Aim-listed Jubilee Metals has secured additional high-grade copper feed material for its Roan concentrator, in Zambia, for $1.8-million.

Jubilee says it will settle the payment of $1.8-million, or £1.3-million, through the issuance of 29.76-million new Jubilee ordinary shares at a price of 4.48p a share – a 14.3% premium to Jubilee’s closing share price of March 9.

“Jubilee continues to work with its ore partner at Roan, who continues to supply ore of a consistent quality grading about 1.65% copper, with the higher grade supporting improved recoveries and enhanced profitability,” says CEO Leon Coetzer.

He further reports that Jubilee’s Large Waste Rock project continues to progress towards the conclusion of a joint venture (JV), with two potential partners shortlisted for the project to upgrade the copper stockpile and refine the recovered material into copper.

The company announced on April 3, 2025, that it had secured the exclusive rights to the Large Waste project for a reduced consideration of $18-million.

Under the terms of the Large Waste project purchase agreement, the sellers have elected to receive the next stage payment towards the acquisition of the project, to the value of $2.6-million, in Jubilee shares rather than cash, subject to certain trading restrictions.

Following this instalment, the remaining balance of the consideration will be $5.4-million.

Jubilee says it will issue 42.99-million shares at a price of 4.48p a share to the sellers.

The company says it continues to prioritise the Large Waste Rock project, with more than 240-million tonnes on surface, and anticipates that the project will ultimately include a dedicated upgrading, copper recovery and refining solution owing to the vast resource able to carry the investment requirement over time.

Initially, the company explains that it is intended that the modular units will produce saleable upgraded copper units, which offer the potential for the project to generate early revenues from the sale of this material.

Previously, the company notes that it successfully executed an initial sale of material from the project during financial year 2025 to the value of $6.75-million for a total quantity of ten-million tonnes – 4.2% of the total stockpile – demonstrating the inherent value of this "exciting project".

The company says it has progressed partnership discussions with two preferred partners both of which are operators with substantive operations within Zambia, adding that these discussions are expected to be concluded over the next two months with final due diligence being concluded.

Jubilee explains that partnership discussions focus on establishing a JV to upgrade the copper contained in the Large Waste stockpile and refine the recovered material into copper cathode.

“The settlement of the purchase of high-grade ore and the next instalment of the Large Waste project in shares highlights that our partners share our conviction in Jubilee’s long-term growth and potential,” says Coetzer.