Jubilee Metals Group PLC (AIM:JLP, JSE:JBL, OTC:JUBPF) generated revenue of £140mln in the year ended 30 June 2022, up 5.4% on the previous year, while attributable earnings rang in at £45mln.
The company's evolution over the past 18 months has been centred around a £58mln expansion project through which it has successfully funded the acquisition and refurbishment of processing facilities in South Africa's platinum group metals and chrome-rich Bushveld Complex and the copper-rich Southern extent of Zambia.
At the Inyoni project in South Africa, refurbishment was completed on time and on budget, transforming the operation from a single-feed facility to a multi-feed facility, with a 45% increase in annual capacity to 44,000 ounces of platinum group elements.
At the Sable Refinery in Zambia, Project Roan reached nameplate production during September 2022 to maintain its design throughput rate of 110 tonnes per hour needed to produce the targeted copper concentrate for refining.
Overall, during the year, Jubilee Metals produced of 41,456 ounces of platinum group metals, 1.2mln tonnes of chrome, and 2,604 tonnes of copper.
It reported FY2022 EBITDA of £37 million (US$45 million) versus £52 million (US$70 million) in FY2021.
The company said it continues to progress discussions to secure a further platinum group metals processing footprint in the Eastern Limb of the Bushveld.
"The year to June 2022 was a transformative year in Jubilee's journey,” said the company's chief executive Leon Coetzer in the results statement.
“The team has delivered a significantly expanded and further diversified operational footprint. We overcame a number of challenges to execute a highly complex capital expansion programme and established a solid foundation in our pursuit of becoming a global leader in processing and retreating historical mine waste and perceived waste, whilst growing responsibly. Importantly, we were able to eliminate £5.3mln of historical debt during the year, leaving a robust balance sheet and the financial capacity to pursue further opportunities as we look to expand our copper operations in Zambia," he added.