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Molefe Mine Operational Update and Investor Presentation
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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Molefe Mine Operational Update and
Investor Presentation
Jubilee, the integrated copper producer and resource developer in Zambia, is pleased to provide an
operational update on the Molefe Mine in Zambia as part of its integrated mine-to-metals copper
strategy.
Highlights
- 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 (HG) 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
- Next development phase will focus on
o on-site ore sorting and processing to support better segregation of HG ore with
improved copper recovery and overall project economics; and
o 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 Q4 CY2026, subject to the timely receipt of assay results
- Molefe continues to validate Jubilee's scalable mine-to-metals copper growth strategy for
replication across Zambia
Statement from Leon Coetzer, Jubilee CEO:
"The recommencement of ROM deliveries from Molefe Mine to the Sable refinery marks a significant
milestone in the continued expansion of Jubilee's Zambia copper strategy and demonstrates the rapid
progress being achieved at Molefe Mine under the updated mine plan.
Molefe Mine is evolving into a cornerstone asset within our integrated mine-to-metals platform, with
the operation on track to achieve a meaningful step-up in production over the coming months. The
integration of Pits 2 and 3, together with the ongoing pre-strip programme, positions Molefe Mine to
support sustained growth while enhancing feed flexibility to the Sable refinery.
Importantly, Molefe Mine represents the first implementation of Jubilee's scalable copper growth
model in Zambia. Our strategy is to mine while we explore, expanding both production and the
resource base simultaneously. Through the addition of on-site ore sorting, future processing
capabilities and district-wide resource expansion, we are establishing a blueprint that we believe can
be replicated across multiple copper opportunities within the region."
Operational update
The Molefe Mine (Molefe) 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 HG ROM to in excess of 30 000t per quarter of HG Cu 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 HG 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 Q4
CY2026, subject to the timely receipt of assay results.
Investor Presentation
The Company will be hosting a live investor presentation on the Molefe Mine tomorrow, 10 June 2026,
at 14:00p.m. UK time, 15:00p.m. South Africa time, via the Investor Meet Company platform.
The presentation will provide investors with an overview of the Molefe Mine and its role within
Jubilee's integrated Zambia copper strategy, including recent operational progress, the updated mine
plan, production ramp-up milestones, ongoing drilling and resource development activities, and the
integration of the mine into the Sable refinery.
Investors can sign up to Investor Meet Company at no cost at https://bit.ly/3kT8Fb9. Investors who
already follow Jubilee Metals on the Investor Meet Company platform have automatically been
invited.
9 June 2026
For further 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 further information, please visit www.jubileemetalsgroup.com and follow Jubilee on X at
@Jubilee_Metals
Date: 09-06-2026 08:00:00
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