Jubilee Metals Group plc (LON:JLP) has released its audited results for the year ended 30 June 2025, with the latest research note from Shard Capital Partners LLP highlighting a pivotal year of transition as the company sharpens its focus on copper production in Zambia .
The AIM listed copper producer, which specialises in recovering metal from historical waste rock, run of mine materials and tailings, is progressing with the proposed sale of its chrome and PGM operations in South Africa. The disposal is expected to complete by the end of December 2025, positioning Jubilee Metals as a streamlined, Zambia focused copper business .
Research Analyst Sheldon Modeland, P.Geo., noted in the report, “Despite the loss making of $0.85/share during FY25 on its continuing operations, we believe the Company is starting to see the benefits from its Three-Pillar Strategy and significant investment in Zambia.”
FY25 Financial Performance Overview
As the company reports under IFRS 5, results reflect continuing operations only, with the disposal presented separately .
Key financial highlights for FY25:
- Copper revenue decreased by 17.9% to $15.2m, compared with $18.5m in FY24
- Revenue excludes $17.9m of contracts largely expected to be realised in the current financial period
- Copper unit production decline led to an 81.1% increase in unit costs to $7,776 per tonne, versus $4,294 per tonne in FY24
- Copper EBITDA decreased to a loss of $5.2m, compared with positive $7.1m in FY24
- Capital investment increased to $20.8m, up from $17.6m, primarily due to upgrades at the Roan concentrator
Lower production during upgrades at the Roan operations was the principal driver of the reduced performance, alongside elevated unit costs .
Zambia Copper Strategy Gaining Traction
The company’s Three-Pillar Strategy in Zambia remains central to its growth ambitions. Operational results for Q1 FY26 indicate that production rose 65.5% over the previous quarter to 938 tonnes of copper units .
Copper production guidance for FY26 is expected to be between 4,500 tonnes and 5,100 tonnes, compared with 2,211 tonnes in FY25, depending on the extent of the rainy season .
Sheldon Modeland added, “Q1 FY26 production results show a substantial improvement over the previous quarter, and we expect this to continue.”
Pillar 1, Roan Processing Plant
Operational performance at the Roan concentrator has stabilised, with a 65.1% increase in copper output compared with the previous quarter . The plant is meeting its current feed rate target of 30ktpm and retains the option to increase throughput to 45ktpm. Feed grade has maintained an average of 1.6% copper .
Pillar 2, Integrated Stable Processing Plant
The successful completion of Pit 2 at the Molefe mine and commencement of operations in Q1 FY26 allows for a staged increase in high grade run of mine delivery to Sable, moving from 3.5ktpm to 4.5ktpm in November, with a targeted 8.5ktpm run rate from Q3 FY26 .
Pillar 3, Surface Stockpiles and Tailings
Jubilee has secured rights to the Large Waste Project, comprising approximately 240 million tonnes of surface material from historical mining . Resource definition work is ongoing, with final designs expected by the end of Q3 FY26 .
Strategic Focus and Market Backdrop
The research note also points to expected robustness in copper markets, which could support higher prices and improved margins going forward, particularly as Jubilee exits chrome operations .
The disposal of the chrome and PGM portfolio will enable management to concentrate fully on scaling and optimising the Zambian copper business. With significant capital investment already deployed and early operational improvements evident, the company appears positioned to pursue improved output levels in FY26.
Final Thoughts
Jubilee Metals Group plc’s FY25 results reflect a year of heavy investment and operational transition. While financial performance was impacted by upgrades and lower production, early FY26 data suggests that the foundations laid in Zambia are beginning to deliver tangible improvements. As highlighted in the latest research note from Shard Capital, the company’s Three-Pillar Strategy is starting to show encouraging signs of progress as Jubilee sharpens its focus on copper.
