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Audited Results for the year ended 30 June 2024
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.
Short-form announcement: Audited Results for the year ended 30 June 2024
Jubilee, a diversified metals producer with operations in South Africa and Zambia, is pleased to announce its audited
results for the year ended 30 June 2024 (FY2024). Jubilee delivered another profitable performance achieving notable
growth in chrome production while successfully meeting its revised copper targets.
Highlights for the year ended 30 June 2024
• Strong operational performance was delivered by the Group with increased production in chrome and copper
supported by the ongoing expansion of processing capacity in both chrome and copper.
• Group revenue increased by 20.2% to US$205.4 million (FY2023: US$170.9 million) driven by the increase in
chrome and copper production during the period which was able to offset the sharp pullback in platinum group
metals (PGM) basket prices.
• Chrome concentrate production increased by 20.0% year-on-year to 1 548 205 tonnes (FY2023: 1 289 891
tonnes), exceeding full-year guidance.
• Copper cathode and copper in concentrate (copper units) production for the financial year increased by 17.1%
to 3 422 tonnes (FY2023: 2 923 tonnes) in line with our revised guidance for FY2024 of 3 250 – 4 000 tonnes.
• 6E PGM production decreased by 14.2% to 36 411oz (FY2023: 42 433oz) driven by increased focus on chrome
production given the improved economic merits of our chrome material.
• Chrome EBITDA increased by 154.3% to US$17.8 million (FY2023: US$7.0 million) helping offset decreased PGM
earnings. Chrome contributed to 73.1% (FY2023: 56.8%) of the Group's revenue whilst PGM contributed to
17.9% (FY2023: 31.3%) of the Group's revenue.
• Copper EBITDA (excluding fair value adjustments), increased by 71.4% to US$3.6 million (FY2023:US$2.1 million)
driven mainly by the increased sale of copper units in concentrate for Roan which is sold at a higher margin and
which contributed to 57% of total copper units sold during the period (FY2023: 24%).
• Group EBITDA decreased by 7.1% to US$27.7 million (FY2023: US$29.8 million) supported by increased chrome
production helping partially offset the impact of the sharp decline in PGM EBITDA.
• Both copper and chrome processing capacities continue to expand with the completion of the upgrade to the
Roan Concentrator in August 2024 and the addition of two further chrome modules currently being completed
and expected to be brought into operation during November 2024.
• Jubilee's focus in Zambia now shifts to bringing into operation its copper resources to utilise its expanding copper
processing capacity such as:
o the acquisition of the Munkoyo open-pit mining project on 28 June 2024, which was brought into
operation during July 2024, ahead of schedule, with mined run-of-mine (ROM) grades exceeding 3.5%
copper which is delivered to Sable for refining.
o Roan commencing with the processing of historically mined low grade surface stockpiles
o The large Waste Rock Project, with approximately 260 million tonnes of surface rock, which is set to begin
an industrial trial of 15 000 tonnes through Roan's front-end module in November 2024 as part of the
final due diligence review.
o The completion of the technical review of Project G, as Jubilee's potential second targeted copper open-
pit mining opportunity.
• Completed an oversubscribed placing of US$16.5 million before costs at 5.5 pence per share on 5 January 2024
to accelerate the Zambian copper expansion drive.
• The Group invested US$39.9 million (FY2023: US$65.9 million) in capital and intangible asset expenditure and
other assets to expand its Zambian and South African operations.
Statement from Leon Coetzer, Chief Executive Officer:
"I am pleased to report strong operational performance, with significant growth across our copper and chrome
operations. Our South African operations delivered considerable growth to achieve a new record in chrome
production, which was able to in part offset a challenging PGM market.
The expansion of our Zambian copper processing capacity has been a key focus for this year. Completing the Roan
copper concentrator upgrade in August 2024 has positioned the Company to handle multiple feed sources of copper
oxide and sulphides simultaneously, increasing Roan's copper output capacity to 13 000 tonnes per annum (tpa). This
achievement by the Jubilee team comes despite facing several challenges during the implementation of the project
which delayed the commissioning of the project and impacted full year copper production. The upgrade and expansion
of the Sable Refinery is currently underway and is targeted to be completed over the coming 10 months to reach a
capacity of 16 000tpa. With Roan capable of operating independently of Sable this will increase Jubilee's copper
processing capacity to in excess of its initial target of 25 000tpa of copper. Our focus now shifts to bring into operation
our various copper resources to take-up this expanded processing footprint.
In South Africa, chrome production has been a highlight, with a 20.0% year-on-year increase, reaching 1 548 205 tonnes
for FY2024. This growth allowed us to exceed our full-year guidance of 1 450 000 tonnes and keeps us on track to
achieve our goal of producing 2 million tonnes of chrome concentrate per annum.
Our PGM production decreased by 14.2% to 36 411 ounces. However, this was offset by our strategic prioritisation of
higher margin chrome material, which provided improved economic returns.
The Group's financial performance demonstrates the strength of our operations and the diversification of revenue.
Increased chrome production helped offset the reduction in PGM revenue, given the challenging pricing environment.
In January 2024, we concluded an oversubscribed placing, which supported the acceleration of our copper expansion
projects.
Looking ahead, we remain committed to our production guidance. The strategy for the year ahead lies in tapping into
the full potential of our varied metals portfolio, using our technical excellence, while staying dedicated to sustainable
and responsible mining.
In conclusion, I would like to thank our shareholders for their continued support and confidence in Jubilee. The
progress made this year has laid a solid foundation for the future, and I look forward to reporting further achievements
in the year ahead."
Key Operational and Financial Indicators
Indicator Metric FY2024 FY2023 %
Production – Copper (Note 1) Tonnes 3 422 2 923 17.1%
Production - Chrome Tonnes 1 548 205 1 289 891 20.0%
Production - PGM (Note 2) Ounces 36 411 42 433 (14.2%)
Sold - Copper (Note 1) Tonnes 2 655 2 728 (2.7%)
Sold - Chrome Tonnes 1 569 817 1 275 558 23.1%
Sold - PGM (Note 2) Ounces 36 411 42 433 (14.2%)
Average revenue - Copper (Note 3) US$/tonne 6 964 7 451 (6.5%)
Average revenue - Chrome US$/tonne 96 76 26.3%
Average revenue - PGM US$/ounce 1 009 1 262 (20.1%)
Average cost - Copper US$/tonne 4 294 5 281 (18.7%)
Average cost - Chrome (Note 4) US$/tonne 84 67 25.4%
Average cost – PGM (Note 4) US$/ounce 709 785 (9.7%)
Group revenue US$ 000 205 404 170 901 20.2%
Group cost of sales US$ 000 (169 425) (133 102) 27.3%
Group EBITDA US$ 000 27 718 29 842 (7.1%)
Group profit after tax (Note 5) US$ 000 6 388 15 617 (59.1%)
Attributable earnings US$ 000 5 955 15 550 (61.7%)
Earnings per share US$ cents 0.21 0.58 (63.8%)
Headline earnings per share US$ cents 0.08 0.56 (85.7%)
Net debt (Note 6) US$ 000 (11 922) (2 025) 488.7%
Total capital and intangible expenditure US$ 000 39 876 65 900 (39.5%)
Net asset value per share US$ cents 5.07 5.77 (12.1%)
Number of shares in issue Millions 3 005 659 2 738 130 9.8%
Weighted average number of shares in issue Millions 2 856 010 2 687 683 6.3%
Note 1: Year-on-year copper production increased by 17.1% outpacing copper sales due to increased product
held in stock.
Note 2: In the prior financial year, PGM production included 9 057 ounces of third-party material processed
and sold.
Note 3: Copper unit revenue per tonne decreased mainly due to an increased proportion of copper units sold
as copper concentrate versus copper cathode. The copper units in concentrate is sold at a percentage
discounted below the LME copper price which has the effect of lowering the average traded copper price.
Note 4: Certain operating costs were re-allocated between two of Jubilee's PGM operating plants and two
Inyoni chrome processing plants to more accurately reflect the costs for each operation in relation to output.
The costs re-allocated amounted to US$9.9 million (FY2023: US$4.3 million).
Note 5: The decrease in Group profit after tax is mainly attributable to:
• An increase in deferred tax of US$5.7 million contributing to 33.4% of the decrease in profit after tax. The
increase is mainly attributable to increased deferred tax of US$4.0 million on unrealised foreign exchange
translation differences (due to the depreciation of the ZAR and the ZMW against the US$) and increased
deferred tax of US$1.6 million on year-end sales provisions.
• Decrease in gross profit from PGM operations of 55.5% due to a 31.4% decrease in PGM revenue;
• Increased depreciation and amortisation of US$12.3 million (FY2023: US$10.8 million) on property, plant
and equipment as well as intangibles at the period end;
• Increased finance costs of US$8.8 million (FY2023: US$6.2 million) driven by increased metal trade finance
to fund higher copper and chrome production and increased borrowings to fund the Group's expansion in
Zambia; and
• A share based payment expense of US$2.1 million (US$.6 million) (refer note 8 for details).
Note 6: Net debt represents total borrowings less cash and cash equivalents for the period under review. The
increase is mainly due to increased banking facilities of US$5.4 million to fund working capital requirements to
support increased chrome and copper production for the period under review as well as a US$4.8 million
increase in borrowings to fund the Group's expansion in Zambia.
Audit Opinion
The audit report for 30 June 2024 was unqualified, did not include a reference to any matters to which auditors draw
attention by way of emphasis of matter, and did not contain a statement under section 498(2) or 498(3) of the
Companies Act 2006. These statutory accounts have been prepared in accordance with IFRS and IFRS Interpretations
Committee interpretations adopted for use by the European Union, with those parts of the Companies Act 2006
applicable to companies reporting under IFRS.
Integrated Annual Report
The Integrated Annual Report for the year ended 30 June 2024, and the Notice of Annual General Meeting are
expected to be published on or about 14 October 2024. Physical copies of the Annual Report will be posted to
shareholders who have elected to receive them.
Short-form announcement
This short-form announcement is the responsibility of the Directors of the Company and is a summary of the
information contained in the audited results for the year ended 30 June 2024 which were released on 3 October 2023
and can be found on the following websites:
JSE website: https://senspdf.jse.co.za/documents/2024/jse/isse/jble/YE2024.pdf
The Company's website: https://jubileemetalsgroup.com/investors/corporate-documents/
Any investment decision by investors and/or shareholders should be based on consideration of the full
announcement, copies of which are also available, at no charge, on request from the Company at
info@jubileemetalsgroup.com during business hours.
3 October 2024
For further information visit www.jubileemetalsgroup.com, follow Jubilee on Twitter (@Jubilee_Metals) or contact:
Jubilee Metals Group PLC
Leon Coetzer (CEO)
Tel: +27 (0) 11 465 1913
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 (0)11 011 9207
Date: 03-10-2024 08:00:00
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