Jubilee Metals Group PLC announced an update on its strategic investment with Abu Dhabi's International Resources Holding RSC Limited ("IRH") for the development of the "Waste Rock Project" and progress with the upgrade of its Roan copper facility in Zambia together with the continued expansion of its chrome operations. Highlights Copper in Zambia: IRH exercises right to proceed with the formation of the Joint Venture (JV) vehicle for the implementation of the Waste Rock Project. The Waste Rock Project aims to implement an initial 4 Copper processing modular plants holding a combined feed capacity of more than 2.4 million tonnes per annum targeting the recovery of more than 20,000 tonnes per annum of copper in concentrates of which 30% will be attributable to Jubilee.

The Roan upgrade project is progressing to schedule with commissioning activities and ramp-up expected to commence during April 2024. The resource definition of Project Munkoyo has progressed with the aeromagnetic survey having identified a large magnetic anomaly associated with the known copper mineralisation confirmed by geochemical assays from recent trenching samples. Processing trials have confirmed the recoverability of the copper.

Copper in Zambia Waste Rock Project The copper Waste Rock Project scope targets the processing of in excess of 260 million tonnes of copper containing surface material. The project targets to initially implement four modular processing plants holding a combined processing capacity of 2.4 million tonnes per Annum capable of producing more than 20,000 tonnes of copper in concentrates per annum, commencing in second quarter of which 30% will be attributed to Jubilee. The copper modular processing units are similar in design to the Roan plant upgrade which seeks to upgrade the surface material to a copper concentrate which can be further refined to metal.

The initial capital investment for the project is estimated at USD 50 million. The grade of copper in the resource varies depending on the origin of waste rock material, with Jubilee's internally developed modular copper units confirming the capability to successfully upgrade the material to produce copper concentrates more than 7% Cu for further refining. Project Roan Upgrade The delivery and assembly of the new front-end modular unit at Roan is proceeding as per the schedule to commence commissioning and ramp-up during April 2024.

The addition of the modular unit enhances the Roan Operation's capability to simultaneously process multiple feed sources and expands the overall capacity of Roan to produce up to 13 000 tonnes of copper in concent rates per annum. This includes the processing of third-party chrome ore at Jubilee's Windsor and Inyoni operations under agreed fixed margin return per tonne of chrome concentrate produced, while Jubilee recovers the remaining PGMs and retains the majority of this benefit. In addition, Jubilee has significantly expanded its chrome operational capacity to process chrome ROM materials in partnership with the holders of chrome mining rights under an agreed earnings share model which offers Jubilee greater exposure to the chrome market.

Combined, Jubilee holds greater exposure to the chrome market, and combined, Jubilee holds more than 20,000 tonnes and will be attributable to Jubilee; and the construction of Thutse's second chrome processing module, with a capacity to produce 300,000 tonnes of chrome concentrates per annum, is on track to commence in August 2024.