the consideration paid or received for
transactions involving non-controlling interests, provided these transactions
do not result in a loss of control over the subsidiary.
Group statements of cash flow for the six months ended 31 December 2025
Figures in US Dollars (US$) Unaudited Unaudited Audited
H1 FY2026 H1 FY2025 FY2025
Cash flow from operating activities
(Loss)/profit before taxation - continued operations (4 307 660) 1 524 230 (28 511 648)
Loss before taxation - discontinued operations (2 742 384) - (1 364 350)
(Loss)/profit before taxation (7 050 044) 1 524 230 (29 875 998)
Adjustments for:
Depreciation, amortisation and impairments - continuing operations 2 929 124 7 558 530 15 187 757
Depreciation, amortisation and impairments - discontinued operations - - 8 872 667
Profit on sale of non-current assets held for sale (Disposal Group) (3 613 793) - -
(Loss)/profit on sale of fixed assets (238 387) 1 947 1 917
Interest received -continuing operations (25 960) (552 351) (842 622)
Interest received - discontinued operations - - (171 012)
Finance costs - continuing operations 2 907 229 5 097 008 4 414 135
Finance costs - discontinued operations - - 6 780 483
Share-based payments 855 005 (98 048) 959 338
Fair value adjustments - continuing operations 850 900 - (51 878)
Fair value adjustment - discontinued operations 5 060 578 297 799 12 296 749
Other movements - 756 086 682 305
Effect of exchange rate movement on cash balances 118 080 (128 808) (2 152 660)
Changes in working capital
- Inventories 579 069 (5 962 218) 2 188 435
- Trade and other receivables (9 414 974) (25 071 150) (1 587 628)
- Trade and other payables 18 437 827 20 436 520 8 940 795
Cash generated from operations 11 394 653 3 859 545 25 642 783
Interest income-continuing operations 25 960 552 351 842 622
Interest income-discontinued operations - - 171 012
Finance costs-continuing operations (2 907 229) (5 097 008) (4 414 135)
Finance costs-discontinued operations - - (6 780 483)
Taxation paid (1 605 011) (887 701) (3 457 959)
Net cash generated from/(used in) operating activities 6 908 373 (1 572 813) 12 003 840
Cash flow from investing activities
Purchase of property, plant and equipment (11 486 551) (11 241 587) (24 808 697)
Purchase of intangible assets (202 249) (5 272 781) (7 001 875)
Increase in other financial assets 17 340 093 (1 702 255) -
Proceeds from sale of investment in subsidiary 261 142 - -
Net cash from investing activities 5 912 435 (18 216 623) (31 810 572)
Cash flow from financing activities
Proceeds from share issues net of costs - 307 226 307 226
(Repayment of)/proceeds from credit facilities (4 653 701) 11 219 762 (5 668 467)
Decrease in other financial liabilities - (2 611 526) (2 701 055)
Lease payments (11 403) (410 134) (592 010)
Net cash from financing activities (4 665 104) 8 505 328 (8 654 306)
Net movement in cash and cash equivalents 8 155 703 (11 284 109) (28 461 038)
Cash and cash equivalents at the beginning of the period 4 588 767 19 322 996 19 322 996
Effect of foreign exchange on cash and cash equivalents (1 245 409) 330 883 (191 848)
Total cash and cash equivalents of the Disposal Group - - 13 918 658
Cash and cash equivalents at the end of the period 11 499 061 8 369 770 4 588 767
NOTES TO THE UNAUDITED INTERIM RESULTS
1. Basis of preparation
The Group's unaudited interim results for the six months ended 31 December
2025 have been prepared using the accounting policies applied by the Company
in compiling its 30 June 2025 annual financial statements which are in
accordance with:
· International Accounting Standards (IAS), issued by the
International Accounting Standards Board as adopted for use in the European
Union (International Financial Reporting Standards (IFRS) and UK- adopted
international accounting standards
· South African Institute of Chartered Accountants (SAICA)
Financial Reporting Guides as issued by the Accounting Practices Committee,
IAS 34: Interim Financial Reporting
· Alternative Investment Market (AIM) rules of the London Stock
Exchange
· Companies Act 2006 (UK)
· Listings Requirements of the JSE Limited (JSE)
This condensed consolidated interim financial report does not include all
notes of the type included normally in an annual financial report.
Accordingly, this report is to be read in conjunction with the integrated
annual report for the year ended 30 June 2025 and any public announcements by
Jubilee. All monetary information is presented in the presentation currency of
the Company being United States Dollars. The Group's principal accounting
policies and assumptions have been applied consistently over the current and
prior comparative financial periods. The financial information for the year
ended 30 June 2025 contained in this interim report does not constitute
statutory accounts as defined by section 435 of the Companies Act 2006. A copy
of the statutory accounts for that year has been delivered to the Registrar of
Companies. The auditor's report on those accounts was unqualified and did not
contain a statement under section 498(2)-(3) of the Companies Act 2006.
2. Per share information
Unaudited Unaudited Audited
Unit H1 FY2026 H1 FY2025 FY2025
Number of shares in issue at the period end '000 3 146 296 3 013 866 3 146 296
Net tangible asset value per share US$ cents 5.15 4.59 5.13
Earnings attributable to ordinary equity holders of the parent (US$) - US$'000 (6 195) (4 213) (25 793)
continuing operations
Earnings attributable to ordinary equity holders of the parent (US$) - US$'000 (4 543) 6 409 (4 529)
discontinued operations
Earnings for the period US$'000 (10 737) 2 196 (30 322)
Weighted average number of shares in issue '000 3 146 296 3 006 403 3 034 475
Diluted weighted average number of shares in issue '000 3 175 300 3 067 775 3 078 379
Basic earnings per share US$ cents (0.34) 0.07 (1.00)
Basic earnings per share - continuing operations US$ cents (0.20) (0.14) (0.85)
Basic earnings per share - discontinued operations US$ cents (0.14) 0.21 (0.15)
Diluted basic earnings per share US$ cents (0.34) 0.07 (1.00)
Diluted basic earnings per share - continuing operations US$ cents (0.20) (0.14) (0.85)
Diluted basic earnings per share - discontinued operations US$ cents (0.14) 0.21 (0.15)
Basic earnings per share pence (0.26) 0.06 (0.77)
Basic earnings per share - continuing operations pence (0.15) (0.11) (0.66)
Basic earnings per share - discontinued operations pence (0.11) 0.17 (0.12)
Diluted basic earnings per share pence (0.26) 0.05 (0.77)
Diluted basic earnings per share - continuing operations pence (0.15) (0.11) (0.66)
Diluted basic earnings per share (pence) - discontinued operations pence (0.11) 0.16 (0.12)
Basic earnings per share is calculated by dividing the profit for the period attributable to equity holders
of the parent by the weighted average number of
ordinary shares outstanding during the period.
Refer to note 6 for details of shares issued post the period under review.
3. Dividend per share
No dividends were declared during the period under review (H1 FY2025: Nil).
4. Banking Facilities
4.1 Net debt and liabilities from financing activities
Net debt
Figures in US Dollars (US$) Unaudited Unaudited Audited
H1 FY2026 H1 FY2025 FY2025
Net debt comprises the following:
Revolving and general banking facilities (12 989 748) (18 195 399) (17 643 449)
Borrowings (2 050 000) (2 139 529) (2 050 000)
Lease liabilities (779 670) (786 207) (791 075)
Total debt (15 819 418) (21 121 135) (20 484 524)
Cash and cash equivalents 7 797 770 2 147 140 4 588 767
Net debt (8 021 648) (18 973 995) (15 895 757)
Debt interest rate profile
Debt at fixed interest rates (2 050 000) (2 139 529) (2 050 000)
Debt at variable interest rates (13 769 418) (18 195 399) (18 434 524)
Net debt (15 819 418) (20 334 928) (20 484 524)
Liabilities from financing activities
Figures in US Dollars (US$) Borrowings Leases Sub-total Banking facilities Total
Debt as at 1 July 2024 (4 751 055) (3 182 158) (7 933 213) (23 311 917) (31 245 130)
Cash flows
- New funding (800 000) - (800 000) (8 407 435) (9 207 435)
- Repayment (capital) 3 686 800 510 380 4 197 180 1 126 862 5 324 042
- Repayment (interest) - 81 630 81 630 1 114 470 1 196 100
New leases - (834 365) (834 365) - (834 365)
Realised foreign exchange differences (185 745) 318 376 132 631 (3 418 613) (3 285 983)
Classified as held for sale - 2 315 064 2 315 064 15 253 184 17 568 246
Debt as at 30 June 2025 (2 050 000) (791 073) (2 841 073) (17 643 449) (20 484 525)
Cash flows
- Repayment (capital) - 86 253 86 253 5 640 345 5 726 598
- Repayment (interest) - 41 097 41 097 743 400 784 497
Realised foreign exchange differences - (115 944) (115 944) (1 730 044) (1 845 988)
Debt at 31 December 2025 (2 050 000) (779 667) (2 829 667) (12 989 748) (15 819 418)
4.2 Banking Facilities
Figures in United States Dollars (US$) Unaudited Unaudited FY2025
H1 FY2026 H1 FY2025
Revolving credit facility - Absa Bank Limited 7 495 428 7 507 431 7 505 238
At the period-end, Jubilee had a revolving credit facility with Absa Bank
(Mauritius) Limited in the amount of US$7.5 million. The RCF is secured by a
Parent corporate guarantee, with no pledge and subordination from Jubilee,
including all shareholder loan claims and related rights. The RCF is available
until 30 April 2026 when it will be reviewed and renewed. The RCF bears
interest at the daily compounded JIBAR plus a margin of 2.3%. The facility is
used to fund working capital requirements for Jubilee's Zambian copper
operations. The facility was fully drawn at the period end. Interest in an
amount of US$0.4 million (H1 FY2025: US$0.3 million) was recognised in profit
or loss for the period under review.
General banking facility - FirstRand Bank Limited 5 494 320 10 687 968 10 138 211
At the period end Jubilee had a general banking facility agreement (GBF) with
FirstRand Bank Limited of US$11 million subject to terms and conditions normal
for this type of facility. The GBF was settled in full post the period under
review. Interest of US$0.4 million (H1 FY2025: US$0.4 million) on the demand
overdraft facility was recognised in profit or loss for the period under
review. At the period end, the total GBF was subject to a guarantee in favour
of FirstRand Bank Limited by Jubilee. Interest was payable at FirstRand Bank
Limited's prime overdraft rate minus 45 basis points.
Total banking facilities 12 989 748 18 195 399 17 643 449
5. Business segments
The Group presents segments for the period under review as follow:
· Copper - production of copper and sale of non-core waste assets
· Other - PGM exploration asset and corporate overheads
In the prior period and for the 2025 financial year, the Group presented
segments for continuing operations and for discontinued operations. In the
current period segments are presented only for the continuing operations.
There is no difference between the accounting policies applied in the segment
reporting and those applied in the Group interim financial statements.
Segment report for the six months ended 31 December 2025
Figures in US Dollars (US$) Copper Other Total
Total assets 209 089 133 142 184 763 351 273 896
Total liabilities (86 795 777) (15 492 951) (102 288 728)
Revenue 14 098 275 - 14 098 275
Gross profit 3 076 237 - 3 076 237
Depreciation and amortisation (2 633 413) (295 711) (2 929 124)
Operating expenses (excluding depreciation and amortisation) (3 168 246) (1 164 046) (4 332 292)
Operating loss (2 725 422) (1 459 756) (4 185 179)
Investment revenue - 25 960 25 960
Fair value adjustments - (855 005) (855 005)
Finance costs (2 560 305) (346 924) (2 907 229)
Profit on disposal of non-current assets held for sale - 3 613 793 3 613 793
(Loss)/profit before taxation (5 285 727) 978 067 (4 307 660)
Taxation (232 968) (180 649) (413 616)
Loss after taxation (5 518 696) 797 419 (4 721 276)
Segment report for the six months ended 31 December 2024
Figures in US Dollars (US$) Copper Other Total continuing operations PGM and chrome (discontinued operations) Total
Total assets 120 624 520 71 470 893 192 095 413 234 650 787 426 746 200
Total liabilities (34 190 275) (30 449 806) (64 640 081) (118 935 920) (183 576 001)
Total revenue 8 270 608 - 8 270 608 133 206 127 141 476 735
Gross profit (1 608 688) - (1 608 688) 20 455 617 18 846 929
Depreciation and amortisation (1 902 751) (298 107) (2 200 858) (5 357 672) (7 558 530)
Operating expenses (1 074 944) (1 033 750) (2 108 694) (3 818 817) (5 927 511)
Operating (loss)/profit (4 586 384) (1 331 849) (5 918 233) 11 279 129 5 360 896
Investment revenue - 460 884 460 884 91 466 552 350
Fair value adjustments - 707 992 707 992 - 707 992
Finance costs (831 494) (1 041 178) (1 872 673) (3 224 334) (5 097 007)
(Loss)/profit before taxation (5 417 878) (1 204 151) (6 622 029) 8 146 260 1 524 231
Taxation 2 433 901 279 032 2 712 933 (1 736 971) 975 962
(Loss)/profit after taxation (2 983 977) (925 119) (3 909 096) 6 409 288 2 500 193
Segment report for the year ended 30 June 2025
Figures in US Dollars (US$) Copper Other Total Continuing Operations PGM and chrome (Discontinued operations) Total
Total assets 166 114 481 90 302 480 256 416 961 155 255 633 411 672 594
Total liabilities (68 685 014) (19 664 887) (88 349 901) (77 487 541) (165 837 442)
Revenue 15 175 686 - 15 175 686 264 742 331 279 918 017
Gross (loss)/profit (325 650) - (325 650) 32 530 025 32 204 375
Depreciation and amortisation (10 476 835) (4 710 921) (15 187 756) (8 872 667) (24 060 423)
Operating expenses (4 830 661) (4 596 068) (9 426 729) (6 115 488) (15 542 217)
Operating (loss)/profit (15 633 146) (9 306 989) (24 940 135) 17 541 870 (7 398 265)
Investment revenue - 842 622 842 622 171 012 1 013 634
Fair value adjustments - - - (12 296 749) (12 296 749)
Net finance costs (2 566 005) (1 848 130) (4 414 135) (6 780 483) (11 194 618)
Loss before taxation (18 199 151) (10 312 497) (28 511 648) (1 364 350) (29 875 998)
Taxation 2 461 473 818 529 3 280 002 (3 164 421) 115 581
Loss after taxation (15 737 678) (9 493 968) (25 231 646) (4 528 771) (29 760 417)
6. Share capital
The share capital of the Company is divided into an unlimited number of
ordinary shares of £0.01 each.
Figures in US Dollars (US$) Unaudited Unaudited Audited
H1 FY2026 H1 FY2025 FY2025
Ordinary shares 44 110 680 42 376 392 44 110 680
Share premium 228 555 028 223 123 460 228 555 028
Total issued capital 272 665 708 265 499 852 272 665 708
The Company did not issue any shares during the period under review. The
Company issued the following ordinary shares post the period under review:
Number of shares Issue price Purpose
(pence)
Opening balance at 1 July 2025 3 146 295 996
Issued on 24 February 2026 4 253 831 3.04 Settlement of debt
Issued on 17 March 2026 72 751 323 4.48 Settlement of debt
Shares in issue at the last practicable date 3 223 301 150
7. Non-current assets held for sale and discontinued operations
On 7 August 2025, the Company executed a sale and purchase agreement (SPA), in
terms of which One Chrome acquired the Company's chrome and PGM Operations
(Disposal). In view of the size of the Disposal Group relative to the size of
the Company, the Disposal constituted a fundamental change of business for the
Company in accordance with AIM Rule 15 requiring that the Disposal be approved
by Jubilee shareholders. The Disposal was approved by shareholders on 28
August 2025.
On Friday 14 November 2025 the Company received unconditional approval for the
Disposal from the South African Competition Tribunal. The Disposal was
completed on 31 December 2025 and all suspensive conditions to the Disposal
were met. The results from the discontinued operations are reported in
accordance with IFRS5: Non-current Assets Held for Sale and Discontinued
Operations. 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).
In accordance with IFRS 5, the results for the previous financial period which
ended on 31 December 2024 (H1 FY2025) are re-presented for the Group
statements of comprehensive income as if the Disposal took place in FY2025. As
a result, income statements for the Group for both H1 FY2025 and H1 FY2026
financial periods are reported on for continuing operations only with the
results from the Disposal Group presented as one line item.
The Group statement of financial position and cash flows for the comparative
period (H1 FY2025) are not re-presented. 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 current financial period only (H1
FY2026).
The operating results from the discontinued operations for the 6 months to 31
December 2025 are presented as follows:
Figures in US Dollar (US$) Unaudited Unaudited Audited
H1 FY2026 H1 FY2025 FY2025
Revenue 131 364 466 133 206 126 264 742 331
Cost of sales (126 227 181) (112 750 509) (232 212 306)
Gross profit 5 137 285 20 455 617 32 530 025
Operating expenses (3 878 900) (9 187 246) (14 988 155)
Operating profit from trading activities 1 258 384 11 268 371 17 541 870
Investment revenue 57 877 91 467 171 012
Finance costs (3 207 740) (3 224 334) (6 780 483)
Profit before taxation (1 891 479) 8 135 504 10 932 399
Taxation (1 800 240) (1 736 970) (3 164 421)
Subtotal (3 691 719) 6 398 534 7 767 978
Fair value adjustment - disposal consideration (850 901) - (12 296 749)
(Loss)/profit from discontinued operations (4 542 620) 6 398 534 (4 528 771)
Assessment of the carrying value of assets held for sale at 30 June 2025 and
at 31 December 2025 upon completion of the Disposal. The table below sets out
the calculation of the fair value adjustment required in terms of IFRS5:
Figures in US Dollar (US$) Unaudited Unaudited Audited
H1 FY2026 H1 FY2025 FY2025
Cash proceeds 25 000 000 - 25 000 000
Fair value of deferred consideration 55 324 663 - 54 049 809
Total disposal consideration 80 324 663 - 79 049 809
Cost to sell (1 296 333) - (1 281 716)
Fair value of the purchase consideration 79 028 330 - 77 768 093
Carrying amount of net assets sold (92 175 980) - (90 064 842)
Fair value adjustment (13 147 650) - (12 296 749)
Fair value adjustment recognised at 30 June 2025 12 296 749 - -
Fair value adjustment for the period (850 901) - (12 296 749)
The profit on disposal of non-current assets held for sale is presented as
follows:
Figures in US Dollar (US$) Unaudited Unaudited Audited
H1 FY2026 H1 FY2025 FY2025
Purchase consideration 90 000 000 - -
Deferred finance income (9 675 337) - -
Present value of purchase consideration 80 324 663 - -
Costs to sell (1 296 334) - -
Subtotal 79 028 330 - -
Carrying value of the Disposal group (79 028 330) - -
Subtotal - - -
Disposal of non-controlling interest 3 613 793 - -
Profit on disposal of non-current assets held for sale 3 613 793 - -
The Purchase Consideration will be settled by the Purchaser as follows:
· cash payments of US$25 million payable as
follows:
¡ an Advance Payment of US$15 million on the Signature Date (received); and
¡ US$10 million no later than two Business Days after the Completion Date
(received).
· Deferred Payments of up to US$50 million are
payable as follows:
¡ a minimum deferred payment of US$15 million shall be paid by no later than
the first
anniversary of the Completion Date; and
¡ further minimum deferred payments of US$10 million shall be made on or
before each subsequent
anniversary of the Completion Date, until the maximum deferred payments of
US$50 million have been settled in
full, with the minimum deferred payments determined with
reference to the ZAR:US$ exchange rate and quantity of
chrome concentrate tonnes. Such
minimum deferred payments will be increased by US$5/t for all chrome
production exceeding 1.5Mt per annum and by
US$70/oz for all PGM production exceeding 36,000 oz per annum. At
1.6Mt of chrome production and 36,000 oz of PGM
production the deferred payments could be received
in just over 4 years; and
· a minimum Royalty payment of US$12 million up to
a maximum of US$15 million subject to the fulfilment of certain royalty
related conditions.
8. Going concern
The Group interim financial statements have been prepared on the going concern
basis, which contemplates continuity of normal business activities and the
realisation of assets and discharge of liabilities in the normal course of
business. The Directors have performed an assessment of whether the Group
would be able to continue as a going concern for at least twelve months from
31 December 2025.
The Group reported a loss for the period from continuing operations of US$4.7
million (H1 FY2025: loss of US$3.9 million) and a loss from discontinued
operations of US$4.5 million (H1 FY2025: profit of US$6.4 million). The group
loss for the period was US$9.3 million (H1 FY2025: profit of US$2.5 million).
At the period end, the Group had cash and cash equivalents of US$11.5 million
(30 June 2025: US$4.6 million) and net debt of US$8.0 million (30 June 2025:
US$15.9 million) (refer note 4).
In their assessment, the Group has considered its financial position, expected
future performance of its operations, its debt facilities and debt service
requirements, its working capital requirements, capital expenditure
commitments and projections.
There are certain uncertainties relating to events or conditions that may
impact the Group's ability to continue as a going concern. These include:
· At the period end the Group had banking facilities of US$12.9
million. Of this, the general banking facility with FirstRand Bank in the
amount of US$5.5 million was settled post the period under review, leaving
only the revolving credit facility with ABSA Bank in Mauritius in the amount
of US$7.5 million (refer to note 4 to the financial statements). The ABSA
facility was extended to the end of April 2026 when it will be reviewed as
part of a debt restructuring exercise for the whole Group
· The sale of the Company's chrome and PGM operations in South
Africa was completed on 31 December 2025 (Closing Date). Included in other
financial assets is a deferred receivable of up to US$65 million to be settled
over a period of approximately 5 years from the Closing Date (refer note 7 and
the Company's circular published on 12 August 2025)
The Group has recognised a deferred receivable of up to US$65 million arising
from the disposal of its South African chrome and PGM operations. The amount
is contractually payable over an approximate five-year period from the closing
date of 31 December 2025. The recoverability and timing of the deferred cash
flows are subject to uncertainty, including the financial and operational
performance of the Purchaser, prevailing economic conditions and heightened
global geopolitical risks, which may adversely affect the Purchaser's ability
to meet its obligations as they fall due. To date all contracted receipts have
been received on time and no impairment is considered necessary.
In the opinion of the Directors, the Group will be able to continue to meet
its obligations as and when they fall due for at least twelve months to 31
December 2026. Accordingly, these consolidated financial statements do not
include adjustments to the recoverability and classification of recorded
assets and liabilities and related expenses that might be necessary should the
Group be unable to continue as a going concern.
9. Events after the reporting date
9.1 Issue of shares
On 17 March 2026, Jubilee settled the payment of US$1.8 million (£1.3
million) for securing high-grade copper ROM for its Roan operations, through
the issuance of 29 761 905 new Jubilee ordinary shares (Shares) at a price of
4.48 pence per Share (a 14.3% premium to the Jubilee closing share price of 9
March 2026).
On the same date, Jubilee further settled the next stage payment towards the
acquisition of the Large Waste Project, to the value of US$2.6 million (£1.9
million) through the issuance of 42 989 418 Shares at a price of 4.48 pence
per Share (a 14.3% premium to the Jubilee closing share price of 9 March
2026).
9.2 Proposed Capital Reduction and authority to issue shares
On 23 March 2026, the Company announced its proposal to reduce its share
premium account (Capital Reduction) to restructure the Company's balance sheet
to increase the amount of available distributable reserves available (subject
to the protection of creditors).
The Capital Reduction will create distributable reserves to support the
Company's ability to make future payments of dividends to its shareholders and
undertake potential share buybacks (in each case should circumstances mean it
is appropriate or desirable to do so), as well as other corporate purposes of
the Company.
The Capital Reduction is conditional upon the passing of a special resolution
by the Company's shareholders in addition to approval of the Court. Refer to
the announcement made on 23 March 2026 for details of the proposed Capital
Reduction.
In addition, the Company is also seeking to renew the standard authority to
grant Directors authority to issue shares as granted at the previous 2024 AGM
and to dis-apply pre-emption rights. The Company wishes to dis-apply
pre-emption rights only to a maximum of 7.5% of the issued ordinary share
capital of the Company. This is to give flexibility to the Company to issue
new warrants, options or shares to support the Company when leveraging
investment capital and aligning employees' and stakeholders' interests with
shareholders of the Company.
10. Unaudited results
These interim results have not been reviewed or audited by the Group auditors.
Annexure 1
Headline earnings per share is calculated using the weighted average number of
shares in issue during the period under review and is based on earnings
attributable to ordinary shareholders, after excluding those items as required
by Circular 1/2023 issued by SAICA. In compliance with paragraph 3.28 (c) of
the JSE Listings Requirements, the table below represents the Group's headline
earnings and a reconciliation of the Group's profit reported and headline
earnings used in the calculation of headline earnings per share.
Unaudited Unaudited Audited
H1 FY2026 H1 FY2025 FY2025
Amounts in United States Dollars US$ Gross Net Gross Net Gross Net
Loss from continuing operations for the period attributable to ordinary (6 194 666) (4 213 159) (25 793 392)
shareholders
Adjusted for:
Fair value adjustments - continuing operations 855 005 855 005 (707 992) (516 834) (652 398) (652 398)
Loss from continuing operations (5 339 661) (4 729 993) (26 445 790)
(Loss)/earnings from discontinued operations for the period attributable to (4 542 620) 6 409 289 (4 528 771)
ordinary shareholders
Adjusted for:
Fair value adjustment - discontinued operations 850 900 850 900 - - 12 296 749 12 296 749
Profit on disposal of non-current assets held for sale (3 613 793) (3 613 793) - - - -
(Loss)/earnings from discontinued operations (7 305 513) 6 409 289 7 767 978
(Loss)/earnings for the period attributable to ordinary shareholders (12 645 174) 1 679 296 (18 677 812)
Weighted average number of shares in issue 3 146 295 996 3 006 403 264 3 034 474 865
Diluted weighted average number of shares in issue 3 175 299 921 3 067 447 169 3 078 379 074
Headline loss per share from continuing operations (US$ cents) (0.17) (0.16) (0.87)
Headline (loss)/earnings per share from discontinued operations (US$ cents) (0.23) 0.21 0.26
Headline (loss)/earnings per share (US$ cents) (0.40) 0.06 (0.62)
Headline loss per share from continuing operations (ZAR cents) (2.95) (2.82) (15.86)
Headline (loss)/earnings per share from discontinued operations (ZAR cents) (4.03) 3.82 4.66
Headline (loss)/earnings per share (ZAR cents) (6.98) 1.00 (11.20)
Diluted headline loss per share from continuing operations (US$ cents) (0.17) (0.15) (0.87)
Diluted headline (loss)/earnings per share from discontinued operations (US$ (0.23) 0.21 0.25
cents)
Diluted headline (loss)/earnings per share (US$ cents) (0.40) 0.05 (0.62)
Diluted headline loss per share from continuing operations (ZAR cents) (2.95) (2.76) (15.86)
Diluted headline (loss)/earnings per share from discontinued operations (ZAR (4.03) 3.74 4.59
cents)
Diluted headline (loss)/earnings per share (ZAR cents) (6.98) 0.98 (11.28)
Average conversion rate used for the period under review ZAR:US$ 17.37 17.92 18.20
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