Its integrated Zambian operation comprises the Roan Concentrator (Ndola; broke ground 2021, operations started Jun 2022, an upgraded Front-End Module reached commercial operation 8 Aug 2024), the Sable Refinery (Kabwe; acquired from Glencore in 2019), and the company's own expanding Molefe Mine (formerly Munkoyo; 250,162 tonnes of ore mined in the nine months to 31 Mar 2026 FY2026, feeding Sable). Roan's concentrator processes a mix of the company's own ROM and third-party/tailings feedstock; total saleable copper production rose 28.7% year-on-year to 2,177 tonnes over the same nine-month period, with Roan output up 112.7%. The company's strategy targets 25,000 tonnes of annual copper production across this portfolio plus a planned Large Waste Rock Project. Jubilee also retains a real but non-controlling 25% equity stake (plus an earn-in right to a further 10% by funding a bankable feasibility study) in the Tjate platinum project, South Africa -- a legacy PGM asset the company has publicly stated it is exploring options to monetise/sell, not an operated or consolidated asset.
Notable vs. Peers
- Jurisdiction risk score of 4/10 is meaningfully riskier than the peer average of 7.7/10.
- Financials score of 2.5/10 is weaker than the peer average of 5.6/10.
- Trading within 8% of its 52-week low — weak recent price momentum.
Lifecycle Milestones
Construction Milestones
5 of 5 reached- Reached — date not disclosed · Source
- Jan 2021 · Source
- Jan 2021 · Source
- Jun 2022 · Source
- Aug 2024 · Source
Milestones are recorded only from a company's own dated disclosure. A milestone with no date shown is one we can confirm was reached but for which no date was disclosed — we don't estimate one. "Not yet reached" means exactly that, not that a date is missing. An "Expected" line likewise only ever reflects the company's own guidance (e.g. a study or permit decision targeted for a stated quarter) — most not-yet-reached milestones have none, and that absence means no such guidance has been disclosed, not that one is overdue.
Not yet determined: tailings facility, road access.
Jurisdiction (40%)4/10
Jubilee's copper operations (the Roan concentrator in Ndola and the Sable refinery in Kabwe) are on Zambia's Copperbelt, which has a long copper-mining tradition and an established regulatory framework but elevated risk from currency volatility, power and infrastructure constraints, and periodic mining-tax and policy shifts. The rating follows these operations, not its London corporate domicile.
Infrastructure (40%)7.9/10
A confirmed mill and confirmed grid power at Roan Concentrator (Ndola) + Sable Refinery (Kabwe), Zambian Copperbelt, Zambia; road access and tailings facility not yet researched, counted at a neutral 5/10 until established.
Nearby producing mine (20%)Not yet researched
No project coordinates on file yet, so distance to a producing mine can't be measured.
Acquisition Susceptibility
A relative ranking of how closely this company matches the profile of juniors that have actually been acquired — not a probability, and not a reason to buy. Acquisitions are rare: only a few dozen significant deals happen a year across a universe of thousands of juniors, so even a high score here describes a long shot. The strongest signal in the research, a producer that already owns part of the company, is scored from its disclosed strategic shareholders. A producer that is a joint-venture or earn-in partner on the project, rather than a shareholder, isn't captured yet.
How this score is built
- Disclosed pending dealSub-score: Not scored
No pending acquisition or merger disclosed (checked)
Not scored: having no deal in flight isn't held against a company.
Weight 26.25% - Producer's strategic stakeSub-score: Not scored
No producer holds a disclosed stake on file (holder register researched) See holders
Not scored: most juniors that do get bought had no prior toehold, so a missing stake says little either way.
Weight 25% - Distance to a producing mineSub-score: Not yet researched
Distance not yet researched: no project coordinates on file
Distance can't be measured without coordinates, so excluded rather than counted as far.
Weight 22.5% - Lifecycle stageSub-score:5.5/10
Stage: Production
Feasibility and permitting score 10, where deals cluster, and production 5.5; earlier stages score less, down to 1 at grassroots.
Weight 15% · 57% here - JurisdictionSub-score:4/10
Zambia: jurisdiction score 4/10
Our jurisdiction score, used as is: higher means lower political and permitting risk.
Weight 6.75% · 26% here - CommoditySub-score:8/10
Primary commodity: Copper
Gold 10, copper 8, silver 5, nickel and uranium 4, others 2: most majors' deals are for gold.
Weight 4.5% · 17% here
Weight is each input's share of the full score. “Here” is its share of this company's score: inputs that aren't scored are left out and the rest re-weighted, never counted as zero.
Your Rankings
Management Team
Chairperson of Jubilee Metals Group PLC. Legal, political and business leader from South Africa; opened the first Black law practice in Nelspruit (1981); first Premier of Mpumalanga province (1994); ANC Treasurer-General (2007-2012). Sits on multiple South African institutional boards; speaks nine languages; authored several books including 'Chants of Freedom' (2015).
Non-Executive Director of Jubilee Metals Group PLC. Distinguished business leader, Africanist and IoDSA president with 40+ years executive experience; currently chairs Dzana Investments, Assupol Group and Discovery Bank; former chairman of Nedbank Group, Eskom Holdings and GlaxoSmithKline South Africa; inducted into the Thinkers 50 Hall of Fame.
Finance Director of Jubilee Metals Group PLC, responsible for the Company's communication and liaison with shareholders. Fellow of the Institute of Chartered Accountants in England and Wales (1996) and Chartered Institute of Securities and Investments; 30+ years in senior finance roles within natural resources companies in emerging economies.
Non-Executive Director of Jubilee Metals Group PLC. 20+ years in South African banking and mining; began career as Group Human Resources Manager at Union Carbide Africa Corporation, later Chief Executive at Royal Bafokeng Resources; held director positions at Transfrontier Capital Proprietary and Sabicor Proprietary.
CEO of Jubilee Metals Group PLC. Qualified chemical engineer with 30+ years in mining and mineral processing; lengthy career with Anglo American Plc managing platinum concentrators and smelters; appointed CEO of Braemore Resources in 2008 overseeing commercialization of the ConRoast pyro-metallurgical process; joined Jubilee as CEO in 2010 following its acquisition of Braemore.
Insiders, Investors & Smart Money
Notable shareholders and insiders whose involvement is worth knowing about, plus what we're seeing from institutional/large-investor activity.
No smart-money tracking (institutional/large-investor activity) for this miner yet — this is a planned feature, not live data.
No notable insiders tracked for this miner yet.
Reports, Presentations & Documents
Jubilee Metals Group is now focused solely on copper production in Zambia, after selling its South African chrome and PGM operations to One Chrome on 2 January 2026. Its integrated Zambian operation combines the Roan concentrator at Ndola, which began operating in June 2022 and whose upgraded front-end module started on 8 August 2024, the Sable refinery at Kabwe, bought from Glencore in 2019, and its own Molefe mine. In the year to 30 June 2026 Roan and Molefe produced 3,739 t of copper before refining, up 225%, and Sable produced 2,120 t of cathode and sulphide output, including 1,207 t of refined cathode. No JORC resource has been published for Molefe yet, and the company is targeting one for the fourth quarter of 2026; Roan mainly processes third-party feed and tailings.
No reports or presentations linked yet.