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Implementation of Mine Plan at Molefe to Support Stable Production and Growth
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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Implementation of Mine Plan at Molefe to Support Stable Production and Growth
Jubilee, the integrated copper producer and resource developer in Zambia, is pleased to announce the
updated near term mine plan of its Molefe Mine following the recent results from the Phase 1 drilling
and trenching programme.
Key updates to the near term mine plan
• Connecting Pit 2 and 3 to form an enlarged open-pit mine allowing for an increased mining rate
• Investment into approximately 4 months' development work to further enlarge pit area and connect
the two pits which includes the removal of approximately 400 000t of overburden material
• Once complete, the mining rate of the copper reef increases to 60 000t per quarter (from the
current capacity of 15 000t per quarter) post completion of the combined Pit 2 and 3, at an average
stripping ratio of 6:1 (bcm:bcm), equivalent to six bank cubic metres of waste per bank cubic metre
of ore
• This is achieved by widening the targeted copper reef zone to deliver an average copper grade of
approximate 1.4% TCu to surface, prior to applying targeted ROM sorting to classify the reef into
high-grade and medium-grade stockpiles
• High-grade ore will be trucked to Sable refinery for direct leaching with the medium-grade stockpile
targeted for on-site processing prior to refining at Sable refinery
• Phase 2 drilling programme, commencing soon will target the further definition of the eastern
extension beyond the current Pit 1 based on the early results from the Phase 1 drilling programme,
which confirmed the existence of a significant extended copper mineralisation
Statement from Leon Coetzer, Chief Executive Officer:
"This marks another important milestone in Jubilee's transition towards becoming a resource-backed
copper producer, with the implementation of a structured mine plan at Molefe providing a clear pathway
to sustainable and scalable production. Operations at Molefe Mine continue to perform well and expand
whilst we have simultaneously prioritised resource development. This plan reflects a disciplined
approach to balancing production with long-term value creation.
The integration of Pit 2 and 3, together with an accelerated stripping programme, positions the operation
to deliver a stable and consistent feed to our Sable Refinery. By prioritising the direct processing of
high-grade material while upgrading medium-grade ore on-site, we are accelerating cash generation
and maximising value from the resource.
Importantly, our focus now extends to unlocking the full potential of the Molefe Project. Drilling of the
eastern extension is the immediate focus of the Phase 2 programme, with the objective of progressing
this area into construction and first production within the next 12 months. This represents a key step in
expanding the scale of operations and extending the life of the project. We believe this phased
development approach strengthens our ability to deliver reliable copper production while building a long-
term, resource-driven growth platform in Zambia."
Overview
The mine plan follows a period of exploratory drilling and evaluation of in-pit sampling and trenching
and is designed to support the delivery of a consistent supply of ore to the Sable refinery while
advancing the long-term development of the project. Recent drilling results have supported the
integration of Pit 2 and 3 into a single, larger open pit. This allows for an accelerated stripping and
pushback programme, improving mining efficiencies and access to the targeted copper reef. The initial
phase of the mine plan is focused on establishing a stable production profile, targeting ore delivery in
excess of 15 000tpm to the Sable Refinery at a more consistent grade and at a sustainable unit cost
per tonne. 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. This will be
supported by the introduction of automated ore sorting on site allowing for the efficient classification of
mined material. High-grade ore will be transported directly to the Sable refinery for immediate
processing while medium-grade material will be treated on-site using an acid curing process to enhance
copper solubility and overall recovery. This integrated strategy is designed to maximise resource
utilisation, improve efficiencies and accelerate the conversion of mined material into revenue.
Importantly, the next phase of development which will commence with the Phase 2 drilling programme,
is focused on the eastern extension of the resource with the objective of progressing this area into
construction and thereafter production within the next 12 months. This supports the continued
expansion of the resource base, with further drilling expected to extend mineralisation along strike and
increase the overall mine life. The Company believes this phased approach balances near-term
production delivery with longer-term growth, positioning Molefe Mine as a reliable and scalable source
of copper feed to its Zambian processing operations.
Near term upgraded mine plan for Molefe Mine
Mine Plan implementation timeline
Month Month Month Month
1-3 4-6 7-9 10-12
WASTE BCM (wet) bcm* 352230 310014 236360 99377
ORE BCM (wet) bcm 7791 50006 50000 50000
Total Cu Ore BCM (dry) bcm 5843 37504 37500 37500
ORE Tonnes (dry) tonnes 9349 60007 60000 60000
Total Cu Grade % 0.9 1.3 1.4 1.6
Contained Cu mined tonnes 88 758 842 944
STRIPPING RATIO bcm:bcm 6:1 average across period
(bcm:bcm)
*Bank Cubic Metres (in-situ volume) – reflects waste to ore movement
The technical information contained in this announcement has been reviewed, verified, and approved
by Colin Bird, Chartered Engineer (CC.ENG), Fellow of The Institute of Materials, Minerals & Mining
(FIMMM), South African and UK Certified Mine Manager with more than 40 years' experience primarily
in underground and open cast mining. He has managed both base metal and gold operations on a
global basis.
31 March 2026
For more information contact:
Jubilee Metals Group PLC
Leon Coetzer (CEO)/Jonathan Morley-Kirk (FD)
Tel: +27 (0) 11 465 1913 / Tel: +44 (0) 7797 775546
Nominated Adviser - SPARK Advisory Partners Limited
Andrew Emmott/James Keeshan
Tel: +44 (0) 20 3368 3555
PR & IR Adviser - Tavistock
Jos Simson/Gareth Tredway
Tel: +44 (0) 207 920 3150
Joint Broker - Zeus Capital
Harry Ansell/Katy Mitchell
Tel: +44 (0) 20 7220 1670/+44 (0) 113 394 6618
Joint Broker - Shard Capital Partners LLP
Erik Woolgar/Gareth Burchell
Tel +44 (0) 207 1869900
JSE Sponsor - Questco Corporate Advisory Proprietary Limited
Alison McLaren
Tel: +27 63 482 3802
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 more information, please visit www.jubileemetalsgroup.com and follow Jubilee on X at
@Jubilee_Metals
Date: 31-03-2026 08:00:00
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