Jubilee Metals Group (GB:JLP)
LSE:JLP
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Jubilee Metals Group
(LSE:JLP)
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Rating:47Neutral
Price Target:
3.50 p
â–²(15.89% Upside)
Action:ReiteratedDate:04/10/26
The score is held down primarily by the severe deterioration in recent financial performance (revenue/profit collapse and negative free cash flow). The earnings call adds modest support via disposal-related de-risking and Zambia improvement efforts, but deferred guidance and operational/financing uncertainties remain. Technical indicators and valuation are neutral-to-weak given negative momentum signals and loss-making earnings.
Positive Factors
Asset-light tailings-processing business model
Jubilee's model focuses on processing secondary feed (tailings/waste) rather than primary mining, lowering resource acquisition costs and capital intensity. This creates a durable margin advantage if throughput and recoveries are maintained and keeps cash needs lower than full-scale miners over the medium term.
Negative Factors
Severe revenue collapse and deep net loss
A dramatic fall in scale and a deep net loss materially weaken margin sustainability and operational resilience. Reduced scale raises unit costs, strains fixed-cost coverage, and heightens the risk that further asset sales, restructuring, or dilutive financing will be required to restore sustainable profitability over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Asset-light tailings-processing business model
Jubilee's model focuses on processing secondary feed (tailings/waste) rather than primary mining, lowering resource acquisition costs and capital intensity. This creates a durable margin advantage if throughput and recoveries are maintained and keeps cash needs lower than full-scale miners over the medium term.
Read all positive factors
Jubilee Metals Group (JLP) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£109.27M
Dividend YieldN/A
Average Volume (3M)13.74M
Price to Earnings (P/E)―
Beta (1Y)1.59
Revenue GrowthN/A
EPS GrowthN/A
CountryUK
Employees885
SectorBasic Materials
Sector Strength58
IndustryIndustrial Materials
Share Statistics
EPS (TTM)>-0.01
Shares Outstanding3,223,301,300
10 Day Avg. Volume3,438,850
30 Day Avg. Volume13,737,737
Financial Highlights & Ratios
PEG Ratio<0.01
Price to Book (P/B)0.44
Price to Sales (P/S)8.92
P/FCF Ratio-10.58
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Jubilee Metals Group Business Overview & Revenue Model
Company Description
Jubilee Metals Group (JLP) is a diversified metal recovery business focused on the extraction of metals from mine tailings, waste, slag, and other secondary materials. Operating primarily in South Africa and Zambia, the company leverages its exper...
How the Company Makes Money
Jubilee makes money by processing third-party and group-controlled waste/tailings and other secondary resources to recover payable metals, then selling the resulting concentrates/metal-bearing products into downstream processors (e.g., smelters an...
Jubilee Metals Group Earnings Call Summary
Earnings Call Date:Mar 31, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 18, 2026
Earnings Call Sentiment Neutral
The call presented a mix of operational and financial positives — timely receipt of sale consideration, strong PGM pricing, improved Zambian revenue/profits, imminent centrifuge CapEx, and reduced financing burden following the South African disposal — balanced against clear near-term risks: a $4.5m net loss in South African operations, currency-driven cost pressure, sulfuric acid supply risks, rising diesel/transport costs, production shortfalls due to weather, accounting restatements that reduce comparability, and a required refinancing of Zambian liabilities. Management is addressing several issues (closer supplier engagement, procurement ideas, refinancing discussions, and upcoming project presentations), but material uncertainties remain, and guidance has been deferred until more certainty is achieved.Positive Updates
Going Concern and Audit Sign-Off
Auditors and the Board signed a going-concern for the year to 30 June 2025; management states Jubilee Metals is a going concern (audit opinion unchanged through the 12-month window to Dec 2026).
Negative Updates
South African Ops: Net Loss in Reporting Period
Combined PGMs and Chrome produced a net loss of $4.5 million for the six months, materially below South African management expectations.
Read all updates
Q2-2026 Updates
Positive
Negative
Going Concern and Audit Sign-Off
Auditors and the Board signed a going-concern for the year to 30 June 2025; management states Jubilee Metals is a going concern (audit opinion unchanged through the 12-month window to Dec 2026).
Read all positive updates
Company Guidance
Management declined to give firm numeric guidance, citing post‑balance‑sheet uncertainties—sulfuric acid supply issues, rising diesel costs, the Roan centrifuge due to come online this month (March 2026) and be tested/ramped in the following weeks, and potential gremlins from the Molefe mine plan and seasonal rains—and said it will wait for more certainty and report within the next six‑month update. Metrics referenced on the call include the One Chrome disposal consideration of about $90m (of which $25m has been received and a present‑value adjustment/provision of ~$12–13m), a six‑month net loss of $4.5m from South African PGMs and chrome, typical PGM realisations of roughly 75–77%, prior South African net assets of ~ $90m with c.$56m of finance (c.$40m trade finance + c.$16m bank loan) implying an enterprise value of c.$146m, and the note that diesel prices increase quarterly and rose again recently.Jubilee Metals Group Financial Statement Overview
Summary
Income Statement
18
Very Negative
Balance Sheet
64
Positive
Cash Flow
43
Neutral
| Breakdown | TTM | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 | Jun 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | -83.71M | 11.73M | 205.40M | 141.93M | 140.01M | 132.85M |
| Gross Profit | -13.74M | -3.64M | 35.98M | 31.39M | 45.34M | 69.31M |
| EBITDA | -19.13M | -6.89M | 29.72M | 26.40M | 38.18M | 48.61M |
| Net Income | -35.93M | -23.44M | 4.73M | 12.91M | 18.04M | 39.60M |
Balance Sheet | ||||||
| Total Assets | 351.27M | 409.38M | 413.96M | 300.14M | 293.62M | 194.67M |
| Cash, Cash Equivalents and Short-Term Investments | 38.14M | 4.56M | 19.32M | 12.60M | 16.72M | 19.64M |
| Total Debt | 25.49M | 54.13M | 31.25M | 14.20M | 8.83M | 9.34M |
| Total Liabilities | 102.29M | 164.91M | 155.00M | 95.48M | 86.07M | 58.12M |
| Stockholders Equity | 245.02M | 239.33M | 254.47M | 201.45M | 203.85M | 133.38M |
Cash Flow | ||||||
| Free Cash Flow | -4.57M | -9.90M | -21.23M | -11.91M | -21.11M | 3.98M |
| Operating Cash Flow | 17.44M | 9.28M | 17.63M | 31.01M | 31.01M | 23.79M |
| Investing Cash Flow | -4.84M | -24.59M | -39.88M | -43.88M | -64.62M | -19.82M |
| Financing Cash Flow | -17.66M | -6.69M | 25.84M | 9.97M | 28.18M | 1.12M |
Jubilee Metals Group Technical Analysis
Neutral
3.02
Price Trends
3.97
Negative
3.69
Negative
3.40
Negative
Market Momentum
-0.19
Negative
46.55
Neutral
52.29
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:JLP, the sentiment is Neutral. The current price of 3.02 is below the 20-day moving average (MA) of 3.36, below the 50-day MA of 3.97, and below the 200-day MA of 3.40, indicating a neutral trend. The MACD of -0.19 indicates Negative momentum. The RSI at 46.55 is Neutral, neither overbought nor oversold. The STOCH value of 52.29 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for GB:JLP.
Jubilee Metals Group Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
58 Neutral | £158.83M | -8.72 | -9.67% | ― | ― | 28.30% | |
51 Neutral | £49.21M | -6.86 | -481.24% | ― | ― | ― | |
47 Neutral | £109.27M | -2.48 | -11.14% | ― | ― | ― | |
46 Neutral | £117.22M | -19.26 | -17.14% | ― | ― | 54.72% | |
44 Neutral | £69.09M | -15.47 | -6.85% | ― | ― | ― | |
41 Neutral | £71.31M | -42.09 | -21.95% | ― | ― | -133.33% |
* Basic Materials Sector Average
GB:JLP
Jubilee Metals Group
3.39
0.34
11.15%
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Jubilee Metals Group Corporate Events
Business Operations and StrategyShareholder Meetings
Jubilee Metals Wins Shareholder Backing for Capital Reduction
Positive
Apr 8, 2026
Jubilee Metals Group shareholders have approved a special resolution to reduce the company’s share premium account, with 98.42% of votes cast in favour, while separate resolutions to authorise new share allotments and disapply pre-emption ri...
Business Operations and Strategy
Jubilee Metals Ramps Up Molefe Mine Plan to Quadruple Copper Output
Positive
Mar 31, 2026
Jubilee Metals Group has unveiled an updated near-term mine plan for its Molefe Mine in Zambia, integrating Pit 2 and Pit 3 into a larger open-pit to boost mining efficiency and throughput. The company plans about four months of development work, ...
Business Operations and StrategyFinancial DisclosuresM&A Transactions
Jubilee Metals pivots to Zambia as copper output and earnings surge
Positive
Mar 31, 2026
Jubilee Metals reported a strong first half for FY2026, with copper production rising 8.7% to 1,543 tonnes and a sharply improved safety record, as the Roan concentrator upgrade became fully operational and Molefe Mine expansion advanced despite w...
Business Operations and Strategy
Jubilee Metals Extends High-Grade Copper Zone at Molefe Mine in Zambia
Positive
Mar 25, 2026
Jubilee Metals Group has reported that Phase 1 infill drilling at its open-pit Molefe copper mine in Zambia has confirmed the continuity of shallow copper oxide mineralisation and ore grades in line with its expansion mine plan. The results unders...
Business Operations and StrategyRegulatory Filings and Compliance
Jubilee Metals delays Molefe copper drilling results pending regulatory sign-off
Negative
Mar 24, 2026
Jubilee Metals Group has delayed the publication of Phase 1 drilling results from its Molefe copper mine in Zambia, which had been scheduled for 24 March 2026, due to the pending formal sign-off by a Competent Person required under AIM rules. The ...
Business Operations and StrategyStock BuybackDividendsShareholder Meetings
Jubilee Metals Plans Share Premium Cut to Unlock Distributable Reserves
Positive
Mar 23, 2026
Jubilee Metals Group plans to reduce its share premium account to create distributable reserves, aiming to enhance its capacity for future dividends, share buybacks and other corporate purposes without altering the number or rights of existing ord...
Business Operations and StrategyShareholder Meetings
Jubilee Metals Plans Share Premium Cut to Boost Capital Flexibility
Positive
Mar 23, 2026
Jubilee Metals Group plans to reduce its share premium account to create distributable reserves, enabling future dividends, potential share buybacks and other corporate uses without affecting the number or rights of existing ordinary shares. The m...
Business Operations and StrategyPrivate Placements and Financing
Jubilee Metals Secures High-Grade Copper Feed and Advances Large Waste Project
Positive
Mar 12, 2026
Jubilee Metals Group has secured additional high-grade copper ore grading about 1.65% Cu for its Roan concentrator, with the US$1.8 million payment to the supplier settled in new shares at a premium to the recent market price. The Roan plant is al...
Business Operations and StrategyExecutive/Board ChangesStock BuybackDividendsFinancial DisclosuresM&A Transactions
Jubilee Metals pivots to Zambia copper, plans capital reduction to enable shareholder returns
Positive
Feb 27, 2026
Jubilee Metals Group has completed the sale of its South African chrome and PGM operations and is now concentrating on its Zambian copper business, prompting a planned shift in board composition toward directors with Zambia, copper and AIM market ...
Business Operations and StrategyFinancial DisclosuresM&A Transactions
Jubilee Metals ramps up Zambian copper output and advances three-pillar growth plan
Positive
Feb 19, 2026
Jubilee Metals Group reported strong copper growth in the first half of FY2026, as its Zambia-focused operations ramped up despite heavy rains and infrastructure damage. Roan reached its targeted 30,000 tonnes per month feed rate and lifted copper...
Executive/Board Changes
Jubilee Metals Director Nicholas Taylor Steps Down with Immediate Effect
Neutral
Jan 23, 2026
Jubilee Metals Group has announced the immediate resignation of non-executive director Nicholas Taylor, who has served on the board since 2020. Taylor held key governance roles as chair of the Audit and Risk Committee, a member of the Remuneration...
Business Operations and StrategyShareholder Meetings
Jubilee Metals Wins Shareholder Backing at Annual General Meeting
Positive
Jan 14, 2026
Jubilee Metals Group announced that at its Annual General Meeting held on 14 January 2026, all proposed resolutions were approved by the requisite majority of shareholders, with the exception of Resolution 4, which was withdrawn prior to the vote....
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.