REG - Jubilee Metals Group - Transaction on Surplus PGM Feed Material

Jubilee MetalsAnnouncement

09/04/2025 07:00

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RNS Number : 1926E  Jubilee Metals Group PLC  09 April 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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Jubilee executes transaction on surplus PGM feed material

Jubilee, a diversified metals processor in Africa, with copper operations in
Zambia and chrome and PGM operations in South Africa, is pleased to announce a
joint partnership agreement for its surplus PGM feed stock (Agreement) at its
operations in South Africa.

The Company initiated the process to find a partner following the surplus
surface stock of PGM bearing material created as a by-product on the back of a
sharp increase in chrome production.

In the six months to December 2024, Jubilee's chrome concentrate production
reached a record half year high, increasing by 35.7% to 974 659t (H1 FY2024:
718 189t), and is well on track to meet and exceed full year guidance of
1.65Mt.

 

Highlights

-    Jubilee agrees a joint partnership with an existing PGM producer to
process part of the Company's surplus PGM & chrome stock.

-     The surplus surface stock of PGM bearing material is driven by the
sharp increase in chrome production at Jubilee's operations reaching a record
974 659t for the six months ending 31 December 2024 (H1 FY2025).

-     Under the Agreement Jubilee is looking to commence deliveries at 18
000tpm of chrome and PGM bearing material, with the potential to increase
deliveries to 30 000tpm.

-     The increased PGM processing capacity equates to an estimated 11 500
PGM ounces per annum assuming a feed rate of 30 000tpm, which is in addition
to the Company's existing PGM processing capacity.

-      Under the terms of the Agreement, earnings generated from the
project are shared equally.

-    Jubilee has agreed to an initial Agreement term of 12 months, which the
parties may extend into a long-term agreement.

Statement from Leon Coetzer, Chief Executive Officer:

"In the first half of our current financial year, construction and
commissioning of the two new chrome processing modules at Thutse was completed
and commissioned successfully. This contributed to Jubilee's chrome operations
producing in excess of a record 950 000t of chrome concentrate over the 6
months ending December 2024.

These expanded chrome operations have contributed to an increasing PGM surface
stock produced as a by-product from the chrome operations. Our preference, as
we have indicated before, is to partner with existing PGM producers to process
this excess stock rather than investing further capital to expand our own PGM
capacity.

The Agreement we have now secured is with an operation well known to the
Jubilee team and we will work closely with them to optimise their operations
to maximise the financial return.

This transaction offers us the opportunity to immediately commence with the
processing of  our excess PGM material and has the effect of increasing our
production capacity  by as much as 32% (at a 100% level) with no additional
capital, when compared with our guidance for FY2025."

The Agreement

Jubilee's PGM feed stock has increased significantly on the back of the
expansion of its chrome operations. The PGM containing material is produced as
a by-product from the chrome operations following the recovery of chrome.
Jubilee's Inyoni PGM operations are operating at full capacity and as
previously announced, the Company has looked to form partnerships with
existing PGM producers to utilise available processing capacities.

Jubilee has entered into a joint partnership agreement with a South African
PGM producer.  Under the terms of the Agreement Jubilee will deliver chrome
and PGM feed material to the existing chrome and PGM processing facility.
Jubilee is appointed to oversee the operational and technical performance of
the processing facility and will sell the processed PGM ounces on behalf of
the partnership under an equal earnings share arrangement.

The Company is looking to commence with monthly deliveries of chrome and PGM
feed material of 18 000tpm with the ability to increase deliveries to
30 000tpm based on the technical performance of the operations.

United Kingdom

9 April 2025

 

For further information visit www.jubileemetalsgroup.com
(http://www.jubileemetalsgroup.com) , follow Jubilee on X (@Jubilee_Metals) or
contact:

Jubilee Metals Group PLC

Leon Coetzer (CEO)/Jonathan Morley-Kirk (FD)

Tel: +27 (0) 11 465 1913 / Tel: +44 (0) 7797 775546

 

Nominated Adviser - SPARK Advisory Partners Limited

Andrew Emmott/James Keeshan

Tel: +44 (0) 20 3368 3555

 

PR & IR Adviser - Tavistock

Jos Simson/Gareth Tredway

Tel: +44 (0) 207 920 3150

 

Joint Broker - 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

 

 

 

 

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