Operational Update Zambia 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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Zambia operational and projects update Q1 FY2026

Jubilee, the Zambia copper focused producer, today publishes an operational and projects update for its Zambia operations for Q1 FY2026 ended 30 September 2025. The update follows on from the comprehensive projects update provided on 6 October 2025 and confirms several of the workstreams mentioned therein, provides detail on certain deliverables in the current quarter, and updates guidance. The Company's Three-Pillar Strategy, comprising of distinct three business units, continues to drive the growth of its copper business.

Highlights

· Achieved 215 lost time injury free (LTI-free) days (Q1 FY2025: 580 LTI-free days)

· Copper production for Q1 FY2026 totalled 938t, up 65% (Q4 FY2025: 568t) with no material power outages affecting operations

· Production was made up largely of copper concentrate produced by Roan for refining at Sable, prior to the commencement of high-grade copper (Cu) ore deliveries from the Molefe mine to Sable during September 2025

· Key growth drivers during the quarter under review

o  Roan reaching stable production

o  Molefe mine commencing operations with the delivery of high-grade ore to Sable refinery

· Targeted growth deliverables for Q2 FY2026

o  Molefe mine to increase delivery of high-grade Cu ore from 3 500t per month (achieved in October 2025) to 4 500t per month in November 2025 (on target)

· Targeted growth deliverables for by end of Q3 FY2026

o  Molefe mine to further increase high-grade Cu ore deliveries to reach 8 500t per month by end of Q3 FY2026

o  Roan set to increase copper concentrate deliveries to Sable refinery on the back of a 30% expansion of the current filtering capacity to incorporate the fine copper concentrates currently stockpiled on site at an approximate rate of 65tpm of copper contained in concentrates

· Targeted growth deliverables by end of Q4 FY2026

o  Full quarter operation at Molefe mine at capacity of 8 500t per month by end of quarter

o  Roan concentrator to target an increased throughput of 40 000t per month from 30 000t per month currently (33% increase)

Pillar 1 - Processing of third party copper feedstock: Roan

· Roan production for Q1 FY2026 increased by 65.5% to 917t (Q4 FY2025: 554t) of copper contained in copper sulphide and oxide concentrates

· Power supply agreements delivered consistently throughout the period with no material power outages for the quarter allowing Roan to operate more stably which is reflected in the improved performance

· Roan's filtering capacity currently being expanded by approximately 30% to accelerate drying of concentrates prior to transporting to Sable refinery and offer the potential to further increase the throughput at Roan

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

· Molefe mine operations re-commenced operations on-schedule with high-grade Cu ore deliveries to Sable during September 2025 following the successfully expanded Pit 2

· Post Q1 FY2026 Molefe mine reached its targeted 3 500t per month of high-grade Cu ore on grade delivered to Sable within guidance in October 2025

o  Molefe mine's ramp-up profile remains on track targeting to reach 4 500t of high-grade Cu ore per month by end November 2025

o  In-fill drilling of the current Pit 2 is underway

· The targeted joint venture with a potential partner to undertake the resource drilling and review of the Molefe mine and wider district is well advanced and is expected to conclude during November 2025. 

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

· An independent resource review of the near 240 million tonnes Large Waste Project is progressing on target with further infill drilling expected to commence during Q3 FY2026 as part of the development of the detailed ore reclamation plan

· External project leaders have been appointed to drive the project implementation with near final designs on track for completion by end of Q3 FY2026

· Discussions with potential project partners are progressing with internal target date remaining the end of the current quarter

Copper Production guidance for FY2026

• Revised copper unit production guidance for FY2026 is expected to be 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:

"It has been a significant year for the team as we become a pure Zambia focused copper producer. To this end, I am pleased to report positive progress in the first quarter of FY2026, where we have successfully improved our copper production versus the previous year's comparable period. We have seen first hand the benefits of our power supply agreement, resulting in no material power outages affecting our operations.

With both Roan and Sable processing plants now fully operational, and the Molefe open-pit copper mine expanding successfully, our copper business is stabilising ahead of a new phase of growth. Jubilee still possesses the optionality to increase throughput further through both increased processing of historical tailings material and the introduction of the new Roan front-end although these will only be considered after the rainy season.

The focus for the remainder of FY2026 remains firmly on driving our copper strategy via our Three-Pillar Strategy and ensuring stability in the operations in the country including key items such as feed rate, yields and cost control for our operations."

Quarterly production results

The copper production stemmed mainly from Roan concentrator producing 917t of copper contained in concentrate from third party acquired ore. Roan's performance showed a marked improvement on the back of constant power supply and consistent quality supplied third party ore.

Molefe mine recommenced delivery of ore to Sable refinery during September 2025 following the expansion of pit 2 reaching 1 122t delivered for Q1 FY2026. Molefe mine's production ramped up to reach the targeted 3 500t of high-grade ore delivered for the month of October 2025 and is on target to reach to reach the further step-up to 4 500t of high-grade ore by the end of November 2025, targeting 8 500t of high-grade ore delivered for Q2 FY2026 (seasonal rain dependent).

The lower grade ore (0.7% Cu) continues to be stockpiled on site exceeding 2Mt of ore by the end of Q1 2026 and growing at a rate of approximately 70 000tpm.

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

21 November 2025

For further information visit www.jubileemetalsgroup.com, follow Jubilee on Twitter (@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 - Shard Capital

Erik Woolgar/Gareth Burchell

Tel +44 (0) 207 1869900

Joint Broker - Zeus Capital

Harry Ansell/Katy Mitchell

Tel: +44 (0) 20 7220 1670/+44 (0) 113 394 6618 

JSE Sponsor - Questco Corporate Advisory Proprietary Limited 

Alison McLaren

Tel: +27 63 482 3802