Jubilee Metals Posts Strong Q4 FY2025 Results Despite Chrome Volatility

Jubilee Metals Group, a diversified metals producer with operations in South Africa and Zambia, released its operational and project update for the fourth quarter of the 2025 financial year, which ended on 30 June. The company delivered robust production figures across its chrome and Platinum Group Metals (PGM) segments in South Africa, despite challenges from commodity price fluctuations.

Operational Safety and Performance

Safety remains a cornerstone of Jubilee’s operations. In Q4 FY2025, the company recorded a Lost Time Frequency Injury Rate (LTFIR) of 1.33, improving on the 1.62 reported in Q4 FY2024. No classified injuries occurred during the period, reflecting Jubilee’s ongoing commitment to employee well-being and operational discipline.

Jubilee’s chrome operations in South Africa delivered exceptional results. Chrome concentrate production rose 19.9% year-on-year in Q4 FY2025 to 505,578 tonnes, compared to 421,698 tonnes during the same quarter last year. For the full year ended 30 June 2025, chrome output climbed 24.8% to 1,932,798 tonnes, surpassing the revised guidance of 1.85 million tonnes.

In the PGM segment, metal production (including platinum, palladium, rhodium, ruthenium, iridium, and gold) totaled 8,973 ounces in Q4 FY2025 up 14.6% from the prior year’s quarter. Annual PGM output reached 38,579 ounces, exceeding the revised 38,000-ounce guidance and improving by 6% from FY2024’s 36,411 ounces.

Market Conditions and Strategic Adjustments

Despite these strong production numbers, Jubilee operated in a volatile market. CEO Leon Coetzer noted that chrome price fluctuations have become more impactful as the company’s operational scale grows. Currently, a 1% shift in chrome prices can equate to a 4.5% change in platinum earnings impact.

Since May 2025, chrome prices have dropped by roughly 11.4%. However, this decline was counterbalanced by a 33% surge in platinum prices and a strong increase in chrome output. This highlights the growing significance of price hedging and efficient production within Jubilee’s business strategy.

Jubilee concluded its 450,000 tonnes-per-annum OBB chrome ore supply contract at the end of June 2025. The company has largely offset this loss by boosting production at its Thutse operations. Third-party ore now accounts for about 70% of total chrome output, demonstrating Jubilee’s ability to diversify feedstock sources and sustain high production levels.

Future Outlook

For FY2026, Jubilee projects chrome concentrate production between 1.65 million and 1.80 million tonnes. PGM output is expected to range from 36,000 to 40,000 ounces, maintaining the company’s strong production baseline.

Coetzer stated, “Our South African operations have produced strong results, reflecting our deep understanding of managing the interdependency between chrome and PGM operations. This success is a credit to our committed team and adaptive production strategy.”

Jubilee continues to focus primarily on chrome, with PGMs recovered as a by-product from chrome tailings. Chrome now contributes more heavily to revenue, with a 4.5:1 ratio over PGMs. Still, PGM output remains stable, supported by consistent feedstock and ongoing tolling agreements.

Strategic Developments

Beyond operations, Jubilee is finalizing negotiations to sell its South African chrome and PGM assets. This follows the announcement of a new PGM partnership in April 2025, which is currently in its trial phase. The initiative seeks to refine product specifications and strengthen long-term value.