Jubilee Metals Group PLC

("Jubilee" or "the Company" or "the Group")

Registration number (4459850)

Altx share code: JBL

AIM share code: JLP

ISIN: GB0031852162

THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY THE COMPANY TO CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER THE MARKET ABUSE REGULATION (EU) NO. 596/2014 AS IT FORMS PART OF UK DOMESTIC LAW PURSUANT TO THE EUROPEAN UNION (WITHDRAWAL) ACT 2018, AS AMENDED. UPON THE PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INFORMATION IS CONSIDERED TO BE IN THE PUBLIC DOMAIN.

Results of Placing

Notice of General Meeting

Investor Webcast

Jubilee is pleased to announce that further to its announcement of 7.00 a.m. (London time) on 15 December 2023 (the "Placing Announcement"), that it has successfully closed the Placing.

Result of Conditional Placing

Following strong demand in the bookbuild, the total gross proceeds from the Placing has increased from the minimum amount of approximately £10 million to £13 million (approximately US$16.6 million[1]) through the placing of 236,363,636 new Ordinary Shares (the "Placing Shares") with certain institutional and other investors at a price of 5.5 pence per share (the "Placing Price").

The Placing is not being underwritten and is conditional, inter alia, upon:

a) the passing, without amendment, of the Resolution, at the General Meeting;

b) Admission becoming effective by no later than 8.00 a.m. on 4 January 2024 (or such other time and/or date, being no later than 8.00 a.m. on 15 February 2024, as the Joint Brokers and the Company may agree);

c) the other conditions in the Placing Agreement being satisfied or (if applicable) waived; and
the Placing Agreement not having been terminated in accordance with its terms prior to Admission.

Use of Proceeds

The Placing is specifically targeting Jubilee's Zambian Copper operations, in order to accelerate the implementation of our newly acquired Copper Waste Rock Project in partnership with International Resources Holdings ("IRH"), as follows:

· Pay the initial payment of US$1.75 million, due under the agreement for the acquisition of the copper waste rock dump announced on 12 December 2023 detailed above and progress resource and process design (a total of c.US$4.5m).

· Expand the sulphide recovery circuits at the Company's Sable Refinery to accommodate increased sulphide concentrate production from newly acquired projects (c.US$5.7m).

· Progress the project development phase of the Mufulira slag project, with early-stage bulk trial and processing (c.US$2.5m).

· For general working capital purposes.

WH Ireland and Berenberg acted as joint brokers and joint bookrunners in connection with the Placing.

Leon Coetzer, Jubilee CEO, commented:

"We have received overwhelming support for this very targeted fundraise and I thank shareholders for their strong support.

Fundamental to this support was the recognition of the potential value and scale of copper production that this new copper Waste Rock Project affords Jubilee. The additional value in accelerating the implementation of this project over and above our current commitment to the expansion of both chrome and copper further adds to this potential value for Jubilee.

This very targeted raise offers us the opportunity to not only bring forward the expected timelines to implement the very exciting Copper Waste Rock project, but to potentially scale-up the projected copper production profile of the project to far exceed our copper strategy of 25 000 tonnes per annum of copper. Importantly, under the terms of the executed agreement with the IRH, our partnership affords us the ability to bring this project to full fruition with no further capital requirements from Jubilee while enjoying a fully funded position."

Investor Webcast

Jubilee will be hosting a live webcast via the Investor Meet Company platform on Wednesday, 20 December 2023 at 10:00 a.m. UK (RSA 12:00 p.m.).

The webcast will provide investors with a valuable opportunity to interact with the Company and gain insights into the latest strategic partnership with Abu Dhabi based International Resources Holding RSC Limited ("IRH"), and the Placing Announcement.

Investors can sign up to Investor Meet Company for free and add Jubilee Metals Group Plc to their profile via: https://www.investormeetcompany.com/jubilee-metals-group-plc/register-investor

Investors who already follow the Group on the Investor Meet Company platform will automatically be invited.

Questions can be submitted at any time during the live presentation and can also be submitted at jubilee@tavistock.co.uk.

Notice of General Meeting

The Company announces that it will despatch a circular and notice of general meeting to Shareholders, to convene a general meeting of the Company at 11.00 a.m. on 3 January 2024 at the offices of Fladgate LLP, 16 Great Queen Street, London, WC2B 5DG. The circular will be posted to shareholders on Monday 18 December 2023 and will also be made available on the Company's website https://jubileemetalsgroup.com/ from 18 December 2023.

Admission and Total Voting Rights

Subject to the resolution being passed at the General Meeting, an application will be made to the London Stock Exchange for admission of the Placing Shares to trading on AIM. It is expected that Admission will become effective and dealings in the Placing Shares will commence on AIM at 8.00 a.m. on or around 4 January 2024 (or such later date as may be agreed between the Company and the Joint Brokers, but no later than 15 February 2024).

The Placing Shares will be issued fully paid and will rank pari passu in all respects with the Company's existing Ordinary Shares.

The Placing Shares, assuming completion of the Placing, will represent approximately 7.95 per cent. of the Enlarged Share Capital

Following Admission, the total number of Ordinary Shares in issue will be 2,974,493,617. The Company does not hold any shares in treasury and, therefore, following Admission, the number of voting shares in issue in the Company will be 2,974,493,617. This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company's share capital pursuant to the Financial Conduct Authority's Disclosure Guidance and Transparency Rules.

Capitalised terms used, but not otherwise defined in this announcement, shall have the meanings ascribed to such terms in Appendix II of the Placing Announcement unless the context requires otherwise.

For further information please contact: