ADVFN UK Market News

Author: Fiona Craig

  • Oil Pulls Back as Traders Seek Confirmation of Iran-Israel Ceasefire

    Oil Pulls Back as Traders Seek Confirmation of Iran-Israel Ceasefire

    Oil prices declined on Tuesday, surrendering much of the previous day’s gains as investors assessed the durability of a ceasefire between Iran and Israel announced after an appeal from U.S. President Donald Trump. Despite the pause in fighting, both nations signaled that military operations could resume if conditions deteriorate.

    At 0741 GMT, Brent crude futures were trading down $1.33, or 1.4%, at $92.92 a barrel. U.S. West Texas Intermediate crude fell $1.73, or 1.9%, to $89.57 a barrel.

    Tamas Varga, an analyst at PVM Oil Associates, noted that markets have seen similar periods before, where optimism surrounding a potential end to hostilities raised hopes that the three-month conflict in the Middle East could be drawing to a close.

    With few other major market drivers in focus, traders reacted to statements from Iran and Israel confirming that attacks had been suspended. The development followed renewed Israeli military action against Iran and strikes in Lebanon over the weekend, events that had helped lift oil prices by around 5% on Monday.

    “In the meantime, global oil inventories keep depleting and as data, whether weekly or monthly, becomes available, realization of dangerously low oil stockpiles worldwide could intensify the race for available barrels pushing Brent back above $100 once again,” Varga said.

    Concerns about supply disruptions remain an important support for the market. Iran continues to restrict most shipping activity through the Strait of Hormuz, a critical route that before the conflict carried roughly 20% of global crude oil and liquefied natural gas trade. Meanwhile, the United States has maintained its blockade of Iranian ports.

    Demand-side concerns also weighed on prices. China’s crude oil imports dropped 29% last month to their lowest level in eight years. Imports in April fell to a multi-year low of 9.3 million barrels per day, as refiners drew down stockpiles to offset a steeper decline from the average of 11 million barrels per day imported before the U.S.-Israeli conflict with Iran began.

    Separately, the U.S. military announced on Monday that it had disabled an empty oil tanker in the Gulf of Oman after the vessel attempted to travel to an Iranian port in breach of the blockade currently imposed on Iran.

  • Gold Trades Near Multi-Week Lows as Middle East Ceasefire Eases Inflation Fears

    Gold Trades Near Multi-Week Lows as Middle East Ceasefire Eases Inflation Fears

    Gold prices were broadly stable in Asian trading on Tuesday, lingering close to an 11-week low as easing tensions between Iran and Israel reduced demand for safe-haven assets. Investors are also looking ahead to key U.S. inflation data later this week that could shape expectations for future Federal Reserve policy.

    Spot gold edged up 0.1% to $4,333.40 an ounce by 02:33 ET (06:33 GMT), while August U.S. gold futures slipped 0.1% to $4,358.82 an ounce.

    The precious metal had fallen to its weakest level since March 23 during the previous session before recovering and ending the day largely unchanged.

    Pressure on bullion has intensified since stronger-than-expected U.S. employment figures released last week strengthened the case for the Federal Reserve to keep borrowing costs higher for longer.

    Market pricing currently implies around a 70% likelihood of another Fed rate increase by the end of the year.

    Risk appetite improved after Iran and Israel agreed to suspend military action following renewed clashes over the weekend.

    U.S. President Donald Trump said on Monday evening that Washington was approaching a “total victory” in the conflict involving Iran and predicted that oil prices would likely move sharply lower.

    Although gold is typically viewed as a defensive asset during periods of geopolitical uncertainty, the metal has struggled to attract sustained buying interest throughout much of the Gulf conflict. The impact of the war on energy markets has altered the usual relationship between geopolitical risk and bullion prices.

    The surge in crude oil prices has heightened concerns that energy-related inflation could remain persistent, prompting investors to scale back expectations for interest-rate cuts. As a result, Treasury yields and the U.S. dollar have strengthened, reducing the attractiveness of non-interest-bearing assets such as gold.

    The U.S. Dollar Index slipped 0.2% on Tuesday after reaching its highest level in two months during the previous trading session.

    Investors are now focused on U.S. consumer price inflation figures due on Wednesday, followed by producer price data on Thursday. The reports are expected to provide fresh insight into whether rising energy costs are beginning to feed into broader inflation trends.

    Elsewhere in the precious metals market, silver gained 0.4% to $68.42 per ounce, while platinum advanced 0.3% to $1,767.60 per ounce.

    Industrial metals also moved higher, with benchmark copper futures on the London Metal Exchange rising 0.4% to $13,666.13 a tonne. U.S. copper futures climbed 0.5% to $6.37 per pound.

  • U.S. Futures Advance as Iran Tensions Ease, AI Stocks Recover and OpenAI Eyes IPO: Dow Jones, S&P, Nasdaq, Wall Street

    U.S. Futures Advance as Iran Tensions Ease, AI Stocks Recover and OpenAI Eyes IPO: Dow Jones, S&P, Nasdaq, Wall Street

    U.S. equity futures moved higher on Tuesday as investors assessed signs of de-escalation in the Middle East and a rebound in artificial intelligence-related technology stocks. Markets were also digesting OpenAI’s confidential filing for a potential stock market debut, while Applied Digital (NASDAQ:APLD) surged in premarket trading after securing a major long-term infrastructure agreement.

    Markets Look Ahead to Inflation Data

    As of 03:28 ET (07:28 GMT), futures linked to the S&P 500 were up 0.2%, Nasdaq 100 futures gained 0.5%, and Dow futures were broadly flat.

    Wall Street finished Monday with mixed results. The Dow Jones Industrial Average slipped 0.2%, while the S&P 500 rose 0.3% and the Nasdaq Composite gained 0.9%. Deutsche Bank analysts described the overall tone as “cautious.”

    Semiconductor shares led the advance, recovering after last week’s sharp sell-off sparked by Broadcom’s (NASDAQ:AVGO) earnings report. The Philadelphia Semiconductor Index climbed 5.61%, regaining around half of Friday’s decline.

    Investors will monitor April U.S. trade figures and May existing home sales data later today, although attention remains centred on Wednesday’s CPI report, which is expected to influence expectations for Federal Reserve policy.

    Markets are increasingly pricing in at least one further interest-rate increase this year amid concerns over inflationary pressures linked to the Middle East and continued strength in employment data.

    Hopes of an Iran Deal Support Sentiment

    Deutsche Bank analysts suggested that recent developments in the region continue to follow a familiar pattern.

    “[I]t seems the cycle of ‘near a deal, not near a deal, escalation, de escalation, maybe back near a deal’ continues,” they wrote, adding that they are currently “back in the ‘a deal is still possible’ camp.”

    The comments followed announcements from Iran and Israel that they had suspended attacks after a fresh exchange of strikes earlier in the week. However, uncertainty persists, with Israeli Prime Minister Benjamin Netanyahu maintaining that operations against Hezbollah in Lebanon will continue.

    President Donald Trump said he had held a “very good conversation” with Netanyahu and predicted that Israel and Iran would avoid further conflict for at least a week. He also stated that a “total victory” over Iran could be achieved within the next two weeks.

    Oil prices declined following the developments, although Brent crude remains elevated compared with pre-conflict levels. The disruption to shipping through the Strait of Hormuz continues to fuel concerns over inflation and economic growth.

    OpenAI Files Confidentially for Public Listing

    OpenAI revealed that it has confidentially submitted paperwork for an initial public offering, becoming the latest artificial intelligence company preparing for a possible stock market listing.

    The company stated that “it may be a while” before an IPO takes place, noting that there are several initiatives that are easier to pursue as a private business. It also highlighted a “complicated set of tradeoffs” that need to be considered before moving ahead.

    OpenAI, led by Sam Altman and best known for ChatGPT, has emerged as one of the most influential companies in the AI boom that has helped drive equity markets higher.

    Its filing follows Anthropic’s IPO submission last week, while SpaceX is reportedly preparing what could become the largest public offering ever completed.

    South Korean Chipmakers Rebound

    Samsung Electronics (USOTC:SSNHZ) and SK Hynix (USOTC:HXSCL) recovered strongly after suffering steep losses in the previous session.

    SK Hynix surged more than 15%, aided by a multi-year supply agreement with Nvidia for advanced memory products. Samsung climbed nearly 9%, reversing part of Monday’s 10.2% decline.

    The two companies had been caught up in a broader retreat across AI-related stocks following concerns over interest rates and Broadcom’s outlook.

    Applied Digital Jumps on Major Lease Agreement

    Applied Digital (NASDAQ:APLD) rose more than 11% in premarket trading after announcing a 15-year lease agreement with a U.S.-based hyperscale customer.

    The contract is expected to generate approximately $5.2 billion in revenue and covers 210 megawatts of computing capacity at the company’s Delta Forge 2 artificial intelligence campus.

    Applied Digital said around 70% of its contracted revenue is now linked to major U.S. hyperscale customers. While the company did not disclose the identity of the client, it said the agreement could generate as much as $12.7 billion over 30 years if extended.

  • European Chipmakers Rebound Following Sharp Sell-Off Triggered by Broadcom Results

    European Chipmakers Rebound Following Sharp Sell-Off Triggered by Broadcom Results

    European semiconductor stocks moved higher on Tuesday, recovering part of the losses suffered during a broad sector sell-off that followed Broadcom’s (NASDAQ:AVGO) latest quarterly earnings release.

    By 07:49 GMT, Infineon Technologies (TG:IFX) had gained more than 2%, while BE Semiconductor (EU:BESI) advanced 1.9%. Other major chip-related names also traded higher, with ASML (EU:ASML), ASM International (EU:ASM) and STMicroelectronics (BIT:STMMI) (EU:STMPA) posting gains of between 0.5% and 1%.

    The recovery follows several sessions of heavy pressure across global semiconductor markets. Investor sentiment deteriorated after Broadcom’s quarterly update failed to meet elevated expectations surrounding demand for its custom artificial intelligence chips. Although the company reaffirmed its fiscal 2027 AI revenue target of $100 billion, investors had been hoping for an upward revision given the strong growth trends in the business.

    The disappointment reverberated across the sector, sending U.S. semiconductor shares sharply lower. On Friday, the PHLX Semiconductor Index plunged 10.3%, marking its steepest one-day decline since the market turbulence triggered by the COVID-19 pandemic in March 2020.

    Technology stocks recovered some ground on Monday, however. The S&P 500 technology sector rose 1.5%, leading gains among major industry groups, while the Philadelphia Semiconductor Index surged 5.6%. The rebound partially reversed a sell-off that had erased approximately $1 trillion in market capitalisation from U.S.-listed chipmakers.

    Among individual stocks, Intel (NYSE:INTC) jumped 11.2% after The Information reported that Google had placed an order for the production of more than three million tensor processing units scheduled for delivery in 2028.

    Market sentiment also received support from geopolitical developments in the Middle East. Iran and Israel announced a halt to attacks against one another following an appeal from U.S. President Donald Trump, who urged both countries to immediately cease hostilities.

  • European Defense Shares Retreat Following Morgan Stanley Sector Downgrade

    European Defense Shares Retreat Following Morgan Stanley Sector Downgrade

    European defense stocks came under pressure on Tuesday after Morgan Stanley lowered its view on the sector to “Equal Weight” from “Overweight”, bringing an end to the bank’s extended positive stance on the industry.

    The investment bank pointed to a shortage of near-term catalysts, weakening factor momentum and the possibility that progress in ceasefire discussions between Russia and Ukraine could dampen investor enthusiasm for defense-related stocks.

    “For now, we are taking a wait-and-see approach due to a relative lack of material catalysts, attenuated factor metrics, and our belief that meaningful ceasefire negotiations between Russia and Ukraine could be on the horizon,” said the strategists led by Marina Zavolock.

    The downgrade weighed on defense names across Europe. Spanish defense technology group Indra (BIT:1IDR) recorded one of the steepest declines, falling around 4%, while Rheinmetall (TG:RHM), Dassault Aviation (EU:DSY) and Hensoldt (TG:HAG) also traded lower.

    According to Morgan Stanley, the sector dropped from fifth to fourteenth place within its 30-industry ranking model. The bank highlighted a sharp deterioration in idiosyncratic momentum, which fell to the 24th percentile from the 62nd percentile previously, alongside a notable slowdown in positive analyst target-price revisions.

    Despite the downgrade, Morgan Stanley’s defense analysts continue to see long-term value in the sector. They noted that valuations have returned to around 17 times estimated 2028 earnings, roughly in line with levels seen in February 2025 when NATO’s 2% of GDP defense spending target remained the benchmark. The analysts also pointed to several potential catalysts, including the Eurosatory defense exhibition later this month, the NATO Summit in early July and upcoming first-half earnings reports.

    “We recognize that our downgrade comes after a significant decline in performance since the beginning of the year,” the strategists said.

    AI and Metals Gain Favor in Latest Sector Review

    The defense downgrade formed part of Morgan Stanley’s broader quarterly sector allocation review, in which the bank increased its preference for European companies benefiting from artificial intelligence trends following recent market weakness.

    Semiconductors retained the top position in the bank’s rankings, supported by an improved overall score. Metals and Mining was upgraded to “overweight” from “equal-weight”, climbing from ninth to second place.

    Morgan Stanley cited several supportive factors for the mining sector, including supply disruptions in copper production, resilient Chinese demand, growing AI-related demand for metals and a constructive outlook for gold.

    Capital Goods was also upgraded to “overweight”, driven largely by AI-linked investment themes. Siemens Energy regained the number one position among approximately 400 companies included in Morgan Stanley’s combined screening model.

    The banking sector improved from sixth to third place while maintaining its “overweight” rating, supported by stronger profitability, efficiency gains linked to artificial intelligence and attractive valuations.

    At the other end of the spectrum, Morgan Stanley downgraded both Life Sciences and MedTech to “underweight” from “equal-weight”. The bank cited weaker earnings revisions, narrowing target-price ranges and a lack of standout market leaders as reasons for the more cautious stance.

  • European Stocks Trade Mixed as Investors Monitor Middle East Developments and ECB Outlook: DAX, CAC, FTSE100

    European Stocks Trade Mixed as Investors Monitor Middle East Developments and ECB Outlook: DAX, CAC, FTSE100

    European equity markets showed little clear direction on Tuesday as investors weighed signs of easing tensions in the Middle East while looking ahead to the European Central Bank’s upcoming interest rate decision.

    By 03:04 ET (07:04 GMT), the pan-European Stoxx 600 was broadly flat. Germany’s DAX slipped 0.1%, France’s CAC 40 traded near unchanged levels, and the UK’s FTSE 100 fell 0.4%.

    Sentiment was supported by announcements from Iran and Israel that they had suspended their recent exchange of attacks, helping to calm concerns over regional instability and raising hopes that U.S. President Donald Trump may be able to secure a diplomatic agreement with Tehran.

    However, uncertainty remained elevated. The Strait of Hormuz, a critical route for around one-fifth of global oil and liquefied natural gas shipments, continues to face severe restrictions on tanker traffic, while Trump has indicated that the U.S. blockade of Iranian ports will remain in force.

    Brent crude, the international oil benchmark, declined 1.0%, although prices remain significantly above levels seen before the conflict. At the same time, Eurozone government bond yields moved lower as investors sought safer assets.

    Markets remain alert to the risk that higher energy costs could fuel another wave of inflation, potentially prompting central banks to maintain a restrictive policy stance.

    The European Central Bank is widely expected to raise interest rates on Thursday as policymakers continue to focus on controlling inflation despite signs of slowing economic momentum across the 21-country euro area. In the United States, investors are also increasingly pricing in another rate increase from the Federal Reserve before year-end, following stronger-than-expected employment data released in May.

    On the corporate front, GlaxoSmithKline (LSE:GSK) shares fell 2.1% after the pharmaceutical group announced an agreement to acquire oncology company Nuvalent for $10.6 billion. The transaction will provide GSK with access to three lung cancer treatment candidates and further strengthen its oncology pipeline.

  • FTSE 100 Edges Lower as Iran-Israel Negotiations Near Endgame

    FTSE 100 Edges Lower as Iran-Israel Negotiations Near Endgame

    UK equities traded lower on Tuesday morning as investors assessed a fragile pause in hostilities between Iran and Israel. Market sentiment remained cautious after U.S. President Donald Trump suggested negotiations were in their “final throes”, while both countries signalled that military action could resume if talks fail. Additional uncertainty emerged after reports of a U.S. military helicopter crash near the Strait of Hormuz.

    The FTSE 100 fell 0.41% by 03:23 ET (07:23 GMT). Across Europe, Germany’s DAX declined 0.14%, while France’s CAC 40 managed a gain of 0.30%. Sterling strengthened modestly against the U.S. dollar, rising 0.19% to 1.3367.

    Speaking to reporters at New York’s JFK Airport on Monday, Trump said Iran and Israel “were going back and forth and now they both agreed, through me, to stop,” adding that a final agreement could be reached within “two or three days.”

    Meanwhile, the New York Times reported that a U.S. Army Apache helicopter crashed near the Strait of Hormuz on Monday. The cause of the incident remains unknown, although Trump confirmed that both pilots were unharmed.

    Separately, U.S. Central Command said it had disabled an empty oil tanker in the Gulf of Oman after the vessel allegedly breached a U.S. naval blockade by attempting to reach an Iranian port.

    Iran’s military leadership announced a suspension of operations on Monday after launching around 30 ballistic missiles at Israel since Sunday evening, describing the attacks as a “painful response” in support of Lebanon. Israel agreed to halt military action following a request from Washington, although Prime Minister Benjamin Netanyahu warned that if Iran were to “make the mistake of resuming attacks against us, we will respond with full force.”

    The Israeli military issued new evacuation notices for residents of Tyre in southern Lebanon on Tuesday. Highlighting the political complexities surrounding the conflict, a senior U.S. official told Axios, “Bibi needs the war to continue to stay politically alive in Israel, and Trump needs the war to end to stay politically alive in the U.S.”

    Iran’s ambassador to the United Nations, Amir Saeid Iravani, told the Associated Press that he hoped a final agreement would be reached “soon.” However, an Iranian official told Al Jazeera that recent U.S. amendments to a draft memorandum remained unacceptable, stating that “without the release of frozen assets and the lifting of sanctions, no deal is possible.”

    According to the Wall Street Journal, the United States has dropped efforts to immediately refer Iran to the UN Security Council as part of a compromise aimed at securing European support for a joint resolution at the International Atomic Energy Agency’s Board of Governors.

    UK Corporate Round-Up

    MJ Gleeson (LSE:GLE) warned that annual adjusted pre-tax profit is likely to fall below current market expectations after delays to a major land sale, which represents roughly half of its anticipated plot sales for the current financial year.

    Fellow housebuilder Bellway (LSE:BWY) reported softer customer demand after a strong start to the spring selling season, while rising fuel and energy costs continue to place pressure on profitability.

    GSK (LSE:GSK) announced an agreement to acquire U.S.-listed oncology specialist Nuvalent in a $10.6 billion all-cash transaction. The offer values Nuvalent at $124 per share, representing a 40% premium to the company’s previous closing price, and is intended to strengthen GSK’s position in lung cancer treatments.

    Meanwhile, investors in BP (LSE:BP.) remain unclear about the circumstances surrounding the departure of former chairman Albert Manifold in May, according to a report by the Financial Times.

  • Market Open: Bellway Demand Outlook, GSK Nuvalent Acquisition

    Market Open: Bellway Demand Outlook, GSK Nuvalent Acquisition

    FTSE 100 slips as investors monitor easing Middle East tensions. Bellway maintains guidance while GSK agrees an £8bn cancer drug acquisition.

    Market Overview

    European markets were mixed at the open as easing tensions in the Middle East helped stabilise investor sentiment. The FTSE 100 slipped 0.27 per cent to 10,325.57, while the CAC 40 fell 0.23 per cent and the DAX lost 0.58 per cent. In contrast, US markets finished higher overnight, with the Nasdaq gaining 0.65 per cent and the S&P 500 adding 0.31 per cent. Investors continued to assess developments around Iran-Israel ceasefire efforts and the potential implications for energy markets and broader risk appetite.

    Commodity markets reflected improving geopolitical sentiment. Brent crude moved lower after recent volatility linked to Middle East tensions, while copper and natural gas advanced. Gold was little changed as safe-haven demand eased. Sterling strengthened against the US dollar, euro, Japanese yen, Swiss franc and Australian dollar, while Bitcoin weakened against the pound. Markets remain focused on geopolitical developments, energy prices and the outlook for global economic growth.

    Market Numbers

    FTSE 100: Down (-0.27%), 10,325.57

    CAC40: Down (-0.23%), 8,199.290

    DAX: Down (-0.58%), 24,616.22

    NASDAQ: Up (0.65%), 29,573.0

    S&P 500: Up (0.31%), 7,425.0

    In the Headlines

    Spring Demand Slows – Bellway (LSE:BWY)

    Bellway said higher mortgage costs softened demand during the spring selling season, although reservation rates and cancellation levels remained broadly stable. The housebuilder maintained its full-year profit and completion guidance, signalling confidence in underlying market conditions despite affordability pressures.

    Cancer Drug Acquisition – GSK (LSE:GSK)

    GSK has agreed to acquire US lung cancer specialist Nuvalent in a deal worth approximately £8 billion. The transaction strengthens GSK’s oncology pipeline and underlines the company’s strategy of expanding its portfolio of targeted cancer treatments.

    Currencies (vs GBP)

    USD: Up (0.20%), $1.3365

    CHF: Up (0.09%), Fr.1.06506

    EUR: Up (0.15%), €1.1578

    JPY: Up (0.20%), ¥214.076

    AUD: Up (0.13%), $1.894520

    Bitcoin (BTC/GBP): Down (-0.37%), £47,144.1

    Commodities

    Copper: Up (0.78%), 6.42364

    Gold: Up (0.01%), 4,330.29

    Brent Crude: Down (-1.30%), 92.202

    Natural Gas: Up (0.63%), 3.173

  • Bellway Maintains Profit Outlook Despite Slower Housing Market Conditions (BWY)

    Bellway Maintains Profit Outlook Despite Slower Housing Market Conditions (BWY)

    Bellway (LSE:BWY) has reaffirmed its full-year guidance after reporting resilient trading performance against a backdrop of softer conditions in the UK housing market. The housebuilder noted that customer demand moderated during the spring selling season as higher mortgage rates weighed on reservation activity, although overall sales volumes and cancellation rates have remained broadly stable. The company continues to expect full-year completions of between 9,300 and 9,500 homes and underlying operating profit of £320 million to £330 million, supported by a forward order book comprising 5,345 homes with a value of £1.57 billion.

    Management acknowledged that inflationary pressures have re-emerged in areas such as building materials and energy costs. However, Bellway believes these challenges are being mitigated through its scale, procurement efficiencies and the introduction of new standardised house designs. The company remains selective in its approach to land acquisition while continuing to expand its strategic land holdings, which now total approximately 47,000 plots. In addition, Bellway is progressing a £150 million share buyback programme and has increased its interim dividend, supported by a balance sheet with low levels of gearing.

    Since August 2025, the group has secured contracts on 6,744 plots, including a significant 1,900-plot development at Dunfermline that will strengthen its presence in Scotland. Bellway also expects to launch more than 40 new sales outlets during the second half of the year. With broader industry challenges continuing, management is focused on extracting value from its existing land portfolio, improving asset efficiency and maintaining strong cash generation to support enhanced shareholder returns over the medium term.

    The company’s outlook remains underpinned by solid fundamentals, including a strong balance sheet, continued growth opportunities and a constructive earnings outlook supported by cash generation and capital returns. These strengths are offset by weak technical indicators, with the shares trading well below key moving averages and displaying negative MACD momentum. Investors are also monitoring ongoing risks highlighted by management, including margin pressure and uncertainty surrounding building safety-related obligations.

    More about Bellway

    Bellway p.l.c. is one of the UK’s largest residential property developers, specialising in the construction of private and affordable housing across England, Scotland and Wales. The company operates through a nationwide network of around 240 sales outlets and serves a broad range of homebuyers.

    Its growth strategy is supported by a substantial owned and strategic land bank, providing a pipeline of future development opportunities. Bellway focuses on balancing volume growth, capital efficiency and cash generation while maintaining a disciplined approach to land investment and delivering long-term value for shareholders.

  • Jubilee Metals Accelerates Molefe Development to Support Zambia Copper Growth Strategy (JLP)

    Jubilee Metals Accelerates Molefe Development to Support Zambia Copper Growth Strategy (JLP)

    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.