Operational Update South Africa Q1 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 Update South Africa

Q1 FY2026

Jubilee, the Zambia copper focused producer, today publishes an operational and project update for its South African operations for the first quarter ended 30 September 2025 (Q1 FY2026).

Workstreams to conclude the sale of the Company's South African Chrome and PGM Operations (Disposal Group) are progressing well. Approval by the South African Competition Commission and delivery of the audited accounts for the Disposal Group for the year ending 30 June 2025, are the two remaining significant conditions precedent to the sale. The Company is hopeful that completion of the sale will be achieved by the end of CY2025. The Company expects to deliver its audited results for the financial year ending 30 June 2025 during the second half of November 2025.

Highlights

§ Shareholder approval received on 28 August 2025 for the disposal of Jubilee's Chrome and PGM Operations with the first US$15 million of the sale consideration received in cash

§ South Africa reported a Lost Time Frequency Injury Rate of 0.96 representing a 27.8% decrease compared to the last quarter, (Q4 FY2024: 1.33) with one classified injury reported 

§ Chrome concentrate production for Q1 FY2026 was down 11.2% from the comparative quarter in the previous financial year to 404 151t (Q1 FY2025: 455 381t) due mainly to the cessation of the OBB chrome ore supply contract (OBB contract) at the end of Q4 FY2025 (equivalent to approximately 450 000tpa of chrome) to be offset largely by increased production from Thutse operations

§ PGM* production for Q1 FY2026 reached 8 382 oz, down 10.1% from the comparative quarter in the previous financial year (Q1 FY2025: 9 328 oz) due mainly to the impact of the cessation of the OBB contract on PGM feed supply

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

Statement from Leon Coetzer, Jubilee CEO:

"Our South African operations have delivered a solid performance whilst the sale of our South African chrome and PGM Operations is progressing to expectation. To this end, we are pleased to see a notable decrease in the LTIFR.

The sale of our South African Chrome and PGM Operations has only two remaining significant conditions to be fulfilled, being approval from the South African Competition Commission and delivery of the audited accounts of the Disposal Group for the year ending 30 June 2025. Additionally, the period saw us receive the first tranche of the sale consideration of US$15 million. We are hoping to receive approval for the completion of the sale by the end of this calendar year and we look forward to updating our shareholders accordingly."

South Africa production guidance for FY2026

§ Chrome concentrate Production guidance of 1.65 - 1.80Mt

§ PGM Production guidance of 36 000 - 40 000 oz

Production performance Q1 FY2026

The table below presents the unaudited operational production performance of South Africa for Q1 FY2026:

Operational Summary for Q1 FY2026

On 21 July 2025 the Company announced that its contract supplying material to the OBB facility was not renewed (OBB contract). The OBB contract contributed the equivalent of 450 000tpa of chrome concentrate (based on FY2025). The impact of the cessation of the OBB contract has been largely offset by a sharp increase in chrome production from third party chrome ore partnership agreements as well as increased production at the Company's Thutse operations. The partnership agreements, offering direct exposure to chrome prices, contribute to approximately 64.1% of current chrome production.

PGM tailings from the OBB processing facility continue to be processed at the Inyoni PGM facility. The discontinuation of the OBB contract had a limited impact on the PGM production profile of Jubilee with the operational handover completed. PGM feed supply to the Inyoni PGM facility stems predominantly from the tailings generated from the OBB facility, supplemented by PGM tailings from the Windsor operations as well as the existing PGM bearing feedstock in the historical chrome and PGM tailings at Inyoni.

Jubilee holds a second tolling agreement with this specific ore feed supplier, producing in excess of 500 000tpa of chrome concentrate at its Windsor operations, which reaches maturity in February 2027.

The new PGM joint partnership under an earnings share agreement has completed a two month operational trial at the facility. The Jubilee technical team is making further modifications currently to the processing facility to improve the final product specifications. The upgraded facility is expected to commence production during Q3 FY2026.

17 October 2025

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 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

Financial Advisor to the transaction

Absa Corporate and Investment Bank, a division of Absa Bank Limited

Craig Brewer

Tel: +27 83 303 0980