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. Short-form announcement: Audited Results for the Year Ended 30 June 2023 Notice of Annual General Meeting (“AGM”) Integrated Annual Report Jubilee Metals Group PLC (AIM: JLP/Altx: JBL), a diversified leader in metals processing with operations in Africa, is pleased to announce its audited results for the year ended 30 June 2023 (“FY2023”). Today, Jubilee is also publishing its Integrated Annual Report. Jubilee has delivered a strong operational performance which has assisted in buffering some of the challenging market conditions, brought on by a fast-depreciating PGM basket price and infrastructural challenges in both operating jurisdictions. The operational performance served to demonstrate Jubilee’s ability to challenge industry norms by breaking through technical barriers and implementing solutions that extract value from materials and ore sources that were previously regarded by others as waste or too complex. Key milestones and achievements for the year • Record production figures across our PGM, chrome and copper operations with 42 433 PGM oz (exceeding guidance and up 2% year-on-year) 1 289 890 chrome concentrate tonnes (up 7%) and 2 923 copper tonnes (up 29%). • Successfully implemented an investment programme of £36 million (FY2022: £58 million) equivalent to US$44 million (FY2022: US$70 million) to diversify and expand our operations in chrome, PGM, copper and cobalt. • Commissioned a state-of-the-art expanded PGM processing facility, designed to process PGM tailings and ores, previously regarded as waste. This versatile facility boasts an annual production capacity of 44 000 oz of PGMs. • Further expanded the chrome operational footprint through the implementation of a long-term chrome ROM offtake agreement offering increased chrome margins capable of offsetting the lower PGM margins. • In South Africa, to address the infrastructure challenges, we initiated the installation of backup power units at our chrome facilities and managed stock levels to ensure continuous operations. • In Zambia, we achieved significant advancements by formulating breakthrough process flow sheets for the treatment of mixed and transitional copper reefs as part of our 14 000 tonnes per annum Southern copper strategy. These breakthroughs form part of the process flowsheet upgrade at Roan currently underway. • The upgraded flowsheet offers significant lower capital expansion opportunities within Zambia. • The technical team is in the process of innovating a copper waste leach circuit for the treatment of copper and cobalt tailings, as part of our Northern Refining copper strategy. The development phase has commenced with upscaled continuous pilot runs to confirm the encouraging results achieved to date. • Effectively addressed the infrastructure issues associated with the new Roan Concentrator. A modern water infrastructure system was completed in December 2022, followed by an enhanced power infrastructure finalised in February 2023. Financial highlights • Revenue from operations increased by 1% to £142 million (FY2022: £140 million) equating to US$171 million (FY2022: US$186 million) with growth in US$ chrome revenue predominately offsetting the market driven decrease in PGM revenue. • Gross profit was lower at £31 million (FY2022: £45 million) equivalent to US$38 million (FY2022: US$60 million) impacted mainly by: o Lower average PGM basket prices year-on-year decreasing by 22% to US$1 262 (FY2022: US$1 615) o Increase of 11% in US$ operating cost per PGM oz driven mainly by the increase in power and logistic costs o Initial decrease during H1 FY2023 in chrome margins mainly due to power constraints which was addressed through the roll-out of back-up power systems o Decrease in copper revenue per tonne of 19% to US$7 451 (FY2022: US$9 210) o Continued expected growth of the chrome operations offering the potential to offset lower PGM margins • EBITDA decreased to £24.8 million (FY2022: £36.8million) or US$29.8 million (FY2022: US$48.9 million). • Cash from operating activities was supported by increased contribution from operational expansions and remained strong at £31 million (FY2022: £35 million) equivalent to US$37 million (FY2022:US$42 million). • The Group’s earnings per share decreased by 35% to 0.48 pence (FY2022: 0.73 pence), as a result of the weighted average number of shares increasing by 9% to 2 687.7 million shares (FY2022: 2 455.5 million shares) predominately due to the exercise of warrants during the financial year and earnings attributable to owners of the parent decreasing by 28% to £12.9 million (FY2022: £18.0 million) or US$15.5 million (FY2022: US$24.0million). • Group cash and cash equivalents at 30 June 2023 of £12.5million (FY2022: £16 million) or US$15.9 million (FY2022 US$19.5 million). • A robust net cash position supporting the Group’s current assets to cover total liabilities by 103% (FY2022: 131%). • The Group’s equity reduced marginally to £205 million (FY2022: £207 million), predominately due to the profit after taxation off-set by the movement in the foreign currency translation reserve as a result of the weakening ZAR and ZMW against the pound during the period under review. The Group continues to maintain a strong equity ratio of 68% (FY2022: 71%). • Headline earnings per share from continuing operations of 0.46 pence (FY:2022: 0.70 pence). Audit Opinion The auditor’s report on the annual financial statements of the Group was unqualified and did not contain any statements under section 498(2) or (3) of the Companies Act 2006. Notice of Annual General Meeting and availability of the Group’s Annual Financial Statements The Company also hereby gives notice of its 2023 Annual General Meeting (“AGM”), which will be held on 3 November 2023 at 11:00 am UK time at the offices of Fladgate LLP, 16 Great Queen Street, London, WC2B 5DG, to transact the business as stated in the notice of AGM. The Group’s Annual Report for the year ended 30 June 2023, along with the Notice of AGM, have been posted to the website, www.jubileemetalsgroup.com. Salient Dates: Shareholders on the register who are entitled to receive the 29 September 2023 notice of AGM (SA) Notice of AGM posted to shareholders 11 October 2023 Last date to trade in order to be eligible to participate in and vote 27 October 2023 at the AGM (SA) Record Date for the purposes of determining which shareholders are entitled to participate in and vote at the AGM (UK) 1 November 2023 Record date for purpose of determining which shareholders are entitled to participate and vote at the AGM (SA) 1 November 2023 Latest time and date for receipt of CREST Proxy Instruction and other uncertificated instructions (UK) 11:00 am (UK time) 1 November 2023 Latest time and date for receipt of dematerialised holding 1 pm (SA time) 1 November 2023 instruction and other uncertified instructions (SA) Annual General Meeting 11:00 a.m. (UK time) 03 November 2023 Results of the Annual General Meeting released on RNS and SENS 03 November 2023 Integrated Annual Report The Integrated Annual Report for the year ended 30 June 2023 is also available on the Company's website today at www.jubileemetalsgroup.com. Physical copies of the Annual Report will be posted to shareholders who have elected to receive them. Short-form announcement This short-form announcement is the responsibility of the Directors of the Company and is a summary of the information contained in the summarised audited results for the year ended 30 June 2023 which were released on 11 October 2023 and can be found on the Company’s website (https://jubileemetalsgroup.com/investors/rns-news/) The annual financial statements for the year ended 30 June 2023 are available for viewing on the following websites: JSE website: https://senspdf.jse.co.za/documents/2023/jse/isse/jble/YE2023.pdf The Company’s website: https://jubileemetalsgroup.com/investors/corporate-documents/ Any investment decision by investors and/or shareholders should be based on consideration of the full announcement, copies of which are also available, at no charge, on request from the company secretary: Carina De Beer, cdebeer@jubileemetalsgroup.com during business hours, at no charge. United Kingdom 11 October 2023 For further information visit www.jubileemetalsgroup.com or 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