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JUBILEE PLATINUM PLC - Reviewed interim results for the six month period ended 31 December 2013 in terms of AIM regulations

Release Date: 02/04/2013 10:04
Code(s): JBL     PDF:  
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Reviewed interim results for the six month period ended 31 December 2013 in terms of AIM regulations

Jubilee Platinum PLC
Registration number (4459850)
JSE share code: JBL
AIM share code: JLP
ISIN: GB0031852162
("Jubilee" or the "Company")

Further to the Jubilee interim results released on SENS on Thursday, 28 March 2013, Shareholders
are advised that these interim results are being release again to include expanded explanation
of the Company’s cash flow statement and the inclusion of BDO SA’s review report to conform with
the Interims as released by Jubilee in terms of the Company’s AIM listing.


REVIEWED INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2012


The directors of JSE listed and AIM traded Jubilee, the ‘Mine-to-Metals’ exploration and
development company, are pleased to announce the interim results for the six months ended 31
December 2012. Shareholders are also advised that these interim results have been reviewed by
BDO South Africa Inc. only, as required by the JSE Listings Requirements. Their review report is
attached to this announcement as annexure 1.

FINANCIAL HIGHLIGHTS

• Revenues continue to improve in-line with the ramp-up of the smelter operations. Revenue
increased by 61.5% to £2.1 million for the half year under review compared to the equivalent
period in 2011 financials (£1.3 million 2011).

• Gross profit increased to £750.000 which reflects the increased throughput achieved at the
operations over the period under review (£214.000 2011).
• Sale of electricity commenced on 23 December 2012. The impact on the Company’s income
statement of the private sale of 5.1MW of electricity will only be fully reflected in the next
financial period of the Company.

OPERATIONAL HIGHLIGHTS

• The Company secured the rights to recover platinum group-elements (PGEs) from an estimated
800.000 tonnes of PGE-bearing chromite tailings (“Tailings”) and from current arisings on the
Dilokong Chromite Mine in the Eastern Bushveld of South Africa.

• The Company’s subsidiary Pollux Investment Holdings (Pty) Limited (“Pollux”) formalised a
binding and exclusive memorandum of understanding with Phokathaba Platinum (Pty) Limited
(“Phokathaba”) to process the Tailings in its nearby Smokey Hills mine concentrator. Phokathaba
is a subsidiary of the Australian Stock Exchange (“ASX”)-listed Platinum Australia Limited
(“PLA”), which is currently under administration. This arrangement has accelerated the timeline
for production from the Tailings by an estimated 18 months and eliminated the capital investment
for a new concentrator.

• On 25 February 2013 the Company entered into an implementation deed and supporting
transactional documents with PLA relating to the acquisition of PLA by Jubilee to be effected by
way of a scheme of arrangement in terms of Australian law and subject to PLA and Jubilee
shareholders’ approval under which:

  -   Jubilee will acquire the entire issued share capital of Platinum Australia (“Acquisition”);
  -   PLA will be delisted from the ASX and become a wholly-owned subsidiary of Jubilee;
  -   Jubilee will undertake a specific issue of shares for cash to extinguish certain PLA
      creditors in accordance with the terms of a creditor compromise;
  -   Jubilee will undertake a specific issue of shares for cash to extinguish approximately 50%
      of the debt held by the senior creditor in PLA; and
  -   Jubilee will procure project funding for the recommissioning of Smokey Hills of
      approximately ZAR190 million. The funding is targeted at project level financing to
      minimise dilution of Jubilee shareholders.
A circular containing full details of the acquisition will be posted during April 2013.

• The Company increased its shareholding in PowerAlt (Pty) Ltd (“PowerAlt”) from 51% to 70% by
way of issuance of Jubilee ordinary shares equivalent in value to ZAR13.1 million. Refer to note
13.1.

• PowerAlt received approval from the national energy provider of South Africa for the sale of
up to 5.1 MW generated electricity to South Africa’s national power-generating company. Sale of
electricity commenced in December 2012 and the full 5.1 MW sale target was achieved in January
2013. PowerAlt secured an option to increase the contracted sale of electricity generated to
10.7 MW.

• The Company increased its shareholding to 100% in its subsidiary Jubilee Smelting and Refining
(Pty) Ltd through an earn-in agreement based on the capital invested by Jubilee. Jubilee
consequently holds 100% of its smelting facility RST Special Metals (Pty) Ltd in Middelburg
South Africa.

• The Company’s subsidiary Tjate Platinum Corporation (Pty) Ltd (“Tjate”) signed a term sheet in
relation to a cash offer from a major mining company of ZAR75 million for Quartzhill farm
portion. Quartzhill is considered non-core to Tjate’s long-term mining plan.

• The Company executed and formalised a heads of agreement with Australian registered and
unlisted Indian Pacific Resources Ltd, for the Company to farm-in up to a 90% interest in an
iron-ore prospect on the Company’s Ambodilafa tenement area in Madagascar. The farm-in excludes
PGEs and all non-ferrous metals. The agreement permits exploration and drilling to continue on
the Ambodilafa property without funding from Jubilee. Drilling is expected
to commence shortly.

• The Company commenced formalising its collaboration with Northam Platinum Ltd (“Northam”) in
regard to Northam’s letter of intent to enter into an agreement to establish a joint venture to
evaluate the construction of a dedicated 5 MW DC arc furnace facility using ConRoast technology
specifically to smelt concentrate produced from Northam’s developing Booysendal mine in the
Eastern Bushveld.
• On 19 October 2012 the Company placed 25 098 405 new ordinary shares to raise £1.73 million
with major institutional investors.




CHAIRMAN’S REPORT

Dear Shareholder,

The South African platinum industry continued to suffer many challenges during the period under
review. The underlying issues were continuing low platinum prices, adverse exchange rates and
labour unrest on certain platinum mining operations in the Bushveld complex. The impact on major
platinum producers was significant and has resulted in short-term corrective decisions which
undoubtedly will have mid-term adverse effects on supply fundamentals.

Jubilee continued with its Mine-to-Metal strategy fully aware that the aforementioned
difficulties might offer benefits to a small producer whose business model was dedicated to high
chrome PGM sources and small mining operations. In general all opportunities explored were
enhanced by the Company’s ownership of the ConRoast license.

Jubilee recognised the benefits to be offered by the Smokey Hills mine concentrator when it
unfortunately ran out of feed because of the Smokey Hills mine closure. The acquisition of the
right to use the concentrator accelerated our Mine-to-Metal strategy both in time and cost. A
close examination of the Smokey Hills mine led management to the conclusion that a total
acquisition would be more beneficial to our shareholders than a toll treatment arrangement. This
rationale was further supported by the other small mining projects contained in the PLA
portfolio of assets.

The completion of the scheme of arrangement between Jubilee and PLA will result in an Enlarged
Group with excellent prospects in the smaller niche of the platinum industry. Projects being
considered will generally have the use and benefits of our ConRoast license. With the exception
of the Tjate underground mine, all of the enlarged Group’s projects will be small with limited
mine life, low cost of entry and chrome based. We believe that this specific
business model presents extraordinary advantages in the mid-term, i.e. capital requirements are
lower, manpower numbers are smaller and smelting issues currently being experienced in the
industry can be overcome by the use of the ConRoast process. The PLA merger, whilst providing
the aforementioned advantages, is driven by the early cash flow that the Dilokong tailings will
be able to provide along with other possible input feeds being considered.

The board of the Company’s subsidiary Tjate approved a ZAR75 million cash offer (“Offer”) from a
major mining company for the Quartzhill farm (“Quartzhill”), a portion of the Tjate Platinum’s
Project and signed a Term Sheet in this regard. The parties to the Term Sheet have commenced
formalising the Offer, which is still subject, inter alia, to regulatory approvals.

This Offer represents a pro rata premium of nearly double the original purchase price for the
farm, which is not core to Tjate Platinum’s long-term mining plan for the project. The Offer is
a vindication of Jubilee’s acquisition of a substantial interest in what is arguably the largest
undeveloped block of platinum in the eastern Bushveld. The Company awaits the Department
of Mineral Resources’ (“DMR”) acceptance of Tjate Platinum’s application for a mining right.

The DMR is also still considering applications for Jubilee’s other projects including platinum
mining right applications by the Company’s subsidiary Maude Mining and Exploration (Pty) Ltd to
portions on Elandsdrift and Bokfontein farms and prospecting rights for platinum and chromite in
a separate venture for farms comprising more than 64 other portions of the Bokfontein farm.

On 19 October 2012 the Company placed 25 175 439 new Jubilee ordinary shares to raise £1.73
million with major institutional investors at a price of 8.55 pence per share.

Post-period under review, the Company, on 10 January 2013, issued the 15 757 576 ordinary shares
under a Standby Equity Distribution Agreement (“SEDA”) to raise £1.3 million (ZAR18 million) and
538 084 ordinary shares of 1 pence each in lieu of cash for corporate advisory fees. These
shares were admitted to trading on AIM and the JSE on 17 January 2013.

Colin Bird
Chairman
2 April 2013


CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
for the 6 months ended 31 December 2012 Reviewed

                                         Reviewed     Unaudited        Audited
                                            Group         Group          Group
                                         6 months      6 months      12 months
                                      31 December   31 December   30 June 2012
                                             2012          2011
                                            £’000         £’000         £’000
 Revenue                                    2 126         1 316         3 725
 Cost of sales                            (1 376)       (1 102)       (3 532)
 Gross profit                                 750           214           193
 Operating costs                          (4 658)       (4 016)       (8 911)
 Loss from operations                     (3 908)       (3 802)       (8 718)
 Other income                                  78             –           500
 Operating loss                           (3 830)       (3 802)       (8 218)
 Finance income                                 3            15           249
 Finance costs                              (145)         (187)         (583)
 Loss before taxation                     (3 972)       (3 974)       (8 552)
 Taxation                                       –             –           672
 Loss for the period                      (3 972)       (3 974)       (7 880)
 Other comprehensive income
 – Loss on translation of                 (2 679)      (5 251)        (6 844)
foreign subsidiaries
 Total comprehensive loss for             (6 651)      (9 225)       (14 724)
the period
 Loss attributable to:
 Owners of the parent                     (4 127)      (3 348)        (6 783)
 Non-controlling interest                     155             (626)        (1 097)
                                          (3 972)           (3 974)        (7 880)
 Total comprehensive loss
attributable to:
 Owners of the parent                     (6 806)           (8 599)       (13 627)
 Non-controlling interest                     155             (626)        (1 097)
                                          (6 651)           (9 225)       (14 724)
 Weighted average number of               293 785           270 269        279 147
shares (million)
 Diluted weighted average                 293 785           270 269        288 922
number of shares (million)
 Basic and headline loss per               (1.40)            (1.24)         (2.43)
share (pence)
 Diluted loss and headline loss            (1.40)            (1.24)         (2.43)
per share (pence)


CONSOLIDATED STATEMENT OF FINANCIAL POSITION
as at 31 December 2012

                                    Reviewed               Unaudited        Audited
                                       Group                   Group          Group
                                    6 months                6 months      12 months
                            31 December 2012        31 December 2011   30 June 2012
                                       £’000                   £’000          £’000
 ASSETS
 Non-current assets
 Property, plant and                  10 338                  13 445        11 878
equipment
 Intangible assets                    78 872                  84 277        81 917
 Deferred tax                            270                     519           287
                                      89 480                  98 241        94 082
 Current assets
 Inventories                      –       884        257
 Current tax receivable          22         –         22
 Trade and other              1 024     1 762      1 413
receivables
 Cash and cash                1 046     2 315      1 063
equivalents
                              2 092     4 961      2 754

 Total assets               91 572     103 202    96 837
 EQUITY AND LIABILITIES
 Equity attributable to
equity holders of parent
 Share capital               67 151     64 582     64 425
 Reserves                    33 083     37 607     35 739
 Accumulated loss          (31 687)   (24 405)   (27 840)
                             68 547     77 784     72 324
 Non-controlling                377      1 266        795
interest
                            68 924      79 050    73 119
 LIABILITIES
 Non-current liabilities
 Other financial                803     1 690      1 164
liabilities
 Deferred tax liability     17 484      18 231    17 789
                            18 287      19 921    18 953
 Current liabilities
 Loans from related             971     1 455      2 164
parties
 Other financial              1 216         –         873
liabilities
 Trade and other              1 999     2 776      1 526
payables
 Deferred income                         175                    –            202
                                       4 361                4 231          4 765
 Total liabilities                    22 648               24 152         23 718
 Total equity and                     91 572              103 202         96 837
liabilities
 Number of shares in                 321 134              288 122        288 122
issue (million)
 Net asset value per                      21.46             27.44          25.38
share (pence)
 Net tangible asset                   (3.10)               (1.81)         (3.05)
value per share (pence)



CONSOLIDATED STATEMENT OF CASH FLOWS
for the 6 months ended 31 December 2012



                                        Reviewed       Unaudited         Audited
                                           Group           Group           Group
                                        6 months        6 months       12 months
                                     31 December     31 December    30 June 2012
                                            2012            2011
                                           £’000           £’000          £’000
Cash flows from operating
activities
Loss for the period before
taxation                                   (3 972)       (3 802)        (8 552)
Adjustments for:
Interest received                                           (15)          (249)
                                      (3)

Interest paid                         145       187        583

Depreciation                          870       727      1750

Deferred income                      (14)         -          -
Profit on Sale of Property plant
and equipment                         (7)         -          -

Share-based payment                     23        -     (275)

Amortisation of intangibles           514       520      1152
Operating loss before working
capital changes                    (2 444)   (2 383)   (5 591)

Working capital changes             1 118         3     1 233
Decrease/(Increas
e) in inventory                       255       (54)       574
Decrease in
receivables                           389       1359     1708
Increase/(decreas
e) in payables                        474    (1302)    (1049)

Cash generated by operations       (1 326)   (2 380)   (4 358)

Interest received                        3        15       249

Interest paid                       (145)      (187)    (583)
Net cash from operating
activities                         (1 468)   (2 552)   (4 692)
Cash flows from investing
activities
Purchase of intangible assets                 (169)     (899)     (80)
Purchase of property, plant and
equipment                                         -     (663)    (740)
Net cash used in investing
activities                                    (169)   (1 562)    (820)
Cash flows from financing
activities

Issue of shares                               2 354     4 422    4 422

Issue costs                                       -        -     (158)

Deferred income                                   -        -        202

Loans advanced from shareholders         (1 193)           -        884
Repayment of other financial
liabilities                                      84        -    (1 448)
Net cash generated from financing
activities                                    1 245     4 422    3 902
Net (decrease)/increase in cash
and cash equivalents                          (392)      308    (1 610)
Cash and cash equivalents at
beginning of the year                         1 063      2007     2007
Effects of foreign exchange on
cash and cash equivalents                       374        -        666
Cash and cash equivalents at the
end of the period                             1 045     2 315    1 063




CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
         as at 31 December 2012



                  Share     Share     Total    Merger     Share      Currency      Total   Accumulated          Total           Non   Total equity
                capital   Premium     share   reserve     based   translation   reserves          loss   attributable   controlling
                                    capital             payment                                             to equity      Interest
                                                        Reserve                                          shareholders
                 £’000     £’000     £’000     £’000      £’000        £’000      £’000         £’000           £’000         £’000         £’000
Balance at
30 June 2011     2 565    57 595    60 160    23 184     5 171        14 503     42 858      (21 057)         81 961          1 892        83 853
 Changes in
equity
 Loss for the        –         –         –          –        –             –          –       (6 783)        (6 783)        (1 097)       (7 880)
period
 Other
comprehensive
 loss for the        –         –         –          –        –       (6 844)    (6 844)             –        (6 844)             –        (6 844)
period
 Total
comprehensive
 loss for the        –         –         –          –        –       (6 844)    (6 844)       (6 783)       (13 627)        (1 097)      (14 724)
period
 Issue of
share capital
net of
 share issue       316     3 948     4 264          –        –             –          –             –          4 264             –          4 264
expenses
 Share-based
payment
 credit              –         –         –          –    (275)             –      (275)             –          (275)             –          (275)
 Total             316     3 948     4 264          –    (275)       (6 844)    (7 119)       (6 783)        (9 638)        (1 097)      (10 735)
changes
 Balance at
30 June 2012     2 881    61 543    64 424    23 184     4 896         7 659     35 739      (27 840)         72 323           795         73 118
 Changes in
equity
 Loss for the        –         –         –          –        –             –          –       (4 127)        (4 127)           155        (3 972)
period
 Other
comprehensive
 loss for            –         –         –          –        –       (2 679)    (2 679)             –        (2 679)             –        (2 679)
period
 Total
comprehensive
 loss for          –        –        –         –      –    (2 679)   (2 679)   (4 127)    (6 806)    155    (6 651)
period
 Issue of
share capital
net of
 share issue     330    2 397    2 727         –      –         –         –          –     2 727       –     2 727
expenses
 Share-based
payment
 charge            –        –        –         –     23         –         23         –        23       –        23
 Surplus on
minority
 buy outs          –        –        –         –      –         –         –        280       280       –       280
 Acquisition
of non-
 controlling       –        –        –         –      –         –         –          –         –    (573)    (573)
interest
 Total           330    2 397    2 727         –     23    (2 679)   (2 656)   (3 776)    (4 016)   (418)   (4 194)
changes
 Balance at
 31 December    3 211   63 940   67 151   23 184   4 918    4 980    33 083    (31 687)   68 547     377    68 924
2012




         NOTES TO THE REVIEWED CONDENSED INTERIM RESULTS

1. Basis of preparation
The Group reviewed condensed interim results for the 6 months ended 31 December 2012 have been
prepared using the accounting policies applied by the company in its 30 June 2012 annual report
which are in accordance with International Financial Reporting Standards (IFRS and IFRC
interpretations) issued by the International Accounting Standards Board (“IASB”) as adopted for
use in the EU(“IFRS, including the SAICA financial reporting guides as issued by the Accounting
Practices Committee, IAS 34 – Interim Financial Reporting, the Listings Requirements of the JSE
Limited, the AIM rules of the London Stock Exchange and the Companies Act 2006 (UK). This
condensed consolidated interim financial report does not include all notes of the type normally
included in an annual financial report. Accordingly, this report is to be read in conjunction
with the annual report for the year ended 30 June 2012 and any public announcements by Jubilee
Platinum Plc. All monetary information is presented in the presentation currency of the Company
being Great British Pound. The Group’s principal accounting policies and assumptions have been
applied consistently over the current and prior comparative financial period. The financial
information for the year ended 30 June 2012 contained in this interim report does not constitute
statutory accounts as defined by section 435 of the Companies Act 2006. A copy of the statutory
accounts for that year has been delivered to the Registrar of Companies. The auditor’s report on
those accounts was unqualified and included a reference to going concern by way of emphasis of
matter without qualifying their report and did not contain a statement under section 498(2)-(3)
of the Companies Act 2006.

2. Financial review
The Group reported a loss and headline loss for the six months ended 31 December 2012 of £4.127
million (2011: loss and headline loss of £3.348 million). This is divided by the weighted
average number of ordinary shares in issue of 293 785 million (2011: 270 270 million) resulting
in a basic loss and headline loss per share of 1.40 pence (2011: basic loss and headline loss of
1.24 pence). As no options were granted during the period under review (2011: nil) there is no
dilution effect on the loss for the period. The Group reported a net asset value of 21.46 (2011:
27.44) pence per share and a net negative tangible asset value per share of 3.1 (2011: 1.8)
pence per share. The total shares in issue as at 31 December 2012 were 321 134 million (2011:
288 122 million). Other comprehensive income only comprises foreign currency translation
differences which can be
reclassified to profit and loss in future.

3. Auditor’s review opinion
These reviewed condensed interim results have been reviewed by the Group’s auditors, BDO South
Africa Inc. and their review report is available for inspection at the Company’s registered
office. A copy of the report is also attached to the back of this announcement as annexure 1.

4. Other financial liabilities
Included in other financial liabilities is an amount of £565 000 relating to an increase in
Jubilee’s investment in PowerAlt through the issue of new Jubilee shares post the reporting
period. Refer to note 13.1 for details of the increased investment.

5. Commitments and contingencies
There are no material contingent assets or liabilities as at 31 December 2012.

Total operating lease commitments at 31 December 2012:


                                 6 months          6      Year
                                    ended     months     ended
                                               ended
                                       31         31        30
                                 December   December      June
                                     2012       2011      2012
                                    £’000      £’000     £’000
 Less than one year                   102         22        78
Longer than one year                    –         48       102
 Total                                102         70       180


6. Dividends
No dividends were declared during the period under review (2011: nil).

7. Board
No changes were made to the Board of Directors during the period under review.

8. Reconciliation of heading earnings
There are no reconciling items between earnings and headline earnings.

9. Business segments
In the opinion of the Directors, the operations of the Group companies comprise six reporting
segments, being:
• the evaluation and development of PGM smelters utilising exclusive commercialisation rights of
the ConRoast smelting process, located in South Africa (“Evaluation and Development”);
• the evaluation of the reclamation and processing of sulphide nickel tailings at BHP Billiton’s
Leinster, Kambalda and Mount Keith properties in Australia (“Nickel tailings”);
• the development of Platinum Group Elements (PGEs) and associated metals (“PGE development”) in
South Africa;
• Base Metal Smelting in South Africa; and
• Electricity Generation in South Africa.
• The Parent Company operates a head office based in the United Kingdom which incurred certain
administration and corporate costs.

The Group’s operations span five countries, South Africa, Australia, Madagascar, Mauritius and
the United Kingdom. There is no difference between the accounting policies applied
in the segment reporting and those applied in the Group financial statements. Mauritius and
Madagascar do not meet the qualitative threshold under IFRS 8, consequently no
separate reporting is provided.

Segment report for the 6 months ended 31 December 2012

                        South
                       Africa
                   Evaluation   Australia         South                      South         South
                                                 Africa                     Africa        Africa
                          and      Nickel           PGE     Corporate   Base Metal   Electricity
£’000             Development    Tailings   Development                   Smelting    Generation     Total
                                                          (Unallocate
                                                                   d)
 Total revenues           324           –             –            40        2 761         1 188     4 313
 Less: Inter-               –           –             –             –      (1 054)       (1 133)   (2 187)
company revenue
 Revenue from             324           –             –            40        1 707            55     2 126
external
customers
 Loss before            (1 939)      (95)     (1 410)         (865)       (2 623)       (303)       (7 235)
taxation
 Taxation                     –         –           –             –             –           –             –
 Loss after             (1 939)      (95)     (1 410)         (865)       (2 623)       (303)       (7 235)
taxation
 Interest                     1         –           –             2             –           –             3
received
 Interest paid                –         –           –          (26)           (1)       (118)         (145)
 Depreciation and         (519)         –         (4)             –         (675)       (186)       (1 384)
amortisation
 Total assets            15 847     8 696      39 871         2 574     17 501          7 083        91 572
 Total                    (864)         –        (56)       (3 053)   (14 603)        (4 072)      (22 648)
liabilities




Segment report for the 6 months ended 31 December 2011


                          South
                         Africa
                                                 South                        South       South
                    Evaluation Australia        Africa                       Africa      Africa
                                                                               Base
                            and    Nickel          PGE        Corporate       Metal Electricity

 £’000              Development   Tailings Development (Unallocated) Smelting         Generation        Total
 Total
revenues                      –         –               –             –       2 263        1 181        3 444
 Intercompany
revenue                       –         –               –             –       (947)      (1 181)      (2 128)
 Revenue from
external
customers                  –         –               –          –     1 316             –     1 316
 (Loss)/profit
before
taxation               (690)      (54)           (143)      (805)    (2 772)          490    (3 974)
 Taxation                  –         –               –          –          –            –          –
 (Loss)/profit
after taxation         (690)      (54)           (143)      (805)    (2 772)          490    (3 974)
 Interest
received                  10         –               –          5         –             –        15
 Interest paid             –         –               –         10         –           177       187
 Depreciation
and
amortisation             525         –            5             1        507          209      1 247
 Total assets         46 164    23 756       11 929         2 943     12 117        6 293    103 202
 Total
liabilities                –       (6)            (14)   (18 785)    (5 344)          (3)   (24 152)


Segment report for the year ended 30 June 2012

                       South
                      Africa
                                              South                    South       South
                  Evaluation Australia       Africa                   Africa      Africa
                                                                        Base
                         and    Nickel             PGE   Corporate     Metal Electricity

 £’000           Development   Tailings Development (Unallocated) Smelting     Generation      Total
 Total
revenues                   –         –             604          –     5 369         2 397      8 370
 Inter-company
revenue                      –           –             –                  –     (2 248)          (2 397)           (4 645)
 Revenue from
external
customers                    –           –           604                  –         3 121               –           3 725
 (Loss)/profit
before
taxation             (3 712)            66       (4 714)         (1 524)        (6 702)              1 190        (15 396)
 Taxation                (6)             –             –               –            884              (206)             672
 (Loss)/profit
after taxation       (3 718)            66       (4 714)         (1 524)        (5 818)               984         (14 724)
 Interest
received                     –           –            10                  7             –              231            249
 Interest paid               –           –             –                  –         (243)            (340)          (583)
 Depreciation
and
amortisation            (10)             –       (1 163)             (1)        (1 250)              (539)         (2 963)
 Non-current
asset
additions                  –           –              80               –               740               –            820
 Total assets         50 438       9 074          19 724           1 556            11 361           4 396         96 549
 Total                                                                                 (17
liabilities             (48)        (12)           (299)            (98)              555)       (5 419)          (23 431)

10. Shares issued
The Company issued the      following   shares    during   the   period       and    up   to   the   date    of   this
announcement:
– on 19 October 2012, 25    098 405 ordinary shares at an average price of 9.10 pence per share in
terms of a placing of its   shares;
– on 14 December 2012, 7    913 799 ordinary shares at 7.25 pence per share in terms of a general
issue of shares for cash;
– on 18 January 2013, 15 757 576 ordinary shares at 9.00 pence per share in terms of a general
issue of shares for cash;
– on 18 January 2013, 538 805 ordinary shares at 9.00 pence per share to settle advisory fees;
– on 29 January 2013, 7 679 730 ordinary shares at 8.05 pence per share in terms of a placing of
its shares; and
– on 27 February 2013, 1 194 455 ordinary shares at 7.86 pence per share in terms of a placing
of its shares.

11. Going concern
The directors have adopted the going-concern basis in preparing the financial statements. An
emphasis was placed on the capability of the Company to continue as a going-concern in the 2012
annual results. This emphasis arose at a particular time within the implementation of the
Company’s stated business plan of establishing an operational Mine-to-Metal platinum company.
The implementation strategy of the business plan has been clearly stated and focuses on
establishing an operational smelter and refining entity with secured low cost power that will be
migrated off tolling contracts onto the Company’s self-produced platinum containing material.
The Company will secure its own platinum material by initially focusing on surface and shallow
near surface material before targeting more traditional platinum mining.
This will enable the Company to continuously grow its earnings capability in the short term
while requiring only modest capital investment. The Company has progressed significantly with
the implementation of its business plan during the period under review which has continued post
the period under review, achieving the following key milestones:
– The Company continued with the ramp-up of the newly commissioned ARC furnace to achieve
targeted throughput in the third quarter of 2012 which is reflected in the growth of both the
revenue and gross profit margin achieved by the smelter operation;
– The Company secured the rights to recover platinum group-elements (PGEs) from an estimated
800.000 tonnes of PGE-bearing chromite tailings (“Tailings”) and from current arisings on the
Dilokong Chromite Mine in the Eastern Bushveld of South Africa;
– The Company’s subsidiary Pollux formalised a binding and exclusive memorandum of understanding
with Phokathaba to toll process the Tailings in its nearby Smokey Hills mine concentrator. This
arrangement has accelerated the timeline for production from the Tailings by an estimated 18
months and eliminated the capital investment for a new concentrator;
– The Company entered into a private power purchase agreement with the national energy provider
of South Africa for the sale of 5.1MW of power and commenced delivery of power on 23 December
2012. This has the effect of increasing both the Company’s revenue generation and improving the
profitability of the smelter operation as the cost of power used by the smelters are offset
against the sale of private power;
– In January 2013 the Company entered into an extension to the private power purchase agreement
allowing the sale of up to 10.1MW of power to the national energy provider of South Africa. The
contract is valued at approximately ZAR98 million (£7.3 million) per annum. The Company is
required to upgrade its power infrastructure to deliver on the increased power estimated at a
cost of approximately ZAR5.1 million (£0.38 million); and
– On 25 February 2013 the directors announced that the Company had entered into an
implementation deed and supporting transactional documents with PLA relating to the acquisition
of PLA by the Company. This confirms the last remaining component for the Company to build a
fully integrated Mine-to-Metal platinum company.
The Company also secured the continued support from a SEDA backed financing facility during the
period under review to ensure that it has access to the required funding to implement the stated
business plan in the short term. The directors of the Company are of the opinion that the
Company’s business plan has been embedded sufficiently during the period under review and the
period to date to enable the Company to continue with its operations as a going concern.

12. Events subsequent to reporting date
12.1 Acquisition of the entire issued capital of Platinum Australia Limited
A proposed transaction to merge the assets held by PLA with those held by Jubilee (“Enlarged
Group”) brings together a set of complementary assets that achieves Jubilee’s set strategy of
forming a fully integrated Mine-to-Metal company that is funded to bring the operational mine
back into full production. The transaction is opportunistic in nature and made available by the
prevailing platinum market during the start-up and operation of PLA’s Smokey Hills mine. It is
the view of the Jubilee Board that the fundamentals underpinning the current platinum markets
have improved significantly since the commissioning of the Smokey Hills mine driven primarily by
the reduction in forecasted world-wide platinum production and the continued recovery and growth
in new car sales from the United States and China.
The proposed transaction also affords Jubilee the opportunity to acquire ownership of a fully
operational platinum mine and processing plant supported by a shallow platinum-bearing UG2 reef.
The mine’s location in the Eastern Bushveld Igneous Complex of South Africa’s platinum region
offers significant potential for both extending the existing mine life by partnering with
bordering mining companies as well as processing of third-party material.

The Company’s pipeline of platinum projects combines both short-term, shallow assets in Kalplats
and Rooderand with the worldclass large Tjate platinum asset. This enables the Company to react
in-line with the improving platinum markets by focusing initially on the exploitation of the
smaller shallow resources, requiring relatively smaller capital to bring the projects into
production while continuing with the feasibility study of the cornerstone Tjate project for the
longer term.

The proposed structure for the transaction to form the Enlarged Group ensures that the Company
is funded to resume production at its Smokey Hills mine. The mine ramp-up is expected to achieve
full production within the first eight months of operation which enables the Company to continue
investment into its project pipeline from self-generated funds.

The transaction will propel Jubilee into a fully integrated, operational platinum mining company
underpinned by Jubilee’s current asset portfolio and complemented by the near-term shallow
platinum projects currently held by Platinum Australia, offering both short-term and long-term
growth of the current operations.

Jubilee’s three core business focus areas and asset classes are each significantly enhanced by
the proposed transaction:
1. Exploration – World-class Tjate platinum project – Attributable 16Moz 6PGE*+Au (SAMREC Code),
first mine and attributable 44Moz 6PGE+Au targeted over total area** (*Platinum Group Elements
**before geological losses)
2. Processing – PGM processing rights of Dilokong Chrome mine (DCM). Estimated to be 800.000
tons of platinum-bearing surface material. The DCM operation is adjacent to Platinum Australia’s
Smokey Hills mining and processing operation. The project requires a processing plant to upgrade
the platinum in the DCM material prior to smelting the platinum concentrate.
3. Smelting and Refining – Middelburg Smelting operation (Jubilee Smelting and Refining)
(“JSR”). JSR currently operates as a toll smelting operation with its newly commissioned furnace
fully contracted. Jubilee’s strategy is to migrate the new furnace from smelting ferroalloy
material to smelting platinum concentrates in the near term. The smelter process is underpinned
by the ConRoast process to which Jubilee holds the exclusive rights.

The Platinum Australia asset classes:

1. Exploration – Two shallow platinum-based projects. Each based on open pit mining projects;
i. Shallow Kalplats platinum project – 6.7Mozs 3E* (*3E – Platinum, Palladium and Gold) project
starting at surface with a projected maximum depth of 350 metres with a concluded feasibility
study; and
ii. Shallow Rooderand Project – 4.5Mozs 4E* project starting at surface with projected maximum
depth of 500 metres with a concluded drill programme and feasibility report being drafted.

2. Mining – Smokey Hills mining operation, bordering the Dilokong Chrome Mine and nearby Tjate
exploration project. Targeted to produce 60.000 ozs 4E* per annum (*4E – Platinum, Palladium,
Rhodium and Gold). The operation holds a design capacity of 720.000 tons per annum and was
commissioned in 2009. The operation reached design capacity in October 2009 on open pit
material. The total project capital invested was ZAR678 million (£50 million at approximated
exchange rate of ZAR13.56 to £1), that was made up of processing plant capital ZAR318 million;
mine capital of ZAR271 million (2008/09) and project infrastructure capital (power, water,
roads, etc) of ZAR89 million (2008/09).

3. Processing – The Smokey Hills operation includes a processing plant designed to process
720.000 tons of material per annum. The plant is suited to process chrome-rich platinum
containing tailings material as well as UG2 and Merensky platinum ores. Both Jubilee’s and
Platinum Australia’s mining and exploration projects are significantly enhanced by Jubilee’s
ability to further beneficiate concentrates from these projects through its smelting and
refining ability underpinned by the exclusive ConRoast process. The combination of both large
long-term assets with smaller, shallow near-term assets, requiring relatively low capital to
bring to operation, ensures that the current operational assets within the enlarged Group are
supported by a strong pipeline of assets that are capable of driving the growth in the company
in the near term.

13. Acquisition of non-controlling interest
13.1 Increased investment in PowerAlt
To increase Jubilee’s exposure to the profitable sales of power by PowerAlt, which in turn
increases the Company’s profitablity for the coming financial year, the Company entered into a
binding memorandum of understanding (“MOU”) with ASTRA Group Holding (Pty) Limited (“ASTRA”), a
shareholder in PowerAlt, regarding the purchase of shares in PowerAlt.

Under the terms of this MOU the Company will acquire ASTRA’s shareholding in PowerAlt amounting
to 19% of the issued share capital, valued at ZAR13.139.000 (£988.000) (“Value”) in three
tranches. The value is payable at Jubilee’s sole discretion, in cash or through the issue to
ASTRA, of new ordinary shares in Jubilee of equivalent cash value. The transaction will result
in the Company owning a 70% interest in PowerAlt.

As at 31 December 2012 the Company had a 58.6% interest in PowerAlt.

The following shares were issued:
1. In the first tranche, on 15 October 2012, the Company acquired shares from ASTRA, amounting
to 7.6% of the issued share capital of PowerAlt, for a consideration of ZAR5.255.600 (£395.000)
(40% of value);
2. In the second tranche, on 29 January 2013, the Company acquired shares from ASTRA, amounting
to 9.5% of the issued share capital of PowerAlt, for a consideration of ZAR6.569.500 (£470.943)
(50% of value); and
3. In the final tranche, 27 February 2013, the Company acquired shares from ASTRA, amounting to
1.9% of the issued share capital of PowerAlt, for a consideration of ZAR1.313.900 (£94.189) (10%
of value).
The above issues were effected at an issue price equal to the 30 business days’ volume weighted
average price on the Johannesburg Stock Exchange Limited, preceding the two business days before
the respective settlement for issuance.
PowerAlt was awarded the tender in August 2012 (as announced 8 August 2012) to supply power to
South Africa’s national powergenerating company and commenced sale of electricity in December
2012.

13.2 Increased investment in Jubilee Smelting and Refining (Pty) Ltd (“JSR”)

On 31 July 2012 Jubilee increased its interest to 100% in it subsidiary JSR, the holding company
of its Middelburg Smelting company RST Special Metals (Pty) Ltd via a claim settlement agreement
with JSR’s shareholders under the terms of its shareholders’ agreement.

14. Interim report
Copies of the interim report are available to the public free of charge from the Company at 4th
Floor, Cromwell Place, London, SW7 2JE and from Block B, 1st Floor, corner Witkoppen Road and
Waterford Place, Paulshof, Johannesburg, during normal office hours for 30 days from the date of
this report and available for download from www.jubileeplatinum.com

Andrew Sarosi, Technical Director of Jubilee, who holds a B.Sc. Metallurgy and M.Sc.
Engineering, the University of the Witwatersrand and is a member of The Institute of Materials,
Minerals and Mining, is a ‘qualified person’ as defined under the AIM Rules for Companies. The
technical parts of this announcement have been prepared under Andrew Sarosi’s supervision and he
has approved the release of this announcement.



Jubilee Platinum Plc
Colin Bird Tel +44 (0) 20 7584 2155
Leon Coetzer Tel +27 (0)11 465 1913
Andrew Sarosi Tel +44 (0) 1752 221937

finnCap Ltd (Nomad)
Matthew Robinson/Ben Thompson – Corporate Finance
Joanna Weaving – Corporate Broking Tel +44 (0) 20 7220 0500
Shore Capital Stockbrokers Limited (Joint Broker)
Jerry Keen/Edward Mansfield Tel: +44 (0) 20 7 408 4090

Sasfin Capital (JSE sponsor)
Leonard Eiser/Sharon Owens Tel +27 (0) 11 809 7500

Bishopsgate Communications Ltd
Nick Rome/Anna Michniewicz/Ivana Petkova Tel +44 (0) 20 7562 3350


Registered office:
United Kingdom
4th Floor, 2 Cromwell Place, London, SW7 2JE
South Africa
Unit 8, Block B, 1st Floor, Stoney Ridge Office Park
Corner Witkoppen Road and Waterford Place, Kleve Hill Park
Paulshof 2128

Transfer secretaries:
Computershare Investor Services (Pty) Limited
70 Marshall Street, Johannesburg 2001
PO Box 61051, Marshalltown 2107

Company Secretary (UK):
Capita Company Secretarial Services
Ground Floor, 17 – 19 Rochester Row, London SW1P 1QT 3350


ANNEXURE 1

REVIEW REPORT OF THE INDEPENDENT AUDITOR TO THE SHAREHOLDERS OF JUBILEE PLATINUM PLC
We have reviewed the accompanying consolidated condensed interim Statement of Financial Position
of Jubilee Platinum Plc at 31 December 2012, and the related consolidated condensed interim
Statement of Comprehensive Income, Statement of Changes in Equity and Statement of Cash Flows
for the six months then ended. The company’s directors are responsible for the preparation and
presentation of the consolidated condensed interim financial statements in accordance with the
International Accounting Standard applicable to interim financial reporting and in the manner
required by the listing requirements of the JSE Limited. Our responsibility is to express a
conclusion on the consolidated interim financial statements based on our review.

Scope

We conducted our review in accordance with the International Standard on Review Engagements
2410, “Review of Interim Financial Information Performed by the Independent Auditor of the
Entity”. A review of interim financial information consists of making enquiries, primarily of
persons responsible for financial and accounting matters, and applying analytical and other
review procedures. A review is substantially less in scope than an audit conducted in accordance
with International Standards on Auditing and consequently does not enable us to obtain assurance
that we would become aware of all significant matters that might be identified in an audit.
Accordingly, we do not express an audit opinion.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the
accompanying consolidated condensed interim financial statements are not prepared, in all
material respects, in accordance with the International Accounting Standard applicable to
interim financial reporting and in the manner required by the listing requirements of the JSE
Limited.



BDO South Africa Inc
Registered Auditor
Per: Ursula van Eck
28 March 2013

2 April 2013
Johannesburg

Sponsor
Sasfin Capital (a division of Sasfin Bank Limited)

Date: 02/04/2013 10:04:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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