Molefe Mine Update

Jubilee Metals Group PLC

29 October 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 Update

Jubilee, the integrated copper producer and resource developer in Zambia, is pleased to report the results of the completed Phase 2 drilling programme at its Molefe Mine. Phase 2 followed the initial infill drilling and trenching programme (Phase 1) and was designed to test the eastern continuation of the mineralised structure and identify suitable locations for planned mine infrastructure (including modular processing plants, waste rock dump area and roads). The drilling was undertaken by Galileo Resources plc (AIM: GLR) (Galileo) under the co-operation and project development agreement announced on 28 November 2025.

Highlights

-          9 holes totalling 552.6m tested continuity and mineralisation tenor with the balance of 14 holes totalling 1,298.9m being drilled for purposes of identifying locations for infrastructure that avoided sterilising potential future copper mining areas (condemnation)

-          Peak intercepts included Hole MNKDD021 which returned 2.97% TCu (total copper) over 3.10m, Hole MNKDD027 which returned 1.24% TCu over 10.5m and Hole MNKDD029 which returned 1.51% TCu over 12.5m

-          Drilling confirmed continuity and increased the strike length of mineralisation by approximately 380m in an easterly direction from 930m to an updated estimate of 1,310m

-          A mine development plan and schedule have been provided to Jubilee for consideration supported by the condemnation drilling

-          An updated in-house developed mine schedule has been provided to Jubilee targeting an oxide copper reef of approximately 1 million tonnes at grades of at least 1.30% TCu, including approximately 240 000 tonnes at 1.45% TCu in the immediately targeted pits 2 and 3. The updated mine schedule incorporates both the additional drilling results as well as in-pit sampling of more than 400 samples from the operating mine. The drilling results together with the in-pit sampling is specifically focussed at supporting the mining schedule and does not represent any resource estimate under any standard

-          The eastern continuation has not been included in the in-house resource estimate. The updated resource calculation, incorporating the Phase 2 drilling results, is targeted for completion by the end of CY2026

-          Improved understanding of the orientation and projected continuation of the mineralised structure, supporting the exploration rationale for additional properties secured by Jubilee in the surrounding area and in refining future exploration targets

-          The current drilling programme and in-house resource estimate cover only approximately 400 hectares, compared with more than 12,200 hectares of exploration ground to the east alone (less than 5%), highlighting the scale of Jubilee and its partners’ wider exploration opportunity

Statement from Leon Coetzer, Jubilee CEO:

“The Phase 2 drilling results at Molefe are encouraging and confirm the further expansion potential of the Molefe mining operations, with multiple significant copper intersections, including both high-grade and wider mineralised intercepts. Of note is the shallow depth at which the copper intersections are recorded.

These results will now be incorporated into the Molefe Mine’s geological model and mine planning as the partners continue to evaluate the wider resource potential at Molefe and advance its development as a core component of Jubilee’s integrated mine-to-metals strategy in Zambia.

Importantly, the current drilling programme and in-house resource estimate cover only approximately 400 hectares, compared with more than 12,200 hectares of exploration ground to the east alone. The tonnes referred to in this announcement therefore represent only a small part of the broader exploration opportunity. Our ambition is to identify and develop multiple Molefe-style mining operations across this expanded area, supporting Jubilee’s transition into a resource-backed mining company underpinned by its established processing capability.”

Molefe Mine – Phase 2 drilling programme

The Phase 2 drilling programme at the Molefe Mine forms part of Jubilee's ongoing work to further define the Molefe orebody and assess the potential extension of mineralisation beyond the areas incorporated into the current mine plan.

The Phase 2 drilling programme returned encouraging copper intersections across multiple boreholes, including a high-grade intercept of 3.10 metres at 2.97% total copper (TCu). Wider mineralised intersections included 12.5 metres at 1.51% TCu, 10.5 metres at 1.24% TCu and 13.0 metres at 0.87% TCu. Future drill campaigns will target narrower drill spacing in identified mining areas to improve the accuracy of the mine plan and may include new licence areas secured by Jubilee.

Table 1: Highlighted Drill Results – Mineralised Intercepts Molefe Mine

Borehole ID	From (m)	To (m)	Mineralised Width (m)1	Grade (TCu %)2
MNKDD021	57.6	60.7	3.10	2.97
MNKDD024	22.0	35.0	13.0	0.87
MNKDD025	64.0	71.0	7.00	0.57
MNKDD026	18.3	26.0	7.70	0.45
MNKDD027	12.5	23.0	10.5	1.24
MNKDD029	26.4	38.9	12.5	1.51
MNKDD030	49.0	54.0	5.00	0.42
MNKDD033	9.30	20.4	11.1	0.84

1: Minimum mineralised width for estimation purposes of 3.0m

2: Cut-off grade 0.4% TCu (total copper).

The results will be incorporated into Jubilee's geological model and ongoing mine planning as the Company continues to expand the Molefe Mine and evaluate its wider resource potential. The drilling programme forms part of Jubilee's broader strategy to develop Molefe as a key mining operation supplying its established processing footprint in Zambia.

Table 2: Continuity and Extension Drilling – Molefe

Hole ID	EOH	From (m)	To (m)	Width (m)	Grade (% TCu)
MNKDD021	100.1	57.6	60.7	3.10	2.97
MNKDD024	52	22	35	13.00	0.87
MNKDD025	86	64	71	7.00	0.57
MNKDD026	55	18.3	26	7.70	0.45
And		29.05	36	6.95	0.74
MNKDD027	54.8	12.5	23	10.50	1.24
MNKDD029	56.7	26.4	38.9	12.50	1.51
MNKDD030	85.4	49	54	5.00	0.42
MNKDD033	62.6	9.3	20.4	11.10	0.84

1: EOH refers to the final drilled depth of the hole and does not represent the width of mineralisation.

Table 3: Condemnation Drilling – Molefe

Hole ID	EOH
MNKDD018	50.1
MNKDD019	100.1
MNKDD020	100.1
MNKDD022	119.1
MNKDD023	70
MNKDD028	62
MNKDD031	60
MNKDD032	44.2
MNKDD034	83.3
MNKDD035	61.3
MNKDD036	100.2
MNKDD037	206.2
MNKDD038	92.1
MNKDD039	150.2

The drilling has improved the understanding of the orientation and projected continuation of the mineralised structure. This supports the exploration rationale for additional properties secured by Jubilee in the surrounding area and will assist in refining future exploration targets. Further exploration is required to determine whether the Molefe mineralisation extends onto these properties.

Qualified Person

Galileo has been appointed, under the partnership agreement for the Molefe Mine project, as the responsible party for the development of the mine plan and resource definition and as such has appointed Colin Bird as the qualified person.

The technical information contained in this announcement has been reviewed, verified, and approved by Colin Bird, C. Eng, FIMMM, South African and UK Certified Mine Manager and Director of Galileo, with more than 40 years’ experience mainly in hard rock mining.

29 October 2026

For further 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 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

 

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