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Operational and projects update H1 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 projects update H1 FY2026
Jubilee, the Zambia copper focused producer, today publishes its unaudited operational and projects
update for the half year ended 31 December 2025 ('H1 FY2026' or 'H1' or 'the period').
Highlights
• Lost Time Frequency Injury Rate (LTFIR) of 1.20 (H1 FY2025:0.61)
• Roan Operations (Roan) reached targeted production levels of approximately 30 000 tonnes
per month feed rate during the period overcoming the expected rainy season interruptions
• Roan produced 1 246t of Cu units in H1 FY2026, an increase of 172.8% from H1 FY2025
• Molefe Mine operations performed well despite facing heavy rains which caused significant
damage to road and bridge infrastructure in the surrounding area. Operations continue to
expand with 181 890t of Cu reef mined during the period, of which 9 130t were transported
to Sable Refinery at an average Cu grade of 1.84%
• Initial resource drilling at Molefe Mine in partnership with Galileo Resources has been
completed and awaiting final laboratory results. Early indications of results received to date
already support the accelerated Phase 1 drilling program
• Phase 2 of the expanded Molefe Mine resource drilling, targeting virgin areas to extend the
resource, commenced in February 2026
• Total saleable Cu units produced reached 1 543t (H1 FY2025: 1 419t) up 8.7% from the
comparative period. This excludes the stockpiled Cu fine concentrate at Roan as well as the
stockpiled Molefe mined material
Half-year production results
• The table below presents the unaudited operational production performance of Zambia for
H1 FY2026:
Q1 Q2 H1 H1 %
PRODUCTION PERFORMANCE
FY2026 FY2026 FY2026 FY2025 change
Roan production*
Cu units in oxide concentrates tonnes 83 155 238 84 182.5%
Cu units in sulphide concentrates tonnes 456 70 526 372 41.2%
Cu units in oxide concentrate fines tonnes 152 330 482 - 100.0%
Total Roan production tonnes 691 555 1 246 457 172.8%
Total saleable Cu units produced** tonnes 938 605 1 543 1 419 8.7%
Molefe Mine production
Cu units mined tonnes 38 648 143 242 181 890 - 100.0%
Cu units dispatched to Sable tonnes 881 8 249 9 130 - 100.0%
* Cu tonnes produced are recorded in three products:
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 not delivered to Sable Refinery but stockpiled and currently
awaiting the completion of the upgraded concentrate dewatering facility at Roan, scheduled to commence
commissioning in early March 2026, 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 unit production guidance for FY2026 remains 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:
"I am pleased to support a solid set of numbers from, what is now, our core copper business in Zambia.
As expected, the rainy season did impact our activities in various ways during the period, however, we
had factored much of this into our forecasts. Operations have since ramped back up and access via
previously damaged bridges and roads has also since improved.
Roan's operational performance is particularly pleasing reaching its operational targets on the back of
stable power and significantly improved operational efficiencies. Over the next quarter we expect Roan
to complete the commissioning of the upgraded Cu concentrate dewatering facility leading to
increased deliveries to Sable Refinery.
The Molefe Mine will continue to expand heading back to the 8 500tpm level this quarter.
Exploration drilling at Molefe with our partner Galileo is already showing promising numbers and we
look forward to updating the market with results in due course."
Overview
The implementation of the Company's Three-Pillar copper strategy continues on track with Roan
reaching and sustaining its targeted production levels. Molefe Mine continues to expand with very
encouraging early results from its resource drilling program.
Pillar 1 - Processing of third-party copper feedstock: Roan
Roan is on track for throughput of 40 000tpm by end of Q4 FY2026. Production at Roan reached 1 246t
of Cu units in the first half of the financial year, up 172.8% on the previous comparable period a year
earlier.
Cu tonnes produced are recorded in three products, namely, Cu in oxide concentrate (238t in H1) for
further refining at Sable Refinery, Cu sulphide concentrates (526t in H1) for sale directly into the
market, and Cu in oxide concentrate fines (482t in H1) which are stockpiled for future refining at Sable.
This stockpile of oxide concentrate fines will be processed and delivered to Sable Refinery upon
commissioning of the new dewatering system targeted for commissioning in March 2026. This
stockpiled Cu oxide concentrate fines will provide additional Cu cathode production during Q4 FY2026.
Power supply to Roan continues to be stable despite the seasonal heavy rains which is reflected in the
significantly improved operational results achieved by Roan.
Pillar 2 - Integrated mine-to-metals business: Sable Refinery and mining operations
Molefe Mine's ramp-up profile suffered slight delays due to the heavy rains experienced causing
damage to road and bridge infrastructure. The targeted 8 500tpm of Cu ore delivered to Sable Refinery
is expected to be achieved during Q4 FY2026.
Molefe Mine operations continue to expand with 181 890t of Cu reef mined during the period, of
which 9 130t 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.
Construction of the first phase on-site upgrade facility is set to commence in March 2026 and is
expected to significantly increase the portion of mined ore that is delivered to Sable Refinery.
Initial resource drilling at Molefe Mine in partnership with Galileo Resources has been completed and
awaiting final laboratory results. Indications of results received to date supported the accelerated
Phase 1 drilling program.
Phase 2 of the expanded Molefe Mine resource drilling, targeting virgin areas to extend the resource,
commenced in February 2026.
Pillar 3 - Processing of surface stockpiles and tailings: Large Waste Project
An independent resource review of the near 240Mt Large Waste Project has been completed with the
draft reports being issued. The scheduled further infill drilling of the resource to expand the resource
definition is currently being updated to incorporate the results from the review and will commence
once completed.
The results from the resource review have confirmed the scale of the project and details of the results
from the review will be provided to shareholders once the final report is issued, expected within Q4
FY2026.
Jubilee is now focused on two potential project partners, both currently operational in Zambia. Final
selection of the preferred partner is expected to be concluded before the end of FY2026. This selection
will be influenced by the commercial discussions currently underway to define the joint venture
framework.
Update on South Africa
• Sale of South African chrome and PGM* operations now complete and the Company
received the second cash instalment of US$10 million from the purchaser (Total cash
payments received to date of US$25 million)
• Chrome concentrate produced reached 804 227t for H1 FY2026
• PGM ounces produced for H1 FY2026 reached 18 733oz
* 6E PGM - Platinum, palladium, rhodium, ruthenium, iridium and gold
19 February 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 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
Date: 19-02-2026 09:00:00
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