(Sharecast News) - Jubilee Metals announced on Thursday that it has received a conditional binding offer worth up to $90m for its chrome and platinum group metals (PGM) operations in South Africa, as it looked to pivot fully toward its copper assets in Zambia.
The AIM-traded firm said the offer, made by a private mining and metals trading company, was subject to final agreements and shareholder approval.

Under the proposed terms, Jubilee would retain its rights to the Tjate Platinum project, preserving exposure to the PGM sector while exiting operational commitments in South Africa.

The company said its chrome and PGM division had matured with limited growth potential, whereas its Zambian copper operations offered higher margins and greater scalability.

Proceeds from the sale would support its strategic shift and, potentially, future shareholder distributions.

A circular with further details would be published in due course.

Jubilee highlighted continued progress in Zambia, including stable output from its Roan concentrator and high-grade deliveries from its Munkoyo mine to the Sable Refinery.

Upgrades were underway at Project G, and two new due diligence agreements were recently signed for additional near-surface deposits.

The expansion of the Sable Refinery, including a second tank-house to raise capacity to 14,000 tonnes per annum, was now scheduled for the first quarter of 2026.

Jubilee said it was also negotiating non-dilutive investment partnerships for its Large Waste Project, preferring these to earlier terms offered by an Abu Dhabi-based firm.

"The board has reviewed the terms of the offer and feel it is an opportune time to accept a fair value offer for the chrome and PGM operations at a time when the two segments of the company are on markedly divergent paths," said chief executive officer Leon Coetzer.

"After years of effort and investment, the South African business has reached a stage of maturity that would require a large capital outlay to achieve any step change in production going forward.

"On the other hand, in Zambia, the potential capital returns and earnings growth offered from our exciting suite of assets could not be more evident."

Coetzer said the execution of Jubilee's copper strategy had gained significant traction with Roan now fully operational and the near surface mining opportunities, such as Munkoyo and Project G, which offered "significant" growth opportunities.

"The staggered nature of the proposed acquisition consideration, along with funds from the expected sales of non-core assets in Zambia, and project specific funding discussions, align with our future capital growth plans in the country."

At 1155 BST, shares in Jubilee Metals Group were up 7.44% at 4.19p.

Reporting by Josh White for Sharecast.com.

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