JUBILEE METALS GROUP PLC - Jubilee executes transaction on surplus PGM feed material

Jubilee executes transaction on surplus PGM feed material

Jubilee Metals Group PLC
Registration number: 4459850
AIM share code: JLP
Altx share code: JBL
ISIN: GB0031852162
('Jubilee' or 'the Company' or 'the Group')

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Jubilee executes transaction on surplus PGM feed material

Jubilee, a diversified metals processor in Africa, with copper operations in Zambia and chrome
and PGM operations in South Africa, is pleased to announce a joint partnership agreement
for its surplus PGM feed stock (Agreement) at its operations in South Africa.

The Company initiated the process to find a partner following the surplus surface stock of
PGM bearing material created as a by-product on the back of a sharp increase in chrome
production.

In the six months to December 2024, Jubilee's chrome concentrate production reached a
record half year high, increasing by 35.7% to 974 659t (H1 FY2024: 718 189t), and is well on
track to meet and exceed full year guidance of 1.65Mt.



Highlights

   -   Jubilee agrees a joint partnership with an existing PGM producer to process part of
       the Company's surplus PGM & chrome stock.
   -   The surplus surface stock of PGM bearing material is driven by the sharp increase in
       chrome production at Jubilee's operations reaching a record 974 659t for the six
       months ending 31 December 2024 (H1 FY2025).
   -   Under the Agreement Jubilee is looking to commence deliveries at 18 000tpm of
       chrome and PGM bearing material, with the potential to increase deliveries to
       30 000tpm.
   -   The increased PGM processing capacity equates to an estimated 11 500 PGM ounces
       per annum assuming a feed rate of 30 000tpm, which is in addition to the Company's
       existing PGM processing capacity.
   -   Under the terms of the Agreement, earnings generated from the project are shared
       equally.
   -   Jubilee has agreed to an initial Agreement term of 12 months, which the parties may
       extend into a long-term agreement.

Statement from Leon Coetzer, Chief Executive Officer:

"In the first half of our current financial year, construction and commissioning of the two new
chrome processing modules at Thutse was completed and commissioned successfully. This
contributed to Jubilee's chrome operations producing in excess of a record 950 000t of
chrome concentrate over the 6 months ending December 2024.

These expanded chrome operations have contributed to an increasing PGM surface stock
produced as a by-product from the chrome operations. Our preference, as we have indicated
before, is to partner with existing PGM producers to process this excess stock rather than
investing further capital to expand our own PGM capacity.

The Agreement we have now secured is with an operation well known to the Jubilee team
and we will work closely with them to optimise their operations to maximise the financial
return.

This transaction offers us the opportunity to immediately commence with the processing of
our excess PGM material and has the effect of increasing our production capacity by as much
as 32% (at a 100% level) with no additional capital, when compared with our guidance for
FY2025."

The Agreement

Jubilee's PGM feed stock has increased significantly on the back of the expansion of its
chrome operations. The PGM containing material is produced as a by-product from the
chrome operations following the recovery of chrome. Jubilee's Inyoni PGM operations are
operating at full capacity and as previously announced, the Company has looked to form
partnerships with existing PGM producers to utilise available processing capacities.

Jubilee has entered into a joint partnership agreement with a South African PGM producer.
Under the terms of the Agreement Jubilee will deliver chrome and PGM feed material to the
existing chrome and PGM processing facility. Jubilee is appointed to oversee the operational
and technical performance of the processing facility and will sell the processed PGM ounces
on behalf of the partnership under an equal earnings share arrangement.

The Company is looking to commence with monthly deliveries of chrome and PGM feed
material of 18 000tpm with the ability to increase deliveries to 30 000tpm based on the
technical performance of the operations.

United Kingdom
9 April 2025

For further information visit www.jubileemetalsgroup.com, follow Jubilee on X
(@Jubilee_Metals) or contact:
Jubilee Metals Group PLC
Leon Coetzer (CEO)/Jonathan Morley-Kirk (FD)
Tel: +27 (0) 11 465 1913 / Tel: +44 (0) 7797 775546
Nominated Adviser - SPARK Advisory Partners Limited
Andrew Emmott/James Keeshan
Tel: +44 (0) 20 3368 3555

PR & IR Adviser - Tavistock
Jos Simson/Gareth Tredway
Tel: +44 (0) 207 920 3150

Joint Broker – RBC Capital Markets
Farid Dadashev/Jamil Miah
Tel +44 (0) 20 7653 4000

Joint Broker - Zeus Capital
Harry Ansell/Katy Mitchell
Tel: +44 (0) 20 7220 1670/+44 (0) 113 394 6618

JSE Sponsor - Questco Corporate Advisory Proprietary Limited
Alison McLaren
Tel: +27 63 482 3802

Date: 09-04-2025 08:00:00
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