Jubilee meets revised copper production targets

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 met revised copper production targets.

ZAMBIA HIGHLIGHTS

• Improved safety performance achieved of 488 lost time injury free (LTI-free) days (FY2023: 122 LTI-free days), and commensurately realising a reduction in the LTI Frequency Rate (LTIFR) to zero (FY2023: 2.4).
• Copper units produced for Q4 FY2024 increased by 51.7% to 1 048 tonnes (Q3 FY2024: 691 tonnes), despite operational stoppages due to construction activities at Roan.
• Copper units produced for the financial year increased by 17.1% to 3 422 tonnes (FY2023: 2 923 tonnes) meeting the revised guidance for FY2024 of 3 250 – 4 000 tonnes.
• Construction and commissioning of the Roan Front-End Module were completed during July 2024 with production of first copper concentrate announced on 12 August 2024.

Production of copper concentrate from the Roan Front-End Module is in addition to the existing sulphide copper concentrate production from Roan’s mill and flotation circuit currently being traded in the market.

Roan’s capacity is dedicated to the processing of Previously Mined Material and Previously Processed Material. Early results indicate Roan’s Front-End Module achieving a 10-fold copper grade upgrade into concentrate from Previously Mined Material meeting design specifications.

These early results provide further confidence in the proposed process design solution being developed for the Waste Rock Project in partnership with IRH. Jubilee expanded its portfolio of Open-Pit copper resources with the acquisition and implementation of Project Munkoyo and the agreement for the acquisition of Project G as previously announced on 24 June 2024. Both operations contain significant copper resources that are near surface and are currently being open-pit mined with material being delivered to Sable for refining.

Project Munkoyo was brought into operation during July 2024, ahead of schedule, with mined run-of-mine (ROM) grades exceeding 3.5% copper which is delivered to Sable for refining.

Jubilee is concluding its technical review of Project G with expected completion during September 2024. Bulk sampled mined material is being refined at Sable as part of the technical due diligence review.

Jubilee has entered into further negotiations for additional Open-Pit copper resources surrounding both Munkoyo and Project G where Jubilee targets to implement processing hubs to upgrade the copper ROM at both locations.

Sable Refinery is currently being upgraded to expand its refining capacity and copper sulphide concentrating capacity targeting to reach a combined capacity of 16 000 tonnes per annum of copper which will be dedicated to the concentrating and refining of Open-Pit mined copper resources.

The Roan Front-End Module and Concentrator, and the Sable Refinery are expected to reach a processing capacity in excess of 25 000 tonnes of copper per annum.

Production guidance for FY2025

• Copper units production guidance of between 5 750 tonnes (68.0% year-on-year production increase) and 7 500 tonnes (119.2% year-on-year production increase).

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.

Our Zambian operations are emerging from a period of significant investment in upgrading the Roan operations while expanding our copper resource portfolio with the commissioning of our Munkoyo Open-Pit copper mining operation. The upgraded Roan operation is now capable of processing

Previously Mined material through the new Front-End Module while continuing to produce copper concentrate from Previously Processed material through the existing flotation section. Roan’s unique capabilities offer Jubilee the opportunity to grow significantly within Zambia.

I am particularly excited by the potential to significantly grow our open-pit copper resource portfolio to complement both our Munkoyo and Project G operations as we target committing the expanded Sable refining capacity to these resources.