Preferred Purchaser Selected for LWP Sale

Altx share code: JBL

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

Preferred Purchaser Selected for US$35 Million Large Waste Project Sale

Jubilee, the integrated copper producer and resource developer in Zambia, is pleased to announce that, following the receipt of two binding offers for the acquisition of the Company's Large Waste Project (LWP), as announced on 10 August 2026, it has selected its preferred purchaser for a total acquisition consideration of US$35.0 million.

This capital allocation strategy supports Jubilee's continued evolution from a predominantly processing-led business into an integrated copper mining and processing company. While Jubilee's established processing capability remains fundamental to the business and its valuation, the Group is increasingly focused on building value through Jubilee-controlled mining assets and, as these are defined through ongoing exploration and resource development programmes, its underlying copper resource base.

The combination of Jubilee's established processing infrastructure with increased control over its own copper-bearing feed and the development of a defined resource base is expected to broaden the foundations on which the Group's longer-term value is built.

Disposal of the Large Waste Project

The monetising of the LWP at a substantial premium to the original acquisition price, represents a further step in Jubilee's strategy to optimise its asset portfolio and prioritise capital allocation towards the expansion of its existing mining, processing and refining operations in Zambia. These operations offer a lower-capital and lower-execution-risk pathway to increasing copper production by leveraging Jubilee's established infrastructure and operating capability. Conversely, the LWP is a large-scale, greenfield development project which would have required significant standalone capital investment. Management are focused on lower risked opportunities.

The preferred purchaser has offered a total acquisition consideration of US$35.0 million for the LWP. The transaction will proceed through a two-stage due diligence process. The first stage will focus on confirmation of the contractual and regulatory legal framework governing the LWP and is expected to be completed within approximately 10 days. Subject to satisfactory completion of this first stage, the preferred purchaser will make a payment of US$2.25 million to secure a further 45-day period of exclusivity during which it will complete its remaining due diligence. Following satisfactory completion of the due diligence process and execution of the definitive transaction documentation, the balance of the US$35.0 million acquisition consideration will be settled over an agreed three-year instalment period. The transaction terms also provide the purchaser with the option to accelerate settlement of the outstanding consideration to within two years, in return for an agreed reduction in the total consideration payable to US$30.0 million. Management has satisfied themselves over the ability of the preferred purchaser to pay the consideration.

The transaction incorporates and replaces the previously announced sale of 10Mt of waste material from the LWP for a total consideration of US$6.75 million. To date, approximately 550 000t have been collected, resulting in payments to Jubilee of approximately US$0.6 million. The Company will provide further details as the transaction progresses through the remaining due diligence and documentation process.