Jubilee Metals Group PLC
Registration number: 4459850
AIM share code: JLP
Altx share code: JBL
ISIN: GB0031852162
('Jubilee' or 'the Company' or 'the Group') 

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Implementation of Mine Plan at Molefe to Support Stable Production and Growth

Jubilee, the integrated copper producer and resource developer in Zambia, is pleased to announce the updated near term mine plan of its Molefe Mine following the recent results from the Phase 1 drilling and trenching programme.  

Key updates to the near term mine plan

·      Connecting Pit 2 and 3 to form an enlarged open-pit mine allowing for an increased mining rate

·     Investment into approximately 4 months' development work to further enlarge pit area and connect the two pits which includes the removal of approximately 400 000t of overburden material

·     Once complete, the mining rate of the copper reef increases to 60 000t per quarter (from the current capacity of 15 000t per quarter) post completion of the combined Pit 2 and 3, at an average stripping ratio of 6:1 (bcm:bcm), equivalent to six bank cubic metres of waste per bank cubic metre of ore

·     This is achieved by widening the targeted copper reef zone to deliver an average copper grade of approximate 1.4% TCu to surface, prior to applying targeted ROM sorting to classify the reef into high-grade and medium-grade stockpiles

·      High-grade ore will be trucked to Sable refinery for direct leaching with the medium-grade stockpile targeted for on-site processing prior to refining at Sable refinery

·    Phase 2 drilling programme, commencing soon will target the further definition of the eastern extension beyond the current Pit 1 based on the early results from the Phase 1 drilling programme, which confirmed the existence of a significant extended copper mineralisation

Statement from Leon Coetzer, Chief Executive Officer:

"This marks another important milestone in Jubilee's transition towards becoming a resource-backed copper producer, with the implementation of a structured mine plan at Molefe providing a clear pathway to sustainable and scalable production. Operations at Molefe Mine continue to perform well and expand whilst we have simultaneously prioritised resource development. This plan reflects a disciplined approach to balancing production with long-term value creation.

The integration of Pit 2 and 3, together with an accelerated stripping programme, positions the operation to deliver a stable and consistent feed to our Sable Refinery. By prioritising the direct processing of high-grade material while upgrading medium-grade ore on-site, we are accelerating cash generation and maximising value from the resource.

Importantly, our focus now extends to unlocking the full potential of the Molefe Project. Drilling of the eastern extension is the immediate focus of the Phase 2 programme, with the objective of progressing this area into construction and first production within the next 12 months. This represents a key step in expanding the scale of operations and extending the life of the project. We believe this phased development approach strengthens our ability to deliver reliable copper production while building a long-term, resource-driven growth platform in Zambia."

Overview

The mine plan follows a period of exploratory drilling and evaluation of in-pit sampling and trenching and is designed to support the delivery of a consistent supply of ore to the Sable refinery while advancing the long-term development of the project. Recent drilling results have supported the integration of Pit 2 and 3 into a single, larger open pit. This allows for an accelerated stripping and pushback programme, improving mining efficiencies and access to the targeted copper reef. The initial phase of the mine plan is focused on establishing a stable production profile, targeting ore delivery in excess of 15 000tpm to the Sable Refinery at a more consistent grade and at a sustainable unit cost per tonne. The updated mine plan has been optimised to target a broader reef package, enabling the extraction of increased copper volumes across both high and medium-grade material. This will be supported by the introduction of automated ore sorting on site allowing for the efficient classification of mined material. High-grade ore will be transported directly to the Sable refinery for immediate processing while medium-grade material will be treated on-site using an acid curing process to enhance copper solubility and overall recovery. This integrated strategy is designed to maximise resource utilisation, improve efficiencies and accelerate the conversion of mined material into revenue.

Importantly, the next phase of development which will commence with the Phase 2 drilling programme, is focused on the eastern extension of the resource with the objective of progressing this area into construction and thereafter production within the next 12 months. This supports the continued expansion of the resource base, with further drilling expected to extend mineralisation along strike and increase the overall mine life. The Company believes this phased approach balances near-term production delivery with longer-term growth, positioning Molefe Mine as a reliable and scalable source of copper feed to its Zambian processing operations.

Near term upgraded mine plan for Molefe Mine

*Bank Cubic Metres (in-situ volume) - reflects waste to ore movement

The technical information contained in this announcement has been reviewed, verified, and approved by Colin Bird, Chartered Engineer (CC.ENG), Fellow of The Institute of Materials, Minerals & Mining (FIMMM), South African and UK Certified Mine Manager with more than 40 years' experience primarily in underground and open cast mining. He has managed both base metal and gold operations on a global basis.

31 March 2026

For more information 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 - Zeus Capital

Harry Ansell/Katy Mitchell 

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

Joint Broker - Shard Capital Partners LLP

Erik Woolgar/Gareth Burchell

Tel +44 (0) 207 1869900

JSE Sponsor - Questco Corporate Advisory Proprietary Limited

Alison McLaren

Tel: +27 63 482 3802

About Jubilee Metals Group

Jubilee Metals, listed on AIM and the Altx of the JSE, is a copper producer focused on building a world-class integrated copper business in Zambia. The Company aims to reach 25 000 tonnes per annum of copper production by integrating exploration, mining, concentrating and refining through its three-pillar strategy, combining the Roan concentrator, the Sable refinery and regional mining assets and the Large Waste Rock Project. Led by an experienced team, Jubilee applies innovative technologies to transform previously underutilised materials into value while supporting circular resource use and strong environmental stewardship.

For more information, please visit www.jubileemetalsgroup.com and follow Jubilee on X at @Jubilee_Metals