Jubilee Metals Group (AIM:JLP) is reviewing its FY2026 copper production guidance, citing the updated Molefe Mine plan and a short delay to the commissioning and ramp-up of the expanded Roan concentrate dewatering circuit.
Total saleable copper production for the nine months to 31 March rose 28.7% to 2,177 tonnes, with Roan production up 112.7% to 1,999 tonnes and Sable Refinery output of 957 tonnes of cathode.
"We continue to make strong progress in delivering our Zambia copper strategy, with Roan sustaining targeted production rates and the expanded concentrate circuit now entering ramp-up, marking a key step-change in our processing capability," Leon Coetzer, Jubilee CEO.
Roan's 1,999 tonnes comprised 398 tonnes of Cu in oxide concentrates, 822 tonnes of Cu sulphide concentrates and 779 tonnes of oxide concentrate fines currently stockpiled for later refining.
The expanded dewatering circuit is near commissioning completion and is operating at about 75% of the targeted 110-120 tonnes per month of contained Cu, with a design capacity of c.230tpm and a historical fine concentrate stockpile of c.14,000t.
Roan will undergo scheduled six-day maintenance from 8 May while Sable Refinery is expected to continue operations to manage in-process stocks.
Molefe Mine mined 250,162 tonnes of Cu reef during the period, of which 20,064 tonnes were delivered to Sable at an average grade of 1.84%, and overall site stockpiles exceed 2.3Mt.
An accelerated stripping programme removed c.250,000 tonnes of pre-stripping material in April, Pits 2 and 3 are being integrated and completion is expected in July, after which ore delivery is expected to ramp from c.12,000t per quarter to in excess of 30,000t per quarter.
An independent JORC-compliant resource is being compiled after the Phase 2 drilling programme and a competent person's report is expected in Q4 CY2026, with a Molefe presentation planned for June 2026.
The company says it will provide a further guidance update once the contracted consultant confirms progress at Molefe and the dewatering circuit reaches steady-state in the coming weeks.
