Jubilee Metals Group plc
Jubilee Metals Group Plc is a UK-incorporated (England & Wales), AIM-listed (ticker JLP) and JSE AltX-listed (ticker JBL) metals processing and recovery company. Historically a South African chrome and PGM (platinum group metals) processor, during FY2025 the Group agreed to dispose of its entire South African Chrome and PGM Operations (classified as held for sale/discontinued operations at 30 June 2025) and is redefining itself as a dedicated copper producer in Zambia, built around a three-pillar strategy: the Roan concentrator (third-party ROM feedstock), the Sable Refinery (mine-to-metals, including Molefe Mine), and the Large Waste Project (historical tailings/waste reclamation).
10 annual reports read, FY2016 to FY2025
Open a year to see what its report said. Every line in it carries the page it was read from.
Sources: Companies House (10)
FY2026Next report expected 31 Oct 2026
- Open the reportJSONComing soonSixty seconds on the FY2025 report
Jubilee Metals Group processes and recovers metals, and is turning itself into a copper producer in Zambia after agreeing to sell its South African chrome and platinum-metals business. Revenue from the copper business it is keeping fell to $15.2m from $18.5m, and the group made a loss after tax of $30.3m, against a profit of $6.0m the year before. The report says copper output dropped while the Roan plant was being upgraded, which spread fixed costs over fewer tonnes, and electricity and wage costs in Zambia rose. The loss was also swollen by one-off charges tied to the sale, including asset write-downs and an adjustment for sale payments that will arrive later. Cash at the year end was $4.6m, down from $19.3m, with borrowings of $19.7m. No dividend was declared. Management expects copper production of 4,500t to 5,100t in FY2026 and plans to invest the sale proceeds in Zambia. The auditor's opinion was clean, but the directors' view that the group can keep trading depends on new Zambian funding and on renewing bank facilities of US$17.6 million due on 31 December 2025.
From the reportevery line sits on the page it namesWhat drove revenueCopper concentrate/cathode sales from Zambia (Roan/Sable), processing purchased ROM and own-mined material
Copper revenue (continuing operations) was US$15.2 million in FY2025, down 17.9% mainly due to lower production from the Roan upgrade
page 41AndChrome concentrate and PGM sales from South African operations (now discontinued/held for sale)
Discontinued operations revenue increased 41.6% to US$264.7 million, driven by chrome revenue up 47.3% to US$221.1 million and PGM revenue up 18.7% to US$43.6 million
page 48What moved the margintailwindAverage copper price received
Average copper price received increased 6.6% to US$7,421/t (LME copper price up 15.7% to US$10,040/t)
page 42AndheadwindCopper unit cost per tonne
Copper cost per tonne increased 81.1% to US$7,776/t due to lower production diluting fixed costs during the Roan upgrade
page 46One-offs in the year£4.7m charge: Impairments directly related to the Disposal (intellectual capital intangibles)
page 49What management saidThe Board believes that by deploying the proceeds from the disposal in the opportunities presented by copper mining and processing successfully in Zambia, the Group will be on a path to sustained growth and profitability
page 11After the year end7 August 2025: Company executed the sale and purchase agreement (SPA) for disposal of Chrome and PGM Operations to One Chrome for up to US$90 million; shareholder approval obtained 28 August 2025; unconditional South African Competition Tribunal approval received 14 November 2025
page 164The dividendNo dividend was declared or recommended for FY2025 (FY2024: nil). The Board has stated the Disposal proceeds could support a sustainable share buyback programme and/or the implementation of a dividend policy in future
page 11Going concern and the auditUnqualified (unmodified) audit opinion issued by Crowe U.K. LLP, with key audit matters covering the planned disposal of Chrome and PGM Operations (IFRS 5), revenue recognition, and carrying value of intangible assets (Tjate exploration asset). Directors adopted the going concern basis, assessing the period to 30 June 2027, dependent on successful conclusion of Zambian funding initiatives and renewal of banking facilities of US$17.6 million maturing 31 December 2025
page 110The risks it names first- Stability of power supply in Zambia and South Africa (instability and electricity outages affecting operational efficiency)p.28
- Contamination of groundwater from unlined tailings storage facilitiesp.28
- Employee safety, health and well-beingp.28
- Feed and product security (theft or diversion of feed/product and valuable inventory)p.29
Read from C000725-AR-2025-ch.
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