Copper - Jubilee Metals Group

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Copper

Jubilee has invested significantly in establishing its copper business in Zambia, building an operational footprint that combines established processing infrastructure with owned mining assets.

Pioneering entry into Zambia's base copper sector

The acquisition of the Sable Refinery in 2019 served as an entry point for Jubilee into Zambia, presenting a well-placed platform from which to pursue copper opportunities in the country, and to begin actively engaging with third-party suppliers to develop strategic partnerships to grow our copper production.

Copper Strategy

Jubilee has invested significantly in its copper business in Zambia. The importance of copper is underscored by its transparent global market pricing and robust long-term fundamentals driven by supply constraints and its central role in energy transition technologies. Jubilee navigated infrastructural and power challenges to establish operational stability in Zambia, providing a platform for integrated growth, environmental sustainability and meaningful local impact.

Jubilee has acquired extensive copper resources in Zambia and developed a three-pillar diversified platform on the back of its growing presence in Zambia, with significant growth potential that includes:

Processing of third-party copper feedstock: Roan

Roan provides the processing platform for Pillar 1 of Jubilee’s copper strategy, focused on the treatment of third-party copper feedstock, including ROM, waste and tailings. Its flexible processing capability enables Jubilee to treat complex and variable copper-bearing materials and produce both oxide and sulphide concentrates.
Current production is predominantly from purchased ROM material, grading at an average of approximately 1.7% copper for the quarter, slightly above the targeted 1.6% copper
The material is predominantly oxide copper, with more than 85.0% of copper concentrate produced, refined currently to copper cathode at Sable

Integrated mine-to-metals business: Sable

Sable is currently undergoing an expansion to support increased production capacity
The expansion will accommodate increased production from the nearby Molefe Mine, Project G Mine and other near-surface opportunities in the area
A resource drilling programme is continuing, which targets to upgrade the resource confidence and optimise open-pit design
It is envisaged that the satellite pits will, in time, be integrated into a large open pit based on early drilling results indicating the potential of a continuous copper mineralisation
The Company has increased its foothold in the region surrounding Molefe Mine by securing additional exploration permits
The Company concluded the execution of a cooperation and project development agreement with Galileo Resources Plc, for the implementation of an accelerated resource exploration programme and the development of Jubilee’s Molefe Mine in Zambia
Project G will be pursued in a similar joint venture arrangement.

Non-core assets

On 30 June 2026, the Large Waste Project (LWP) formed the third pillar of Jubilee’s copper strategy and continued to be evaluated through further technical and resource-definition work.
After year-end, Jubilee elected to monetise the LWP as part of the refinement of its three-pillar strategy. Pillar 3 has subsequently evolved to encompass non-core assets, enabling the Group to focus capital and management resources on opportunities aligned with its core integrated copper growth strategy.
The LWP disposal reflects this approach, crystallising value from a large-scale greenfield project while enabling capital to be prioritised towards the expansion of Jubilee’s existing Zambian operations.
Tjate also forms part of the Group’s non-core asset portfolio.