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.

Jubilee Metals Group PLC Stock Price

JLP Share Price Performance

JLP Community Narratives

South African, Zambian Risks Will Persist Yet Recovery Will Emerge

Zambia Waste And South Africa Chrome Projects Will Boost Mining

Clean Energy Trends Will Drive Mining And Recycling In Africa

Zambia Waste And South Africa Chrome Projects Will Boost Mining

South African, Zambian Risks Will Persist Yet Recovery Will Emerge

Clean Energy Trends Will Drive Mining And Recycling In Africa

Trending Discussion

Recently Updated Narratives

JLP: Copper Expansion From Molefe And Roan Will Drive Future Upside

South African, Zambian Risks Will Persist Yet Recovery Will Emerge

Clean Energy Trends Will Drive Mining And Recycling In Africa

Snowflake Analysis

Jubilee Metals Group PLC Key Details

About JLP

Recent JLP News & Updates

Less than half of directors are independent

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

Recent updates

Jubilee Metals Group PLC Competitors

Andrada Mining

Castings

Cornish Metals

Atlantic Lithium