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Jubilee Metals Group (JLP): Molefe mine ramp-up

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JLP Jubilee Metals Group

£74m · 2.2p · −26% since the first step
5.0p 1.9p Now 2.2p · 23 Oct −3% −23% −9% +1% −26% Nov ’25DecJan ’26FebMarAprMayJunJulAugSepOct
28 Nov 2025 · Ramping to 4 500tpm; Galileo partnership signed · +41% until the next step Production commenced at 3 500tpm ramping up to 4 500tpm within 45 days and the Company is targeting to reach 8 500tpm by Q3 FY2026.
19 Feb 2026 · Ramp-up delayed by rains; target now Q4 FY2026 · −23% until the next step The targeted 8 500tpm of Cu ore delivered to Sable Refinery is expected to be achieved during Q4 FY2026.
31 Mar 2026 · Rain-hit; full haulage expected April 2026 · −9% until the next step expansion of the Molefe Mine remaining on track to achieve 8 500tpm of Cu ore delivered to Sable refinery by Q4 FY2026
Project milestones
Molefe mine ramp-up
Commissioning complete; fine-tuning for stable operation
Every step · 6
  1. 21 Nov 2025 3,500t per month reached in October – Molefe mine to increase delivery of high-grade Cu ore from 3 500t per month (achieved in October 2025) to 4 500t per month in November 2025 (on target) ↗
  2. 28 Nov 2025 Ramping to 4 500tpm; Galileo partnership signed – Production commenced at 3 500tpm ramping up to 4 500tpm within 45 days and the Company is targeting to reach 8 500tpm by Q3 FY2026. ↗
  3. 19 Feb 2026 Ramp-up delayed by rains; target now Q4 FY2026 – The targeted 8 500tpm of Cu ore delivered to Sable Refinery is expected to be achieved during Q4 FY2026. ↗
  4. 31 Mar 2026 Rain-hit; full haulage expected April 2026 – expansion of the Molefe Mine remaining on track to achieve 8 500tpm of Cu ore delivered to Sable refinery by Q4 FY2026 ↗
  5. 6 May 2026 Accelerated stripping under way, due July 2026 – Accelerated stripping programme to expand Pits 2 and 3 into a single open-pit mine progressing to plan and expected to be fully completed by July 2026 ↗
  6. 4 Jun 2026 Commissioning complete; fine-tuning for stable operation – New fine copper concentrate dewatering facility commissioning completed with fine tuning of performance measures underway to achieve stable continuous operations ↗

What is happening

Jubilee Metals Group: Molefe mine ramp-up – Commissioning complete; fine-tuning for stable operation. ['Commissioning complete; fine-tuning for stable operation']

In short
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.
Announced
21 Nov 2025 · 3,500t per month reached in October
Latest
4 Jun 2026 · Commissioning complete; fine-tuning for stable operation
Fines stockpile
482t Cu units at Roan
Current rate
About 75% of the targeted 110-120tpm contained Cu
Design capacity
About 230tpm contained Cu, handling stockpile and new fines together
Stockpile
Significant dried fines at Roan can be transported to Sable to cover interruptions
Next milestone
June 2026 performance to show sustainable capacity and recovery efficiencies
Maintenance
Annual shutdown completed in May 2026; Roan restarted at full capacity
Status
Commissioning completed; fine-tuning for stable continuous operation under varying feed density (4 June 2026)
Fines content
About 140t of copper a month in fines concentrate; fines are about 25.5% of contained copper in ROM feed
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Also at Jubilee Metals Group 3 open
Disposal of a part (break-up)Large Waste Project – Legal DD complete; 45-day technical DD begins Upgrade / downgrade cycleFY2026 copper guidance – Still under review Capital returnCapital reduction and shareholder distributions – Shareholder consultation; legal process being scoped Disposal of a part (break-up)Sale of SA Chrome and PGM – Completed; second instalment due shortly · closed Jubilee Metals Group – company page →

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