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Highlights
- Chrome output in South Africa declined by 11.2%, while PGM production fell 10.1% year-on-year in Q1 FY2026.
- USD 15 million received as the initial payment for the sale of South African Chrome and PGM assets.
- Completion of the asset disposal awaits approval from the Competition Commission and the submission of audited FY2025 accounts.
Jubilee Metals Group plc (LSE:JLP), a copper-focused producer with operations in Zambia, has provided a quarterly update on its South African activities for Q1 FY2026, ending 30 September 2025.
Production Performance
Chrome concentrate production for Q1 FY2026 totaled 404,151 tonnes, marking an 11.2% decline compared to 455,381 tonnes in the same quarter last year. This drop is mainly due to the conclusion of the OBB chrome ore supply agreement at the end of Q4 FY2025, which represented around 450,000 tonnes per annum. Increased output from Thutse and third-party chrome ore partners helped make up some of the difference, with these partners now contributing about 64.1% of chrome production and providing direct exposure to market pricing.
PGM production reached 8,382 ounces, reflecting a 10.1% decrease from 9,328 ounces in Q1 FY2025 following the end of the OBB contract. Processing of PGM tailings continues at the Inyoni facility, complemented by feed from Windsor and historic tailings. A new joint venture for PGM operations recently finished its two-month trial, and facility upgrades are underway, targeting full capacity in Q3 FY2026.
Management Comments
CEO Leon Coetzer said:
“Our South African operations have delivered a solid performance whilst the sale of our South African chrome and PGM Operations is progressing to expectation. To this end, we are pleased to see a notable decrease in the LTIFR. The sale of our South African Chrome and PGM Operations has only two remaining significant conditions to be fulfilled, being approval from the South African Competition Commission and delivery of the audited accounts of the Disposal Group for the year ending 30 June 2025. Additionally, the period saw us receive the first tranche of the sale consideration of US$15 million. We are hoping to receive approval for the completion of the sale by the end of this calendar year and we look forward to updating our shareholders accordingly.”
Jubilee is maintaining its South African operations while advancing the sale of the Disposal Group and preparing facilities for increased PGM production in Q3 FY2026.
Share Performance
The company is currently trading at GBX 2.81 and down by 7.24% from its previous close of GBX 3.03.
