Jubilee Metals Secures $1.8M Copper Feed Deal in Zambia
Jubilee Metals Buys High-Grade Copper Ore for Zambia’s Roan Concentrator as Large Waste Project Moves Toward JV
Jubilee Metals Group has secured additional high-grade copper feed material for its Roan Concentrator in Zambia in a transaction valued at $1.8 million.
The company said the payment will be settled through the issuance of 29.76 million new ordinary shares priced at 4.48 pence per share, representing a 14.3% premium to Jubilee’s closing share price on March 9.
Strengthening Copper Processing Operations
Chief Executive Officer Leon Coetzer said the company continues to work closely with its ore supply partner at Roan, which has consistently delivered high-quality material.
According to Coetzer, the supplied ore contains an average grade of about 1.65% copper, with the higher grade helping to improve recovery rates and enhance profitability at the processing facility.
“Jubilee continues to work with its ore partner at Roan, who continues to supply ore of consistent quality,” Coetzer said, noting that the stronger grade supports better operational performance at the concentrator.
Progress on the Large Waste Rock Project
Jubilee also reported progress on its Large Waste Rock Project, a major copper recovery initiative located in Zambia.
The company is currently advancing discussions with two shortlisted partners for a potential joint venture to upgrade copper contained in the project’s vast stockpile and refine the recovered material.
The company previously secured exclusive rights to the Large Waste project in April 2025 for a reduced purchase price of $18 million.
Under the acquisition agreement, the sellers opted to receive the next instalment payment valued at $2.6 million in Jubilee shares rather than cash.
To complete this payment, Jubilee will issue 42.99 million shares at 4.48 pence per share, subject to certain trading restrictions.
Following this instalment, the remaining balance for the acquisition will be $5.4 million.
A Major Copper Resource
The Large Waste Rock project contains more than 240 million tonnes of surface stockpiles, making it one of the largest copper waste reclamation opportunities in the region.
Jubilee plans to develop a dedicated system to upgrade, recover, and refine copper from the stockpile, potentially producing copper cathode once full processing infrastructure is established.
In the initial phase, modular processing units are expected to produce saleable upgraded copper units, allowing the project to generate early revenues.
The company has already demonstrated the value of the resource. During the 2025 financial year, Jubilee completed an initial sale of 10 million tonnes of material, representing 4.2% of the total stockpile, generating $6.75 million.
Partnership Talks Underway
Jubilee said discussions are ongoing with two preferred partners both established operators with significant mining activities in Zambia.
The negotiations focus on forming a joint venture to upgrade the copper stockpile and refine the recovered material into copper cathodes.
Final due diligence is currently underway, and the company expects partnership agreements to be finalized within the next two months.
Coetzer added that settling part of the project costs and ore purchases in shares demonstrates confidence from Jubilee’s partners in the company’s long-term strategy.
“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,” he said.
