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Highlights

  • JLP’s FY24 revenue increased by 20.2% YoY, reaching USD 205.40 million
  • In FY24, Copper production rose by 17.1% YoY, while chrome concentrate grew by 20.0% YoY
  • FY24 profit declined by 59.1% YoY, impacted by lower PGM revenue and higher costs
  • The company’s production guidance remains under review, with chrome and PGM output on track for targets

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

FY24 Financial Update

In the financial year 2024 (FY24), the company reported a 20.2% YoY increase in revenue, rising from USD 170.90 million in FY23 to USD 205.40 million. It was driven primarily by a 20.0% growth in chrome concentrate production and a 17.1% rise in copper production. This growth offset the impact of lower prices for platinum group metal (PGM).

However, the profit for the year saw a decline of 59.1% YoY, dropping from USD 15.61 million in FY23 to USD 6.38 million in FY24. This decrease was mainly impacted by a 31.4% drop in PGM revenue, increased depreciation, higher finance costs from expansion projects, and a rise in deferred tax liabilities in FY24.

Recent Business Update

On 06 February 2025, Jubilee provided an update on its Zambia projects. The company has restarted Roan operations in Zambia following a stable power supply. Jubilee has secured 200,000 tonnes of high-grade copper feed with a 1.6% copper content to accelerate production. Initially, Roan will process 30,000 tonnes per month, with the potential to expand to 45,000 tonnes over the next three years. The deal includes a payment of USD 2.7 million, partly settled through the issuance of 51.77 million new shares. Due diligence on the Large Waste project is expected to be completed by March 2025.

Company Outlook

As per the company, copper production has increased, but the guidance is still under review. This is until a stable power supply is secured and Roan resumes operations under the latest agreement. Chrome concentrate production is expected to exceed the 1.65 million tonnes target. Meanwhile, PGM output is on track to meet the 36,000oz guidance.

Top 10 Shareholders

Approximately 53.66% of JLP's total shareholdings are held by its top 10 shareholders. The largest shareholder is Slater Investments Ltd., with around 11.91% of the shares, closely followed by Hargreaves Lansdown Asset Management Limited, which holds about 10.05% of the shares.

 Stock Information

JLP shares last traded at GBX 3.85 apiece on 12 Feb 2025. Over the past three months, the stock has seen a decline of approximately 27.08%, and in the last six months, it has fallen by around 35.83%. The stock has a 52-week low of GBX 3.25 and a 52-week high of GBX 8.90, currently trading below the average of these high-low levels.

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 12 February 2025. The reference data in this report has been partly sourced from EODHD/Others.