Financial report for 6 months to end-December 2025

Altx share code: JBL

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

Unaudited interim financial report for the six months ended 31 December 2025

Jubilee, the integrated copper producer and resource developer in Zambia, is pleased to announce its unaudited interim financial report for the six months ended 31 December 2025 (H1 FY2026).

Key Highlights

Safety

• Lost Time Frequency Injury Rate (LTFIR) of 0.23, an improvement from 0.65 in H1 FY2025

Operational

• Total saleable Cu units produced, including Roan, reached 1 543t (H1 FY2025: 1 419t) an increase of 8.7%

o Production at Roan for H1 FY2026 reached 1 246t (H1 FY2025: 457t) an increase of 172.8%*

• The upgraded Roan concentrator is fully operational targeting a throughput of 40 000tpm, from 30 000tpm currently, by end of Q4 FY2026
• Post the period end

o Settled the next stage payment towards the acquisition of the Large Waste Project of US$2.6 million leaving a balance of US$5.4 million (total acquisition value of US$18 million)

o Secured further high-grade run-of-mine (ROM) copper ore grading approximately 1.65% Cu to the value of US$1.8 million

o Roan's performance is further strengthened by the near completion of the concentrate dewatering system, which is expected to start treating stockpiled fines material in April 2026

§ The new concentrate thickening system for the fine copper concentrate which reduces the water content in the concentrate prior to the final new dewatering step, was brought into operation on the 26th of March 2026

§ Construction has been completed of the enlarged dewatering system with final mechanical checks currently underway targeting commissioning of the fully integrated system to commence on the 7th of April 2026

o Phase 1 infill drilling programme at Molefe Mine has confirmed the continuity of near-surface copper oxide mineralisation and consistency of grades with those incorporated in the expansion mine plan

§ Results continue to demonstrate shallow, copper oxide mineralisation suitable for processing at Jubilee's Sable Refinery with the expansion of the Molefe Mine remaining on track to achieve 8 500tpm of Cu ore delivered to Sable refinery by Q4 FY2026

o Phase 2 drilling programme commencing soon and undertaken by project partner, Galileo Resources Plc, targeting the eastern extension to determine the full extent of the mineralised zone

* References to % movements throughout this announcement are based on actual unrounded figures

Financial

• The average LME copper price for the period under review was US$10 439/t (H1 FY2025: US$9 193/t) reaching a high of US$13 952/t since the beginning of the 2026 financial year and currently at US$12 045/t
• Copper revenue increased by 70.5% to US$14.1 million (H1 FY2025: US$8.3 million)
• Copper gross profit increased by 847.6% to US$3.1 million (H1 FY2025: US$0.3 million)
• Copper gross profit margin of 21.8% (H1 FY2025: 3.9%)
• Copper EBITDA improved by 125.8% to US$0.2 million from a loss of US$0.8 million in H1 FY2025
• EBITDA from continuing operations improved by 169.3% to US$2.0 million (H1 FY2025: loss of US$2.9 million)
• Invested US$11.8 million in the expansion of its copper operations
• Net cash position of US$11.5 million at 31 December 2025 (30 June 2025: US$4.6 million)

o US$19 million cash received from the sale of the South African chrome and PGM operations (Disposal) (note 7)

• The Group's property, plant and equipment are unencumbered at the period end
• Post the period end

o US$6 million cash received from the Disposal (note 7)

o Reduced bank facilities by US$10.1 million (note 4)

Production Guidance

Copper production guidance for FY2026 in the range of 4 500t to 5 100t (FY2025 production: 2 211t) is under review to determine the extent of the impact of the below short-term factors:

• The seasonal rain at Molefe Mine which continues to hamper ore deliveries to Sable refinery. Extensive damage to road and bridge infrastructure is being addressed. Haulage of the high-grade Cu ore to Sable refinery has been reduced for safety reasons while upgrades to the road infrastructure is undertaken. Expect to return to full capacity during the month of April 2026
• The implementation of the upgraded mine plan for the Molefe Mine, that will result in a significant increase in sustained mining rates, will impact continued mining operations with a reduced mining rate only during the pre-stripping phase to connect Pit 2 and 3 which is over an expected 9-week period
• The commissioning and ramp-up of the expanded concentrate dewatering facilities at Roan has suffered a delay of 3 weeks to ensure the safety of the construction teams during heavy down pours. Commissioning of the fully integrated system and ramp-up is expected to commence during April 2026. The new concentrate facility is expected to contribute to an increase in the production of copper cathode at the Sable refinery in excess of 100 tonnes per month

Statement from Leon Coetzer, Chief Executive Officer:

"The first half of FY2026 was a defining period for Jubilee, with the successful completion of the disposal of our South African operations allowing the Company to now fully focus on our significant copper opportunity in Zambia. This transition strengthens the Group's balance sheet, simplifies the business and positions Jubilee to accelerate the delivery of its scalable, integrated copper strategy in Zambia.

Our Zambian operations have demonstrated improved operational progress, with production at the Roan concentrator increasing compared to the first half of 2025 which will further be supported by the soon to be completed concentrate dewatering system. Turning to Pillar 2 of our 3 Pillar strategy in Zambia, operations at the Molefe Mine continue to expand, with strong production during the period and ore successfully delivered to our Sable Refinery at attractive grades. Construction of the first phase on-site upgrade facility remains on track, with development preparations underway following site selection to enhance the proportion of mined ore delivered to Sable.

Importantly, we continue to transition from a processing-led model to a resource-backed mining business. I am particularly excited by the continued development of the Molefe Mine, supported by encouraging recent drilling results confirming the continuity of near-surface oxide mineralisation, which underpins our strategy to secure and define the resources feeding our operations. Further drilling is underway to define the full extent of the mineralised zone, with progress supporting the advancement of a formal resource estimate. This approach anchors our valuation in a defined asset base while supporting low-cost, scalable production growth.

The Large Waste Project further enhances this strategy, offering a substantial, long-life resource with the potential to deploy our proven modular processing solutions. Progressing partnership discussions to advance this project remains a key priority as we look to unlock its full value.

With a strengthened financial position, unencumbered core assets and a clear strategic direction, Jubilee is well positioned to continue delivering operational growth while establishing itself as an integrated copper producer underpinned by a defined and expanding resource base.

We are highly encouraged by the progress to date and the opportunities ahead for the remainder of FY2026 and beyond and will continue to update the market as key milestones are delivered."

Investor Call

Management will host an investor presentation at 11:00 a.m. (UK time) 12:00 p.m. (SA time) on 7 April 2026. 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. Please email any questions regarding the interim financial results ahead of the presentation to: cdrummond@jubileemetalsgroup.com

Update on South Africa

• The sale of Jubilee's chrome and PGM operations in South Africa (Disposal) was completed on 31 December 2025 (refer note 7 for more detail). The purchase consideration is receivable as follows:

o Cash consideration of US$25.0 million received as follows:

§ US$19.0 million cash received during the period under review

§ US$6.0 million cash received post the period under review (included in other financial assets - current)

Costs to sell amounted to US$1.3 million

o Deferred consideration receivable of up to US$65.0 million as follows:

• US$20.6 million included in other financial assets - current; and
• US$44.4 million included in other financial assets - non-current
• As part of the Disposal, the purchaser assumed c.US$56.8 million of loans and trade finance, which represents a substantial reduction in gearing and financing cost and will enable Jubilee to better manage its capital structure and financing strategy to support the continuing business in Zambia
• The cash payments received during and post the period under review, net of costs to sell, have together with existing resources and operating cash flows, been utilised to reduce existing bank facilities by US$10.1 million and to develop and implement Jubilee's copper strategy, more specifically the Molefe Operations, sustaining capital at Roan and Sable, securing ROM ore for Roan and developing the Large Waste Project

Operational and financial overview of South Africa for the six months to 31 December 2025

• Chrome concentrate production decreased by 17.5% to 804 227t (H1 FY2025: 974 659t) due mainly to the cessation of the OBB chrome ore supply contract at the end of Q4 FY2025 (equivalent to approximately 450 000tpa of chrome concentrate)
• Chrome revenue decreased by 12.7% to US$99.9 million (H1 FY2025: US$114.5 million) due mainly to a decrease in contracted chrome concentrate sales tonnes of 52.4%
• Chrome concentrate prices realised increased by 13.8% to US$127/t (H1 FY2025: US$111/t) due mainly to non-contract sales contributing to 63.2% of total chrome concentrate tonnes sold (40.7% in the comparative period)
• The average chrome CIF price reached US$272/t for H1 FY2026 compared to US$280/t in the comparative period, reaching US$299/t average for January and February 2026
• Chrome cost per tonne produced increased by 33.7% to US$133/t (H1 FY2025: US$99/t) mainly because of higher ore cost of non-contracted ROM feedstock
• The chrome margin decreased by 160.0% to a negative margin of 6.9% from a profit margin of 11.4% for the comparative period
• Chrome EBITDA decreased by 206.6% to a loss of US$14.4 million (H1 FY2025: earnings of US$13.5 million)
• PGM oz production decreased marginally to 18 259 oz (H1 FY2025: 18 435 oz) in line with a decrease in chrome concentrate production, confirming the interdependency of PGM and chrome concentrate production
• Despite a decrease in production, PGM revenue increased by 67.8% to US$31.5 million (H1 FY2025: US$18.7 million) mainly due to strong PGM prices during the period under review
• PGM prices realised increased by 69.5% to US$1 722/oz (H1 FY2025: US$1 016/oz)
• PGM cost per oz increased by 72.8% to US$1 066/oz (H1 FY2025: US$616/oz) due mainly to the profit share arrangements with ore suppliers

Operational review

The table below presents the unaudited operational production performance of Zambia for H1 FY2026:

* Cu tonnes produced are recorded in three products:

o Cu in oxide concentrate that is further refined to cathode at Sable Refinery

o Cu in sulphide concentrate which is sold directly into the market

o Cu in the oxide fines which are currently not delivered to Sable Refinery but stockpiled and awaiting the completion of the upgraded concentrate dewatering facility at Roan, scheduled to commence commissioning during April 2026. The oxide fines will be transported to Sable Refinery for further refining

** Includes Cu cathode produced at Sable Refinery and Cu sulphide concentrate produced at Roan and excludes all Cu units in oxide fines stockpiled at Roan

Pillar 1 - Processing of third-party copper feedstock - Roan Concentrator

Roan is on track for throughput of 40 000tpm by end of Q4 FY2026. Production at Roan reached 1 246t of Cu units for H1 FY2026, up 172.8% from H1 FY2025. This excludes the stockpiled Cu oxide fines at Roan. Post the period Jubilee secured further high-grade ROM grading 1.65% Cu to the value of US$1.8 million.

The stockpiled Cu oxide fines (482t of Cu units for H1 FY2026) will be processed and delivered to Sable Refinery upon commissioning of the new dewatering system and will provide additional Cu cathode production during Q4 FY2026.

Pillar 2 - Integrated mine-to-metals business: Sable Refinery and mining operations

Molefe Mine operations continued to perform well despite heavy rains during Q2 FY2026 which caused significant damage to road and bridge infrastructure in the surrounding area.

Operations continue to expand with 181 890t of Cu reef mined during H1 FY2026, of which 9 130t were transported to Sable Refinery at an average Cu grade of 1.84%. The remaining tonnes (already exceeding 2.3Mt) continue to be stockpiled at Molefe Mine for future on-site processing prior to refining at Sable Refinery. Construction of the first phase on-site upgrade facility remains on track. Following site selection, the Company is advancing development preparations to increase the proportion of mined ore delivered to Sable.

The Phase 1 infill drilling programme has confirmed the continuity of near-surface copper oxide mineralisation and consistency of grades, supporting the Molefe Mine's expansion programme and Jubilee's strategy of securing high-quality copper feed sources from owned resources to underpin its growing processing operations in Zambia.

Phase 2 of the expanded Molefe Mine resource drilling is currently under way, targeting the eastern extension to determine the full extent of the mineralised zone. Consistency of grades and thicknesses supports continuity of the mineralised zone and provides a strong foundation for the advancement of a formal resource estimate.

Results continue to demonstrate shallow, copper oxide mineralisation suitable for processing at Jubilee's Sable Refinery with the expansion of the Molefe Mine remaining on track to achieve 8 500tpm of Cu ore delivered to Sable refinery by Q4 FY2026.

Pillar 3 - Processing of surface stockpiles and tailings - Large Waste Project

The Company secured the exclusive rights to the Large Waste Project for a consideration of US$18 million. The next phase payment towards the acquisition of the Large Waste Project in the amount of US$2.6 million was settled post the period under review. The remaining balance of the consideration is US$5.4 million. The approximate, 240 million tonnes of surface material was formed by historical mining activity discarding the overburden rock. Jubilee has been developing separation techniques to pre-classify the surface material to produce a copper containing stream with a copper grade similar to the grade that is traditionally mined as copper reef in the area.

The scale of the project offers the opportunity to implement multiple processing modules. These modular processing units will adopt techniques similar to the development of Jubilee's successful modular chrome units in South Africa. It is estimated that one unit can produce an estimated 2 250tpa of copper units. Initially, it is intended that the modular units will produce saleable upgraded copper units which offers the potential for the project to generate early revenues from the sale of this material.

The successful agreement for the sale of material from the project during FY2025 to the value of US$6.75 million for a total quantity of 10Mt tonnes (4.2% of the total stockpile) demonstrating the inherent value of this exciting project.

The Company has progressed partnership discussions with two preferred counterparties, both established operators in Zambia, in respect of a potential joint venture to advance the Large Waste Project towards copper cathode production. These partnerships are expected to support the efficient development and monetisation of the project. The discussions are anticipated to be concluded by the end of FY2026.

Mufulira Slag Project update

The Company was awarded the tender to process the slag waste dumps, subject to agreeing commercial terms with the owner. At the Mufulira Slag Project, progress has been slower than anticipated following a recent change in the counterparty's ownership structure. The Company continues to pursue constructive engagement to advance discussions and unlock the project's broader community and economic benefits.

Financial overview

Exchange rates and their impact on results

Jubilee subsidiaries are incorporated in multiple jurisdictions including South Africa (ZAR), Zambia (ZMW), Mauritius (US$), the United Kingdom (£/GBP) and Australia (AUD). The Group's operating subsidiaries are in Zambia where revenue is invoiced in US$ and recorded in ZMW. Costs incurred in Zambia are in both ZMW and US$. The functional currency for Zambia is ZMW, while the Group's reporting currency is United States Dollars (US$).

Period-on-period changes in the currency rates, respectively, must be considered when comparing period-on-period results. The ZMW strengthened significantly against the US$ resulting in foreign exchange gains on translation of operations and higher period-on-period increases in costs. During the period under review, spot and average exchange rates moved as illustrated below.

Risks and opportunities

Jubilee's operations, together with external factors, expose the business to risks and opportunities that may affect its ability to deliver sustainable value for shareholders and other stakeholders. The Company has systems and processes in place to evaluate, manage and mitigate these risks carefully and proactively and to realise opportunities.

Revenue

Copper revenue increased by 70.5% to US$14.1 million (H1 FY2025 US$8.3 million) driven primarily by a 66.6% increase in realised copper prices and an 8.7% increase in copper production with improved operational performance and a higher proportion of saleable copper units contributing to enhanced revenue conversion and margins.

Cost of production

Copper cost per tonne increased by 35.6% to US$8 062/t (H1 FY2025: US$5 948/t). Cost of production increased by 38.7% to US$11.0 million (H1 FY2025: US$7.9 million). The Zambian Kwacha strengthened against the US$ by 12.3% on average during the period under review accounting for a portion of the increased costs for the period under review. The main components of cost of production are as follows:

• Electricity costs increased by 16.9% to US$1.1 million (H1 FY2025: US$0.9 million) due mainly to an increase in electricity unit cost of 85.3% from US$8.5 cents/kW to US$15.75 cents/kW during the period under review
• Salaries and wages increased by 26.7% to US$1.7 million (H1 FY2025: US$1.3 million) due mainly to increased shifts and overtime worked during the period under review
• Processing costs increased by 105.1% to US$3.4 million (H1 FY2025: US$1.6 million) (contributing to 30.5% of total cost of production). The increase is due mainly to increased cost of acid and reagents (80% increase) as well as increased consumption of acid and reagents required to treat specific ore types during the period under review
• ROM ore cost increased by 20.8% to US$4.9 million (H1 FY2025: US$4.1 million) (contributing to 44.6% of total cost of production) in line with the increase in copper prices. ROM ore cost furthermore increased as a result of a 126.4% increase in the ROM processed at Roan

Operating costs

Operating expenses increased by 68.5% to US$7.3 million (H1 FY2025: US$4.3 million). The Zambian Kwacha strengthened against the United States Dollar by 12.3% on average during the period under review resulting in higher period-on-period costs. The increase in operating expenses was further due mainly to:

• An increase in depreciation and amortisation of 26.9% to US$2.9 million (H1 FY2025: US$2.3 million) due mainly to the commencement of depreciation on the Roan concentrator
• A write off, of historical VAT claims disallowed in the amount of US$1.8 million

Finance cost

Finance cost increased by 55.2% to US$2.9 million (H1 FY2025: US$1.9 million). The increase is due mainly to increased working capital facilities to secure ROM feed.

Loss after tax

Loss after tax from continuing operations increased by 20.8% to US$4.7 million from US$3.9 million due mainly to:

• A deferred tax charge of US$3.1 million from the prior period as follows:

o US$1.6 million deferred tax charge on the disposal of intangible assets relating directly to the Disposal; and

o deferred tax movements on temporary differences in Zambia in the amount of US$1.1 million resulting from unrealised foreign exchange gains

EBITDA

The table below sets out the EBITDA for the continuing and discontinued operations for the 6 months to 31 December 2025:

H1 FY2026

* Chrome loss of US$14.4 million and PGM earnings of US$20.5 million

H1 FY2025

* Chrome earnings of US$13.5 million and PGM earnings of US$3.0 million

FY2025

Capital expenditure

During the period under review, the Group invested US$11.8 million (H1 FY2025: US$7.1 million) in the expansion of its copper operations as follows:

• US$5.3 million of commissioning and metallurgic testing costs were capitalised during the period under review, in the trialling and testing of the upgraded Roan plant to confirm the commercial readiness of the plant using different types of ore material. During December 2025, the Company concluded a commercial agreement for the supply of copper ore to Roan
• US$4.5 million paid for the future transfer of a property and a mineral processing license to Sable Zinc Kabwe (Sable), a subsidiary of the Company, pursuant to an agreement with ShamRock Mining Limited. The property and the mineral processing license will be recognised as assets once legal title transfers to Sable
• US$2.0 million of mine development and mining costs capitalised on the Molefe Mining operations

Cash and debt facilities

The Group had cash and cash equivalents of US$11.5 million (30 June 2025: US$4.6 million) and net debt of US$8.0 million (30 June 2025: US$15.9 million).

Sustainability

During the period under review, the Company strengthened its Environmental, Social, and Governance (ESG) performance as a core component of its operational strategy and long-term value creation. Operating within Zambia's mining and processing sector, the Company recognises the increasing importance of responsible resource management, stakeholder engagement, and transparent governance in maintaining its social license to operate and meeting both regulatory and international expectations.

The Company recorded a significant improvement in its Lost Time Injury Frequency Rate (LTIFR), achieving a rate of 0.23 for the period under review, compared to 0.65 in the previous reporting period. This notable reduction demonstrates the effectiveness of enhanced safety interventions, increased workforce awareness, and a stronger emphasis on hazard identification and incident prevention. Key initiatives included strengthening safety management systems, conducting regular audits and inspections, and fostering a culture where employees are empowered to report hazards and near misses without hesitation.

Jubilee's operations are highly dependent on a stable and reliable power supply to sustain continuous processing and production activities. Currently, electricity is primarily sourced from the national grid, supplied by a local power utility, which is largely dependent on hydropower generation. While this energy source offers a relatively low-carbon advantage, it is increasingly vulnerable to climate variability, particularly drought conditions that affect water levels and result in load shedding and supply instability. Improving energy efficiency across the Zambian operations remains a critical priority. Implementing energy management systems, optimising processing technologies, and adopting energy-efficient equipment is an attempt to significantly reduce energy intensity and operational costs.

Jubilee aims to reduce the carbon intensity of its operations by 25% across Scope 1 and Scope 2 (GHG) emissions over the next 10 years, using 2025 as the base year. This target will be supported by committed investment and measurable implementation milestones.

With the goal of adopting a structured, community-focused approach that aligns with the United Nations Sustainable Development Goals (SDGs) and by integrating Corporate Social Responsibility (CSR) into our core business strategy, the Company has continued to deliver meaningful socio-economic benefits to host communities while enhancing its ESG performance. Jubilee continues to contribute to sustainable community development through local job creation and skills transfer, investment in water and sanitation infrastructure, support for women empowerment through SME initiatives, and the development of community infrastructure to improve access to essential services and drive inclusive economic growth. In the period under review, key CSR initiatives included:

• Job creation: promoting local employment through our operations, prioritising hiring from surrounding communities to reduce unemployment, improve household incomes, and support skills development through hands-on work experience
• Water and sanitation: invested in borehole projects to provide reliable access to clean water, improving community health and resilience, reducing reliance on unsafe sources, and enabling local economic activities, including small-scale farming and business development
• Women empowerment through SME projects: supported women empowerment by promoting SME initiatives that provide training, financial support, and entrepreneurial opportunities, enabling women to build sustainable businesses, improve household welfare, and strengthen local economies

Infrastructure developments: invested in community infrastructure, including bridges, schools, and health facilities, to improve access to essential services, facilitate trade, and support broader economic and social development

United Kingdom

Group statements of financial position as at 31 December 2025

Group statements of changes in equity as at 31 December 2025

§ The foreign currency translation reserve includes all differences arising from the translation of financial statements of foreign operations. These differences result from using the closing exchange rate at the end of the financial year for the statement of financial position and the average exchange rate during the financial year for statement of comprehensive income.

§ The share-based payment reserve is the value of equity-settled share-based payment transactions. This reserve accounts for the share retention incentives granted, recognised over the vesting period of the related share-based payment awards. The value within this reserve represents the cumulative expense recognised in the financial statements for share-based payments that are settled through equity issuance.

§ Non-controlling interest is the difference between the carrying amount of non-controlling interests and the consideration paid or received for transactions involving non-controlling interests, provided these transactions do not result in a loss of control over the subsidiary.

Group statements of cash flow for the six months ended 31 December 2025

NOTES TO THE UNAUDITED INTERIM RESULTS

Basis of preparation

The Group's unaudited interim results for the six months ended 31 December 2025 have been prepared using the accounting policies applied by the Company in compiling its 30 June 2025 annual financial statements which are in accordance with:

• International Accounting Standards (IAS), issued by the International Accounting Standards Board as adopted for use in the European Union (International Financial Reporting Standards (IFRS) and UK- adopted international accounting standards
• South African Institute of Chartered Accountants (SAICA) Financial Reporting Guides as issued by the Accounting Practices Committee, IAS 34: Interim Financial Reporting
• Alternative Investment Market (AIM) rules of the London Stock Exchange
• Companies Act 2006 (UK)
• Listings Requirements of the JSE Limited (JSE)

This condensed consolidated interim financial report does not include all notes of the type included normally in an annual financial report. Accordingly, this report is to be read in conjunction with the integrated annual report for the year ended 30 June 2025 and any public announcements by Jubilee. All monetary information is presented in the presentation currency of the Company being United States Dollars. The Group's principal accounting policies and assumptions have been applied consistently over the current and prior comparative financial periods. The financial information for the year ended 30 June 2025 contained in this interim report does not constitute statutory accounts as defined by section 435 of the Companies Act 2006. A copy of the statutory accounts for that year has been delivered to the Registrar of Companies. The auditor's report on those accounts was unqualified and did not contain a statement under section 498(2)-(3) of the Companies Act 2006.

Per share information

Basic earnings per share is calculated by dividing the profit for the period attributable to equity holders of the parent by the weighted average number of ordinary shares outstanding during the period.

Refer to note 6 for details of shares issued post the period under review.

Dividend per share

No dividends were declared during the period under review (H1 FY2025: Nil).

Banking Facilities

4.1 Net debt and liabilities from financing activities

Net debt

At the period-end, Jubilee had a revolving credit facility with Absa Bank (Mauritius) Limited in the amount of US$7.5 million. The RCF is secured by a Parent corporate guarantee, with no pledge and subordination from Jubilee, including all shareholder loan claims and related rights. The RCF is available until 30 April 2026 when it will be reviewed and renewed. The RCF bears interest at the daily compounded JIBAR plus a margin of 2.3%. The facility is used to fund working capital requirements for Jubilee's Zambian copper operations. The facility was fully drawn at the period end. Interest in an amount of US$0.4 million (H1 FY2025: US$0.3 million) was recognised in profit or loss for the period under review.

At the period end Jubilee had a general banking facility agreement (GBF) with FirstRand Bank Limited of US$11 million subject to terms and conditions normal for this type of facility. The GBF was settled in full post the period under review. Interest of US$0.4 million (H1 FY2025: US$0.4 million) on the demand overdraft facility was recognised in profit or loss for the period under review. At the period end, the total GBF was subject to a guarantee in favour of FirstRand Bank Limited by Jubilee. Interest was payable at FirstRand Bank Limited's prime overdraft rate minus 45 basis points.

Business segments

The Group presents segments for the period under review as follow:

• Copper - production of copper and sale of non-core waste assets
• Other - PGM exploration asset and corporate overheads

In the prior period and for the 2025 financial year, the Group presented segments for continuing operations and for discontinued operations. In the current period segments are presented only for the continuing operations. There is no difference between the accounting policies applied in the segment reporting and those applied in the Group interim financial statements.

Segment report for the six months ended 31 December 2025

Segment report for the six months ended 31 December 2024

Share capital

The share capital of the Company is divided into an unlimited number of ordinary shares of £0.01 each.

The Company did not issue any shares during the period under review. The Company issued the following ordinary shares post the period under review:

• Non-current assets held for sale and discontinued operations

On 7 August 2025, the Company executed a sale and purchase agreement (SPA), in terms of which One Chrome acquired the Company's chrome and PGM Operations (Disposal). In view of the size of the Disposal Group relative to the size of the Company, the Disposal constituted a fundamental change of business for the Company in accordance with AIM Rule 15 requiring that the Disposal be approved by Jubilee shareholders. The Disposal was approved by shareholders on 28 August 2025.

On Friday 14 November 2025 the Company received unconditional approval for the Disposal from the South African Competition Tribunal. The Disposal was completed on 31 December 2025 and all suspensive conditions to the Disposal were met. The results from the discontinued operations are reported in accordance with IFRS5: Non-current Assets Held for Sale and Discontinued Operations. The Company is presenting the results of the Disposal in accordance with IFRS 5: Non-current assets held for sale and discontinued operations (IFRS 5).

In accordance with IFRS 5, the results for the previous financial period which ended on 31 December 2024 (H1 FY2025) are re-presented for the Group statements of comprehensive income as if the Disposal took place in FY2025. As a result, income statements for the Group for both H1 FY2025 and H1 FY2026 financial periods are reported on for continuing operations only with the results from the Disposal Group presented as one line item.

The Group statement of financial position and cash flows for the comparative period (H1 FY2025) are not re-presented. The assets and liabilities of the Disposal Group are presented on separate line items on the face of the Group statements of financial position for the current financial period only (H1 FY2026).

The operating results from the discontinued operations for the 6 months to 31 December 2025 are presented as follows:

Assessment of the carrying value of assets held for sale at 30 June 2025 and at 31 December 2025 upon completion of the Disposal. The table below sets out the calculation of the fair value adjustment required in terms of IFRS5:

The profit on disposal of non-current assets held for sale is presented as follows:

The Purchase Consideration will be settled by the Purchaser as follows:

cash payments of US$25 million payable as follows:

¡ an Advance Payment of US$15 million on the Signature Date (received); and

¡ US$10 million no later than two Business Days after the Completion Date (received).

• Deferred Payments of up to US$50 million are payable as follows:

¡ a minimum deferred payment of US$15 million shall be paid by no later than the first anniversary of the Completion Date; and

¡ further minimum deferred payments of US$10 million shall be made on or before each subsequent anniversary of the Completion Date, until the maximum deferred payments of US$50 million have been settled in full, with the minimum deferred payments determined with reference to the ZAR:US$ exchange rate and quantity of chrome concentrate tonnes. Such minimum deferred payments will be increased by US$5/t for all chrome production exceeding 1.5Mt per annum and by US$70/oz for all PGM production exceeding 36,000 oz per annum. At 1.6Mt of chrome production and 36,000 oz of PGM production the deferred payments could be received in just over 4 years; and

• a minimum Royalty payment of US$12 million up to a maximum of US$15 million subject to the fulfilment of certain royalty related conditions.
• Going concern

The Group interim financial statements have been prepared on the going concern basis, which contemplates continuity of normal business activities and the realisation of assets and discharge of liabilities in the normal course of business. The Directors have performed an assessment of whether the Group would be able to continue as a going concern for at least twelve months from 31 December 2025.

The Group reported a loss for the period from continuing operations of US$4.7 million (H1 FY2025: loss of US$3.9 million) and a loss from discontinued operations of US$4.5 million (H1 FY2025: profit of US$6.4 million). The group loss for the period was US$9.3 million (H1 FY2025: profit of US$2.5 million). At the period end, the Group had cash and cash equivalents of US$11.5 million (30 June 2025: US$4.6 million) and net debt of US$8.0 million (30 June 2025: US$15.9 million) (refer note 4).

In their assessment, the Group has considered its financial position, expected future performance of its operations, its debt facilities and debt service requirements, its working capital requirements, capital expenditure commitments and projections.

There are certain uncertainties relating to events or conditions that may impact the Group's ability to continue as a going concern. These include:

• At the period end the Group had banking facilities of US$12.9 million. Of this, the general banking facility with FirstRand Bank in the amount of US$5.5 million was settled post the period under review, leaving only the revolving credit facility with ABSA Bank in Mauritius in the amount of US$7.5 million (refer to note 4 to the financial statements). The ABSA facility was extended to the end of April 2026 when it will be reviewed as part of a debt restructuring exercise for the whole Group
• The sale of the Company's chrome and PGM operations in South Africa was completed on 31 December 2025 (Closing Date). Included in other financial assets is a deferred receivable of up to US$65 million to be settled over a period of approximately 5 years from the Closing Date (refer note 7 and the Company's circular published on 12 August 2025)

The Group has recognised a deferred receivable of up to US$65 million arising from the disposal of its South African chrome and PGM operations. The amount is contractually payable over an approximate five-year period from the closing date of 31 December 2025. The recoverability and timing of the deferred cash flows are subject to uncertainty, including the financial and operational performance of the Purchaser, prevailing economic conditions and heightened global geopolitical risks, which may adversely affect the Purchaser's ability to meet its obligations as they fall due. To date all contracted receipts have been received on time and no impairment is considered necessary.

In the opinion of the Directors, the Group will be able to continue to meet its obligations as and when they fall due for at least twelve months to 31 December 2026. Accordingly, these consolidated financial statements do not include adjustments to the recoverability and classification of recorded assets and liabilities and related expenses that might be necessary should the Group be unable to continue as a going concern.

Events after the reporting date

9.1 Issue of shares

On 17 March 2026, Jubilee settled the payment of US$1.8 million (£1.3 million) for securing high-grade copper ROM for its Roan operations, through the issuance of 29 761 905 new Jubilee ordinary shares (Shares) at a price of 4.48 pence per Share (a 14.3% premium to the Jubilee closing share price of 9 March 2026).

On the same date, Jubilee further settled the next stage payment towards the acquisition of the Large Waste Project, to the value of US$2.6 million (£1.9 million) through the issuance of 42 989 418 Shares at a price of 4.48 pence per Share (a 14.3% premium to the Jubilee closing share price of 9 March 2026).

9.2 Proposed Capital Reduction and authority to issue shares

On 23 March 2026, the Company announced its proposal to reduce its share premium account (Capital Reduction) to restructure the Company's balance sheet to increase the amount of available distributable reserves available (subject to the protection of creditors).

The Capital Reduction will create distributable reserves to support the Company's ability to make future payments of dividends to its shareholders and undertake potential share buybacks (in each case should circumstances mean it is appropriate or desirable to do so), as well as other corporate purposes of the Company.

The Capital Reduction is conditional upon the passing of a special resolution by the Company's shareholders in addition to approval of the Court. Refer to the announcement made on 23 March 2026 for details of the proposed Capital Reduction.

In addition, the Company is also seeking to renew the standard authority to grant Directors authority to issue shares as granted at the previous 2024 AGM and to dis-apply pre-emption rights. The Company wishes to dis-apply pre-emption rights only to a maximum of 7.5% of the issued ordinary share capital of the Company. This is to give flexibility to the Company to issue new warrants, options or shares to support the Company when leveraging investment capital and aligning employees' and stakeholders' interests with shareholders of the Company.

Unaudited results

These interim results have not been reviewed or audited by the Group auditors.

Annexure 1

Headline earnings per share is calculated using the weighted average number of shares in issue during the period under review and is based on earnings attributable to ordinary shareholders, after excluding those items as required by Circular 1/2023 issued by SAICA. In compliance with paragraph 3.28 (c) of the JSE Listings Requirements, the table below represents the Group's headline earnings and a reconciliation of the Group's profit reported and headline earnings used in the calculation of headline earnings per share.