AltX-listed Jubilee Metals Group, which is now focused on copper production in Zambia, has received the second cash instalment of $10-million from South African private mining resources group One Chrome following completion of its acquisition of Jubilee's South African chrome and platinum group metals (PGM) operations.

In an August 12, 2025, statement Jubilee said the transaction would strategically reposition Jubilee within the copper sector, which has significantly greater investor recognition and valuation multiples, supported by a well-defined peer group.

Proceeds from the transaction would substantially exceed Jubilee’s short-term capital requirements to establish itself as a substantial and scalable copper producer, thereby positioning it in an industry known for superior valuation metrics, it added in the statement.

The transaction places a valuation on Jubilee's South African chrome and PGM operations of about $146-million on an enterprise value basis, which represents a six-times multiple on its 2024 financial year earnings before interest, taxes, depreciation and amortisation.

The consideration to be received by Jubilee for the disposal is up to $90-million, of which $87-million is due and payable and not subject to performance measures, while the balance of $3-million is subject to certain metal prices and exchange rate criteria.

Further, following the acquisition, One Chrome would assume about $56.8-million of loans and trade finance, which represents a substantial reduction in gearing and financing cost and would enable Jubilee to better manage its capital structure and financing strategy to support the continuing business in Zambia, the company said in August.

At the time, it noted that the disposal represents a compelling opportunity for the company to realise value from its chrome and PGM operations and to redirect such realised value into the company’s Zambian copper business.

Zambia presents a highly attractive platform for growth underpinned by strong copper market dynamics, expanding resource potential and meaningful economic upside, Jubilee said.