Jubilee Metals Reports Strong Half-Year Copper Performance in Zambia
Jubilee Metals Hits 30,000t/Month Copper Feed Rate at Roan, Advances Molefe Mine and Large Waste Project in Zambia
Aim-listed Jubilee Metals has reported a strong set of results from its core copper operations in Zambia for the half-year ended 31 December 2025.
The company’s Roan operations achieved the targeted 30,000 tonnes per month feed rate during the period, overcoming expected disruptions from the rainy season.
Total saleable copper units produced reached 1,543 tonnes, up 8.7% compared with the same period last year. This figure excludes stockpiled copper fine concentrate at Roan and mined material at Molefe mine.
Jubilee maintains full-year copper production guidance of 4,500–5,100 tonnes, depending on the impact of seasonal rains. CEO Leon Coetzer said:
“I am pleased with a solid set of numbers from our core copper business in Zambia. While the rainy season impacted operations, much of this was factored into our forecasts. Operations have since ramped back up, and access through previously damaged bridges and roads has improved.”
Three-Pillar Copper Strategy on Track
Roan Operations – Pillar One
Roan is progressing toward a monthly throughput of 40,000 tonnes by the fourth quarter of this financial year. First-half production reached 1,246 tonnes, a 172.8% increase from the prior year. Jubilee produces three copper products at Roan:
Copper in oxide concentrate – 238 t, for refining at Sable Refinery
Copper sulphide concentrate – 526 t, sold directly to market
Copper oxide concentrate fines – 482 t, stockpiled for future refining
The new dewatering system at Roan, targeted for commissioning in March, will allow stockpiled fines to be processed, boosting fourth-quarter copper cathode output. Stable power supply and improved operational efficiencies contributed to the strong results.
Molefe Mine – Pillar Two
Molefe mine’s ramp-up faced minor delays due to heavy rains damaging roads and bridges. However, the targeted 8,500 tonnes per month of copper ore delivered to Sable Refinery is expected by the fourth quarter.
During the period, Molefe mined 181,890 tonnes of copper reef, with 9,130 tonnes transported to Sable at an average copper grade of 1.84%.
Remaining ore continues to be stockpiled on-site, exceeding 2.3 million tonnes. Phase 1 of the on-site upgrade facility begins in March, which will increase ore delivery to Sable.
Resource drilling with partner Galileo Resources has produced encouraging initial results, supporting an accelerated Phase 1 programme. Phase 2 drilling targeting new areas starts in February.
Large Waste Project – Pillar Three
An independent review of the near 240-million-tonne Large Waste Project has confirmed its scale. Draft reports have been issued, with further infill drilling planned to expand the resource definition. Jubilee is now engaging two potential Zambian operational partners, with final selection expected by June, guided by ongoing commercial discussions.
Other Updates
Jubilee’s sale of its South African chrome and platinum group metal (PGM) operations is complete. The company has received $25 million in total cash payments, including the second $10 million instalment.
Chrome concentrate production reached 804,227 tonnes in H1, while PGM production was 18,733 ounces.
Jubilee Metals continues to advance its copper production, exploration, and infrastructure projects, positioning the company for sustainable growth across its Zambian operations.
