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.