Jubilee Metals : Corporate Presentation November

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Key Metrics FY23

£141.9m

Revenue

£24.8m

EBITDA

£31.0m

Cash from Operations

£44.0m

Investment programme implemented

Jubilee Overview

• Founded over 20 years ago and listed on LSE's AIM (LSE: JLP) and JSE
• Diversified and low-cost metals producer from waste material
• Unlocking value through processing waste rock and re-processing tailings
• Two pillars of the business:
• • South African PGM and Chrome production, and
  • Zambian Copper production

South Africa: PGMs & Chrome

• 42 433 PGM oz produced and sold
• 1 289 890 tonnes chrome concentrate produced
• Inyoni PGM capacity of 44 000 oz & combined chrome capacity exceeding 1 450 000 tonnes per annum of chrome concentrate
• Guidance FY24: 1 450 000 tonnes of chrome concentrate; 42 000 oz PGM

Inyoni chrome & PGM

Windsor chrome

Windsor 8 chrome

Thutse

Sable Refinery and Roan

Concentrator

Copper & cobalt tailings projects

Kabwe tailings project

Zambia: Copper

• FY23: 2 923 tonnes copper produced
• 14 000 tonnes installed copper cathode capacity at Sable per annum
• Guidance FY24: 5 850 tonnes copper

Jubilee Metals Group | November 2023

Note(s): All figures as at 30 June 2023 from FY23 audited full-year accounts

3

Virgin Unprocessed Rock

• Created from mining activities where selected reefs are discarded onto waste rock piles measuring 100s of millions of tonnes at surface
• This waste has never been processed to recovery
• Typically, due to their complexities and often lower grade
• Significant opportunity with high margins and cost-effective to process

Processed Tailings

• Processed waste material created from processing mined reef to recover copper
• Remaining copper rejected into processed tailings into tailings dams, slag dumps from smelting and refining waste
• Re-processingtailings typically contain lower grade of copper vs virgin unprocessed rock
• Copper extraction techniques targeted that lower the consumption of chemicals

Mining

• Thriving junior mining sector in Zambia in need of processing capability
• JVs/Partnerships to source mining ROM material
• Focused on transitional reefs in need of partnerships to gain access to world class processing capacity
• Providing them with opportunities to thrive in a formalised environment

Zambian Business

Growth Opportunity

Jubilee's Processing Capabilities

Technical Development Centre concluded process development for virgin unprocessed rock

Leveraged off success of chrome recovery process units

Each process unit is designed to be self-contained with limited reliance on existing infrastructure

Modular process units are designed to produce a copper concentrate perfectly suited for refining to copper cathode at Jubilee's Sable refinery

Roan upgrade required to process ROM material discarded as mined waste

Modular Roll-Out Strategy

Virgin Unprocessed Rock and Mining

• Primary strategy is to secure vast available virgin unprocessed rock dumps and to roll out modular processing units
• Rapidly deploy modular units: scalable from 20 Ktpm to 50 Ktpm processing capacity
• Units constructed in South Africa and preassembled for testing before being containerised and transported to Zambia
• Constructed in 4 months and commissioned in 2 months
• Low power requirement for each module

Tailings

Jubilee uniquely positioned to unlock potential to recover copper from vast processed tailings resources in Zambia. Targeting a copper extraction technique that will significantly lower the consumption of chemicals

Zambian Business

Virgin Unprocessed Rock

Sable Copper

Refinery

Key Metrics

New copper modules

• 3 000 tonnes per annum of copper content in concentrate per module (assuming feed of 1.5% copper grade)
• Copper unit cost per tonne US$5 281 in FY2023
• Estimated capital for 20 Ktpm module = US$6.5 million

Sable Refinery

• Copper cathode capacity of 14 000 tonnes per annum

+5% Cu grade

Multiple 20 Ktpm

Modular Units

Virgin Unprocessed

Rock

(0.7% to 2.5% Cu)

Transitional

Copper Ore

Supply