Jubilee Metals provides update on its Three-Pillar Strategy in Zambia

Jubilee Metals Group, the Zambia copper focused producer, has provided an update on its Three-Pillar Strategy in Zambia as well as certain non-core assets. Operational results for Q1FY2026 are expected to be released over the coming (four) weeks.

South Africa disposal update

The process to complete the sale of the Company’s South African Chrome and PGM Operations continues after shareholders approved the transaction on 28 August 2025. The Company has now received the first tranche of the sale consideration of US$15 million. In addition, the Company and the Purchaser have made detailed submissions to the South African Competition Commission. Follow up questions, meetings, and information requests with the Commission are ongoing. The last major condition precedent is audit related. This work is underway and progressing well, in parallel with the Company’s annual audit. Following completion of the sale, which is expected by the end of CY2025, the Company will be focused solely on its Zambian copper projects whilst retaining its investment in the Tjate platinum project in South Africa.

Zambia copper strategy update

The Three-Pillar Strategy places the Company on a pathway to reach ultimately its long-term strategic goal of 25,000 tonnes per annum (tpa) of copper units and become a comprehensive copper producer, encompassing exploration, mining, concentrating, and cathode refining capabilities. To this end, the Three-Pillar Strategy comprises three distinct business units:

The Company continues to realise value from certain legacy assets in Zambia. The funds realised from both the sale of non-core assets, along with those from the recent shareholder approved sale of Jubilee’s South Africa business, ensures a steady flow of non-dilutive capital which will allow the company to pursue its Three-Pillar Strategy in Zambia.

Leon Coetzer, Jubilee CEO, commented:

“Our Three-Pillar Strategy offers flexibility to our operations and supports a more robust business approach to withstand the in-Country risks while offering exciting growth opportunities for the Group.

Our Roan operation is performing to plan which at present is utilising approximately 30 000 tonnes per month of the installed 45 000 tonnes per month mill and float capacity to process previously mined materials grading at an average of 1.6% Cu. We hold the option to increase throughput further through both increased processing of historical tailings material and the introduction of the new Roan front-end. Implementation of these options will only be considered after the seasonal change expected during the upcoming rainy season.

Meanwhile, discussions on the Mining Joint Venture at the Molefe Mine (formerly Munkoyo) are progressing and have highlighted the potential of this exciting project.  We have secured vast grounds surrounding the initial mining permit which we look forward to review in detail as part of our joint venture partnership.

The vast number of mining and metals companies as well as financial investors looking at the LWP reflects the exciting asset we have obtained and shows several different approaches that are possible. It will take another few months before we will know which strategy and funding routes are preferred.”