Jubilee Metals Operational and Projects Update Q2 FY2024

Jubilee, a diversified leader in metals processing with operations in Africa, has announced an operational and projects update to 31 December 2023 (“Q2 FY2024”). The Group has delivered a robust Q2 operational performance and remains on track to deliver against the production guidance for the 2024 financial year (“FY2024”).

Q2 FY2024 production figures:

• Chrome concentrate production increased by 13.2% setting a new quarterly production record of 381 114 tonnes, (Q1 FY2024: 336 683 tonnes) benefiting from the Thutse Project reaching full production targets.
• Inyoni’s PGM production was maintained at 10 131 oz in what is traditionally a slower quarter (Q1 FY2024: 10 113 oz), with no third-party production in the period.
• Copper cathode and copper in concentrate production reached 749 tonnes (Q1 FY2024: 934 tonnes). The production was achieved despite the operational disruptions at Roan as part of the ongoing upgrade project which is set to significantly increase copper production during the current half year period.

Key Projects highlights

• Jubilee has elected to expand the Thutse Project with the addition of a further 50 000 tonnes per month feed processing module, following the successful completion of the first chrome module during August 2023. The potential expansion will move us nearer to our objective of producing 2.1 million tonnes of chrome concentrate per annum.
  • Roan copper concentrator was brought back into operation during December 2023 to reduce the impact of the front-end upgrade project start-up being postponed due to the delay in the delivery of a critical electrical components due to the ongoing logistics constraints at ports across South Africa.
  • Roan will continue to operate at approximately 50% of full capacity while an alternative solution is being pursued to source the electrical components which includes the option to locally manufacture the components. A 9 weeks delay is expected to the upgrade of the Roan project.
  • The development of Project M (Monkoyo Copper Resource) near Jubilee’s Sable Refinery is progressing to schedule with the first test material from this exciting copper resource expected to be delivered to the Sable refinery during Q4 FY2024. The material forms part of the development of detailed surface copper resource definition, which offers the potential of a long-term quality copper supply to Sable Refinery from early in the 2025 calendar year.
  • The accelerated development of the newly secured large copper waste rock asset is being progressed along various work streams. This includes the development of a more detailed resource definition, undertaking bulk processing trials of the source material by Jubilee Technical Services (“JTS”) to confirm detail designs of the processing units, and the securing of manufacturing capacity for plant and equipment.
  • The expansion of the sulphide copper recovery circuit at the Sable Refinery is progressing to schedule with installation expected to commence during Q3 CY2024 which aligns with the expected near-term increase in copper concentrate delivery from the various copper expansion projects.

Production guidance for the 2024 financial year

The chrome and PGM production guidance remains unchanged at 1.45 million tonnes of chrome concentrate and 42 000 PGM ounces for the current financial year ending June 2024.

Copper guidance remains at 5 850 tonnes, pending confirmation of the manufacturing timeline of the electrical component delaying the front-end upgrade of the Project Roan.