Jubilee Metals Group announced that in line with its stated strategy to expand operations in Zambia, it has signed a Joint Venture Agreement with a private Zambian company (the "JV Agreement") securing the rights to process 2 million tonnes copper Run-Of-Mine material containing in excess of 2% copper (the "ROM Material"). Under the JV Agreement, there is a further potential to increase the supply of copper ore to approximately 4 million tonnes with an additional 2.5 million tonnes of copper containing tailings available for processing (together "the Project" or "Project Roan"). The Project will target the near-term production of copper concentrate through a dedicated newly constructed copper concentrating facility (the "Processing Facility") for which Jubilee has completed the design for the construction at a targeted Brownfield site adjacent to the tailings (the "Site"). The Processing Facility will be commissioned in two phases with the first copper concentrate and revenues expected within four months. The Processing Facility, which will have the ability to process 80 tonnes per hour, will be constructed in two phases targeting for its first copper concentrate to be delivered to Jubilee's Sable Refinery within four months of entering into the JV Agreement where it will be further upgraded to copper cathode. The Processing Facility has been strategically located with existing good infrastructure and facilities to attract the significant potential of further third-party copper material in the area. The copper material consisting of ROM Material and tailings are targeted to be upgraded at the Site with the acid soluble copper concentrate being refined to copper cathode at the Company's Sable Refinery in Zambia. The increased copper units presented to the Sable Refinery holds the potential to maintain a strong operational margin targeting all in copper unit cost in the order of USD 4 000 per tonne of cathode (all in cost includes the acquisition cost of copper concentrate by Sable Refinery under the JV Agreement with the joint venture partner ("JV Partner")). Project Roan is targeting the production of 10 000 tonnes of equivalent copper units per annum of copper concentrate for further refining supporting Jubilee's rapid copper expansion strategy to increase capacity to in excess of 25 000 tonnes of copper per annum. Project Roan is a strategic addition to Project Elephant, which secured the rights to approximately 150 million tonnes of copper tailings in Zambia. Further information on Project Elephant and Jubilee's strategy in Zambia can be found in the announcement of 18 June 2020.