Wrap Text
Zambia Copper and Cobalt Operations Update
Corporate Update and Exercise of Warrants
Jubilee Metals Group Plc
Registration number (4459850)
Altx share code: JBL
AIM share code: JLP
ISIN: GB0031852162
("Jubilee" or the "Company” or the “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.
Zambia Copper and Cobalt Operations Update
Corporate Update
Exercise of Warrants
Jubilee, the AIM and Altx traded metals processing company, is pleased to announce the successful
completion of the water infrastructure upgrade at its Roan Project and continued advances in the
production of cobalt and copper from waste at its Sable Refinery in Zambia.
As announced on 22 November 2022, the Company’s new Roan copper concentrator faced continued
water supply interruptions that severely hampered its ability to operate at design throughput levels.
The installation of the new dedicated water infrastructure and upgraded power and feed supply
infrastructure have been completed successfully with the restart of operations back to nameplate
capacity.
Significant progress continues to be made by Jubilee’s technical and operational teams, with the
development and ramp-up to commercial level, of new extractive methods for the recovery of copper
and cobalt from historical waste, at the Company’s Sable Refinery. These developments provide unique
solutions to unlocking the value from vast copper and cobalt containing wastes.
Sable Copper Production Trial
As previously announced, the Company has been focused on a direct leaching approach which by-passes
the need for traditional power intensive smelting of copper sulphide concentrates.
These trials have been extremely effective and not only allow for significantly lower operating costs, but
also for Sable to produce copper from mixed materials such as copper sulphide and copper oxide ores.
Jubilee believes that this new approach to extraction offers significant growth opportunities in the
country. As a result, the Company is examining new Run-Of-Mine material agreements with third party
producers which offer the potential to further enhance growth for its operations at the Sable Refinery.
Sable Cobalt Production Update
As previously announced, Jubilee is targeting the initial production of 50 tonnes of contained cobalt
metal which is the equivalent of approximately 220 tonnes of final product, before ramping up to the
1 200 tonnes of contained cobalt metal annual capacity, which equates to some 5 280 tonnes of final
product. Cobalt production from waste remains in-line with management’s expectations.
Solving the technical challenges places the Company in a unique opportunity to pursue tremendous
potential growth opportunities in the efficient recovery of cobalt from historical wastes, including also
from mixed copper cobalt materials. The Company is currently considering to upscale the production of
cobalt through the potential acquisition of refining infrastructures to expand its cobalt footprint in
Zambia.
The additional cobalt revenue offers the Company further opportunities to secure metal backed funding
in support of the implementation of the Northern Refining Strategy.
Corporate Update
The Company further announces that it has undertaken a restructuring of its Executive Team in-line
with its expanding production profile, and in particular ahead of its next phase of growth in Zambia via
its Northern Refining Strategy.
As Jubilee continues to rapidly evolve and expand its operational footprint and project portfolio, it is
also required to continuously review and where necessary expand its leadership within its Executive
Team. This review will inevitably lead to changes in certain leadership roles as the Company upskills to
meet the demands of a growing enterprise.
In this regard the Company has expanded its commercial and financial management teams in South
Africa and Zambia to both further strengthen its corporate governance as well as dedicate commercial
teams to Zambia in support of its project execution team. During this restructure Mr Pedja Kovacevic,
currently, Chief Strategy Officer ("CSO") will also be assuming the role of Group Chief Financial Officer
(“CFO”) with immediate effect. Pedja is a highly experienced CFO with vast experience in the corporate
funding and international debt markets. The Company thanks the outgoing CFO, Peet van Coller, and
wishes him well in his future endeavours.
Leon Coetzer, CEO commented: “I am very pleased to provide an update on our copper and cobalt
operations in Zambia in what has been a truly remarkable year for Jubilee.
“We have brought the entire Southern Copper Strategy into nameplate production and next quarter will
see a new source of revenue for Jubilee in the form of first sales for our cobalt production.
“In Sable, we have now successfully implemented a new way of producing copper in Zambia, which
bypasses the need to smelt the material, which is expensive and energy intensive. This new extraction
approach allows for multiple ores to be produced at once, similar to what we have achieved at our Inyoni
PGM plant in South Africa. This is a game changer for Jubilee and opens new opportunities beyond our
existing operations in Zambia.
“As we conclude 2022, we now focus our attention on unlocking the potential of our Northern Refining
Strategy in Zambia.”
Exercise of Warrants
Jubilee also announces that it has received notification from a warrant holder to exercise 5 000 000
existing warrants in the issued share capital of Jubilee ("the Warrant Shares") at a price of 3.375p
(ZAR71.86c) per Warrant Share. The exercise of Warrant Shares amounts, in aggregate, to a cash value
of £0.17 million (ZAR3.59 million). This warrant exercise concludes all the warrants held by the warrant
holder at 3.375p.
The Warrant Shares are expected to be admitted to trading on AIM and listed on the Altx of the JSE
Limited on or about 23 December 2022 and will rank pari passu with the ordinary shares of the Company
in issue.
Total voting rights
The Company's total issued capital, after the issue of the Warrant Shares, will be 2 694 854 150 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.
United Kingdom
19 December 2022
For further information visit www.jubileemetalsgroup.com or contact:
Jubilee Metals Group PLC
Leon Coetzer
Tel: +27 (0) 11 465 1913
Nominated Adviser – SPARK Advisory Partners Limited
Andrew Emmott/James Keeshan
Tel: +44 (0) 20 3368 3555
Joint Broker - Berenberg
Matthew Armitt/Jennifer Lee/Detlir Elezi
Tel +44 (0) 20 3207 7800
Joint Broker – WHIreland
Harry Ansell/Katy Mitchell
Tel: +44 (0) 20 7220 1670/+44 (0) 113 394 6618
PR & IR Adviser – Tavistock
Jos Simson/ Gareth Tredway/Charles Vivian
Tel: +44 (0) 207 920 3150
JSE Sponsor to Jubilee
Questco Corporate Advisory Proprietary Limited
Sharon Owens
T: +27 (11) 011 9212
Date: 19-12-2022 09:00:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
Sharenet Sites 
