As Leon Coetzer, CEO of Jubilee Metals Group, I am to present to you our interim results for the period ending December 2023. I'm joined by Neal Reynolds, our CFO, who will be presenting some of the financial numbers in this presentation. It's particularly pleasing to present a set of results that reflects Jubilee's strategy, the value of a strategy that is agile to respond to market dynamics, where the results show the significant growth we experience in our chrome division with the expansion of our operations and continued expected expansion of those operations, while our copper business units in Zambia is starting to show its value with the increase in copper production starting to come through on the back of an investment program in Zambia, showing the value of a diversified metals portfolio that can counter industry trends and markets.
Maybe just as a start, if we look at who Jubilee is and who are we as a company. For those who aren't familiar with our group, we are a leading metals recovery group, recognized by many in the industry for our expertise to be able to recover metals from materials, reefs, wastes, and other sources that are often overlooked by the industry. As we've said, we have a diversified exposure. Our exposure to chrome with this by-product in the PGMs, the platinum group metals, and a growing portfolio in copper. We are innovative.
If you look at our deployment and the driver behind our chrome growth, it comes on the back of our modular approach, where we currently operate eight and targeting to add a further two operating modules in South Africa on our chrome operations that is set to deliver a target of 2 million tons of chrome concentrates, making us one of the largest in the world. Equally, in our Zambia copper industry, on the back of our resources we have secured, we look to deploy these modular processing units that are low capital, that can be rapidly deployed and simplifies the operations of these processes. What drives our growth is our ability and our access to a wealth of surface materials in the industry.
These materials come from historical processing of historical mining, where mining companies have discarded materials regarded as either too complex, wrong grade, or non-economical to process. These materials, mostly at surface, is what Jubilee thrives on through our in-house development of bespoke processing solutions, which are rapidly deployed into industry. Of course, our success is underpinned by a highly experienced management team that's earned the respect in the industries that we operate in. Our business. We are listed on two stock exchanges, Johannesburg and London. We are profitable, diversified, low-cost metal producer, particularly important in the volatile markets where we are both diversified and low cost. As we've said, we unlock value out of reefs and materials overlooked by industry. If you look at our chrome operating unit, we're soon to be one of the largest, if not the largest chrome concentrate producer in the world.
Most of this production comes off reefs, surface waste materials thought by the industry to be either too complex or not economical. We, of course, constantly review our performance. We drive ourselves to set new efficiency targets, challenge industry norms as we unlock these opportunities in both our copper and South African operations. If we then look at our actual performance for the period, with our revenue sitting at £75 million, our EBITDA at £12 million in a time showing both growth in revenue and earnings when most of our peers are reporting reduction in revenues and significant reductions in earnings. Again, demonstrating the power of an agile strategy focused on two key core metals which are forward-looking, chrome and its use in stainless steel, copper and its use in electrification of the world. If we move on to the next slide.
Our strategy, as we said, is agility. What brings our agility is our processing ability. We are able to rapidly deploy process solutions targeting our key two business units in chrome and in copper. In chrome, we are a profitable business. We are a business capable of funding its own growth. Our strategy is to migrate from initially a tolling chrome concentrate business where we were processing chrome materials for others. We have migrated onto a business that processes both our own chrome resources together with our tolling partners. This has not only driven growth in outputs in our chrome operations as our numbers reflect, but very importantly, a significant increase in our margins of our operations as we process more and more of our own resources. In our copper side, we have a clear pathway to reaching our goal of 25,000 tons and beyond of copper per annum.
This pathway is set by our access to our resources we have secured, and these resources allow us to focus on establishing three operational units in Sable Refinery, which currently is under expansion, to expand its capacity to 16,000 tons of copper per annum. Our second is our Roan operation, currently concluding the upgrade of its front end to take it up to 13,000 tons of copper during this financial period. Of course, our announced in December the acquisition of our surface waste rock project, one of the largest in Zambia. Our partnership with the IRH from Abu Dhabi, where this new project looks to establish its own independent operating footprint through the rollout of our copper modular plants on this area.
We look forward to a period where these three operational units or operational areas become fully operational on the back of the investment program currently underway. If we look at our prospects going forward, it's an impressive graph showing constant sustained growth in our two key pillars. On copper, we've given the guidance of 5,850 tons, roughly doubling our previous period in copper output. This is driven by the expansion of our Roan concentrator, where the front-end upgrade affords it the ability to process a multitude of feed sources simultaneously. If one extrapolates that expansion of Roan together with our expansion of our Sable, we are set to achieve and exceed our target of 25,000 tons of copper. In chrome, we've given our guidance of 1.45 million tons of chrome concentrate for this financial period.
Our results show that we're set to exceed even that growth target. With the announced two further operating modules to be included at Thutse, we are set to exceed our 2 million ton target we've set for ourselves for chrome as a stretch target. Our PGM production, which is a by-product from our chrome concentrate, we've remained steady at our 42,000 ounces, and we currently are reviewing whether in fact to engage and activate our partnership with Northam Platinum on the processing of our increasing PGM surface stock. Because as we increase our chrome production, we of course make more PGM feed material for our platinum group metals refinery. On our financial review, I'm gonna hand over to Neal to talk us through the key financial numbers, speaking to this strategy driven by chrome and driven by copper.
Thanks, Leon. Good afternoon. Good morning. As we start off, it's normally a good spot to look at our commodity prices that influence the business. As we look at the copper LME price, largely flat year-on-year. That is reflected into the average price received of $6,600 per ton, relatively consistent versus the prior year. What influenced that number is the split between cathode and copper in concentrates. That split is approximately 50%, and that drives the delta between the LME price and the price that we actually receive. As we shift on to chrome concentrates on average, and this is a mix of both the own source material as well as our cornerstone fixed margin contract. We get $90 per ton.
That's 36% up, and that's really commensurate with the average market price of 40%-42% of chrome concentrate material. That's sitting at $291 a ton to date. If we look at the red marker on PGM basket, I think the industry is fully aware that we had a challenging market. The price that we do get for our PGM basket is at eight hundred and ninety-five dollars per ounce the last six months. We are achieving a $126 per ounce margin for the $1,021 per ounce figure that we received this last six months. It's a dire picture that we're seeing.
I would like to highlight to the market that we do have the upside should the market return on that PGM material, and we do sit within the lower quartile of the industry when it comes to PGM material processing. In terms of the key financial highlights, our group revenue sitting at GBP 75 million, at 18% increase year-on-year, period-on-period. That is made up of our copper production contributing GBP 6 million. That's alone a 23% increase. Our chrome contributing GBP 52 million. That's a 46% increase period-on-period. Our PGMs at GBP 16.5 million. That's a 26% decline. If we go look at the revenue by product split. In the current period, you can see that our chrome contributions increased to 70% from 56%.
That's the growth profile and expansion to chrome that you're seeing. You should see that market move a little bit more. Our PGMs have reduced with the chrome increasing as well as the price retraction, and our copper remains relatively stable. This culminates into an increase of EBITDA of 13.3%. Obviously not as high as the revenue, but as we are not a traditional miner, we acquire quite significant amounts of raw material, run of mine material to go process. To fund the expansion of chrome, our cost profile will increase with the revenue profile. Our capital expenditure has decreased, period on period. This is predominantly due to most of our projects concluding.
In the remaining part of the year, you should see a similar profile given the announcements that we did previously in December, highlighting the expansion of the copper sulfide circuits, our project M as well as the slag projects and our Roan project. Our profit after tax is GBP 4.4 million. That's also an increase of 7%. This culminates to 16 pence per share metric, and our cash to date is GBP 5 million. That's a decrease from our year-end of June 2023. Our cash profile, we have funded our CapEx out of our opening balance, but I would like to highlight to the market that we did on the fourth of January raise GBP 30 million at 5.5 pence, and that comes through in this, in the post-balancing period.
We also need to highlight that $1.75 million was paid in December to secure the option and secure the deal on the waste rock opportunity in Zambia, which will be refunded to us on conclusion of that transaction. All right, Leon Coetzer, over to you.
Thank you. With our financial results showing, as we said, growth in all our key indicators, bucking the trend of the industry. If we dip into Zambia, as we've discussed, it's a critical focus for the company as we shift into our copper growth, as we invest into setting the roadmap for achieving and exceeding that 25,000 tons of copper per annum. Yes, our copper production increased significantly, on the back of Roan being brought on stream, even though it's operating at 50% of its throughput only, awaiting the front-end completion of Roan. As we say there, the Roan concentrator front-end upgrade is a critical step as we step up our chrome, our copper production significantly.
With its capacity of 13,000 tons per annum, you can see that Roan's ability to produce up to 1,000 tons of copper per month in its own right. That copper, which is split in between an oxide and a sulfide copper, the sulfide copper being sold directly into the market, and roughly 60% of that being refined at Sable to produce cathode alongside with other feed sources at Sable. The second area of expansion as we look forward for Zambia and currently underway, is a sulfide circuit, which is the copper sulfide recovery circuit at Sable Refinery. This expansion is being driven to ensure that Sable is ready for both Roan and of course, the exciting Munkoyo project coming along strongly. We have targeted to increase the Sable Refinery capacity to 16,000 tons per annum.
You can therefore calculate that the total capacity of copper, if you add the Roan and the Sable, is roughly 60% of Roan, as copper sulfide concentrate, in addition to the 16,000 tons of Sable Refinery capacity. Combined, you can therefore see that we're reaching our 25,000 tons of copper capacity already within this year. Our copper waste rock project, very exciting project. We announced our partnership with the IRH from Abu Dhabi. IRH is also the company who has recently announced the completion of their transaction to acquire Mopani Copper Mines in Zambia, one of the largest copper producing mines, and refinery in Zambia. On the back of that project, we have completed the resource review and definition and are currently completing the designs of our modular plants to be implemented onto this project.
The modular plants are a replica of what is going into Roan's front end and therefore it's a tested and tried method of ensuring we are able to take a waste rock project and upgrade that copper significantly prior to extracting the copper through a chemical process. As we say in the slide, this year, the past year, looking forward to Zambia, is a company that is now set to deliver its expansion on copper. Our investment is coming to fruition, as Neal spoke of earlier. Our capital expenditure is dropping significantly on the copper waste rock project. As part of that joint venture agreement, IRH will be our funding partner to the deployment of those modular plants.
With Roan coming to the end of its investment cycle, we can foresee a significantly lower capital investment program lying ahead of us as we now deliver these projects towards the 25,000 tons of copper. Our outlook for Zambia, as we said, our guidance of 5.50 tons of copper, linking in to the commissioning of Roan. We indicated to the market we expect Roan to be completed and upgraded and running at capacity by end of April, offering us two full months of run rate in this financial period. The second very critical expansion is the Sable Refinery's copper sulfide circuit, which affords Sable the ability to better process both the copper sulfide and the copper oxide material from its feed sources.
The copper sulfide material is upgraded to a sulfide concentrate, which is sold directly in the market, while the oxide component is refined to copper cathode. Project Munkoyo is a very exciting project. It is one of what we expect many examples of these type of projects to follow. As Jubilee demonstrates, not only to Zambia but to the industry, how we take small scale mining at surface, with its surface materials and turn it into a viable operation. Exactly replicating our success in the chrome industry in South Africa. Munkoyo project is part of the development of this project. We've processed to date nearly 80,000 tons of sampled material to confirm the process dynamics, the process circuit, and links in to the expansion of the Sable Refinery copper sulfide circuit. Munkoyo has been flown. We've done the topography, we've done the Aeromags of this area.
It confirms the exceptionally large copper anomaly at surface and currently is undergoing trenching as we prepare to open this copper material, with first production at scale expected towards the end of this calendar year. Munkoyo itself has the ability to not only fill Sable, but to fill Sable for a very long time. The other project, which of course is on our horizon and currently being driven really hard, is our waste rock project, where we enjoy a fully funded position with our partners in the IRH, where we look to deploy up to 3-4 processing modules at this site alone. Our strategic goal to expand operations to exceed our 25,000 tons initial target for Zambia is well in our reach, as we pursue that over the coming period. If we then dip into South Africa.
South Africa is a foundation of our group. It's where we formed our company and our expertise. If we dip into those results. In South Africa, again, chrome delivers. Yet again expanding for the fourth year in a row our chrome operations. Quite an impressive number of 718,000 or 720,000 tons roughly of chrome concentrate in a six-month period. Particularly impressive if you dial the clock back to 2019, where we made 40,000 tons for a full twelve-month period. It gives you a sense of the ability to rapidly expand on the back of a modular plant rollout. We have not stopped at this level. We've already announced that we are looking at the implementation of two further chrome operating modules on our Thutse project.
Once implemented, those two modules will take our operational capacity to 2 million tons of chrome concentrate per annum. The benefit of a chrome operation, of course, is the PGM byproducts, and as much as Neal has indicated that the PGM markets are depressed, metal prices have come off sharply. We fortunately have benefited from PGM as a byproduct from our chrome operations, and therefore our PGM operations enjoy that subsidized position where the material that is fed to them comes as a byproduct from our chrome operations, where the chrome has been removed prior to refining the platinum group metals. Critically, on the right in those tables you'll note the significant increase in our chrome margin per ton.
As we predicted, as we moved into our own resources, processing our own chrome, that our margin would grow significantly beyond the margin received from purely tolling chrome for other companies. That margin is set to continue to grow, as the bottom graph shows, where the own resources production percentage continues to grow. We expect that number to grow beyond 50%, in the current period as more of our expansion capacity comes online. PGM production remains stable and on target to meet its guidance, and as expected, the margin of PGMs have come down. What should be noted in the PGM margin is for the past six months, we had a cyclical period where we processed a particularly low recoverable platinum group metals feed as the chrome producing this byproduct of our PGM was sourced from very shallow material.
Traditionally, your PGM recoverability reduces the shallower the chrome material is because of the oxidation nature of platinum group metals. We therefore expect that margin to grow even at current prices during the current six-month period. We go on to the next one. On South Africa outlook, as we said, we are 1.45 million tons of chrome for this period is well in sight, as we drive to exceed that. But more importantly, as we step up and self-fund through the South African operations, the expansion of that chrome operations, stepping up to its 2 million ton target, to reach that goal where 2 million tons, of course, we can expect the PGM profile to also expand alongside that expansion in South Africa. Looking ahead, I think we've touched on it during the presentation.
Yes, this innovative growth strategy, as we've said, our results show it. When peers are reporting a drop in earnings, a drop in revenue, we counter that with an increase in revenue, increase in earnings, and really importantly, an increase in margin through the company. Our expansions in our copper side are clear. We are driving our Roan expansion. We are driving our Sable Refinery expansion to combine wholly the capacity for our 25,000 tons of copper. The resources to feed these expanded processing capacity has been secured and is the anchor on which we expand. Of course, as we said, Project Munkoyo is just one example of which we expect to replicate in Zambia. Our small-scale mining is working as an integrated partnership, how these projects at surface can become sustainable long-term operations.
Our waste rock project, very exciting project, where yet again, we are looking to demonstrate to the copper industry how waste rock project, through our innovative modular plant approach, can become a significant operation of copper and a sustained copper operation. Our copper roadmap for our growth is now clearly set. Our capitalization of this roadmap, we have passed that bump, as Neal has shown us, that the capital investment now reduces. If we step into that South Africa, it's a self-funded, mature operation that's cash flow positive in South Africa, driving its expansion to reach the 2 million tons target we have set for ourselves. The target to reach it is well-defined, anchored by critical resources that drive that growth, Thutse being that example.
Again, Thutse being one of many such examples currently existing in South Africa, where our processing excellence unlocks what people had thought were non-viable resources. Looking ahead is an exciting future for Jubilee. It's a future where the copper has got the clarity of how we reach and step up our production. Our resources that anchors and underpins that growth in copper has been secured, and we have significant further growth opportunity in Zambia. In South Africa, operations are stable. It's a mature business funding its own growth as we continue to capture a market we developed four or five years ago, demonstrating to the industry that through process excellence, you can make a sustainable business at scale in South Africa. Just some corporate information, and that concludes our presentation today. Earlier, we had missed a webinar that had been scheduled for our company.
Unfortunately, due to our service provider suffering a fatal system flaw, we were unable to host our shareholders, which we look forward to. We thought it opportune to use this time to quickly go through some questions received from our shareholders and address them during this time. I thought to just quickly read through the key questions, and then we'll address them very quickly to ensure the video and the recording isn't too lengthy. One of the questions grouping are, is around the Roan concentrate upgrade. There are two groupings of questions. The one was to clarify the progress on the construction of this front-end module at Roan and what the production at Roan could be expected to be once completed.
As we've announced, the construction and manufacturing of this front-end module upgrade has been completed, which has been shipped to Zambia, ready for assembly in Zambia, as we target to ramp that operation up by end of April. At its full capacity, as we stated to the market, it means that Roan can ramp up to beyond 1,000 tons per month at its full capacity. In the meantime, we are operating Roan roughly at about 300 tons of copper per month as we're running a portion of the plant while waiting the full upgrade to be completed. Question around feed sources to Roan. Yes, we've got our secured feed source. Yes to the question, we are in advanced discussions to increase that feed resource for Roan. Roan, at its completion, is a very unique operation.
It's the only one of its kind in Zambia, with the ability it's got to process a multitude of feed sources simultaneously, ranging from fine material to coarse run of mine to waste rock through its facility. It positions itself very strategically to secure and grow that kind material feed source. The next grouping of questions is around Sable. It's there to clarify the 16,000 tons capacity to explain that 16,000 tons capacity mainly refers to roughly a 12,000-ton cathode capacity and a 4,000 tons of copper sulfide concentrate capacity. The other grouping around Sable is at what stage will we release more information on the Munkoyo project, which is such an exciting development for that region.
We are currently, as the rainy season in Zambia is subsiding, we have recommenced the trenching of that large resource, and we look forward in the coming months before the financial close to bring out the data of why this Munkoyo project is so exciting, and importantly, how many more such Munkoyo projects are in the region that we are engaging with. It's an extremely exciting development within Zambia, and it's enjoying the focus not only of the industry but also the Zambian government. The next grouping is around our, of course, IRH JV. There were questions around the IRH JV and linking into the Mopani transaction recently announced and how that affects the IRH focus. I think it's fair to comment or very fair to assume that the IRH's focus on completing the Mopani transaction took priority in their focus.
That is completed. On the back of that priority, Jubilee certainly is a key priority in their expansion of their operations through our joint venture on our waste rock project, plus of course, the Mufulira Slag project. We are partnering with Mopani. It offers copper concentrate materials to further expand and utilize the capacity at the Mopani Refinery. There's a strong strategic benefit to both parties in accelerating the implementation of those projects. The Mopani Slag project has been kicked off in full force. Our engineering teams are at Mopani. We've got a working group established. The definition of the slag is nearing completion. In parallel, the process development work is happening.
We expect to bring news out of the Mufulira Slag project that indicates more on the size of the project, the short-term expected investment into that refinery with IRH and Mopani to bring that out in the coming months as that project now gets in focus with the new ownership of Mopani completed. There was a news flow out earlier this week on Chambishi and speculating on Jubilee's acquisition of the Chambishi Refinery. We're not in a position or nor do we intend to stir the rumor or comment too much on that announcement made outside of Jubilee, other than to say that we fully recognize that Chambishi is a great refining infrastructure. Of course, as Jubilee, we'll be looking at numerous options on expanding refining capacity in line with our expansion of our copper footprint.
Switching to South Africa, there are questions around our chrome expansion. To clarify, yes, our chrome modules are 50,000 tons a module. It's a blueprint design perfected over the last eight modules we've implemented in South Africa. Yes, we target to deploy another two modules at minimum in the coming year, as we expand our operations, by deploying more of these modules. Important to note because they're modular, it means that in that module, it comes with its own power backup system, to ensure that they also are able to operate during the current power crisis in South Africa. Maybe just quickly then as the last couple of minutes before we conclude, I'll hand back to Neal on some key financial questions raised by shareholders.
Okay. Thank you. One of the questions was why is Jubilee's current assets and current liabilities consistently high? As I highlighted previously in the presentation, we're not a traditional miner, we will acquire run-of-mine material within our working capital cycle and also ensure that we're smart about funding that prior to acquiring it. That is the reason for the higher working capital number with assets and liabilities. You will notice that in the current period of our revolving credit facility, since we've been current liabilities, as we refinance that by the middle of April, that will then revert back to a split predominantly in non-current assets. We have a question around the GBP 28 million loss on translation of foreign subsidiaries.
For the more technical accountants out there, that is a book entry associated with IAS 21, which deals with how we translate functional currencies or the local currencies in Zambia and South Africa into pounds as a result of the rand to pound depreciating by 13% and the Kwacha to pound by 50%. That drives that book entry when you go and translate them at their closing rates. It's purely a book entry. It flows to our equity and then gets reported under comprehensive income. Okay. One of the questions was, our cash is tied up both in current and non-current inventory. I think I did deal with that now previously in the prior question, but I'd also like to highlight if we constantly review any materials sitting in our under non-current assets to see if we can realize value.
We have a question of what type of CapEx should we see in the remainder of the year. I did highlight in the presentation that we could see a similar profile given the expansion projects that we are undertaking, both in Thutse, in South Africa, as well as in Zambia. Now that one of the questions, now that Jubilee is cash positive, and the current capital investment is nearing completion, how will future new projects be funded, will it be equity raises or via bank investor loans? I'd just like to highlight that our immediate expansions like Thutse, the capital expenditure itself has got sufficient cash flows to fund its own $12 million increase in CapEx through its own cash flows.
I would like to highlight, we do then fund the working capital, the run-of-mine purchases with prepayments and off-taker facilities to go then fund that working capital cycle. Then the rest is, we've just recently done a cap raise, so we are well-funded, both from a CapEx perspective, a working capital aspect. If we had to go and look at any new transaction, each one is reviewed on its own merits. Obviously, the more attractive the transaction, the more attractive debt is. But we do deal in term, in difficult areas and challenging areas. You know, a certain perspective on how we mix the ratio between equity and debt is constantly reviewed by ourselves as well as the board. Okay. The other one is when will we be issuing a dividend policy.
I think as you can see, we're in a growth phase right now. As the CapEx winds down into a lower cycle, and when we start seeing the benefits of the return on those investments, it's likely a capitalized period over the next two years, we'll then start reassessing how we look at a different policy. We should consider a reverse stock split, so in other words, a share consolidation. We are consistently reviewing our share capital and how we report that. That is something that we have actually discussed even at a board level. It's just a matter of deciding the timing of such an event, as well as the requisite shareholder approvals, but it is something that we are looking at.
Thank you, Neil. I think just as a last question, which is quite an important question before we conclude, is a production question about when do we give guidance for 2025 lying ahead because so much, so many expansion projects are underway. The short answer is we are reviewing as soon as we have the numbers coming through our upgrade of Roan and its operational capacity increase, as expected by end of April. We will be in a position to also look at the progress made on our copper sulfide expansion at Sable, as well as the expansion of our chrome 2 modules. We therefore expect to be in a position towards May of this year to give better guidance for the coming year that lies ahead.
As you can recognize, it's an exciting year, it's a vitally important year as both the copper comes to fruition and the expansion of our chrome towards 2 million tons is expected to come to fruition. With that, I would like to close. Thank you, for taking the time to listening to us and listening to our presentation, and we hope to host you on a live webinar soon. Thank you.