Jubilee Metals Group PLC

Registration number: 4459850

AIM share code: JLP

Altx share code: JBL

ISIN: GB0031852162

('Jubilee' or 'the Company' or 'the Group')

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Jubilee executes transaction on surplus PGM feed material

Jubilee, a diversified metals processor in Africa, with copper operations in Zambia and chrome and PGM operations in South Africa, is pleased to announce a joint partnership agreement for its surplus PGM feed stock (Agreement) at its operations in South Africa.

The Company initiated the process to find a partner following the surplus surface stock of PGM bearing material created as a by-product on the back of a sharp increase in chrome production.

In the six months to December 2024, Jubilee's chrome concentrate production reached a record half year high, increasing by 35.7% to 974 659t (H1 FY2024: 718 189t), and is well on track to meet and exceed full year guidance of 1.65Mt.

Highlights

-    Jubilee agrees a joint partnership with an existing PGM producer to process part of the Company's surplus PGM & chrome stock.

-     The surplus surface stock of PGM bearing material is driven by the sharp increase in chrome production at Jubilee's operations reaching a record 974 659t for the six months ending 31 December 2024 (H1 FY2025).

-     Under the Agreement Jubilee is looking to commence deliveries at 18 000tpm of chrome and PGM bearing material, with the potential to increase deliveries to 30 000tpm.

-     The increased PGM processing capacity equates to an estimated 11 500 PGM ounces per annum assuming a feed rate of 30 000tpm, which is in addition to the Company's existing PGM processing capacity.

-      Under the terms of the Agreement, earnings generated from the project are shared equally.

-    Jubilee has agreed to an initial Agreement term of 12 months, which the parties may extend into a long-term agreement.

Statement from Leon Coetzer, Chief Executive Officer:

"In the first half of our current financial year, construction and commissioning of the two new chrome processing modules at Thutse was completed and commissioned successfully. This contributed to Jubilee's chrome operations producing in excess of a record 950 000t of chrome concentrate over the 6 months ending December 2024.

These expanded chrome operations have contributed to an increasing PGM surface stock produced as a by-product from the chrome operations. Our preference, as we have indicated before, is to partner with existing PGM producers to process this excess stock rather than investing further capital to expand our own PGM capacity.

The Agreement we have now secured is with an operation well known to the Jubilee team and we will work closely with them to optimise their operations to maximise the financial return.

This transaction offers us the opportunity to immediately commence with the processing of  our excess PGM material and has the effect of increasing our production capacity  by as much as 32% (at a 100% level) with no additional capital, when compared with our guidance for FY2025."

The Agreement

Jubilee's PGM feed stock has increased significantly on the back of the expansion of its chrome operations. The PGM containing material is produced as a by-product from the chrome operations following the recovery of chrome. Jubilee's Inyoni PGM operations are operating at full capacity and as previously announced, the Company has looked to form partnerships with existing PGM producers to utilise available processing capacities.

Jubilee has entered into a joint partnership agreement with a South African PGM producer.  Under the terms of the Agreement Jubilee will deliver chrome and PGM feed material to the existing chrome and PGM processing facility. Jubilee is appointed to oversee the operational and technical performance of the processing facility and will sell the processed PGM ounces on behalf of the partnership under an equal earnings share arrangement. 

The Company is looking to commence with monthly deliveries of chrome and PGM feed material of 18 000tpm with the ability to increase deliveries to 30 000tpm based on the technical performance of the operations.

United Kingdom

9 April 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 - RBC Capital Markets

Farid Dadashev/Jamil Miah

Tel +44 (0) 20 7653 4000

Joint Broker - Zeus Capital

Harry Ansell/Katy Mitchell  

Tel: +44 (0) 20 7220 1670/+44 (0) 113 394 6618 

JSE Sponsor - Questco Corporate Advisory Proprietary Limited 

Alison McLaren

Tel: +27 63 482 3802