Jubilee Metals Group (LSE:JLP) reported a 28.7% rise in total saleable copper production to 2,177 tonnes for the nine months ended 31 March 2026, supported by a significant increase in output from its Roan operations and stronger cathode production at the Sable Refinery.
The company also highlighted a strong operational safety record, maintaining a zero lost-time injury frequency rate during the period.
Roan expansion expected to unlock further production growth
Commissioning of the expanded dewatering facility at Roan is nearing completion and is expected to release an additional fine concentrate stream that could materially increase copper cathode production.
Jubilee said the Roan concentrator is currently operating at roughly 30,000 tonnes per month, with capacity potentially rising above 40,000 tonnes once seasonal rainfall eases and the upgraded dewatering system becomes fully operational.
The progress supports the company’s strategy of building a larger and more integrated copper processing business in Zambia.
Molefe Mine ramp-up supports integrated mine-to-metals strategy
At the Molefe Mine, Jubilee has accelerated pre-stripping activities and pit integration work as part of plans to expand ore supply to the Sable Refinery from mid-2026 onwards.
Approximately 250,000 tonnes of pre-stripping material were removed during April, while quarterly ore deliveries are targeted to increase from around 12,000 tonnes to more than 30,000 tonnes over time.
Management believes the expansion will improve both feed quality and production volumes, strengthening the company’s transition toward a scalable mine-to-metals copper producer with a growing resource base.
Financial pressures and operational uncertainty continue to weigh on outlook
Despite operational progress, Jubilee’s broader outlook remains constrained by a sharp deterioration in recent financial performance, including falling revenue, weaker profitability and negative free cash flow.
Management noted that ongoing disposal initiatives and operational improvements in Zambia could help reduce risk exposure, although deferred production guidance and continuing financing and execution uncertainties continue to weigh on sentiment.
Technical indicators and valuation metrics also remain relatively weak due to loss-making earnings and softer market momentum.
More about Jubilee Metals Group
Jubilee Metals Group is an integrated copper producer and resource developer operating primarily in Zambia. The company processes third-party copper feedstock through its Roan concentrator and Sable Refinery while also developing its own mining operations through the Molefe Mine. Jubilee’s long-term strategy is focused on creating a scalable, resource-backed mine-to-metals copper production platform in the region.
Leave a Reply