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Strategic Transaction to Accelerate Copper Growth
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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Strategic Transaction to Accelerate Copper Growth
Jubilee, the integrated copper producer and resource developer in Zambia, is pleased to announce
that it has received two binding offers for the outright acquisition of the Company's Large Waste
Project (LWP) at a substantial premium to the original acquisition price of the LWP (Consideration)
(Binding Offers).
In line with previous announcements and following a review of expressions of interest from several
international firms, the Company shortlisted two potential companies to enter into exclusive
negotiations. These negotiations have resulted in the receipt of Binding Offers from both companies
(the Purchaser(s)). The Purchasers were selected based on the strength of their respective offers and
their operational track record in Zambia. Jubilee will provide further detail on the transaction once
the preferred Purchaser has been selected and definitive transaction agreements are concluded which
are expected within the next two weeks.
In addition to the LWP, both Purchasers have expressed an interest in exploring broader strategic
collaboration with Jubilee in Zambia, including the potential development of further waste assets near
current Jubilee processing facilities, which are currently under evaluation by the Company.
The monetising of the LWP at a substantial premium to the original acquisition price, supports the
accelerated investment by Jubilee into the growth of its existing Zambian operations offering lower-
risk and a lower-capital pathway to achieving the Company's growth objectives such as the
implementation of the on-site copper processing facility at the expanded Molefe Mine operations.
In respect of Jubilee's acquisition of the LWP, the Company also announces that, in accordance with
the terms of the Large Waste Project Purchase Agreement and the rights afforded to the seller of the
LWP, the seller has elected to receive the final US$5 million settlement consideration in new Jubilee
ordinary shares (Shares) which concludes the acquisition of the LWP.
Highlights
- The sale of the LWP forms part of a progressive derisking of the large growth portfolio
prioritising accelerated capital funding into the expansion of existing operations which offers
higher returns
- The Consideration together with remaining cash proceeds from the sale of the South African
operations and the sale of non-core waste assets (as previously announced), offer substantial
cash inflows nearing US$100 million, strengthening the Company's balance sheet and offering
accelerated investment into the continued expansion of the Zambian operations
- The Binding Offers also offer the potential for further partnerships with the Purchaser within
Zambia specifically looking to bring to value selected tailings and waste projects
Statement from Leon Coetzer, Jubilee CEO:
"The targeted transaction represents an important evolution of Jubilee's copper strategy and
rationalising of its capital investment to prioritise leveraging off our established operating footprint in
Zambia.
Our investment into defining the Large Waste Project has enabled us to attract binding offers for the
asset at a substantial premium to the original purchase price, allowing us to redeploy the funds
towards investment into the expansion of our existing operations such as our Molefe Mine operations
which offers greater returns. The Large Waste Project is a Greenfields project and as such requires
significantly higher capital at greater project execution risk. Our vision remains to transform the Molefe
Mine into an integrated copper mining and processing hub, strengthening our long-term copper
strategy while delivering a lower-risk, lower-capital pathway to growth and enhanced value for
shareholders.
The combination of the proceeds from the disposal of the Large Waste Project together with the
remaining proceeds from the previously announced sale of the South African operations, offer
substantial cash inflows while retaining Jubilee's core Zambian mine-to-metals investments. This will
strengthen our balance sheet and enhances financial flexibility to accelerate the implementation of
our copper growths strategy.
The original LWP seller's election for final settlement in Jubilee shares reflects their confidence in
Jubilee's copper strategy. The dilution caused by their election is offset by the significant premium on
the sale of the asset."
Disposal of the Large Waste Project
The disposal of the Large Waste Project reflects Jubilee's disciplined approach to capital allocation.
Rather than committing significant shareholder capital to the development of a new standalone
processing operation, the Company has elected to monetise the asset and redeploy its financial and
management resources towards projects capable of generating stronger returns by leveraging
Jubilee's existing operational footprint in Zambia.
The Purchasers have successfully completed their initial due diligence which motivated the submission
of the Binding Offers. The terms of both Binding Offers include an initial deposit payment due by 27
August 2026, granting the successful Purchaser up to 90-days (DD Period) to complete its final due
diligence. Upon successful completion of the DD Period and issuance of a DD certificate, definitive
agreements shall be executed within 10 days. The remaining balance is linked to instalments of up to
3 years, reflecting Jubilee's disciplined approach to capital allocation and its strategy of progressively
de-risking its broader growth portfolio while prioritising investment into its existing integrated copper
operation. The Company expects to provide further information within the near-term in-line with the
adjustment in its portfolio as it targets accelerated growth in its current operations.
Separately, the Company announced on 3 April 2025, that it had secured the exclusive rights to the
Large Waste Project for a reduced consideration. Under the terms of the Large Waste Project Purchase
Agreement, the sellers elected to receive the final stage payment, to the value of US$5.0 million in
Jubilee shares, subject to certain trading restrictions.
The selection by sellers to receive settlement in Jubilee shares of US$5.0 million (£3.8 million) through
the issuance of 150 489 090 new Jubilee ordinary shares (Shares) at a price of 2.5 pence per Share (the
Jubilee closing share price of 5 August 2026), represents 4.5% of the enlarged issued share capital.
Admission and total voting rights
The Shares are expected to be admitted to trading on AIM and listed on the Altx of the JSE Limited on
or around 14 August 2026 (Admission) and will rank pari passu with the ordinary shares of the
Company in issue.
The Company's total issued share capital, after the issue of the Shares, will be 3 381 330 240 ordinary
shares. The Company does not hold any shares in treasury, thus this figure may be used by
shareholders in the Company as the denominator for the calculations by which they will determine if
they are required to notify their interest in, or a change to their interest in, the share capital of the
Company following Admission.
10 August 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 63 482 3802
About Jubilee Metals Group
Jubilee Metals, listed on AIM and the Altx of the JSE, is a copper producer focused on building a world-
class integrated copper business in Zambia. The Company aims to reach 25 000 tonnes per annum of
copper production by integrating exploration, mining, concentrating and refining through its three-
pillar strategy, combining the Roan concentrator, the Sable refinery and regional mining assets and
the Large Waste Rock Project. Led by an experienced team, Jubilee applies innovative technologies to
transform previously underutilised materials into value while supporting circular resource use and
strong environmental stewardship.
For further information, please visit www.jubileemetalsgroup.com and follow Jubilee on X at
@Jubilee_Metals
Date: 11-08-2026 07:05:00
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