Jubilee  acquires two medium open-pit mining operations in Zambia

Jubilee Metals secured a 95% interest in Project Munkoyo for US$1.75 million while continuing negotiations for the acquisition of further Open-Pit copper resources in the region to supply a targeted regional processing hub for the upgrade of the mined ore prior to refining at Sable.

• Commenced operation of the Open-Pit ahead of schedule in July 2024 with the project targeting to expand to 25 000 tonnes per month over the next 10 months.
  • Current mined ROM is averaging above 3.5% copper exceeding expectations.
  • Initial capital expenditure estimates indicate US$2.25 million over the 10-month period for the development and expansion of the Munkoyo operation.
  • Final capital expenditure numbers for a targeted regional processing hub will be guided by the processing review of the copper resources in the region and the successful completion of further resource acquisitions in the surrounding area.

Jubilee has committed to various community support programmes which include providing clean water along the Munkoyo Mine Corridor, improving community health outcomes for the surrounding communities, while initiating educational improvements and sustainable sanitation solutions, including solar pump installations and improved ablution facilities at the Kabanga Primary School.

Project G

• As previously announced on 24 June 2024, the acquisition of a 51% interest in Project G for US$2.1 million, of an established open-pit mining operation remains subject to the conclusion of the purchase conditions.
  • This will be settled through the issuance of Jubilee ordinary shares, on conclusion of the purchase conditions.
  • Project G includes the refurbishment of an on-site processing facility and targeted ramp-up to 20 000 tonnes per month of mined ore at 3-4% copper grade.
  • An initial capital expenditure estimate for the plant refurbishment and stabilisation of the open-pit operation is US$2.7 million with final numbers expected as part of the current due diligence program expected to be concluded during September 2024.