REG - Jubilee Metals Group - Molefe Mine Phase 1 Drilling Results

Jubilee MetalsAnnouncement

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RNS Number : 0425Y  Jubilee Metals Group PLC  25 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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according to UK Market Abuse Regulations. Not for release, publication or
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jurisdiction.

 

Molefe Mine Phase 1 Drilling Confirms Continuity of Copper Mineralisation and
Extends Mineralised Zone

Jubilee, the Zambia focused copper producer, is pleased to provide an update
on the latest drilling results at the open-pit Molefe copper mine (Molefe
Mine), located within trucking distance of the Company's Sable refinery.

The Phase 1 infill drilling programme has confirmed the continuity of
near-surface copper oxide mineralisation and consistency of grades, supporting
the Molefe Mine's expansion program and Jubilee's strategy of securing
high-quality copper feed sources from owned resources to underpin its growing
processing operations in Zambia (Pillar 2 of its Zambian strategy as
previously announced).

Highlights

·    Infill drilling completed to date confirms copper ore grades
consistent with those incorporated in Molefe Mine's expansion mine plan

·   New near surface zone, identified and validated based on visual and
handheld pXRF assessment,  extending copper oxide mineralisation by
approximately 250 metres beyond the expansion mine plan with mineralisation
remaining open to the east

·   Phase 2 drilling program is currently under way by project partner,
Galileo Resources Plc (Galileo), targeting the eastern extension to determine
the full extent of the mineralised zone

·   Consistency of grades and thicknesses supports confidence in the
resource and provides a strong foundation for the advancement of a formal
resource estimate

·    Results continue to demonstrate shallow, copper oxide mineralisation
suitable for processing at Jubilee's Sable Refinery

·    Infill drilling of oxide mineralisation reinforces projected grades
of ore currently incorporated into the mine plan

·    Peak intercepts include the following:

§ MNKDD010 16.00m @8.01% TCu ("total copper"), 1.60 % ACu ("acid soluble
copper") from 18.00m (TCu cut off 0.6%, ACu cut off 0.35%)

§ MNKDD011 20.0m @5.33% TCu, 0.92% ACu from 22.0m (TCu cut off 0.6%, ACu
cut off 0.35%)

§ MNKDD012 10.7m @ 6.54% TCu, 2.17% ACu from 37.00m (TCu cut off 0.6%, ACu
cut off 0.35%) from 33.8m

§ MNKDD013 6.00m @1.07% AsCu from 79.00 m (TCu cut off 0.6%) from 81.0m

§ MNKDD014 6.80m @5.40% TCu, 2.06% ACu from 54.20m (TCu cut off 0.6%) from
54.2m

§ MNKDD015 7.50m @ 9.17% TCu, 1.30% ACu from 43.00 m (TCu cut off 0.6%, ACu
cut off 0.35%)

§ MNKDD016 2.17m @ 5.40% TCu, 1.80% ACu from 60.83m (TCu cut off 0.6%)

 

Leon Coetzer, CEO of Jubilee, commented:

"We are very excited by these results, delivered in a few short months, which
confirm the apparent continuation of the high-grade copper reef close to
surface that is currently being accessed at the Molefe Mine operations. The
high-grade intersections of shallow copper oxide is perfectly suited for
processing and refining at the nearby Sable refinery.

The extension identified to the eastern boundary provides a strong indication
of the further continuation of the mineralised reef, particularly given the
additional approximately 12 300ha of exploration ground we hold to the east of
the 400ha Molefe mining area.

We have commenced phase 2 drilling to further define this eastern extension
and the Company will update the market as results become available.

Results from the phase 2 drilling program will be used to provide a clearer
timeline for the release of a formal resource estimate. The updated expanded
mine plan, incorporating the latest drill results and developed in partnership
with Galileo, is expected to be published on the Company's website within the
coming three weeks."

 

Drilling Results

 

The Phase 1 drilling programme was designed to confirm the continuity and
grade of the oxide mineralisation within the current mine expansion plan at
Molefe Mine.

 

Results demonstrate consistent near-surface copper oxide mineralisation that
is amenable to Jubilee's existing processing capabilities at its nearby Sable
refinery and reinforcing previously projected grades incorporated into the
mine plan. The consistency of grades and thicknesses supports confidence in
the resource and provides a strong foundation for the advancement of a formal
resource estimate.

 

A total of 3,390m of drilling has been completed during the Phase 1 program
with drill holes still pending final assay results.

 

 Borehole or Trench ID  From                                 To         Interval  EOH       Grade    Grade

                        (m)                                  (m)        (m)       (m)       (TCu%)   (AsCu%)
 MNKDD001               50.0                                 54.6       4.6       150.9     2.94     0.15

                        75.9                                 81.9       6.0                 7.16     3.35
 MNKDD002               73.0                                 76.0       3.0       151.0     3.03     0.26

                        99.0                                 107.0      8.0                 7.40     0.03
 MNKDD003               No                                   Intercept            150.6
 MNKDD004               103.0                                106.0      3.0       150.3     3.90     0.09

                        116.0                                121.0      5.0                 N/A      0.82

                        139.8                                142.0      2.20                5.57     1.10
 MNKDD005               123.32                               124.44     1.12      135.0     2.59     0.09
 MNKDD006               102.5                                106.0      3.50      150.7     2.13     0.30

                        114.0                                117.6      3.60                3.21     0.08

                        120.0                                121.0      1.00                1.02     0.08
 MNKDD007               36.0                                 46.0       10.0      150.1     3.03     2.60
 MNKDD008               24.54                                29.54      5.00      65.2      7.37     0.66
 MNKDD009               44.3                                 47.0       2.70      65.3      7.47     0.70
 MNKDD010               18.0                                 34.0       16.0      100.3     8.01     1.60
 MNKDD011               22.0                                 42.0       20.0      57.7      5.33     0.92
 MNKDD012               12.0                                 19.5       7.50      70.0      5.50     0.38

                        33.8                                 44.5       10.7                6.54     2.17
 MNKDD013               81.0                                 87.0       6.00      107.9     N/A      1.07
 MNKDD014               36.0                                 47.0       11.0      69.6      1.11     0.38

                        54.2                                 61.0       6.80                5.40     2.06
 MNKDD015               43.0                                 50.5       7.50      60.1      9.17     1.30
 MNKDD016               60.83                                63.0       2.17      68.3      5.40     1.80
 MNKDD017               43.0                                 59.0       16.0      74.4      2.04     0.17
 MNKDD018                                                                         50.1
 MNKDD019 - 29          Results                              Pending              1,252.7
 Infill 02 H1                           27.5                            21.0      51.5      1.82     1.40
 Infill 12 H5           9.50                                            6.00      53.4      1.25     0.86
 Infill 04 H6           30.5                                            15.0      45.5      1.33     0.98
 Infill 03 H3           15.5                                            4.5       48.5      0.75     0.43
 Infill 10 H4           Results                              Pending    N/A       51.9
 Infill 19 H2           Results                              Pending    N/A       59.28
 Total                                                                            3,390.28

 

Trench Results

 

 Borehole or Trench ID  From  To         Interval  Grade    Grade

                        (m)   (m)        (m)       (TCu%)   (AsCu%)
 MNKCH001               0.0   17.0       17.0      1.14     0.53
 MNKCH002               0.0   12.0       12.0      1.00     0.62
 MNKCH003               No    Intercept
 MNKCH004               No    Intercept
 MNKCH005               11.0  19.0       8.00      1.09     0.53
 MNKCH006               0.0   9.0        9.00      1.11     0.70
 MNKCH007               0.0   2.0        2.0       1.60     1.03
 MNKCH008               No    Intercept
 MNKCH009               No    Intercept
 MNKCH010               No    Intercept
 MNKCH011               No    Intercept
 MNKCH012               No    Intercept
 MNKCH013               0.0   8.0        8.0       1.90     1.60
 MNKCH014               0.0   1.0        1.0       0.78     0.44
 MNKCH015               0.0   9.0        9.0       0.93     0.48
 MNKCH016               0.0   7.0        7.0       2.30     1.71
 MNKCH017               0.0   6.0        6.0       1.56     1.17
 MNKCH018               No    Intercept
 MNKCH019               0.0   19.0       19.0      0.34     0.22
 MNKCH020               0.0   13.0       13.0      1.20     0.85
 MNKCH021               0.0   11.0       11.0      1.48     0.96

 

In addition, drilling has identified an extension of copper oxide
mineralisation of approximately 250 metres to the east of the current mining
footprint based on pXRF assessment. The Phase 2 drilling program is targeting
this newly identified zone extending the focus further east up to the property
boundary. Initial visual inspections of the phase 2 drill cores are
encouraging supported by on-site XRF analysis indicating the potential to
further expand near-term mining activities.

 

These developments align Jubilee's broader strategy of unlocking value from
Zambia's extensive copper resources by securing shallow, high-grade oxide
material capable of rapid integration into its expanding processing
infrastructure. The Molefe Mine continues to play a key role in increasing the
availability of feed material to support the growth in copper production.

 

Technical information in this announcement has been reviewed by Edward (Ed)
Slowey, BSc, PGeo, Technical Director of Galileo. Mr Slowey is a geologist
with more than 40 years' relevant experience in mineral exploration and
mining, a founder member of the Institute of Geologists of Ireland and is a
Qualified Person under the AIM rules. Mr Slowey has reviewed and approved
this announcement.

 

These results do not constitute a mineral resource estimate. Samples for the
drilling results were collected at 1 metre intervals and analysed using
portable XRF on site with verification samples submitted for independent
laboratory assay. Intercepts reported are above a cut-off grade of 0.6% TCu
and 0.35% AsCu.

 

25 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
(http://www.jubileemetalsgroup.com) and follow Jubilee on X at @Jubilee_Metals

 

 

 

 

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