Aim-listed Jubilee Metals has reported a solid set of results from its core copper business in Zambia for the half-year ended December 31, 2025, with the Roan operations having reached the targeted 30 000 t a month feed rate during the period, overcoming the expected rainy season interruptions.

Total saleable copper units produced reached 1 543 t, up 8.7% from the comparative period. This excludes the stockpiled copper fine concentrate at Roan as well as the stockpiled Molefe mined material.

The company says copper unit production guidance for the financial year to end on June 30 this year remains within the range of 4 500 t to 5 100 t depending on the extent of the impact on production during the rainy season.

"I am pleased to support a solid set of numbers from, what is now, our core copper business in Zambia. As expected, the rainy season did impact our activities in various ways during the period, however, we had factored much of this into our forecasts.

“Operations have since ramped back up and access through previously damaged bridges and roads has also since improved,” says Jubilee CEO Leon Coetzer.

Jubilee notes that the implementation of its three-pillar copper strategy continues on track with Roan reaching and sustaining its targeted production levels, adding that the Molefe mine continues to expand with very encouraging early results from its resource drilling programme.

For the first pillar, Jubilee reports that Roan is on track for throughput of 40 000 t a month by the end of the fourth quarter of this financial year.

Production at Roan reached 1 246 t of copper units in the first half of the financial year, up 172.8% on the previous comparable period a year earlier.

Jubilee produces three products, namely, copper in oxide concentrate – 238 t in the first half – for further refining at Sable Refinery; copper sulphide concentrates – 526 t in the first half – for sale directly into the market; and copper in oxide concentrate fines – 482 t in the first half – which are stockpiled for future refining at Sable.

The company explains that this stockpile of oxide concentrate fines will be processed and delivered to Sable Refinery upon commissioning of the new dewatering system targeted for commissioning in March.

This stockpiled copper oxide concentrate fines will provide additional copper cathode production during the fourth quarter of the current financial year.

Jubilee says power supply to Roan continues to be stable despite the seasonal heavy rains which is reflected in the significantly improved operational results achieved by Roan.

“Roan's operational performance is particularly pleasing reaching its operational targets on the back of stable power and significantly improved operational efficiencies.

“Over the next quarter we expect Roan to complete the commissioning of the upgraded copper concentrate dewatering facility leading to increased deliveries to Sable Refinery,” says Coetzer.

Additionally, for the second pillar of its copper strategy, Jubilee notes that Molefe mine's ramp-up profile suffered slight delays owing to the heavy rains experienced causing damage to road and bridge infrastructure.

The targeted 8 500 t a month of copper ore delivered to Sable Refinery is expected to be achieved during the fourth quarter of the current financial year.

Molefe mine operations continue to expand, with 181 890 t of copper reef mined during the period, of which 9 130 t were transported to Sable Refinery at an average copper grade of 1.84%.

The remaining tonnes continue to be stockpiled at Molefe mine for future on-site processing prior to refining at Sable Refinery, already exceeding 2.3-million tonnes.

Construction of the first phase on-site upgrade facility is set to begin in March and is expected to significantly increase the portion of mined ore that is delivered to Sable Refinery.

The company notes that initial resource drilling at Molefe mine in partnership with Galileo Resources has been completed and awaiting final laboratory results.

Indications of results received to date supported the accelerated Phase 1 drilling programme.

Phase 2 of the expanded Molefe mine resource drilling, targeting virgin areas to extend the resource, begin in February.

“Exploration drilling at Molefe with our partner Galileo is already showing promising numbers and we look forward to updating the market with results in due course,” says Coetzer.

Further, for the third pillar, Jubilee notes that an independent resource review of the near 240-million-tonne Large Waste Project has been completed with the draft reports being issued.

The scheduled further infill drilling of the resource to expand the resource definition is currently being updated to incorporate the results from the review and will begin once completed.

The results from the resource review have confirmed the scale of the project and details of the results from the review will be provided to shareholders once the final report is issued, expected within the fourth quarter of the current financial year.

Jubilee says it is now focused on two potential project partners, both currently operational in Zambia.

Final selection of the preferred partner is expected to be concluded before the end of June.

This selection will be influenced by the commercial discussions currently underway to define the joint venture framework.

Meanwhile, the company reports that the sale of South African chrome and platinum group metal (PGM) operations is now complete.

The company says it has received the second cash instalment of $10-million from the purchaser – total cash payments received to date amount to $25-million.

Jubilee reports that chrome concentrate produced reached 804 227 t for the first half of the financial year and PGM ounces produced for the period reached 18 733 oz.