Update on Large Waste Project Disposal

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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Update on Large Waste Project Disposal

Jubilee, the integrated copper producer and resource developer in Zambia, is pleased to provide an update on the disposal of its Large Waste Project (LWP).

The Company expects to announce the drilling results from the ongoing Phase 2 drilling programme at the Molefe Mine in the next few days.

Highlights

-          Legal due diligence for the disposal of the LWP for a total consideration of approximately US$35 million (Consideration) completed, with payment of a US$2.25 million deposit to follow in the next few days

-          45-day period commences to complete technical due diligence and finalise transaction documentation

-          The Consideration together with remaining cash proceeds from the sale of the South African operations of US$65 million offer substantial cash inflows of up to US$100 million, strengthening the Company's balance sheet and offering accelerated investment into the continued expansion of the Zambian operations

Statement from Leon Coetzer, Jubilee CEO:

“The successful completion of the legal due diligence represents an important milestone in progressing the disposal of the Large Waste Project. It triggers the payment of the US$2.25 million deposit and the commencement of the 45-day period to complete both the technical due diligence and the transactional documents which on completion would trigger the next payment due in December 2026. 

In addition, the next instalment from the sale of the South African operations of approximately US$15 million becomes due during early January 2027. The disposal remains firmly aligned with our strategy to recycle capital into the accelerated growth of our existing Zambian copper operations, where we can leverage our established operating and processing footprint to target stronger returns.”

Disposal of the Large Waste Project

The legal due diligence in respect of the proposed disposal of the LWP has now been completed. The Company expects the US$2.25 million deposit to be paid within the next few days. Based on the terms of the binding heads of terms, a further 45-day period is offered to complete the further due diligence mainly focussing on the technical aspects of the material as well as the conclusion of the final transactional documentation. If completed successfully within this period, the consideration of $35 million will be settled over a 3-year period with the first instalment due in December 2026. The transaction remains subject to the completion of the final due diligence and definitive documentation and the satisfaction or waiver of conditions precedent normal for a transaction of this nature.

The transaction represents a further step in Jubilee's strategy to progressively de-risk its growth portfolio and prioritise capital allocation towards the expansion of its existing Zambian copper operations. The monetisation of the LWP enables Jubilee to redirect capital towards opportunities capable of generating stronger returns by leveraging the Company's established mining and processing footprint in Zambia, including the continued expansion of the Molefe Mine.

8 October 2026

For further 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 78 286 9556

About Jubilee Metals Group

Jubilee Metals, listed on AIM and the AltX of the JSE, is a copper producer and resource developer focused on building a world-class integrated copper business in Zambia. The Company’s strategy is built around three core pillars: the processing of third-party copper feedstock, principally through its Roan Concentrator; the Sable Refinery as the Group’s central refining platform; and the development of Jubilee-controlled mining assets and exploration opportunities.

Together, these three pillars support Jubilee’s evolution from a predominantly third-party processor into an integrated copper mining, processing and refining company. The strategy is focused on leveraging Jubilee’s established processing and refining infrastructure while progressively increasing its exposure to controlled copper resources, with a disciplined approach to capital deployment and a focus on maximising returns from existing infrastructure.

As Jubilee advances its mining, exploration and resource development programmes, the Group is focused on building a resource-backed production platform capable of supporting scalable, long-term copper growth.

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