TIDMJLP
RNS Number : 0767K
Jubilee Metals Group PLC
19 December 2022
Jubilee Metals Group PLC
Registration number (4459850)
Altx share code: JBL
AIM share code: JLP
ISIN: GB0031852162
("Jubilee" or "the Company" or "the Group")
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Zambia Copper and Cobalt Operations Update
Corporate Update
Exercise of Warrants
Jubilee, the AIM and Altx traded metals processing company, is
pleased to announce the successful completion of the water
infrastructure upgrade at its Roan Project and continued advances
in the production of cobalt and copper from waste at its Sable
Refinery in Zambia.
As announced on 22 November 2022, the Company's new Roan copper
concentrator faced continued water supply interruptions that
severely hampered its ability to operate at design throughput
levels. The installation of the new dedicated water infrastructure
and upgraded power and feed supply infrastructure have been
completed successfully with the restart of operations back to
nameplate capacity.
Significant progress continues to be made by Jubilee's technical
and operational teams, with the development and ramp-up to
commercial level, of new extractive methods for the recovery of
copper and cobalt from historical waste, at the Company's Sable
Refinery. These developments provide unique solutions to unlocking
the value from vast copper and cobalt containing wastes.
Sable Copper Production Trial
As previously announced, the Company has been focused on a
direct leaching approach which by-passes the need for traditional
power intensive smelting of copper sulphide concentrates.
These trials have been extremely effective and not only allow
for significantly lower operating costs, but also for Sable to
produce copper from mixed materials such as copper sulphide and
copper oxide ores. Jubilee believes that this new approach to
extraction offers significant growth opportunities in the country.
As a result, the Company is examining new Run-Of-Mine material
agreements with third party producers which offer the potential to
further enhance growth for its operations at the Sable
Refinery.
Sable Cobalt Production Update
As previously announced, Jubilee is targeting the initial
production of 50 tonnes of contained cobalt metal which is the
equivalent of approximately 220 tonnes of final product, before
ramping up to the 1 200 tonnes of contained cobalt metal annual
capacity, which equates to some 5 280 tonnes of final product.
Cobalt production from waste remains in-line with management's
expectations.
Solving the technical challenges places the Company in a unique
opportunity to pursue tremendous potential growth opportunities in
the efficient recovery of cobalt from historical wastes, including
also from mixed copper cobalt materials. The Company is currently
considering to upscale the production of cobalt through the
potential acquisition of refining infrastructures to expand its
cobalt footprint in Zambia.
The additional cobalt revenue offers the Company further
opportunities to secure metal backed funding in support of the
implementation of the Northern Refining Strategy.
Corporate Update
The Company further announces that it has undertaken a
restructuring of its Executive Team in-line with its expanding
production profile, and in particular ahead of its next phase of
growth in Zambia via its Northern Refining Strategy.
As Jubilee continues to rapidly evolve and expand its
operational footprint and project portfolio, it is also required to
continuously review and where necessary expand its leadership
within its Executive Team. This review will inevitably lead to
changes in certain leadership roles as the Company upskills to meet
the demands of a growing enterprise.
In this regard the Company has expanded its commercial and
financial management teams in South Africa and Zambia to both
further strengthen its corporate governance as well as dedicate
commercial teams to Zambia in support of its project execution
team. During this restructure Mr Pedja Kovacevic, currently, Chief
Strategy Officer ("CSO") will also be assuming the role of Group
Chief Financial Officer ("CFO") with immediate effect. Pedja is a
highly experienced CFO with vast experience in the corporate
funding and international debt markets. The Company thanks the
outgoing CFO, Peet van Coller, and wishes him well in his future
endeavours.
Leon Coetzer, CEO commented: "I am very pleased to provide an
update on our copper and cobalt operations in Zambia in what has
been a truly remarkable year for Jubilee.
"We have brought the entire Southern Copper Strategy into
nameplate production and next quarter will see a new source of
revenue for Jubilee in the form of first sales for our cobalt
production.
"In Sable, we have now successfully implemented a new way of
producing copper in Zambia, which bypasses the need to smelt the
material, which is expensive and energy intensive. This new
extraction approach allows for multiple ores to be produced at
once, similar to what we have achieved at our Inyoni PGM plant in
South Africa. This is a game changer for Jubilee and opens new
opportunities beyond our existing operations in Zambia.
"As we conclude 2022, we now focus our attention on unlocking
the potential of our Northern Refining Strategy in Zambia."
Exercise of Warrants
Jubilee also announces that it has received notification from a
warrant holder to exercise 5 000 000 existing warrants in the
issued share capital of Jubilee ("the Warrant Shares") at a price
of 3.375p (ZAR71.86c) per Warrant Share. The exercise of Warrant
Shares amounts, in aggregate, to a cash value of GBP0.17 million
(ZAR3.59 million). This warrant exercise concludes all the warrants
held by the warrant holder at 3.375p.
The Warrant Shares are expected to be admitted to trading on AIM
and listed on the Altx of the JSE Limited on or about 23 December
2022 and will rank pari passu with the ordinary shares of the
Company in issue.
Total voting rights
The Company's total issued capital, after the issue of the
Warrant Shares, will be 2 694 854 150 ordinary shares. As 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
19 December 2022
For further information visit www.jubileemetalsgroup.com or contact:
Jubilee Metals Group PLC
Leon Coetzer
Tel: +27 (0) 11 465 1913
Nominated Adviser - SPARK Advisory Partners Limited
Andrew Emmott/James Keeshan
Tel: +44 (0) 20 3368 3555
Joint Broker - Berenberg
Matthew Armitt/Jennifer Lee/Detlir Elezi
Tel +44 (0) 20 3207 7800
Joint Broker - WHIreland
Harry Ansell/Katy Mitchell
Tel: +44 (0) 20 7220 1670/+44 (0) 113 394 6618
JSE Sponsor - Questco Corporate Advisory Proprietary Limited
Sharon Owens
Tel: +27 (11) 011 9212
PR & IR Adviser - Tavistock
Jos Simson/ Gareth Tredway/Charles Vivian
Tel: +44 (0) 207 920 3150
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December 19, 2022 02:00 ET (07:00 GMT)
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