Jubilee Metals Group PLC

Registration number: 4459850

AIM share code: JLP

Altx share code: JBL

ISIN: GB0031852162

('Jubilee' or 'the Company' or 'the Group')

Dissemination of a Regulatory Announcement that contains inside information according to UK Market Abuse Regulations. Not for release, publication or distribution in whole or in part in, into or from any jurisdiction where to do so would constitute a violation of the relevant laws or regulations of such jurisdiction.

Zambia Projects Update

Issue of equity

Jubilee, a diversified metals producer with operations in South Africa and Zambia, is pleased to provide an update on the implementation of its copper projects in Zambia.

The Company has concluded successfully the extensive processing trials announced previously at its Roan Concentrator (Roan). The production results confirm Jubilee's leading technical capabilities to process successfully high-grade shallow transitional copper reefs, previously deemed as waste or too complex by many operators. Pursuant to the successful result of this trial, the Company has entered into a long-term feedstock supply agreement at Roan with production commencing this week.

This marks a critical step in advancing the Company's Zambian copper strategy and, together with the progress in its mining projects, provides the groundwork for a stable copper production profile moving forward.

Highlights

·    Jubilee completes successful trials at Roan concentrator with long term supply agreement reached for high-grade copper (Cu) run-of-mine (ROM) supply targeting a minimum grade of 1.4% Cu.

·    Results of the trials reaffirms Jubilee's technical processing capability to treat successfully shallow transitional 'waste' copper ores, achieving yields of copper of approximately 65%.

·    The successful trial also provides further confidence in Jubilee's Large Waste Project (estimated 260 million tonnes at surface) which contains vast quantities of similar transitional 'waste' copper ore.

·    The trials confirm Roan's capability to maintain a ROM feedstock run rate of between 35 000 to 40 000 tonnes per month (tpm) on the transitional reefs equating to 240 (at 35 000tpm throughput and min Cu grade) to 360tpm of Cu units (at 40 000tpm and targeted Cu grade).

·    At the Company's Munkoyo mining operations a mine rate of approximately 80 000tpm is ongoing, of which 3 500tpm of high-grade ROM in excess of 2.5% Cu (equivalent to 88TCu per month) is delivered to the Company's nearby Sable Refinery.

o Targeting a step up to 4 500tpm (112TCu) for June 2025 while continuing to ramp up the high-grade ROM portion to reach 8 500 tpm (212TCu) by October 2025.

o Remaining lower grade material (0.7% Cu) is stockpiled at surface for future processing at site. The extended large pilot trials are currently be completed for the implementation of two 30 000tpm modular processing units.

o The resource drilling program has commenced and is expected to continue over the coming six weeks, to upgrade the resource confidence and complete the optimal open-pit mine layout

·    Combined Roan and Munkoyo high grade ROM only, targets to produce 288tpm of Cu units for June 2025 stepping up to a production rate of 400tpm of Cu units from August 2025 with the potential of reaching 500 to 550tpm of Cu units from October 2025.

·    Project G mine is undergoing currently work to upgrade its resource and to complete the design of an open-pit expansion.

·    Jubilee continued to expand its near surface mining portfolio with the execution of two further agreements offering Jubilee the exclusive right to perform its due diligence on these properties with the option to purchase the rights pending the outcome of the due diligence.

·    The previously announced trade of 10 million tonnes of the Large Waste project (260 million tonnes at surface) to the value of approximately US$6.75 million has commenced with the deposit payments received.

·    In addition, the Company has identified certain non-core assets in Zambia and has concluded the sale of one of its waste assets outside of its large Cu tailings for a combined consideration of US$12.3 million, payable in tranches over the next 20 months.

Statement from Leon Coetzer, Chief Executive Officer:

"Our work in the recent months has involved continued progress in dedicating our existing processing capacity at Roan to the higher-grade mined material (ROM and stockpiles) predominantly in the transitional zones, deemed as waste or too complex by many operators.

This material contains significantly higher copper grades than the tailings held within Jubilee's portfolio and is of particular interest against the appreciating copper prices. Our copper operational focus that prioritises the run of mine, historically mined, and stockpiled materials, closely resembles the business evolution of our South Africa chrome and PGM operations, where today our world class processing capacity is dedicated to run of mine and previously mined material, with tailings instead traded to other partners.

The challenges in Zambia that we faced at the turn of the year largely impacted Q3 FY25's production due to Roan placed under care and maintenance for an extended period and brought back into operation largely to conclude the high-grade ROM trials 375 Cu tonnes for the period). Whilst difficult, this focus helped us emerge with a clearer, more focused strategy backed by secure power supply and long term material supply agreements.

The trials over the past 8 weeks have affirmed Roan's unique capabilities to process transitional copper reefs which are available in vast quantities both at surface and in near surface mining operations. We are excited to have commenced production under the new supply agreements and will provide more clear guidance as soon as we have sufficient operational data under the supply agreement in the coming weeks.

Looking forward we aim to monetise those assets deemed as non-core, by divesting where we see fit and appropriate, to help deliver not only cash for growth, but the ability to further sharpen our focus that this rationalisation will allow.

We continue to pursue aggressively further near surface mining opportunities on the back of the success achieved at the Munkoyo operations and the potential offered by Project G, with execution of two further option agreements. I look forward to soon providing updates from the results of the resource drilling program at Munkoyo and Project G.

Additionally, we are pleased to announce we have concluded the sale of one of our non-core waste assets for a combined consideration of US$12.3 million as part of a review of the Company's portfolio in Zambia.

We remain committed to scaling our operations in a non-dilutive, capital-efficient and sustainable manner as we advance toward our medium-term production targets."

Roan Concentrator

Subsequent to the RNS dated 30 April 2025, the Company completed eight weeks of test work at the Roan concentrator, running several operational trials on previously secured copper run-of-mine (ROM) materials. These trials whilst longer than anticipated initially, have identified successfully the optimal operational processing method for ROM copper feedstock across various grades of high-grade copper ore, paving the way for a long-term supply agreement.

The trials have confirmed Roan's ability to adjust to an operational feedstock processing recipe targeting only ROM material, which is expected to replace the historical tailings over the medium term. The ROM material is transition material, sourced from a nearby mining operation that targets copper sulphide while stockpiling the more complex shallow copper oxide transition material for further refining at Sable.

The work has confirmed Roan's ability to operate comfortably at a run rate of 35 000 to 40 000tpm. The ROM material averaged a grade of approximately 1.5% Cu while maintaining copper recoveries of approximately 63%, exceeding expectations with the potential to improve recoveries going forward.

Roan has set an immediate production target of 35 000 to 40 000tpm total facility throughput targeting production of 240 to 360 tpm of Cu units (depending on copper grades), with production commencing this week.

Munkoyo mining operations

The Munkoyo mining operations are operating currently a single pit, where drilling to define a resource has commenced. Nine smaller pits have also exposed a shallow copper reef. Jubilee is seeking to upgrade the resource definition to confirm the mineralogical composition of the large magnetic anomalies indicated by the aero magnetic study of the area.

Munkoyo is expected to maintain its current mining rate of approximately 80 000tpm of which 4 500t (increasing to 6 500t by end August 2025) of high-grade ROM is transported directly to Sable for refining. The high-grade ROM targets a grade in excess of 2.5% Cu, while the remaining low-grade ROM is stockpiled at site at an expected average grade of 0.7% Cu.

An on-site processing plant is being planned, with funding discussions ongoing, for the low-grade ROM that incorporates a copper leaching, solid liquid separation, and copper precipitation circuit. Implementation of two 60 tonnes per hour (tph) processing units (30 000 tpm per unit) are targeted with a combined production capability of 350tpm of Cu units. Implementation of the second unit is scheduled to follow approximately six months after the trials on the first unit.

Extended pilot trials are scheduled over the coming three months to include the copper precipitation processing step to confirm the optimal composition of the copper precipitant for direct refining at Sable. The implementation of the first copper processing unit at Munkoyo is targeted for commissioning by end of Q1 CY2026.

The Company is in advanced discussions with a potential mining partner to form a collaborative agreement to combine their exploration and mining skills with Jubilee's processing expertise. The combination of such expertise and skills set would allow Jubilee to accelerate the implementation of its near surface mining strategy to outpace potential competitors. Munkoyo offers a great potential to initiate such a potential partnership.

Project G mining operations

Project G is scheduled to commence drilling of the resource during June 2025. The Company aims to follow a similar implementation strategy to Munkoyo, with a portion of the mined reef being upgraded on site using physical separation techniques, while the remainder of ore is processed further using chemical extraction techniques.

The Project G mining operations are adjacent to an existing mining operation, as well as a new developing mine, which offers the potential to collaborate on the implementation of a central processing unit. The area has already established infrastructure such as power and roads allowing for a faster implementation process.

The final targeted scale of the mining project and potentially shared processing facility will be finalised on the back of a completed drilling program and current negotiations to collaborate on the processing facility.

Sable Refinery expansion

The targeted increase in copper production driven initially by the copper production profile from Roan and Munkoyo, necessitates the expansion of the Sable Refinery to ensure availability of refining capacity for Project G and other targeted near surface mining opportunities. The introduction of the second tank-house at Sable would increase the capacity to approximately 14 000tpa which would accommodate the production from the modular units for both the nearby Munkoyo operation and Project G.

The refinery expansion was delayed over the past quarter to prioritise investment into these mining operations and the completion of the processing trials at Roan. Completion of the Sable expansion is scheduled for Q1 CY2026.

Processing capacity leading up to expansion, including Roan Cu units (240 to 360tpm), is expected at 500 to 550tpm.

Large Waste Project

In the RNS dated 3 April 2025, the Company has executed a trade of 10Mt of the near 260Mt of resources at surface. The movement of the material has commenced, offering Jubilee the potential to improve the accuracy of its grade profiling. The trade of the material was valued at US$6.75 million which is to be paid in fortnightly tranches as the material is uplifted, with US$600 000 already received.

Jubilee has entered into negotiations with various parties to potentially invest into the construction of the targeted modular processing units for the Large Waste Project. The targeted companies offer more attractive investment terms under a partnership agreement approach than offered previously by the Abu Dhabi based invest firm, which is preferred by Jubilee and is also non-dilutive for shareholders. Discussions over funding for processing plants on site at the Company's mining projects, also extend to the Large Waste Project.

Monetisation of non-core assets

The Company has made progress on the development of its mineral reef material projects - Mining Projects and Large Waste project, by monetising certain assets within its surface tailings portfolio that do not form part of Jubilee's medium term operational focus.

In this regard, Jubilee was successful in completing a transaction on one of its waste assets outside of its large copper tailings for a combined consideration of US$12.3 million, payable in tranches over the next 20 months, commencing with a US$1.3 million payment due in the first week of June 2025.

Issue of equity

Jubilee also announces that Mr Colin Bird, former chairperson of Jubilee, has been issued 5 956 950 new Jubilee ordinary shares (Shares) to settle an amount of £200 000 in lieu of his services to Jubilee and in conclusion of his performance incentive. The shares were issued at the 30-day volume weighted average share price of Jubilee on 23 May 2025. The Shares are subject to a twelve-month lock in period from the date of admission.

Admission and total voting rights

The Shares are expected to be admitted to trading on AIM and listed on the Altx of the JSE Limited on or around 3 June 2025 (Admission) and will rank pari passu with the ordinary shares of the Company in issue.

The Company's total issued capital, after the issue of the Shares, will be 3 071 597 201 ordinary shares. As the Company does not hold any shares in treasury, this figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company following Admission.

United Kingdom

28 May 2025

For further information visit www.jubileemetalsgroup.com, follow Jubilee on X (@Jubilee_Metals) or contact:

Jubilee Metals Group PLC 

Leon Coetzer (CEO)/Jonathan Morley-Kirk (FD)

Tel: +27 (0) 11 465 1913 / Tel: +44 (0) 7797 775546

Nominated Adviser - SPARK Advisory Partners Limited 

Andrew Emmott/James Keeshan 

Tel: +44 (0) 20 3368 3555 

PR & IR Adviser - Tavistock 

Jos Simson/Gareth Tredway

Tel: +44 (0) 207 920 3150 

Joint Broker - RBC Capital Markets

Farid Dadashev/Jamil Miah

Tel +44 (0) 20 7653 4000

Joint Broker - Zeus Capital

Harry Ansell/Katy Mitchell

Tel: +44 (0) 20 7220 1670/+44 (0) 113 394 6618 

JSE Sponsor - Questco Corporate Advisory Proprietary Limited 

Alison McLaren

Tel: +27 63 482 3802