Jubilee Metals Group (LSE:JLP) has resumed run-of-mine ore deliveries from its Molefe Mine to the Sable refinery in Zambia, marking an important milestone in the company’s strategy to build an integrated copper production platform in the country. Management described Molefe as a key asset within its long-term growth plans, demonstrating the viability of a scalable mine-to-metals model that could be replicated across additional projects in Zambia.
Under a revised mine plan that combines Pits 2 and 3 into a single development strategy, the company expects high-grade ore deliveries to the Sable refinery to increase from approximately 6,000 tonnes per month in June to 10,000 tonnes per month by October 2026. This expansion is expected to more than double throughput from current levels. Alongside the ramp-up, Jubilee is progressing on-site ore sorting and processing initiatives while expanding drilling activities throughout the Molefe district to support resource growth and future production increases.
The company’s accelerated pre-stripping programme, which is scheduled for completion in July, is designed to expose a wider copper-bearing reef package and increase deliveries of high-grade material to more than 30,000 tonnes per quarter. Total reef production is ultimately expected to reach 60,000 tonnes per quarter at a stripping ratio of 6:1. According to management, the hub-and-spoke operating model centred around the Sable refinery improves feedstock flexibility, operational efficiency and project economics, strengthening Jubilee’s position within Zambia’s growing copper industry.
Jubilee will provide a detailed update to investors during an online presentation on 10 June, where management will discuss Molefe’s strategic role within the broader Zambia growth plan, progress on production ramp-up targets, revised mine planning and ongoing exploration activities. The company also expects to publish an independent JORC-compliant resource estimate for Molefe following completion of its Phase 2 drilling programme, which is currently targeted for the fourth quarter of 2026, subject to the timely receipt of assay results.
The investment outlook remains affected by a significant deterioration in recent financial performance, including weaker revenues, lower profitability and negative free cash flow. While management’s latest updates provide some reassurance through efforts to streamline operations and improve performance in Zambia, uncertainties remain around project execution, funding requirements and future guidance. Technical indicators remain mixed to weak, while valuation metrics continue to be constrained by loss-making earnings and subdued market momentum.
More about Jubilee Metals Group
Jubilee Metals Group is an AIM- and AltX-listed metals producer and processing company focused on developing an integrated copper production business in Zambia. The group combines exploration, mining, concentration and refining activities to create a vertically integrated supply chain aimed at delivering long-term copper production growth.
Its strategy is centred on achieving annual copper production of 25,000 tonnes through a portfolio that includes the Roan concentrator, the Sable refinery, regional mining operations and the Large Waste Rock Project. By applying proprietary processing technologies to both mined material and previously underutilised resources, Jubilee seeks to maximise metal recovery while improving operational efficiency and project economics.
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