Jubilee: Project M – a copper ore off-take agreement
On 1 November 2023, the Jubilee Metals Company announced a copper ore off-take agreement with a nearby mining company. Project M has previously been processed at Sable, with copper ore grading at approximately 1.5% to 3%, and capable of providing Sable refinery with 300 000tpa of feed.
Following initial cash payments, the Company has elected and secured an option to acquire a 95% interest in the license for the remaining settlement value of US$1.5 million which will be settled through the issue of 15 096 798 new Jubilee ordinary shares (Acquisition Shares). The Acquisition Shares will be issued at a price of 7.81 pence per share, being the 30-day volume weighted average share price of Jubilee on the LSE on
19 June 2024.
Of the 15 096 798 Acquisition Shares, 1 509 680 will be locked in from trading for a period of twenty-four months following admissions with the remainder of shares held by the current owners who are encouraged to retain their interests in Jubilee in order to share in the expected value that Project M will bring to Jubilee shareholders.
