Jubilee Metals (JLP) H2 2024 earnings summary

Executive summary

• Achieved record group revenue of $205.4 million for FY2024, a 20.2% year-over-year increase, driven by strong chrome growth.

• EBITDA reached $27.7 million, with chrome dominating revenue and copper contributing 9%.

• Significant expansion in copper and chrome production capacity, with major investments in Zambia and South Africa.

• South African operations matured, expanding chrome output to over 1.5 million tons, targeting 2 million.

• Strategic flexibility in processing allowed resilience amid volatile PGM prices.

Financial highlights

• Revenue increased 20.2% year-over-year to $205.4 million, primarily from chrome.

• EBITDA declined 7.1% to $27.7 million despite revenue growth.

• Capital expenditure reduced by 65% to $39.9 million.

• Chrome concentrate production rose 20% year-over-year to 1,548,205 tons.

• Chrome contributed 73% of group revenue, PGMs 18%, and copper 9%.

Outlook and guidance

• Chrome output targeted to reach 2 million tons; PGM guidance set at 36,000–40,000 ounces.

• Zambia copper guidance for FY2025 is 5,850–7,500 tons, with cathode production expected to dominate.

• Sable refinery upgrade to 16,000 tons per annum and Roan concentrator to 13,000 tons per annum expected within 10 months.

• Two new chrome modules to be commissioned in November 2024, targeting long-term chrome output of 2 million tons per annum.

• Ongoing expansion of open-pit mining and processing capacity in Zambia.