Jubilee’s Zambian copper strategy

Jubilee’s copper strategy is enabled by Jubilee’s proven ability to extract value from materials often regarded by the industry as either waste or too complex to extract economically through the traditional methods.

The targeted copper resources are classed into three groups namely:

• Previously Processed Material (includes tailings, partially processed discarded low-grade materials)
• Previously Mined Material (includes historically stockpiled low grade mined material, over burden rock, such as the previously announced Waste Rock Project transaction)
• Open-pit Mining of near surface copper reef (such as the previously announced Munkoyo operation and Project G)

All three categories are held in vast quantities within Zambia, offering Jubilee the opportunity to further upscale its operations through targeted acquisitions of these resources. Jubilee has actively pursued the three material classes to grow its copper resource portfolio as an enabler to drive the expansion of its processing operational footprint in Zambia.

The success in securing these targeted resources has afforded Jubilee the opportunity to transition Sable into a dedicated refiner for the processing of Open-pit Mining operations such as the recently announced Munkoyo operation, while the upgraded Roan will process predominantly Previously Mined and Processed Material.

At completion, an expanded Sable and Roan will operate as independent operations. Once Sable is at full capacity supplied by Open-pit Mining operations, Roan can sell excess concentrate in the open market.

The Company is reviewing the option of expanding the Roan operation to incorporate downstream refining of its concentrate depending on capital allocation. The targeted combined processing capacity of approximately 25 000tpa of copper, is achieved by an expanded Sable at 16 000tpa in addition to Roan’s expanded capacity.