Jubilee Metals Group Plc (JSE:JBL) News - Zambia Progress Update

 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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Zambia Progress Update

Jubilee Metals Group PLC, a leader in metals processing with operations in Africa (AIM: JLP/Altx: JBL), is
pleased to announce an update at its Zambian operations where the integration of the Sable Copper
and Cobalt refinery with the newly constructed copper concentrator, Project Roan, continues as part of
Jubilee’s Southern Refining Strategy.

Highlights

    -   Cobalt refining circuit at the Sable Refinery entered the commissioning phase during June 2022
        in line with original timing expectations, with first trial cobalt product produced per the
        expected commissioning and ramp up schedule:
             - Commercial production is targeted to commence during August 2022
             - The cobalt refining circuit at Sable is able to produce up to 1 200 tonnes of cobalt a year
                depending on the feed grade
    -   Commissioning and ramp up is progressing at the Project Roan concentrator reaching 65% of
        designed capacity with first filtered copper concentrate produced for refining at Sable as part
        of commissioning and ramp-up activities:
             - Ramp-up of the concentrator is expected to reach design capacities by the end of July
                2022
             - At capacity, targets the processing of 830 tonnes of copper in concentrate per month
                for refining at Sable
             - Part of overall Southern Refining Strategy to reach 12 000 tonnes per annum of copper
                production capacity
             - Significant employment opportunities created, and local suppliers prioritised, to create
                a locally sustainable support infrastructure


Leon Coetzer, CEO, commented: “Reaching these significant milestones announced today put us in
great stead for the financial year ahead, and beyond. It is testament to all the hard work by the Jubilee
team that over the past 12 months have delivered on a bold implementation plan across both the PGM
and chrome operations in South Africa and the copper and cobalt operations in Zambia.

“During this period in South Africa we delivered a new and upgraded Inyoni PGM facility to reach 45 000
PGM ounces per annum which includes a newly constructed and fully integrated 80 000 tonnes per
month chrome beneficiation circuit. The circuit was further complimented with the inclusion of Jubilee’s
renowned ultra-fine chrome circuit earlier this year.

“In Zambia we have reached a key deliverable in the implementation of our copper and cobalt strategy
as we announce the commissioning of the cobalt refining circuit at the Sable Refinery while ensuring
that it is operationally ready to refine the copper concentrate from our newly commissioned Roan copper
concentrator. The Roan concentrator, with the ability to produce an additional 10 000 tonnes of copper
units annually for refining at Sable, continues to ramp-up its throughput in line with the commissioning
schedule, reaching 65% of its design capacity to date and is expected to reach its full design capacity
during July 2022.

“The Roan copper concentrator completes the implementation of Jubilee’s Southern Refining Strategy
targeted to deliver up to 12 000 tonnes of copper units per annum. This progress of the Southern
Refining Strategy paves the way for the acceleration of our Northern Refining Strategy as we continue
our expansion in Zambia and I look forward to reporting in future on the potential step-up in Jubilee’s
earnings on the back of this, and other, successful projects.”


Further Details

Jubilee’s copper strategy in Zambia includes, as its first phase, the implementation of its Southern
Refining Strategy which targets to produce up to 12 000 tonnes of copper units per annum including a
cobalt by-product from certain cobalt containing feed streams.

The strategy integrates the upgraded Sable Refinery with Project Roan, a new copper concentrator
processing both Run-Of-Mine copper ore as well as tailings to produce copper concentrates for refining
at Sable (10 000 tonnes per annum), which complements the existing supply of third-party feed to Sable
refinery (2 000 tonnes per annum). The integrated Southern Refining Strategy’s capital allocation is c. £
19 million (ZAR 378 million).

Jubilee’s project execution team broke ground for the construction of the new copper concentrator,
Project Roan, in June 2021 and despite the challenges caused by the COVID 19 pandemic and its effect
on supply chains the team was able to commence testing of certain equipment within seven months
and completed all construction activity within 11 months which remains a remarkable achievement.
Project Roan has reached a production throughput level pf 65% of design capacity and is expected to
complete the ramp-up of the operation, which targets 830 tonnes of copper per month, during July
2022.

In addition to the copper refining capacity at Sable, Jubilee approved the implementation of a cobalt
refining circuit at Sable able to produce up to 1 200 tonnes of cobalt per annum depending on the feed
grade to the circuit. The new cobalt circuit commenced commissioning during June 2022 with the first
test product produced as part of the commission of the circuit targeting to commence commercial
production during August 2022.

Crucially, and in line with Jubilee’s goals to promote sustained, inclusive economic growth, the Southern
Refining Strategy has resulted in significant job creation, with total jobs filled in Zambia reaching over
700 during the last 12 months. Jubilee has prioritised sourcing of skills and services from its local
communities and has in many instances partnered with local firms to assist in their growth and
development to offer a sustained service to its projects.




For further information visit www.jubileemetalsgroup.com or contact:
Jubilee Metals Group PLC
Leon Coetzer
Tel: +44 (0) 20 7584 2155 / 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/Charles Vivian
Tel: +44 (0) 207 920 3150

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


Broker – Shard Capital Partners LLP
Damon Heath/Erik Woolgar
Tel: +44 (0) 20 7186 9900


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


United Kingdom
13 July 2022

JSE Sponsor to Jubilee
Questco Corporate Advisory Proprietary Limited
Sharon Owens

Date: 13-07-2022 08:00:00
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