Operational and Production Update 9m FY2026

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

* 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 8th 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, 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 TredwayTel: +44 (0) 207 920 3150 

Joint Broker - Zeus CapitalHarry Ansell/Katy Mitchell Tel: +44 (0) 20 7220 1670/+44 (0) 113 394 6618 

Joint Broker - Shard Capital Partners LLPErik Woolgar/Gareth BurchellTel +44 (0) 207 1869900 

JSE Sponsor - Questco Corporate Advisory Proprietary Limited Alison McLarenTel: +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