REG - Jubilee Metals Group - Interim Financial Report 6 Months to December 2024
31/03/2025 07:15
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RNS Number : 8703C Jubilee Metals Group PLC 31 March 2025
Jubilee Metals Group PLC
Registration number: 4459850
AIM share code: JLP
Altx share code: JBL
ISIN: GB0031852162
('Jubilee' or 'the Company' or 'the Group')
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Unaudited interim financial report for the six months ended 31 December 2024
Jubilee, a diversified metals processor in Africa, with copper operations in
Zambia and also chrome and PGM operations in South Africa, is pleased to
announce its unaudited interim financial report for the six months ended 31
December 2024 (H1 FY2025).
Highlights
Safety
§ Zambia reported a Lost Time Frequency Injury Rate (LTFIR) of 0.65 (H1
FY2024: 0.61).
§ South Africa reported a LTFIR rate of 1.45, an improvement from 2.41 for H1
FY2024.
Financial
Group
§ Group revenue up 51.0% to US$141.5 million (H1 FY2024: US$93.7 million)
driven mainly by increased production of chrome concentrates during the
period.
§ Group EBITDA (earnings before interest, tax, depreciation and amortisation)
down 6.8% to US$13.6million (H1 FY2024: US$14.6 million) impacted by softer
chrome prices during the period.
§ Invested US$17.8 million (H1 FY2024: US$16.8 million) in the expansion of
its copper and chrome operations.
§ Cash of US$8.4 million at the end of the period (30 June 2024: US$19.3
million).
Zambia
§ Copper revenue up 5.1% to US$8.3 million (H1 FY2025 US$7.9 million).
§ Copper cost per tonne increased by 30.6% to US$5 948/t (H1 FY2024: US$4
554/t), due mainly to a once off contractual adjustment of US$573/t
(accounting for 12.6% of the increase) to the price of copper ore purchased
during the period and the impact of plant stoppages due to power constraints.
§ Copper gross profit down 88.0% to US$0.3 million (down 53.6% excluding the
once off contractual adjustment) (H1 FY2024: US$2.5 million) driven mainly by
the commissioning of Roan operations and subsequent stoppage due to power
interruptions.
§ Copper gross profit margin of 3.9% (14.0% excluding the once off
contractual adjustment) (H1 FY2024: 31.7%).
South Africa
§ Chrome revenue increased by 75.9% to US$114.5 million (H1 FY2024: US$65.1
million) supported by increased production from the two new chrome processing
modules.
§ Revenue per tonne of chrome concentrate increased by 23.3% to US$111/t (H1
FY2024: US$90/t) supported by the sale of chrome concentrate at prices above
historically fixed margin chrome contracts.
§ Average cost per tonne of chrome concentrate inclusive of purchase of ROM
increased by 30.3% to US$99/t (H1 FY2024: US$76/t), which is in-line with the
Company's strategy to increase the proportion of third party run-of-mine
material (ROM) purchases to the historically fixed margin chrome contracts.
§ Chrome gross profit increased by 31.1% to US$13.1 million (H1 FY2024:
US$10.0 million) supported by a higher contribution from chrome sales realised
from third party ROM purchases.
§ PGM revenue decreased by 9.2% to US$18.8 million (H1 FY2024: US$20.7
million), predominantly due to a decrease in PGM ounces produced of 8.9% to
US$18 435oz (H1 FY2024: 20 244oz), due mainly to a shifted priority towards
chrome recoverability during the first quarter to capitalise on favourable
chrome market conditions resulting in lower PGM feed grades.
§ PGM cost per ounce decreased by 20.1% to US$616/oz (H1 FY2024: US$771/oz)
mainly as a result of the reallocation of operating cost to the chrome
operations.
§ PGM gross profit increased by 45.1% to US$7.4 million (H1 FY2024: US$5.1
million).
Market
§ The average LME copper price was flat at US$9 193/t for the period under
review (Q1 FY2025: US$9 200/t).
§ Average CIF chrome price per tonne declined from US$309/t during Q1 FY2025
to US$252/t in Q2 FY2025. Pricing reached the US$200/t CIF
level towards the end of Q2 FY2025.
§ The average PGM basket price remained flat at US$1 360/oz for the period
under review.
Operational
Zambia
§ Copper units produced down 13.6% to 1 454t (H1 FY2024: 1 683t) due mainly
to the impact of power outages experienced during Q2 FY2025.
§ Copper units sold increased by 13.0% to 1 336t (H1 FY2024: 1 182t)
supported by sale of product held in stock.
§ ROM and in process stock increased sharply, reaching approximately 1.21Mt
containing an estimated 8 466t of copper units for future processing at
Munkoyo.
§ Roan upgrade and commissioning completed reaching ramp-up throughput
targets of a combined 45 000tpm (with a combined feed of historical waste and
tailings) during the period before experiencing shut-downs to protect the
integrity of equipment due to power constraints.
§ Copper ROM production at Munkoyo was unaffected by power constraints:
o Munkoyo is on track to achieving its targeted production of 70 000tpm of
low-grade ROM for future processing; and
o High grade ROM at a rate of 8 000tpm, delivered to Sable for refining.
§ Project G is continuing with resource definition work to complete the
design of its Open- Pit expansion.
South Africa
§ The new chrome processing modules built at Thutse with a production
capacity of 50ktpm of chrome concentrate were completed and commissioned
during Q2 FY2025. The modules met the design throughput during December 2024
contributing to a record quarterly chrome concentrate production for Q2 FY2025
of 519 278t**.
§ Chrome concentrate produced reached record half year high increasing by
35.7% to 974 659t** (H1 FY2024: 718 189t) well on track to meet and exceed
full year guidance of 1.65Mt.
§ 6E PGM* production on track to meet full year guidance of 36 000oz at 18
435oz in the first half (H1 FY2024: 20 244oz).
* 6E PGM - Platinum, palladium, rhodium, ruthenium, iridium and gold
** Inclusive of 100% of production declared from operations in partnership
with the resource owners
Post the period under review
Zambia
§ On 21 January 2025 Jubilee executed an additional power agreement with a
new broad based power provider to supplement the existing power supply
agreement aimed specifically at achieving steady power supply at Roan.
§ On 14 February 2025 Jubilee announced that Roan commenced with the
processing of new high-grade copper feed material. The material is in line
with Management's expectations with current feed assays exceeding 1.6% copper
(Cu) which is approximately double the grade of material processed previously
at Roan. Roan will gradually increase the proportion of high-grade copper feed
to the historical tailings in the feed to ensure circuit stability over a
four to six week period.
§ In support of this switch over the Company secured the rights to an initial
200 000t of high-grade copper feed material and the option to increase the
allocation of such material with the potential of securing a long-term
continuous feed supply.
Production Guidance
§ Copper: Production guidance remains under review until results from the
initial operational run following the completed switch over to the high-grade
ore at Roan has been confirmed for a sustained minimum period of six weeks.
This strategy to migrate to higher grade copper feedstocks at Roan is expected
through time to lead to increased copper production following the initial
assessment of the optimal processing recipe. Early results are encouraging.
Management is looking to ensure that the new production levels are sustainable
to provide informed guidance. An update is targeted for release at the end of
April 2025.
§ Chrome and PGM: Well on track to achieve chrome concentrate production of
1.65Mt and PGM production guidance of 36 000oz for FY2025. An operational
update is targeted for release by mid-April 2025.
Statement from Leon Coetzer, Chief Executive Officer:
"The first half of the 2025 financial year was one of both success and
challenges. While we were able to deliver our Roan expansion project in Zambia
and begin the parallel processing of waste and run-of-mine material, severe
power disruptions on the grid at the end of the period, meant this start-up
was short lived.
The ability of Jubilee to react to this challenge is a testimony to the
resilience of the team to execute, post period end, an additional power
agreement with a new broad based power provider to supplement the existing
power supply agreement as a more permanent solution. In addition, Jubilee
secured an initial 200 000t of high-grade copper feed material for processing
together with an option to increase the allocation of such material, with the
potential of securing a long-term continuous feed supply.
We have since commenced with the processing of the new high-grade copper feed
material at our Roan Concentrator. We will initially run a blend of high-grade
copper and historical tailings gradually migrating to a dedicated high-grade
copper feed as we ensure the integrity of the processing recipe. We target to
reach this point by end of April 2025. Early results are very encouraging as
we push to complete this switchover of the plant.
I am particularly excited by the continued development and expansion of our
Munkoyo Open-Pit mine which offers the potential to significantly boost copper
output at our Sable Refinery.
At our South African operations, the new chrome processing modules at Thutse
were completed and commissioned during the period and reached design targets
during December 2024. This increased chrome production operated in partnership
with the resource owner was the main driver behind record half-year production
and the 51% increase in group revenue compared with the first half of the
previous year.
While commodity prices were subdued over the period especially in both chrome
and PGM we have seen a strong recovery in the chrome price post period end
while copper prices continue to receive strong support. This positions Jubilee
well to benefit from its exposure to both copper and chrome during the current
period."
Investor call
Management will host a presentation and Question and Answer session for
investors at 11:00 UK time on 3 April 2025. 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. Questions can be submitted pre-event
via your Investor Meet Company dashboard up until 09:00 the day before the
meeting or at any time during the live presentation.
Sustainability
The health and safety of our employees and contractors remain at the core of
Jubilee's values. A number of initiatives in both Zambia and South Africa,
have significantly improved access to essential services and have empowered
communities to actively engage in their own development.
Zambia
During the period under review Jubilee has made significant strides towards
enhancing sustainability and addressing Environmental, Social and Governance
(ESG) metrics within its Zambian operations.
Zambia's Lost Time Frequency Rate (LTFR) for the period under review was 0.65,
an increase from 0.61 in the previous half-year, with one classified injury
reported. Jubilee remains focused on ensuring a safe working environment and
is committed to reducing safety incidents through continuous improvement
measures.
Power supply sustainability was addressed successfully, community engagement
initiatives were implemented and commitment to health and safety standards
continued during the period under review.
On the environmental front, Jubilee saw a 67% increase in Scope 1 and 2
emissions, with intensity levels (CO(2) per ton of produced copper) rising by
72% over the period. This increase is due primarily to increased diesel usage
during the period, as a result of the power outages experienced on the
national grid during December 2024, highlighting the need for ongoing efforts
to mitigate environmental impact.
A significant milestone was the successful securing of additional power supply
for the Zambian operations. The new power supply agreement secures access to a
distributed power base from multiple sources of generation, minimising the
reliance on a single supply source and mitigates the risks associated with
localised power network distribution limitations. The power supply has been
delivered at a cost comparable to the Company's existing power agreement,
offering both economic and operational stability.
The additional power allowed the Roan Concentrator, placed initially under
care and maintenance during Q2 FY2025, to restart, using its newly
commissioned front-end modules along with existing milling and flotation
plants. Importantly, the entire operations of Zambia have transitioned to
renewable energy sources, underscoring Jubilee's commitment to sustainability.
During the period, Jubilee implemented certain key Corporate Social
Responsibility (CSR) initiatives focusing on the following areas: water and
sanitation, food security, education, health, and community empowerment.
§ Water and Sanitation: Installing and rehabilitating boreholes, constructing
compost toilets, and supporting water reconnection in Mukulungwe Ward, with
community engagement to mitigate vandalism issues.
§ Food Security: Drought-resistant maize seeds and fertilisers to vulnerable
families in Munkoyo and Ndola, yielding positive outcomes.
§ Education: Support for schools addressed overcrowding and infrastructure
needs, with assessments guiding future efforts in areas like Kang'omba,
Bwafwano, and Katanga Community schools.
§ Health: Development of health facilities included constructing a new clinic
in Munkoyo and refurbishing existing clinics, along with a focus on cholera
preparedness.
§ Community Empowerment: Support for women's savings groups promoted
financial independence, while ongoing assistance was provided to individuals
with disabilities.
§ Stakeholder Engagement: Continuous dialogue with local communities and
government officials ensuring alignment with community needs and effective
problem-solving.
South Africa
Jubilee's expansion strategy prioritises brownfield projects, using existing
disturbed land and minimising the environmental footprint of our growth. This
approach also streamlines permitting processes, reducing both costs and
project lead times.
The reporting period saw a continued focus on safety, particularly during the
high-risk holiday season. A dedicated "Silly- Season" safety campaign was
implemented over the festive period to reinforce safe work practices among
employees and emphasise the importance of both personal and team safety
during this traditionally high-incident time. While the number of Lost Time
Injuries (LTIs) remained at 3, there was positive progress in the Classified
Injury Frequency Rate (CIFR), which decreased from 2.41 to 1.45 during the
period. This reduction demonstrates the effectiveness of safety initiatives in
preventing less serious injuries, despite the level of LTIs.
On the environmental front a significant milestone is the completion of
updated water balances across all operations, resulting in a 90% water
recycling rate.
On the Corporate Social Responsibility (CSR) front, Jubilee dedicated 67
Minutes in celebration of Mandela Day, to make a positive impact at the
Reamogetswe Centre, a child and youth centre near Brits. A number of
improvements were completed at the centre during the period under review. This
initiative highlights the Company's commitment to community support.
Additionally, in September 2024, Arbor Day was celebrated, planting trees at
our different sites, further emphasising our commitment to environmental
sustainability and community support.
Operational review - Zambia
Roan Concentrator
The Roan upgrade and commissioning were successfully completed during the
period, with the operation achieving ramp-up targets by processing a
combination of low-grade ROM from extensive historical stockpiles and
historical tailings. Roan confirmed its combined (both front end modules and
existing milling and flotation) throughput capacity of 45 000t per month
processing.
After reaching capacity, the Roan operation faced significant power supply
challenges, leading to a partial closure to resolve issues related to
supplementary power agreements. Roan was placed under care and maintenance
during this period.
On 20 January 2025, Jubilee implemented a new power agreement after the
national power outages had a material impact on the Company's copper
production for the months of December 2024 and January 2025.
In an effort to accelerate copper production following the lost production,
Jubilee has agreed to invest into securing rights to an initial 200 000t of
ROM material with an expected copper content of approximately 1.6% Cu, which
is equivalent to more than double the waste material being processed. Jubilee
holds an option to increase the initial 200 000t allocation of copper
material with the potential to secure a long-term feed supply of this
high-grade material.
The migration of Roan onto this high-grade copper material is managed
carefully to ensure the integrity of both the copper recovery process and
mechanical performance of the operation. The complete migration onto this
high-grade material is expected to be achieved over an estimated six-week
period. Early results have been very encouraging confirming the decision to
pursue the high-grade copper material strategy.
Sable Refinery
In line with Jubilee's ongoing resource expansion in Zambia, the Company is
upgrading Sable to serve as a dedicated facility for processing materials from
Open-Pit mining operations, including the recently acquired Munkoyo and
Project G. The upgrade is currently in progress and is expected to be
completed during Q2 FY2026 (financial year-end 30 June 2026). The successful
acquisition of these targeted resources has enabled Jubilee to transform Sable
into a specialised refiner focused on shallow Open-Pit mining operations.
Project Munkoyo
The Munkoyo operations remained largely unaffected by power challenges
allowing the project to continue with its development. The project targets to
mine on a sustained basis both high-grade copper ROM exceeding 8 500tpm as
well as a lower grade ROM material of approximately 75 000tpm. The high-grade
ROM material exceeding 2.0% Cu is directly transported to Sable Refinery. The
remaining lower grade ROM material with an approximate grade of 0.7% Cu is
currently stockpiled for future on-site upgrading prior to refining. The
low-grade stockpile has already reached approximately 1Mt at surface. An
on-site leaching process targeting all of the ROM material mined at Munkoyo
has been developed by Jubilee's technical team with both laboratory as well
pilot trials completed confirming the viability of the process.
The pilot-scale leach trials of Munkoyo material, initiated in December 2024,
have delivered exceptional results, demonstrating significantly reduced acid
consumption rates for copper extraction and the potential to considerably
reduce the required operating footprint.
Implementation of the leach solution will be accelerated, with final design
and capital estimates expected shortly for capital review as part of the
FY2026 budget. Based on pilot run results, a modest order of magnitude capital
investment for the first processing module (60 tonnes per hour feed rate) of
approximately US$6.5 million is required at Munkoyo, with most equipment
sourced locally to avoid long lead times. Two processing modules in envisaged
at Munkoyo. Further details will be provided as soon as possible.
Large Scale Waste Rock Project
We had hoped to conclude this transaction during March, but with our focus on
restoring operating capacity at Roan, we have opted to push back a decision to
mid-May 2025. The project targets to bring to value the approximate 260
million tonnes of previously mined low-grade stockpiled material.
Jubilee's due diligence studies have progressed well and will be used to
inform the contractual decision on whether to acquire the asset. The balance
of the acquisition value of approximately US$11.5 million is payable over a
period of 12 months from the date of the decision to acquire the asset.
Jubilee has held extensive engagements with numerous interested parties on the
best way to monetise the project. The project has attracted keen interest from
both metal offtake backed funding as well as large multi-national copper
producing entities interested to partner on the potential project. Previous
partnership agreement with Jubilee on this project has lapsed offering Jubilee
the full flexibility to more optimally structure such potential partnership
agreements better informed by the outcome of the due diligence work
undertaken. An update will be given in the Zambia operational update targeted
for the end of April 2025.
Operational review - South Africa
The Company continues to experience growth in its South African operations,
which are now well-established and delivering consistently strong results.
Chrome operations increased output to 974 659t for H1 FY2025 on the back of
increased processing capacities in partnership with the resource owners,
while PGM production benefited from the stable supply of feed from the chrome
operations to produce 18 435oz.
Construction and commissioning of the two new chrome processing modules at
Thutse, was successfully completed and commissioned contributing to the record
production achieved over the past period.
KEY OPERATIONAL AND FINANCIAL NUMBERS
Unit Unaudited Unaudited H1 FY2024 % change Audited FY2024
H1 FY2025
GROUP
Revenue US$'000 141 477 93 682 51.0% 205 404
Gross profit US$'000 20 791 17 547 18.5% 35 979
Gross profit percentage % 14.7% 18.7% (21.4%) 17.5%
EBITDA US$'000 13 627 14 615 (6.8%) 27 718
COPPER
Revenue US$'000 8 271 7 874 5.0% 18 488
Gross profit * US$'000 325 2 492 (87.0%) 7 089
Gross profit percentage * % 3.9% 31.7% (87.7%) 38.3%
EBITDA US$'000 (750) 3 672 (120.4%) 7 106
Tonnes produced t 1 454 1 683 (13.6%) 3 422
Tonnes sold t 1 336 1 182 13.0% 2 655
Revenue per tonne ** US$/t 6 191 6 663 (7.1%) 6 964
Cost per tonne * US$/t 5 948 4 554 30.6% 4 294
Gross profit US$/t 243 2 109 (88.5%) 2 670
CHROME
Revenue US$'000 114 467 65 141 75.7% 150 176
Gross profit US$'000 13 089 9 986 31.1% 17 955
Gross profit percentage % 11.4% 15.3% (25.5%) 12.0%
EBITDA US$'000 13 498 10 056 34.2% 17 847
Tonnes produced*** t 974 659 718 189 35.7% 1 548 205
Tonnes sold t 1 028 157 721 974 42.4% 1 569 817
Revenue per tonne US$/t 111 90 23.3% 96
Cost per tonne US$/t 99 76 30.3% 84
Gross profit US$/t 12 14 (14.3%) 12
PGM
Revenue US$'000 18 739 20 667 (9.3%) 36 740
Gross profit US$'000 7 377 5 069 45.5% 10 935
Gross profit percentage % 39.4% 24.5% 60.8% 29.8%
EBITDA US$'000 3 028 2 123 42.6% 6 719
Ounces produced and sold oz 18 435 20 244 (8.9%) 36 411
Revenue per ounce US$/oz 1 016 1 021 (0.5%) 1 009
Cost per ounce**** US$/oz 616 771 (20.1%) 709
Gross profit US$/oz 400 250 60.0% 300
* Copper cost of production was higher due mainly to a once off contractual
adjustment of US$0.8 million to the price of copper ore purchased. (When
excluded copper gross profit reached US$1.2 million, gross profit percentage
14.0% and copper EBITDA US$0.1 million).
** Copper unit revenue per tonne decreased due mainly to an increased
proportion of copper units sold as copper concentrate versus copper cathode.
The copper units in concentrate are sold at a percentage discounted below the
LME copper price which has the effect of lowering the average traded copper
price.
*** Inclusive of 100% of production declared from operations in partnership
with the resource owners.
**** Inclusive of the reallocation of operating cost to the chrome operations.
Financial overview
Exchange rates and their impact on results
Jubilee subsidiaries are incorporated in multiple jurisdictions including
South Africa (ZAR), Zambia (ZMW), Mauritius (US$), the United Kingdom (£/GBP)
and Australia (AUD). The Group's operating subsidiaries are in South Africa
and Zambia where revenue is invoiced in US$ and recorded in ZAR and ZMW,
respectively. Costs incurred in South Africa are in ZAR. Costs incurred in
Zambia are in both ZMW and US$. The functional currency for South Africa is
ZAR and for Zambia it is ZMW, while the Group's reporting currency is US
Dollars (US$).
Period-on-period changes in the currency rates, respectively, must be
considered when comparing period-on-period results. During the period under
review, spot and average exchange rates moved as illustrated below.
SPOT H1 FY2025 H1 FY2024 % change
US$/GBP 0.80 0.79 1.3%
US$/ZAR 18.82 18.28 3.0%
US$/ZMW 27.85 25.76 8.1%
AVERAGE H1 FY2025 H1 FY2024 % change
US$/GBP 0.77 0.80 (3.8%)
US$/ZAR 17.92 18.68 (4.1%)
US$/ZMW 26.48 21.30 24.3%
Risks and opportunities
The nature of Jubilee's operations together with factors and events in the
external environment, expose our business to risks and opportunities that can
impact Jubilee's ability to generate sustainable value for shareholders and
other stakeholders. A list of these risks can be found on pages 21 to 26 of
the 2024 Integrated Annual Report which is available on the Jubilee website.
Revenue
Revenue for the period increased by 51.0% to US$141.5 million (H1 FY2024:
US$93.7 million) mainly driven by increased chrome concentrate sales by 42.4%
from H1 FY2024 to 721 974t in H1 FY2024 and a 23.3% increase in the US$ chrome
price per tonne achieved. Chrome revenue contributed 80.9% (FY2024: 69.5%) to
total Group revenue. PGM revenue decreased by 9.3% with PGM basket prices
regressing by 1.4% to US$1 352/oz. Copper units revenue increased by 5.0% to
US$8.3 million (H1 FY2024: US$7.9 million) mainly attributable to a 13.1%
increase in copper unit tonnes sold.
Cost of production
Cost of production increased by 58.6% to US$120.7 million (H1 FY2024:
US$76.1million). Cost of production for the chrome and PGM operations in South
Africa contributed 93.4% of the Group's cost of production amounting to
US$112.7million (H1 FY2024: US$70.8million).
The main categories of cost of production for chrome and PGM operations
include:
§ Electricity costs increased by 19.1% in South Africa to US$2.5 million (H1
FY2024: US$2.1million) due to tariff increases, higher production and diesel
generation costs to counter the power challenges in South Africa
§ Salaries and wages increased by 32.0% to US$6.6 million (H1 FY2024: US$5.0
million) contributing 5.5% of the Group's total cost of production (H1 FY2024:
7.0%). Chrome operations have expanded resulting in increased salaries and
wages
§ Mining and processing costs increased by 62.8% to US$103.7 million (H1
FY2024: US$63.7 million), mainly driven by a 29.2% increase in run-of-mine
(ROM) and tailings costs as the chrome operations expanded into own-sourced
material during the period under review. ROM and tailings costs contributed
56.9% of the Group's total cost of production (H1 FY2024: 70.1%).
Cost of production for the Zambian operations increased by 46.3% to US$7.9
million (H1 FY2024: US$5.4 million). The Zambian operations contributed 6.6%
of the Group's cost of production.
Other operating costs
Other operating expenses increased by 20.3% to US$15.4 million (H1 FY2024:
US$12.8 million) due mainly to a share-based payment charge of US$0.8 million
relating to share options (H1 FY2024: US$ Nil) and a net realised foreign
exchange loss on foreign exchange and copper hedging of US$0.6 million.
Finance cost
Finance cost increased 30.8% to US$5.1 million (H1 FY2024: US$3.9 million).
The increase is due mainly to an increase in working capital facilities to
secure ROM to feed the new production facilities at Thutse.
Profit after tax
Profit after tax was down 54.4% and impacted mainly by:
§ contractual price adjustments on the cost of copper ore (US$0.8 million);
§ contractual adjustments on sulphide concentrate prices received (US$0.6
million);
§ lower copper production (down 13.6%) due to nationwide power outages
experienced in Zambia during Q2 FY2025;
§ 25.4% decrease in chrome margin due mainly to chrome prices retreating in
Q2 FY2025 as well as increased cost of production for chrome following two new
chrome projects coming into operation during Q2
FY2025;
§ lower PGM production (down 8.9%);
§ increase in corporate costs due mainly to a share-based payment charge
(US$0.8 million relating to deferred share option grants); and
§ net realised foreign exchange loss on foreign exchange and copper hedging
during H1 FY2025 (US$0.6 million).
Capital expenditure
The Group invested US$25.4 million (H1 FY2024: US$16.8 million) in the
expansion of its copper and chrome operations.
Cash and debt facilities
At that date, the Group had cash and cash equivalents of US$8.4 million
(FY2024: US$19.3 million) and net debt of US$40.3 million (FY2024: US$31.2
million). Included in net debt are banking facilities of US$34.5 million
(FY2024: US$21.8 million) that mature within 12 months of the period ending
December 2024 (refer to note 5 to the financial statements).
United Kingdom
31 March 2025
For further information visit www.jubileemetalsgroup.com
(http://www.jubileemetalsgroup.com) , follow Jubilee on Twitter
(@Jubilee_Metals) or contact:
Jubilee Metals Group PLC
Leon Coetzer (CEO) / Jonathan Morley-Kirk (FD)
Tel: +27 (0) 11 465 1913 / Tel: +44 (0) 7797 775546
Nominated Adviser - SPARK Advisory Partners Limited
Andrew Emmott/James Keeshan
Tel: +44 (0) 20 3368 3555
PR & IR Adviser - Tavistock
Jos Simson/ Gareth Tredway
Tel: +44 (0) 207 920 3150
Joint Broker - RBC Capital Markets
Farid Dadashev/Jamil Miah
Tel +44 (0) 20 7653 4000
Joint Broker - Zeus Capital
Harry Ansell/Katy Mitchell
Tel: +44 (0) 20 7220 1670/+44 (0) 113 394 6618
JSE Sponsor - Questco Corporate Advisory Proprietary Limited
Alison McLaren
Tel: +27 63 482 3802
UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2024
Consolidated statements of comprehensive income for the six months ended 31
December 2024
Unaudited Unaudited (Restated) Audited
Figures in US Dollars ('000) Notes H1 FY2025 H1 FY2024 FY2024
Revenue 141 477 93 682 205 404
Cost of sales (120 686) (76 135) (169 425)
Gross profit 20 791 17 547 35 979
Operating costs (15 430) (12 778) (24 194)
Operating profit 5 361 4 769 11 785
Investment income 552 1 032 2 050
Fair value adjustments 708 3 604 3 640
Finance costs (5 097) (3 920) (8 833)
Profit before taxation 1 524 5 485 8 642
Taxation 976 (7) (2 254)
Profit for the period 2 500 5 478 6 388
Attributable to:
Owners of the Parent 2 196 5 496 5 955
Non-controlling interest 304 (18) 433
Profit for the period 2 500 5 478 6 388
Reconciliation of other comprehensive loss:
Other comprehensive loss
Profit for the period 2 500 5 478 6 388
Loss on translation of foreign subsidiaries (18 938) (35 042) (26 486)
Total other comprehensive loss (16 438) (29 564) (20 098)
Attributable to:
Owners of the Parent (16 532) (29 404) (20 457)
Non-controlling interest 94 (160) 359
Total other comprehensive loss (16 438) (29 564) (20 098)
Weighted average number of shares ('000) 3 006 403 2 687 683 2 856 010
Earnings per share (pence) 3 0.07 0.20 0.21
Diluted earnings for the period 2 196 5 496 5 955
Diluted weighted average number of shares ('000) 3 067 775 2 733 244 2 927 068
Diluted earnings per share (pence) 3 0.05 0.20 0.20
Consolidated statements of financial position as at 31 December 2024
Unaudited Unaudited Audited
Figures in US Dollars ('000) Notes (Restated)
H1 FY2025 H1 FY 2024 FY2024
Assets
Non-current assets
Property, plant and equipment 108 539 96 640 114 521
Intangible assets 104 970 98 851 106 653
Other financial assets 20 188 18 570 19 102
Non-current inventory 16 251 16 802 17 015
Deferred tax 7 762 6 091 6 014
Total non-current assets 257 710 236 954 263 305
Current assets
Derivative financial instruments - - 552
Inventories 38 292 41 662 32 329
Other financial assets 428 441 -
Current tax 587 1 023 1 134
Trade and other receivables 64 742 45 642 64 305
Contract assets 56 617 22 102 33 013
Cash and cash equivalents 8 370 6 316 19 323
Total current assets 169 036 117 186 150 656
Total assets 426 746 354 140 413 961
Equity and liabilities
Share capital 8 265 500 246 783 264 953
Reserves (69 481) (60 057) (50 850)
Retained income 42 561 39 907 40 365
Total equity before non-controlling interest 238 580 226 633 254 468
Non-controlling interest 4 590 3 885 4 496
Total equity 243 170 230 518 258 964
Non-current liabilities
Lease liability 2 761 3 462 2 520
Deferred tax liability 17 771 15 033 18 209
Long-term provisions 804 796 933
Total non-current liabilities 21 336 19 291 21 662
Current liabilities
Other financial liabilities 2 140 - 4 751
Trade and other payables 120 988 70 334 74 791
Contract liabilities - 6 382 25 762
Banking facilities 5 34 532 21 758 23 312
Current tax payable 3 734 5 857 4 058
Lease liabilities 846 - 661
Total current liabilities 162 240 104 331 133 335
Total liabilities 183 576 123 622 154 997
Total equity and liabilities 426 746 354 140 413 961
Consolidated statements of changes in equity as at 31 December 2024
Figures in US Dollars ('000) Share capital Merger reserve Share-based payment reserve Currency translation reserve Total reserves Retained earnings Total attributable to Parent of equity holders Non-controlling interest Total equity
Balance at 30 June 2023 (Restated) 246 783 36 827 5 098 (67 983) (26 058) 34 410 255 135 4 046 259 181
Changes in equity
Profit for the period - - - - - 5 955 5 955 433 6 388
Other comprehensive loss - - - (26 412) (26 412) - (26 412) (73) (26 485)
Total comprehensive (loss)/income for the year - - - (26 412) (26 412) 5 955 (20 457) 359 (20 098)
Issue of share capital net of costs 17 704 - - - - - 17 704 - 17 704
Share warrants exercised 64 - (64) - (64) - - - -
Share warrants issued - - 465 - 465 - 465 - 465
Share options exercised/lapsed 402 - (402) - (402) - - - -
Share options issued - - 1 621 - 1 621 - 1 621 - 1 621
Business Combination - - - - - - - 91 91
Total changes 18 170 - 1 620 (26 412) (24 792) 5 955 (667) 450 (217)
Balance as at 1 July 2024 264 953 36 827 6 718 (94 395) (50 850) 40 365 254 468 4 496 258 964
Profit for the period - - - - - 2 196 2 196 304 2 500
Other comprehensive loss - - - (18 728) (18 728) - (18 728) (210) (18 938)
Total comprehensive (loss)/income for the period - - - (18 728) (18 728) 2 196 (16 532) 94 (16 438)
Shares repurchased (395) - - - - - (395) - (395)
Share warrants exercised 384 - (111) - (111) - 273 - 273
Share options issued - - 780 - 780 - 780 - 780
Share options exercised/lapsed 558 - (524) - (524) - 34 - 34
Share options settled - - (48) - (48) - (48) - (48)
Total changes 547 - 98 (18 728) (18 631) 2 196 (15 888) 94 (15 794)
Balance as at 31 December 2024 265 500 36 827 6 815 (113 123) (69 481) 42 561 238 580 4 590 243 170
§ 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.
Consolidated statements of cash flow for the six months ended 31 December 2024
Unaudited Unaudited (Restated) Audited
Figures in US Dollars ('000) H1 FY2025 H1 FY2024 FY2024
Cash flow from operating activities
Profit before taxation 1 524 5 485 8 642
Adjustments for:
Depreciation and amortisation 7 559 6 242 12 293
Investment income (552) (1 032) (2 050)
Finance cost 5 097 3 920 8 833
Share-based payments 756 - 2 084
Fair value adjustments (98) (3 604) (3 640)
Other movements (128) (391) (788)
Effect of exchange rate movement on cash balances 298 (700) (970)
Changes in working capital
Inventories (5 962) 3 299 12 913
Trade and other receivables (25 071) (5 674) (34 900)
Trade and other payables 20 437 781 25 040
Cash generated from operations 3 860 8 326 27 457
Investment income 552 1 032 2 050
Finance cost (5 097) (3 920) (8 833)
Taxation paid (888) (2 055) (3 040)
Net cash (used in)/generated from operating activities (1 573) 3 383 17 634
Cash flow from investing activities
Purchase of property, plant and equipment (11 242) (13 005) (29 060)
Purchase of intangible assets (4 877) (3 842) (9 801)
Increase in other financial assets (1 702) - (764)
Sale of non-current inventory - 391 -
Business combination - - (250)
Net cash used in investing activities (17 821) (16 456) (39 875)
Cash flow from financing activities
Proceeds from share issues net of costs 307 - 16 213
Repurchase of shares (396) - -
Proceeds from revolving credit facilities 11 220 3 717 5 369
Decrease in other financial liabilities (2 612) - 4 751
Lease payments (410) (218) (491)
Net cash generated from financing activities 8 109 3 499 25 842
Net (decrease)/increase in cash and cash equivalents (11 285) (9 574) 3 601
Cash and cash equivalents at the beginning of the period 19 323 15 949 15 949
Effect of foreign exchange on cash and cash equivalents 332 (60) (227)
Cash and cash equivalents at the end of the period 8 370 6 315 19 323
NOTES TO THE UNAUDITED INTERIM RESULTS
1. Basis of preparation
The Group's unaudited interim results for the six months ended 31 December
2024 have been prepared using the accounting policies applied by the Company
in compiling its 30 June 2024 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
§ Listings Requirements of the JSE Limited (JSE)
§ Alternative Investment Market (AIM) rules of the London Stock Exchange
§ Companies Act 2006 (UK)
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 2024 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 2024 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. Change in presentation currency
The Group has changed its presentation currency for financial results from GBP
to US$ effective from the 2024 financial year end. The rationale for the
change is to present the Group's results in US$ to align with industry norm
and to assist with comparability of financial information. The majority of the
Group's revenues are also recognised in US$. This change in presentation
currency constitutes a voluntary change in accounting policy under IAS 8,
Accounting Policies, Changes in Accounting Estimates and Errors. Consequently,
the change requires a restatement of comparative figures. The comparative
figures for H1 FY2024 have been restated accordingly.
Management believes that reporting in US$ provides a more relevant
representation of the Group's financial position, funding and treasury
functions, financial performance and cash flows. The functional currencies,
which are the South African Rand (ZAR) and Zambian Kwacha (ZMK), remain
unchanged as they represent the primary economic environments in which the
Group operates. Foreign exchange exposures, therefore, remain unaffected by
the change. However, the foreign currency translation reserve will now be
presented in US$ due to the difference between the functional currencies and
the Group's presentation currency.
3. Per share information
Earnings per share for the six months ended 31 December 2024:
Unaudited Unaudited (Restated) Audited
H1 FY2025 H1 FY2024 FY2024
Earnings for the period (US$'000) 2 196 5 496 5 955
Weighted average number of shares in issue ('000) 3 006 403 2 687 683 2 856 010
Diluted weighted average number of shares in issue ('000) 3 067 775 2 733 244 2 927 068
Basic earnings per share (US$ cents) 0.073 0.201 0.209
Diluted basic earnings per share (US$ cents) 0.072 0.201 0.203
Basic earnings per share (pence) 0.057 0.155 0.166
Diluted basic earnings per share (pence) 0.055 0.156 0.162
There have been no other transactions involving ordinary shares or potential
ordinary shares between the reporting date and the date of these financial
statements. There were no share transactions post year end to the date of this
report that could have impacted earnings per share had it occurred before year
end.
The Group reported a net asset value of US$8.07 cents (6.34 pence) per share
(H1 FY2024: US$6.09 cents (4.82 pence) per share) and a net tangible asset
value of US$4.59 cents (3.60 pence) per share (H1 FY2024: US$3.48 cents (2.76
pence) per share). The total number of shares in issue as at 31 December 2024
was 3 013 865 822 (H1 FY2024: 2 974 493 617).
4. Dividend per share
No dividends were declared during the period under review (H1 FY2024: Nil).
5. Banking Facilities
Figures in United States Dollars
(US$'000) H1 FY2025
H1 FY2024 FY2024
(Restated) Audited
Revolving credit facilities - ABSA Bank Limited 23 844 21 758 21 651
Jubilee has a revolving credit facility (RCF) with ABSA Bank (South Africa)
Limited in the amount of US$16.5million.
The RCF is secured as follows:
§ PLC corporate guarantee security cession and pledge over the issued capital
and assets of certain South African Jubilee subsidiaries.
§ Parent Shareholder Pledge and Cession from Jubilee including all
shareholder loan claims and related rights.
§ General Notarial Bond registered over relevant assets of Windsor SA, a
wholly owned subsidiary of Jubilee.
The RCF is available for a period of 12 months and can be extended for a
further 12 months by mutual agreement. The RCF bears interest rate at the
aggregate of JIBAR plus a margin of 2.8%. At the period end the RCF was fully
drawn. Interest in an amount of US$1.1 million (H1 FY2024: US$0.8 million) was
charged to profit or loss for the period under review.
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, no pledge and subordination from Jubilee including
all shareholder loan claims and related rights. The RCF is available for a
period of 12 months and can be extended for a further 12 months by mutual
agreement. 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. At the period end Jubilee has drawn down
US$7.5 million. Interest in an amount of US$0.1 million (H1 FY2024: US$0.1
million) was charged to profit or loss for the period under review.
General Banking Facility - First Rand Bank Limited 10 688 - 1 661
Jubilee through its wholly owned subsidiary Jubilee Treasury Management
Services, has a general banking facility agreement (GBF) with First Rand Bank
Limited. The facility includes:
§ A demand overdraft facility of US$11 million with a 12-month tenure from
the available date of 6 June 2024 and subject to terms and conditions normal
for this type of facility;
§ A US$3.3 million commodity hedging facility subject to terms and conditions
normal for this type of facility; a US$5.0 million facility for forward
exchange contracts subject to terms and conditions normal for this type of
facility. The hedging facilities were closed out by the end of November 2024.
No open positions on hedges existed as at 31 December 2024.
The GBF is used to provide general banking treasury services to the Group
companies to simplify banking relationships and to consolidate facilities.
Interest of US$0.4 million (H1 FY2024 US$ Nil) on the demand overdraft
facility was recognised in profit or loss for the period under review. The
total GBF is subject to a guarantee in favour of First Rand Bank Limited by
Jubilee. Interest is payable at First Rand Bank Limited's prime overdraft rate
minus 45 basis points.
Total Banking Facilities 34 532 21 758 23 312
Financial covenants
The financial covenants listed below are in place for the following
facilities:
· The net debt-to-EBITDA ratio must be less than
2.25:1 - ABSA facilities
· The interest cover ratio must be greater than 4
times - ABSA facilities.
· The net debt-to-EBITDA ratio must be less than
3:1 - RMB facilities
6. Commitments
The Group had no material contingent liabilities in the current or prior
reporting period. The Group had contracted outstanding open orders at period
end of US$3.5 million (FY2024: US$8.1 million). Outstanding orders in the
current reporting period related primarily to the Thutse construction.
The Group had the following parent guarantees in place at the period end:
· US$35.5 million in favour of Tennant Metals Corporation
for metal trade financing facilities;
· US$24.0 million in favour of ABSA Bank Limited for
revolving credit facilities; and
· US$11.0 million in favour of First Rand Bank Limited for
general banking facilities.
Operating lease commitments, which fall due within the next financial year,
amounted to US$0.8 million (FY2024: US$.6 million).
7. Business segments
Management presents the following segmental information:
· Chrome and PGM - the processing of chrome and PGM containing material
· Copper - the processing of copper containing material
· Other - exploration assets and corporate overheads
The Group's operations span five countries: South Africa, Australia,
Mauritius, Zambia and the United Kingdom. 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 2024
Figures in US Dollars ('000) Copper Chrome and PGM Other Total
Total assets 120 625 234 651 71 470 426 746
Total liabilities 34 190 118 936 30 450 183 576
Total revenue 8 271 133 206 - 141 477
Gross profit 325 20 466 - 20 791
Depreciation and amortisation (1 903) (5 358) (298) (7 559)
Operating expenses (1 075) (3 939) (2 857) (7 871)
Operating profit (2 653) 11 169 (3 155) 5 361
Investment revenue - 91 461 552
Fair value adjustments - - 708 708
Finance costs (832) (3 224) (1 041) (5 097)
(Loss)/profit before taxation (3 485) 8 036 (3 027) 1 524
Taxation 2 434 (1 737) 279 976
(Loss)/profit after taxation (1 051) 6 299 (2 748) 2 500
Segment report for the six months ended 31 December 2023 (Restated)
Figures in US Dollars ('000) Copper Chrome and PGM Other Total
Total assets 96 985 187 831 69 324 354 140
Total liabilities 34 020 81 529 8 073 123 622
Total revenue 7 874 85 808 - 93 682
Gross profit 2 492 15 055 - 17 547
Depreciation and amortisation (721) (5 260) (261) (6 242)
Operating expenses (2 334) (2 875) (1 326) (6 535)
Operating (loss)/profit (563) 6 919 (1 587) 4 769
Investment revenue - 458 574 1 032
Fair value adjustments - - 3 604 3 604
Finance costs (838) (3 082) (3 920)
(Loss)/profit before taxation (1 401) 4 295 2 591 5 485
Taxation 1 777 (1 675) (109) (7)
Profit after taxation 376 2 620 2 482 5 478
Segment report for the year ended 30 June 2024
Figures in US Dollars ('000) Copper Chrome and PGM Other Total
Total Assets 122 696 216 922 74 343 413 961
Total Liabilities 33 975 106 043 14 979 154 997
Revenue 18 488 186 916 - 205 404
Gross Profit 7 089 28 890 - 35 979
Depreciation and Amortisation (1 438) (10 330) (525) (12 293)
Operating Expenses (3 533) (4 324) (4 044) (11 901)
Operating Profit 2 118 14 236 (4 569) 11 785
Investment revenue - 889 1 162 2 051
Fair value adjustments 3 550 - 90 3 640
Finance costs (1 487) (7 022) (324) (8 833)
Profit before taxation 4 181 8 103 (3 641) 8 643
Taxation 887 (2 999) (143) (2 255)
Profit/(loss) after taxation 5 068 5 104 (3 784 ) 6 388
8. Share capital and warrants
The share capital of the Company is divided into an unlimited number of
ordinary shares of £0.01 each.
Figures in US Dollars ('000) Unaudited Unaudited (Restated) Audited
H1 FY2025 H1 FY2024 FY2024
Ordinary shares (US$) 42 376 38 876 42 272
Share premium 223 124 207 907 222 681
Total issued capital 265 500 246 783 264 953
The Company issued the following ordinary shares during the period:
Number of shares ('000) Issue price Purpose
(pence)
Opening balance at 1 July 2024 3 005 659 155
Issued on 19 November 2024 4 750 000 4.0 Warrants
Issued on 19 November 2024 750 000 3.4 Warrants
Issued on 16 December 2024 2 706 667 1.0 Options
Shares in issue at the last practicable date 3 013 865 822
9. Warrants
At the period-end and at the date of this report, the Company had the
following warrants outstanding:
Issue Share price at issue date
Issue date Number of price Expiry (pence)
warrants (pence) date
21 January 2021 4 036 431 13.0 21 January 2026 13.20
7 December 2023 22 279 492 5.2 7 December 2025 5.20
Total 26 315 923
10. Going concern
The consolidated 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 Group recorded a net profit after tax for H1 FY2025 of US$2.5 million
for (H1 FY2024: US$5.5 million). At that date, the Group had cash and cash
equivalents of US$8.4 million (FY2024: US$19.3 million) and net debt of
US$31.9 million (FY2024: US$11.9million).
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
2024. In their assessment, the Group has taken into account 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 material 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$34.5 million that
mature within 12 months of the period ending December 2024 (refer to note 5 to
the financial statements). The Company holds a track record of renewing
successfully the banking facilities and has commenced the process of renewal.
§ Zambia has experienced recently a national power crisis impacting the
Zambian operations to operate continuously. This crisis was caused mainly by
the severe drought affecting the ability to generate power from the reliance
on hydropower stations. The Company has taken steps successfully to ameliorate
the impact of future power disruptions.
§ The average price of chrome depreciated by 34% during H1 FY2025. It is a
highly volatile market. There are no effective forward prices or hedging
products available in this market. This pricing volatility only impacts the
portion of chrome production stemming from third party ROM acquisitions.
Management holds the ability to react quickly to such volatile market
conditions both to benefit from increasing prices as well as protection
offered through the fixed margin contracts
In the opinion of the Directors, the Group will be in a position to continue
to meet its obligations as and when they fall due for at least twelve months
to 31 December 2025. 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.
11. Events after the reporting date
11.1 Issue of shares
In support of Jubilee's accelerated copper production strategy in Zambia,
Jubilee has prioritised the processing of new higher-grade copper feed
material and invested into securing rights to an initial 200 000t of copper
material with an expected copper content of approximately 1.6% Cu, which is
available immediately for processing at Roan.
The purchase price of the copper material was settled through a part payment
by Jubilee's Zambian operations and through a payment of US$2.70 million
(£2.17 million) settled through the issuance of 51 774 429 new Jubilee
ordinary shares (Shares) at a price of 4.20 pence per share on 12 February
2025. The shares are subject to lock in provisions normal for a transaction of
this nature.
11.2 Power constraints in Zambia
The Group suffered power constraints in Zambia during January and February
2025. This impacted significantly on production at Roan, but not at Sable or
Munkoyo. The power challenges have subsequently been satisfactorily addressed
and resolved by Management.
12. Unaudited results
These interim results have not been reviewed or audited by the Group auditors.
Annexure 1
Headline earnings per share is calculated using the weighted average number of
shares in issue during the period under review and is based on earnings
attributable to ordinary shareholders, after excluding those items as required
by Circular 1/2023 issued by SAICA. In compliance with paragraph 18.19 (c) of
the JSE Listings Requirements, the table below represents the Group's headline
earnings and a reconciliation of the Group's profit reported and headline
earnings used in the calculation of headline earnings per share.
Reconciliation of headline earnings per share Unaudited Unaudited (Restated) Audited
Figures in United States Dollars ('000) H1 FY2025 H1 FY2024 FY2024
Gross Net Gross Net Gross Net
Profit attributable to ordinary equity holders of the Parent 2 196 5 496 5 955
Adjusted for:
Fair value adjustments (708) (516) (3 604) (3 604) (3 640) (3 640)
Headline earnings from continuing operations 1 680 1 892 2 315
Weighted average number of shares in issue ('000) 3 006 403 2 738 130 2 856 010
Diluted weighted average number of shares in issue ('000) 3 067 447 2 733 244 2 927 068
Headline earnings per share (US$ cents) 0.06 0.07 0.08
Headline earnings per share (ZAR cents) 1.00 1.29 1.52
Diluted headline earnings per share (US$ cents) 0.06 0.07 0.08
Diluted headline earnings per share (ZAR cents) 0.98 1.29 1.48
Average conversion rate used for the period under review ZAR/US$ 17.92 18.63 18.70
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