REG - Jubilee Metals Group - Implementation of Mine Plan at Molefe

Jubilee MetalsAnnouncement

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RNS Number : 7160Y  Jubilee Metals Group PLC  31 March 2026

Jubilee Metals Group PLC

Registration number: 4459850

AIM share code: JLP

Altx share code: JBL

ISIN: GB0031852162

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

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Implementation of Mine Plan at Molefe to Support Stable Production and Growth

 

Jubilee, the integrated copper producer and resource developer in Zambia, is
pleased to announce the updated near term mine plan of its Molefe Mine
following the recent results from the Phase 1 drilling and trenching
programme.

 

 

Key updates to the near term mine plan

 

·      Connecting Pit 2 and 3 to form an enlarged open-pit mine allowing
for an increased mining rate

·     Investment into approximately 4 months' development work to further
enlarge pit area and connect the two pits which includes the removal of
approximately 400 000t of overburden material

·     Once complete, the mining rate of the copper reef increases to 60
000t per quarter (from the current capacity of 15 000t per quarter) post
completion of the combined Pit 2 and 3, at an average stripping ratio of 6:1
(bcm:bcm), equivalent to six bank cubic metres of waste per bank cubic metre
of ore

·     This is achieved by widening the targeted copper reef zone to
deliver an average copper grade of approximate 1.4% TCu to surface, prior to
applying targeted ROM sorting to classify the reef into high-grade and
medium-grade stockpiles

·      High-grade ore will be trucked to Sable refinery for direct
leaching with the medium-grade stockpile targeted for on-site processing prior
to refining at Sable refinery

·    Phase 2 drilling programme, commencing soon will target the further
definition of the eastern extension beyond the current Pit 1 based on the
early results from the Phase 1 drilling programme, which confirmed the
existence of a significant extended copper mineralisation

Statement from Leon Coetzer, Chief Executive Officer:

"This marks another important milestone in Jubilee's transition towards
becoming a resource-backed copper producer, with the implementation of a
structured mine plan at Molefe providing a clear pathway to sustainable and
scalable production. Operations at Molefe Mine continue to perform well and
expand whilst we have simultaneously prioritised resource development. This
plan reflects a disciplined approach to balancing production with long-term
value creation.

 

The integration of Pit 2 and 3, together with an accelerated stripping
programme, positions the operation to deliver a stable and consistent feed to
our Sable Refinery. By prioritising the direct processing of high-grade
material while upgrading medium-grade ore on-site, we are accelerating cash
generation and maximising value from the resource.

 

Importantly, our focus now extends to unlocking the full potential of the
Molefe Project. Drilling of the eastern extension is the immediate focus of
the Phase 2 programme, with the objective of progressing this area into
construction and first production within the next 12 months. This represents a
key step in expanding the scale of operations and extending the life of the
project. We believe this phased development approach strengthens our ability
to deliver reliable copper production while building a long-term,
resource-driven growth platform in Zambia."

 

Overview

 

The mine plan follows a period of exploratory drilling and evaluation of
in-pit sampling and trenching and is designed to support the delivery of a
consistent supply of ore to the Sable refinery while advancing the long-term
development of the project. Recent drilling results have supported the
integration of Pit 2 and 3 into a single, larger open pit. This allows for an
accelerated stripping and pushback programme, improving mining efficiencies
and access to the targeted copper reef. The initial phase of the mine plan is
focused on establishing a stable production profile, targeting ore delivery in
excess of 15 000tpm to the Sable Refinery at a more consistent grade and at a
sustainable unit cost per tonne. The updated mine plan has been optimised to
target a broader reef package, enabling the extraction of increased copper
volumes across both high and medium-grade material. This will be supported by
the introduction of automated ore sorting on site allowing for the efficient
classification of mined material. High-grade ore will be transported directly
to the Sable refinery for immediate processing while medium-grade material
will be treated on-site using an acid curing process to enhance copper
solubility and overall recovery. This integrated strategy is designed to
maximise resource utilisation, improve efficiencies and accelerate the
conversion of mined material into revenue.

 

Importantly, the next phase of development which will commence with the Phase
2 drilling programme, is focused on the eastern extension of the resource with
the objective of progressing this area into construction and thereafter
production within the next 12 months. This supports the continued expansion of
the resource base, with further drilling expected to extend mineralisation
along strike and increase the overall mine life. The Company believes this
phased approach balances near-term production delivery with longer-term
growth, positioning Molefe Mine as a reliable and scalable source of copper
feed to its Zambian processing operations.

 

Near term upgraded mine plan for Molefe Mine

 

                                     Mine Plan implementation timeline

                                     Month 1-3  Month 4-6  Month      Month

                                                           7-9        10-12
 WASTE BCM (wet)            bcm*     352230     310014     236360     99377
 ORE BCM (wet)              bcm      7791       50006      50000      50000
 Total Cu Ore BCM (dry)     bcm      5843       37504      37500      37500
 ORE Tonnes (dry)           tonnes   9349       60007      60000      60000
 Total Cu Grade             %        0.9        1.3        1.4        1.6
 Contained Cu mined         tonnes   88         758        842        944
 STRIPPING RATIO (bcm:bcm)  bcm:bcm  6:1 average across period

 

*Bank Cubic Metres (in-situ volume) - reflects waste to ore movement

 

The technical information contained in this announcement has been reviewed,
verified, and approved by Colin Bird, Chartered Engineer (CC.ENG), Fellow of
The Institute of Materials, Minerals & Mining (FIMMM), South African and
UK Certified Mine Manager with more than 40 years' experience primarily in
underground and open cast mining. He has managed both base metal and gold
operations on a global basis.

 

 

 

31 March 2026

 

For more information contact:

 

Jubilee Metals Group PLC

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

Tel: +27 (0) 11 465 1913 / Tel: +44 (0) 7797 775546

 

Nominated Adviser - SPARK Advisory Partners Limited

Andrew Emmott/James Keeshan

Tel: +44 (0) 20 3368 3555

 

PR & IR Adviser - Tavistock

Jos Simson/Gareth Tredway

Tel: +44 (0) 207 920 3150

 

Joint Broker - Zeus Capital

Harry Ansell/Katy Mitchell

Tel: +44 (0) 20 7220 1670/+44 (0) 113 394 6618

 

Joint Broker - Shard Capital Partners LLP

Erik Woolgar/Gareth Burchell

Tel +44 (0) 207 1869900

 

JSE Sponsor - Questco Corporate Advisory Proprietary Limited

Alison McLaren

Tel: +27 63 482 3802

 

About Jubilee Metals Group

 

Jubilee Metals, listed on AIM and the Altx of the JSE, is a copper producer
focused on building a world-class integrated copper business in Zambia. The
Company aims to reach 25 000 tonnes per annum of copper production by
integrating exploration, mining, concentrating and refining through its
three-pillar strategy, combining the Roan concentrator, the Sable refinery and
regional mining assets and the Large Waste Rock Project. Led by an experienced
team, Jubilee applies innovative technologies to transform previously
underutilised materials into value while supporting circular resource use and
strong environmental stewardship.

 

For more information, please visit www.jubileemetalsgroup.com and follow
Jubilee on X at @Jubilee_Metals

 

 

 

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