Jubilee Metals Group (LSE:JLP) reported that Phase 1 infill drilling at its open-pit Molefe copper mine in Zambia has confirmed the continuity of shallow copper oxide mineralisation, with grades broadly matching expectations outlined in the company’s expansion mine plan. The findings support the suitability of the ore for processing at the nearby Sable refinery and align with Jubilee’s strategy of securing reliable, high-quality copper feedstock for its processing operations.
The drilling programme also identified a new near-surface copper oxide zone extending the mineralised area approximately 250 metres to the east. The zone remains open, and a Phase 2 drilling campaign is already underway to determine its full extent.
According to the company, the consistency of both ore grades and mineralised thickness strengthens confidence in the deposit’s potential resource base. The results are expected to support the preparation of a formal resource estimate and an updated mine plan being developed in partnership with Galileo Resources. Molefe is expected to play an increasingly important role in supplying feed to Jubilee’s copper operations as the company expands its production capacity in Zambia.
Despite operational progress, Jubilee’s outlook continues to be affected by financial pressures, including a significant recent decline in revenue, negative profitability and negative free cash flow. Technical indicators also remain weak, with the share price trading below key moving averages and showing negative MACD signals, although oversold conditions offer limited support. Valuation metrics provide little backing for the shares due to the negative price-to-earnings ratio and absence of dividend yield data.
More about Jubilee Metals Group
Jubilee Metals Group is a copper-focused mining and processing company operating primarily in Zambia. Listed on London’s AIM market and the AltX of the Johannesburg Stock Exchange, the group is building an integrated copper production business centred around supplying its Sable refinery. The company has set a long-term target of producing 25,000 tonnes of copper per year as it expands its presence in the regional copper market.
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