Wrap Text
Operational Performance Update Following COVID Related Lockdown Record Production and Financial Performance
Jubilee Metals Group PLC
Registration number (4459850)
Altx share code: JBL
AIM share code: JLP
ISIN: GB0031852162
("Jubilee" or "the Company" or “the Group”)
First Full Quarter Operational Performance Update Following COVID Related Lockdown
Record Production and Financial Performance
Dissemination of a Regulatory Announcement that contains inside information according to
REGULATION (EU) No 596/2014 (MAR). 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.
Jubilee Metals Group ("Jubilee" or the “Company"), the AIM and Altx traded metals processing
company, is pleased to provide an operational update for the first three months of H2 2020 (“Q3 2020”),
after returning to full operational status following the COVID-19 related operational interruptions
experienced.
Q3 2020 has delivered both a record production and financial performance and follows Jubilee’s
implementation of the previously announced new third party ore supply agreements, as well as
improved efficiencies across its chrome and PGM operations. Jubilee continues to make significant
progress with the implementation of its copper strategy in Zambia and looks forward to including the
copper performance in further operational updates. Jubilee expects to release its annual audited results
for the year ending 30 June 2020 before the end of October 2020.
Highlights
• Highest quarterly PGM production to date, with 15 044 PGM ounces produced during Q3 2020
• PGM record production supported by 136 162 tonnes of chrome concentrate produced under
tolling agreements from third party ore suppliers
• PGM and chrome operations delivered record high quarterly operational earnings of £ 15.17
million (ZAR 332.36 million) surpassing the previous operational record set during the full H1
2020 period
• Operational performance reflects Jubilee’s successful drive to expand its operations by
supplementing its own surface resources, with third party ore supply agreements to secure a
sustainable business strategy
• Jubilee continues to pursue additional opportunities to further expand its chrome and PGM
operational footprint
• Jubilee’s copper operations in Zambia continue to make significant progress, with the copper
ore upgrade facility at its Sable Refinery nearing completion as part of its overall expansion plan
• All long lead items have been secured for the construction and implementation of Project Roan,
which is set to more than double Jubilee’s copper production over the short term
Leon Coetzer, CEO of Jubilee, commented: “It is great to see our chrome and PGM strategy paying off,
as reflected in our recent operational performance. We have aggressively driven our expansion across
both our South African and Zambian operations.
“Our continued strive to improve our operational efficiencies continues to unlock additional
opportunities to further expand our chrome and PGM operations in a sustained manner.
“The Jubilee team has delivered an exceptional performance during Q3 2020 and I thank them for their
dedication and drive. The Q3 2020 results bode very well for our projected H2 2020 performance and
hold the potential to significantly surpass our previous best half year performance; H1 2020. I look
forward to the addition of our copper operations in Zambia to these numbers in the future.
“Our team in Zambia is focussed on delivering on our copper expansion drive, which includes the
continued capitalisation of our Sable Refinery, to be ready for both our Project Roan coming on-line, as
well as taking delivery of increased third party copper ore. Our technical team is simultaneously
concluding their studies on our very exciting Project Elephant to unlock the nearly 150 million tonnes of
surface copper tailings, which will further add to our copper production, as we chase down our target of
25 000 tonnes of copper units per annum. ”
Key operational statistics
The table below summarises the Group’s operational performance for PGM and CHROME for Q3
2020:
Chrome tonnes Jubilee Jubilee Jubilee Jubilee
CHROME produced attributable attributable Attributable Attributable
revenue revenue Earnings Earnings
(£'000) (ZAR'000) (£'000) (ZAR'000)
Q3 2020 136 162 5.425 118.209 1.257 27.420
PGM Ounces Jubilee Jubilee Jubilee Jubilee
delivered attributable attributable Attributable Attributable
PGM
revenue revenue Earnings Earnings
(£'000) (ZAR'000) (£'000) (ZAR'000)
Q3 2020 15.044 17.717 387.872 13.909 304.939
Jubilee Jubilee Jubilee Jubilee
COMBINED attributable attributable Attributable Attributable
revenue revenue Earnings Earnings
(£'000) (ZAR'000) (£'000) (ZAR'000)
Q3 2020 23.142 506.081 15.166 332.359
Recently announced Zambian Acquisitions
Project Elephant
As announced on 18 June 2020, Jubilee has secured the rights to approximately 150 million tonnes of
copper containing surface tailings, targeted to be upgraded at site and refined at its Sable Refinery in
Zambia. This will be done through a joint venture with the mining rights holder.
The Company’s highly experienced technical and operational teams plan to construct a copper
concentrator at the tailings resource to produce two separate concentrates for both the acid soluble
copper oxides and sulphide associated copper. Project Elephant alone holds the potential to produce
copper concentrates in excess of the total Sable Refinery capacity of 14 000 tonnes per annum of copper
cathode.
Project Roan
As announced on 6 August 2020, Jubilee has secured the rights to approximately 2 million tonnes of
copper run-of-mine material (“ROM”), with the potential of increasing the ROM to 4 million tonnes, as
well as a targeted 2.5 million tonnes of copper containing tailings. Jubilee concluded a strategic
partnership through a 50/50 joint venture to turn Project Roan into account.
Jubilee will construct, own and operate the processing facility (“Roan Facility”), while its JV partner will
deliver the ROM and tailings at no cost to Project Roan. The JV partner is tasked with producing the
copper concentrates, which will be sold on an arms-length basis, with Jubilee’s Sable Refinery holding a
first right to such concentrate. Jubilee may also under the JV secure and process its own third-party
ROM at the Roan Facility. Project Roan is targeting the production of 10 000 tonnes of equivalent copper
units per annum of copper concentrate for further refining, supporting Jubilee’s rapid copper expansion
strategy to increase capacity to in excess of 25 000 tonnes of copper per annum
As per the stated reporting timetable, the Company will continue to provide operational updates on a
six monthly basis while continuing with more frequent project updates.
United Kingdom
12 October 2020
For further information visit www.jubileemetalsgroup.com or contact:
Jubilee Metals Group PLC
Colin Bird/Leon Coetzer
Tel +44 (0) 20 7584 2155 / Tel +27 (0) 11 465 1913
Nominated Adviser - SPARK Advisory Partners Limited
Andrew Emmott/James Keeshan
Tel: +44 (0) 20 3368 3555
Broker - Shard Capital Partners LLP
Damon Heath/Erik Woolgar
Tel +44 (0) 20 7186 9900
Joint Broker – WHIreland
Harry Ansell/Katy Mitchell
Tel: +44 (0) 20 7220 1670/+44 (0) 113 394 6618
JSE Sponsor - Sasfin Capital (a member of the Sasfin group)
Sharon Owens
Tel +27 (0) 11 809 7500
PR & IR Adviser - St Brides Partners Limited
Catherine Leftley/Beth Melluish
Tel +44 (0) 20 7236 1177
Date: 12-10-2020 08:00:00
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 
