REG - Jubilee Metals Group - Molefe Mine Co-Operation and Development Agreement

Jubilee MetalsAnnouncement

28/11/2025 07:00

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RNS Number : 3557J  Jubilee Metals Group PLC  28 November 2025

Jubilee Metals Group Plc

Registration number (4459850)

AIM share code: JLP

Altx share code: JBL

ISIN: GB0031852162

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

 

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Molefe Mine Co-operation and Development Agreement

 

Jubilee, the Zambia copper focused producer, is pleased to announce the
execution of a co-operation and project development agreement (Agreement) with
Galileo Resources Plc (Galileo), for the implementation of an accelerated
resource exploration program and the development of Jubilee's Molefe Mine in
Zambia (Project).

 

The Agreement combines Jubilee's established in-country operational and
processing expertise with the exploration and geological expertise of Galileo.
This combined expertise enables the dedicated focus by the responsible teams
on each of the critical project workstreams namely, the continued management
of the mining operations, the focused implementation of an on-site processing
solution, and the resource definition drilling and exploration program, both
for the Molefe Mine and potential targeted neighbouring areas, which have been
secured by Jubilee.

 

The Agreement offers Galileo the right to earn up to a 23.75% interest in the
Molefe Mine holding company, with Jubilee retaining a 71.25% interest and the
remaining 5% being held by a local Zambian firm, through the funding of an
exploration and resource development program of Molefe Mine. Jubilee's current
capital investment into Molefe Mine is secured through a preferential earnings
right until its investment has been recovered fully from Molefe Mine's future
earnings.

 

 

Highlights

 

·     Molefe Mine is placed on an accelerated development path with the
formation of dedicated highly skilled teams to focus on:

o  Day-to-day operational management of the Project currently ramping up
production to achieve 4 500tpm of high-grade run-of-mine (ROM) (+2% copper
(Cu) refined at Sable) and the on-site stockpiling of the low-grade ore
(approximately 0.7% Cu) already reaching 2.2Mt on surface since the end of
October 2025

o  Completion of the design and implementation of the on-site processing
facility to process the mined ore and stockpiled on-site lower grade ore

o  Upscaling of the mine plan and resource definition through exploration
drilling of Molefe Mine

·      Jubilee retains control of the Molefe Mine (71.25% holding)
ensuring it remains a core, strategic asset to Jubilee

·      Jubilee's existing investment into the Project is secured through
a preferential earnings right from the Project until fully recovered

·      Galileo to fund US$700 000 towards the exploration and
development of the resource definition for the Project expected to confirm the
early resource potential recognised by Jubilee

·   The Agreement offers the potential for exploration and development to
be expanded into further properties to replicate the success of the Molefe
Mine

·    Galileo has a highly experienced resource development team that
includes veterans from major mining houses with specific experience in Zambia
and Southern Africa, offering in-house developed intellectual property that
will focus on the Project

·     Molefe Mine has already been established as an operating mine with
high-grade ore already being refined at Sable, providing a head start into the
understanding of the underlying geology of the Project

·      While this transaction initially covers only the Molefe Mine
licence area, the greater Molefe area includes highly prospective contiguous
exploration properties secured by Jubilee. These may be covered by further
future agreements.

·     This joint project approach, which brings together skills not
readily available to an individual company, offers the potential to rapidly
scale the operations into a large scale mine with an integrated processing
facility, serving as an example for future similar projects which may be
replicated across Zambia

 

 

Leon Coetzer, CEO of Jubilee, commented:

 

"We are delighted to have found a partner with such an established track
record in Zambia for the co-development of Molefe. The combined skill set of
the two teams is seldom available to a single mining project of this size.

 

The joint agreement enables Jubilee to dedicate its focus on the day-to-day
operations and the development of the processing solution for the Molefe Mine.
Outsourcing the mine planning and resource measurement to Galileo, which has
an exceptional team with decades of experience and a wealth of in-country and
African knowledge, was a natural and pragmatic option.

 

The Jubilee operational team is looking forward to working with the Galileo
operational team to accelerate the development of the Molefe Mine project.

 

The joint shareholding in Molefe Mine ensures a common purpose to develop this
opportunity and offer shareholder returns - potentially one of the most
significant, major copper deposits in the Central province of Zambia."

 

 

Key Terms of the Agreement

 

Galileo holds the right to earn-in up to a 23.75% interest in the Molefe Mine
holding company through the funding of a resource definition and exploration
program for a minimum investment of US$700,000. Galileo must complete the
agreed scope of work within eight months of the date of the Agreement to
acquire the Sale Shares from Jubilee. Jubilee retains a 71.25% interest on
completion of Galileo's earn-in with the remaining 5% held by a local Zambian
firm.

 

Executive committees will be formed to oversee the Project. For the joint
executive committee Jubilee will nominate two members, one of whom will be the
chairperson, and Galileo will nominate one member. The executive committee
shall continue to operate until Galileo has fully acquired the Sale Shares.
Upon the issue of the Sale Shares, Jubilee shall nominate two directors to the
board of the Molefe Mine holding company and Galileo shall nominate one
director.

 

Jubilee's current investment into the Molefe Mine will be classed into an
interest-bearing capital loan and non-interest-bearing shareholder loan. The
capital loan will hold a preferential earnings allocation until fully settled
before the distribution of any earnings in accordance with the terms of the
Agreement.

 

 

Background on Molefe Mine

 

Molefe Mine to date was operating as a single pit with a mining rate of 80
000tpm. Of this, approximately 3 500tpm of high-grade ROM (of approximately 2%
to 2.5% Cu) is delivered to Sable. A resource drilling program has commenced
to upgrade resource confidence and optimise open-pit design. Molefe Mine
consists of nine initial test open pits of which only Pit 5 was developed to
mine and deliver the initial copper ore to Sable. Early indication from
drilling results have positively delineated the presence of copper sulphide
beneath the existing oxide material.

 

The Company is exploring the potential to merge the satellite pits into one
large open-pit which will provide increased flexibility and productivity for
supplying Sable. The Company temporarily halted mining at Molefe Mine for July
and August 2025 while the extended pit design was completed. Ore delivery to
Sable recommenced during September 2025 which is in addition to the current
production from Roan.

 

Production commenced at 3 500tpm ramping up to 4 500tpm within 45 days and the
Company is targeting to reach 8 500tpm by Q3 FY2026. At the targeted grade
this equates to approximately 200tpm of copper units delivered to Sable in
addition to the production from Roan.

 

An on-site processing plant is being planned at Molefe Mine. This plant will
be designed for the low-grade ROM that incorporates a copper leaching, solid
liquid separation, and copper precipitation circuit. To date approximately
2.2Mt of lower grade material has already been stockpiled at Molefe Mine in
anticipation of the processing units.

 

 

About Galileo

 

Galileo Resources PLC (AIM:GLR) is an opportunity driven company focused on
building strategic partnerships in key locations across Southern Africa.
Specialising in copper and critical battery metals crucial for the green
energy transition, Galileo leverages advanced project acquisitions with
unrealised potential and seeks to accelerate them towards production via
innovative data-driven solutions.

 

Galileo's board includes Colin Bird, a former chair of Jubilee, and Chris
Molefe, a current non-executive director of Jubilee. Chris recused himself
from the Jubilee board's consideration of this agreement.

Galileo will be represented on the board and executive committees by members
of its operational team with the appropriate expertise and experience to best
support the development of the Molefe Mine project.

 

Disposal of chrome and PGM operations

Shareholders are advised that the last material suspensive condition to the
sale of the Company's chrome and PGM operations (Disposal) is linked to
audit-related processes. Completion of the Disposal is expected to be by the
end of CY2025.

The regulatory requirements for the accounting treatment of the Disposal in
the Company's year-end results, specifies the methodology for the presentation
of the results which includes a comparison of the continuing business relative
to the results from the Disposal. The Company anticipates that the accounts
reflecting the Disposal will be concluded over the coming two weeks.

 

The Annual General Meeting is expected to be held during the latter half of
December 2025. Further updates will be published as required.

 

28 November 2025

For further information visit www.jubileemetalsgroup.com
(http://www.jubileemetalsgroup.com/) , follow Jubilee on X (@Jubilee_Metals)
or 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

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