Galileo Resources Signs Collaboration Agreement with Jubilee Metals for Zambian Copper Project

Galileo teams up with Jubilee Metals to fast-track Zambia’s Molefe copper mine

Galileo Resources (AIM:GLR) has signed a conditional collaboration and project development agreement with Jubilee Metals (AIM:JLP, Altx:JBL) for the Molefe Mine in Zambia, dated 27 November 2025. In short: Galileo will fund targeted exploration and resource work to earn a meaningful minority stake, while Jubilee brings established Zambian operating and processing muscle.

The goal is clear – accelerate Molefe from a ramping operation into a scalable, cash-generating copper asset, and build a wider pipeline of similar near-mine opportunities across Zambia. It is a classic “earn-in” structure: Galileo funds work to earn equity, Jubilee remains operator and processor.

Key numbers at a glance

Earn-in funding by Galileo	US$700,000
Equity earned by Galileo	Up to 23.75% of Molefe HoldCo
Jubilee ownership post earn-in	71.25%
Local Zambian partner	5%
Earn-in work timeline	Within 8 months of the agreement
Current mining rate	80,000 tonnes per month (tpm)
High-grade ROM to Sable	3,500 tpm ramping to 4,500 tpm (+2% Cu)
Target by Q3 FY2026	8,500 tpm (c. 200 tpm copper units to Sable)
Low-grade stockpile on site	c. 2.2Mt at c. 0.7% Cu

Jargon buster: “Earn-in” means funding agreed work to earn equity. “ROM” is run-of-mine ore. “tpm” is tonnes per month. “Copper units” refers to contained copper metal.

Why this partnership matters for Molefe and nearby copper targets

Galileo brings a seasoned copper exploration and resource team – from 40-year veterans to a younger cohort fluent in modern modelling – plus in-house mining engineering. Jubilee delivers what many juniors lack: in-country operating capability and processing capacity via Sable, its Zambian processing plant.

That combination is designed to do two things: tighten up Molefe’s resource definition and mine plan quickly, and implement an on-site processing solution for low-grade ore. The latter is important given the stockpile already sits at about 2.2Mt at roughly 0.7% Cu.

Molefe Mine: operational snapshot and the growth plan

Molefe has been operating as a single pit at 80,000 tpm. Around 3,500 tpm of higher-grade ROM (circa 2% to 2.5% Cu) has been delivered to Jubilee’s Sable plant, with a ramp-up to 4,500 tpm targeted within 45 days. Jubilee is aiming for 8,500 tpm by Q3 FY2026, which at the targeted grade equates to approximately 200 tpm of copper units delivered to Sable.

Importantly, a resource drilling programme is underway to improve confidence and optimise the open-pit design. Molefe comprises nine initial test pits; only Pit 5 has been developed so far. Early drilling indicates copper sulphide beneath the near-surface oxide material – a positive sign for mine life and processing routes.

Jubilee paused mining in July and August 2025 to complete an extended pit design, with ore deliveries to Sable restarting in September 2025. Jubilee is also exploring whether multiple satellite pits could be merged into one larger open pit to improve flexibility and productivity.

On-site processing: unlocking the low-grade stockpile

An on-site plant is being planned to process low-grade ROM, comprising a copper leach, solid-liquid separation, and precipitation circuit. With about 2.2Mt of lower-grade material already stockpiled, this is a straightforward route to incremental copper without relying solely on trucking high-grade ore to Sable.

The current model sees high-grade ore refined through Sable under an arm’s length tolling arrangement. Tolling means Molefe supplies ore and pays a processing fee, retaining the metal value net of charges – a useful option while the on-site plant is developed.

Deal mechanics: who’s in control and how cash flows

Galileo can earn up to 23.75% of Molefe HoldCo by completing an agreed US$700,000 exploration and resource programme within eight months. Jubilee remains the majority partner at 71.25%, with 5% held by a local Zambian firm.

Governance reflects that balance. An executive committee will oversee the project, with two Jubilee nominees (one as chair) and one from Galileo until the Sale Shares are issued. Thereafter, the board comprises two Jubilee and one Galileo director.

Jubilee’s existing investment will be split into an interest-bearing capital loan and a non-interest-bearing shareholder loan. The capital loan has preferential earnings allocation until fully repaid. Translation: early cash flows will first service Jubilee’s capital loan before profits are distributed by equity percentage.

What’s disclosed, what’s not, and the key risks

• Capex for the on-site processing plant: not disclosed. We do not have timing, cost, or expected recoveries.
• Detailed economics: not disclosed. No AISC, margin guidance, or long-term grade profile beyond the current ranges.
• Loan balances and terms: interest rate and size of Jubilee’s capital loan are not disclosed, though it ranks ahead of equity distributions.
• Funding: Galileo’s source of the US$700,000 earn-in funding is not disclosed.
• Permitting/environmental: not discussed in the RNS.
• Tolling terms: beyond being “arm’s length”, fees and charges are not disclosed.

Operationally, execution risk sits around hitting the 4,500 tpm ramp, moving to 8,500 tpm, and delivering the on-site plant. Geologically, the sulphide beneath oxide is encouraging, but the size and continuity will be defined by the ongoing drilling.

Strategic upside: a platform for more Zambian copper deals

The agreement is framed as the launch of a broader initiative: find and advance Zambia copper projects with immediate to mid-term mine potential, and take them through to cash flow. If Molefe proves out, the Galileo-Jubilee template could be replicated across targeted neighbouring areas.

Separately, Galileo flagged that December interim results will include operational updates on Shinganda, Luansobe and Western Foreland (Zambia), and Kamativi (Zimbabwe). No new data on these assets is disclosed here.

My take: pragmatically positive with near-term catalysts

This is a sensible pairing. Galileo adds targeted exploration horsepower and mine planning rigour; Jubilee keeps the wheels turning operationally and provides processing solutions. The earn-in quantum – US$700,000 for up to 23.75% – is modest, which fits a sub-definition, fast-track development strategy.

Investors should note two constraints. First, Galileo will be a minority partner, with Jubilee chairing governance and having its capital loan serviced first. Second, the on-site plant – key to monetising the 2.2Mt low-grade stockpile – still needs design, cost and timing clarity.

What to watch next: drilling results and any resource updates, the ramp from 3,500 to 4,500 tpm and towards 8,500 tpm, details and timeline on the on-site plant, and confirmation that Galileo completes the eight-month earn-in work programme on budget. Deliver those, and Molefe could become a neat, near-term copper cash generator within Galileo’s wider Zambian footprint.