Jubilee Metals (JLP) H2 2024 earnings summary

Executive summary

• Achieved record group revenue of $205.4 million for FY2024, a 20.2% year-over-year increase, primarily driven by chrome operations.

• EBITDA reached $27.7 million, with capital investment reduced by 65% compared to the previous year.

• Significant expansion in copper and chrome production capacity, with major investments in Zambia and South Africa.

• Operational flexibility and modular plant design enabled resilience amid volatile PGM prices and market shifts.

Financial highlights

• Group revenue increased 20% year-over-year to $205.4 million, led by chrome segment growth.

• EBITDA declined 7.1% to $27.7 million despite revenue growth.

• Capital expenditure reduced by 65% to $39.9 million as major projects matured.

• Chrome contributed 73% of group revenue, PGMs 18%, and copper 9%.

• PGM revenue rose 54.8% to $150.2 million, while chrome revenue fell 8.9% to $36.7 million and copper revenue dropped 31.4% to $18.5 million.

Outlook and guidance

• FY2025 copper production guidance: 5,850–7,500 tonnes; chrome: 1.65 million tonnes; PGM: 36,000–40,000 ounces.

• Sable refinery upgrade to 16,000 tpa and Roan concentrator to 13,000 tpa expected to be completed within 10 months, aiming for 25,000 tpa copper capacity.

• Two new chrome modules to be commissioned in November 2024, targeting long-term chrome output of 2 million tonnes per annum.