Jubilee Metals (JLP) Investor update summary

Transaction summary and strategic repositioning

• Announced sale of South African chrome and PGM processing assets at an enterprise value of 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 retains 25.1% of shares until final payment, with deadlines up to six years but modeled to complete in about three years depending on metal prices.

• Proceeds from the sale will exceed short-term capital needs, may be used for share buybacks or dividends, and will fund Zambian capital expenditure for up to five years.

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

• The offer was unsolicited and required rapid response, limiting initial shareholder engagement.

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 surface waste project.

• Roan and Sable to operate as independent, optimized business units, with integrated value chain across mining, processing, and refining to unlock synergies and reduce costs.

• Large waste project involves a 240 million tonne surface heap, with modular processing and early monetization through asset sales.

• Monetization of non-core assets ongoing, with two transactions completed and further sales planned to fund growth non-dilutively; divestment of non-core assets totaling $19 million already announced.

• Advancing the Large Waste Project to increase high-value copper production, with acquisition of OB1 expanding the copper resource base.

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.

• Sable refinery and Munkoyo mine to expand copper resource base with ongoing drilling.

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

• Focus on delivering Zambian copper growth, with installed capacity exceeding near-term guidance and resource definition programs underway.