Jubilee Metals Group plc (LON:JLP), a diversified metals producer with operations in South Africa and Zambia, has published its South Africa operational and project update for the third quarter ended 31 March 2025 (Q3 FY2025), reflecting a strong nine months to 31 March 2025, putting the division on track to exceed performance targets for the financial year to 30 June 2025.
Highlights
| South Africa reported Lost Time Frequency Injury Rate of 1.40 (Q3 FY2024: 1.45) with no classified injuries reported. |
| Chrome concentrate production for Q3 FY2025 up 10.7% to 452 561t (Q3 FY2024: 408 710t). |
| Year to date production for the nine months to 31 March 2025 reached 1 427 220t, up 26.7% from 1 126 506t for the comparative nine months ended 31 March 2024, with revised guidance increased to 1 850 000t of chrome concentrate for the financial year ending 30 June 2025. |
| The new chrome processing modules built at Thutse are expected to contribute significantly to the production performance of chrome during the remainder of H2 FY2025. |
| 6E Platinum Group Metals* (PGM) production reached 11 171 oz for Q3 FY2025 up 34.0% from the previous quarter (Q3 FY2024: 8 339 oz). |
| Year to date PGM production reached 29 606 oz, up 3.6% from 28 583 oz for the comparative nine months ended 31 March 2024, with revised guidance increased to 38 000 oz of PGM production for the financial year ending 30 June 2025. |
| Post period end, as announced on 9 April 2025, the Company entered into a joint partnership agreement to commence processing of surplus PGM feed stock. |
* 6E PGM – Platinum, palladium, rhodium, ruthenium, iridium and gold
South Africa production guidance for FY2025
- Chrome concentrate Revised production guidance of 1.85Mt (previously 1.65Mt).
- PGM Revised production guidance of 38 000 oz (previously 36 000 oz).
Statement from Leon Coetzer, Jubilee Metals CEO:
“I am pleased with the solid set of production numbers that our well embedded South African operations have produced for both the March 2025 quarter and also the first nine months of the financial year to 30 June 2025.
The successful implementation of the Thutse project in partnership with the resource owner has increased the original chrome concentrate guidance by 12% to 1.85 million tonnes for the FY2025 period. Our Inyoni PGM plant continues to operate at full capacity and improved input PGM grades together with the recently announced joint partnership agreement to process excess PGM feed stock, have increased the original guidance by just under 6% to 38 000 PGM oz.
The PGM joint partnership agreement, which targets the processing of the increasing PGM feed stocks due to our expanding chrome operations, affords us the opportunity to expand our PGM production capacity by an approximate 30% without the need of spending any capital.”
Production performance Q3 FY2025
The table below presents the unaudited operational production performance of South Africa for Q3 FY2025:
| OPERATIONAL PERFORMANCE | Q3 FY2025 | Q3 FY2024 | % change | 9m to 31 March 2025 | 9m to 31 March 2024 | % change | |
| SOUTH AFRICA | |||||||
| Production | |||||||
| Chrome | tonnes | 452 561 | 408 710 | 10.7% | 1 427 220 | 1 126 506 | 26.7% |
| PGM | Oz | 11 171 | 8 339 | 34.0% | 29 606 | 28 583 | 3.6% |
