Molefe Mine Phase 1 Drilling Results

Jubilee Metals Group PLC

25 March 2026

 

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.

Molefe Mine Phase 1 Drilling Confirms Continuity of Copper Mineralisation and Extends Mineralised Zone

Jubilee, the Zambia focused copper producer, is pleased to provide an update on the latest drilling results at the open-pit Molefe copper mine (Molefe Mine), located within trucking distance of the Company's Sable refinery. 

The Phase 1 infill drilling programme has confirmed the continuity of near-surface copper oxide mineralisation and consistency of grades, supporting the Molefe Mine's expansion program and Jubilee's strategy of securing high-quality copper feed sources from owned resources to underpin its growing processing operations in Zambia (Pillar 2 of its Zambian strategy as previously announced).  

Highlights

·    Infill drilling completed to date confirms copper ore grades consistent with those incorporated in Molefe Mine's expansion mine plan  

·   New near surface zone, identified and validated based on visual and handheld pXRF assessment,  extending copper oxide mineralisation by approximately 250 metres beyond the expansion mine plan with mineralisation remaining open to the east

·   Phase 2 drilling program is currently under way by project partner, Galileo Resources Plc (Galileo), targeting the eastern extension to determine the full extent of the mineralised zone

·   Consistency of grades and thicknesses supports confidence in the resource and provides a strong foundation for the advancement of a formal resource estimate

·    Results continue to demonstrate shallow, copper oxide mineralisation suitable for processing at Jubilee's Sable Refinery

·    Infill drilling of oxide mineralisation reinforces projected grades of ore currently incorporated into the mine plan

·    Peak intercepts include the following:

§ MNKDD010 16.00m @8.01% TCu ("total copper"), 1.60 % ACu ("acid soluble copper") from 18.00m (TCu cut off 0.6%, ACu cut off 0.35%)

§ MNKDD011 20.0m @5.33% TCu, 0.92% ACu from 22.0m (TCu cut off 0.6%, ACu cut off 0.35%)

§ MNKDD012 10.7m @ 6.54% TCu, 2.17% ACu from 37.00m (TCu cut off 0.6%, ACu cut off 0.35%) from 33.8m

§ MNKDD013 6.00m @1.07% AsCu from 79.00 m (TCu cut off 0.6%) from 81.0m

§ MNKDD014 6.80m @5.40% TCu, 2.06% ACu from 54.20m (TCu cut off 0.6%) from 54.2m

§ MNKDD015 7.50m @ 9.17% TCu, 1.30% ACu from 43.00 m (TCu cut off 0.6%, ACu cut off 0.35%)

§ MNKDD016 2.17m @ 5.40% TCu, 1.80% ACu from 60.83m (TCu cut off 0.6%)

Leon Coetzer, CEO of Jubilee, commented:

"We are very excited by these results, delivered in a few short months, which confirm the apparent continuation of the high-grade copper reef close to surface that is currently being accessed at the Molefe Mine operations. The high-grade intersections of shallow copper oxide is perfectly suited for processing and refining at the nearby Sable refinery.

The extension identified to the eastern boundary provides a strong indication of the further continuation of the mineralised reef, particularly given the additional approximately 12 300ha of exploration ground we hold to the east of the 400ha Molefe mining area.

We have commenced phase 2 drilling to further define this eastern extension and the Company will update the market as results become available.

Results from the phase 2 drilling program will be used to provide a clearer timeline for the release of a formal resource estimate. The updated expanded mine plan, incorporating the latest drill results and developed in partnership with Galileo, is expected to be published on the Company's website within the coming three weeks."

Drilling Results

The Phase 1 drilling programme was designed to confirm the continuity and grade of the oxide mineralisation within the current mine expansion plan at Molefe Mine.

Results demonstrate consistent near-surface copper oxide mineralisation that is amenable to Jubilee's existing processing capabilities at its nearby Sable refinery and reinforcing previously projected grades incorporated into the mine plan. The consistency of grades and thicknesses supports confidence in the resource and provides a strong foundation for the advancement of a formal resource estimate.

A total of 3,390m of drilling has been completed during the Phase 1 program with drill holes still pending final assay results.

Borehole or Trench ID	From (m)	To (m)	Interval (m)	EOH (m)	Grade (TCu%)	Grade (AsCu%)
MNKDD001	50.0 75.9	54.6 81.9	4.6 6.0	150.9	2.94 7.16	0.15 3.35
MNKDD002	73.0 99.0	76.0 107.0	3.0 8.0	151.0	3.03 7.40	0.26 0.03
MNKDD003	No	Intercept		150.6
MNKDD004	103.0 116.0 139.8	106.0 121.0 142.0	3.0 5.0 2.20	150.3	3.90 N/A 5.57	0.09 0.82 1.10
MNKDD005	123.32	124.44	1.12	135.0	2.59	0.09
MNKDD006	102.5 114.0 120.0	106.0 117.6 121.0	3.50 3.60 1.00	150.7	2.13 3.21 1.02	0.30 0.08 0.08
MNKDD007	36.0	46.0	10.0	150.1	3.03	2.60
MNKDD008	24.54	29.54	5.00	65.2	7.37	0.66
MNKDD009	44.3	47.0	2.70	65.3	7.47	0.70
MNKDD010	18.0	34.0	16.0	100.3	8.01	1.60
MNKDD011	22.0	42.0	20.0	57.7	5.33	0.92
MNKDD012	12.0 33.8	19.5 44.5	7.50 10.7	70.0	5.50 6.54	0.38 2.17
MNKDD013	81.0	87.0	6.00	107.9	N/A	1.07
MNKDD014	36.0 54.2	47.0 61.0	11.0 6.80	69.6	1.11 5.40	0.38 2.06
MNKDD015	43.0	50.5	7.50	60.1	9.17	1.30
MNKDD016	60.83	63.0	2.17	68.3	5.40	1.80
MNKDD017	43.0	59.0	16.0	74.4	2.04	0.17
MNKDD018				50.1
MNKDD019 - 29	Results	Pending		1,252.7
Infill 02 H1	27.5		21.0	51.5	1.82	1.40
Infill 12 H5	9.50		6.00	53.4	1.25	0.86
Infill 04 H6	30.5		15.0	45.5	1.33	0.98
Infill 03 H3	15.5		4.5	48.5	0.75	0.43
Infill 10 H4	Results	Pending	N/A	51.9
Infill 19 H2	Results	Pending	N/A	59.28
Total				3,390.28

Trench Results

Borehole or Trench ID	From (m)	To (m)	Interval (m)	Grade (TCu%)	Grade (AsCu%)
MNKCH001	0.0	17.0	17.0	1.14	0.53
MNKCH002	0.0	12.0	12.0	1.00	0.62
MNKCH003	No	Intercept
MNKCH004	No	Intercept
MNKCH005	11.0	19.0	8.00	1.09	0.53
MNKCH006	0.0	9.0	9.00	1.11	0.70
MNKCH007	0.0	2.0	2.0	1.60	1.03
MNKCH008	No	Intercept
MNKCH009	No	Intercept
MNKCH010	No	Intercept
MNKCH011	No	Intercept
MNKCH012	No	Intercept
MNKCH013	0.0	8.0	8.0	1.90	1.60
MNKCH014	0.0	1.0	1.0	0.78	0.44
MNKCH015	0.0	9.0	9.0	0.93	0.48
MNKCH016	0.0	7.0	7.0	2.30	1.71
MNKCH017	0.0	6.0	6.0	1.56	1.17
MNKCH018	No	Intercept
MNKCH019	0.0	19.0	19.0	0.34	0.22
MNKCH020	0.0	13.0	13.0	1.20	0.85
MNKCH021	0.0	11.0	11.0	1.48	0.96

In addition, drilling has identified an extension of copper oxide mineralisation of approximately 250 metres to the east of the current mining footprint based on pXRF assessment. The Phase 2 drilling program is targeting this newly identified zone extending the focus further east up to the property boundary. Initial visual inspections of the phase 2 drill cores are encouraging supported by on-site XRF analysis indicating the potential to further expand near-term mining activities.

These developments align Jubilee's broader strategy of unlocking value from Zambia's extensive copper resources by securing shallow, high-grade oxide material capable of rapid integration into its expanding processing infrastructure. The Molefe Mine continues to play a key role in increasing the availability of feed material to support the growth in copper production.

Technical information in this announcement has been reviewed by Edward (Ed) Slowey, BSc, PGeo, Technical Director of Galileo. Mr Slowey is a geologist with more than 40 years' relevant experience in mineral exploration and mining, a founder member of the Institute of Geologists of Ireland and is a Qualified Person under the AIM rules. Mr Slowey has reviewed and approved this announcement.

These results do not constitute a mineral resource estimate. Samples for the drilling results were collected at 1 metre intervals and analysed using portable XRF on site with verification samples submitted for independent laboratory assay. Intercepts reported are above a cut-off grade of 0.6% TCu and 0.35% AsCu.

25 March 2026

For more information contact:

Jubilee Metals Group PLC 

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

Tel: [phone] / Tel: [phone]

Nominated Adviser - SPARK Advisory Partners Limited 

Andrew Emmott/James Keeshan 

Tel: [phone] 

PR & IR Adviser - Tavistock 

Jos Simson/Gareth Tredway

Tel: [phone] 

Joint Broker - Zeus Capital

Harry Ansell/Katy Mitchell  

Tel: [phone] 

Joint Broker - Shard Capital Partners LLP

Erik Woolgar/Gareth Burchell

Tel [phone] 

JSE Sponsor - Questco Corporate Advisory Proprietary Limited 

Alison McLaren

Tel: [phone]

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

 

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