REG - Jubilee Metals Group - Zambia Operations Update and Exercise of Options

Jubilee MetalsAnnouncement

16/12/2024 07:00

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RNS Number : 1935Q  Jubilee Metals Group PLC  16 December 2024

Registration number (4459850)

AIM share code: JLP

Altx share code: JBL

ISIN: GB0031852162

Jubilee Metals Group Plc

('Jubilee' or 'the Company' or 'the Group')

 

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Zambia Power Concerns and Update on Large Waste Project

Exercise of Options

 

Zambian Power Concerns

Jubilee, a leading diversified metals processor in Africa with significant
operations in South Africa and Zambia, announces that there has been a
noticeable increase in the number of hours of production lost at its Roan
facilities, in Zambia. These have been caused by unplanned power outages
across the national grid including blackouts on the national power grid. There
is no way of knowing at this point how long these outages will continue for.
The Roan operations are more severely affected by these interruptions than the
Sable refinery due to the supply of its private electricity across the
national power grid. Munkoyo and Project G mining operations remain on target
and unaffected by the power interruptions.

The Jubilee Team is liaising closely with Zambian officials to try to manage,
as far as possible, the timings of outages and recommencements of power. This
allows for some costs to be avoided.

Given the uncertainty of power supply at present there is uncertainty whether
guidance production volumes will be met for Q2 FY2025. Further information
will be provided in due course.

Large Waste Project

Jubilee is also pleased to provide a further update to its Large Waste Project
containing in excess of 260  million tonnes of copper containing rock on
surface.

Jubilee has successfully extended the due diligence period for the project to
the end of January 2025. In addition, Jubilee was successful in securing
significantly enhanced commercial terms for the outright acquisition of the
Large Waste Rock Project. The total acquisition value of a 100% interest in
the project has been reduced to US$18 million payable over 12 months to
December 2025 (originally announced a target acquisition value of US$30
million) of which approximately US$11.5 million remains payable.  Jubilee is
on track to complete its final due diligence by end January 2025.

Exercise of Options

Jubilee also announces the issue of 2 706 667 new ordinary shares (Option
Shares), following the exercise of options. The Option Shares have been
exercised at a price of 1 pence per Option Share.

The Option Shares represent 0.09% of the enlarged issued capital of the
Company.

 

Admission and total voting rights

 

The Option Shares are expected to be admitted to trading on AIM and listed on
the Altx of the JSE Limited on or about 20 December 2024 (Admission) and will
rank pari passu with the ordinary shares of the Company in issue.

 

The Company's total issued capital, after the issue of the Option  Shares,
will be 3 013 865 822 ordinary shares. Given the Company does not hold any
shares in treasury, this figure may be used by shareholders in the Company as
the denominator for the calculations by which they will determine if they are
required to notify their interest in, or a change to their interest in, the
share capital of the Company following Admission.

 

United Kingdom

16 December 2024

 

 

For further information visit www.jubileemetalsgroup.com
(http://WWW.JUBILEEMETALSGROUP.COM) or please contact:

 

Jubilee Metals Group Plc

Leon Coetzer (CEO)/Jonny 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

 

About Jubilee Metals Plc

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 chrome, copper 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.

 

 

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