Zambia-focused copper producer Jubilee Metals says it has continued to advance its copper growth strategy through a structured investment programme aimed at laying the foundation for long-term expansion.

In its audited results for the year ended June – published on Wednesday – the company noted that the investment specifically targeted the Roan operations and the Molefe mine, including the expanded Pit 2.

Jubilee said that the investment programme, which weighed on  copper production during the period under review, has already delivered a marked improvement performance during the first quarter of the 2026 financial year.

Production increased by 65.5% from the previous quarter to 938 t of copper units.

The company also reported the successful completion of Pit 2 at the Molefe mine with the start of operations in the first quarter of 2026.

This followed a  staggered increase in the delivery of high-grade run-of-mine material to the Sable refinery, rising from 3 500 t/m to 4 500 t/m during November, with Jubilee targeting a run rate of 8 500 t/m from the third quarter 2026.

The operational performance at the Roan concentrator has stabilised, with copper output increasing by 65.1% compared with the previous quarter. The operation is currently meeting its targeted feed rate target of 30 000 t/m with the option to increase throughput to 45 000 t/m following the current rainy season.

The copper feed grade to Roan has maintained at the targeted grade of an average of 1.6% copper.

Meanwhile, Jubilee said the proposed sale of its chrome and platinum group metals (PGM) operations in South Africa, announced during the period, remains on track for completion by the end of December.

The transaction has an enterprise value of value of $147-million (including $56.8-million debt settlement) with a minimum net cash realisation of $87-million (maximum of $90-million), which, when completed, provides capital to pursue growth plans in Zambia.

During the year, Jubilee also executed the sale of one of its noncore waste assets outside of its large copper tailings for a combined consideration of $12.3-million. The consideration has been largely excluded from the period’s results under IFRS15 with only $1.4-million reflected in the results, with revenue from the contract to be recognised during the current financial period.

Jubilee also executed the sale of 10-million tonnes of copper bearing material from the Large Waste Project for a consideration of $6.75-million.

The group has secured a binding customer contract the revenue of which will be recognised progressively over an estimated period of 18 months from signature as the contracted material is reclaimed.

To date, about 19 000 truckloads have been reclaimed, with Jubilee also benefiting from the assays and data generated completed on the sold material.

Accordingly, copper revenue for the period under review excludes the revenue to be recognised on the two executed revenue contracts above totalling $17.9-million that will largely be recognised during the current financial period.

Excluding the revenue from the two sale contracts, copper revenue decreased by 17.9% to $15.2-million from $18.5-million, mainly owing to lower copper production during the investment programme.

For the year, chrome operations reached a new production high, with chrome concentrate output for the year increasing by 24.8% to 1.9-million tonnes.

PGM operations produced 38 579 oz, representing a 6% increase year-on-year.

Post year-end, Jubilee executed a cooperation and project development agreement with Galileo Resources for the implementation of an accelerated resource exploration programme and the development of the Molefe mine.

Under the agreement, Galileo has the right to earn up to 23.75% of the issued capital of Munkoyo Mine, a subsidiary of Jubilee, with Jubilee retaining a 71.25% shareholding and the remaining 5% held by a local Zambian firm.

Copper production for first quarter 2026 was 938 t, up 65.1% from the previous quarter with no material power outages affecting operations.

Copper unit production guidance for 2026 is expected to be within the range of 4 500 t to 5 100 t depending on the extent of the current rainy season.

 “The financial year to end-June was one of momentous change for Jubilee Metals. Very soon, the company will become a pure play copper producer, generating our re revenue from an exciting suite of copper growth assets situated on one of the richest copper belts on earth,” CEO Leon Coetzer highlighted.