Update on Large Waste Project Disposal

Altx share code: JBL

(‘Jubilee’ or ‘the Company’ or ‘the Group’)

Update on Large Waste Project Disposal

Jubilee, the integrated copper producer and resource developer in Zambia, is pleased to provide an update on the disposal of its Large Waste Project (LWP).

The Company expects to announce the drilling results from the ongoing Phase 2 drilling programme at the Molefe Mine in the next few days.

Highlights

• Legal due diligence for the disposal of the LWP for a total consideration of approximately US$35 million (Consideration) completed, with payment of a US$2.25 million deposit to follow in the next few days
• 45-day period commences to complete technical due diligence and finalise transaction documentation
• The Consideration together with remaining cash proceeds from the sale of the South African operations of US$65 million offer substantial cash inflows of up to US$100 million, strengthening the Company's balance sheet and offering accelerated investment into the continued expansion of the Zambian operations

Statement from Leon Coetzer, Jubilee CEO:

“The successful completion of the legal due diligence represents an important milestone in progressing the disposal of the Large Waste Project. It triggers the payment of the US$2.25 million deposit and the commencement of the 45-day period to complete both the technical due diligence and the transactional documents which on completion would trigger the next payment due in December 2026.

In addition, the next instalment from the sale of the South African operations of approximately US$15 million becomes due during early January 2027. The disposal remains firmly aligned with our strategy to recycle capital into the accelerated growth of our existing Zambian copper operations, where we can leverage our established operating and processing footprint to target stronger returns.”

Disposal of the Large Waste Project

The legal due diligence in respect of the proposed disposal of the LWP has now been completed. The Company expects the US$2.25 million deposit to be paid within the next few days. Based on the terms of the binding heads of terms, a further 45-day period is offered to complete the further due diligence mainly focussing on the technical aspects of the material as well as the conclusion of the final transactional documentation. If completed successfully within this period, the consideration of $35 million will be settled over a 3-year period with the first instalment due in December 2026. The transaction remains subject to the completion of the final due diligence and definitive documentation and the satisfaction or waiver of conditions precedent normal for a transaction of this nature.

The transaction represents a further step in Jubilee's strategy to progressively de-risk its growth portfolio and prioritise capital allocation towards the expansion of its existing Zambian copper operations. The monetisation of the LWP enables Jubilee to redirect capital towards opportunities capable of generating stronger returns by leveraging the Company's established mining and processing footprint in Zambia, including the continued expansion of the Molefe Mine.