REG - Jubilee Metals Group - Operational and Production Update 9m FY2026

Jubilee MetalsAnnouncement

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RNS Number : 1341D  Jubilee Metals Group PLC  06 May 2026

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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Operational and Production Update 9m FY2026

Jubilee, the integrated copper producer and resource developer in
Zambia, today publishes its operational and production update for the
nine-month period ended 31 March 2026 ('9m FY2026' or 'the period').

Highlights

·    Lost Time Frequency Injury Rate (LTFIR) of 0.00 for the period
(FY2025: 1.40)

·    Total saleable Cu production for the period increased by 28.7% to 2
177t (9m FY2025: 1 691t) (*)

o  Roan production increased to 1 999t of copper ('Cu') units for the period,
a 112.7% increase from the comparative period a year earlier

§ Roan produced 779t Cu units in oxide concentrate fines for the period
(production of Cu units in oxide concentrate fines only commenced in August
2025)

o  Sable Refinery production totalled 957t of Cu cathodes for the period (9m
FY2025: 751t)

·  Commissioning of the expanded Roan Cu concentrate facility is near
completion with the ramp-up of dewatered fine Cu concentrate production
underway during May 2026. The circuit is currently operating at approximately
75% of the targeted production rate of 110-120tpm of contained Cu

o  The dewatering circuit has a design capacity of approximately 230tpm of
contained Cu, enabling the simultaneous processing of the historical stockpile
(14 000t) and additional production of fine Cu concentrate at a rate of
110-120tpm of Cu

·   Molefe Mine operations continue to expand, with 250 162t of ore mined
during the period, (181 890t for H1 FY2026), of which 20 064t (9 130t for H1
FY2026) were transported to Sable Refinery at an average Cu grade of 1.84%

·  Implementation of the near term mine plan at Molefe Mine is underway
(see 31 March 2026 announcement)

o  Accelerated stripping programme to expand Pits 2 and 3 into a single
open-pit mine progressing to plan and expected to be fully completed by July
2026

o  During April 2026, more than 250 000t of pre-stripping material was
removed as part of the stripping programme which will support significant
increased delivery of Cu ROM to the Sable Refinery once completed

 

* Excludes the stockpiled Cu fine concentrate at Roan as well as the
stockpiled Molefe mined material

 

 PRODUCTION PERFORMANCE                       Q1 FY2026  Q2 FY2026  Q3 FY2026  9m to 31 Mar 2026  9m to 31 Mar 2025  % change
 Roan production*
 Cu units in oxide concentrates       tonnes   83         155        160        398                84                373.8%
 Cu units in sulphide concentrates    tonnes  639         70         113        822                856               (4.0%)
 Cu units in oxide concentrate fines  tonnes  152        330         297        779                -                 -
 Total Roan production                tonnes   874        555        570       1 999               940               112.4%
 Sable Refinery production
 Cu cathodes                          tonnes   217        379        361        957                751               27.4%

 Total saleable Cu units produced**   tonnes   939        604        634        2 177              1 691             28.7%

 Molefe Mine production
 Cu reef ore mined                    tonnes   38 648     143 242    68 272     250 162            -                 -
 Ore dispatched to Sable Refinery     tonnes   881        8 249      10 934     20 064             -                 -

* Cu tonnes produced comprises three streams:

o  Cu in oxide concentrate that is further refined to cathode at Sable
Refinery

o  Cu in sulphide concentrate which is sold directly into the market

o  Cu in the oxide concentrate fines which are currently stockpiled and will
be processed by the recently commissioned dewatering facility at Roan, before
being delivered to Sable Refinery for further refining

** Includes Cu cathode produced at Sable Refinery and Cu sulphide concentrate
produced at Roan and excludes all Cu units in oxide concentrate fines
stockpiled at Roan

Copper production guidance for FY2026

Copper production guidance for FY2026 is under review based mainly on:

o  The updated Molefe Mine plan following the completion of the phase 1
drilling programme which informed the fast tracking of the expanded stripping
programme to further enlarge Pits 2 and 3 into a single large open-pit which
is currently underway and expected to be completed by July 2026; and

o  The short delay in the commissioning and ramp-up of the expanded
concentrate dewatering circuit at Roan which delayed the step -up of the
expected additional 110t of equivalent Cu units from Roan. Commissioning is
near completion, with ramp-up expected to reach targeted production during May
2026.

The Company expects to provide a further update on guidance following
confirmation by the contracted consulting firm of progress with the expansion
programme at Molefe Mine as well as the expanded concentrate dewatering
circuit reaching steady-state operation, which is anticipated within the
coming weeks.

Statement from Leon Coetzer, Jubilee CEO:

"We continue to make strong progress in delivering our Zambia copper strategy,
with Roan sustaining targeted production rates and the expanded concentrate
circuit now entering ramp-up after minor technical and logistical delays,
marking a key step-change in our processing capability. Our focus remains
firmly on disciplined, milestone-driven execution.

At Molefe Mine, continued operational expansion, supported by encouraging
drilling results, highlights the strength of our transition towards a
resource-backed copper producer. While heavy rains impacted the quarter,
momentum remains strong as we advance the mine plan and plan increased
production.

Importantly, the Company continues to produce while building a scalable
resource base, positioning Jubilee to deliver both near-term returns and
long-term value. This integrated approach gives us strong confidence in
delivering sustained and scalable growth in copper production."

Overview

The implementation of the Company's Three-Pillar copper strategy continues to
progress on track, with Roan achieving and sustaining its targeted production
levels, while Molefe Mine continues to expand, supported by encouraging early
results from its resource drilling programme.

Pillar 1 - Processing of third-party copper feedstock: Roan

Production at Roan reached 1 999t of Cu units during the period, up 112.7% on
the previous comparable period. Production at Roan comprises three streams,
namely, Cu in oxide concentrates - 398t for the period (238t in H1 FY2026) for
further refining at Sable Refinery, Cu sulphide concentrates - 822t (709t in
H1 FY2026) for direct sale, and Cu in oxide concentrates fines - 779t (482t in
H1 FY2026) which are stockpiled for future refining at Sable Refinery.

Production of dewatered Cu concentrate has also commenced at the newly
expanded Cu concentrate dewatering facility. Commissioning is near completion,
with ramp-up scheduled to commence during May 2026, following the resolution
of minor technical and logistical factors. The circuit is currently operating
at approximately 75% of the targeted production rate of 110-120tpm of
contained Cu. The expansion increases dewatering capacity by approximately 30%
and specifically targets the fine Cu concentrates.

To date, fine Cu concentrate has been produced and stockpiled at Roan (c.14
000t), which post dewatering, will be transported to the Sable Refinery for
further processing into Cu cathode. This fine Cu concentrate stream is in
addition to the existing Cu oxide concentrate produced at Roan and currently
refined at Sable Refinery. Roan will commence with its scheduled annual
maintenance on the 8(th) of May 2026. The Roan operations will be stopped
during the scheduled 6-day maintenance period.  The Sable operations are
expected to continue operating over this period as we reduce our built-up in
process stocks.

·    Production Impact of New Dewatering Capacity

The addition of the fine Cu concentrate stream is expected to support
incremental Cu production of approximately 110-120tpm of Cu cathode. The
dewatering circuit has a design capacity of approximately 230tpm of contained
Cu, allowing for the simultaneous processing of:

-     the historical stockpile of approximately 14 000t of fine Cu
concentrate (at ~2.7% Cu), and

-     ongoing production of fine Cu concentrate at a rate of 110-120tpm of
Cu.

 

The Roan concentrator continues to operate at approximately 30 000tpm. The
Roan front-end upgrade offers the potential to increase the feed rate to in
excess of 40 000tpm, which the Company looks to bring back into operation
following the end of the seasonal rains and the completion of the
commissioning and ramp-up of the new fine concentrate dewatering system.

Pillar 2 - Integrated mine-to-metals business: Sable Refinery and mining
operations

At the Molefe Mine, the accelerated pre-stripping programme commenced in April
2026 and is on track for completion during July 2026, to support increased
sustained production and improved feed to the Sable Refinery. Development work
to integrate Pits 2 and 3 to a single enlarged open-pit has begun and is
progressing well. Removal of approximately 250 000t of pre-stripping material
by the end of April 2026 supports the transition to increased ore delivery
rates from Pit 2.

Upon completion of the pit integration and development programme, the mine is
expected to ramp-up from approximately 12 000t per quarter to in excess of 30
000t per quarter of Cu reef ore. The expansion is underpinned by continued
access to a widened Cu reef zone, supporting an expected average grade of
approximately 1.4% total Cu to surface, prior to the application of targeted
ROM ore sorting.

High-grade material will be transported to the Sable Refinery for direct
processing, with low-grade material stockpiled for on-site upgrading and later
refining.

Molefe Mine operations continue to expand with 250 162t of Cu reef mined
during the period, of which 20 064t were transported to Sable Refinery at an
average Cu grade of 1.84%. The remaining tonnes continue to be stockpiled at
Molefe Mine for future on-site processing prior to refining at Sable Refinery
already exceeding 2.3Mt.

Regarding the JORC resource, an independent third-party will compile a
JORC-compliant resource following completion of the Phase 2 drilling
programme. Assay results from the first drilling campaign, together with
initial samples from the second campaign have been submitted to an independent
laboratory for analysis. The competent person's report is currently expected
by Q4 CY2026, subject to the timely receipt of assay results. Further drill
campaigns will be considered following the completion of and review of the
competent person's report.

Molefe Presentation

Company intends to host a presentation on the Molefe Mine during June 2026.
The timing reflects ongoing work at site, where our JV partner is currently
reviewing the next phase of stripping and future mining strategy. This review,
incorporating the results from the initial drilling programme and the
completed portion of the second phase, is expected to conclude within the
coming weeks, allowing the Company to present a clear and aligned development
plan.

South African Head Office Relocation

The Company expects to relocate its South African Head Office in early June
2026. The relocation reflects a right-sizing of office space following the
disposal of its South African chrome and PGM operations. The new Head Office
address will be Southdowns Ridge Office Park, Ground Floor, Suite 04, corner
John Vorster and Nellmapius Drive, Irene, 0157.

 

6 May 2026

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

 

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

 

 

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