Molefe Mine Update

AltX share code: JBL

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

Molefe Mine Update

Jubilee, the integrated copper producer and resource developer in Zambia, is pleased to report the results of the completed Phase 2 drilling programme at its Molefe Mine. Phase 2 followed the initial infill drilling and trenching programme (Phase 1) and was designed to test the eastern continuation of the mineralised structure and identify suitable locations for planned mine infrastructure (including modular processing plants, waste rock dump area and roads). The drilling was undertaken by Galileo Resources plc (AIM: GLR) (Galileo) under the co-operation and project development agreement announced on 28 November 2025.

Highlights

• 9 holes totalling 552.6m tested continuity and mineralisation tenor with the balance of 14 holes totalling 1,298.9m being drilled for purposes of identifying locations for infrastructure that avoided sterilising potential future copper mining areas (condemnation)
• Peak intercepts included Hole MNKDD021 which returned 2.97% TCu (total copper) over 3.10m, Hole MNKDD027 which returned 1.24% TCu over 10.5m and Hole MNKDD029 which returned 1.51% TCu over 12.5m
• Drilling confirmed continuity and increased the strike length of mineralisation by approximately 380m in an easterly direction from 930m to an updated estimate of 1,310m
• A mine development plan and schedule have been provided to Jubilee for consideration supported by the condemnation drilling
• An updated in-house developed mine schedule has been provided to Jubilee targeting an oxide copper reef of approximately 1 million tonnes at grades of at least 1.30% TCu, including approximately 240 000 tonnes at 1.45% TCu in the immediately targeted pits 2 and 3. The updated mine schedule incorporates both the additional drilling results as well as in-pit sampling of more than 400 samples from the operating mine. The drilling results together with the in-pit sampling is specifically focussed at supporting the mining schedule and does not represent any resource estimate under any standard
• The eastern continuation has not been included in the in-house resource estimate. The updated resource calculation, incorporating the Phase 2 drilling results, is targeted for completion by the end of CY2026
• Improved understanding of the orientation and projected continuation of the mineralised structure, supporting the exploration rationale for additional properties secured by Jubilee in the surrounding area and in refining future exploration targets
• The current drilling programme and in-house resource estimate cover only approximately 400 hectares, compared with more than 12,200 hectares of exploration ground to the east alone (less than 5%), highlighting the scale of Jubilee and its partners’ wider exploration opportunity

Statement from Leon Coetzer, Jubilee CEO:

“The Phase 2 drilling results at Molefe are encouraging and confirm the further expansion potential of the Molefe mining operations, with multiple significant copper intersections, including both high-grade and wider mineralised intercepts. Of note is the shallow depth at which the copper intersections are recorded.

These results will now be incorporated into the Molefe Mine’s geological model and mine planning as the partners continue to evaluate the wider resource potential at Molefe and advance its development as a core component of Jubilee’s integrated mine-to-metals strategy in Zambia.

Importantly, the current drilling programme and in-house resource estimate cover only approximately 400 hectares, compared with more than 12,200 hectares of exploration ground to the east alone. The tonnes referred to in this announcement therefore represent only a small part of the broader exploration opportunity. Our ambition is to identify and develop multiple Molefe-style mining operations across this expanded area, supporting Jubilee’s transition into a resource-backed mining company underpinned by its established processing capability.”

Molefe Mine – Phase 2 drilling programme

The Phase 2 drilling programme at the Molefe Mine forms part of Jubilee's ongoing work to further define the Molefe orebody and assess the potential extension of mineralisation beyond the areas incorporated into the current mine plan.

The Phase 2 drilling programme returned encouraging copper intersections across multiple boreholes, including a high-grade intercept of 3.10 metres at 2.97% total copper (TCu). Wider mineralised intersections included 12.5 metres at 1.51% TCu, 10.5 metres at 1.24% TCu and 13.0 metres at 0.87% TCu. Future drill campaigns will target narrower drill spacing in identified mining areas to improve the accuracy of the mine plan and may include new licence areas secured by Jubilee.

Table 1: Highlighted Drill Results – Mineralised Intercepts Molefe Mine

1: Minimum mineralised width for estimation purposes of 3.0m

2: Cut-off grade 0.4% TCu (total copper).

The results will be incorporated into Jubilee's geological model and ongoing mine planning as the Company continues to expand the Molefe Mine and evaluate its wider resource potential. The drilling programme forms part of Jubilee's broader strategy to develop Molefe as a key mining operation supplying its established processing footprint in Zambia.

Table 2: Continuity and Extension Drilling – Molefe

1: EOH refers to the final drilled depth of the hole and does not represent the width of mineralisation.

Table 3: Condemnation Drilling – Molefe

The drilling has improved the understanding of the orientation and projected continuation of the mineralised structure. This supports the exploration rationale for additional properties secured by Jubilee in the surrounding area and will assist in refining future exploration targets. Further exploration is required to determine whether the Molefe mineralisation extends onto these properties.

Qualified Person

Galileo has been appointed, under the partnership agreement for the Molefe Mine project, as the responsible party for the development of the mine plan and resource definition and as such has appointed Colin Bird as the qualified person.

The technical information contained in this announcement has been reviewed, verified, and approved by Colin Bird, C. Eng, FIMMM, South African and UK Certified Mine Manager and Director of Galileo, with more than 40 years’ experience mainly in hard rock mining.