Jubilee Metals Group plc (LON:JLP) has kicked off FY2025 with a strong Q1 performance and ambitious plans for growth in both its copper and chrome operations. The company’s recent update highlights the significant leaps Jubilee is making, particularly in Zambia’s copper sector and South Africa’s chrome and PGM operations, setting the stage for a promising year ahead.
Jubilee’s Zambian copper production is on a clear growth trajectory, with the Roan and Sable facilities advancing into their ramp-up phases. For FY2025, the company aims to achieve 6kt of copper output, leveraging increased throughput and improved recovery processes. According to Zeus Capital’s analysts, Paul Smith and David Seers, the company’s objective is well within reach, with a production range of 5.9kt to 7.5kt based on operational variables like grade and recovery rates. As the ramp-up progresses, Jubilee anticipates even greater efficiencies and yield, especially with the addition of a leach circuit expected in the coming year.
South Africa’s chrome and PGM (platinum group metals) operations also continue to shine. In Q1 alone, Jubilee reported 455,381 tonnes of chrome concentrate production and 9,328 ounces of 6E PGM, with annual projections of 1.65 million tonnes and 36,000 ounces, respectively. The company has noted that the latter figure may be adjusted mid-year pending the performance of a new plant at Thutse, underscoring Jubilee’s focus on optimising outputs.
Zeus Capital’s Paul Smith points out that Jubilee’s approach to sourcing raw materials—primarily from existing at-surface stockpiles and low-risk open pits—minimises the company’s exposure to traditional mining risks. “Jubilee has a unique processing capability and many solutions to recover originally lost metals; Jubilee is now on a growth path with multiple strands to its organic growth, and we should begin to see the benefit of this over FY25 and onwards,” Smith explains, emphasising the company’s prudent strategy and sustainable growth model.
With analysts at Zeus Capital valuing Jubilee at 11p per share, there is considerable optimism surrounding the company’s future. The ramp-up in copper production, alongside robust performance in chrome and PGM, is projected to have a significant impact on Jubilee’s financial performance. Jubilee’s expected revenue growth to $260.4 million in 2025, up from $205.4 million in 2024, is a clear reflection of these operational advancements, while EBITDA is forecasted to more than double to $54 million.
Jubilee Metals Group is well-positioned for growth, benefiting from its strategic expansions and innovative processing capabilities. With promising operations in two countries and a carefully managed risk profile, the company is set to make significant gains. Jubilee’s commitment to scaling its output in a sustainable and efficient manner shows substantial promise for FY2025 and beyond, making it an exciting company to watch in the metals and mining sector.
