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).
Sale to One Chrome: Consideration and Timely Receipts
Disposal consideration agreed at approximately $90 million; $25 million already received on time and without deductions. One Chrome has honoured payment milestones to date; no impairment of the receivable has been recorded, only a present-value adjustment (c. $12–13 million) in the accounts.
PGM Price Strength and Stable Volumes
PGM prices increased materially (described as a much greater increase than expected). Jubilee typically realises c. 75–77% of PGM market prices on concentrate sales. PGM volumes were broadly in line with internal expectations, contributing positively to results.
Zambia: Revenues and Profits Improved; CapEx to Boost Production
Zambian operations reported revenue and profit increases (interims show uplift versus prior periods). Management notes production was slightly below internal targets but expects improvement from operational tweaks and CapEx — the first-stage centrifuge at Roan is about to go online in the coming weeks.
Reduced Financing Burden from South Africa Disposal
Trade finance (~$40m) and bank loan (~$16m) associated with the sold South African businesses rolled to One Chrome, reducing Jubilee's financing costs for those operations going forward. Tjate remains an asset in South Africa with no secured lending against it.
Investor Communication and Project Visibility.
Management committed to separate, focused presentations on major projects (Molefe mine to be presented within a month) and addressed investor accounting/tax queries directly; interims produced to align with IFRS restatements to improve reporting consistency.