Diversified metals producer Jubilee Metals has reported significant progress across its Zambia portfolio, which has in place all the assets the company needs to maintain the momentum on its copper expansion strategy, CEO Leon Coetzer says in an update to shareholders on the copper portfolio in Zambia and the implementation of its integrated production strategy.

Jubilee’s copper strategy has leveraged experiences and expertise from its South African chrome and platinum group metal (PGM) processing business, which is in the process of selling.

While its South African operations are reliant on third-party feed supply, Jubilee has acquired extensive copper resources in Zambia and developed a three-pillar diversified platform on the back of its growing presence in Zambia, with significant growth potential.

This includes, firstly, an integrated mine-to-metals business: Jubilee’s Sable refinery together with its nearby Munkoyo openpit copper mine and Project G. In addition, Jubilee has secured extensive further exploration rights.

Munkoyo and Project G are being developed to be the anchor source of copper material for cathode production at Sable.

Secondly, Jubilee processes third-party copper feedstock at its  Roan concentrator.

Thirdly, it processes acquired surface stockpiles and tailings dumps, with Jubilee holding the rights to the large waste tailings dump which contains in excess of 240-million tonnes.

For the second half of the 2025 financial year, which ended on June 30, the company reports that the upgraded Roan concentrator exceeded its targeted production for the month of July, reaching 384 t of copper units for the month, which is ahead of the targeted production rate of 350 t in August.

Munkoyo openpit operation’s drilling programme has started with the initial eight drill holes completed in partnership with an established mining and exploration company.

Drilling results are being reviewed by a competent person and the results will be released in due course.

Early indication from the drilling campaign suggests the potential to combine pits two to four into a single large openpit to offer increased mining flexibility and increased throughput to sustain the targeted high-grade run-of-mine (RoM) of between 6 500 t and 8 500 t a month at 2.5% copper.

The new pit designs factored in the drilling results of the copper sulphide orebody discovery below the near-surface copper oxide layer currently being targeted.

Discussions with an established mining and exploration partner are under way to implement the further expanded Munkoyo and develop Project G, while undertaking an exploration programme of the newly secured exploration properties within the area.

Meanwhile, Jubilee has set the production guidance for its Zambian operations at between 2 300 t and 5 100 t of copper for the 2026 financial year.

Further, capital-dependent projects that are already under way and being targeted to start within the 2026 financial year, hold the potential to increase yearly copper production by about 10 000 t, the company points out.

“By dedicating our existing processing capacity at Roan to a combination of third-party sourced higher-grade mined material and process tailings, while advancing our Munkoyo and Project G mining operations to feed an expanded Sable, we are building a robust and stable copper production profile.

“In addition, we are expanding our copper exploration footprint and advancing our large waste project,” Coetzer says.

“The energy-related challenges we faced earlier this year, though difficult, have helped us emerge with a clearer, more focused strategy backed by secure power supply and higher value material supply agreements.

“This operational focus, prioritising RoM and previously mined materials, closely resembles the successful evolution of our South African chrome and PGM operations albeit with an integrated portfolio of our own feedstock supply,” he adds.

“We are excited to leverage our unique capabilities in processing transitional copper reefs, available in vast quantities, and look forward to delivering clear guidance on our production under new supply agreements in the coming months.

“This also fits into our thinking of seeking a mining joint venture partner at our mineral assets to ensure management’s focus can remain on processing. Our commitment remains to scale operations in a non-dilutive, capital-efficient, and sustainable manner as we advance toward our medium-term targets,” Coetzer informs.

The company also says that, following announcements in the last two months, the definitive agreements for the disposal of its chrome and PGM operations in South Africa are in near final form.