Jubilee Metals Group plc (LON:JLP), the integrated copper producer and resource developer in Zambia, has announced its unaudited interim financial report for the six months ended 31 December 2025 (H1 FY2026).
Key Highlights
Safety
· Lost Time Frequency Injury Rate (LTFIR) of 0.23, an improvement from 0.65 in H1 FY2025
Operational
· Total saleable Cu units produced, including Roan, reached 1 543t (H1 FY2025: 1 419t) an increase of 8.7%
o Production at Roan for H1 FY2026 reached 1 246t (H1 FY2025: 457t) an increase of 172.8%*
· The upgraded Roan concentrator is fully operational targeting a throughput of 40 000tpm, from 30 000tpm currently, by end of Q4 FY2026
· Post the period end
o Settled the next stage payment towards the acquisition of the Large Waste Project of US$2.6 million leaving a balance of US$5.4 million (total acquisition value of US$18 million)
o Secured further high-grade run-of-mine (ROM) copper ore grading approximately 1.65% Cu to the value of US$1.8 million
o Roan’s performance is further strengthened by the near completion of the concentrate dewatering system, which is expected to start treating stockpiled fines material in April 2026
– The new concentrate thickening system for the fine copper concentrate which reduces the water content in the concentrate prior to the final new dewatering step, was brought into operation on the 26th of March 2026
– Construction has been completed of the enlarged dewatering system with final mechanical checks currently underway targeting commissioning of the fully integrated system to commence on the 7th of April 2026
o Phase 1 infill drilling programme at Molefe Mine has confirmed the continuity of near-surface copper oxide mineralisation and consistency of grades with those incorporated in the expansion mine plan
– Results continue to demonstrate shallow, copper oxide mineralisation suitable for processing at Jubilee’s Sable Refinery with the expansion of the Molefe Mine remaining on track to achieve 8 500tpm of Cu ore delivered to Sable refinery by Q4 FY2026
o Phase 2 drilling programme commencing soon and undertaken by project partner, Galileo Resources Plc, targeting the eastern extension to determine the full extent of the mineralised zone
* References to % movements throughout this announcement are based on actual unrounded figures
Financial
· The average LME copper price for the period under review was US$10 439/t (H1 FY2025: US$9 193/t) reaching a high of US$13 952/t since the beginning of the 2026 financial year and currently at US$12 045/t
· Copper revenue increased by 70.5% to US$14.1 million (H1 FY2025: US$8.3 million)
· Copper gross profit increased by 847.6% to US$3.1 million (H1 FY2025: US$0.3 million)
· Copper gross profit margin of 21.8% (H1 FY2025: 3.9%)
· Copper EBITDA improved by 125.8% to US$0.2 million from a loss of US$0.8 million in H1 FY2025
· EBITDA from continuing operations improved by 169.3% to US$2.0 million (H1 FY2025: loss of US$2.9 million)
· Invested US$11.8 million in the expansion of its copper operations
· Net cash position of US$11.5 million at 31 December 2025 (30 June 2025: US$4.6 million)
o US$19 million cash received from the sale of the South African chrome and PGM operations (Disposal) (note 7)
· The Group’s property, plant and equipment are unencumbered at the period end
· Post the period end
o US$6 million cash received from the Disposal (note 7)
o Reduced bank facilities by US$10.1 million (note 4)
Production Guidance
Copper production guidance for FY2026 in the range of 4 500t to 5 100t (FY2025 production: 2 211t) is under review to determine the extent of the impact of the below short-term factors:
· The seasonal rain at Molefe Mine which continues to hamper ore deliveries to Sable refinery. Extensive damage to road and bridge infrastructure is being addressed. Haulage of the high-grade Cu ore to Sable refinery has been reduced for safety reasons while upgrades to the road infrastructure is undertaken. Expect to return to full capacity during the month of April 2026
· The implementation of the upgraded mine plan for the Molefe Mine, that will result in a significant increase in sustained mining rates, will impact continued mining operations with a reduced mining rate only during the pre-stripping phase to connect Pit 2 and 3 which is over an expected 9-week period
· The commissioning and ramp-up of the expanded concentrate dewatering facilities at Roan has suffered a delay of 3 weeks to ensure the safety of the construction teams during heavy down pours. Commissioning of the fully integrated system and ramp-up is expected to commence during April 2026. The new concentrate facility is expected to contribute to an increase in the production of copper cathode at the Sable refinery in excess of 100 tonnes per month
Statement from Leon Coetzer, Chief Executive Officer:
“The first half of FY2026 was a defining period for Jubilee, with the successful completion of the disposal of our South African operations allowing the Company to now fully focus on our significant copper opportunity in Zambia. This transition strengthens the Group’s balance sheet, simplifies the business and positions Jubilee to accelerate the delivery of its scalable, integrated copper strategy in Zambia.
Our Zambian operations have demonstrated improved operational progress, with production at the Roan concentrator increasing compared to the first half of 2025 which will further be supported by the soon to be completed concentrate dewatering system. Turning to Pillar 2 of our 3 Pillar strategy in Zambia, operations at the Molefe Mine continue to expand, with strong production during the period and ore successfully delivered to our Sable Refinery at attractive grades. Construction of the first phase on-site upgrade facility remains on track, with development preparations underway following site selection to enhance the proportion of mined ore delivered to Sable.
Importantly, we continue to transition from a processing-led model to a resource-backed mining business. I am particularly excited by the continued development of the Molefe Mine, supported by encouraging recent drilling results confirming the continuity of near-surface oxide mineralisation, which underpins our strategy to secure and define the resources feeding our operations. Further drilling is underway to define the full extent of the mineralised zone, with progress supporting the advancement of a formal resource estimate. This approach anchors our valuation in a defined asset base while supporting low-cost, scalable production growth.
The Large Waste Project further enhances this strategy, offering a substantial, long-life resource with the potential to deploy our proven modular processing solutions. Progressing partnership discussions to advance this project remains a key priority as we look to unlock its full value.
With a strengthened financial position, unencumbered core assets and a clear strategic direction, Jubilee is well positioned to continue delivering operational growth while establishing itself as an integrated copper producer underpinned by a defined and expanding resource base.
We are highly encouraged by the progress to date and the opportunities ahead for the remainder of FY2026 and beyond and will continue to update the market as key milestones are delivered.”
