Exercise of Warrants and Options

Altx share code: JBL

Jubilee Metals Group PLC

("Jubilee" or "the Company" or "the Group")

Exercise of Warrants and Options

Jubilee, a leading diversified metals processor in Africa with significant operations in South Africa and Zambia, is announcing that it has received notification from a warrant holder to exercise 3 068 740 existing warrants in the issued share capital of Jubilee ("the Warrant Shares") at a price of 4 pence per Warrant Share. The exercise of Warrant Shares amounts, in aggregate, to a cash value of £0.12 million.

The Company also announces the issue of 4 000 000 new ordinary shares following the exercise of options (the "Option Shares"). The Option Shares have been exercised at an average price of 5 pence per Option Share.

The new Warrant and Option Shares represent 0.24% of the total issued capital of the Company.

Admission and Total Voting Rights

The Warrant Shares and Option Shares are expected to be admitted to trading on AIM and listed on the Altx of the JSE Limited on or about 7 June 2024 ("Admission") and will rank pari passu with the ordinary shares of the Company in issue.

The Company's total issued capital, after the issue of the Option and Warrant Shares, will be 2 990 562 357 ordinary shares. As the Company does not hold any shares in treasury, this figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company following Admission.

United Kingdom