Jubilee Metals reports strong Q4 performance with increased chrome and PGM production

Jubilee Metals Group performed strongly through its fourth quarter to June 30, with chrome concentrate production up 19.9% from the same time last year, exceeding annual production guidance.

Quarterly production came to 505 578 tons compared with 421 698 tons in the 4th quarter of 2025. Recent increases in platinum group metals (PGM) production offset the impact of recent lower chrome prices.

Since May 2025, the chrome price had depreciated by about 11.4%, which, for Jubilee, had been buffered by platinum prices that appreciated by nearly 33%, further supported by a significant increase in chrome production.

“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,” said CEO Leon Coetzer.

Chrome production for the year to June 30 reached 1 932 798 tons, up 24.8% from 1 548 205 tons in 2025, and exceeding revised guidance of 1 850 000 tons.

PGM production for the quarter reached 8 973 ounces, up 14.6% from 7 828 ounces in the 4th quarter of 2025. Annual PGM production increased 6% to 38 579 ounces, in line with revised guidance of 38 000 ounces.

The cessation of the OBB chrome ore supply contract at the end of June—equivalent to 450 000 tons per year of chrome—would be offset largely by increased production from Thutse operations.

For the 2026 financial year, chrome concentrate production guidance was set at 1.65 million tons to 1.80 million tons. PGM production guidance was expected to be between 36 000 ounces and 40 000 ounces.

Coetzer said the South African operations had produced strong production results for the period, which spoke to their deep understanding in managing the interdependency of the chrome and PGM operations.

“As announced at the beginning of June 2025, we are finalising the ($90m) sale agreements for the proposed sale of the South African chrome and PGM operations," he said. The company instead plans to focus on growing its copper interests in Zambia, where it sees stronger growth potential and higher margins.

The cessation of the ore supply and operating contract to the OBB chrome ROM facility in South Africa at the end of June 2025 had 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,” said Coetzer.

He noted that the decline in chrome markets over the past 3 months was driven mainly by concerns about world demand for stainless steel, which is often a lead indicator of global growth expectations.

A new PGM joint partnership announced in April 2025 under an earnings share agreement had commenced with operational trials, which were ongoing under the supervision of the Jubilee technical team.

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