Jubilee Metals forecasts doubled copper production for 2026 as transition continues

Jubilee Metals Group has forecast copper unit production for its full 2026 financial year to be within 4 500 tons to 5 100 tons, depending on the extent of the rainy season, which is more than double the 2 211t produced in the 2025 year.

The group that is focused on mining copper in Zambia, and is in the process of disposing of its chrome and platinum interests in South Africa, said Wednesday that earnings before interest, tax, depreciation and amortisation fell 7.1% to $27.7 million in the year to June 30, 2025, during a period of significant change as the group transitioned to focus on its copper interests.

"The financial year to end-June was one of momentous change. Very soon, the company will become a pure play copper producer, generating revenue from an exciting suite of copper growth assets situated on one of the richest copper belts on earth," CEO Leon Coetzer said in the results.

The continuing operations represented in the results stemmed from the Zambia operations, its investment in the Tjate Project, and corporate overheads. The proposed sale of the chrome and PGM operations in South Africa is anticipated to be completed by the end of December 2025.

"The major focus point for the copper operations through the year was to advance the company's Three-Pillar Strategy, through a structured investment program, and to lay the foundation for copper growth. The investment specifically targeted the Roan operations, and the Molefe Mine's expanded Pit 2," said Coetzer.

He said the investment program that impacted copper production had already delivered "significant performance" in the first quarter of the 2026 financial year.

First quarter 2026 production was up by 65.5% from the fourth quarter of the 2025year, to 938t of copper units.

Molefe Mine also commenced operations in the first quarter, following completion of Pit-2. Production was increasing in a staggered manner from delivery of high-grade ROM (run-of-mine) to Sable from 3 500tpm to 4 500tpm during November, and targeting an 8 500tpm run rate from the third quarter of the 2026 year.

Operational performance at the Roan concentrator had stabilised, with a 65.1% increase in copper output compared with the previous quarter, meeting its current feed rate target of 30 000tpm.

There was an option to increase throughput to 45 000tpm post the current rainy season. The copper feed grade to Roan had maintained the targeted grade of an average of 1.6% copper (Cu).

One of the company's non-core waste assets, outside of its large copper tailings, was disposed of for $12.3m. The consideration was largely excluded from the 2025 full year results.Some 10Mt of copper bearing material from the Large Waste Project was also sold for $6.75m. A binding customer contract had been secured, which would be recognised progressively over an estimated 18 months from signature.

Accordingly, copper revenue for the period excluded revenue to be recognised on the two executed revenue contracts above totalling $17.9m.

Chrome operations reached a new production high of chrome concentrate, reaching 1.9Mt, up 24.8% from the full 2024 financial year. PGM operations produced 38,579oz of PGM, up 6%.

Copper revenue fell by 17.9% to $15.2m, driven mainly by lower production from copper operations which was partially offset by the sale of waste assets. The average copper unit revenue received decreased by 6.6% to $7 421/t.

Copper cathode and copper sulphide in concentrate (copper units) production for the financial year fell 35.4% to 2,211t, due mainly to the upgrade of Roan and completion of the successful trials and ramp-up during third and fourth quarters of 2025.

Copper EBITDA decreased by 172.6% from $7.1m to a loss of $5.2m. Chrome EBITDA fell by 30.9% to $12.3m due mainly to softer chrome prices. PGM EBITDA increased by 110.4% to $14.1m due mainly to the allocation of certain operating costs between two of Jubilee's PGM operating plants and two Inyoni chrome processing plants.

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