Jubilee Metals confident to deliver production guidance for F2024

Jubilee Metals Group, a diversified leader in metals processing with operations in Africa, has announce its first quarter operational report to 30 September 2023 (Q1 FY2024). The Group has delivered a strong Q1 operational performance and remains on track to deliver against the production guidance for the 2024 financial year (FY2024).

Operational Highlights

Q1 FY2024 production figures achieved were:

• Production of chrome concentrate increased to 336,683 tonnes (Q4 FY2023: 344,315 tonnes). Chrome production rates are expected to continue to increase with the additional processing capacity provided by an additional chrome processing module, completed in August (the “Thutse Processing Module”).
• Inyoni’s PGM production increased to 10,113oz (Q4 FY2023: 9,350oz), with no third-party production in the period. The PGM production rate is expected to further benefit from the increased feed rate from the Thutse Processing Module operating at design capacity.
• Copper cathode and copper in concentrate produced was 934 tonnes (Q4 FY2023: 653 tonnes). Project Roan’s upgrade which commenced in September 2023, has necessitated the stoppage of the feed classification circuit which will disrupt processing at Roan for 16-weeks until December 2023.
• Lost Time Frequency Injury Rate (LTFIR) for South Africa improved to 1.44 (Q4 FY2023: 1.5). While The LTFIR for Zambia improved to 2.36 (Q4 FY2023: 2.37).
• The average chrome revenue per tonne of US$85 (Q4 FY2023: US$86 per tonne) is influenced by the percentage of fixed chrome margin tonnages processed. The increased margins from the new partnership agreements are expected to reflect stronger through the current quarter. The average chrome cost per tonne remained flat at US$75 (Q4 FY2023: US$74 per tonne).
• The average PGM revenue per ounce increased to US$1,031 (Q4 FY2023: US$976). Cost remained tightly under control with the average PGM cash cost per ounce, excluding chrome credits of US$875 (Q4 FY2023: US$855).
• The average copper revenue per tonne of US$6,588 (Q4 FY2023: US$6,860 per tonne) reflects the increase of copper sulphide concentrate sales from the Roan concentrator, while the average copper cost per tonne increased marginally to US$4,907 (Q4 FY2023: US$4,802 per tonne).

Project Highlights

• Jubilee has elected to further expand the chrome operational footprint by an additional 450,000 tonnes per annum feed process capacity using its existing modular approach.
• The expansion allows for the construction of an additional chrome process module to be added to the current Thutse operations.
• The expansion will increase Jubilee’s chrome processing footprint to 9 chrome processing modules and increase the total chrome processing capacity to 1.7 million per annum.
• The expansion of the chrome processing footprint remains contingent upon our continuing capital allocation evaluation and assessment of prospective funding arrangements.
• The Group continues to advance discussions to conclude a further Life-Of-Mine (“LOM”) partnerships and expand the chrome operations via the roll-out of additional processing modules as it targets 2 million tonnes of concentrates per annum in the future.

Production guidance for the 2024 financial year

• 1.45 million tonnes of chrome concentrate
• 42,000 PGM ounces
• 5,850 tonnes of copper, weighted to the second half of the financial year, given limited production in Q2