Operations

Robust project pipeline delivering results

Jubilee has a portfolio comprising operations in South Africa and Zambia

The combined operations hold a defined and valuable metal inventory and exposure to a broad commodity basket that includes Chrome, PGMs and Copper.

Chrome and PGMs - South Africa

Jubilee’s distributed Chrome Processing Modular Facilities are targeting a diversified client base offering first and second tier chrome entities access to world class chrome beneficiation facilities. The Chrome Processing Facilities can process a combination of both Run-of-Mine material and chrome rich tailings to produce a saleable chrome concentrate and PGM rich by-product which acts a primary feed to Jubilee’s Inyoni PGM Processing Plant. Jubilee’s chrome operations are based in South Africa and include Windsor Chrome, Windsor 8 and Inyoni Cr.

Jubilee has elected to further expand the chrome operational footprint by an additional 450,000 tonnes per annum feed process capacity using its existing modular approach.

  • The expansion allows for the construction of an additional chrome process module to be added to the current Thutse operations
  • Provides an opportunity to expand Jubilee’s chrome processing footprint to 9 chrome processing modules and increase the total chrome processing capacity to 1.7 million per annum, subject to internal capital approval processes.
  • The expansion of the chrome processing footprint remains contingent upon our continuing capital allocation evaluation and assessment of prospective funding arrangements
  • The Group continues to advance discussions to conclude a further Life-Of-Mine partnerships and expand the chrome operations via the roll-out of additional processing modules as it targets 2 million tonnes of concentrates per annum in the future
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Platinum Group Metals (PGMs) – South Africa

Jubilee is a high margin platinum producer, delivering exceptional returns. The PGM processing operations are centered on the Inyoni PGM Processing Plant in South Africa. PGM’s offer exposure to a full PGM basket of metals, including Platinum, Palladium and Rhodium.

Key Metrics

  • Chrome production guidance of 1.45 million tonnes per annum FY24 comprises of approximately:
    • 67% tolling chrome concentrates (fixed pricing per tonne)
    • 33% own sourced chrome concentrates
  • Average mass yields of approximately 50-55% of material processed into chrome concentrates
  • Targeting 2 million tonnes of chrome concentrates per annum in the future with own sourced chrome concentrates expanding.
  • The Chrome business continues to be cash generative with a collective margin of US$9 per tonne in FY23. Expansion into higher margin, own sourced chrome
  • PGM 6E production guidance of 42 000 ounces per annum
  • Cost per PGM ounce of US$785 (excluding chrome credits) in FY23
  • The PGM business (excluding chrome credits) remains cash generative in the prevailing PGM pricing environment
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Copper

In Zambia, the Company plans to replicate the modular concentrator strategy that has been so successful in the South African Chrome and PGM Business.

Jubilee’s copper refining operations includes the fully operational Sable Refinery and Roan Concentrator. Expansion of the front end of the Roan Concentrator is underway.

Additionally, Zambia copper has a Life-of-Mine copper ore off-take agreement from an existing mining company (“Project M”). Project M seeks to replicate the success of the South African modular chrome expansion roll-out drive, which seeks to process copper containing ore, deemed as waste by current or previous operators.

  • The copper processing modules are trialled and tested at the same in-house development centre in South Africa where the chrome modules are currently manufactured.
  • The copper process modules specifically target the processing of Run-of-Mine ore that has not been previously processed, as opposed to tailings. In many cases, this Run-of-Mine material has been rejected to mine waste dumps due to the type of copper contained.
  • Copper processing module designs range from 20,000 to 50,000 tonnes per month feed supply, capable of being delivered and commissioned within an eight-month period.
  • Jubilee holds the capacity to execute 3 modules in parallel at an estimated capital investment of US$6.5 million per module (capital estimate based on a 50,000 tonnes per month module).
  • Each 20,000 tonnes per month module is expected to produce the equivalent of 2,000 tonnes per annum of additional cathode.
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