Jubilee Metals (JLP) Investor update summary

Strategic pillars and operational focus

• Three-pillar strategy in Zambia: third-party ore processing, own-resource mining, and surface material processing.

• Shifted from purchased ROM to owned, drilled, and planned mining feed, aligning with integrated mine-to-metals strategy anchored by Sable and Molefe.

• Molefe mine is the current focus, anchoring the transition to a resource-backed, mine-to-metals model.

• Roan and Sable facilities provide established processing and refining capacity, supporting Molefe's ramp-up and district expansion.

• Expansion into thousands of hectares around Molefe aims to replicate its success and scale production.

Molefe mine development and production update

• Molefe has rapidly transitioned from acquisition to operational status, with 250,162t of copper ore mined and 20,064t transported to Sable at 1.84% Cu average grade.

• Stockpiles exceed 2.3 million tons, with high-grade ore sent to Sable and lower grades reserved for on-site processing.

• Phase 1 drilling (3,390m) completed, confirming grade and continuity, supporting expansion and informing a new mine plan to combine pits into a single mega-pit.

• Accelerated stripping to merge Pits 2 and 3 into a single open-pit, with completion expected by July 2026 and improved stripping ratio to 6:1.

• Production targets are set to rise from 6,000 to 10,000 tons/month by October 2026, with potential to reach 20,000 tons/month.

Processing and infrastructure advancements

• Sable refinery expansion is synchronized with Molefe's growth, with a second tank house ready for activation and 14,000tpa capacity.

• On-site ore sorting and modular processing units are being implemented to optimize grade, reduce transport costs, and improve value extraction.

• Ore sorting calibration underway, with full implementation expected within six months.

• Modular units are designed to be capital-light, leveraging proximity to Sable and existing infrastructure.

• Integrated processing reduces development risk and capital intensity, supporting cash flow.