Jubilee Metals, a diversified metals producer with operations in South Africa and Zambia, has released its South Africa operational and project update for the fourth quarter ended 30 June 2025 (Q4 FY2025), highlighting strong production figures across both chrome and PGM segments.

Highlights

• South Africa reported a Lost Time Frequency Injury Rate of 1.33 (Q4 FY2024: 1.62) with no classified injuries reported.
• Chrome concentrate production for Q4 FY2025 is up 19.9% from the comparative quarter in the previous financial year to 505 578t (Q4 FY2024: 421 698t).
• Production for the year ended 30 June 2025 reached 1 932 798t, up 24.8% from the comparative year (FY 2024: 1 548 205t), and exceeding revised guidance of 1 850 000t.
• 6E Platinum Group Metals* (PGM) production for Q4 FY2025 reached 8 973 oz, up 14.6% from the comparative quarter a year earlier (Q4 FY2024: 7 828 oz).
• PGM production for the year ended 30 June 2025 reached 38 579 oz, up 6.0% from 36 411 oz for the comparative year ended 30 June 2024, in line with revised guidance of 38 000 oz.
• Cessation of OBB chrome ore supply contract at end-June 2025 (equivalent to 450 000tpa of chrome) to be offset largely by increased production from Thutse operations.
  *6E PGM – Platinum, palladium, rhodium, ruthenium, iridium, and gold

South Africa production guidance for FY2026

• Chrome concentrate production guidance of 1.65 – 1.80Mt
• PGM Production guidance of 36 000 – 40 000 oz

Leon Coetzer, Jubilee CEO, said, “Our South African operations have produced strong production results for the period, which speaks to our deep understanding in managing the interdependency of our chrome and PGM operations backed by the dedication of our team.

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“Over the past quarter we have seen large fluctuations in the price of chrome. The company’s revenue and earnings exposure to chrome prices have significantly increased in line with the increase in operational output, with a 1% movement in chrome price now being equivalent to an approximate 4.5% movement in the platinum price. Since May 2025, the chrome price has depreciated by approximately 11.4%, which has been largely buffered by platinum prices that have appreciated by nearly 33% over the same period and further supported by the significant increase in chrome production,” added Coetzer.

“As announced at the beginning of June 2025, we are finalising the sale agreements relating to the proposed sale of the South African chrome and PGM operations, and we remain committed to ensuring excellent operational safety and production.”

Operational performance:

• Jubilee remains primarily a chrome producer, with PGMs recovered as a by-product from tailings.
• Increased chrome output was supported by third-party ore supply, now contributing ~70% of total chrome production.
• The termination of the OBB contract (450,000 tpa) at the end of June 2025 is largely offset by higher output at Thutse.
• Chrome market exposure now outweighs PGMs 4.5 to 1, amplifying revenue sensitivity to chrome prices.
• The recent 11.4% decline in chrome prices was mitigated by a 33% rise in platinum prices.
• PGM production remains stable due to sufficient feedstock and continued tolling agreements.
• Jubilee’s new PGM partnership (announced April 2025) is in the trial phase, aiming to improve product specifications.

An update on its Zambia operations is expected in August 2025.