Jubilee Metals: Strong operational performance exceeds guidance

Jubilee Metals Group, a leader in diversified metals processing, with operations in Africa, publishes its unaudited Operational Update for the 12 months to 30 June 2023 (“FY2023”).

Strong operational performance from the South African PGM and chrome operations exceeding guidance and reflecting the ability to successfully navigate power and infrastructure challenges in South Africa.

• PGM operations recorded 42 474 oz (FY2022: 41 456 oz).
• PGM production increased 2% on FY2022, exceeding full year guidance of 38 000 oz.
• Initial impact of power outages in South Africa addressed via increased stock holding and installation of back-up power units at chrome operation in November 2022.
• Chrome production up 7% to 1 289 890 tonnes (FY2022: 1 207 947 tonnes) exceeding full year guidance of 1 200 000 tonnes.
• New 360 000 tonne per annum chrome concentrate facility completed during June, already delivering first saleable product in June 2023.
• Copper production of 2 923 tonnes up 29% (FY2022: 2 269 tonnes) marginally below revised guidance of 3 000 tonnes primarily due to previously announced H1 FY2023 power and water disruptions in Zambia, impacting ramp-up of the Roan Concentrator.
• Upgrade scheduled to commence during Q1 FY 2023 and will be completed over a 12-week period.
• At completion, the Roan concentrator will offer unique processing capability in Zambia to simultaneously target a variety of feed streams producing three products for further refining or selling to the market.
• Cobalt refining capacity at Sable refinery remains allocated to copper production. The decision will be reviewed depending on the recovery in cobalt prices.