REG - Jubilee Metals Group - Operational and Projects update H1 FY2026

Jubilee MetalsAnnouncement

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RNS Number : 5806T  Jubilee Metals Group PLC  19 February 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 projects update H1 FY2026

 

Jubilee, the Zambia copper focused producer, today publishes its unaudited
operational and projects update for the half year ended 31 December 2025 ('H1
FY2026' or 'H1' or 'the period').

Highlights

·    Lost Time Frequency Injury Rate (LTFIR) of 1.20 (H1 FY2025:0.61)

·    Roan Operations (Roan) reached targeted production levels of
approximately 30 000 tonnes per month feed rate during the period overcoming
the expected rainy season interruptions

·    Roan produced 1 246t of Cu units in H1 FY2026, an increase of 172.8%
from H1 FY2025

·    Molefe Mine operations performed well despite facing heavy rains
which caused significant damage to road and bridge infrastructure in the
surrounding area. Operations continue to expand with 181 890t of Cu reef mined
during the period, of which 9 130t were transported to Sable Refinery at an
average Cu grade of 1.84%

·    Initial resource drilling at Molefe Mine in partnership with Galileo
Resources has been completed and awaiting final laboratory results. Early
indications of results received to date already support the accelerated Phase
1 drilling program

·    Phase 2 of the expanded Molefe Mine resource drilling, targeting
virgin areas to extend the resource, commenced in February 2026

·    Total saleable Cu units produced reached 1 543t (H1 FY2025: 1 419t)
up 8.7% from the comparative period. This excludes the stockpiled Cu fine
concentrate at Roan as well as the stockpiled Molefe mined material

Half-year production results

·    The table below presents the unaudited operational production
performance of Zambia for H1 FY2026:

 PRODUCTION PERFORMANCE                       Q1 FY2026  Q2 FY2026  H1 FY2026     H1 FY2025   % change
 Roan production*
 Cu units in oxide concentrates       tonnes  83         155        238           84          182.5%
 Cu units in sulphide concentrates    tonnes  456        70         526           372         41.2%
 Cu units in oxide concentrate fines  tonnes  152        330        482           -           100.0%
 Total Roan production                tonnes  691        555        1 246         457         172.8%

 Total saleable Cu units produced**   tonnes  938        605            1 543        1 419    8.7%

 Molefe Mine production
 Cu units mined                       tonnes  38 648     143 242    181 890       -           100.0%
 Cu units dispatched to Sable         tonnes  881        8 249      9 130         -           100.0%

* Cu tonnes produced are recorded in three products:

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 not delivered to
Sable Refinery but stockpiled and currently awaiting the completion of the
upgraded concentrate dewatering facility at Roan, scheduled to commence
commissioning in early March 2026, 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 unit production guidance for FY2026 remains within the range of 4 500t
to 5 100t depending on the extent of the impact on production during the rainy
season (FY2025 production: 2 211t)

Statement from Leon Coetzer, Jubilee CEO:

"I am pleased to support a solid set of numbers from, what is now, our core
copper business in Zambia. As expected, the rainy season did impact our
activities in various ways during the period, however, we had factored much of
this into our forecasts. Operations have since ramped back up and access via
previously damaged bridges and roads has also since improved.

Roan's operational performance is particularly pleasing reaching its
operational targets on the back of stable power and significantly improved
operational efficiencies.  Over the next quarter we expect Roan to complete
the commissioning of the upgraded Cu concentrate dewatering facility leading
to increased deliveries to Sable Refinery.

The Molefe Mine will continue to expand heading back to the 8 500tpm level
this quarter.

Exploration drilling at Molefe with our partner Galileo is already showing
promising numbers and we look forward to updating the market with results in
due course."

Overview

The implementation of the Company's Three-Pillar copper strategy continues on
track with Roan reaching and sustaining its targeted production levels. Molefe
Mine continues to expand with very encouraging early results from its resource
drilling program.

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

Roan is on track for throughput of 40 000tpm by end of Q4 FY2026. Production
at Roan reached 1 246t of Cu units in the first half of the financial year,
up 172.8% on the previous comparable period a year earlier.

Cu tonnes produced are recorded in three products, namely, Cu in oxide
concentrate (238t in H1) for further refining at Sable Refinery, Cu sulphide
concentrates (526t in H1) for sale directly into the market, and Cu in oxide
concentrate fines (482t in H1) which are stockpiled for future refining at
Sable.

This stockpile of oxide concentrate fines will be processed and delivered to
Sable Refinery upon commissioning of the new dewatering system targeted for
commissioning in March 2026. This stockpiled Cu oxide concentrate fines will
provide additional Cu cathode production during Q4 FY2026.

Power supply to Roan continues to be stable despite the seasonal heavy rains
which is reflected in the significantly improved operational results achieved
by Roan.

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

Molefe Mine's ramp-up profile suffered slight delays due to the heavy rains
experienced causing damage to road and bridge infrastructure. The targeted 8
500tpm of Cu ore delivered to Sable Refinery is expected to be achieved during
Q4 FY2026.

Molefe Mine operations continue to expand with 181 890t of Cu reef mined
during the period, of which 9 130t 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.

Construction of the first phase on-site upgrade facility is set to commence in
March 2026 and is expected to significantly increase the portion of mined ore
that is delivered to Sable Refinery.

Initial resource drilling at Molefe Mine in partnership with Galileo Resources
has been completed and awaiting final laboratory results. Indications of
results received to date supported the accelerated Phase 1 drilling program.

Phase 2 of the expanded Molefe Mine resource drilling, targeting virgin areas
to extend the resource, commenced in February 2026.

Pillar 3 - Processing of surface stockpiles and tailings: Large Waste Project

An independent resource review of the near 240Mt Large Waste Project has been
completed with the draft reports being issued. The scheduled further infill
drilling of the resource to expand the resource definition is currently being
updated to incorporate the results from the review and will commence once
completed.

The results from the resource review have confirmed the scale of the project
and details of the results from the review will be provided to shareholders
once the final report is issued, expected within Q4 FY2026.

Jubilee is now focused on two potential project partners, both currently
operational in Zambia. Final selection of the preferred partner is expected to
be concluded before the end of FY2026. This selection will be influenced by
the commercial discussions currently underway to define the joint venture
framework.

Update on South Africa

·    Sale of South African chrome and PGM* operations now complete and the
Company received the second cash instalment of US$10 million from the
purchaser (Total cash payments received to date of US$25 million)

·    Chrome concentrate produced reached 804 227t for H1 FY2026

·    PGM ounces produced for H1 FY2026 reached 18 733oz

*  6E PGM - Platinum, palladium, rhodium, ruthenium, iridium and gold

 

19 February 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

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