Jubilee Metals Group PLC on Thursday described its annual operation performance as ‘strong’, though rising costs and falling platinum group metal prices dented its profit.

The London-based metal processing company, with projects in South Africa and Zambia, reported a 42% slump in pretax profit to $8.6 million for the financial year that ended June 30 from $14.8 million a year earlier, as rising costs offset robust chrome and copper production.

Operating expenses rose 27% to $24.2 million from $19.1 million, while finance costs ballooned by 42% to $8.8 million from $6.2 1million.

Revenue rose 20% to $205.4 million from $170.9 million, driven by the increase in chrome and copper production, making up the sharp pullback in platinum group metals basket prices.

Chrome concentrate production grew 20% to 1.54 million tonnes from 1.28 million tonnes, while copper in concentrate output was up 17% to 3,422 tonnes from 2,923 tonnes.

But PGM production fell 14% to 36,411 ounces from 42,433 ounces, owing to increased focus on chrome production.

Jubilee said copper and chrome processing capacities continued to expand, following the completion of the upgrade to the Roan Concentrator in August 2024 and the addition of two further chrome modules being completed.

Earnings before interest, taxes, depreciation and amortisation was 7.1% lower at $27.7 million from $29.8 million.

‘I am pleased to report strong operational performance, with significant growth across our copper and chrome operations,’ Chief Executive Officer Leon Coetzer said.

Looking ahead, Jubilee said it remains committed to our production guidance.

Chrome production guidance for 2025 financial year is 1.65 million tonnes, and PGM production estimate is 36,000 ounces. Copper units production guidance of between 5,850 tonnes and 7,500 tonnes.

Jubilee Metals shares were up 1.7% to R 1.17 in Johannesburg early Thursday. In London, they were down 0.2% to 4.89 pence.

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