Jubilee Metals (LSE:JLP) reported a strong first half for FY2026, with copper production increasing 8.7% to 1,543 tonnes as operational improvements and expansion projects supported higher output. The company also reported a significantly improved safety performance during the period.
The improved results were driven in part by the Roan concentrator upgrade, which is now fully operational, while expansion work at the Molefe Mine progressed despite weather-related interruptions. Financial performance strengthened considerably, with copper revenue rising 70.5% to $14.1m and gross profit climbing to $3.1m. Group EBITDA returned to positive territory with a profit of $2.0m.
Jubilee invested $11.8m in capital expenditure across its Zambian copper operations during the period. The group also reported a net cash position of $11.5m, supported by proceeds from the disposal of its South African assets. Those disposals helped reduce debt and provided funding to support the company’s strategic shift toward expanding its Zambian copper platform.
Following the reporting period, the company continued advancing its Large Waste Project acquisition and secured additional supplies of higher-grade copper ore. Construction of new concentrate dewatering facilities at Roan is also nearing completion, a development expected to increase copper cathode production at the Sable refinery by more than 100 tonnes per month.
Jubilee said its full-year copper production guidance of 4,500 to 5,100 tonnes is currently under review due to heavy rainfall, changes to the mine plan at Molefe and a short delay in commissioning the new dewatering infrastructure. Despite these near-term challenges, management highlighted that the streamlined asset base, unencumbered processing plants and deferred consideration still to be received from the South African asset sale provide financial flexibility as the company builds an integrated copper platform in Zambia.
However, the company’s broader outlook remains constrained by underlying financial pressures. Recent financial performance has deteriorated significantly, with falling revenues, negative profitability and continued negative free cash flow. Technical indicators also remain weak, with the share price trading below key moving averages and a negative MACD signal, although oversold conditions may provide some short-term support. Valuation metrics offer limited reassurance as the company remains loss-making and does not currently provide a dividend yield.
More about Jubilee Metals Group
Jubilee Metals Group is an integrated copper producer and resource development company focused on Zambia following the sale of its South African chrome and platinum group metals operations. The group operates the Roan concentrator, the Sable refinery and the Molefe Mine, and is transitioning from a processing-led model toward a resource-backed mining strategy centred on scalable, low-cost copper production.
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