Operational and Projects update H1 FY2026

About this update from Jubilee Metals Group Plc

Jubilee Metals Group Plc Registration number (4459850) AIM share code: JLP Altx share code: JBL ISIN: GB0031852162 ('Jubilee' or 'Company' or 'Group')   Dissemination of a Regulatory Announcement that contains inside information according to UK Market Abuse Regulations. Not for release, publication or distribution in whole or in part in, into or from any jurisdiction where to do so would constitute a violation of the relevant laws or regulations of such jurisdiction.   Operational and projects update H1 FY2026   Jubilee, the Zambia copper focused producer ,   today publishes its unaudited operational and projects update for the half year ended 31 December 2025 ('H1 FY2026' or 'H1' or 'the period'). Highlights ·    Lost Time Frequency Injury Rate (LTFIR) of 1.20 (H1 FY2025:0.61) ·    Roan Operations (Roan) reached targeted production levels of approximately 30 000 tonnes per month feed rate during the period overcoming the expected rainy season interruptions ·    Roan produced 1 246t of Cu units in H1 FY2026, an increase of 172.8% from H1 FY2025 ·    Molefe Mine operations performed well despite facing heavy rains which caused significant damage to road and bridge infrastructure in the surrounding area. Operations continue to expand with 181 890t of Cu reef mined during the period, of which 9 130t were transported to Sable Refinery at an average Cu grade of 1.84%  ·    Initial resource drilling at Molefe Mine in partnership with Galileo Resources has been completed and awaiting final laboratory results. Early indications of results received to date already support the accelerated Phase 1 drilling program ·    Phase 2 of the expanded Molefe Mine resource drilling, targeting virgin areas to extend the resource, commenced in February 2026 ·    Total saleable Cu units produced reached 1 543t (H1 FY2025: 1 419t) up 8.7% from the comparative period. This excludes the stockpiled Cu fine concentrate at Roan as well as the stockpiled Molefe mined material Half-year production results ·    The table below presents the unaudited operational production performance of Zambia for H1 FY2026: PRODUCTION PERFORMANCE Q1 FY2026 Q2 FY2026 H1 FY2026 H1 FY2025 % change Roan production*           Cu units in oxide concentrates tonnes 83 155 238 84 182.5% Cu units in sulphide concentrates tonnes 456 70 526 372 41.2% Cu units in oxide concentrate fines tonnes 152 330 482 - 100.0% Total Roan production tonnes 691 555 1 246 457 172.8%               Total saleable Cu units produced** tonnes 938 605     1 543    1 419 8.7%               Molefe Mine production Cu units mined tonnes 38 648 143 242 181 890 - 100.0% Cu units dispatched to Sable tonnes 881 8 249 9 130 - 100.0% * Cu tonnes produced are recorded in three products: o  Cu in oxide concentrate that is further refined to cathode at Sable Refinery o  Cu in sulphide concentrate which is sold directly into the market o  Cu in the oxide concentrate fines which are currently not delivered to Sable Refinery but stockpiled and currently awaiting the completion of the upgraded concentrate dewatering facility at Roan, scheduled to commence commissioning in early March 2026, before being delivered to Sable Refinery for further refining  ** Includes Cu cathode produced at Sable Refinery and Cu sulphide concentrate produced at Roan and excludes all Cu units in oxide concentrate fines stockpiled at Roan Copper production guidance for FY2026 Copper unit production guidance for FY2026 remains within the range of 4 500t to 5 100t depending on the extent of the impact on production during the rainy season (FY2025 production: 2 211t) Statement from Leon Coetzer, Jubilee CEO: "I am pleased to support a solid set of numbers from, what is now, our core copper business in Zambia. As expected, the rainy season did impact our activities in various ways during the period, however, we had factored much of this into our forecasts. Operations have since ramped back up and access via previously damaged bridges and roads has also since improved. Roan's operational performance is particularly pleasing reaching its operational targets on the back of stable power and significantly improved operational efficiencies.  Over the next quarter we expect Roan to complete the commissioning of the upgraded Cu concentrate dewatering facility leading to increased deliveries to Sable Refinery. The Molefe Mine will continue to expand heading back to the 8 500tpm level this quarter. Exploration drilling at Molefe with our partner Galileo is already showing promising numbers and we look forward to updating the market with results in due course." Overview The implementation of the Company's Three-Pillar copper strategy continues on track with Roan reaching and sustaining its targeted production levels. Molefe Mine continues to expand with very encouraging early results from its resource drilling program.    Pillar 1 - Processing of third-party copper feedstock: Roan Roan is on track for throughput of 40 000tpm by end of Q4 FY2026. Production at Roan reached 1 246t of Cu units in the first half of the financial year, up 172.8% on the previous comparable period a year earlier. Cu tonnes produced are recorded in three products, namely, Cu in oxide concentrate (238t in H1) for further refining at Sable Refinery, Cu sulphide concentrates (526t in H1) for sale directly into the market, and Cu in oxide concentrate fines (482t in H1) which are stockpiled for future refining at Sable. This stockpile of oxide concentrate fines will be processed and delivered to Sable Refinery upon commissioning of the new dewatering system targeted for commissioning in March 2026. This stockpiled Cu oxide concentrate fines will provide additional Cu cathode production during Q4 FY2026. Power supply to Roan continues to be stable despite the seasonal heavy rains which is reflected in the significantly improved operational results achieved by Roan. Pillar 2 - Integrated mine-to-metals business: Sable Refinery and mining operations Molefe Mine's ramp-up profile suffered slight delays due to the heavy rains experienced causing damage to road and bridge infrastructure. The targeted 8 500tpm of Cu ore delivered to Sable Refinery is expected to be achieved during Q4 FY2026. Molefe Mine operations continue to expand with 181 890t of Cu reef mined during the period, of which 9 130t were transported to Sable Refinery at an average Cu grade of 1.84%. The remaining tonnes continue to be stockpiled at Molefe Mine for future on-site processing prior to refining at Sable Refinery already exceeding 2.3Mt. Construction of the first phase on-site upgrade facility is set to commence in March 2026 and is expected to significantly increase the portion of mined ore that is delivered to Sable Refinery. Initial resource drilling at Molefe Mine in partnership with Galileo Resources has been completed and awaiting final laboratory results. Indications of results received to date supported the accelerated Phase 1 drilling program. Phase 2 of the expanded Molefe Mine resource drilling, targeting virgin areas to extend the resource, commenced in February 2026. Pillar 3 - Processing of surface stockpiles and tailings: Large Waste Project An independent resource review of the near 240Mt Large Waste Project has been completed with the draft reports being issued. The scheduled further infill drilling of the resource to expand the resource definition is currently being updated to incorporate the results from the review and will commence once completed. The results from the resource review have confirmed the scale of the project and details of the results from the review will be provided to shareholders once the final report is issued, expected within Q4 FY2026. Jubilee is now focused on two potential project partners, both currently operational in Zambia. Final selection of the preferred partner is expected to be concluded before the end of FY2026 . This selection will be influenced by the commercial discussions currently underway to define the joint venture framework. Update on South Africa ·    Sale of South African chrome and PGM* operations now complete and the Company received the second cash instalment of US$10 million from the purchaser (Total cash payments received to date of US$25 million) ·    Chrome concentrate produced reached 804 227t for H1 FY2026 ·    PGM ounces produced for H1 FY2026 reached 18 733oz *  6E PGM -   Platinum, palladium, rhodium, ruthenium, iridium and gold   19 February 2026 For further information visit  www.jubileemetalsgroup.com , follow Jubilee on X (@Jubilee_Metals) or contact: Jubilee Metals Group PLC  Leon Coetzer (CEO)/Jonathan Morley-Kirk (FD) Tel: +27 (0) 11 465 1913 / Tel: +44 (0) 7797 775546   Nominated Adviser - SPARK Advisory Partners Limited  Andrew Emmott/James Keeshan  Tel: +44 (0) 20 3368 3555    PR & IR Adviser - Tavistock  Jos Simson/Gareth Tredway Tel: +44 (0) 207 920 3150    Joint Broker - Zeus Capital Harry Ansell/Katy Mitchell   Tel: +44 (0) 20 7220 1670/+44 (0) 113 394 6618    Joint Broker - Shard Capital Partners LLP Erik Woolgar/Gareth Burchell Tel +44 (0) 207 1869900    JSE Sponsor - Questco Corporate Advisory Proprietary Limited  Alison McLaren Tel: +27 63 482 3802

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