Jubilee Metals Group PLC announced the acquisition of two further copper resources currently in operation. The acquisition include: Project M - which has commenced with the delivery of material to Sable 3 months ahead of schedule targeting to reach 25 000tpm at a grade of 3-4% Cu within Third Quarter CY2024 with a project life expectancy exceeding 8 years (Acquisition One); and Project G - an operating open-pit copper mine targeting to ramp-up to 20 000tpm at a grade of 3-4% Cu Fourth Quarter CY2024 with a life expectancy in excess of 8 years (Acquisition Two). Acquisition One will be settled through a combination of $0.25 million in cash and $1.5 million settled through the issue of 15,096,798 new Jubilee ordinary shares (Acquisition Shares).

The Acquisition Shares will be issued at a price of 7.81 pence per share (Issue Price) being the 30-day volume weighted average share price of Jubilee on the LSE on 19 June 2024. The current owners have elected settlement in Jubilee shares, which aligns their interests with Jubilee's long-term copper strategy in Zambia. Acquisition Two in the amount of $2.1 million will be settled through the issue of approximately 21,135,517 new Jubilee ordinary shares (assumed at the Issue Price).

The final number of shares will be confirmed upon conclusion of Acquisition Two.