Jubilee Metals Group plc (LON:JLP), a diversified metals processor in Africa, with copper operations in Zambia and also chrome and PGM operations in South Africa, has announced its unaudited interim financial report for the six months ended 31 December 2024.
Highlights
Safety
| § Zambia reported a Lost Time Frequency Injury Rate (LTFIR) of 0.65 (H1 FY2024: 0.61). |
| § South Africa reported a LTFIR rate of 1.45, an improvement from 2.41 for H1 FY2024. |
Financial
Group
| § Group revenue up 51.0% to US$141.5 million (H1 FY2024: US$93.7 million) driven mainly by increased production of chrome concentrates during the period. |
| § Group EBITDA (earnings before interest, tax, depreciation and amortisation) down 6.8% to US$13.6million (H1 FY2024: US$14.6 million) impacted by softer chrome prices during the period. |
| § Invested US$17.8 million (H1 FY2024: US$16.8 million) in the expansion of its copper and chrome operations. |
| § Cash of US$8.4 million at the end of the period (30 June 2024: US$19.3 million). |
Zambia
| § Copper revenue up 5.1% to US$8.3 million (H1 FY2025 US$7.9 million). |
| § Copper cost per tonne increased by 30.6% to US$5 948/t (H1 FY2024: US$4 554/t), due mainly to a once off contractual adjustment of US$573/t (accounting for 12.6% of the increase) to the price of copper ore purchased during the period and the impact of plant stoppages due to power constraints. |
| § Copper gross profit down 88.0% to US$0.3 million (down 53.6% excluding the once off contractual adjustment) (H1 FY2024: US$2.5 million) driven mainly by the commissioning of Roan operations and subsequent stoppage due to power interruptions. |
| § Copper gross profit margin of 3.9% (14.0% excluding the once off contractual adjustment) (H1 FY2024: 31.7%). |
South Africa
| § Chrome revenue increased by 75.9% to US$114.5 million (H1 FY2024: US$65.1 million) supported by increased production from the two new chrome processing modules. |
| § Revenue per tonne of chrome concentrate increased by 23.3% to US$111/t (H1 FY2024: US$90/t) supported by the sale of chrome concentrate at prices above historically fixed margin chrome contracts. |
| § Average cost per tonne of chrome concentrate inclusive of purchase of ROM increased by 30.3% to US$99/t (H1 FY2024: US$76/t), which is in-line with the Company’s strategy to increase the proportion of third party run-of-mine material (ROM) purchases to the historically fixed margin chrome contracts. |
| § Chrome gross profit increased by 31.1% to US$13.1 million (H1 FY2024: US$10.0 million) supported by a higher contribution from chrome sales realised from third party ROM purchases. |
| § PGM revenue decreased by 9.2% to US$18.8 million (H1 FY2024: US$20.7 million), predominantly due to a decrease in PGM ounces produced of 8.9% to US$18 435oz (H1 FY2024: 20 244oz), due mainly to a shifted priority towards chrome recoverability during the first quarter to capitalise on favourable chrome market conditions resulting in lower PGM feed grades. |
| § PGM cost per ounce decreased by 20.1% to US$616/oz (H1 FY2024: US$771/oz) mainly as a result of the reallocation of operating cost to the chrome operations. |
| § PGM gross profit increased by 45.1% to US$7.4 million (H1 FY2024: US$5.1 million). |
Market
| § The average LME copper price was flat at US$9 193/t for the period under review (Q1 FY2025: US$9 200/t). |
| § Average CIF chrome price per tonne declined from US$309/t during Q1 FY2025 to US$252/t in Q2 FY2025. Pricing reached the US$200/t CIF level towards the end of Q2 FY2025. |
| § The average PGM basket price remained flat at US$1 360/oz for the period under review. |
Operational
Zambia
| § Copper units produced down 13.6% to 1 454t (H1 FY2024: 1 683t) due mainly to the impact of power outages experienced during Q2 FY2025. |
| § Copper units sold increased by 13.0% to 1 336t (H1 FY2024: 1 182t) supported by sale of product held in stock. |
| § ROM and in process stock increased sharply, reaching approximately 1.21Mt containing an estimated 8 466t of copper units for future processing at Munkoyo. |
| § Roan upgrade and commissioning completed reaching ramp-up throughput targets of a combined 45 000tpm (with a combined feed of historical waste and tailings) during the period before experiencing shut-downs to protect the integrity of equipment due to power constraints. |
| § Copper ROM production at Munkoyo was unaffected by power constraints:o Munkoyo is on track to achieving its targeted production of 70 000tpm of low-grade ROM for future processing; ando High grade ROM at a rate of 8 000tpm, delivered to Sable for refining. |
| § Project G is continuing with resource definition work to complete the design of its Open- Pit expansion. |
South Africa
| § The new chrome processing modules built at Thutse with a production capacity of 50ktpm of chrome concentrate were completed and commissioned during Q2 FY2025. The modules met the design throughput during December 2024 contributing to a record quarterly chrome concentrate production for Q2 FY2025 of 519 278t**. |
| § Chrome concentrate produced reached record half year high increasing by 35.7% to 974 659t** (H1 FY2024: 718 189t) well on track to meet and exceed full year guidance of 1.65Mt. |
| § 6E PGM* production on track to meet full year guidance of 36 000oz at 18 435oz in the first half (H1 FY2024: 20 244oz). |
* 6E PGM – Platinum, palladium, rhodium, ruthenium, iridium and gold
** Inclusive of 100% of production declared from operations in partnership with the resource owners
Post the period under review
Zambia
| § On 21 January 2025 Jubilee executed an additional power agreement with a new broad based power provider to supplement the existing power supply agreement aimed specifically at achieving steady power supply at Roan. |
| § On 14 February 2025 Jubilee announced that Roan commenced with the processing of new high-grade copper feed material. The material is in line with Management’s expectations with current feed assays exceeding 1.6% copper (Cu) which is approximately double the grade of material processed previously at Roan. Roan will gradually increase the proportion of high-grade copper feed to the historical tailings in the feed to ensure circuit stability over a four to six week period. |
| § In support of this switch over the Company secured the rights to an initial 200 000t of high-grade copper feed material and the option to increase the allocation of such material with the potential of securing a long-term continuous feed supply. |
Production Guidance
| § Copper: Production guidance remains under review until results from the initial operational run following the completed switch over to the high-grade ore at Roan has been confirmed for a sustained minimum period of six weeks. This strategy to migrate to higher grade copper feedstocks at Roan is expected through time to lead to increased copper production following the initial assessment of the optimal processing recipe. Early results are encouraging. Management is looking to ensure that the new production levels are sustainable to provide informed guidance. An update is targeted for release at the end of April 2025. |
| § Chrome and PGM: Well on track to achieve chrome concentrate production of 1.65Mt and PGM production guidance of 36 000oz for FY2025. An operational update is targeted for release by mid-April 2025. |
Statement from Leon Coetzer, Chief Executive Officer:
“The first half of the 2025 financial year was one of both success and challenges. While we were able to deliver our Roan expansion project in Zambia and begin the parallel processing of waste and run-of-mine material, severe power disruptions on the grid at the end of the period, meant this start-up was short lived.
The ability of Jubilee to react to this challenge is a testimony to the resilience of the team to execute, post period end, an additional power agreement with a new broad based power provider to supplement the existing power supply agreement as a more permanent solution. In addition, Jubilee secured an initial 200 000t of high-grade copper feed material for processing together with an option to increase the allocation of such material, with the potential of securing a long-term continuous feed supply.
We have since commenced with the processing of the new high-grade copper feed material at our Roan Concentrator. We will initially run a blend of high-grade copper and historical tailings gradually migrating to a dedicated high-grade copper feed as we ensure the integrity of the processing recipe. We target to reach this point by end of April 2025. Early results are very encouraging as we push to complete this switchover of the plant.
I am particularly excited by the continued development and expansion of our Munkoyo Open-Pit mine which offers the potential to significantly boost copper output at our Sable Refinery.
At our South African operations, the new chrome processing modules at Thutse were completed and commissioned during the period and reached design targets during December 2024. This increased chrome production operated in partnership with the resource owner was the main driver behind record half-year production and the 51% increase in group revenue compared with the first half of the previous year.
While commodity prices were subdued over the period especially in both chrome and PGM we have seen a strong recovery in the chrome price post period end while copper prices continue to receive strong support. This positions Jubilee well to benefit from its exposure to both copper and chrome during the current period.”
The health and safety of our employees and contractors remain at the core of Jubilee’s values. A number of initiatives in both Zambia and South Africa, have significantly improved access to essential services and have empowered communities to actively engage in their own development.
Zambia
During the period under review Jubilee has made significant strides towards enhancing sustainability and addressing Environmental, Social and Governance (ESG) metrics within its Zambian operations.
Zambia’s Lost Time Frequency Rate (LTFR) for the period under review was 0.65, an increase from 0.61 in the previous half-year, with one classified injury reported. Jubilee remains focused on ensuring a safe working environment and is committed to reducing safety incidents through continuous improvement measures.
Power supply sustainability was addressed successfully, community engagement initiatives were implemented and commitment to health and safety standards continued during the period under review.
On the environmental front, Jubilee saw a 67% increase in Scope 1 and 2 emissions, with intensity levels (CO2 per ton of produced copper) rising by 72% over the period. This increase is due primarily to increased diesel usage during the period, as a result of the power outages experienced on the national grid during December 2024, highlighting the need for ongoing efforts to mitigate environmental impact.
A significant milestone was the successful securing of additional power supply for the Zambian operations. The new power supply agreement secures access to a distributed power base from multiple sources of generation, minimising the reliance on a single supply source and mitigates the risks associated with localised power network distribution limitations. The power supply has been delivered at a cost comparable to the Company’s existing power agreement, offering both economic and operational stability.
The additional power allowed the Roan Concentrator, placed initially under care and maintenance during Q2 FY2025, to restart, using its newly commissioned front-end modules along with existing milling and flotation plants. Importantly, the entire operations of Zambia have transitioned to renewable energy sources, underscoring Jubilee’s commitment to sustainability.
During the period, Jubilee implemented certain key Corporate Social Responsibility (CSR) initiatives focusing on the following areas: water and sanitation, food security, education, health, and community empowerment.
| § Water and Sanitation: Installing and rehabilitating boreholes, constructing compost toilets, and supporting water reconnection in Mukulungwe Ward, with community engagement to mitigate vandalism issues. |
| § Food Security: Drought-resistant maize seeds and fertilisers to vulnerable families in Munkoyo and Ndola, yielding positive outcomes. |
| § Education: Support for schools addressed overcrowding and infrastructure needs, with assessments guiding future efforts in areas like Kang’omba, Bwafwano, and Katanga Community schools. |
| § Health: Development of health facilities included constructing a new clinic in Munkoyo and refurbishing existing clinics, along with a focus on cholera preparedness. |
| § Community Empowerment: Support for women’s savings groups promoted financial independence, while ongoing assistance was provided to individuals with disabilities. |
| § Stakeholder Engagement: Continuous dialogue with local communities and government officials ensuring alignment with community needs and effective problem-solving. |
South Africa
Jubilee’s expansion strategy prioritises brownfield projects, using existing disturbed land and minimising the environmental footprint of our growth. This approach also streamlines permitting processes, reducing both costs and project lead times.
The reporting period saw a continued focus on safety, particularly during the high-risk holiday season. A dedicated “Silly- Season” safety campaign was implemented over the festive period to reinforce safe work practices among employees and emphasise the importance of both personal and team safety during this traditionally high-incident time. While the number of Lost Time Injuries (LTIs) remained at 3, there was positive progress in the Classified Injury Frequency Rate (CIFR), which decreased from 2.41 to 1.45 during the period. This reduction demonstrates the effectiveness of safety initiatives in preventing less serious injuries, despite the level of LTIs.
On the environmental front a significant milestone is the completion of updated water balances across all operations, resulting in a 90% water recycling rate.
On the Corporate Social Responsibility (CSR) front, Jubilee dedicated 67 Minutes in celebration of Mandela Day, to make a positive impact at the Reamogetswe Centre, a child and youth centre near Brits. A number of improvements were completed at the centre during the period under review. This initiative highlights the Company’s commitment to community support.
Additionally, in September 2024, Arbor Day was celebrated, planting trees at our different sites, further emphasising our commitment to environmental sustainability and community support.
Operational review – Zambia
Roan Concentrator
The Roan upgrade and commissioning were successfully completed during the period, with the operation achieving ramp-up targets by processing a combination of low-grade ROM from extensive historical stockpiles and historical tailings. Roan confirmed its combined (both front end modules and existing milling and flotation) throughput capacity of 45 000t per month processing.
After reaching capacity, the Roan operation faced significant power supply challenges, leading to a partial closure to resolve issues related to supplementary power agreements. Roan was placed under care and maintenance during this period.
On 20 January 2025, Jubilee implemented a new power agreement after the national power outages had a material impact on the Company’s copper production for the months of December 2024 and January 2025.
In an effort to accelerate copper production following the lost production, Jubilee has agreed to invest into securing rights to an initial 200 000t of ROM material with an expected copper content of approximately 1.6% Cu, which is equivalent to more than double the waste material being processed. Jubilee holds an option to increase the initial 200 000t allocation of copper material with the potential to secure a long-term feed supply of this high-grade material.
The migration of Roan onto this high-grade copper material is managed carefully to ensure the integrity of both the copper recovery process and mechanical performance of the operation. The complete migration onto this high-grade material is expected to be achieved over an estimated six-week period. Early results have been very encouraging confirming the decision to pursue the high-grade copper material strategy.
Sable Refinery
In line with Jubilee’s ongoing resource expansion in Zambia, the Company is upgrading Sable to serve as a dedicated facility for processing materials from Open-Pit mining operations, including the recently acquired Munkoyo and Project G. The upgrade is currently in progress and is expected to be completed during Q2 FY2026 (financial year-end 30 June 2026). The successful acquisition of these targeted resources has enabled Jubilee to transform Sable into a specialised refiner focused on shallow Open-Pit mining operations.
Project Munkoyo
The Munkoyo operations remained largely unaffected by power challenges allowing the project to continue with its development. The project targets to mine on a sustained basis both high-grade copper ROM exceeding 8 500tpm as well as a lower grade ROM material of approximately 75 000tpm. The high-grade ROM material exceeding 2.0% Cu is directly transported to Sable Refinery. The remaining lower grade ROM material with an approximate grade of 0.7% Cu is currently stockpiled for future on-site upgrading prior to refining. The low-grade stockpile has already reached approximately 1Mt at surface. An on-site leaching process targeting all of the ROM material mined at Munkoyo has been developed by Jubilee’s technical team with both laboratory as well pilot trials completed confirming the viability of the process.
The pilot-scale leach trials of Munkoyo material, initiated in December 2024, have delivered exceptional results, demonstrating significantly reduced acid consumption rates for copper extraction and the potential to considerably reduce the required operating footprint.
Implementation of the leach solution will be accelerated, with final design and capital estimates expected shortly for capital review as part of the FY2026 budget. Based on pilot run results, a modest order of magnitude capital investment for the first processing module (60 tonnes per hour feed rate) of approximately US$6.5 million is required at Munkoyo, with most equipment sourced locally to avoid long lead times. Two processing modules in envisaged at Munkoyo. Further details will be provided as soon as possible.
Large Scale Waste Rock Project
We had hoped to conclude this transaction during March, but with our focus on restoring operating capacity at Roan, we have opted to push back a decision to mid-May 2025. The project targets to bring to value the approximate 260 million tonnes of previously mined low-grade stockpiled material.
Jubilee’s due diligence studies have progressed well and will be used to inform the contractual decision on whether to acquire the asset. The balance of the acquisition value of approximately US$11.5 million is payable over a period of 12 months from the date of the decision to acquire the asset.
Jubilee has held extensive engagements with numerous interested parties on the best way to monetise the project. The project has attracted keen interest from both metal offtake backed funding as well as large multi-national copper producing entities interested to partner on the potential project. Previous partnership agreement with Jubilee on this project has lapsed offering Jubilee the full flexibility to more optimally structure such potential partnership agreements better informed by the outcome of the due diligence work undertaken. An update will be given in the Zambia operational update targeted for the end of April 2025.
Operational review – South Africa
The Company continues to experience growth in its South African operations, which are now well-established and delivering consistently strong results. Chrome operations increased output to 974 659t for H1 FY2025 on the back of increased processing capacities in partnership with the resource owners, while PGM production benefited from the stable supply of feed from the chrome operations to produce 18 435oz.
Construction and commissioning of the two new chrome processing modules at Thutse, was successfully completed and commissioned contributing to the record production achieved over the past period.
KEY OPERATIONAL AND FINANCIAL NUMBERS
| Unit | UnauditedH1 FY2025 | Unaudited H1 FY2024 | % change | Audited FY2024 | |
| GROUP | |||||
| Revenue | US$’000 | 141 477 | 93 682 | 51.0% | 205 404 |
| Gross profit | US$’000 | 20 791 | 17 547 | 18.5% | 35 979 |
| Gross profit percentage | % | 14.7% | 18.7% | (21.4%) | 17.5% |
| EBITDA | US$’000 | 13 627 | 14 615 | (6.8%) | 27 718 |
| COPPER | |||||
| Revenue | US$’000 | 8 271 | 7 874 | 5.0% | 18 488 |
| Gross profit * | US$’000 | 325 | 2 492 | (87.0%) | 7 089 |
| Gross profit percentage * | % | 3.9% | 31.7% | (87.7%) | 38.3% |
| EBITDA | US$’000 | (750) | 3 672 | (120.4%) | 7 106 |
| Tonnes produced | t | 1 454 | 1 683 | (13.6%) | 3 422 |
| Tonnes sold | t | 1 336 | 1 182 | 13.0% | 2 655 |
| Revenue per tonne ** | US$/t | 6 191 | 6 663 | (7.1%) | 6 964 |
| Cost per tonne * | US$/t | 5 948 | 4 554 | 30.6% | 4 294 |
| Gross profit | US$/t | 243 | 2 109 | (88.5%) | 2 670 |
| CHROME | |||||
| Revenue | US$’000 | 114 467 | 65 141 | 75.7% | 150 176 |
| Gross profit | US$’000 | 13 089 | 9 986 | 31.1% | 17 955 |
| Gross profit percentage | % | 11.4% | 15.3% | (25.5%) | 12.0% |
| EBITDA | US$’000 | 13 498 | 10 056 | 34.2% | 17 847 |
| Tonnes produced*** | t | 974 659 | 718 189 | 35.7% | 1 548 205 |
| Tonnes sold | t | 1 028 157 | 721 974 | 42.4% | 1 569 817 |
| Revenue per tonne | US$/t | 111 | 90 | 23.3% | 96 |
| Cost per tonne | US$/t | 99 | 76 | 30.3% | 84 |
| Gross profit | US$/t | 12 | 14 | (14.3%) | 12 |
| PGM | |||||
| Revenue | US$’000 | 18 739 | 20 667 | (9.3%) | 36 740 |
| Gross profit | US$’000 | 7 377 | 5 069 | 45.5% | 10 935 |
| Gross profit percentage | % | 39.4% | 24.5% | 60.8% | 29.8% |
| EBITDA | US$’000 | 3 028 | 2 123 | 42.6% | 6 719 |
| Ounces produced and sold | oz | 18 435 | 20 244 | (8.9%) | 36 411 |
| Revenue per ounce | US$/oz | 1 016 | 1 021 | (0.5%) | 1 009 |
| Cost per ounce**** | US$/oz | 616 | 771 | (20.1%) | 709 |
| Gross profit | US$/oz | 400 | 250 | 60.0% | 300 |
* Copper cost of production was higher due mainly to a once off contractual adjustment of US$0.8 million to the price of copper ore purchased. (When excluded copper gross profit reached US$1.2 million, gross profit percentage 14.0% and copper EBITDA US$0.1 million).
** Copper unit revenue per tonne decreased due mainly to an increased proportion of copper units sold as copper concentrate versus copper cathode. The copper units in concentrate are sold at a percentage discounted below the LME copper price which has the effect of lowering the average traded copper price.
*** Inclusive of 100% of production declared from operations in partnership with the resource owners.
**** Inclusive of the reallocation of operating cost to the chrome operations.
Financial overview
Exchange rates and their impact on results
Jubilee subsidiaries are incorporated in multiple jurisdictions including South Africa (ZAR), Zambia (ZMW), Mauritius (US$), the United Kingdom (£/GBP) and Australia (AUD). The Group’s operating subsidiaries are in South Africa and Zambia where revenue is invoiced in US$ and recorded in ZAR and ZMW, respectively. Costs incurred in South Africa are in ZAR. Costs incurred in Zambia are in both ZMW and US$. The functional currency for South Africa is ZAR and for Zambia it is ZMW, while the Group’s reporting currency is US Dollars (US$).
Period-on-period changes in the currency rates, respectively, must be considered when comparing period-on-period results. During the period under review, spot and average exchange rates moved as illustrated below.
| SPOT | H1 FY2025 | H1 FY2024 | % change | |
| US$/GBP | 0.80 | 0.79 | 1.3% | |
| US$/ZAR | 18.82 | 18.28 | 3.0% | |
| US$/ZMW | 27.85 | 25.76 | 8.1% | |
| AVERAGE | H1 FY2025 | H1 FY2024 | % change | |
| US$/GBP | 0.77 | 0.80 | (3.8%) | |
| US$/ZAR | 17.92 | 18.68 | (4.1%) | |
| US$/ZMW | 26.48 | 21.30 | 24.3% | |
Risks and opportunities
The nature of Jubilee’s operations together with factors and events in the external environment, expose our business to risks and opportunities that can impact Jubilee’s ability to generate sustainable value for shareholders and other stakeholders. A list of these risks can be found on pages 21 to 26 of the 2024 Integrated Annual Report which is available on the Jubilee website.
Revenue
Revenue for the period increased by 51.0% to US$141.5 million (H1 FY2024: US$93.7 million) mainly driven by increased chrome concentrate sales by 42.4% from H1 FY2024 to 721 974t in H1 FY2024 and a 23.3% increase in the US$ chrome price per tonne achieved. Chrome revenue contributed 80.9% (FY2024: 69.5%) to total Group revenue. PGM revenue decreased by 9.3% with PGM basket prices regressing by 1.4% to US$1 352/oz. Copper units revenue increased by 5.0% to US$8.3 million (H1 FY2024: US$7.9 million) mainly attributable to a 13.1% increase in copper unit tonnes sold.
Cost of production
Cost of production increased by 58.6% to US$120.7 million (H1 FY2024: US$76.1million). Cost of production for the chrome and PGM operations in South Africa contributed 93.4% of the Group’s cost of production amounting to US$112.7million (H1 FY2024: US$70.8million).
The main categories of cost of production for chrome and PGM operations include:
| § Electricity costs increased by 19.1% in South Africa to US$2.5 million (H1 FY2024: US$2.1million) due to tariff increases, higher production and diesel generation costs to counter the power challenges in South Africa |
| § Salaries and wages increased by 32.0% to US$6.6 million (H1 FY2024: US$5.0 million) contributing 5.5% of the Group’s total cost of production (H1 FY2024: 7.0%). Chrome operations have expanded resulting in increased salaries and wages |
| § Mining and processing costs increased by 62.8% to US$103.7 million (H1 FY2024: US$63.7 million), mainly driven by a 29.2% increase in run-of-mine (ROM) and tailings costs as the chrome operations expanded into own-sourced material during the period under review. ROM and tailings costs contributed 56.9% of the Group’s total cost of production (H1 FY2024: 70.1%). |
Cost of production for the Zambian operations increased by 46.3% to US$7.9 million (H1 FY2024: US$5.4 million). The Zambian operations contributed 6.6% of the Group’s cost of production.
Other operating costs
Other operating expenses increased by 20.3% to US$15.4 million (H1 FY2024: US$12.8 million) due mainly to a share-based payment charge of US$0.8 million relating to share options (H1 FY2024: US$ Nil) and a net realised foreign exchange loss on foreign exchange and copper hedging of US$0.6 million.
Finance cost
Finance cost increased 30.8% to US$5.1 million (H1 FY2024: US$3.9 million). The increase is due mainly to an increase in working capital facilities to secure ROM to feed the new production facilities at Thutse.
Profit after tax
Profit after tax was down 54.4% and impacted mainly by:
§ contractual price adjustments on the cost of copper ore (US$0.8 million);
§ contractual adjustments on sulphide concentrate prices received (US$0.6 million);
§ lower copper production (down 13.6%) due to nationwide power outages experienced in Zambia during Q2 FY2025;
§ 25.4% decrease in chrome margin due mainly to chrome prices retreating in Q2 FY2025 as well as increased cost of production for chrome following two new chrome projects coming into operation during Q2 FY2025;
§ lower PGM production (down 8.9%);
§ increase in corporate costs due mainly to a share-based payment charge (US$0.8 million relating to deferred share option grants); and
§ net realised foreign exchange loss on foreign exchange and copper hedging during H1 FY2025 (US$0.6 million).
Capital expenditure
The Group invested US$25.4 million (H1 FY2024: US$16.8 million) in the expansion of its copper and chrome operations.
Cash and debt facilities
At that date, Jubilee Metals Group had cash and cash equivalents of US$8.4 million (FY2024: US$19.3 million) and net debt of US$40.3 million (FY2024: US$31.2 million). Included in net debt are banking facilities of US$34.5 million (FY2024: US$21.8 million) that mature within 12 months of the period ending December 2024 (refer to note 5 to the financial statements).
United Kingdom
31 March 2025
