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Zambia Projects update High grade copper resource acquisition supported by equity
Jubilee Metals Group Plc
Registration number (4459850)
AIM share code: JLP
Altx share code: JBL
ISIN: GB0031852162
('Jubilee' or 'Company' or 'Group')
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Zambia Projects update
High grade copper resource acquisition supported by equity
Jubilee, a diversified metals producer with operations in South Africa and Zambia, announces
progress on restarting its Roan operations following stable power delivery, as well as the
processing of new higher-grade copper feed material, in order to accelerate the production of
copper.
As announced on 20 January 2025, Jubilee has 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 support of the Company's accelerated copper production strategy Jubilee has prioritised the
processing of new higher-grade copper feed material while reviewing the option to trade, where
appropriate, a portion of the vast quantity of surplus lower grade stocks it currently holds and
that do not form part of the Company's short to medium term production plans.
The Roan operations offer the unique ability to process simultaneously both high-grade mined
material as well as previously processed tailings materials. This affords Jubilee the ability to
significantly enhance its copper production at increased operating margins and recoup some of
the lost production time.
In support of this strategy Jubilee has agreed to invest into securing rights to an initial 200 000
tonnes of copper material with an expected copper content of approximately 1.6% copper, which
is available immediately for processing at Roan, which is equivalent to more than double the
waste material currently being processed. Jubilee holds the option to increase the initial 200 000
allocation of copper material with the potential to secure a long-term feed supply of this high
grade material.
Highlights:
• Jubilee implements strategy to accelerate copper production on the back of stable power
and secured new high grade copper material at an expected feed grade of approximately
1.6% copper. The present copper content of processed material is c. 0.7%.
• Roan holds the capacity to process up to 45 000 tonnes per month if all capacity is
dedicated to the new high grade copper material, following the successful ramp-up of
operations during November 2024. Initially 30 000 tonnes per month of Roan's capacity
will be allocate to this high grade material.
• Roan will commence processing of the new high grade material within the next week.
• The Company is evaluating the potential to operate Roan on this higher grade material at
full production of 45 000 tonnes per month for an extended period exceeding 3 years.
• Under the terms of the agreements the copper material is settled through a part payment
by Jubilee's Zambian operations and a payment of US$2.70 million (£2.17 million) to be
settled through the issuance of 51 774 429 new Jubilee ordinary shares (Shares) at a price
of 4.20 pence per share, subject to lock in provisions of up to 180 days.
• In addition, Jubilee is concluding final details of the due diligence on the Large Waste
Project with expected conclusion of the transaction as per the terms of the agreement
during March 2025.
Statement from Leon Coetzer, Jubilee CEO:
"Our years of investment to transform the Roan concentrator to a position that allows it to
uniquely process both run-of-mine and waste copper material simultaneously, is once again
vindicated by the ability to opportunistically secure high grade adjacent resources. These high
grade resources have already been tested within our facility confirming its quality and
metallurgical performance.
While the downtime experienced due to the power outages at Roan had a material negative
impact on our production over the past couple of months, the Jubilee team has demonstrated
their ability to immediately react to the challenges faced. We have secured a stable power supply
which has allowed us to bring Roan back into operation and have secured higher grade material
which provides an immediate opportunity to recoup part of the lost production and enhance cash
flows within a short period of time.
The investment support from Jubilee to its Zambian operations ensures that we capture this
opportunity and increase our copper production as we accelerate our Zambia operations'
recovery from the operational interruptions.
Our Zambian copper strategy remains robust on the back of a vast resource base of copper
material already at surface together with two operating Open-Pit mining operations and a fully
operational processing and refining footprint. We are reviewing several opportunities to
liquidate for value certain of the non-core lower grade assets.
Copper guidance will be reviewed following a four to six week operational run on the new
material."
Admission and total voting rights
The Shares are expected to be admitted to trading on AIM and listed on the Altx of the JSE Limited
on or around 12 February 2025 (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 Shares, will be 3 065 640 251 ordinary
shares. As 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.
06 February 2025
For further information visit 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
About Jubilee Metals Group Plc
Jubilee is a low-cost, diversified producer, specialising in the recovery and processing of metals
from previously overlooked resources, such as unprocessed historical waste rock, run-of-mine
materials and tailings in Zambia and South Africa. 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 Jubilee's
operational footprint in Zambia and South Africa. Jubilee's success is derived from operational
and technical excellence, an experienced management team and a pioneering Technical
Development Centre.
Date: 06-02-2025 09:00:00
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