Jubilee Platinum : Notice of AGM & Audited results for the year

Regulatory Story

Released 07:00 10-Nov-2017

RNS Number : 1140W Jubilee Platinum PLC 10 November 2017

AIM share code: JLP ISIN: GB0031852162

The directors of AIM traded Jubilee, the Mine-to-Metals company, are pleased to release its audited results for the year ended 30 June 2017.

The Company also hereby gives notice of the Company's 2017 Annual General Meeting, which will be held on 4 December 2017 at 11:00 am UK time at Fladgate LLP, 16 Great Queen Street, London, WC2B 5DG to transact the business as stated in the notice of Annual General Meeting. The Group's Annual Report for the year ended 30 June 2017 has been posted to the website, www.jubileeplatinum.com, with the notice of the Company's 2017 Annual General Meeting. Shareholders are advised that the Notice of Annual General Meeting, including a Form of Proxy, for the year ended 30 June 2017 has been posted to Jubilee shareholders today, 10 November 2017.

Group revenue up to GBP 9.81 million (ZAR 169.59 million)(1) ((2016: GBP 1.47 million (ZAR 25.41 million))

Group loss for the year from continuing operations, excluding once off non-cash items (2), decreased by 61.87 % to GBP 2.10 million (ZAR 36.42 million) ((2016: loss of GBP 3.41 million (ZAR 58.97 million))

Group loss per share from operations, excluding once off non-cash items(2) is 0.25 pence (ZAR 4.27 cents) ((2016: 0.38 pence) (2016: ZAR 8.07 cents))

Operating expenses from continuing operations down 26.69 % to GBP 3.44 million (ZAR 59.46 million) ((2016: GBP 4.69 million) (ZAR 81.06 million))

(1)= for income statement purposes conversions are at the average £: ZAR rate for the period under review and for balance sheet purposes conversions are at the closing rate as at the period end. All other conversions are at rates as at the time announced.

(2)= Impairment of intangible assets totaled GBP8.47 million, net of tax, which if included equates to a group loss per share of 1.07 pence (ZAR 18.55 cents)

The DCM Operations deliver first full year of production with total chrome concentrate produced of 78 588 tonnes, resulting in revenue of GBP 9.37 million (ZAR

161.94 million)

The Hernic PGM and chrome project is bought into operation and delivers its first saleable PGM concentrate in April 2017 producing 808 PGM(1) ounces by end June 2017 and resulting in revenue of GBP 0.43 million (ZAR 7.43 million)

Jubilee acquires the rights to the PGMs contained in the PlatCro material estimated at 1 400 000 tonnes of PGM containing surface material The Tjate Platinum project is awarded its mining right in March 2017

(1)= Precious Group Metals ( platinum, palladium, rhodium, iridium, ruthenium and gold)

DCM chrome and PGM processing agreement replaced with a 50/50 partnership agreement on all chrome concentrate produced at DCM while reaffirming its exclusive PGM right

3rd Party chrome ore processing agreement executed with DCM targeting the of up to 40 000 tonnes per month of chrome ore to supplement the DCM material

Joint Venture agreement executed with BMR Group PLC for the Kabwe lead, zinc and vanadium surface processing project estimated to contain 6 400 000 tonnes of lead, zinc and vanadium rich material at surface

Jubilee executes a USD 50 million funding agreement to support the Company's targeted project build program

Jubilee has delivered a remarkable operational performance during the period under review with continued strong growth post the period under review. The period has seen Jubilee being awarded the mining licence for the Tjate platinum project and ramping-up the DCM chrome operation to reach 78 588 tonnes of saleable chrome concentrate, while delivering the Hernic chrome and platinum recovery plant targeting 660 000 feed tonnes per annum.

Post the period under review, Jubilee continued acquiring further access to valuable surface resources which included the acquisition of the PGMs contained in the surface material at PlatCro Minerals ("PlatCro") in South Africa as well as entering into a joint venture agreement with BMR Group PLC to execute the Kabwe surface processing project targeting the recovery of lead, zinc and vanadium from surface material in Zambia. These transactions extended Jubilee's reach beyond the borders of South Africa into both PGMs and base metals leveraging off its in-house metallurgical skill, project execution track record and operational performance.

Jubilee now holds a project portfolio containing low risk, high return, short term projects which includes:

Platinum project to recover PGMs from the estimated 1 400 000 tonnes surface stock at PlatCro in South Africa Platinum project to recover PGMs from the estimated 800 000 tonnes at surface at DCM in South Africa

Kabwe project to recover lead, zinc and vanadium from the estimated 6 400 000 tonnes (3 200 000 tonnes JORC compliant) surface tailings at the Kabwe operations in Zambia

The Company continues to actively pursue further projects consistent with its stated mission to grow the Company's processing capacity of at or near-surface material. Jubilee has responded well to challenges in the global PGM markets as reflected in PGM prices by diversifying its earnings generation to include chrome and PGMs and

expanding its project portfolio into base metals such as lead, zinc and vanadium. Jubilee's surface projects remain robust at these metal prices as reflected in Jubilee's

Q3 2017 update, recording a unit cost per PGM ounce produced of USD 476, which is set to reduce further as the project continues to increase its production. Jubilee's

surface projects has the benefit of not being exposed to mining cost or associated mining risk.

The Hernic project is the second of the Company's operating PGM-bearing surface tailings projects and targets processing in excess of 660 000 feed tonnes tailings per year. The project has access to an estimated 3 000 000 tonnes of PGM material, to which Hernic continues to add further current arisings material. The project, which is estimated to contain in excess of 224 000 (3PGM + Au) ounces, is the largest PGM beneficiation plant in South Africa to process surface chrome tailings.