Jubilee final results June 2017
Revenue for the year soared to GBP9.8 million (2016: GBP1.5 million), gross profit jumped to GBP1.8 million (2016: GBP865 612), operating loss narrowed to GBP1.7 million (2016: loss of GBP3.8 million), loss from continuing operations increased to GBP10.6 million (2016: loss of GBP3.4 million), while headline loss per share from continuing operations was higher at GBP1.07 pence per share (2016: loss of GBP0.27 cents per share).
The Board did not declare any dividends for the period under review. (2016: Nil)
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 JubileeĂs 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 CompanyĂs 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. JubileeĂs surface projects remain robust at these metal prices as reflected in JubileeĂs 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. JubileeĂs surface projects has the benefit of not being exposed to mining cost or associated mining risk.
Notice of Annual General Meeting
The Company gave notice of the CompanyĂs 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 GroupĂs Annual Report for the year ended 30 June 2017 has been posted to the website, www.jubileeplatinum.com, with the notice of the CompanyĂs 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.