Jubilee, the integrated copper producer and resource developer in Zambia, is pleased to provide an operational update on the Molefe Mine in Zambia as part of its integrated mine-to-metals copper strategy.
Highlights
- Run-of-mine (ROM) deliveries to Sable refinery and refining activities recommenced following the successful expansion of Pit 2 as part of the pre-stripping under the updated mine plan to combine Pits 2 and 3
- The delivery of high-grade (HG) ROM to the Sable refinery increases to a targeted 6 000tpm for June, stepping up to 8 500tpm by August to reach 10 000tpm by October 2026, which equates to more than a 100% increase in ROM deliveries to Sable
- Combined mined copper reef is set to reach 60 000t per quarter post completion of the combination of Pits 2 and 3 at an average stripping ratio of 6:1
- Next development phase will focus on
- on-site ore sorting and processing to support better segregation of HG ore with improved copper recovery and overall project economics; and
- resource definition drilling activities expanding across the greater Molefe district and additional exploration properties
- A JORC-compliant resource is expected following completion of the Phase 2 drilling programme, currently targeted for Q4 CY2026, subject to the timely receipt of assay results
- Molefe continues to validate Jubilee's scalable mine-to-metals copper growth strategy for replication across Zambia
Statement from Leon Coetzer, Jubilee CEO: "The recommencement of ROM deliveries from Molefe Mine to the Sable refinery marks a significant milestone in the continued expansion of Jubilee's Zambia copper strategy and demonstrates the rapid progress being achieved at Molefe Mine under the updated mine plan. Molefe Mine is evolving into a cornerstone asset within our integrated mine-to-metals platform, with the operation on track to achieve a meaningful step-up in production over the coming months. The integration of Pits 2 and 3, together with the ongoing pre-strip programme, positions Molefe Mine to support sustained growth while enhancing feed flexibility to the Sable refinery. Importantly, Molefe Mine represents the first implementation of Jubilee's scalable copper growth model in Zambia. Our strategy is to mine while we explore, expanding both production and the resource base simultaneously. Through the addition of on-site ore sorting, future processing capabilities and district-wide resource expansion, we are establishing a blueprint that we believe can be replicated across multiple copper opportunities within the region."
Operational update
The Molefe Mine (Molefe) represents the first implementation of Jubilee's scalable mine-to-processing strategy in Zambia. The company's Pillar 2 model (integrated mine-to-metals business: Sable refinery and mining operations) is based on mining while simultaneously exploring and expanding the resource base, creating a repeatable hub-and-spoke development model designed for replication across additional copper opportunities in the region.
Following the commencement of initial stripping activities under the updated mine plan, ROM deliveries from Molefe to the Sable refinery have recommenced. The first ROM has now been delivered to the Sable refinery and refining activities have resumed.
The accelerated pre-strip programme, which commenced in April 2026, remains on track for completion during July 2026 and is aimed at supporting increased sustained production and improved feed supply to the Sable refinery. Development work to integrate Pits 2 and 3 into a single enlarged open-pit operation continues to progress well.
The updated mine plan has been optimised to target a broader reef package, enabling the extraction of increased copper volumes across both high and medium-grade material. Upon completion of the pit integration and development programme, Molefe is expected to ramp-up from approximately 12 000t per quarter of HG ROM to in excess of 30 000t per quarter of HG Cu reef ore delivered to Sable. Molefe remains on track to increase ROM deliveries to approximately 6 000t for June 2026, increasing to approximately 8 500t by August 2026, targeting steady-state of 10 000tpm delivered to Sable by October 2026. The production ramp-up profile includes both newly mined ROM and strategic stockpiled material as Molefe transitions toward integrated on-site ore sorting and processing capabilities of both the HG and lower-grade ROM.
The next phase of development at Molefe is focused on advancing on-site ore processing capabilities. This strategy is expected to be implemented in two stages, beginning with on-site ore sorting to better distinguish between high-grade and lower-grade material, followed by targeted on-site processing of lower-grade material aimed at maximising copper recovery and enhancing project economics.
In parallel, Jubilee is expanding the scope of resource definition activities across the greater Molefe district targeting the additional exploration properties secured within the district area. Ongoing drilling and exploration activities are intended to support future mine expansion and establish a larger resource-backed copper platform.
The independent third-party is expected to compile a JORC-compliant resource following completion of the Phase 2 drilling programme, with the competent person's report currently targeted for Q4 CY2026, subject to the timely receipt of assay results.
