Aim- and AltX-listed Jubilee Metals has reported a 51% year-on-year increase in group revenue to $141-million in the six months ended December 31, 2024, mainly owing to higher production of chrome concentrates.

Earnings before interest, taxes, depreciation and amortisation, however, decreased by 6.8% year-on-year to $13.6-million owing to softer chrome prices.

The group continues to invest in the expansion of its copper and chrome operations, having invested $17.8-million accordingly in the period under review.

Jubilee had cash on hand of $8.4-million at the end of December.

In South Africa, increased production and revenue was supported from two new chrome processing modules, with the chrome gross profit having increased by 31% to $13-million in the six months under review.

Platinum group metals (PGMs) gross profit increased by 45.1% in the period to $7.4-million, despite lower ounces produced.

In Zambia, Jubilee’s copper gross profit decreased by 88% year-on-year to $300 000 owing to the commissioning of the Roan operations and subsequent stoppages owing to power interruptions.

Jubilee produced 1 454 t of copper units, 974 659 t of chrome concentrate – which is a record half-year high – and 18 435 oz of PGMs.

While copper and PGM prices were relatively flat in the period under review at $9 139/t and $1 360/oz, respectively, the average chrome price per tonne declined from $309/t during the first quarter of the 2025 financial year to $252/t in the second quarter of the financial year. Pricing reached $200/t towards the end of the second quarter – ended December 31.

Jubilee advises that copper production guidance for the full-year remains under review until results from an initial operational run at Roan have been sustained for six weeks. This strategy to migrate to higher-grade copper feedstocks at Roan is expected through time to lead to increased copper production following the initial assessment of the optimal processing recipe.

“Early results are encouraging. Management is looking to ensure that the new production levels are sustainable to provide informed guidance. An update is targeted for release at the end of April,” Jubilee states.

The company remains well on track to achieve its chrome production guidance of 1.65-million tonnes of concentrate and its PGM production guidance of 36 000 oz for the full-year.