OUTLOOKJubilee’s targeted base case production for 2007/08 is...

OUTLOOK

Jubilee’s targeted base case production for 2007/08 is 12,000 tonnes of nickel-in-concentrate with
average annualised cash operating costs forecast to be around US$3.25/lb. Cash costs will be
higher during the first half of the financial year and reduce thereafter as higher-grade ore sources
become available.

The Company also today announced an updated targeted production profile from the 2007/08
financial year through until the 2014/15 financial year for both its core high-grade nickel sulphide
business and for a potential larger scale development of the AM5 nickel deposit. This targeted profile sees high-grade production of nickel-in-concentrate increasing from 12,000 tonnes to approximately 17,000 tonnes in 2008/09 and 22,000 tonnes in 2010/11.

This will increase further to around 30,000 tonnes pa thereafter, excluding any potential production
from Anomaly 1. This targeted production profile comprises a combination of JORC compliant
mineral resources and ore reserves.