Jubilee delivers record production and financial performance

Jubilee Metals Group in its operational update for the first three months of H2 2020 (Q3 2020), says that 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.

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. ”