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

Dissemination of a Regulatory Announcement that contains inside information according to UK Market
Abuse Regulations. Not for release, publication or distribution in whole or in part in, into or from any
jurisdiction where to do so would constitute a violation of the relevant laws or regulations of such
jurisdiction.

                                 South Africa and Zambia Project Expansion Update

Jubilee Metals Group PLC (AIM: JLP; Altx: JBL), a leader in diversified metals processing, with operations
in Africa, is pleased to provide an update on the chrome joint venture (“JV”) in South Africa as well as an
update on the expansion of its Roan Concentrator (“Roan”) in Zambia.

Strategy and growth projects

PGM and chrome expansion

•   Successful upgrade, implementation and commissioning of an existing brownfield processing facility,
    on the western limb of the Bushveld Complex, has now been completed reaching targeted
    operational output.

•   As announced on 6 June 2023, the long-term chrome processing partnership provides the potential
    for additional chrome processing capacity of 360 000 tonnes per annum targeting an additional 200
    000 tonnes of chrome concentrate and adding an additional 10 000 PGM oz per annum to Inyoni’s
    profile.

•   The expansion of the chrome operations comes at an opportune time with supportive chrome prices
    and strong market support further extending operating margins:

    o    A total of 24 500 tonnes of newly produced final chrome product already traded and on track to
         trade an additional 17 000 tonnes of metallurgical grade per month
    o    Expected to contribute an additional 60 000 tonnes of chrome concentrate for the half year ending
         Dec 2023 and 4000 PGM oz.

•   The Company is in advanced discussions to conclude its next partnership agreement targeting an
    additional 600 000 tonnes per annum processing capacity.


Copper

•   Roll-out of copper expansion strategy in Zambia progressing ahead of schedule with all long lead
    items secured for Roan upgrade:
        o   Delivery of equipment and on-site assembly scheduled to commence in early September 2023.
        o   Commissioning remains on track to commence in October 2023.
        o   At completion, Roan will hold the unique capability to process a variety of ROM and waste
            sources.
        o   Jubilee has secured an additional 6-year Copper ROM supply at Roan on the back of the
            targeted expansion of the operations. The ROM supply agreement targets the supply of a
            minimum of 2% total Cu grades of previously mined material.
        o   The new ROM supply will form the base load material to be processed through the upgraded
            front-end of Roan and account for approximately 60% of the stated capacity at Roan.
        o   The new modular designed Roan front-end, offers the opportunity, similar to the chrome
            business model, to rapidly deploy satellite modular units to upgrade remote feed sources for
            further refining.

    •    Results from the Northern refining process trials which were initiated to understand the extent
         of the waste and non-traditional ore opportunities, delivered encouraging results, exceeding
         expectations in copper recoveries achieved from historical tailings materials.
        o The process trials, a culmination of 3 years of research and development, targeted the use of a
          low capital-intensive solution to produce a high-grade copper concentrate for further refining.
        o The results achieved motivated the decision to immediately commence with the
          implementation of a bulk semi-commercial pilot facility at the Luanshya tailings facility which
          will be completed over the next 12 weeks.
        o Results from the pilot trials, which target feed batches of approximately 500 tonnes at a time,
          will be used to confirm the design assumptions on scalability of the process flowsheet and to
          confirm final plant unit sizes. The bulk pilot facility is a critical final step towards confirming the
          design detail for the large-scale operational solution.


Statement from Leon Coetzer, CEO:

“Our chrome production units form a vital part of the South African business’ profitability and cost
competitiveness, especially at a time when chrome prices are particularly strong, and this largely offsets
the weakness in the PGM basket price. The strength and robustness of our diversified metal focus is best
demonstrated during such volatility in metal prices where both chrome and copper are seeing strong price
support, offsetting the weakness in both PGMs and cobalt.

“The expansion of our chrome operations intends to take advantage of price support in the market for
chrome, coupled with our continued strong operational performance.

“The upgrade of our Roan concentrator forms a vital link to the processing solution for the much larger
Northern Refining solution and sets a new standard in the processing of mixed copper ores in Zambia. The
upgrade incorporates both the technical developments and lessons learnt from our South African
operations as well as key breakthroughs in the processing of these weathered ores that many regard as
too complex and reject the material as waste.

“I am particularly excited by the results achieved from our Northern Refinery trials. The copper recoveries
exceeded our expectations and confirmed the potential of the process route that we are developing. This
process solution offers tremendous potential to deploy a low-cost efficient copper processing solution for
the vast historical tails in Zambia.

“We have agreed to immediately progress with the implementation of a bulk pilot facility to confirm
scaling of the process as a key input into the design of our large-scale process facility. Results from the
pilot trials which targets feed batches of approximately 500 tonnes at a time will be used to confirm the
design assumptions on scalability of the process flowsheet to confirm final plant unit sizes.

“Jubilee is on an exciting growth path both in South Africa on the back of its proven operational success,
as well as in Zambia reaching the completion of the in-depth development work for the design of our
copper tailings processing solution. I look forward to providing further updates as the project reaches
completion and I am excited about the potential it offers Jubilee.”

21 August 2023



FOR FURTHER INFORMATION VISIT WWW.JUBILEEMETALSGROUP.COM OR PLEASE CONTACT:



 Jubilee Metals Group PLC                                        Tel: +27 (0) 11 465 1913
 Leon Coetzer
 PR & IR Adviser – Tavistock                                     Tel: +44 (0) 20 7920 3150
 Jos Simson/ Gareth Tredway
 Nominated Adviser – SPARK Advisory Partners Limited             Tel: +44 (0) 20 3368 3555
 Andrew Emmott/ James Keeshan
 Joint Broker – Berenberg                                        Tel: +44 (0) 20 3207 7800
 Matthew Armitt/ Jennifer Lee/ Detlir Elezi
 Joint Broker – WHIreland                                        Tel: +44 (0) 20 7220 1670/
 Harry Ansell/ Katy Mitchell                                     +44 (0) 113 394 6618
 JSE Sponsor – Questco Corporate Advisory Pty Ltd                Tel: +27 (0) 11 011 9207
 Alison McLaren