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Operational Update South Africa
Q1 FY2026
Jubilee Metals Group Plc
Registration number (4459850)
AIM share code: JLP
Altx share code: JBL
ISIN: GB0031852162
('Jubilee' or 'Company' or 'Group')
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Operational Update South Africa
Q1 FY2026
Jubilee, the Zambia copper focused producer, today publishes an operational and project update for
its South African operations for the first quarter ended 30 September 2025 (Q1 FY2026).
Workstreams to conclude the sale of the Company's South African Chrome and PGM Operations
(Disposal Group) are progressing well. Approval by the South African Competition Commission and
delivery of the audited accounts for the Disposal Group for the year ending 30 June 2025, are the two
remaining significant conditions precedent to the sale. The Company is hopeful that completion of the
sale will be achieved by the end of CY2025. The Company expects to deliver its audited results for the
financial year ending 30 June 2025 during the second half of November 2025.
Highlights
- Shareholder approval received on 28 August 2025 for the disposal of Jubilee's Chrome and PGM
Operations with the first US$15 million of the sale consideration received in cash
- South Africa reported a Lost Time Frequency Injury Rate of 0.96 representing a 27.8% decrease
compared to the last quarter, (Q4 FY2024: 1.33) with one classified injury reported
- Chrome concentrate production for Q1 FY2026 was down 11.2% from the comparative quarter in
the previous financial year to 404 151t (Q1 FY2025: 455 381t) due mainly to the cessation of the
OBB chrome ore supply contract (OBB contract) at the end of Q4 FY2025 (equivalent to
approximately 450 000tpa of chrome) to be offset largely by increased production from Thutse
operations
- PGM* production for Q1 FY2026 reached 8 382 oz, down 10.1% from the comparative quarter in
the previous financial year (Q1 FY2025: 9 328 oz) due mainly to the impact of the cessation of the
OBB contract on PGM feed supply
* 6E PGM - Platinum, palladium, rhodium, ruthenium, iridium and gold
Statement from Leon Coetzer, Jubilee CEO:
"Our South African operations have delivered a solid performance whilst the sale of our South African
chrome and PGM Operations is progressing to expectation. To this end, we are pleased to see a notable
decrease in the LTIFR.
The sale of our South African Chrome and PGM Operations has only two remaining significant
conditions to be fulfilled, being approval from the South African Competition Commission and delivery
of the audited accounts of the Disposal Group for the year ending 30 June 2025. Additionally, the period
saw us receive the first tranche of the sale consideration of US$15 million. We are hoping to receive
approval for the completion of the sale by the end of this calendar year and we look forward to
updating our shareholders accordingly."
South Africa production guidance for FY2026
- Chrome concentrate Production guidance of 1.65 - 1.80Mt
- PGM Production guidance of 36 000 - 40 000 oz
Production performance Q1 FY2026
The table below presents the unaudited operational production performance of South Africa for Q1
FY2026:
OPERATIONAL Q1 Q1 %
PERFORMANCE FY2026 FY2025 change
Production
Chrome tonnes 404 415 455 381 (11.2%)
PGM Oz 8 382 9 328 (10.1%)
Operational Summary for Q1 FY2026
On 21 July 2025 the Company announced that its contract supplying material to the OBB facility was
not renewed (OBB contract). The OBB contract contributed the equivalent of 450 000tpa of chrome
concentrate (based on FY2025). The impact of the cessation of the OBB contract has been largely offset
by a sharp increase in chrome production from third party chrome ore partnership agreements as well
as increased production at the Company's Thutse operations. The partnership agreements, offering
direct exposure to chrome prices, contribute to approximately 64.1% of current chrome production.
PGM tailings from the OBB processing facility continue to be processed at the Inyoni PGM facility. The
discontinuation of the OBB contract had a limited impact on the PGM production profile of Jubilee
with the operational handover completed. PGM feed supply to the Inyoni PGM facility stems
predominantly from the tailings generated from the OBB facility, supplemented by PGM tailings from
the Windsor operations as well as the existing PGM bearing feedstock in the historical chrome and
PGM tailings at Inyoni.
Jubilee holds a second tolling agreement with this specific ore feed supplier, producing in excess of
500 000tpa of chrome concentrate at its Windsor operations, which reaches maturity in February
2027.
The new PGM joint partnership under an earnings share agreement has completed a two month
operational trial at the facility. The Jubilee technical team is making further modifications currently to
the processing facility to improve the final product specifications. The upgraded facility is expected to
commence production during Q3 FY2026.
17 October 2025
For further information visit www.jubileemetalsgroup.com, follow Jubilee on X (@Jubilee_Metals) or
contact:
Jubilee Metals Group PLC
Leon Coetzer (CEO)/Jonathan Morley-Kirk (FD)
Tel: +27 (0) 11 465 1913 / Tel: +44 (0) 7797 775546
Nominated Adviser - SPARK Advisory Partners Limited
Andrew Emmott/James Keeshan
Tel: +44 (0) 20 3368 3555
PR & IR Adviser - Tavistock
Jos Simson/Gareth Tredway
Tel: +44 (0) 207 920 3150
Joint Broker - Zeus Capital
Harry Ansell/Katy Mitchell
Tel: +44 (0) 20 7220 1670/+44 (0) 113 394 6618
Joint Broker – Shard Capital Partners LLP
Erik Woolgar/Gareth Burchell
Tel +44 (0) 207 1869900
JSE Sponsor - Questco Corporate Advisory Proprietary Limited
Alison McLaren
Tel: +27 63 482 3802
Financial Advisor to the transaction
Absa Corporate and Investment Bank, a division of Absa Bank Limited
Craig Brewer
Tel: +27 83 303 0980
Date: 17-10-2025 08:00:00
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