Jubilee Metals has announced robust operational results for its South African operations, with chrome concentrate production surging 24.8% year-on-year to a record 1,932,798 tonnes in fiscal year (FY) 2025, exceeding revised guidance of 1.85 million tonnes.
The strong performance continued in the fourth quarter of FY2025, with chrome output reaching 505,578 tonnes, a 19.9% increase from the same quarter in the previous year.
The company also reported steady growth in platinum group metals (PGM) production, with annual output rising 6% to 38,579 ounces (6E basis) and Q4 production climbing 14.6% to 8,973 ounces.
These results align with the company's revised PGM guidance of 38,000 ounces for the year.
CEO Leon Coetzer attributed the strong performance to the company's integrated chrome and PGM operations, as well as the dedication of its team.
The results come amid significant commodity price volatility, with chrome prices declining 11.4% since May 2025, offset by a 33% surge in platinum prices over the same period.
“Over the past quarter, we have seen large fluctuations in the price of chrome,” he said.
“The company’s revenue and earnings exposure to chrome prices have significantly increased in line with the increase in operational output, with a 1% movement in chrome price now being equivalent to an approximate 4.5% movement in the platinum price.”
The company successfully managed the cessation of its OBB chrome ore supply contract (450,000 tonnes per annum) at the end of June 2025 through increased production from Thutse operations and third-party partnerships. These partnerships now contribute approximately 70% of chrome production.
Jubilee has also made progress on its new PGM joint venture announced in April 2025, with operational trials currently underway under Jubilee's technical supervision to enhance product specifications.
Jubilee has set production guidance for its South African operations at chrome concentrate of 1.65-1.80 million tonnes and PGMs of 36,000-40,000 ounces.
Mathew Nyaungwa, Editor-In-Chief, Rough & Polished
