Update shared on 12 Dec 2025
Analysts have maintained their fair value estimate for Jubilee Metals Group at £0.06 per share. Slightly higher discount rate assumptions and modestly reduced revenue growth expectations were broadly offset by a marginally improved profit margin outlook and a slightly higher future P/E multiple.
What's in the News
- Jubilee Metals Group entered a strategic co operation and project development agreement with Galileo Resources to accelerate development of the Molefe copper project in Zambia. Jubilee retains a 71.25% interest and Galileo can earn up to 23.75% through a USD 700,000 exploration program (Key Developments).
- The Molefe mine is being ramped up to deliver 4,500 tonnes per month of high grade copper ore to Jubilee's Sable processing plant. The operation is also stockpiling approximately 2.2 million tonnes of lower grade ore on site for future processing (Key Developments).
- For the first quarter ended 30 September 2025, Jubilee's copper production rose 65% quarter on quarter to 938 tonnes. This was supported by higher output from Roan and initial high grade ore deliveries from Molefe, with no material power outages reported (Key Developments).
- The company raised its copper production guidance for FY2026 to a range of 4,500 to 5,100 tonnes. The guidance is underpinned by planned increases in high grade ore deliveries from Molefe and expanded concentrate throughput at Roan and Sable (Key Developments).
- In South Africa, Jubilee issued FY2026 guidance of 1.65 to 1.80 million tonnes of chrome concentrate and 36,000 to 40,000 ounces of PGMs, after reporting lower year on year chrome and PGM output in the first quarter (Key Developments).
Valuation Changes
- Fair Value Estimate remains unchanged at £0.06 per share, reflecting a broadly balanced impact from revised assumptions.
- The Discount Rate has risen slightly from 9.14% to about 9.23%, implying a marginally higher required return and a modestly lower present value of future cash flows.
- Revenue Growth has been reduced moderately from about 32.4% to approximately 29.2%, indicating a more conservative outlook for top line expansion.
- The Net Profit Margin has improved marginally from about 12.93% to roughly 12.94%, signalling a slightly better long term profitability expectation.
- The Future P/E has increased slightly from about 9.42x to around 9.58x, suggesting a modestly higher valuation multiple on expected earnings.
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