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Operational Update South Africa
Q4 FY2025
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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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 Q4 Q4 % %
FY2025 FY2024
PERFORMANCE FY2025 FY2024 change change
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, 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
Date: 21-07-2025 08:00:00
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