Roan Concentrator Update

Jubilee Metals Group PLC

04 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')

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Roan Concentrator Update

Jubilee, the integrated copper producer and resource developer in Zambia, is pleased to provide an operational update on its Roan concentrator (Roan) operations, following the successful completion of the scheduled annual maintenance shutdown and the resumption of commissioning and ramp-up activities of the fine copper concentrate dewatering circuit.

Highlights

-   Roan annual maintenance shutdown completed during May 2026, with operations successfully resumed at full capacity targeting run-of-mine throughput of 30 000tpm

-   New fine copper concentrate dewatering facility commissioning completed with fine tuning of performance measures underway to achieve stable continuous operations

-      Maintenance period utilised to upgrade the copper oxide flotation circuit to target further improved copper recoveries and enhance operating efficiencies, partly offsetting rising fuel and chemical costs

Statement from Leon Coetzer, Jubilee CEO:

"The successful progression of the Roan dewatering circuit through commissioning and ramp-up marks another important milestone in the expansion of our Zambia copper operations. The ability to process both newly generated fine concentrate material together with the historical stockpile provides increased operational flexibility and supports the continued scaling of our integrated copper strategy.

While May 2026 production was impacted by the planned annual maintenance shutdown at Roan, operational performance has returned to full capacity targeting a processing run rate of 30 000tpm of ROM with increased copper oxide recovery rates due to the expanded flotation circuit. We expect June 2026 performance to provide a clearer indication of sustainable operating capacity and recovery efficiencies with the addition of the fines concentrate from Roan now being processed at Sable. As previously noted, the monthly fines concentrate production contains an approximate 140t of copper previously stockpiled at Roan."

Operational Update

Roan plays a key role in the Company's integrated copper production strategy, processing third-party run-of-mine copper ore (ROM) into copper concentrates for further refining at the Sable refinery, while also producing high-grade copper sulphide concentrate for direct sale into the market. The Roan circuit has been upgraded over the past three years to accommodate variances in quality and consistency of third-party ROM to offer a unique solution for the recovery of copper from complex ROM sources. The latest addition to the Roan operations is the expanded copper concentrate dewatering circuit, designed to accelerate the drying and processing of fine copper concentrate material. This circuit was commissioned prior to the commencement of the annual maintenance period to use the opportunity to address final adjustments to the new dewatering circuit. The circuit is expected to operate at full capacity following the restart of the Roan operations.

The fines concentrate stream accounts for approximately 25.5% of the contained copper within the total ROM feed to Roan. The new concentrate dewatering circuit has demonstrated sufficient operating capacity at throughput rates above current fines concentrate production levels. Optimisation work is focused on refining the operating parameters required to maintain stable continuous operation of the circuit under varying feed density conditions. Roan also currently holds significant stocks of fine concentrate material that has naturally dried during the current dry weather period, allowing transport to Sable to supplement any temporary interruptions in dried fine concentrate production.

The annual maintenance period for the Roan operations has successfully completed. Main activities focussed on the ROM feed circuit and maintenance of the internal pumping mechanisms of the flotation units as well as final modifications to the new dewatering circuit for the fines concentrate.

In addition, the company utilised the scheduled down time to implement key interventions to counter the sharp rise in global fuel and acid prices. Key interventions included the expansion of the copper oxide recovery circuit to further improve copper efficiencies by a targeted 5% to partly offset the near 80% increase in local fuel prices which directly impacts the transport cost associated with ROM delivered to Roan and copper oxide concentrate transported to the Sable refinery. Acid consumption and transport costs currently account for approximately 20% and 16% of monthly expenditure, respectively.

Roan has recommenced operations following the maintenance period and is operating at full capacity targeting 30 000tpm of ROM. The success of the interventions to further improve copper efficiencies will be known over the coming week as Roan's in circuit inventory is rebuilt at stable operations. Roan holds the option to further increase throughput with the inclusion of the front-end DMS circuit which will be considered during June 2026.

The Company expects to provide a further update on copper production guidance once steady-state operational performance has been demonstrated consistently across the integrated Roan and Sable processing circuits.

4 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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