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Update on Large Waste Project Disposal
Jubilee Metals Group PLC
Registration number: 4459850
AIM share code: JLP
Altx share code: JBL
ISIN: GB0031852162
(‘Jubilee’ or ‘the Company’ or ‘the Group’)
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Update on Large Waste Project Disposal
Jubilee, the integrated copper producer and resource developer in Zambia, is pleased to provide an
update on the disposal of its Large Waste Project (LWP).
The Company expects to announce the drilling results from the ongoing Phase 2 drilling programme
at the Molefe Mine in the next few days.
Highlights
- Legal due diligence for the disposal of the LWP for a total consideration of approximately
US$35 million (Consideration) completed, with payment of a US$2.25 million deposit to follow
in the next few days
- 45-day period commences to complete technical due diligence and finalise transaction
documentation
- The Consideration together with remaining cash proceeds from the sale of the South African
operations of US$65 million offer substantial cash inflows of up to US$100 million,
strengthening the Company's balance sheet and offering accelerated investment into the
continued expansion of the Zambian operations
Statement from Leon Coetzer, Jubilee CEO:
“The successful completion of the legal due diligence represents an important milestone in progressing
the disposal of the Large Waste Project. It triggers the payment of the US$2.25 million deposit and the
commencement of the 45-day period to complete both the technical due diligence and the
transactional documents which on completion would trigger the next payment due in December 2026.
In addition, the next instalment from the sale of the South African operations of approximately US$15
million becomes due during early January 2027. The disposal remains firmly aligned with our strategy
to recycle capital into the accelerated growth of our existing Zambian copper operations, where we
can leverage our established operating and processing footprint to target stronger returns.”
Disposal of the Large Waste Project
The legal due diligence in respect of the proposed disposal of the LWP has now been completed. The
Company expects the US$2.25 million deposit to be paid within the next few days. Based on the terms
of the binding heads of terms, a further 45-day period is offered to complete the further due diligence
mainly focussing on the technical aspects of the material as well as the conclusion of the final
transactional documentation. If completed successfully within this period, the consideration of $35
million will be settled over a 3-year period with the first instalment due in December 2026. The
transaction remains subject to the completion of the final due diligence and definitive documentation
and the satisfaction or waiver of conditions precedent normal for a transaction of this nature.
The transaction represents a further step in Jubilee's strategy to progressively de-risk its growth
portfolio and prioritise capital allocation towards the expansion of its existing Zambian copper
operations. The monetisation of the LWP enables Jubilee to redirect capital towards opportunities
capable of generating stronger returns by leveraging the Company's established mining and
processing footprint in Zambia, including the continued expansion of the Molefe Mine.
8 October 2026
For further information 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 78 286 9556
About Jubilee Metals Group
Jubilee Metals, listed on AIM and the AltX of the JSE, is a copper producer and resource developer
focused on building a world-class integrated copper business in Zambia. The Company’s strategy is
built around three core pillars: the processing of third-party copper feedstock, principally through its
Roan Concentrator; the Sable Refinery as the Group’s central refining platform; and the development
of Jubilee-controlled mining assets and exploration opportunities.
Together, these three pillars support Jubilee’s evolution from a predominantly third-party processor
into an integrated copper mining, processing and refining company. The strategy is focused on
leveraging Jubilee’s established processing and refining infrastructure while progressively increasing
its exposure to controlled copper resources, with a disciplined approach to capital deployment and a
focus on maximising returns from existing infrastructure.
As Jubilee advances its mining, exploration and resource development programmes, the Group is
focused on building a resource-backed production platform capable of supporting scalable, long-term
copper growth.
For further information, please visit www.jubileemetalsgroup.com and follow Jubilee on X at
@Jubilee_Metals
Date: 08/10/2026 08:00:00
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