Jubilee Metals Group
JLP · AIM · Basic Resources · mcap £74m · 2.2p 4 open situations →
Open · 4
Large Waste Project
Jubilee has been shortlisting partners for the Large Waste Project since late 2025. On 10 Aug 2026 it announced two binding offers; on 26 Aug 2026 it chose a preferred purchaser at US$35.0m. On 8 Oct 2026 it said legal due diligence is complete, with a US$2.25m deposit due within days and a 45-day technical DD and documentation period starting.
- Payment
- Settled over 3 years, first instalment due December 2026 if completed 8 Oct 2026 ↗
- Seller settlement
- US$5.0m final payment in 150 489 090 new shares at 2.5p, 4.5% of enlarged capital; admission around 14 August 2026 10 Aug 2026 ↗
- Use of money
- Accelerated investment in existing Zambian copper operations, including Molefe Mine 8 Oct 2026 ↗
- Price
- approximately US$35 million total consideration; US$30.0m if settled within two years 8 Oct 2026 ↗
- Next milestone
- 45-day period for technical due diligence and final documentation 8 Oct 2026 ↗
- Replaces
- Previous 10Mt waste sale for US$6.75m; about 550 000t collected, about US$0.6m paid 26 Aug 2026 ↗
Next: Complete technical DD and definitive documents within 45 days
- 8 Oct 2026 Legal DD complete; 45-day technical DD begins
- 26 Aug 2026 Preferred purchaser selected; due diligence under way
- 10 Aug 2026 Two binding offers received; sale to be agreed
- 31 Mar 2026 Stage payment made; partner talks ongoing
Molefe mine ramp-up
The dewatering upgrade slipped three weeks from early March because of heavy rains. On 6 May it was near complete at about 75% of its 110-120tpm target. The 4 June update says commissioning is complete after the May maintenance stop and fine-tuning continues. Dried stockpiled fines can cover interruptions, and June is the test month.
- Fines stockpile
- 482t Cu units at Roan
- Current rate
- About 75% of the targeted 110-120tpm contained Cu 6 May 2026 ↗
- Design capacity
- About 230tpm contained Cu, handling stockpile and new fines together 6 May 2026 ↗
- Stockpile
- Significant dried fines at Roan can be transported to Sable to cover interruptions 4 Jun 2026 ↗
- Next milestone
- June 2026 performance to show sustainable capacity and recovery efficiencies 4 Jun 2026 ↗
- Maintenance
- Annual shutdown completed in May 2026; Roan restarted at full capacity 4 Jun 2026 ↗
- 4 Jun 2026 Commissioning complete; fine-tuning for stable operation
- 6 May 2026 Accelerated stripping under way, due July 2026
- 31 Mar 2026 Rain-hit; full haulage expected April 2026
- 19 Feb 2026 Ramp-up delayed by rains; target now Q4 FY2026
FY2026 copper guidance
FY2026 copper guidance of 4 500-5 100t was revised in November, held in February and put under review on 31 March 2026. The 6 May update kept it under review. On 4 June the company said May output was hit by the planned maintenance shutdown and that the guidance update waits for steady-state performance across Roan and Sable. June is the test month.
- Guidance range
- 4 500t to 5 100t copper, under review 4 Jun 2026 ↗
- H1 FY2026 output
- 1 543t saleable Cu units; Q2 605t vs Q1 938t
- Named factors
- Molefe mine plan and stripping; Roan dewatering delay 6 May 2026 ↗
- Next milestone
- Investor presentation 7 April 2026
- Guidance
- 4 500t to 5 100t copper, under review 6 May 2026 ↗
- 9m output
- 2 177t saleable Cu units to 31 March 2026 4 Jun 2026 ↗
Next: Guidance update once steady-state Roan and Sable performance is shown
- 4 Jun 2026 Still under review
- 6 May 2026 Guidance still under review
- 31 Mar 2026 Guidance range under review
Capital reduction and shareholder distributions
Follows from Sale of SA Chrome and PGM – Completed; second instalment due shortly, closed 2 Jan 2026
After completing the sale of the South African chrome and PGM operations, Jubilee is consulting shareholders on future distributions. It has insufficient distributable reserves, so it plans a High Court capital reduction, needing a General Meeting. No distribution is yet decided, and no amount or timetable is given.
- Kind
- Share premium converted to distributable reserves via UK High Court capital reduction
- Purpose
- To allow future dividends and share buybacks
- Approval needed
- General Meeting of shareholders and High Court process
- Status
- Shareholder consultation 'well advanced'; legal advisers discussing precise process
- Amount and timing
- Not stated
Next: Agree court process and call General Meeting to approve capital reduction
- 27 Feb 2026 Shareholder consultation; legal process being scoped
Closed · 1
Company filings. Not investment advice.