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


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                            Operational and Projects Update Q2 FY2024

Jubilee, a diversified leader in metals processing with operations in Africa, is pleased to announce an
operational and projects update to 31 December 2023 (“Q2 FY2024”). The Group has delivered a
robust Q2 operational performance and remains on track to deliver against the production guidance
for the 2024 financial year (“FY2024”).

Operational highlights

•   Q2 FY2024 production figures:
        o Chrome concentrate production increased by 13.2% setting a new quarterly
            production record of 381 114 tonnes, (Q1 FY2024: 336 683 tonnes) benefiting from
            the Thutse Project reaching full production targets.
        o Inyoni’s PGM production was maintained at 10 131 oz in what is traditionally a slower
            quarter (Q1 FY2024: 10 113 oz), with no third-party production in the period.
        o Copper cathode and copper in concentrate production reached 749 tonnes (Q1
            FY2024: 934 tonnes). The production was achieved despite the operational
            disruptions at Roan as part of the ongoing upgrade project which is set to significantly
            increase copper production during the current half year period.
•   Lost Time Frequency Injury Rate (LTFIR) for Zambia improved to 0.61 (Q1 FY2024: 2.36). LTFIR for
    South Africa was 2.17 (Q1 FY2024: 1.44).

Key Projects highlights

•   Jubilee has elected to expand the Thutse Project with the addition of a further 50 000 tonnes
    per month feed processing module, following the successful completion of the first chrome
    module during August 2023. The potential expansion will move us nearer to our objective of
    producing 2.1 million tonnes of chrome concentrate per annum.
•   Roan copper concentrator was brought back into operation during December 2023 to reduce
    the impact of the front-end upgrade project start-up being postponed due to the delay in the
    delivery of a critical electrical components due to the ongoing logistics constraints at ports
    across South Africa.
•   Roan will continue to operate at approximately 50% of full capacity while an alternative
    solution is being pursued to source the electrical components which includes the option to
    locally manufacture the components. A 9 weeks delay is expected to the upgrade of the Roan
    project.
•   The development of Project M (Monkoyo Copper Resource) near Jubilee’s Sable Refinery is
    progressing to schedule with the first test material from this exciting copper resource
    expected to be delivered to the Sable refinery during Q4 FY2024. The material forms part of
    the development of detailed surface copper resource definition, which offers the potential of
    a long-term quality copper supply to Sable Refinery from early in the 2025 calendar year.
•   The accelerated development of the newly secured large copper waste rock asset is being
    progressed along various work streams. This includes the development of a more detailed
    resource definition, undertaking bulk processing trials of the source material by Jubilee
    Technical Services (“JTS”) to confirm detail designs of the processing units, and the securing
    of manufacturing capacity for plant and equipment.
•   The expansion of the sulphide copper recovery circuit at the Sable Refinery is progressing to
    schedule with installation expected to commence during Q3 CY2024 which aligns with the
    expected near-term increase in copper concentrate delivery from the various copper
    expansion projects.

Leon Coetzer, CEO commented:

"In the face of a dynamic and challenging global market, Jubilee has continued to demonstrate
resilience and adaptability, delivering a strong operational performance in the second quarter of
the 2024 fiscal year. Our commitment to operational excellence and strategic growth is evident in
our robust production figures and sustained progress across key projects.

“We are particularly proud of the significant increase in chrome concentrate production setting a
record for Jubilee. The targeted expansion of our Thutse project brings us closer to reaching our
strategic goal of 2.1 million tonnes of chrome concentrate per annum. Our chrome operations are
capable of funding the expansion capital from its cash generation, and the commencement of the
Thutse expansion is subject to internal capital and funding approval processes.

“In Zambia the team were able to grow our copper output despite the operational interruptions
caused by the Roan front-end upgrade and associated import delays. The team is working tirelessly
to overcome the delay and will continue to operate Roan at a reduced capacity during this time.

“I am excited by the early indications from both our Project M and newly secured large waste rock
asset. Both projects offer significant growth opportunities anchored by a large copper resource. We
will keep shareholders updated on the development of both projects.

“Safety remains a core value at Jubilee, and we continue our unwavering commitment to the health
and safety of our workforce to continuously improve.

“In conclusion, Jubilee is well-positioned to continue its growth trajectory. Our operational
achievements, strategic expansions, and strong market presence underscore our resilience and
adaptability in a complex global landscape. We remain committed to delivering value to our
stakeholders and playing a pivotal role in the sustainable development of the metals processing
industry."

Projects Update

South Africa

Thutse complex

The Group is making progress in negotiations to establish additional Life-of-Mine (“LOM”)
partnerships. Concurrently, the Company is focusing on expanding its chrome operations through
the implementation of one additional processing module. This initiative is part of the Company’s
strategic plan to achieve a future annual chrome concentrate production milestone in excess of 2
million tonnes per annum. This expansion will be approximately US$6 million, funded through cash
generated by the chrome operations, the commencement of the project is subject to our internal
capital and funding approval processes.

The success of the Thutse Project has motivated the further expansion of the Thutse operations by
implementing a further 50 000 tonnes per month feed processing unit at Thutse. This expansion
takes Jubilee a step closer towards achieving a targeted 2.1 million tonnes per annum of chrome
concentrate. It is expected that the additional chrome module will be implemented during Q3
CY2024 and is capable of producing an additional 300 000 tonnes of chrome concentrate per
annum.

Zambia

Historical Waste Rock Dump in Zambia

As announced during November 2023, Jubilee secured one of the largest copper waste rock assets
on surface in Zambia and has formed a strategic partnership with Abu Dhabi based International
Resources Holding RSC Limited ("IRH").

Jubilee executed a binding funding term sheet with IRH to form a dedicated special purpose vehicle
("SPV") through which both the acquisition of the copper waste rock asset and implementation of
the processing solution will be funded. According to the terms of the funding term sheet, IRH and
Jubilee will aim to complete the implementation of the SPV and associated appointments by 31
January 2024. IRH will provide the necessary capital through equity and loans, subject only to IRH
completing its due diligence. Jubilee will design, implement, and operate the Waste Rock Project,
set to commence in Q1 CY2024. With a total projected investment of around US$50 million, this
venture highlights Jubilee's commitment to delivering cost-effective and environmentally
sustainable mining solutions.

The accelerated development of the Waste Rock Project is being progressed along various work
streams which includes the development of a more detailed resource definition, processing trials
undertaken by JTS to confirm the designs of processing units and securing manufacturing capacity
for plant and equipment.

Project Roan

The upgrade of Roan currently underway includes the implementation of a 50 000 tonnes per
month modular unit, which allows Roan to simultaneously process multiple feed sources. JTS is
currently completing a review of various additional feed sources near Roan which is in addition to
the previously announced approximate 6-year off-take agreement of unprocessed copper ROM
material discarded as mined waste. The upgraded Roan is perfectly positioned to uniquely
capitalise on the opportunities on offer.

Project Roan, through these key upgrades, is poised for a significant operational rebound.

The Roan front-end upgrade has suffered delays in completion due to delayed delivery of an
imported critical electrical component caused by logistical challenges at South African ports. JTS
has been able to bring unaffected sections of Roan back into operation to reduce the impact of
the delays. JTS has approached local manufacturers in South Africa to produce the component as
an emergency measure which is expected to be completed within 8 weeks. Until completion, Roan
will continue to operate by processing selectively suitable material.

During this period overall production rates are capable of being maintained in excess of 600
copper units per month before offering the opportunity to increase to beyond 1 000 tonnes per
month once Roan returns to full production.

Sable Refinery Upgrade

JTS has completed the design work for the expansion of the sulphide copper recovery circuit at the
Sable Refinery, in anticipation of the expected near-term increase in copper concentrate delivery from
the various copper expansion projects. Construction is expected to commence during Q3 of CY2024.
The project forms part of Jubilee’s strategy to expand the Sable Refinery’s capacity to produce up to
16 000 copper units per annum.

Project M

As announced on 1 November 2023, Jubilee secured its first LOM copper ore off-take agreement
from an existing mining company ("Project M” short for Monkoyo). Project M seeks to emulate the
success of the South African modular chrome expansion roll-out drive, to process copper
containing ore, deemed as waste by current or previous operators.

The team has undertaken significant work at Project M over the past quarter, with the first sample
material from the extended open pit material expected to be delivered to Sable Refinery in May
2024 as part of the development of detailed copper resource definition. Project M offers the
potential to be a sustained long term supplementary copper supply for Sable refinery by early
2025 calendar year.

At completion, Project M will include the implementation of a further copper processing module
of approximate 35 000 tonnes per month feed processing capacity. The project forms part of the
targeted roll-out of the copper modular units across the Zambian projects which mimics the
success achieved through the modular roll out of the chrome units in South Africa.

Mufulira Slag Project

The Mufulira Slag project targets the processing of all historical slag waste from the Mufulira
smelter operations under a joint venture agreement with Mopani Copper Mines (“MCM”). JTS has
commenced the joint technical review of the project to create a processing solution that is
environmentally friendly. More information about the project will be available once JTS concludes
this initial technical review.

Production guidance for the 2024 financial year

The chrome and PGM production guidance remains unchanged at 1.45 million tonnes of chrome
concentrate and 42 000 PGM ounces for the current financial year ending June 2024.

Copper guidance remains at 5 850 tonnes, pending confirmation of the manufacturing timeline of
the electrical component delaying the front-end upgrade of the Project Roan.
The table below presents the unaudited operational performance of the group for Q2 FY2024:

                                                                                            % change
OPERATIONAL PERFORMANCE                                                            Q2
                                                 Q2        Q1                               Q2 FY2024
                                      Unit                      % change         FY2023
                                               FY2024    FY2024                               on Q2
                                                                                             FY2023
KEY UNITS OF PRODUCTION
PGM ounces                             Oz     10 131     10 113      0.2%        11 088        (9%)
Chrome tonnes                        Tonne 381 114 336 683            13%       274 390        39%
Copper tonnes                        Tonne      749       934        (20%)         562         33%



23 January 2024


For further information visit www.jubileemetalsgroup.com, follow Jubilee on Twitter
(@Jubilee_Metals) or contact:

Jubilee Metals Group PLC
Leon Coetzer (CEO) /Neal Reynolds (CFO)
Tel: +27 (0) 11 465 1913

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 - Berenberg
Matthew Armitt/Jennifer Lee/Detlir Elezi
Tel: +44 (0) 20 3207 7800

Joint Broker - WHIreland
Harry Ansell/Katy Mitchell
Tel: +44 (0) 20 7220 1670/+44 (0) 113 394 6618

JSE Sponsor - Questco Corporate Advisory Proprietary Limited
Alison McLaren
Tel: +27 (0)11 011 9207


About Jubilee Metals Plc
Jubilee is a low-cost, diversified producer, specialising in the recovery of metal from previously
overlooked resources, such as unprocessed historical waste rock, run-of-mine materials and tailings
in South Africa and Zambia. The Company's low-capex, modular processing facilities are deployed
close to these various types of material, producing high grade concentrates for sale or further refining
to finished metal at the Company's downstream facilities. Production currently consists of chrome,
copper and platinum group metals (PGMs). The modular processing facilities offer a platform for
growth and the rapid expansion of its operational footprint. Jubilee's success is derived from
operational excellence, a highly experienced management team and a pioneering Technical
Development Centre.