Announcement • Jun 09

Jubilee Metals Group Provides Operational Update on Molefe Mine and Reports Progress on Mine-To-Metals Copper Strategy

Jubilee Metals Group provided an operational update on the Molefe Mine in Zambia as part of its integrated mine-to-metals copper strategy. 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 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. The next development phase will focus on on-site ore sorting and processing to support better segregation of high-grade ore with improved copper recovery and overall project economics, and 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 Fourth Quarter calendar year 2026, subject to the timely receipt of assay results. The Molefe Mine 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 high-grade ROM to in excess of 30,000t per quarter of high-grade copper 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 high-grade 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 Fourth Quarter calendar year 2026, subject to the timely receipt of assay results.

Announcement • Jun 04

Jubilee Metals Group PLC Provides Operational Update on Roan Concentrator Following Maintenance and Upgrades

Jubilee Metals Group PLC provided 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. 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. The company expects 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.

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Jubilee Metals Group Provides Operational Update on Molefe Mine and Reports Progress on Mine-To-Metals Copper Strategy

Jubilee Metals Group PLC Provides Operational Update on Roan Concentrator Following Maintenance and Upgrades

Jubilee Metals Group PLC announced that it expects to receive $1.5 million in funding from Capstone Copper Corp.

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