("Jubilee" or "the Company" or "the Group")
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Audited Results for the year ended 30 June 2023
Notice of Annual General Meeting
Integrated Annual Report
Jubilee Metals Group PLC (AIM: JLP/Altx: JBL), a diversified leader in metals processing with operations in Africa, is pleased to announce its audited results for the year ended 30 June 2023 ("FY2023"). Today, Jubilee is also publishing, its Integrated Annual Report.
Jubilee has delivered a strong operational performance which has assisted in buffering some of the challenging market conditions, brought on by a fast-depreciating PGM basket price and infrastructural challenges in both operating jurisdictions. The operational performance served to demonstrate Jubilee's ability to challenge industry norms by breaking through technical barriers and implementing solutions that extract value from materials and ore sources that were previously regarded by others as waste or too complex.
Key milestones and achievements for the year
· Record production figures across our PGM, chrome and copper operations with 42 433 PGM oz (exceeding guidance and up 2% year-on-year) 1 289 890 chrome concentrate tonnes (up 7%) and 2 923 copper tonnes (up 29%).
· Successfully implemented an investment programme of £36 million (FY2022: £58 million) equivalent to US$44 million (FY2022: US$70 million) to diversify and expand our operations in chrome, PGM, copper and cobalt.
· Commissioned a state-of-the-art expanded PGM processing facility, designed to process PGM tailings and ores, previously regarded as waste. This versatile facility boasts an annual production capacity of 44 000 oz of PGMs.
· Further expanded the chrome operational footprint through the implementation of a long-term chrome ROM offtake agreement offering increased chrome margins capable of offsetting the lower PGM margins.
· In South Africa, to address the infrastructure challenges, we initiated the installation of backup power units at our chrome facilities and managed stock levels to ensure continuous operations.
· In Zambia, we achieved significant advancements by formulating breakthrough process flow sheets for the treatment of mixed and transitional copper reefs as part of our 14 000 tonnes per annum Southern copper strategy. These breakthroughs form part of the process flowsheet upgrade at Roan currently underway.
· The upgraded flowsheet offers significant lower capital expansion opportunities within Zambia.
· The technical team is in the process of innovating a copper waste leach circuit for the treatment of copper and cobalt tailings, as part of our Northern Refining copper strategy. The development phase has commenced with upscaled continuous pilot runs to confirm the encouraging results achieved to date.
· Effectively addressed the infrastructure issues associated with the new Roan Concentrator. A modern water infrastructure system was completed in December 2022, followed by an enhanced power infrastructure finalised in February 2023
Financial highlights
· Revenue from operations increased by 1% to £142 million (FY2022: £140 million) equating to US$171 million (FY2022: US$186 million) with growth in US$ chrome revenue predominately offsetting the market driven decrease in PGM revenue.
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