Jubilee Metals shares slide despite "solid" performance in first half

(Alliance News) - Jubilee Metals Group PLC on Thursday maintained its annual guidance after delivering a "solid" production performance for the first half of its financial year.

The London-based metal processing company reported production of 1,543 tonnes for the six months to December 31, up 8.7% from 1,419 tonnes a year earlier, after selling its South African chrome and platinum group metal businesses to focus on copper assets in Zambia.

Copper output at Roan copper concentrator plant multiplied to 1,246 tonnes from 457 tonnes.

Jubilee said Roan operations reached targeted production levels of about 30,000 tonnes per month feed rate during the first half, overcoming the expected rainy season interruptions.

Molefe open-pit copper mine performed well despite facing heavy rains, which caused significant damage to road and bridge infrastructure in the surrounding area, the company said.

Phase two of the expanded Molefe mine resource drilling, targeting virgin areas to extend the resource, commenced this month, it said.

"I am pleased to support a solid set of numbers from, what is now, our core copper business in Zambia," Jubilee Chief Executive Officer Leon Coetzer said.

Jubilee said it had completed the sale of its chrome and platinum group metal operations in South Africa, confirming it has received to date of USD25 million.

Looking ahead, Jubilee kept copper production guidance for the 2026 financial year within the range of 4,500 tonnes to 5,100 tonnes, compared to 2,211 tonnes a year earlier.

Shares in Jubilee were down 2.2% at 89 rand cents on Thursday in Johannesburg. They were 1.3% lower in London at 4.00 pence.

By Artwell Dlamini, Alliance News senior reporter South Africa

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