REG - Jubilee Metals Group - Q4 Operational Update - South Africa

Jubilee MetalsAnnouncement

Mon 07:00

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20250721:nRSU8265Ra&default-theme=true

RNS Number : 8265R  Jubilee Metals Group PLC  21 July 2025

Jubilee Metals Group Plc

Registration number (4459850)

AIM share code: JLP

Altx share code: JBL

ISIN: GB0031852162

('Jubilee' or 'Company' or '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.

 

Operational Update South Africa

Q4 FY2025

Jubilee, a diversified metals producer with operations in South Africa and
Zambia, today publishes its South Africa operational and project update for
the fourth quarter ended 30 June 2025 (Q4 FY2025), reflecting a strong
production performance for the financial year to June 2025. An update on the
Zambia Operations is expected to be released in August 2025.

Highlights

§ South Africa reported Lost Time Frequency Injury Rate of 1.33 (Q4 FY2024:
1.62) with no classified injuries reported.

§ Chrome concentrate production for Q4 FY2025 up 19.9% from the comparative
quarter in the previous financial year to 505 578t (Q4 FY2024: 421 698t).

§ Production for the year ended 30 June 2025 reached 1 932 798t, up 24.8%
from the comparative year (FY 2024: 1 548 205t), and exceeding revised
guidance of 1 850 000t.

§ 6E Platinum Group Metals* (PGM) production for Q4 FY2025 reached 8 973 oz,
up 14.6% from the comparative quarter a year earlier (Q4 FY2024: 7 828 oz).

§ PGM production for the year ended 30 June 2025 reached 38 579 oz, up 6.0%
 from 36 411 oz for the comparative year ended 30 June 2024, in line with
revised guidance of 38 000 oz.

§ Cessation of OBB chrome ore supply contract at end-June 2025 (equivalent to
450 000tpa of chrome) to be offset largely by increased production from Thutse
operations.

*  6E PGM - Platinum, palladium, rhodium, ruthenium, iridium and gold

South Africa production guidance for FY2026

§ Chrome concentrate Production guidance of 1.65 - 1.80Mt

§ PGM Production guidance of 36 000 - 40 000 oz

Statement from Leon Coetzer, Jubilee CEO:

"Our South African operations have produced strong production results for the
period which speaks to our deep understanding in manging the interdependency
of our chrome and PGM operations backed by the dedication of our team.

Over the past quarter we have seen large fluctuations in the price of chrome.
The Company's revenue and earnings exposure to chrome prices have
significantly increased in line with the increase in operational output with a
1% movement in chrome price now being equivalent to an approximate 4.5%
movement in the platinum price.  Since May 2025, the chrome price has
depreciated by approximately 11.4% which has been largely buffered by platinum
prices that have appreciated by nearly 33% over the same period and further
supported by the significant increase in chrome production.

As announced at the beginning of June 2025, we are finalising the sale
agreements relating to the proposed sale of the South African chrome and PGM
operations, and we remain committed to ensuring excellent operational safety
and production."

Production performance Q4 FY2025

The table below presents the unaudited operational production performance of
South Africa for Q4  FY2025 and for the financial year ending 30 June 2025:

 OPERATIONAL PERFORMANCE          Q4 FY2025  Q4       % change  FY2025      FY2024      % change

                                             FY2024
 SOUTH AFRICA
 Production
  Chrome                  tonnes  505 578    421 698  19.9%     1 932 798   1 548 205   24.8%
  PGM                     Oz      8 973      7 828    14.6%     38 579      36 411      6%

Operational Summary for Q4 FY2025

Jubilee's South African operations depend on chrome ore being delivered to the
Company's processing  facilities, from which chrome concentrate is first
extracted. The tailings resulting from this processing of chrome ore contain
commercially extractable quantities of PGMs. In essence, this makes Jubilee
first and foremost,  a chrome concentrate producer, with the benefit of PGM
production as a follow-on product. The Company has seen a sharp increase in
chrome production from third party chrome ore partnership agreements.

The cessation of the ore supply and operating contract to the OBB chrome ROM
facility in South Africa at the end of June 2025, has been largely offset by a
sharp increase in chrome production from third party chrome ore partnership
agreements. These partnership agreements offering direct exposure to chrome
prices, now contribute approximately 70% of current chrome production.

With the significant growth in the Company's chrome processing operations, the
exposure to chrome markets outweighs the exposure to PGM markets in a ratio of
approximate 4.5-to-1. This ratio suggests that a 1% downward movement in the
chrome price will require an increase of 4.5% in the platinum prices to offset
the reduced chrome earnings. Equally, a recovery in chrome prices will have a
far greater impact on the Company's earnings. Chrome markets have retracted
over the past 3 months by approximately 11.4%, driven mainly by concerns on
world demand for stainless steel which is often a lead indicator of global
growth expectations. The 33% appreciation in the platinum price has been able
 to buffer largely the expected loss in chrome earnings.

The increased production rates at the Thutse operations will offset largely
the discontinued tolling agreement which accounted for an approximate 450 000
tonnes of chrome production during the FY2025 period. Production levels are
expected to remain at approximately 1.65Mt on an annualised run rate.

The discontinuation of the OBB operating contract will have a limited impact
on the PGM production profile of Jubilee given the adequate availability of
PGM bearing feedstock.

Jubilee holds a second tolling agreement with this specific ore feed supplier,
producing 600 000tpa of chrome concentrate, which reaches maturity in February
2027.

The new PGM joint partnership announced on 9 April 2025 under an earnings
share agreement has commenced with operational trials which is ongoing under
the supervision of the Jubilee technical team. The team is working towards
enhancing the partnered processing facility to improve the final product
specifications.

 

21 July 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 - 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

 

Financial Advisor to the proposed transaction

Absa Corporate and Investment Bank, a division of Absa Bank Limited

Craig Brewer

Tel: +27 83 303 0980

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  UPDPPURUMUPAPUU