**Summary**
Jubilee Metals Group PLC, a Zambia-focused copper producer, has entered into a **Molefe Mine Co-operation and Development Agreement** with Galileo Resources Plc. The agreement aims to accelerate the development of Jubilees Molefe Mine in Zambia through a joint effort combining Jubilees operational expertise with Galileos exploration and geological capabilities.
**Key Points**
1. **Partnership Structure**
Galileo can earn up to **23.75%** interest in the Molefe Mine holding company by funding a **US$700,000** exploration and resource development program.
Jubilee retains **71.25%** ownership, with the remaining **5%** held by a local Zambian firm.
2. **Project Focus**
Accelerated development of Molefe Mine, including
Ramping up production to **4,500 tonnes per month (tpm)** of high-grade ore.
On-site processing facility for low-grade ore (stockpiled at **2.2 million tonnes**).
Resource definition drilling and exploration to upscale the mine plan.
3. **Strategic Benefits**
Jubilee secures its existing investment through a **preferential earnings right** until fully recovered.
Potential expansion into neighboring properties to replicate Molefes success.
Leveraging Galileos experienced team and in-house intellectual property.
4. **Operational Highlights**
Molefe Mine is already operational, with high-grade ore refined at Sable.
Targeted production increase to **8500 tpm** by Q3 FY2026.
Planning for an on-site processing plant for low-grade material.
5. **Leadership and Governance**
Executive committees and board representation from both Jubilee and Galileo.
Leon Coetzer, CEO of Jubilee, emphasized the synergy of combined expertise for accelerated development.
6. **Additional Updates**
Disposal of chrome and PGM operations expected to complete by end of CY2025.
Annual General Meeting scheduled for late December 2025.
This agreement positions Molefe Mine for rapid scaling into a large-scale integrated operation, serving as a model for future projects in Zambia.