Jubilee Metals: Molefe Mine co-operation and development agreement

Jubilee, the Zambia copper focused producer, is pleased to announce the execution of a co-operation and project development agreement (Agreement) with Galileo Resources Plc (Galileo), for the implementation of an accelerated resource exploration program and the development of Jubilee’s Molefe Mine in Zambia (Project).

The Agreement combines Jubilee’s established in-country operational and processing expertise with the exploration and geological expertise of Galileo. This combined expertise enables the dedicated focus by the responsible teams on each of the critical project workstreams namely, the continued management of the mining operations, the focused implementation of an on-site processing solution, and the resource definition drilling and exploration program, both for the Molefe Mine and potential targeted neighbouring areas, which have been secured by Jubilee.

The Agreement offers Galileo the right to earn up to a 23.75% interest in the Molefe Mine holding company, with Jubilee retaining a 71.25% interest and the remaining 5% being held by a local Zambian firm, through the funding of an exploration and resource development program of Molefe Mine.

Jubilee’s current capital investment into Molefe Mine is secured through a preferential earnings right until its investment has been recovered fully from Molefe Mine’s future earnings.

The joint agreement enables Jubilee to dedicate its focus on the day-to-day operations and the development of the processing solution for the Molefe Mine. Outsourcing the mine planning and resource measurement to Galileo, which has an exceptional team with decades of experience and a wealth of in-country and African knowledge, was a natural and pragmatic option.