Jubilee Metals Group has signed a co-operation and project development agreement with Galileo Resources to accelerate exploration and resource development at its Molefe Mine in Zambia.
Key points:
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Galileo can earn up to 23.75% in Molefe by funding a US$700,000 exploration and resource development programme.
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Jubilee retains 71.25% ownership and control of the project.
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Jubilee’s existing investment is protected by a preferential earnings right, meaning it will recover its prior capital before profit sharing changes.
Operations update:
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Molefe is ramping up production to 4,500 tonnes per month of high-grade run-of-mine ore.
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The site also hosts a substantial 2.2 million tonne surface stockpile of lower-grade material, representing longer-term processing potential.
Strategic context:
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The deal allows Jubilee to advance Molefe while limiting additional capital outlay and sharing exploration risk.
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Jubilee also reiterated that it expects to complete the disposal of its chrome and PGM operations by the end of 2025, signalling a sharper focus on its chosen core assets.
What this means for investors:
This partnership supports faster resource definition at Molefe, potentially extending mine life and improving production visibility, while preserving Jubilee’s financial flexibility and majority economic interest.
Leon Coetzer, CEO of Jubilee, commented:
“We are delighted to have found a partner with such an established track record in Zambia for the co-development of Molefe. The combined skill set of the two teams is seldom available to a single mining project of this size.
The joint agreement enables Jubilee to dedicate its focus on the day-to-day operations and the development of the processing solution for the Molefe Mine. Outsourcing the mine planning and resource measurement to Galileo, which has an exceptional team with decades of experience and a wealth of in-country and African knowledge, was a natural and pragmatic option.
The Jubilee operational team is looking forward to working with the Galileo operational team to accelerate the development of the Molefe Mine project.
The joint shareholding in Molefe Mine ensures a common purpose to develop this opportunity and offer shareholder returns – potentially one of the most significant, major copper deposits in the Central province of Zambia.”
