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

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                           Q1 Operational Report to 30 September 2023

Jubilee Metals Group PLC (AIM: JLP/Altx: JBL), a diversified leader in metals processing with
operations in Africa, is pleased to announce its first quarter operational report to 30 September 2023
(“Q1 FY2024”). The Group has delivered a strong Q1 operational performance and remains on track
to deliver against the production guidance for the 2024 financial year (“FY2024”).

Operational Highlights

•   Q1 FY2024 production figures achieved were:
        o Production of chrome concentrate increased to 336,683 tonnes (Q4 FY2023: 344,315
           tonnes). Chrome production rates are expected to continue to increase with the
           additional processing capacity provided by an additional chrome processing module,
           completed in August (the “Thutse Processing Module”).
        o   Inyoni’s PGM production increased to 10,113oz (Q4 FY2023: 9,350oz), with no third-
            party production in the period. The PGM production rate is expected to further
            benefit from the increased feed rate from the Thutse Processing Module operating
            at design capacity.
        o   Copper cathode and copper in concentrate produced was 934 tonnes (Q4 FY2023:
            653 tonnes). Project Roan’s upgrade which commenced in September 2023, has
            necessitated the stoppage of the feed classification circuit which will disrupt
            processing at Roan for 16-weeks until December 2023.
•   Lost Time Frequency Injury Rate (LTFIR) for South Africa improved to 1.44 (Q4 FY2023: 1.5).
    While The LTFIR for Zambia improved to 2.36 (Q4 FY2023: 2.37).
•   The average chrome revenue per tonne of US$85 (Q4 FY2023: US$86 per tonne) is influenced
    by the percentage of fixed chrome margin tonnages processed. The increased margins from
    the new partnership agreements are expected to reflect stronger through the current
    quarter. The average chrome cost per tonne remained flat at US$75 (Q4 FY2023: US$74 per
    tonne).
•   The average PGM revenue per ounce increased to US$1,031 (Q4 FY2023: US$976). Cost
    remained tightly under control with the average PGM cash cost per ounce, excluding chrome
    credits of US$875 (Q4 FY2023: US$855).
•   The average copper revenue per tonne of US$6,588 (Q4 FY2023: US$6,860 per tonne) reflects
    the increase of copper sulphide concentrate sales from the Roan concentrator, while the
    average copper cost per tonne increased marginally to US$4,907 (Q4 FY2023: US$4,802 per
    tonne).
Project Highlights

South Africa

•   Jubilee has elected to further expand the chrome operational footprint by an additional
    450,000 tonnes per annum feed process capacity using its existing modular approach.
         o   The expansion allows for the construction of an additional chrome process module to
             be added to the current Thutse operations.
         o   The expansion will increase Jubilee’s chrome processing footprint to 9 chrome
             processing modules and increase the total chrome processing capacity to 1.7 million
             per annum.
         o   The expansion of the chrome processing footprint remains contingent upon our
             continuing capital allocation evaluation and assessment of prospective funding
             arrangements.
•   The Group continues to advance discussions to conclude a further Life-Of-Mine (“LOM”)
    partnerships and expand the chrome operations via the roll-out of additional processing
    modules as it targets 2 million tonnes of concentrates per annum in the future.


Zambia

•   Zambia copper gathered further momentum with the securing of the first LOM copper ore
    off-take agreement from an existing mining company ("Project M”), as opposed to copper
    tailings offtakes contracts signed in the past. Project M seeks to replicate the success of the
    South African modular chrome expansion roll-out drive, which seeks to process copper
    containing ore, deemed as waste by current or previous operators.
         o   The copper processing modules will be trialled and tested at the same in-house
             development centre in South Africa where the chrome modules are currently
             manufactured.
         o   The copper process modules specifically target the processing of Run-Of-Mine
             (“ROM”) ore that has not been previously processed, as opposed to tailings. In many
             cases, this ROM material has been rejected to mine waste dumps due to the type of
             copper contained.
         o   Copper processing module designs range from 20,000 to 50,000 tonnes per month
             feed supply, capable of being delivered and commissioned within an eight-month
             period.
         o   Jubilee holds the capacity to execute 3 modules in parallel at an estimated capital
             investment of US$6.5 million per module (capital estimate based on a 50 000 tonnes
             per month module).
         o   Each 20,000 tonnes per month module is expected to produce the equivalent of 3,000
             tonnes per annum of additional cathode.
         o   Jubilee’s project team is expected to complete the selection of the optimum process
             module capacity for Project M within the next 6 weeks with deployment within 8
             months following the conclusion of the capital allocation decision.
•   Project Roan’s upgrade currently underway includes the implementation of a 50,000 tonnes
    per month processing module, specifically targeting the previously announced approximate
    6-year offtake agreement of unprocessed copper ROM material discarded as mined waste.
•   During the period, Jubilee was awarded the Mufulira Slag project to develop the processing
    of all historical slag waste from the smelter operations under a joint venture agreement with
    Mopani Copper Mines (“MCM”). The commercial terms of the joint venture are currently
    being negotiated and are expected to be finalised once the sale of MCM is completed which
    is subject to a well-publicised formal sale process.
•   Jubilee signed a technology exclusive partnership agreement for the development and
    implementation of a copper recovery solution called Glycine Leaching Technology for the
    processing of historical copper tailings with Draslovka Mining Solutions
        o   The partnership brings together two exceptionally skilled technical teams to work
            together on unlock the value from this vast resource in an environmentally friendly
            way.
        o   The partnership specifically targets the processing of copper and other base metal
            historical tailings in Zambia with a potential of extending the work to the Democratic
            Republic of the Congo.
        o   The technology partnership with Draslovka builds on the latest encouraging results
            achieved from the upscaled extended continuous trial runs that followed the earlier
            laboratory batch trials.
        o   Calculated copper extraction of more than 80% of copper in tails has been achieved
            from the continuous Glycine Leaching Technology trials applying a modified reagent
            recipe.
        o   Jubilee’s technical services is working closely with the Draslovka team to unlock the
            vast potential offered to recover copper from these low-grade tailings generated
            from past processing of copper ROM.
        o   Jubilee’s engineers are currently completing the commercial review of the tailings
            recovery project which will inform the decision to implement further upscaled
            industrial scale trials.
•   The process development program for the processing of historical tails continue to show
    progress with results from the upscaled extended continuous trial runs confirming the
    encouraging results from the earlier laboratory batch trials.
        o   Calculated copper extraction of more than 80% of copper in tailing has been achieved
            from the continuous Glycine Leaching Technology trials applying a modified reagent
            recipe.
        o   Jubilee’s engineers are currently completing the commercial review of the tailings
            recovery project which will inform the decision to implement further upscaled
            industrial scale trials.



Statement from Leon Coetzer, CEO:

“I am pleased to present our operational report for the first quarter of FY2024. Our robust operational
performance was supported by new long-term supply agreements which allocates higher quality feed
material to our operations, allowing us to better leverage our current production capacity, and affirm
our growth trajectory in chrome concentrate, PGMs, and copper.

“Jubilee continues 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.

“With the Thutse chrome project performing to expectation and offering further growth potential
with the addition of Jubilee’s 9th chrome module, we anticipate consistent growth in chrome and
PGMs.

“Our operating presence in Zambia together with the expansion of our leadership teams have allowed
us to solidify our copper expansion strategy, by implementing key lessons learnt and integrating the
modular expansion of our copper production profile that has achieved such great success in South
Africa.

“Our Zambian strategy is grouped into two categories of copper materials namely unprocessed
copper waste from mining activities and historical processed copper tailings. Our growth in each of
these categories of copper materials is independently driven. I am particularly excited by the roll-out
of our copper processing modules specifically targeting the copper waste materials while our
technical team continues their work to unlock the copper value in historical processed tailings using
Glycine Leaching Technology.

“Safety remains a top priority, as evidenced by the improved Lost Time Frequency Injury Rate in both
South Africa and Zambia.

“Our upcoming ventures, from the potential expansion of our chrome operations to our first life-of-
mine copper ore off-take agreement, reinforce our strategic vision. Partnerships with companies like
Mopani Copper Mines and Draslovka underscore our focus on growth and innovation.

“In conclusion, our improved operational margins across segments highlight our team's efforts
and strategic foresight. I remain extremely optimistic about Jubilee's future and the trajectory on
which the Company is headed”.


Production guidance for the 2024 financial year

•      1.45 million tonnes of chrome concentrate
•      42,000 PGM ounces
•      5,850 tonnes of copper, weighted to the second half of the financial year, given limited
       production in Q2




Quarterly Operational Performance


                                 QUARTERLY OPERATIONAL PERFORMANCE (UNAUDITED)
                                                                         Quarter ended       Quarter
                                                                         30 September       ended 30          %
                                                              Unit
                                                                           2023 (Q1         June 2023       change
                                                                            FY2024)        (Q4 FY2023)

    KEY UNITS OF PRODUCTION

    Chrome Concentrate                                      Tonnes              336,683        344,315        (2%)
    PGMs
      - Inyoni                                                Oz                 10,113          9,350          8%
      - Third party                                           Oz                       -         3,439      (100%)
      - Total PGM ounces                                      Oz                 10,113         12,789       (21%)
    Copper cathode and copper in concentrate                Tonnes                  934               653      43%

    UNIT REVENUE

    Revenue per chrome tonne                                 US$/t                    85               86     (1%)
    Revenue per PGM ounce                                   US$/oz                 1,031              976       6%
    Revenue per copper tonne                                 US$/t                 6,588         6,860        (4%)

    UNIT COSTS

    Cost per chrome tonne                                   US$/t                    75                74       1%
    Cost per PGM ounce (excluding chrome credits)           US$/oz                  875               855       2%
 Cost per copper tonne                                    US$/t               4,907       4,802    2%

 OPERATIONAL MARGIN

 Gross profit margin per chrome tonne                       %                 12.7%       13.5%   (6%)
 Gross profit margin per PGM ounce                          %                 15.2%       12.3%   23%
 Gross profit margin per copper tonne                       %                 25.5%       19.5%   31%

 EXCHANGE RATES

 Average presentation currencies                         US$/GBP                 1.27      1.25    1%
 Average functional currency South Africa                ZAR/ US$             18.63       18.65    0%
 Average functional currency Zambia                      ZMW/ US$             19.50       18.82    4%

Investor Calendar

 Details                                                   Dates
 Second Quarter Operational Report                         Second week of February 2024
 Interim results for the period ended 31 December 2023     Second week of March 2024
 Third Quarter Operational Report                          Second week of May 2024
 Fourth Quarter Operational Report                         Second week of August 2024
 Audited results for the year ended 30 June 2024           Second week of October 2024
 Annual General Meeting                                    Second week of November 2024

1 November 2023


For further information please contact:

 Jubilee Metals Group PLC                                 Tel: +27 (0) 11 465 1913
 Leon Coetzer (CEO) / Neal Reynolds (CFO)
 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 Proprietary     Tel: +27 (0) 11 011 9207
 Limited
 Alison McLaren