REG - Jubilee Metals Group - Roan Upgrade Project Commences Operations

Jubilee MetalsAnnouncement

08/08/2024 07:30

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240808:nRSH6345Za&default-theme=true

RNS Number : 6345Z  Jubilee Metals Group PLC  08 August 2024

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
distribution in whole or in part in, into or from any jurisdiction where to do
so would constitute a violation of the relevant laws or regulations of such
jurisdiction.

Roan Upgrade Project Commences Operations

Jubilee, a diversified metals producer with operations in South Africa and
Zambia, is pleased to announce the commencement of operations at its Roan
Upgrade project in Zambia. The commencement of the newly constructed front-end
section of the Roan operation adds additional processing capacity and
flexibility to the already operating Roan milling and flotation sections.

Highlights

·    Jubilee commences operations at its newly constructed Roan front-end
upgrade project.

·    Roan's new front-end capacity has been constructed adjacent to  the
already operating milling and flotation circuits increasing the overall
capacity of Roan to a maximum design of 13 000 tonnes of copper per annum
(tpa).

·    The Roan front-end upgrade forms part of Jubilee's overall
operational capacity increase strategy which includes the Sable refinery
upgrade project currently underway, targeting to reach a combined processing
capacity of 25 000tpa of copper over the coming 12 months.

Leon Coetzer, CEO commented:

"We are proud to announce that the Roan front-end module upgrade project in
Zambia has commenced production ramp-up of previously mined material, which
has been upgraded at source, prior to producing a saleable copper concentrate
at Roan.

It has taken a concerted effort by the team to reach this critical point in
the ramp-up of the Roan Upgrade project. I look forward to the team completing
an accelerated ramp-up of operations during the coming month.

The upgraded Roan, together with our Sable refinery, offers Jubilee tremendous
processing flexibility and affords us the unique opportunity to aggressively
pursue copper resources that are unlocked by this capability."

Zambian Copper Strategy

Jubilee's copper strategy is enabled by Jubilee's proven ability to extract
value from materials often regarded by the industry as either waste or too
complex to extract economically through the traditional methods.

The targeted copper resources are classed into three groups namely:

§ Previously Processed Material (includes tailings, partially processed
discarded low-grade materials)

§ Previously Mined Material (includes historically stockpiled low grade mined
material, over burden rock, such as the previously announced Waste Rock
Project transaction)

§ Open-pit Mining of near surface copper reef (such as the previously
announced Munkoyo operation and Project G)

All three categories are held in vast quantities within Zambia, offering
Jubilee the opportunity to further upscale its operations through targeted
acquisitions of these resources. Jubilee has actively pursued the three
material classes to grow its copper resource portfolio as an enabler to drive
the expansion of its processing operational footprint in Zambia. The success
in securing these targeted resources has afforded Jubilee the opportunity to
transition Sable into a dedicated refiner for the processing of Open-pit
Mining operations such as the recently announced Munkoyo operation, while the
upgraded Roan will process predominantly Previously Mined and Processed
Material.

At completion, an expanded Sable and Roan will operate as independent
operations. Once Sable is at full capacity supplied by Open-pit Mining
operations, Roan can sell excess concentrate in the open market. The Company
is reviewing the option of expanding the Roan operation to incorporate
downstream refining of its concentrate depending on capital allocation. The
targeted combined processing capacity of approximately 25 000tpa of copper,
is achieved by an expanded Sable at 16 000tpa in addition to Roan's expanded
capacity.

Roan Upgrade

Following the release on 24 June 2024 announcing civil and mechanical
completion on the upgrade and expansion of Roan (Roan Upgrade), the electrical
control system (ECS) has now also been successfully installed and
commissioned, allowing for the ramp up of production to commence.

The Jubilee team has begun with the feeding of Previously Mined Material into
Roan. The material is upgraded at source before being transported to Roan
where a saleable copper concentrate is produced. The copper concentrate will
initially be refined to copper cathode at Sable until such time that Sable's
capacity is fully committed to the Open-pit mined material from Munkoyo and
Project G whereafter the Roan concentrate will be traded on the open market.

This Roan Upgrade provides additional processing capacity complementing the
existing sulphide copper concentrate capacity at Roan to a combined maximum
design capacity of 13 000tpa of copper depending on the copper feed grades.

Website Updates

For more information about the sources of feed processed by Jubilee in Zambia,
please refer to the presentation uploaded on our website. Furthermore, a
second video of Project Munkoyo has been uploaded on the website showcasing
the commencement of mining operations and the establishment of facilities
during July 2024.

8 August 2024

**ENDS**

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) / Neal Reynolds (CFO)

Tel: +27 (0) 11 465 1913

 

Nominated Adviser - SPARK Advisory Partners Limited

Andrew Emmott/James Keeshan

Tel: +44 (0) 20 3368 3555

 

PR & IR Adviser - Tavistock

Jos Simson/ Gareth Tredway

Tel: +44 (0) 207 920 3150

 

Joint Broker - RBC Capital Markets

Farid Dadashev/Jamil Miah

Tel +44 (0) 20 7653 4000

 

Joint Broker - Zeus Capital

Harry Ansell/Katy Mitchell

Tel: +44 (0) 20 7220 1670/+44 (0) 113 394 6618

 

JSE Sponsor - Questco Corporate Advisory Proprietary Limited

Alison McLaren

Tel: +27 (0)11 011 9207

 

About Jubilee

Jubilee is a low-cost, diversified producer, specialising in the recovery of
metal from previously overlooked resources, such as unprocessed historical
waste rock, run-of-mine materials and tailings in South Africa and Zambia. The
Company's low-capex, modular processing facilities are deployed close to these
various types of material, producing high grade concentrates for sale or
further refining to finished metal at the Company's downstream facilities.
Production currently consists of copper, chrome and platinum group metals
(PGMs). The modular processing facilities offer a platform for growth and the
rapid expansion of its operational footprint. Jubilee's success is derived
from operational excellence, a highly experienced management team and a
pioneering Technical Development Centre.

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  MSCUBRRRSKUWRUR