Wrap Text
Molefe Mine Update
Jubilee Metals Group PLC
Registration number: 4459850
AIM share code: JLP
AltX share code: JBL
ISIN: GB0031852162
(‘Jubilee’ or ‘the Company’ or ‘the Group’)
Dissemination of a Regulatory Announcement that contains inside information according to UK
Market Abuse Regulations. Not for release, publication or distribution in whole or in part in, into or
from any jurisdiction where to do so would constitute a violation of the relevant laws or regulations
of such jurisdiction.
Molefe Mine Update
Jubilee, the integrated copper producer and resource developer in Zambia, is pleased to report the
results of the completed Phase 2 drilling programme at its Molefe Mine. Phase 2 followed the initial
infill drilling and trenching programme (Phase 1) and was designed to test the eastern continuation of
the mineralised structure and identify suitable locations for planned mine infrastructure (including
modular processing plants, waste rock dump area and roads). The drilling was undertaken by Galileo
Resources plc (AIM: GLR) (Galileo) under the co-operation and project development agreement
announced on 28 November 2025.
Highlights
- 9 holes totalling 552.6m tested continuity and mineralisation tenor with the balance of 14
holes totalling 1,298.9m being drilled for purposes of identifying locations for infrastructure
that avoided sterilising potential future copper mining areas (condemnation)
- Peak intercepts included Hole MNKDD021 which returned 2.97% TCu (total copper) over
3.10m, Hole MNKDD027 which returned 1.24% TCu over 10.5m and Hole MNKDD029 which
returned 1.51% TCu over 12.5m
- Drilling confirmed continuity and increased the strike length of mineralisation by
approximately 380m in an easterly direction from 930m to an updated estimate of 1,310m
- A mine development plan and schedule have been provided to Jubilee for consideration
supported by the condemnation drilling
- An updated in-house developed mine schedule has been provided to Jubilee targeting an
oxide copper reef of approximately 1 million tonnes at grades of at least 1.30% TCu, including
approximately 240 000 tonnes at 1.45% TCu in the immediately targeted pits 2 and 3. The
updated mine schedule incorporates both the additional drilling results as well as in-pit
sampling of more than 400 samples from the operating mine. The drilling results together with
the in-pit sampling is specifically focussed at supporting the mining schedule and does not
represent any resource estimate under any standard
- The eastern continuation has not been included in the in-house resource estimate. The
updated resource calculation, incorporating the Phase 2 drilling results, is targeted for
completion by the end of CY2026
- Improved understanding of the orientation and projected continuation of the mineralised
structure, supporting the exploration rationale for additional properties secured by Jubilee in
the surrounding area and in refining future exploration targets
- The current drilling programme and in-house resource estimate cover only approximately 400
hectares, compared with more than 12,200 hectares of exploration ground to the east alone
(less than 5%), highlighting the scale of Jubilee and its partners’ wider exploration opportunity
Statement from Leon Coetzer, Jubilee CEO:
“The Phase 2 drilling results at Molefe are encouraging and confirm the further expansion potential of
the Molefe mining operations, with multiple significant copper intersections, including both high-grade
and wider mineralised intercepts. Of note is the shallow depth at which the copper intersections are
recorded.
These results will now be incorporated into the Molefe Mine’s geological model and mine planning as
the partners continue to evaluate the wider resource potential at Molefe and advance its development
as a core component of Jubilee’s integrated mine-to-metals strategy in Zambia.
Importantly, the current drilling programme and in-house resource estimate cover only approximately
400 hectares, compared with more than 12,200 hectares of exploration ground to the east alone. The
tonnes referred to in this announcement therefore represent only a small part of the broader
exploration opportunity. Our ambition is to identify and develop multiple Molefe-style mining
operations across this expanded area, supporting Jubilee’s transition into a resource-backed mining
company underpinned by its established processing capability.”
Molefe Mine – Phase 2 drilling programme
The Phase 2 drilling programme at the Molefe Mine forms part of Jubilee's ongoing work to further
define the Molefe orebody and assess the potential extension of mineralisation beyond the areas
incorporated into the current mine plan.
The Phase 2 drilling programme returned encouraging copper intersections across multiple boreholes,
including a high-grade intercept of 3.10 metres at 2.97% total copper (TCu). Wider mineralised
intersections included 12.5 metres at 1.51% TCu, 10.5 metres at 1.24% TCu and 13.0 metres at 0.87%
TCu. Future drill campaigns will target narrower drill spacing in identified mining areas to improve the
accuracy of the mine plan and may include new licence areas secured by Jubilee.
Table 1: Highlighted Drill Results – Mineralised Intercepts Molefe Mine
Borehole ID From (m) To (m) Mineralised Grade (TCu %)2
Width (m)1
MNKDD021 57.6 60.7 3.10 2.97
MNKDD024 22.0 35.0 13.0 0.87
MNKDD025 64.0 71.0 7.00 0.57
MNKDD026 18.3 26.0 7.70 0.45
MNKDD027 12.5 23.0 10.5 1.24
MNKDD029 26.4 38.9 12.5 1.51
MNKDD030 49.0 54.0 5.00 0.42
MNKDD033 9.30 20.4 11.1 0.84
1: Minimum mineralised width for estimation purposes of 3.0m
2: Cut-off grade 0.4% TCu (total copper).
The results will be incorporated into Jubilee's geological model and ongoing mine planning as the
Company continues to expand the Molefe Mine and evaluate its wider resource potential. The drilling
programme forms part of Jubilee's broader strategy to develop Molefe as a key mining operation
supplying its established processing footprint in Zambia.
Table 2: Continuity and Extension Drilling – Molefe
Hole ID EOH From (m) To (m) Width (m) Grade (% TCu)
MNKDD021 100.1 57.6 60.7 3.10 2.97
MNKDD024 52 22 35 13.00 0.87
MNKDD025 86 64 71 7.00 0.57
MNKDD026 55 18.3 26 7.70 0.45
And 29.05 36 6.95 0.74
MNKDD027 54.8 12.5 23 10.50 1.24
MNKDD029 56.7 26.4 38.9 12.50 1.51
MNKDD030 85.4 49 54 5.00 0.42
MNKDD033 62.6 9.3 20.4 11.10 0.84
1: EOH refers to the final drilled depth of the hole and does not represent the width of mineralisation.
Table 3: Condemnation Drilling – Molefe
Hole ID EOH
MNKDD018 50.1
MNKDD019 100.1
MNKDD020 100.1
MNKDD022 119.1
MNKDD023 70
MNKDD028 62
MNKDD031 60
MNKDD032 44.2
MNKDD034 83.3
MNKDD035 61.3
MNKDD036 100.2
MNKDD037 206.2
MNKDD038 92.1
MNKDD039 150.2
The drilling has improved the understanding of the orientation and projected continuation of the
mineralised structure. This supports the exploration rationale for additional properties secured by
Jubilee in the surrounding area and will assist in refining future exploration targets. Further
exploration is required to determine whether the Molefe mineralisation extends onto these
properties.
Qualified Person
Galileo has been appointed, under the partnership agreement for the Molefe Mine project, as the
responsible party for the development of the mine plan and resource definition and as such has
appointed Colin Bird as the qualified person.
The technical information contained in this announcement has been reviewed, verified, and approved
by Colin Bird, C. Eng, FIMMM, South African and UK Certified Mine Manager and Director of Galileo,
with more than 40 years’ experience mainly in hard rock mining.
29 October 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 78 286 9556
About Jubilee Metals Group
Jubilee Metals, listed on AIM and the AltX of the JSE, is a copper producer and resource developer
focused on building a world-class integrated copper business in Zambia. The Company’s strategy is
built around three core pillars: the processing of third-party copper feedstock, principally through its
Roan Concentrator; the Sable Refinery as the Group’s central refining platform; and the development
of Jubilee-controlled mining assets and exploration opportunities.
Together, these three pillars support Jubilee’s evolution from a predominantly third-party processor
into an integrated copper mining, processing and refining company. The strategy is focused on
leveraging Jubilee’s established processing and refining infrastructure while progressively increasing
its exposure to controlled copper resources, with a disciplined approach to capital deployment and a
focus on maximising returns from existing infrastructure.
As Jubilee advances its mining, exploration and resource development programmes, the Group is
focused on building a resource-backed production platform capable of supporting scalable, long-term
copper growth.
For further information, please visit www.jubileemetalsgroup.com and follow Jubilee on X at
@Jubilee_Metals
Date: 29/10/2026 11:30:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
Sharenet Sites 
