JUBILEE METALS GROUP PLC - Kabwe update

Kabwe update

Jubilee Metals Group PLC
Registration number (4459850)
AltX share code: JBL
AIM share code: JLP
ISIN: GB0031852162
("Jubilee" or "the Company")

Kabwe Project Status Update

Project Highlights
   -   Zinc recovery circuit under construction
   -   Development of the lead and vanadium recovery circuits progressing

Leon Coetzer, Chief Executive Officer, says: “

The construction of the zinc recovery circuit of the Kabwe project is progressing. Our initial
focus is on the completion of the zinc recovery circuit while our research and development
teams conclude the testing of the lead and vanadium circuit design parameters.

Our process development teams have been able to determine a more suitable process
solution than the originally contemplated acid and brine solution for the extraction of the
various metals at Kabwe. The updated process flowsheet offers the potential to both
improved capital efficiency as well as reduced circuit complexity.

This process circuit development lies at the heart of Jubilee’s expertise to develop suitable
metal recovery processes for historical mine wastes.

I expect the team to conclude the full circuit design and project financial parameters
targeting the three metals, zinc, lead and vanadium by the end of August 2018. Jubilee and
BMR Group PLC have agreed to extend the contractual period to conclude the circuit design
and project budget to align with this target date.

Jubilee will continue to fund the construction of the zinc circuit during this period and we
continue to have positive discussions with the Department of Mines and Minerals in
Zambia.”

Kabwe zinc, lead and vanadium project (Zambia)

Jubilee is pleased with the progress made on the Kabwe project by the technical
development and project execution teams.

The project’s updated process flowsheet separates the zinc and lead recovery circuits which
allows the construction of the zinc recovery circuit to progress while the development of
the lead and vanadium recovery circuits continue.
The recovery circuit’s development by Jubilee’s research and development team includes
work to evaluate the optimal product purity specifications to improve the capital efficiency
of the project. It is anticipated that the full process circuit design will be completed by the
end of August 2018. The completed design will form the basis for the updated project
financial parameters and required capital budgets.

Jubilee and BMR agreed to extend the contractual period to conclude the initial design,
work program and budget for the construction of the combined Kabwe processing plant as
stipulated under the Shareholders Agreement entered into between Jubilee, Kabwe
Operations Limited and BMR Group PLC to 31 August 2018.




United Kingdom

2 July 2018

Contacts

Jubilee Metals Group PLC

Colin Bird/Leon Coetzer
Tel +44 (0) 20 7584 2155 / Tel +27 (0) 11 465 1913
Andrew Sarosi
Tel +44 (0) 1752 221937

Nominated Adviser

SPARK Advisory Partners Limited
Mark Brady/Andrew Emmott
Tel: +44 (0) 203 368 3555

Broker

Shard Capital Partners LLP
Damon Heath/Erik Woolgar
Tel +44 (0) 20 7 186 9900

JSE Sponsor

Sasfin Capital (a member of the Sasfin group)

Sharon Owens
Tel +27 (0) 11 809 7500

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