Zambia Operations Update and Exercise of Options
Updated : 07:01
Registration number (4459850)
AIM share code: JLP
Altx share code: JBL
ISIN: GB0031852162
Jubilee Metals Group Plc
('Jubilee' or 'the Company' or 'the Group')
Dissemination of a Regulatory Announcement that contains inside information according to UK Market Abuse Regulations. Not for release, publication or distribution in whole or in part in, into or from any jurisdiction where to do so would constitute a violation of the relevant laws or regulations of such jurisdiction.
Zambia Power Concerns and Update on Large Waste Project
Exercise of Options
Zambian Power Concerns
Jubilee, a leading diversified metals processor in Africa with significant operations in South Africa and Zambia, announces that there has been a noticeable increase in the number of hours of production lost at its Roan facilities, in Zambia. These have been caused by unplanned power outages across the national grid including blackouts on the national power grid. There is no way of knowing at this point how long these outages will continue for. The Roan operations are more severely affected by these interruptions than the Sable refinery due to the supply of its private electricity across the national power grid. Munkoyo and Project G mining operations remain on target and unaffected by the power interruptions.
The Jubilee Team is liaising closely with Zambian officials to try to manage, as far as possible, the timings of outages and recommencements of power. This allows for some costs to be avoided.
Given the uncertainty of power supply at present there is uncertainty whether guidance production volumes will be met for Q2 FY2025. Further information will be provided in due course.
Large Waste Project
Jubilee is also pleased to provide a further update to its Large Waste Project containing in excess of 260 million tonnes of copper containing rock on surface.
Jubilee has successfully extended the due diligence period for the project to the end of January 2025. In addition, Jubilee was successful in securing significantly enhanced commercial terms for the outright acquisition of the Large Waste Rock Project. The total acquisition value of a 100% interest in the project has been reduced to US$18 million payable over 12 months to December 2025 (originally announced a target acquisition value of US$30 million) of which approximately US$11.5 million remains payable. Jubilee is on track to complete its final due diligence by end January 2025.
Exercise of Options
Jubilee also announces the issue of 2 706 667 new ordinary shares (Option Shares), following the exercise of options. The Option Shares have been exercised at a price of 1 pence per Option Share.
The Option Shares represent 0.09% of the enlarged issued capital of the Company.
Admission and total voting rights
The Option Shares are expected to be admitted to trading on AIM and listed on the Altx of the JSE Limited on or about 20 December 2024 (Admission) and will rank pari passu with the ordinary shares of the Company in issue.
The Company's total issued capital, after the issue of the Option Shares, will be 3 013 865 822 ordinary shares. Given the Company does not hold any shares in treasury, this figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company following Admission.
United Kingdom
16 December 2024
For further information visit www.jubileemetalsgroup.com or please contact:
Jubilee Metals Group Plc
Leon Coetzer (CEO)/Jonny Morley-Kirk (FD)
Tel: +27 (0) 11 465 1913 / Tel: +44 (0) 7797 775546
Nominated Adviser - SPARK Advisory Partners Limited
Andrew Emmott/James Keeshan
Tel: +44 (0) 20 3368 3555
PR & IR Adviser - Tavistock
Jos Simson/Gareth Tredway
Tel: +44 (0) 207 920 3150
Joint Broker - RBC Capital Markets
Farid Dadashev/Jamil Miah
Tel +44 (0) 20 7653 4000
Joint Broker - Zeus Capital
Harry Ansell/Katy Mitchell
Tel: +44 (0) 20 7220 1670/+44 (0) 113 394 6618
JSE Sponsor - Questco Corporate Advisory Proprietary Limited
Alison McLaren
Tel: +27 63 482 3802
About Jubilee Metals Plc
Jubilee is a low-cost, diversified producer, specialising in the recovery of metal from previously overlooked resources, such as unprocessed historical waste rock, run-of-mine materials and tailings in South Africa and Zambia. The Company's low-capex, modular processing facilities are deployed close to these various types of material, producing high grade concentrates for sale or further refining to finished metal at the Company's downstream facilities. Production currently consists of chrome, copper and platinum group metals (PGMs). The modular processing facilities offer a platform for growth and the rapid expansion of its operational footprint. Jubilee's success is derived from operational excellence, a highly experienced management team and a pioneering Technical Development Centre.
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