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(Sharecast News) - Jubilee Metals reported a sharp increase in copper production from its Zambian operations in the first half of the 2026 financial year on Thursday, as Roan reached targeted throughput levels and Molefe Mine continued to ramp up despite seasonal disruption.
For the six months ended 31 December, total saleable copper units produced rose 8.7% to 1,543 tonnes, compared with 1,419 tonnes in the first half of 2025.
Roan produced 1,246 tonnes of copper units during the period, up 172.8% year on year, reflecting improved operational efficiencies and stable power supply.
Production at Roan comprised 238 tonnes of copper in oxide concentrates, 526 tonnes in sulphide concentrates and 482 tonnes in oxide concentrate fines, which were currently stockpiled pending commissioning of an upgraded concentrate dewatering facility scheduled for early March.
The stockpiled fines were expected to support additional cathode production in the fourth quarter.
At Molefe Mine, 181,890 tonnes of copper reef were mined during the period.
Of that, 9,130 tonnes were transported to Sable Refinery at an average copper grade of 1.84%, with the remainder stockpiled for future on-site processing.
The mine's ramp-up was affected by heavy rains that damaged local road and bridge infrastructure, though Jubilee said operations have since improved.
Jubilee said the targeted 8,500 tonnes per month of ore deliveries to Sable was expected to be achieved during the fourth quarter.
Initial resource drilling at Molefe, undertaken with Galileo Resources, had been completed, with early indications supporting an accelerated phase one programme.
Phase two drilling, targeting virgin areas to extend the resource, started this month.
Group guidance for 2026 copper production remained unchanged at between 4,500 and 5,100 tonnes, compared with 2,211 tonnes in 2025, subject to the extent of rainy season disruption.
The lost time injury frequency rate increased to 1.20 from 0.61 a year earlier.
"I am pleased to support a solid set of numbers from, what is now, our core copper business in Zambia," said chief executive Leon Coetzer.
"As expected, the rainy season did impact our activities in various ways during the period, however, we had factored much of this into our forecasts.
"Roan's operational performance is particularly pleasing, reaching its operational targets on the back of stable power and significantly improved operational efficiencies.
"Over the next quarter we expect Roan to complete the commissioning of the upgraded Cu concentrate dewatering facility leading to increased deliveries to Sable Refinery."
On the Large Waste Project, Jubilee said an independent review of the near 240Mt resource had confirmed its scale, with a final report expected in the fourth quarter.
The company said it was evaluating two potential Zambia-based partners, with a preferred joint venture partner expected to be selected before the end of FY2026.
Separately, Jubilee confirmed completion of the sale of its South African chrome and PGM operations, having received the second $10m instalment, taking total cash proceeds to $25m to date.
Chrome concentrate production in South Africa reached 804,227 tonnes in the first half of 2026, while PGM output totalled 18,733 ounces.
At 1208 GMT, shares in Jubilee Metals were down 1.23% at 4p.
Reporting by Josh White for Sharecast.com.