Operational momentum broadens beyond Roan
Jubilee Metals Group Plc (LON:JLP) has delivered a markedly stronger year, according to the latest research note from Zeus Capital, with the group’s copper business moving further into a mine-to-metals model in Zambia. Combined copper production from the Roan operations and the newly commissioned Molefe Mine rose 225% year-on-year to 3.7kt, while cathode and concentrate produced for sale reached 2.1kt. That improvement came as Roan settled into a stable operating state and Molefe completed its first year of production, having started in September 2025.
The note presents Jubilee as a business in transition rather than one relying on a single operational lever. Roan, Sable and Molefe are now the main pillars, while the disposal of the Large Waste Project for up to US$35m adds an element of portfolio simplification. Management is keeping formal guidance narrow for now, but the operational base is clearly broader than a year ago.
Highlights from the latest research note
- Combined copper production from Roan and Molefe rose 225% year-on-year to 3.7kt.
- Cathode and concentrate produced for sale increased to 2.1kt, up 1.3%.
- Roan total copper output climbed 146% to 2.8kt, with FY2027 guidance set at 2.9kt to 3.2kt of contained copper.
- Sable cathode production increased 18% to 1.2kt.
- Molefe dispatched 345t of contained copper in high-grade ROM to Sable and stockpiled a further 571t of contained copper in lower-grade material.
- Jubilee is disposing of the Large Waste Project for up to US$35m, or US$30m under an accelerated-settlement option.
Roan is now doing the heavy lifting
Roan was the standout performer in the year. Total copper output jumped 146% to 2.8kt, helped by 997t of copper in oxide concentrate, more than 1,000% higher than the prior year, and 913t in sulphide concentrate. A further 913t stream of oxide concentrate was accumulated during FY2026, and the recently commissioned dewatering circuit is intended to process that stock. Management now describes Roan as having reached stable state, despite an extended fourth-quarter maintenance shutdown to install the new circuit.
The most useful sign here is not simply volume growth, but predictability. Jubilee has issued FY2027 guidance of 2.9kt to 3.2kt of contained copper for Roan alone, which suggests the operation is moving from recovery mode into a more regular production rhythm. That matters because it gives the market a clearer anchor while the rest of the portfolio scales up.
Sable continues to refine material from both sources
Cathode production at Sable rose 18% to 1.2kt over the year, supported by feed from Roan and Molefe. The refinery is still hitting its targeted recoveries, which indicates that the processing chain is functioning as intended. The note, however, spends as much time on cost pressure as on throughput. Acid costs more than tripled and diesel rose 90% in the fourth quarter, both of which compressed margins across the region.
Jubilee says its flexible operating model has helped cushion some of that inflation. That does not remove the pressure, but it does show that the group has been able to keep operating while others in the area reportedly faced temporary closures. The margin discussion is likely to remain part of the investment case in the near term.
Molefe adds strategic depth
Molefe is the most important longer-term development in the note. As Jubilee’s first owned mine, it is the clearest sign that the company is becoming more vertically integrated. During the year, Molefe dispatched 345t of contained copper in high-grade ROM to Sable and stockpiled another 571t of contained copper in lower-grade material on site. Q4 was dominated by pre-strip work, with 0.5Mt completed out of a 1.6Mt target, as the company works to merge Pits 2 and 3 into a larger pit.
Drilling activity is also moving the story forward. The second-phase campaign included 1,801m drilled and 371 in-pit samples, with a JORC-compliant resource targeted for Q4 CY2026. Zeus sees that as a key catalyst for forecasting, and the market is likely to focus on the drilling results due within two weeks.
At the operating level, Jubilee is targeting a phased ramp from about 7.5ktpm of high-grade ROM in October 2026 towards 10.0ktpm before the end of the year. The note also mentions trials of an in-line ore-sorting facility and aeromagnetic surveys across roughly 15,000 hectares of adjacent exploration ground, which could extend the story beyond the current pit plan.
Portfolio moves free up room for growth
Beyond copper, Jubilee is sharpening its portfolio. The sale of the Large Waste Project for up to US$35m, together with ongoing receipts from the disposal of the South African chrome-PGM business, gives the company additional balance-sheet flexibility. The retained Tjate PGM project remains under strategic review, with several expressions of interest received.
Project G adds another layer of optionality. The informal open-pit copper-outcrop opportunity has already had bulk ROM trialled through Sable, and joint venture discussions are ongoing with nearby operators. Development is targeted to begin from February 2027, although the note is careful not to overstate what is still an early-stage asset.
“The main story here is cost inflation rather than throughput”, the analyst wrote, a line that captures the tension in the current update. Output has improved sharply, but the next stage will depend on sustaining that performance while managing input costs and converting drilling success into a larger resource base.
For now, the latest research note from Zeus Capital leaves Jubilee with a more defined operating structure, a stronger production base and several identifiable catalysts over the next few quarters. The near-term focus is likely to remain on Molefe’s drilling readout, the JORC resource expected by year-end and whether Roan can hold its stable-state profile as the wider copper platform expands.
