Jubilee Metals (JLP) Investor update summary

Transaction summary and strategic repositioning

• Sale of South African chrome and PGM processing assets valued at GBP 146 million ($146 million), based on a 6x EBITDA multiple, with net assets of $90 million and additional trade loans and credit facilities included.

• Payment structure ensures retention of 25.1% of shares until final payment, with accelerated payments possible if metal prices are favorable; full payout expected within 3–6 years.

• Proceeds from the sale will exceed short-term capital needs for copper business, funding capital projects in Zambia and enabling potential share buybacks or dividends.

• Sale was prompted by an unsolicited offer from a conglomerate seeking vertical integration in chrome, reflecting a trend of resource owners acquiring processing capacity.

• Letters of support received from institutional shareholders representing 30.42% of issued shares; general meeting to approve transaction scheduled for 28 August 2025.

Zambia copper strategy and operations

• Zambia operations restructured into three independent businesses: Rowan (third-party processing), integrated mine-to-metals (Munkoyo and Project G), and a large waste project with over 240 million tonnes of surface material.

• Roan and Sable to operate as independent, optimized business units for efficiency and accountability, with integrated value chain across mining, processing, and refining.

• Sable Refinery aims to become self-sufficient, targeting over 5,000 copper units from Rowan and Sable in the next 12 months, with ongoing drilling at Munkoyo and Project G.

• Monetization of non-core Zambian assets underway, with recent sales and trades generating early cash flow and supporting non-dilutive funding.

• Advancing the Large Waste Project and acquisition of OB1 to increase high-value copper production, with negotiations ongoing for JV partners and modular processing units.

Production guidance and operational highlights

• Roan concentrator fully operational, exceeding 350 tonnes of copper units in July.

• H1 FY2026 copper production guidance set at 2,300 tonnes; full year FY2026 at 5,100 tonnes.

• Dedicated copper leaching circuit at Roan to enhance margins and recoveries.

• Emphasis on sustainable, increasing copper output through disciplined execution.

• Monetisation of non-core assets structured to be non-dilutive and enhance the balance sheet.