Jubilee Metals – Zambia projects update
Sable Refinery is undergoing an expansion to offer an annual processing capacity of approximately 14 000 tonnes of copper units at completion. This expansion is targeted for completion in Q1 CY2026.
The expansion will accommodate increased production from the nearby Munkoyo, Project G, and other near-surface third-party opportunities in the area, as well as copper oxide concentrate from Roan. The company estimates approximately US$5.5 million of capital investment required for the expansion at Sable.
Munkoyo to date was operating a single pit with a mining rate of 80 000tpm. Of this, approximately 3 500tpm of high-grade ROM (of approximate 2.5% Cu) is delivered to Sable. A resource drilling program has commenced to upgrade resource confidence and optimise open-pit design. Munkoyo consists of 9 initial test open pits of which only pit 5 was developed to mine and deliver the initial copper ore to Sable. Eight drill holes have been completed of varying depths to test lithology and continuity.
Early indication from drilling results has pleasingly delineated the presence of copper sulphide beneath the existing oxide material.
The company is exploring the potential to merge the satellite pits into one large open pit which will provide increased flexibility and productivity for supplying Sable. The company has temporarily halted mining at Munkoyo for July and August 2025 while the extended pit design is completed based on the drilling results and will recommence ore delivery to Sable from September 2025 in addition to the current production from Roan.
Production will commence targeting 4 500tpm ramping up to 8 500tpm. At the targeted grade this equates to approximately 200tpm of copper units delivered to Sable in addition to the production from Roan.
An on-site processing plant is being planned at Munkoyo. Discussions are in progress with an established mining and exploration partner to implement the further expansion at Munkoyo. This plant will be designed for the low-grade ROM that incorporates a copper leaching, solid liquid separation, and copper precipitation circuit.
The implementation of the first copper processing unit at Munkoyo is targeted for commissioning by the end of Q2 CY2026 and offers an increase in copper units by a further 120tpm to reach 320tpm (3 840 tonnes per annum).
Resource drilling at Project G will commence during Q2 FY2025 to afford the time to complete the Munkoyo pit expansion and drilling. The project benefits from existing infrastructure and potential for collaboration on a central processing unit due to its proximity to other mining operations.
The Company is in advanced discussions to establish a joint venture operating partner to conduct exploration, development and mining of its various mineral assets. Such a partnership agreement will allow Jubilee to focus on its core processing capabilities while its partner accelerates the implementation of the mining solution and expanded exploration program.
