Molefe Mine Update and Investor Presentation

Jubilee Metals Group PLC

09 June 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 Operational Update and

Investor Presentation

Jubilee, the integrated copper producer and resource developer in Zambia, is pleased to provide an operational update on the Molefe Mine in Zambia as part of its integrated mine-to-metals copper strategy.

Highlights

§ Run-of-mine (ROM) deliveries to Sable refinery and refining activities recommenced following the successful expansion of Pit 2 as part of the pre-stripping under the updated mine plan to combine Pits 2 and 3

§ The delivery of high-grade (HG) ROM to the Sable refinery increases to a targeted 6 000tpm for June, stepping up to 8 500tpm by August to reach 10 000tpm by October 2026, which equates to more than a 100% increase in ROM deliveries to Sable  

§ Combined mined copper reef is set to reach 60 000t per quarter post completion of the combination of Pits 2 and 3 at an average stripping ratio of 6:1

§ Next development phase will focus on

o  on-site ore sorting and processing to support better segregation of HG ore with improved copper recovery and overall project economics; and

o  resource definition drilling activities expanding across the greater Molefe district and additional exploration properties

§ A JORC-compliant resource is expected following completion of the Phase 2 drilling programme, currently targeted for Q4 CY2026, subject to the timely receipt of assay results

§ Molefe continues to validate Jubilee's scalable mine-to-metals copper growth strategy for replication across Zambia

Statement from Leon Coetzer, Jubilee CEO:

"The recommencement of ROM deliveries from Molefe Mine to the Sable refinery marks a significant milestone in the continued expansion of Jubilee's Zambia copper strategy and demonstrates the rapid progress being achieved at Molefe Mine under the updated mine plan.

Molefe Mine is evolving into a cornerstone asset within our integrated mine-to-metals platform, with the operation on track to achieve a meaningful step-up in production over the coming months. The integration of Pits 2 and 3, together with the ongoing pre-strip programme, positions Molefe Mine to support sustained growth while enhancing feed flexibility to the Sable refinery.

Importantly, Molefe Mine represents the first implementation of Jubilee's scalable copper growth model in Zambia. Our strategy is to mine while we explore, expanding both production and the resource base simultaneously. Through the addition of on-site ore sorting, future processing capabilities and district-wide resource expansion, we are establishing a blueprint that we believe can be replicated across multiple copper opportunities within the region."

Operational update

The Molefe Mine (Molefe) represents the first implementation of Jubilee's scalable mine-to-processing strategy in Zambia. The Company's Pillar 2 model (integrated mine-to-metals business: Sable refinery and mining operations) is based on mining while simultaneously exploring and expanding the resource base, creating a repeatable hub-and-spoke development model designed for replication across additional copper opportunities in the region.

Following the commencement of initial stripping activities under the updated mine plan, ROM deliveries from Molefe to the Sable refinery have recommenced. The first ROM has now been delivered to the Sable refinery and refining activities have resumed.

The accelerated pre-strip programme, which commenced in April 2026, remains on track for completion during July 2026 and is aimed at supporting increased sustained production and improved feed supply to the Sable refinery. Development work to integrate Pits 2 and 3 into a single enlarged open-pit operation continues to progress well.

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. Upon completion of the pit integration and development programme, Molefe is expected to ramp-up from approximately   12 000t per quarter of HG ROM to in excess of 30 000t per quarter of HG Cu reef ore delivered to Sable. Molefe remains on track to increase ROM deliveries to approximately 6 000t for June 2026, increasing to approximately 8 500t by August 2026, targeting steady-state of 10 000tpm delivered to Sable by October 2026. The production ramp-up profile includes both newly mined ROM and strategic stockpiled material as Molefe transitions toward integrated on-site ore sorting and processing capabilities of both the HG and lower-grade ROM.

The next phase of development at Molefe is focused on advancing on-site ore processing capabilities. This strategy is expected to be implemented in two stages, beginning with on-site ore sorting to better distinguish between high-grade and lower-grade material, followed by targeted on-site processing of lower-grade material aimed at maximising copper recovery and enhancing project economics.

In parallel, Jubilee is expanding the scope of resource definition activities across the greater Molefe district targeting the additional exploration properties secured within the district area. Ongoing drilling and exploration activities are intended to support future mine expansion and establish a larger resource-backed copper platform.

The independent third-party is expected to compile a JORC-compliant resource following completion of the Phase 2 drilling programme, with the competent person's report currently targeted for Q4 CY2026, subject to the timely receipt of assay results.

Investor Presentation

The Company will be hosting a live investor presentation on the Molefe Mine tomorrow, 10 June 2026, at 14:00p.m. UK time, 15:00p.m. South Africa time, via the Investor Meet Company platform.

The presentation will provide investors with an overview of the Molefe Mine and its role within Jubilee's integrated Zambia copper strategy, including recent operational progress, the updated mine plan, production ramp-up milestones, ongoing drilling and resource development activities, and the integration of the mine into the Sable refinery.

Investors can sign up to Investor Meet Company at no cost at https://bit.ly/3kT8Fb9. Investors who already follow Jubilee Metals on the Investor Meet Company platform have automatically been invited.

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

 

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