Operational and Projects update H1 FY2026

Jubilee Metals Group PLC

19 February 2026

 

Jubilee Metals Group Plc

Registration number (4459850)

AIM share code: JLP

Altx share code: JBL

ISIN: GB0031852162

('Jubilee' or 'Company' or 'Group')

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Operational and projects update H1 FY2026

Jubilee, the Zambia copper focused producer, today publishes its unaudited operational and projects update for the half year ended 31 December 2025 ('H1 FY2026' or 'H1' or 'the period').

Highlights

·    Lost Time Frequency Injury Rate (LTFIR) of 1.20 (H1 FY2025:0.61)

·    Roan Operations (Roan) reached targeted production levels of approximately 30 000 tonnes per month feed rate during the period overcoming the expected rainy season interruptions

·    Roan produced 1 246t of Cu units in H1 FY2026, an increase of 172.8% from H1 FY2025

·    Molefe Mine operations performed well despite facing heavy rains which caused significant damage to road and bridge infrastructure in the surrounding area. Operations continue to expand with 181 890t of Cu reef mined during the period, of which 9 130t were transported to Sable Refinery at an average Cu grade of 1.84% 

·    Initial resource drilling at Molefe Mine in partnership with Galileo Resources has been completed and awaiting final laboratory results. Early indications of results received to date already support the accelerated Phase 1 drilling program

·    Phase 2 of the expanded Molefe Mine resource drilling, targeting virgin areas to extend the resource, commenced in February 2026

·    Total saleable Cu units produced reached 1 543t (H1 FY2025: 1 419t) up 8.7% from the comparative period. This excludes the stockpiled Cu fine concentrate at Roan as well as the stockpiled Molefe mined material

Half-year production results

·    The table below presents the unaudited operational production performance of Zambia for H1 FY2026:

PRODUCTION PERFORMANCE		Q1 FY2026	Q2 FY2026	H1 FY2026	H1 FY2025	% change
Roan production*
Cu units in oxide concentrates	tonnes	83	155	238	84	182.5%
Cu units in sulphide concentrates	tonnes	456	70	526	372	41.2%
Cu units in oxide concentrate fines	tonnes	152	330	482	-	100.0%
Total Roan production	tonnes	691	555	1 246	457	172.8%
Total saleable Cu units produced**	tonnes	938	605	1 543	1 419	8.7%
Molefe Mine production
Cu units mined	tonnes	38 648	143 242	181 890	-	100.0%
Cu units dispatched to Sable	tonnes	881	8 249	9 130	-	100.0%

* Cu tonnes produced are recorded in three products:

o  Cu in oxide concentrate that is further refined to cathode at Sable Refinery

o  Cu in sulphide concentrate which is sold directly into the market

o  Cu in the oxide concentrate fines which are currently not delivered to Sable Refinery but stockpiled and currently awaiting the completion of the upgraded concentrate dewatering facility at Roan, scheduled to commence commissioning in early March 2026, before being delivered to Sable Refinery for further refining 

** Includes Cu cathode produced at Sable Refinery and Cu sulphide concentrate produced at Roan and excludes all Cu units in oxide concentrate fines stockpiled at Roan

Copper production guidance for FY2026

Copper unit production guidance for FY2026 remains within the range of 4 500t to 5 100t depending on the extent of the impact on production during the rainy season (FY2025 production: 2 211t)

Statement from Leon Coetzer, Jubilee CEO:

"I am pleased to support a solid set of numbers from, what is now, our core copper business in Zambia. As expected, the rainy season did impact our activities in various ways during the period, however, we had factored much of this into our forecasts. Operations have since ramped back up and access via previously damaged bridges and roads has also since improved.

Roan's operational performance is particularly pleasing reaching its operational targets on the back of stable power and significantly improved operational efficiencies.  Over the next quarter we expect Roan to complete the commissioning of the upgraded Cu concentrate dewatering facility leading to increased deliveries to Sable Refinery.

The Molefe Mine will continue to expand heading back to the 8 500tpm level this quarter.

Exploration drilling at Molefe with our partner Galileo is already showing promising numbers and we look forward to updating the market with results in due course."

Overview

The implementation of the Company's Three-Pillar copper strategy continues on track with Roan reaching and sustaining its targeted production levels. Molefe Mine continues to expand with very encouraging early results from its resource drilling program.   

Pillar 1 - Processing of third-party copper feedstock: Roan

Roan is on track for throughput of 40 000tpm by end of Q4 FY2026. Production at Roan reached 1 246t of Cu units in the first half of the financial year, up 172.8% on the previous comparable period a year earlier.

Cu tonnes produced are recorded in three products, namely, Cu in oxide concentrate (238t in H1) for further refining at Sable Refinery, Cu sulphide concentrates (526t in H1) for sale directly into the market, and Cu in oxide concentrate fines (482t in H1) which are stockpiled for future refining at Sable.

This stockpile of oxide concentrate fines will be processed and delivered to Sable Refinery upon commissioning of the new dewatering system targeted for commissioning in March 2026. This stockpiled Cu oxide concentrate fines will provide additional Cu cathode production during Q4 FY2026.

Power supply to Roan continues to be stable despite the seasonal heavy rains which is reflected in the significantly improved operational results achieved by Roan.

Pillar 2 - Integrated mine-to-metals business: Sable Refinery and mining operations

Molefe Mine's ramp-up profile suffered slight delays due to the heavy rains experienced causing damage to road and bridge infrastructure. The targeted 8 500tpm of Cu ore delivered to Sable Refinery is expected to be achieved during Q4 FY2026.

Molefe Mine operations continue to expand with 181 890t of Cu reef mined during the period, of which 9 130t were transported to Sable Refinery at an average Cu grade of 1.84%. The remaining tonnes continue to be stockpiled at Molefe Mine for future on-site processing prior to refining at Sable Refinery already exceeding 2.3Mt.

Construction of the first phase on-site upgrade facility is set to commence in March 2026 and is expected to significantly increase the portion of mined ore that is delivered to Sable Refinery.

Initial resource drilling at Molefe Mine in partnership with Galileo Resources has been completed and awaiting final laboratory results. Indications of results received to date supported the accelerated Phase 1 drilling program.

Phase 2 of the expanded Molefe Mine resource drilling, targeting virgin areas to extend the resource, commenced in February 2026.

Pillar 3 - Processing of surface stockpiles and tailings: Large Waste Project

An independent resource review of the near 240Mt Large Waste Project has been completed with the draft reports being issued. The scheduled further infill drilling of the resource to expand the resource definition is currently being updated to incorporate the results from the review and will commence once completed.

The results from the resource review have confirmed the scale of the project and details of the results from the review will be provided to shareholders once the final report is issued, expected within Q4 FY2026.

Jubilee is now focused on two potential project partners, both currently operational in Zambia. Final selection of the preferred partner is expected to be concluded before the end of FY2026. This selection will be influenced by the commercial discussions currently underway to define the joint venture framework.

Update on South Africa

·    Sale of South African chrome and PGM* operations now complete and the Company received the second cash instalment of US$10 million from the purchaser (Total cash payments received to date of US$25 million)

·    Chrome concentrate produced reached 804 227t for H1 FY2026

·    PGM ounces produced for H1 FY2026 reached 18 733oz

*  6E PGM - Platinum, palladium, rhodium, ruthenium, iridium and gold

19 February 2026

For further information visit www.jubileemetalsgroup.com, follow Jubilee on X (@Jubilee_Metals) or 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]

 

END