PROJECTS AND EXPLORATION • conventional copper belt geology to discover small to mediumsized mining propositions to assist tomorrow ' s high demand for copper. We look forward to working with Jubilee and providing our expertise to the total solution."
The agreement combines Galileo ' s exploration and geological expertise with Jubilee ' s established in-country operational and processing expertise. This enables the parties to bring their respective expertise to bear on the resource definition drilling and exploration programme to further develop the Molefe Mine, the continued management of the mining operations, and the focused implementation of an on-site processing solution which will benefit both the accelerated development of the Molefe Mine and potential targeted neighbouring areas the parties intend to seek out new opportunities, similar to this one, which have immediate or short-term mine potential as well as short and midterm significant exploration potential.
The signing of the agreement with Jubilee is the launch of an initiative for the exploration, resource development and mining of copper projects in Zambia, which will provide a combined capacity to take Zambian copper projects at any stage in their development through to cash flow generating assets.
Through this partnership, Galileo will receive funding of USD700 000 for exploration and resource programme for the mine. As well as the right to earn up to 23.75 % interest in the Molefe Mine holding company( Molefe HoldCo), with Jubilee retaining a 71.25 % interest and the remaining 5 % being held by a local Zambian firm.
The mine is to be placed on an accelerated development path with the formation of skilled teams to focus on:
• Day-to-day operational management of the project and ramping up production to achieve 4 500tpm of high-grade run-of-mine refined by Jubilee ' s Sable processing plant in Zambia( Sable) and the on-site stockpiling of the low-grade ore( approximately 0.7 % Cu) already reaching 2.2Mt on surface since the end of October 2025.
• Completion of the design and implementation of the on-site processing facility to process the mined ore and stockpiled on-site lower-grade ore.
• Upscaling of the mine plan and resource definition through exploration drilling of Molefe Mine.
Galileo has built a resource development team whose members have, in the past few years, made discoveries and developed copper projects in Zambia and elsewhere in southern Africa. The expertise and IP derived from ongoing exploration and resource development across the range of copper-bearing geological settings in Zambia have provided the Company with a unique insight that has led to a focused and specific approach to exploration.
• A geological team including veterans of more than 40 years ' experience with both Major Mining Houses and smaller exploration companies.
• A new generation of younger geologists familiar with the latest modelling tools and software.
• In-house mining engineering expertise providing real-time feedback and practical guidance that informs the exploration and resource development programme.
• Expertise in both greenfield exploration and mining geology allows for a consolidated approach from discovery through to mining feasibility study level.
• An in-depth understanding of southern African geology combined with a willingness to think beyond conventions to test new theories and discover previously unknown geological settings.
• Application of a range of exploration techniques learned through practical experience in Zambia is quickly aligned with the geological vectors associated with each ore genesis model.
Based on the agreement between the two organisations, Galileo holds the right to earn-in up to 23.75 % of the issued capital and must complete the agreed scope of work within eight months of the date of the agreement to acquire the sale shares from Jubilee.
Meanwhile, Jubilee will retain a 71.25 % interest on completion of Galileo ' s earn-in, with the remaining 5 % held by a local Zambian firm. An executive committee will be formed to oversee the Project, with Jubilee nominating two members, one of whom will be the chairperson and Galileo nominating one member. The executive committee shall continue to operate until Galileo has fully acquired the Sale Shares. Upon the issue of the Sale Shares, Jubilee shall nominate two directors to the board of the Molefe Mine holding company and Galileo shall nominate one director.
The executive committee and Board will be formed of persons with the appropriate skills and expertise to develop the Molefe Mining project. Jubilee ' s current investment into the Molefe Mine will be classed into an interest-bearing capital loan and non interestbearing shareholder loan. The capital loan will hold a preferential earnings allocation until fully settled before the distribution of any earnings in accordance with the terms of the Agreement.
Background on Molefe Mine Molefe Mine to date has been operating as a single pit with a mining rate of 80 000tpm. Of this, approximately 3 500tpm of highgrade ROM( of approximately 2 % to 2.5 % Cu) is delivered to Sable. A resource drilling programme has commenced to upgrade resource confidence and optimise open-pit design.
The mine consists of nine initial test open pits, of which only Pit 5 was developed to mine and deliver the initial copper ore to Sable. Early indications from drilling results have positively delineated the presence of copper sulphide beneath the existing oxide material.
On 3 December 2025, the company reported that it had started with the drilling phase post the signing of the agreement on 27 November 2025. The drilling commenced with two holes, out of an expected approximately 10-hole programme, completed to date, post-signing of the agreement.
www. africanmining. co. za African Mining Publication African Mining African Mining • March 2026 • 13