Jubilee exceeds chrome production guidance

Jubilee Metals Group, a diversified metals producer with operations in South Africa and Zambia, has publishes its unaudited operational and project update for the quarter ended 30 June 2024 (Q4 FY2024), highlighting that Jubilee exceeded chrome production guidance.

SOUTH AFRICA HIGHLIGHTS

• Operations achieved 88 LTI-free days (FY2023: 177 LTI-free days), reflecting a consistent LTIFR rate of 1.62, in line with performance from the previous year.
• Chrome concentrate produced for Q4 FY2024 increased by 3.2% to 421 698 tonnes (Q3 FY2024: 408 710 tonnes).
• Chrome concentrate produced for FY2024 increased by 20.0% year-on-year, exceeding guidance at 1 548 205 tonnes (FY2023: 1 289 891 tonnes).
• Platinum Group Metals 6E (PGM 6E) produced for Q4 FY2024 reached 7 828oz (Q3 FY2024: 8 339oz) driven lower by reduced PGM feed grades delivered with higher chrome recoverable material being prioritised to benefit from favourable chrome market conditions.
• PGM 6E production for FY2024 decreased by 14.2% to 36 411oz (FY2023: 42 433oz) offset by the significant increase in chrome production given the prioritisation to improved economic merits of its chrome material.
• Jubilee’s chrome operations continue to perform, with the construction of a new chrome processing module at Thutse remaining on track for construction completion during Q3 CY2024.

Production guidance for FY2025

• Chrome concentrate production guidance is 1.65 million tonnes (6.7% year-on-year production increase), and PGM 6E production guidance is 36 000oz (similar year-on-year).

Leon Coetzer, Jubilee CEO stated: “Jubilee continued to show strong growth in its South African and Zambian operations with increased copper and chrome production while maintaining our strong safety performance.

In South Africa, our chrome production continued to deliver strong growth with a 20.0% year-on-year increase. Our South African business utilised its processing flexibility to prioritise chrome recoverability over PGM production to capitalise on the buoyant chrome market while PGM prices remain depressed.

We will continue to prioritise chrome production on the back of the success of this strategy by keeping our PGM forecast numbers stable for the coming period.

The team’s performance highlights our exceptional technical and processing expertise, bolstered by our modular expansion strategy. The processing efficiencies driving this success continue to create new growth opportunities within the sector. As we move forward, we remain committed to delivering on our growth projects for copper in Zambia and chrome in South Africa. This successful quarter further highlights our operational excellence, resilience, and adaptability. With strong, mature operations in South Africa and tremendous strides taken in Zambia, Jubilee is well-prepared to deliver a robust FY2025 performance, with anticipated production increases across all commodities.”