Zambia Operations Update and Exercise of Options

Altx share code: JBL

Jubilee Metals Group Plc

('Jubilee' or 'the Company' or 'the Group')

Zambia Power Concerns and Update on Large Waste Project

Exercise of Options

Zambian Power Concerns

Jubilee, a leading diversified metals processor in Africa with significant operations in South Africa and Zambia, announces that there has been a noticeable increase in the number of hours of production lost at its Roan facilities, in Zambia. These have been caused by unplanned power outages across the national grid including blackouts on the national power grid. There is no way of knowing at this point how long these outages will continue for. The Roan operations are more severely affected by these interruptions than the Sable refinery due to the supply of its private electricity across the national power grid. Munkoyo and Project G mining operations remain on target and unaffected by the power interruptions.

The Jubilee Team is liaising closely with Zambian officials to try to manage, as far as possible, the timings of outages and recommencements of power. This allows for some costs to be avoided.

Given the uncertainty of power supply at present there is uncertainty whether guidance production volumes will be met for Q2 FY2025. Further information will be provided in due course.

Large Waste Project

Jubilee is also pleased to provide a further update to its Large Waste Project containing in excess of 260 million tonnes of copper containing rock on surface.

Jubilee has successfully extended the due diligence period for the project to the end of January 2025. In addition, Jubilee was successful in securing significantly enhanced commercial terms for the outright acquisition of the Large Waste Rock Project. The total acquisition value of a 100% interest in the project has been reduced to US$18 million payable over 12 months to December 2025 (originally announced a target acquisition value of US$30 million) of which approximately US$11.5 million remains payable. Jubilee is on track to complete its final due diligence by end January 2025.

Exercise of Options

Jubilee also announces the issue of 2 706 667 new ordinary shares (Option Shares), following the exercise of options. The Option Shares have been exercised at a price of 1 pence per Option Share.

The Option Shares represent 0.09% of the enlarged issued capital of the Company.

Admission and total voting rights

The Option Shares are expected to be admitted to trading on AIM and listed on the Altx of the JSE Limited on or about 20 December 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 Shares, will be 3 013 865 822 ordinary shares. Given 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