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Unaudited interim financial report for the six months ended 31 December 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')
Dissemination of a Regulatory Announcement that contains inside information according to UK
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Unaudited interim financial report for the six months ended 31 December 2025
Jubilee, the integrated copper producer and resource developer in Zambia, is pleased to announce its
unaudited interim financial report for the six months ended 31 December 2025 (H1 FY2026).
Key Highlights
Safety
• Lost Time Frequency Injury Rate (LTFIR) of 0.23, an improvement from 0.65 in H1 FY2025
Operational
• Total saleable Cu units produced, including Roan, reached 1 543t (H1 FY2025: 1 419t) an
increase of 8.7%
o Production at Roan for H1 FY2026 reached 1 246t (H1 FY2025: 457t) an increase of
172.8%*
• The upgraded Roan concentrator is fully operational targeting a throughput of 40 000tpm, from
30 000tpm currently, by end of Q4 FY2026
• Post the period end
o Settled the next stage payment towards the acquisition of the Large Waste Project of
US$2.6 million leaving a balance of US$5.4 million (total acquisition value of US$18
million)
o Secured further high-grade run-of-mine (ROM) copper ore grading approximately
1.65% Cu to the value of US$1.8 million
o Roan's performance is further strengthened by the near completion of the concentrate
dewatering system, which is expected to start treating stockpiled fines material in April
2026
- The new concentrate thickening system for the fine copper concentrate which
reduces the water content in the concentrate prior to the final new dewatering
step, was brought into operation on the 26th of March 2026
- Construction has been completed of the enlarged dewatering system with final
mechanical checks currently underway targeting commissioning of the fully
integrated system to commence on the 7th of April 2026
o Phase 1 infill drilling programme at Molefe Mine has confirmed the continuity of near-
surface copper oxide mineralisation and consistency of grades with those incorporated
in the expansion mine plan
- Results continue to demonstrate shallow, copper oxide mineralisation suitable
for processing at Jubilee's Sable Refinery with the expansion of the Molefe
Mine remaining on track to achieve 8 500tpm of Cu ore delivered to Sable
refinery by Q4 FY2026
o Phase 2 drilling programme currently under way by project partner, Galileo Resources
Plc, targeting the eastern extension to determine the full extent of the mineralised zone
* References to % movements throughout this announcement are based on actual unrounded figures
Financial
• The average LME copper price for the period under review was US$10 439/t (H1 FY2025:
US$9 193/t) reaching a high of US$13 952/t since the beginning of the 2026 financial year and
currently at US$12 045/t
• Copper revenue increased by 70.5% to US$14.1 million (H1 FY2025: US$8.3 million)
• Copper gross profit increased by 847.6% to US$3.1 million (H1 FY2025: US$0.3 million)
• Copper gross profit margin of 21.8% (H1 FY2025: 3.9%)
• Copper EBITDA improved by 125.8% to US$0.2 million from a loss of US$0.8 million in H1
FY2025
• EBITDA from continuing operations improved by 169% to US$2.0 million (H1 FY2025: loss of
US$2.9 million)
• Invested US$11.8 million in the expansion of its copper operations
• Net cash position of US$11.5 million at 31 December 2025 (30 June 2025: US$4.6 million)
o US$19 million cash received from the sale of the South African chrome and PGM
operations (Disposal)
• The Group's property, plant and equipment are unencumbered at the period end
• Post the period end
o US$6 million cash received from the Disposal
o Reduced bank facilities by US$10.1 million
Production Guidance
Copper production guidance for FY2026 in the range of 4 500t to 5 100t (FY2025 production: 2 211t) is
under review to determine the extent of the impact of the below short-term factors:
• The seasonal rain at Molefe Mine which continues to hamper ore deliveries to Sable
refinery. Extensive damage to road and bridge infrastructure is being addressed. Haulage of
the high-grade Cu ore to Sable refinery has been reduced for safety reasons while upgrades to
the road infrastructure is undertaken. Expect to return to full capacity during the month of April
2026
• The implementation of the upgraded mine plan for the Molefe Mine, that will result in a
significant increase in sustained mining rates, will impact continued mining operations with a
reduced mining rate only during the pre-stripping phase to connect Pit 2 and 3 which is over an
expected 9-week period
• The commissioning and ramp-up of the expanded concentrate dewatering facilities at Roan has
suffered a delay of 3 weeks to ensure the safety of the construction teams during heavy down
pours. Commissioning of the fully integrated system and ramp-up is expected to commence
during April 2026. The new concentrate facility is expected to contribute to an increase in the
production of copper cathode at the Sable refinery in excess of 100 tonnes per month
Statement from Leon Coetzer, Chief Executive Officer:
"The first half of FY2026 was a defining period for Jubilee, with the successful completion of the disposal
of our South African operations allowing the Company to now fully focus on our significant copper
opportunity in Zambia. This transition strengthens the Group's balance sheet, simplifies the business
and positions Jubilee to accelerate the delivery of its scalable, integrated copper strategy in Zambia.
Our Zambian operations have demonstrated improved operational progress, with production at the
Roan concentrator increasing compared to the first half of 2025 which will further be supported by the
soon to be completed concentrate dewatering system. Turning to Pillar 2 of our 3 Pillar strategy in
Zambia, operations at the Molefe Mine continue to expand, with strong production during the period
and ore successfully delivered to our Sable Refinery at attractive grades. Construction of the first phase
on-site upgrade facility remains on track, with development preparations underway following site
selection to enhance the proportion of mined ore delivered to Sable.
Importantly, we continue to transition from a processing-led model to a resource-backed mining
business. I am particularly excited by the continued development of the Molefe Mine, supported by
encouraging recent drilling results confirming the continuity of near-surface oxide mineralisation, which
underpins our strategy to secure and define the resources feeding our operations. Further drilling is
underway to define the full extent of the mineralised zone, with progress supporting the advancement
of a formal resource estimate. This approach anchors our valuation in a defined asset base while
supporting low-cost, scalable production growth.
The Large Waste Project further enhances this strategy, offering a substantial, long-life resource with
the potential to deploy our proven modular processing solutions. Progressing partnership discussions
to advance this project remains a key priority as we look to unlock its full value.
With a strengthened financial position, unencumbered core assets and a clear strategic direction,
Jubilee is well positioned to continue delivering operational growth while establishing itself as an
integrated copper producer underpinned by a defined and expanding resource base.
We are highly encouraged by the progress to date and the opportunities ahead for the remainder of
FY2026 and beyond and will continue to update the market as key milestones are delivered."
Investor Call
Management will host an investor presentation at 11:00 a.m. (UK time) 12:00 p.m. (SA time) on 7 April
2026. Investors can sign up to Investor Meet Company at no cost at https://bit.ly/3kT8Fb9. Investors
who already follow Jubilee Metals on the Investor Meet Company platform have automatically been
invited. Please email any questions regarding the interim financial results ahead of the presentation to:
cdrummond@jubileemetalsgroup.com
KEY OPERATIONAL AND FINANCIAL NUMBERS
Unaudited Unaudited Audited
Unit
H1 FY2026 H1 FY2025 FY2025
GROUP
Revenue from continuing
US$' 14 098 275 8 270 608 15 175 687
operations
Gross profit from continuing
US$' 3 076 237 (1 608 688) (325 649)
operations
(Loss)/profit from discontinued
US$' (4 542 620) 6 409 289 (4 528 771)
operations
EBITDA US$' 7 830 597 13 627 420 16 662 159
Basic and diluted (loss)/earnings (US$ cents)
(0.34) 0.07 (1.00)
per share
Headline earnings per share (US$ cents) (0.40) 0.06 (0.62)
Full Announcement
This short-form announcement is the responsibility of the Directors of the Company and is a summary of the
information in the full announcement released and does not contain full or complete details. The full
announcement released is available for viewing on the following websites:
Company's website: https://jubileemetalsgroup.com/investors/rns-news/
JSE website: https://senspdf.jse.co.za/documents/2026/jse/isse/jble/Int2026.pdf
Any investment decision by investors and/or shareholders should be based on consideration of the full
announcement released on SENS, copies of which are available, at no charge, on request from the company
secretary: Carina De Beer, cdebeer@jubileemetalsgroup.com.
United Kingdom
31 March 2026
For more information 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
About Jubilee Metals Group
Jubilee Metals, listed on AIM and the Altx of the JSE, is a copper producer focused on building a world-
class integrated copper business in Zambia. The Company aims to reach 25 000 tonnes per annum of
copper production by integrating exploration, mining, concentrating and refining through its three-pillar
strategy, combining the Roan concentrator, the Sable refinery and regional mining assets and the Large
Waste Rock Project. Led by an experienced team, Jubilee applies innovative technologies to transform
previously underutilised materials into value while supporting circular resource use and strong
environmental stewardship.
For more information, please visit www.jubileemetalsgroup.com and follow Jubilee on X at
@Jubilee_Metals
Date: 31-03-2026 08:00:00
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