Jubilee Metals: Zambia operations progress update

Jubilee Metals Group, a leader in metals processing with operations in Africa, has announced 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.”