By: OrePulse

Jubilee Metals Group is weighing a potential sale of its Tjate platinum group metals project in Limpopo, South Africa, after receiving expressions of interest from several prospective buyers.

The company, listed on London's AIM and Johannesburg's AltX, held onto Tjate earlier in 2026 even as it divested its other South African chrome and PGM assets. It is now evaluating offers for the project as part of a broader strategic review, consistent with Jubilee's move to concentrate its business entirely on Zambian copper production.

Tjate sits on the Eastern Limb of the Bushveld Complex and traces its origins back to 2003, when Anglo Platinum made 12 farms in the region available for black economic empowerment transactions. Jubilee Platinum first acquired a 25% interest in 2004 and steadily increased its stake over time. A 2011 independent study estimated the site could hold as much as 65 million ounces of PGMs at depth, but the project has remained undeveloped since.

The potential Tjate sale comes as Jubilee simultaneously moves forward with another divestment — the sale of its Large Waste project in Zambia for $35 million, with an option for accelerated settlement at $30 million. Due diligence on that deal is expected to wrap up soon, with a $2.25 million deposit payable upon completion.

Both transactions underscore a broader shift in Jubilee's strategy: away from its traditional role processing material for third parties, and toward a fully integrated copper business spanning mining, processing and refining. That model now includes third-party processing at Roan, refining operations at Sable, and the development of Jubilee's own mines and exploration assets. Molefe — the company's first wholly owned and operated mine — sits at the center of this transition, feeding copper directly into Sable's refining process. During the fourth quarter, mining activity at Molefe was temporarily scaled back to enable accelerated pre-stripping and pit development, including merging two separate pits into one larger open-pit operation. Jubilee is aiming to reach roughly 7,500 tonnes of high-grade ore production monthly by October, with a further increase to 10,000 tonnes monthly targeted before year-end.

Across the full year to June, Jubilee's pre-refining copper production jumped 225% to 3,739 tonnes, though finished copper output grew far more modestly, up just 1.3% to 2,120 tonnes. Looking ahead, the company's FY2027 forecast — currently limited to Roan, the only operation it considers stable enough to guide on — calls for contained copper output of 2,850 to 3,150 tonnes. Guidance for Molefe and a separate initiative, Project G, will be introduced once those operations show more consistent performance.

Sable's refining operations also faced steep cost pressures in the fourth quarter, as acid prices more than tripled amid supply shortages and diesel costs climbed 90% — a combination that meaningfully disrupted production.

A sale of Tjate, which has remained dormant in Jubilee's asset base for over 20 years, would allow the company to cash in on a long-held PGM asset while doubling down on the Zambian copper operations it now views as its central growth engine.