Jubilee Metals Partners with Galileo for Accelerated Molefe Mine Development

Jubilee Metals pairs up with Galileo to fast‑track Molefe Mine copper growth

Jubilee Metals has signed a co‑operation and project development agreement with Galileo Resources to accelerate exploration and mine planning at the Molefe Mine in Zambia. The deal keeps Jubilee firmly in control while tapping Galileo’s geological bench strength to scale Molefe into a larger, integrated copper operation.

In plain English: Jubilee focuses on running and expanding the mine and processing, Galileo funds and delivers the drill‑bit hustle, and both aim to turn Molefe into a bigger, quicker copper story.

What’s been agreed: earn‑in, control and cash flow priorities

Galileo can earn up to 23.75% of the Molefe Mine holding company by funding a US$700,000 resource definition and exploration programme within eight months. Jubilee retains 71.25% and a local Zambian firm holds 5%.

Crucially, Jubilee’s existing spend at Molefe is protected. It’s being split into an interest‑bearing capital loan and a non‑interest‑bearing shareholder loan, with a preferential earnings allocation to settle that capital first. In other words, Molefe’s early cash flows flow to Jubilee until its capital is repaid, before profits are split by ownership.

Governance skews to Jubilee during the earn‑in. Jubilee gets two seats (and the chair) on the joint executive committee versus one for Galileo. Post earn‑in, Jubilee nominates two directors to the Molefe holding company board, Galileo one.

Operations: production ramp‑up and a 2.2Mt low‑grade stockpile

Molefe is already producing. From a single pit at 80,000 tonnes per month (tpm) mined, around 3,500 tpm of high‑grade run‑of‑mine (ROM) ore (+2% Cu) has been delivered to Sable, with a ramp‑up to 4,500 tpm targeted within 45 days. The plan is to reach 8,500 tpm by Q3 FY2026, equating to about 200 tpm of contained copper (“copper units”) to Sable, in addition to Roan’s output.

On the lower grade ore (circa 0.7% Cu), Jubilee has already stockpiled approximately 2.2 million tonnes on surface as at the end of October 2025. That sets the stage for a dedicated on‑site processing plant designed to treat low‑grade material via copper leaching, solid‑liquid separation and copper precipitation.

Jargon decoder:

• ROM: run‑of‑mine ore, the raw material straight from the pit before processing.
• tpm: tonnes per month, a measure of mining and processing throughput.
• Copper units: tonnes of contained copper metal within processed ore.
• Earn‑in: a partner funds work to earn a project stake instead of paying cash upfront to the owner.

Geology and mine design: nine pits, sulphide upside

Molefe started as nine test pits, with only Pit 5 mined so far. Early drilling indicates copper sulphide beneath the near‑surface oxides. Jubilee is exploring whether multiple satellite pits can be merged into one larger open pit to boost flexibility and productivity for Sable feed.

Mining paused in July and August 2025 to rework the extended pit design, then restarted in September. A resource drilling programme is under way to upgrade confidence and optimise the open‑pit layout.

Why this partnership matters: speed, specialism and scalability

This is a division‑of‑labour strategy. Jubilee brings country‑level operations and processing know‑how, while Galileo brings a specialist exploration team with Zambia experience. That lets Jubilee stay focused on production and the processing build, while Galileo concentrates on drilling, resource modelling and mine planning.

The prize is twofold: quicker resource definition to underpin a larger mine plan, and the introduction of an on‑site low‑grade plant that can monetise the 2.2Mt stockpile and future low‑grade ROM. Done right, Molefe could evolve into a sizeable, integrated copper operation, with the model replicated onto neighbouring targets Jubilee has secured.

Worth noting on governance: Galileo’s board includes Colin Bird (former Jubilee chair) and Chris Molefe (a current Jubilee non‑executive, who recused himself from this decision). The related‑party sensitivity is flagged and managed via the recusal, which is good practice.

Key Molefe numbers at a glance

Jubilee interest (post earn‑in)	71.25%
Galileo earn‑in (max)	23.75%
Local partner	5%
Galileo funding commitment	US$700,000
Earn‑in window	8 months from Agreement
Current high‑grade delivery	\~3,500 tpm ramping to 4,500 tpm
Target throughput by Q3 FY2026	8,500 tpm
High‑grade head grade	+2% Cu (approx. 2% to 2.5% Cu)
Low‑grade stockpile	\~2.2 Mt at \~0.7% Cu
Copper units to Sable (target)	\~200 tpm (in addition to Roan)
On‑site plant	Leach, solid‑liquid separation, precipitation (for low‑grade)
Cash flow priority	Preferential earnings to repay Jubilee capital loan

Chrome/PGM disposal: timeline and accounting

Separately, Jubilee says the last material suspensive condition to complete the sale of its chrome and PGM operations is audit‑related. Completion is expected by the end of CY2025.

For year‑end reporting, the company is finalising the disposal accounting over the next two weeks, with results needing to present continuing operations versus the disposed assets. The AGM is expected in the latter half of December 2025. This all reinforces the strategic pivot to Zambian copper.

Positives, pressure points and what to watch

What looks positive

• Control preserved: Jubilee keeps 71.25% of Molefe and chairs key committees.
• Risk‑light funding: US$700,000 from Galileo is modest but targeted at de‑risking the resource and mine plan.
• Immediate throughput gains: production is already ramping, with a clear path to 8,500 tpm by Q3 FY2026.
• Stockpile option value: 2.2Mt of low‑grade gives feed security for the planned on‑site plant.
• Preferential earnings: Jubilee’s capital recovery improves near‑term project cash flow protection.

Where the pressure sits

• Earn‑in delivery: Galileo must complete its scope in eight months – execution risk is real.
• Resource proof: drilling needs to confirm scale, continuity and the sulphide transition beneath oxides.
• Processing delivery: timing, capex and ramp‑up of the on‑site low‑grade plant are not disclosed.
• Disposal completion: audit‑related conditions can slip; completion is targeted by end CY2025 but not guaranteed.

Catalysts and timeline to track

• Near‑term: confirmation of disposal accounting in the next two weeks; AGM in the latter half of December 2025.
• Next 1–2 quarters: production ramp from ~3,500 tpm to 4,500 tpm of high‑grade ROM; updates on drilling results and resource definition.
• Within eight months: Galileo’s earn‑in completion, with potential board changes at the Molefe holding company.
• By Q3 FY2026: throughput target of 8,500 tpm and ~200 tpm copper units to Sable.
• On‑site plant: design finalisation and implementation milestones (timings not disclosed).

My take: a sensible split of duties with upside if the drill‑bit delivers

This is a pragmatic tie‑up that lets Jubilee scale Molefe faster without handing over the keys. Galileo’s US$700,000 is not a big cheque, but it’s focused on the highest‑return activity – proving up tonnes and tightening the mine plan. The preferential earnings structure gives Jubilee a decent cash flow cushion while Molefe ramps.

The real swing factor is the geology. If drilling confirms thicker, continuous sulphide beneath the oxides, Molefe could justify a larger open pit and potentially higher, longer‑life feed to Sable plus the on‑site plant. If not, the 2.2Mt low‑grade stockpile and incremental ramp still support a growing copper contribution.

Overall, positive for strategy, control and near‑term copper growth. Keep an eye on the earn‑in timetable, plant delivery milestones and the chrome/PGM disposal closing. If Jubilee hits its targets into FY2026, Molefe could become the flagship asset the company wants it to be.