Jubilee announced the formation of dedicated executive subsidiary boards to better reflect the current levels of business maturity attained by the South Africa (SA Operations) and Zambia Operations and capture and implement the various growth opportunities. The SA Board will oversee the strategic and operational management of the SA Operations and will comprise the following members: Chairperson: Dr. Mathews Phosa will remain the non-executive deputy chairperson of Jubilee but will resign, with immediate effect, as chairperson of Jubilee's remuneration committee (REMCO) to afford him the time and focus on this new role. Managing director: Bertus van der Merwe.

Executive director: Neal Reynolds, Chief Financial Officer of Jubilee and Non-executive director: An external position, to be confirmed, to strengthen independent oversight. In Zambia, the formation of a dedicated board is aligned with Jubilee's focussed and strategic direction to the implementation and rollout of its copper business which includes: Establishing the Sable Refinery's (Sable) operational footprint as an independent processing node underpinned by the Munkoyo resource and third-party supplies. The expansion of the copper resource base targets at Sable which, combined, offer a long-term feed supply capable of sustained operational output well in excess of 16 000t of copper per annum.

Establishing the Roan Concentrator's operational footprint as an independent processing node with the potential to expand the resource base to include longer-term opportunities. An expanded resource portfolio will allow Roan to sustain a production output in excess of 13 000t per annum. Development of the Waste Rock project in partnership with IRH, targeting copper output in excess of 25 000t per annum.

Jubilee in-house Technical Services team continuing to progress with the research and development program to unlock the value of copper contained in historical processed tailings in Zambia. The creation of a Zambia Board will facilitate efficient allocation of capital investment, management's focus on strategic growth areas, and improvement of the Zambian Operation's ability to manage risks, identify opportunities and strengthen operational resilience. The Zambia Board includes representation from Jubilee's StratCo to guide in the specific jurisdictional and industry dynamics of Zambia, providing experienced strategic direction to support the Zambian Operations.

The Zambian Board will comprise the following members: Chairperson: Leon Coetzer, Chief Executive Officer of Jubilee, ensuring overarching leadership and strategic alignment. Managing Director: Ricus Grimbeek. Executive director: Neal Reynolds, Chief Financial Officer of Jubilee.

Non-executive director: Mr. Muna Hantuba, a representative from Jubilee's local Zambian partnership. The members of the StratCo, comprising the Jubilee CEO, Leon Coetzer, the two managing directors of the SA and Zambian Operations Bertus van der Merwe and Ricus Grimbeek respectively, the Jubilee Chief Financial Officer, Neal Reynolds, and the Jubilee Chief Strategy Officer, Pedja Kovacevic, remains unchanged. Dr. Evan Kirby will step down as technical director of Jubilee Metals Group PLC, effective 31 March 2024.

Dr. Kirby will instead provide direct technical insight and support to the Jubilee Technical Services Division. With the resignation of Dr. Phosa as chairperson of REMCO, Jubilee's non-executive chairperson, Ollie Oliveira, currently a member of the committee will temporarily be appointed as the new chairperson of REMCO, pending the appointment of an additional independent non-executive director who would also take up membership of this committee. The formation of the SA and Zambian Boards, establishes dedicated senior executives for each of our SA and Zambian business units, that are aligned with the respective levels of maturity reached by these business units.

Each Board has a focussed mandate to deliver on expected key performance indicators. The SA Board with Dr Mathews Phosa as chairperson and Bertus van der Merwe as Managing Director have both played a pivotal role in the success and growth of the SA Operations.  They bring together a wealth of industry expertise and regional knowledge well positioned to capitalise on the growth opportunities on offer. It is a great honour to welcome Mr. Muna Hantuba as a member to the Zambian Board.

Muna is a respected figure within the local Zambian business community and comes with a wealth of local and industry experience.