Zambia Progress Update

Altx share code: JBL

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

Zambia Progress Update

Jubilee, a diversified metals producer with operations in South Africa and Zambia, announces it is at the advanced stages on concluding the trials of the processing of various high grade copper ores, as announced on 6 February 2025, at its Roan Concentrator (Roan). The results from these trials will be used to select material for a targeted long-term supply agreement. The finalisation of the trials on the various types of high-grade materials will be completed over the coming two weeks which is critical to the selection of the optimal mix of high-grade copper material. To date, the initial results have confirmed the potential for Roan to maintain a significant increase in copper production rate on the high-grade copper material which supports the decision to migrate Roan onto this high-grade material from initially dedicating the capacity to the processing of copper tailings.

The various mineralogical compositions of the different materials required circuit adjustments to Roan to optimally process each material. The final results from the trials have consequently been slightly delayed. There remain two further material compositions that will be trialled over the coming two weeks to complete the selection of the source material for a targeted long-term supply agreement.

The ramp-up of the Munkoyo Open-Pit mine operations remains on target to achieve 8 500tpm of high-grade ROM exceeding 2% copper (equating to 170tpm) with a further 75 000tpm of lower grade ROM stockpiled at the operations. In addition, the recently announced trading of 10Mt from the estimated 260Mt of material in Jubilee's Large Waste Project has commenced with first payments received.

Statement from Leon Coetzer, Jubilee CEO:

"To date, these trials have vindicated our decision to prioritise the processing of the high-grade copper material. Over the past six weeks, four material types of varying grades and composition of copper within the overall 6Mt of high-grade, previously mined material have been processed at Roan. Each material type has shown a unique property that requires a dedicated processing configuration at Roan with varying metallurgical performance.

The trials have been delayed slightly by the in-circuit adjustments to Roan, required to optimally process the various compositions of materials. The early results have already confirmed the potential for a significant and sustained improvement in copper production from Roan, while the ramp up at the Company's Munkoyo mining operations remains on track to reach the 8 500 tpm of high-grade ROM."

Jubilee Metals Group PLC

Leon Coetzer (CEO)/Jonathan Morley-Kirk (FD)

Nominated Adviser - SPARK Advisory Partners Limited

Andrew Emmott/James Keeshan

PR & IR Adviser - Tavistock

Jos Simson/Gareth Tredway

Joint Broker - RBC Capital Markets

Farid Dadashev/Jamil Miah

Tel +44 (0) 20 7653 4000

Joint Broker - Zeus Capital

Harry Ansell/Katy Mitchell

JSE Sponsor - Questco Corporate Advisory Proprietary Limited

Alison McLaren