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Zambia operational and projects update 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:
OPERATIONAL PERFORMANCE Q1 FY2026 Q4 FY2025 % change
COPPER
Total copper production tonnes 938 568 65.1%
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
Date: 21-11-2025 09:00:00
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