Jubilee Metals (JLP) H2 2025 earnings summary

Executive summary

• Audited results for the year ended 30 June 2025 reflect a strategic pivot to focus on Zambian copper operations, with the proposed sale of South African chrome and PGM assets expected to complete by end-2025.

• The year was marked by significant capital investment in Zambia, impacting copper production but laying the foundation for future growth, as evidenced by a 65% sequential increase in Q1 FY2026 copper output.

• The disposal of chrome and PGM operations, valued at up to $90 million, will provide capital for Zambian copper expansion.

Financial highlights

• Revenue from continuing operations (copper) fell 17.9% year-over-year to $15.2 million due to lower production during upgrades.

• EBITDA from continuing operations decreased by 172.6% to a loss of $5.2 million (FY2024: $7.1 million profit); group EBITDA fell 16.2% to $16.7 million.

• Discontinued operations (chrome and PGM) saw revenue rise 41.6% to $264.7 million, with EBITDA up 7.5% to $26.4 million.

• Group net loss was $29.8 million (FY2024: $6.4 million profit), with a basic loss per share of 1.00 US cents.

• Headline loss per share from continuing operations was 0.87 US cents.

Outlook and guidance

• FY2026 copper production guidance is 4,500–5,100 tonnes, more than double FY2025 output.

• Proceeds from the South African asset sale will fund Zambian copper projects, including Molefe Mine, Project G, and the Large Waste Project.

• The company is prioritizing sustainability, aiming for carbon neutrality and increased renewable energy use in Zambia.