FY2026 Production and Operational Update
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Jubilee Metals Group PLC
Registration number: 4459850
AIM share code: JLP
Altx share code: JBL
ISIN: GB0031852162
(‘Jubilee’ or ‘the Company’ or ‘the Group’)
Dissemination of a Regulatory Announcement that contains inside information according to UK Market Abuse Regulations. Not for release, publication or distribution in whole or in part in, into or from any jurisdiction where to do so would constitute a violation of the relevant laws or regulations of such jurisdiction.
FY2026 Production and Operational Update
Jubilee, the integrated copper producer and resource developer in Zambia, today provides a production and operational update for the year ended 30 June 2026 (FY2026).
Jubilee's copper growth strategy is underpinned by an expanding portfolio of mining and processing operations supplying copper feed to the Company's Sable Refinery. The continued expansion of Jubilee's copper resource and mining footprint is central to the Company's transition from predominantly processing and refining third-party material towards a vertically integrated, mine-to-metals copper business.
Highlights
- Combined copper production prior to refining from the Roan operations and Molefe Mine totalled 3 739t of copper (Cu) for FY2026, an increase of 225.0% from 1 149t in FY2025 consisting of:
o Combined Roan production from all three products of 2 823t of Cu in concentrate for FY2026, a year-on-year increase of 145.5% from FY2025
o Combined Molefe mine production of 916t of Cu in ROM in both lower-grade (LG) material, stockpiled at the mine site, and high-grade (HG) material transported to Sable. Production at Molefe commenced in September 2025
- Combined Cu in concentrate and ROM, delivered to Sable during FY2026 for refining reached 1 342t of contained Cu, an increase of 1 497.6%
- Combined cathode and copper sulphide concentrate produced for sale reached 2 120t of Cu in FY2026, a year-on-year increase of 1.3%
Third party ROM processor – Roan Operations
- Production at Roan consisted of:
o Cu in oxide concentrate increasing by more than a 1 000% on the previous year to 997t
o Cu in sulphide concentrate decreased by 14.4% to 913t reflecting the increased treatment of oxide ores during the period and demonstrating Roan’s flexibility to process varying ore types
o Cu in oxide concentrate fines production, commencing during FY2026, of 913t of Cu. This built-up stock will now be processed through the newly commissioned fines concentrate dewatering circuit before being transported to Sable Refinery for further processing
- The more than doubling of Cu units produced was achieved despite an extended annual maintenance period during Q4 FY2026 to allow for the successful installation and commissioning of the new concentrate dewatering circuit
- Roan has now reached stable operational output (stable state) with a forecasted operational output for FY2027 of between 2 850t and 3 150t of Cu
Third-party processing has provided Jubilee with an important platform from which to establish and grow copper production in Zambia. The Company's expanding mining footprint is intended to complement this platform by securing a growing, long-term supply of Jubilee-controlled copper feed for processing and refining through Sable. Roan has matured into a stable operating unit, delivering consistent operational performance and a significant increase in copper production. Roan represents the first established source of copper concentrate supplying Sable, with the Molefe Mine and Project G targeted to become the next operational feed sources as Jubilee progressively builds the baseload supply required to support its refining capacity.
Refining Operation – Sable
- Cathode production at Sable for FY2026 increased by 17.5% to 1 207t
Sable continues to achieve its targeted refining efficiency and maintain the expected copper metal conversion rate from received concentrate and ROM feed received. During Q4 FY2026, domestic acid availability reduced significantly resulting in tighter supply conditions as well as the cost increasing by in excess of 200%, whilst diesel costs increased by 90%. These combined have had a marked impact on production at Sable and also lead to the growing number of forced temporary closures of certain metal processors within our area in Zambia. Jubilee has been able to partially mitigate this impact through the flexibility of its operational model. Sable’s production relies on the guidance provided by Roan and Molefe achieving its project milestones.
Mining Operations - Molefe Mine
- Contained Cu units in HG ROM dispatched to Sable reached 345t, which together with Cu units produced at Roan reached 3 168t up from 1 150t in FY2025, a year-on -year increase of 175.5%
- A further 571t of contained Cu in LG ROM was stockpiled at site for future processing
- Expanded second phase resource drilling campaign completed with 1 801 meters drilled
- A further 371 in-pit samples were processed as part of the resource definition program
- Updated mine plan for the Molefe Mine project is targeting 1.6Mt of pre-stripping to expand the open-pit of which 456 511t were stripped during the period. The remaining pre-stripping will be executed in parallel with the mining of the ROM material
The Company expects to release the results from the phase 2 drilling program over the coming two weeks. Molefe Mine represents Jubilee's first owned and operated mining operation and an important step in establishing a sustainable supply of Jubilee-controlled copper feed to Sable.
Following the expanded resource drilling campaign, the Molefe mine plan has been updated to incorporate an extended pre-stripping programme designed to enlarge the open-pit mining area and support the progressive increase in HG ROM production towards the project's targeted rate of 10 000tpm at a grade of 1.45% Cu.
Key milestones under the updated project plan include:
- Increasing the HG ROM mining rate to approximately 7 500tpm during October 2026, supported by the ongoing pre-strip programme
- This operating phase will be used to demonstrate the sustainability of the HG Cu grade profile at the increased mining rate and confirm the metallurgical performance of the ROM material through Sable
- Subject to successful and sustained performance at approximately 7 500tpm, progressing towards the project target of 10 000tpm of ROM, currently targeted for before the end of CY2026
-
Installation of the in-line bulk ore sorting facility at Molefe Mine to more accurately separate the HG and LG ROM as part of the phased implementation of the on-site processing solution
- Bulk ore sorting trials have been completed during Q4 FY2026 with completed results expected shortly to confirm final designs and installation timelines
- Commencement of exploratory aero magnetic surveys of the vast exploration areas to the east of Molefe accounting for near 15 000ha, dwarfing the current 400ha of Molefe Mine, with visible multiple potential outcrops
Current indications from the drilling results suggest Molefe holds the potential to deliver approximately 1 740tpa of contained Cu in HG ROM to Sable which excludes the LG ROM being stockpiled for future processing at site. The Company’s resource JV partner tasked with the development of the resource review, is targeting the release of an updated resource review by the end of CY2026.
Project G
- Project G has similarities to the early status of the Molefe Mine as an informally mined open-pit operation that has exposed the copper reef with multiple outcrop zones
- Bulk trial of Project ROM has been tested at Sable to confirm expected metallurgical performance parameters
- Multiple nearby copper outcrop operations offering partnership opportunities for expansion
- Negotiations to form a joint venture with nearby partners are ongoing
Beyond Molefe Mine, Jubilee is progressing the development of its broader mining portfolio to establish additional sources of Jubilee-controlled feed for Sable. Project G represents the Company's next targeted mining project and is expected to advance following the Molefe ramp-up programme, with development of the Project G zone currently targeted to commence from February 2027. Project G forms part of a second prospective mining cluster which, similar to the Molefe area, offers the potential to establish multiple open-pit mining operations through a combination of direct ownership and strategic partnerships.
Disposal Program of Assets as part of the strategic rationalisation of the Group’s portfolio
- Post the period under review, in August 2026, the Company announced the execution of a Binding Heads of Terms for the sale of the Large Waste Project (LWP) for a consideration of US$35 million with an option for accelerated settlement for a reduced consideration of US$30 million
- The due diligence is progressing and is expected to conclude within the coming week which if successful, releases a deposit payment of US$2.25 million to secure an exclusivity period to conclude final transactional documentation
Following the disposal of the LWP, the Group has refined its three-pillar copper strategy to reflect the evolution of its Zambian asset portfolio and its increasing focus on Jubilee-controlled mining and exploration opportunities as the Group progresses from a predominantly third-party processor towards a more integrated mine-to-metals copper business.
Update on Tjate
Jubilee’s Tjate platinum group metals project was retained following the sale of the South African business. The Company has received expressions of interest from various companies and is reviewing these interests as part of its strategic review of the asset.
Production Performance
The table below presents the production performance of Roan, Molefe Mine and Sable for the financial year ending 30 June 2026.
|
PRODUCTION PERFORMANCE |
|
Q1 FY26 |
Q2 FY26 |
Q3 FY26 |
Q4 FY26 |
FY2026 |
FY2025 |
% change |
|
Roan |
|
|
|
|
|
|
|
|
|
Cu in oxide concentrates |
tonnes |
270 |
342 |
219 |
168 |
997 |
84 |
1 086.9% |
|
Cu in sulphide concentrates |
tonnes |
639 |
70 |
113 |
91 |
913 |
1 066 |
(14.4%) |
|
Cu in oxide concentrate fines – held in-stock prior to new concentrate dewatering process |
tonnes |
152 |
330 |
278 |
153 |
913 |
- |
- |
|
Roan total production* |
tonnes |
1 061 |
742 |
610 |
412 |
2 823 |
1 150 |
145.5% |
|
Molefe Mine |
|
|
|
|
|
|
|
|
|
Dispatched to Sable |
DMT |
881 |
8 249 |
9 342 |
2 992** |
21 464 |
- |
- |
|
Total Cu units dispatched to Sable |
tonnes |
13 |
165 |
133 |
35 |
345 |
- |
- |
|
Production of copper containing material stockpiled at site |
DMT |
38 648 |
143 242 |
66 681 |
207 940 |
456 511 |
- |
- |
|
Total Cu units in LG material stockpiled at site*** |
tonnes |
48 |
179 |
83 |
260 |
571 |
- |
- |
|
Total Cu units production from operations |
tonnes |
1 121 |
1 086 |
826 |
706 |
3 739 |
1 150 |
225.0% |
|
Sable |
|
|
|
|
|
|
|
|
|
Cu cathodes |
tonnes |
217 |
379 |
361 |
250 |
1 207 |
1 027 |
17.5% |
|
|
|
|
|
|
|
|
|
|
|
Final products produced for sale**** |
tonnes |
856 |
449 |
474 |
341 |
2 120 |
2 092 |
1.3% |
* Cu tonnes produced at Roan comprises three streams:
- Cu in oxide concentrate that is further refined to cathode at Sable Refinery
- Cu in sulphide concentrate which is sold directly into the market
- Cu in oxide concentrate fines which are currently stockpiled and processed by the recently commissioned dewatering facility at Roan, before being delivered to Sable Refinery for further refining. Production commenced in August 2025
** Main focus was pre stripping to expand the open-pit rather than ore deliveries to Sable. Production commenced in September 2025
*** Based on an assumed 25% LG content and applying an estimated copper grade of 0.5%
**** Final products produced for sale include Cu cathode produced at Sable Refinery and Cu sulphide concentrate produced at Roan and excludes all Cu units in oxide concentrate fines stockpiled at Roan
Further detailed operational review
The Group has refined its three-pillar copper strategy to reflect the evolution of its Zambian asset portfolio and its increasing focus on Jubilee-controlled mining and exploration opportunities. The first pillar remains focused on the processing of third-party copper feedstock, principally through the Roan Concentrator. The second pillar is centred on the Sable Refinery as the Group’s key refining platform. The third pillar now comprises Jubilee’s mining assets and exploration activities, replacing the previous focus on large-scale surface waste and tailings projects. This evolution reflects the strategic rationalisation of the Group’s portfolio following the LWP disposal and the increasing importance of Jubilee-controlled mining assets as the Group progresses from a predominantly third-party processor towards a more integrated mine-to-metals copper business.
Pillar 1 – Processing of third-party copper feedstock: Roan
Roan continued to demonstrate improved operational performance during FY2026, with total Cu units produced increasing by 145.5% to 2 823t, compared with 1 149t in FY2025. This comprised 997t of Cu in oxide concentrates delivered to Sable for further refining, 913t of Cu in sulphide concentrates for direct sale and 913t of Cu contained in oxide concentrate fines.
The increase in production at Roan resulted in a build-up of in-process copper stocks, principally in the form of oxide concentrate fines. The successful commissioning of the new fines concentrate dewatering system provides the capacity to progressively reduce these stocks and convert the contained copper into material suitable for further processing at the Sable Refinery.
The potential introduction of a DMS circuit remains under review. Importantly, the Company's current production expectations for Roan are based on the existing operating configuration and do not depend on the introduction of the DMS circuit.
Pillar 2 – Refining: Sable Refinery
Sable remains the central refining platform within Jubilee's Zambian copper strategy, providing the infrastructure through which the Group can progressively integrate copper feed from both third-party processing and its expanding portfolio of Jubilee-controlled mining operations.
During FY2026, Sable continued to receive oxide copper concentrate produced from Roan alongside increasing volumes of Jubilee-controlled material from Molefe. As the Company's mining portfolio develops, Sable is expected to receive feed from a growing number of sources, including Molefe and, in due course, Project G and other mining and exploration opportunities.
Pillar 3 – Mining and exploration: Molefe and Project G
Jubilee continued to advance the development of its mining and exploration portfolio during FY2026, focused on establishing a growing and sustainable supply of Jubilee-controlled copper feed for its processing and refining infrastructure.
At Molefe, 456 511t of copper reef material were mined during FY2026, with 21 464t dispatched to the Sable Refinery. Mining of copper reef material was temporarily curtailed during Q4 FY2026 as the Company prioritised the accelerated pre-stripping and pit development programme required to integrate Pits 2 and 3 into a single enlarged open-pit operation.
In parallel, Jubilee continues to advance its exploration and resource definition programme at Molefe, with the objective of establishing a JORC-compliant resource during Q4 CY2026 and progressively expanding the resource base underpinning the Company's mining operations. The Company expects to release the results of the expanded drilling campaign within the coming two weeks.
Beyond Molefe, Project G represents Jubilee's next targeted mining development and forms part of the Company's strategy to establish additional clusters of open-pit mining operations capable of supplying Sable. Development of the Project G zone is currently targeted to commence from February 2027.
Production guidance and outlook
Jubilee is adopting a disciplined approach to production guidance, with forecasts based on demonstrated, stable operating performance (stable state) rather than assumptions relating to project ramp-up. The Company's growing portfolio of copper feed sources is at different stages of operational maturity. Each production source will therefore be incorporated into formal production guidance once it has demonstrated the required level of operating stability and predictability.
Of these production sources, Roan has reached the level of operating stability required to support forward guidance. Roan is targeting processing rates of between 25 000 and 30 000tpm at an expected copper feed grade of approximately 1.5% to 1.6%, comprising sulphide, oxide and fines material. On this basis, Roan is expected to deliver approximately 2 850 to 3 150tpa of contained Cu units. This guidance is based on total copper unit production and is not dependent on the potential introduction of the DMS circuit, which remains under review.
Molefe remains in its planned ramp-up and operational proving phase as the open pit continues to be expanded and pre-stripped. The current project target is to increase ROM material delivered to Sable to approximately 7 000–7 500tpm before progressing towards 10 000tpm.
The initial 7 000–7 500tpm operating level will be used to demonstrate the sustainability of the key operating assumptions underpinning the planned expansion, including achieved copper grade, recoveries, throughput and acid consumption. Subject to these parameters being demonstrated on a sustained basis, Molefe will progress towards its project target of 10 000tpm of ROM. The 10 000tpm level therefore remains a project target rather than production guidance. Once Molefe has demonstrated stable operation at the targeted production rate for a sustained period (stable state), currently anticipated to be before the end of the CY2026, the Company expects to be in a position to incorporate Molefe into formal production guidance.
Project G will similarly be incorporated into formal production guidance once development has advanced sufficiently and the operation has demonstrated the required level of stable and predictable performance.
This approach establishes a clear progression from project target to production guidance as each operation demonstrates the required level of operating stability, while allowing Jubilee to progressively build guidance around its expanding portfolio of integrated copper production sources.
14 September 2026
For further information 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 - Zeus Capital
Harry Ansell/Katy Mitchell
Tel: +44 (0) 20 7220 1670/+44 (0) 113 394 6618
Joint Broker - Shard Capital Partners LLP
Erik Woolgar/Gareth Burchell
Tel +44 (0) 207 1869900
JSE Sponsor - Questco Corporate Advisory Proprietary Limited
Alison McLaren
Tel: +27 78 286 9556
About Jubilee Metals Group
Jubilee Metals, listed on AIM and the AltX of the JSE, is a copper producer and resource developer focused on building a world-class integrated copper business in Zambia. The Company’s strategy is built around three core pillars: the processing of third-party copper feedstock, principally through its Roan Concentrator; the Sable Refinery as the Group’s central refining platform; and the development of Jubilee-controlled mining assets and exploration opportunities.
Together, these three pillars support Jubilee’s evolution from a predominantly third-party processor into an integrated copper mining, processing and refining company. The strategy is focused on leveraging Jubilee’s established processing and refining infrastructure while progressively increasing its exposure to controlled copper resources, with a disciplined approach to capital deployment and a focus on maximising returns from existing infrastructure.
As Jubilee advances its mining, exploration and resource development programmes, the Group is focused on building a resource-backed production platform capable of supporting scalable, long-term copper growth.
For further information, please visit www.jubileemetalsgroup.com and follow Jubilee on X at @Jubilee_Metals
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