LONDON (ShareCast) - (Sharecast News) - Jubilee Metals increased its full-year production guidance for both chrome concentrate and platinum group metals (PGMs) on Wednesday, following a strong operational performance in South Africa during the third quarter ended 31 March.
The AIM-traded company reported significant year-on-year growth in output, placing it on track to exceed original targets for the financial year ending 30 June.

Chrome concentrate production for the third quarter rose 10.7% year-on-year to 452,561 tonnes, taking output for the nine-month period to 1.43 million tonnes, up 26.7% from 1.13 million tonnes a year earlier.

As a result, full-year guidance was revised upwards from 1.65 million to 1.85 million tonnes.

Jubilee said additional volumes from new chrome processing modules at Thutse were expected to support output in the remainder of the second half.

PGM production also advanced, with third quarter output increasing 34% quarter-on-quarter to 11,171 ounces.

Year-to-date PGM production reached 29,606 ounces, up 3.6% on the prior-year period, with full-year PGM guidance raised from 36,000 ounces to 38,000 ounces.

The company said that since the period ended, it had entered a joint partnership to begin processing surplus PGM feedstock, further supporting output.

Jubilee also reported improved safety metrics in South Africa, with a lost time injury frequency rate of 1.4, down from 1.45 in the same quarter last year, and no classified injuries recorded.

"I am pleased with the solid set of production numbers that our well embedded South African operations have produced for both the March 2025 quarter and also the first nine months of the financial year to 30 June 2025," said chief executive officer Leon Coetzer.

"The successful implementation of the Thutse project in partnership with the resource owner has increased the original chrome concentrate guidance by 12% to 1.85 million tonnes for the 2025 period."

Coetzer said the company's Inyoni platinum group metals plant was continuing to operate at full capacity, adding that improved input PGM grades together with the recently-announced joint partnership agreement to process excess PGM feed stock had increased the original guidance by just under 6% to 38 000 PGM ounces.

"The PGM joint partnership agreement, which targets the processing of the increasing PGM feed stocks due to our expanding chrome operations, affords us the opportunity to expand our PGM production capacity by an approximate 30% without the need of spending any capital."

At 1017 BST, shares in Jubilee Metals were up 7.74% at 3.34p.

Reporting by Josh White for Sharecast.com.

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