Jubilee Metals reports rise in saleable copper production

(Sharecast News) - Jubilee Metals reported a 29% increase in saleable copper production for the first nine months of its 2026 financial year on Wednesday, as output from its Roan operations more than doubled and the Molefe Mine continued to expand.

The AIM-traded Zambia-focused copper producer and resource developer said total saleable copper production rose to 2,177 tonnes in the nine months ended 31 March, from 1,691 tonnes a year earlier.

The figure excluded stockpiled copper fine concentrate at Roan and stockpiled mined material at Molefe.

Roan produced 1,999 tonnes of copper units during the period, up 112.4% from 940 tonnes in the prior-year period.

Production comprised 398 tonnes of copper in oxide concentrates for refining at Sable, 822 tonnes in sulphide concentrates for direct sale and 779 tonnes in oxide concentrate fines, which are currently stockpiled.

The Sable Refinery produced 957 tonnes of copper cathode, up 27.4% from 751 tonnes a year earlier.

Chief executive Leon Coetzer said Jubilee continued to make "strong progress" in delivering its Zambia copper strategy.

"Roan sustaining targeted production rates and the expanded concentrate circuit now entering ramp-up after minor technical and logistical delays, marking a key step-change in our processing capability," he said.

"Our focus remains firmly on disciplined, milestone-driven execution."

Commissioning of the expanded Roan copper concentrate facility is close to completion, with ramp-up of dewatered fine copper concentrate production under way during May.

Jubilee said the circuit was operating at about 75% of the targeted production rate of 110 to 120 tonnes per month of contained copper.

The dewatering circuit has design capacity of about 230 tonnes per month of contained copper, allowing simultaneous processing of the historical fine concentrate stockpile of about 14,000 tonnes and additional ongoing production of fine copper concentrate at 110 to 120 tonnes per month.

Jubilee said the additional fine copper concentrate stream was expected to support incremental copper cathode production of about 110 to 120 tonnes per month.

Roan was scheduled to begin annual maintenance on 8 May, with operations stopped for six days, while Sable was expected to continue operating to reduce built-up in-process stocks.

At Molefe, 250,162 tonnes of copper reef ore were mined during the period, of which 20,064 tonnes were transported to Sable at an average copper grade of 1.84%.

The remaining material continues to be stockpiled at Molefe for future on-site processing before refining at Sable, with the stockpile already exceeding 2.3m tonnes.

Jubilee said the accelerated pre-stripping programme at Molefe began in April and was on track for completion in July.

More than 250,000 tonnes of pre-stripping material were removed in April, supporting the planned transition to higher ore delivery from Pit 2.

The company said it was integrating Pits 2 and 3 into a single enlarged open pit.

Once the pit integration and development programme was completed, Molefe was expected to ramp up from about 12,000 tonnes per quarter to more than 30,000 tonnes per quarter of copper reef ore.

The expansion was supported by access to a widened copper reef zone, with an expected average grade of about 1.4% total copper to surface before targeted run-of-mine ore sorting.

High-grade material would be transported to Sable for direct processing, while low-grade material would be stockpiled for on-site upgrading and later refining.

Coetzer said heavy rains had affected the quarter, but momentum remained strong as Jubilee advanced the mine plan and prepared for increased production.

"Importantly, the company continues to produce while building a scalable resource base, positioning Jubilee to deliver both near-term returns and long-term value," he said.

"This integrated approach gives us strong confidence in delivering sustained and scalable growth in copper production."

Jubilee said copper production guidance for the 2026 financial year was under review, mainly due to the updated Molefe mine plan and a short delay in commissioning and ramping up the expanded concentrate dewatering circuit at Roan.

A further guidance update was expected after confirmation of progress at Molefe and steady-state operation of the Roan dewatering circuit, which is anticipated in the coming weeks.

The company reported a lost-time injury frequency injury rate of zero for the nine-month period, compared with 1.40 in the 2025 financial year.

Jubilee said an independent third party would compile a JORC-compliant resource for Molefe after completion of the phase-two drilling programme.

Assay results from the first campaign and initial samples from the second had been submitted for analysis, with a competent person's report expected by the fourth quarter of calendar 2026, subject to timely receipt of results.

The company said it would host a presentation on Molefe in June, after its joint venture partner completed a review of the next phase of stripping and future mining strategy.

Jubilee also said it expected to relocate its South African head office in early June, reflecting a right-sizing of office space after the disposal of its South African chrome and PGM operations.

At 1550 BST, shares in Jubilee Metals Group were up 2.22% at 2.81p.

Reporting by Josh White for Sharecast.com.

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