Highlights

  • In FY24, JLP’s chrome concentrate production rose 20% to 1,548,205 tonnes compared to 1,289,891 tonnes in FY23.
  • Group revenue increased by 20.2% to USD 205.4 mn in FY24
  • Profit for the year declined 59.1% YoY to USD 6.38 million due to a 31.4% downfall in PGM revenue, increased depreciation, and finance costs

Jubilee Metals Group PLC (LSE:JLP) is engaged in the processing and recovering of metals. The company operates projects that process platinum group metals, copper, chrome, lead, zinc, and vanadium.

Operational and Financial Update

In the financial year 2024 (FY24), the company’s chrome concentrate production surpassed full-year guidance, rising by 20.0% to 1,548,205 tonnes compared to 1,289,891 tonnes in FY23. Meanwhile, copper production rose 17.1% to 3,422 tonnes, in line with revised guidance.

Despite a challenging pricing environment for platinum group metals (PGM), group revenue increased by 20.2% to USD 205.4 mn in FY24. The surge was propelled by higher chrome and copper production. Chrome contributed 73.1% of the group's revenue in FY24, (up from 56.8% in FY23). The contribution of PGM dropped to 17.9% due to lesser production and lower pricing.

However, profit for the year declined 59.1% YoY to USD 6.38 million. The drop in profit was due to a 31.4% downfall in PGM revenue, increased depreciation, and finance costs due to the expansion of projects. The rise in deferred tax liabilities in FY24 also contributed to a profit decline.

Recent Business Update

As per the company’s Q12025 trading update, Roan achieved a stable feed rate of 75,000 tpm. Copper recovery is targeted to surpass 70% by H1FY26, supporting yearly production of up to 13,000 tpa.

Meanwhile, Munkoyo produced 250k tonnes in Q1 FY25. Project G started operations, delivering its first copper concentrate for refining.

In terms of production, Chrome concentrate output increased by 8% to 455,381 tonnes, exceeding targets. 6E PGM production reached 9,328 ounces, in line with guidance.

Company Outlook

Jubilee Metals is focused on leveraging its expanded processing capacities to achieve ambitious production targets in FY25. The company aims to produce 1.65 million tonnes of chrome concentrate, reflecting a 6.6% YoY increase. It also eyes a stable PGM production guidance at 36,000 ounces. Copper production guidance lies at 5,850 to 7,500 tonnes, representing a notable YoY growth of 71% to 119%. 

The company’s strategy is to prioritize high-margin operations, along with a focus on sustainable practices and operational efficiency.

Top 10 Shareholders

The top 10 shareholders of JLP own approximately 54.25% of the total shares. Slater Investments Ltd. holds the largest portion at around 11.92%, followed by Hargreaves Lansdown Asset Management Limited with about 10.06% stake, as shown in the chart:

Stock Information

The stock price of JLP has surged by around 8.82% in the last three months. However, it has declined by around 38.81% over the past six months. The stock’s 52-week low and 52-week high price spans from GBX 4.39 to GBX 8.90. As of 10 December 2024, the stock’s closing price is GBX 4.65 which is lower than the average of 52-week high-low.

Note 1: Past performance is not a reliable indicator of future performance.
Note 2: The reference data for all price data, currency, technical indicators, support, and resistance levels is 10 December 2024. The reference data in this report has been partly sourced from EODHD/Others.