JUBILEE PLATINUM PLC - Reviewed provisional results for the year ended 30 June 2013

Release Date: 27/09/2013 16:00
Code(s): JBL
 
Wrap Text
Reviewed provisional results for the year ended 30 June 2013

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

 
REVIEWED PROVISIONAL RESULTS FOR THE YEAR ENDED 30 JUNE 2013 

NOTE:The Company would like to clarify the  timing of the announcement. 
The timing is in compliance with the Listings Requirements of the JSE Limited ("JSE") 
that requires the short form of the announcement to appear in print in the relevant 
South African press on Monday 30 September. As such, the full announcement must be 
released on the JSE today and to ensure an orderly market we have co-ordinated the 
release in London.
 
The directors of JSE listed and AIM traded Jubilee, the 'Mine-to-Metals' exploration 
and development company, are pleased to announce its condensed reviewed 
provisional results for the year ended 30 June 2013. Shareholders are also advised 
that the Group's auditors, Saffery Champness, have reviewed these results as 
required by the JSE Listings Requirements.  
 
HIGHLIGHTS  
 
Financial 
 
-     Revenue up 28% to GBP4.8 million (ZAR72.0 million) (2012: GBP3.7 million 
      (ZAR55.5 million)). The increase in revenue is in line with new electricity 
      sales by Power Alt Pty Ltd (Power Alt), a 70% held subsidiary of Jubilee, to 
      the South African national electricity public utility while maintaining 
      production revenues at RST Special Metals Pty Ltd (RST) in Middelburg for 
      the period under review 
 
-     Gross profit up 864% to GBP1.9 million (ZAR28.5 million) (2012: GBP0.2 million 
      (ZAR3.0 million)), which is in line with both the electricity sales and a 
      sustainable reduction in operational overheads at RST during the period 
      under review 
 
-     Headline and diluted headline earnings remained in line with the previous 
      period whilst earnings improved marginally 
 
Mining and Exploration 
 
-     Tjate Platinum Corporation Pty Ltd (Tjate) concluded a sale of rights 
      agreement, pursuant to a ZAR75 million (GBP5 million) cash offer from a 
      major mining company for its non-core Quartzhilll farm portion of the Tjate 
      Platinum project  
 
-     In August 2012, in Madagascar, Jubilee entered into a farm-in agreement 
      with iron-ore focused Indian Pacific Resources Limited (IPR), in terms of 
      which IPR has the exclusive right to earn in to commodities on the 
      Company's Ambodilafa concession, other than platinum group elements, 
      metals traded on the London Metal Exchange and chrome   
 
Surface Operation and Processing 
 
-     Jubilee's subsidiary Pollux Investment Holdings Pty Ltd (Pollux) was 
      awarded the processing right to recover the platinum group metals (PGM) 
      contained in the 800,000 tonnes Dilokong Chrome Mine surface tailings 
      (DCM Tailings or Tailings)  

-     Jubilee concluded a toll processing agreement in November 2012 (Toll
      Agreement) with PhokaThaba Platinum Pty Ltd (PhokaThaba or Smokey
      Hills), a subsidiary of Platinum Australia Limited (PLA) (under
      administration), for the processing of the Tailings at the Smokey Hills
      concentrator

-     The Toll Agreement enables Jubilee to commence processing of the Tailings
      starting at a rate of 10,000 tonnes per month and ramping up to a
      targeted 35,000 tonnes per month over a 6 month period

-     Jubilee's subsidiary Power Alt was awarded a tender for the sale of
      electricity to the South African national electricity public utility. The
      maximum contract value totals GBP6.3 million (ZAR98 million) per annum.
      Sales commenced during December 2012 with revenue totalling GBP1.3 million
      (ZAR20.2 million) for the period under review

-     Jubilee increased its interest in Power Alt to 70% from 51% through the
      acquisition of minority shareholders. This enabled Jubilee to leverage this
      asset towards funding its short and medium term platinum Mine-to-Metals
      strategy

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

-     Jubilee has secured project funding, post the period under review, totalling
      US$3 million (ZAR29.7 miilion) for both the capital and working capital
      required to commence with the processing of the Tailings leveraging off its
      Power Alt asset

Targeted Acquisition of Platinum Australia Limited

-     Jubilee executed an Implementation Deed (ID) with PLA (under
      administration) to acquire all of the issued shares of PLA by way of a
      scheme of arrangement (Scheme) in accordance with Australian Law

-     Jubilee shareholders voted in favour of the acquisition of PLA on 28 May
      2013

-     Jubilee reduced the offer in-line with the prevailing platinum market
      conditions and increased debt retained in PLA from approximately 1 Jubilee
      share for every 2.593 PLA shares to offering approximately 1 Jubilee share
      for every 5.68 PLA shares. The revised offer has been recommended by the
      PLA board. As such, PLA shareholders would hold approximately 16.5% of
      the issued share capital of Jubilee following implementation of the Scheme

-     Jubilee concluded a Memorandum of Understanding (MOU) with PLA's major
      creditor, Macquarie Bank Limited (MBL), for the settlement and re-financing
      of the existing debt held by MBL

-     At the time of this report the only remaining conditions precedent to the
      implementation of the Scheme are:
            securing funding of approximately US$19 million (GBP12 million
             (ZAR180 million) towards the transaction and the restart of the
             processing and mining operation;
            Australian Court approval of the Scheme; and
            final PLA shareholder approval.

ACCELERATION OF JUBILEE's MINE-TO-METALS STRATEGY

During the period under review, Jubilee has been successful in securing key assets,
which will be used for the execution of the Company's stated Mine-to-Metals
strategy.

Jubilee, through its Toll Agreement, is able to commence production of platinum
concentrates containing approximately 800,000 tonnes DCM Tailings in the Smokey
Hills mine processing plant. The processing of the DCM Tailings is not dependent
on the acquisition of PLA and can commence prior to the conclusion of the PLA
transaction.

Jubilee leveraged its power plant asset, Power Alt, to secure the capital and
working capital funding in order to commence the platinum operations as soon as
possible. Jubilee received an unsolicited offer to purchase (Sale Agreement) its
holding in Power Alt from Global Renewable Energy Pty Ltd (GRE).

Under this Sale Agreement GRE was due to pay Jubilee an amount of US$8.9
million (GBP5.6 million (ZAR87.1 million) for the acquisition of 40% of the issued
shares in Power Alt as well as 65% of the issued shares in RST. To date Jubilee has
received the non-refundable deposit of US$0.2 million (ZAR2 million) as well as
US$0.56 million (ZAR5.5 million) non-refundable investment in the upgrade of
power Alt's facilities and a further US$0.123 million (ZAR1.2 million) non-
refundable payment towards the working capital of RST by GRE.

GRE did not honour the contractual payment deadline and is currently in breach of
the Sale Agreement. Jubilee will initiate the necessary action to rectify the breach
and has reserved all its rights under the Sale Agreement.

Notwithstanding the absence of the GRE payment due under the Sale Agreement,
Jubilee has been successful in fast tracking its Mine to Metals strategy by securing
project funding leveraging off its Power Alt asset for both the expansion of
electricity sales to the South African national electricity public utility as well as
securing all capital and working capital required to commence with processing of
the DCM tailings. This funding ensures that Jubilee is able to maintain its drive to
grow its earnings in the short term through the implementation of its Mine-to-
Metals strategy while continuing to focus on the conclusion of the PLA transaction.

The directors believe that the combination of Jubilee and PLA's assets is strongly
complementary, which allows Jubilee to accelerate its objective of establishing a
fully operational mine-to-metals platinum company. The combination of Jubilee's
acquired processing rights to platinum-bearing surface material with the fully
operable PLA mining and processing assets potentially ensures that the combined
entity is able to establish itself as one of the lowest cost producers of platinum
concentrates.

The central location of Smokey Hills within the Eastern Limb of South Africa's
platinum region makes the operation attractive for the processing of 3rd party
material in the region. This has the potential to add significant flexibility to the
PhokaThaba operation through increased toll processing, to counter the volatility in
the platinum price.

Jubilee has been approached to process 3rd party material in the region that would
add to the DCM Tailings. This offers the proposed enlarged group the option of
combining toll processing of 3rd party material with the processing of own material
from the PhokaThaba mine, thereby allowing a gradual mine ramp-up and a
significant reduction in the capital required for the mine to reach full operation and
in turn the required transactional funding. The funding condition as stated in the ID
was amended to reflect this option.

CHAIRMAN'S REPORT

Dear Shareholder,

My report of last year was fairly pessimistic on conditions within the platinum
industry and factors outside the industry affecting the Company's ability to pursue
its business objectives.

While the period under review has continued to be challenging, I am pleased to
report that platinum prices are improving in Rand terms due largely to a weak Rand
Dollar exchange rate. Labour unrest, while not completely settled, is showing signs
of improvement as evidenced by the early resolution of the recent gold mine strike.

Jubilee has remained focused on its Mine-to-Metals strategy and has been
successful in securing key assets towards bringing into operation this strategy.
Jubilee is currently in negotiations with a number of entities with a view to
expanding on its platinum containing surface assets to further build on this
strategy.

Jubilee is well positioned to commence in the short term with the processing of the
platinum containing Dilokong Chrome Mine tails. Jubilee is able to execute this
project with-out requiring a dedicated processing plant estimated at US$12 milion,
by toll processing the material through the adjacent, Platinum Australia owned,
PhokaThaba's Smokey Hills processing plant. Jubilee has secured sufficient funding
to commence operations and is in discussions with Platinum Australia to confirm a
time line to ensure operational readiness of the processing plant.

The Platinum Australia merger has not been concluded but the Company is
optimistic that the scheme of arrangement will be completed by year end. The key
obstacles to conclusion of the transaction have been the difficulties in ensuring
adherence to listing requirements across three exchanges; being the JSE (South
African), AIM (London) and ASX (Australia) including finalisation of financial
arrangements for the funding of the acquisition and the re-start of the mining and
processing operations.

Jubilee identified its cash generative power plant and leveraged this asset to secure
project funding towards the PLA transaction and to bring into operation the surface
processing of the DCM tailings.

The financing situation was compounded by the failure of GRE to complete by the
expected contracted date, their 65% acquisition of the smelter facility and 40%
acquisition of the power plant located at Middelburg. Jubilee has initiated the
necessary action to rectify the breach and has reserved all its rights under the Sale
Agreement.

The successful leveraging of its power plant asset has enabled project funding for
both expansion of the electricity sales as well as the capital and the working capital
required to commence with the processing of the DCM tailings material.

Agreement for the sale of the Quartzhill farm, a portion of the Tjate Platinum
project, has been formally agreed between the major mining company and the
Board of Tjate Platinum. The agreement is for ZAR75 million in cash to Tjate. The
sale is subject to approval of the Department of Mining and Resources (DMR) and it
is expected that this approval will be forthcoming in the near future. The Quartzhill
farm has no impact on the Tjate mining plan and is considered non-core. Although
proximal, the farm is not relevant to the design of the future mine.

The Board is active throughout the Bushveld complex in identifying situations, be it
primary or secondary, which link platinum and chrome together in order to utilise
the Company's exclusive ability to process this material through its ConRoast
smelter. Jubilee's access and knowledge of ConRoast will allow it to optimise
commercially such situations more effectively than any of its peers.

Jubilee, through its 70% interest in Power Alt, successfully commenced selling
electricity into South Africa's national grid in January of this year. Thus, apart from
providing our smelting division with an offset against electricity costs, Power Alt is
developing into a standalone business in its own right, which facilitated the ability
of Jubilee to secure project financing to fund its short term plantinum Mine-to-
Metals strategy. Significant income can be achieved through generation of
electricity into the national grid, and the Power Alt Board is currently considering
doubling the size of Power Alt's power station to take advantage of this low risk and
low capital source of income.

Further detail design and evaluation work has been carried out with Northam
Platinum under the executed Technology Agreement between the two companies.
The work to date has satisfied all criteria imposed by the agreement and it's
expected to progress this project in the near future.

The Dilokong chrome mine contract to process platinum-bearing chrome tailings
has now been concluded with Jubilee owning significantly more rights than at the
time of last year's report. We expect to commence processing tailing in the very
near future. We are also in discussions with a number of companies concerning the
toll processing of primary ore.

The Group reported a loss for the year ended 30 June 2013 of 2.41 (36.17 cents)
(2012: loss of 2.43 (36.47 cents)) pence per ordinary share. Headline loss for the
year was 2.41 (36.17 cents) (2012: loss of 2.43 (36.47 cents)) pence per ordinary
share.

Trading conditions in small capped mining stocks have continued to be challenging
during the period under review, however, some light is being seen. Trading on the
AIM market is increasing and we do see a subtle but steady move of investment
being directed into these companies to capitalise on the low valuations placed by
the markets. This activity is usually led by the retail sector with institutional money
lagging this sector. It is my personal opinion that this lag will be pronounced and
protracted in this cycle.

The Company considers the fundamentals for platinum to be outstanding for the
coming year. This opinion is led by the upsurge in new car purchases in North
America and some improvement in Europe. The demand we feel is improving but
we do not see similar positive signs from the supplier side and therefore we remain
bullish on the platinum price. We see the South African Rand continuing to weaken
although an upturn in commodity prices could reverse the trend. On the whole,
however, our confidence remains for a strong Rand denominated platinum price.

I would like to thank my fellow directors for the untiring efforts for the activities for
which they are responsible. In particular I would like to thank Leon Coetzer, the
Chief Executive, for his resilience and focus across the wide range of challenges he
has had to face on a daily basis.

Finally I would like to express my hopes for a more stable platinum market, more
economic confidence as a platform to enter next year. I would like to reassure
investors of the Board's total commitment to the Mine-to-Metals strategy.

Colin Bird
Chairman
30 September 2013

CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
for the year ended 30 June 2013

                                                     Reviewed      Audited   
                                                        Group        Group   
                                                    12 months    12 months   
                                                   to 30 June   to 30 June   
                                                         2013         2012   
                                                      GBP'000      GBP'000   
                                           Note                             
Revenue                                                 4 752        3 725   
Cost of sales                                         (2 896)      (3 532)   
Gross profit                                            1 856          192   
Operating costs                                       (9 056)      (8 911)   
Loss from operations                                  (7 200)      (8 719)   
Other income                                              117          500   
Operating loss                                        (7 083)      (8 219)   
Investment income                                          26          249   
Finance costs                                           (269)        (583)   
Loss before taxation                                  (7 326)      (8 552)   
Taxation                                                (146)          672   
Loss for the year                                     (7 472)      (7 880)   
Other comprehensive income                                                   
- Exchange loss on translation of foreign                                    
subsidiaries                                          (8 002)      (6 844)   
Total comprehensive loss for the year                (15 474)     (14 724)   
Loss for the year attributable to:                                           
Owners of the parent                                  (7 761)      (6 783)   
Non-controlling interest                                  289      (1 097)   
                                                      (7 472)      (7 880)   
Total comprehensive loss attributable to:                                    
Owners of the parent                                 (15 763)     (13 627)   
Non-controlling interest                                  289      (1 097)   
                                                     (15 474)     (14 724)   
Basic and headline loss                               (7 761)      (6 783)   
Weighted  average number of shares                    322 217      279 147   
Diluted weighted average number of shares             322 217      288 922   
Basic loss per share (pence)                   2       (2.41)       (2.43)   
Diluted loss per share (pence)                 2       (2.41)       (2.43)   
Headline loss per share (pence)                2       (2.41)       (2.43)   
Diluted headline loss per share (pence)        2       (2.41)       (2.43)   
Basic loss per share (cents)                          (36.17)      (36.47)   
Diluted loss per share (cents)                        (36.17)      (36.47)   
Headline loss per share (cents)                       (36.17)      (36.47)   
Diluted headline loss per share (cents)               (36.17)      (36.47)   

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION   
as at 30 June 2013             
                                                       
                                                              Reviewed      Audited   
                                                                 Group        Group   
                                                             12 months    12 months   
                                                            to 30 June   to 30 June   
                                                                  2013         2012   
                                                  Note         GBP'000      GBP'000   
Assets                                               s                                
Non-Current Assets                                                                    
Property, plant and equipment                                    8 539       11 878   
Intangible assets                                               73 242       81 917   
                                                    11          81 781       93 795   
Current Assets                                                                        
Inventories                                                          -          256   
Current tax receivable                                              21           22   
Trade and other receivables                                      1 231        1 413   
Cash and cash equivalents                                          726        1 063   
                                                                 1 978        2 754   
Total Assets                                                    83 759       96 549   
Equity and Liabilities                                                                
Equity Attributable to Equity Holders                                                 
Parent
Share capital                                       10           3 543        2 881   
Share premium                                                   66 144       61 543   
Merger reserve                                                  23 184       23 184   
Share-based payment reserve                                      4 918        4 896   
Currency translation reserve                                     (343)        7 659   
Accumulated loss                                              (35 063)     (27 840)   
Total Equity                                                    62 383       72 323   
Equity interest of non-controlling interest                        427          795   
Net Equity                                                      62 810       73 118   
Liabilities                                                                           
Non-Current Liabilities                                                               
Other financial liabilities                          4               -        1 164   
Deferred tax liability                                          16 581       17 502   
                                                                16 581       18 666   
Current Liabilities                                                                   
Loans from related parties                                         373        2 164   

Other financial liabilities                          4           1 736          873   
Trade and other payables                                         2 006        1 526   
Deferred income                                                    254           202   
                                                                 4 369         4 765   
Total Liabilities                                               20 949        23 431   
Total Equity and Liabilities                                    83 759        96 549   
Number of shares in issue                                      354 340       288 122   
Net asset value per share (pence)                                17.73         25.38   
Net tangible asset value per share (pence)                      (2.94)        (3.05)   
Net asset value per share (cents)                               266.59        380.70   
Net tangible asset value per share (cents)                      (44.10       (45.75)   

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY                                                                    
as at 30 June 2013                   
                                                                                                                                            
                                                        Share      Share    Merger      Share-       Currency      Total   Accumulated          Total          Non-      Total   
                                                      capital    premium   reserve        based   translation   reserves          loss   attributable   Controlling     equity   
                                                                                        payment       reserve                            to parent of      Interest              
                                                                                        reserve                                                equity                            
                                                                                                                                              holders                            
Balance at 30 June 2011                                 2 565     57 595    23 184        5 171        14 503     42 858      (21 057)         81 961         1 892     83 853   
Changes in equity                                                                                                                                                                
Loss for the year                                           -          -         -            -             -          -       (6 783)        (6 783)       (1 097)    (7 880)   
Other comprehensive income for the year                                          -                    (6 844)    (6 844)             -        (6 844)                  (6 844)   
Total comprehensive income for the year                     -          -         -            -       (6 844)    (6 844)       (6 783)       (13 627)       (1 097)   (14 724)   
Issue of share capital net of costs                       316      4 106         -            -             -          -             -          4 422             -      4 422   
Share issue costs written off against share
premium                                                            (158)                                               -                        (158)                    (158)   
Share based payment credit to equity                        -          -         -        (275)             -      (275)             -          (275)             -      (275)   
Total changes                                             316      3 948         -        (275)       (6 844)    (7 119)       (6 783)        (9 638)       (1 097)   (10 735)   
Balance at 30 June 2012                                 2 881     61 543    23 184        4 896         7 659     35 739      (27 840)         72 323           795     73 118   
Changes in equity                                                                                                                                                                
Loss for the year                                           -          -         -            -             -          -       (7 761)        (7 761)           289    (7 472)   
Other comprehensive income for the year                     -          -         -            -       (8 002)    (8 002)             -        (8 002)             -    (8 002)   
Total comprehensive income for the year                     -          -         -            -       (8 002)    (8 002)       (7 761)       (15 761)           289   (15 474)   
Issue of share capital                                    662      4 696         -            -             -          -                        5 358                    5 358   
Share issue costs written off against share
premium                                                             (94)                                                                         (94)                     (94)   
Share-based payment charge                                                                   22                       22                           22                       22   
Surplus on minority buy outs                                                                                                       538            538                      538   
Acquisition of non-controlling interest                                                                                                                       (657)      (657)   
Total changes                                             662      4 601         -           22       (8 002)    (7 980)       (7 223)        (9 940)         (368)   (10 308)   
Balance at 30 June 2013                                 3 543     66 144    23 184        4 918         (343)     27 759      (35 063)         62 383           427     62 810   


CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS             
for the year ended 30 June 2013              
                                      
                                                              Reviewed   Audited   
                                                                 Group     Group   
                                                                  Year      Year   
                                                                 ended     ended   
                                                               30 June   30 June   
                                                                  2013      2012   
                                                               GBP'000   GBP'000   
Cash from operating activities                                                     
Loss for the period before taxation                            (7 324)   (8 552)   
Adjustments for:                                                                   
Profit on sale of property, plant and equipment                    142         -   
Credit loan adjustments                                          (163)         -   
Share based payment expenses                                       355         -   
Interest received                                                 (26)     (249)   
Interest paid                                                      268       583   
Depreciation and amortisation                                    2 688     2 903   
Share-based payment                                                 22     (275)   
Cash from operations before working capital changes            (4 038)   (5 591)   
Working capital changes                                          1 446     1 233   
Decrease in inventory                                              256       574   
Decrease in receivables                                            398      1708   
Increase/(decrease) in payables                                    792    (1049)   
Cash generated by operations                                   (2 592)   (4 358)   
Interest received                                                   26       249   
Interest paid                                                    (268)     (583)   
Net cash from operating activities                             (2 834)   (4 692)   
Cash flows from investing activities                                               
Purchase of intangible assets                                     (19)      (80)   
Sale/(purchase) of property, plant and equipment                    20     (740)   
Net cash used in investing activities                              (1)     (820)   
Cash flows from financing activities                                               
Issue of shares                                                  2 643     4 264   
Deferred income                                                      -       202   
Loans advanced/(repaid) from shareholders                        (758)       884   
Repayment of other financial liabilities                           404   (1 448)   
Net cash generated from financing activities                     2 289     3 902   
Net decrease in cash and cash equivalents                        (544)   (1 610)   
Cash and cash equivalents at beginning of the year               1 063      2007   
Effects of foreign exchange on cash and cash equivalents           207       666   
Cash and cash equivalents at the end of the year                   726     1 063   

NOTES TO THE REVIEWED PROVISIONAL RESULTS FOR THE YEAR ENDED
30 JUNE 2013

1. Basis of preparation

The Group reviewed provisional results for the year ended 30 June 2013 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 and
the Companies Act 2006 (UK).

RESPONSIBILITY STATEMENT
The directors take full responsibility for the preparation of the provisional report
and that the financial information has been correctly extracted from the underlying
annual financial statements.

The condensed consolidated provisional financial results do 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 after that date to the date of
publication of these results. A copy of the statutory accounts for the year ended 30
June 2012 has been delivered to the Registrar of Companies.

All monetary information is presented in the functional currency of the Company
being Great British Pound. The accounting policies applied by the company in the
reviewed provisional results are consistent with those adopted and disclosed in the
Group's annual report for the year ended 30 June 2012.

2. Financial review

Revenue up 28% (2012: down 32%) which is in line with new electricity sales by
Power Alt Pty Ltd (Power Alt), a 70% held subsidiary of Jubilee, to the national
electricity public utility in the amount of GBP1.3 million for the 7 months ending 30
June 2013. Despite decreased power supply to RST Special Metals Pty Ltd (RST),
which came as a result of increased power supply to the national electricity public
utility, RST managed to maintain sales at GBP3.1 million (2012: GBP3.1 million) for the
period under review.

The Group reported a loss for the year ended 30 June 2013 of 2.41 (36.17 cents)
(2012: loss of 2.43 (36.47 cents) pence per ordinary share. Headline loss for the
year was 2.41 (36.17 cents (2012: loss of 2.43 (36.47 cents). The weighted
average number of ordinary shares in issue for the period under review was
322 217 million (2012: 279 147 million). There is no effect on dilution of earnings
per share figures (2012: there was no effect on dilution of earnings per share
figures) . There are no reconciling items between basic loss and headline loss
reported for the year.

The Group reported a net asset value of 17.73 (266 cents) (2012: 25.38 (381
cents) pence per share and a net negative tangible asset value per share of 2.94
(44.12 cents) (2012: 3.05 (45.78 cents) pence per share. The total shares in issue
as at 30 June 2013 were 354 340 million (2012: 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 condensed year-end results have been reviewed by the Group's auditors,
Saffery Champness. Their unmodified review report and the condensed reviewed
provisional results are available for inspection at the Company's registered office.

4. Other financial liabilities

Other short term financial liabilities include a convertible loan note of GBP0.74 million
as well as a loan from Investec Bank to Power Alt in an amount of GBP0.99 million.

5. Commitments and contingencies

There are no material contingent assets or liabilities as at 30 June 2013.

Total operating lease commitments at 30 June 2013:

                       Year ended   Year ended   
                          30 June      30 June   
                             2013         2012   
                          GBP'000      GBP'000   
Less than one year            102           78   
Longer than one year           22          102   
Total                         124          180   

6. Dividends

No dividends were declared during the period under review (2012: nil).

7. Board

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

8. 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;
-    Electricity Generation in South Africa; and
-    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 year ended 30 June 2013      
                                     
                     South Africa                                                                 South              
                       Evaluation    Australia   South Africa                South Africa        Africa              
                              and       Nickel            PGE        Other     Base Metal   Electricity              
GBP'000               development     Tailings    Development   operations       Smelting    Generation      Total   
Total revenues                331            -              -            3          5 747         3 152      9 232   
Less:                                                                                                                
Intercompany                                                                                                         
revenue                         -            -              -            -        (2 608)       (1 873)    (4 481)   
Revenue from                                                                                                         
external                                                                                                             
customers                     331            -              -            3          3 139         1 279      4 751   
Loss before                                                                                                          
taxation                  (4 299)         (80)           (32)      (7 289)        (1 782)       (1 845)   (15 328)   
Taxation                        -            -              -           15             70         (231)      (146)   
Loss after                                                                                                           
taxation                  (4 299)         (80)           (32)      (7 273)        (1 782)       (2 132)   (15 614)   
Interest                        1            -              -           25              -             -         26   
received                                                                                                             
Interest paid                   -            -              -         (49)           (18)         (202)      (269)   
Depreciation                                                                                                         
and                                                                                                                  
Amortisation                (924)            -              -          (8)        (1 337)         (419)    (2 688)   
Total assets                6 154       23 320         43 455          931          6 315         3 584     83 759   
Total liabilities           (199)          (7)            (1)     (17 198)        (1 345)       (2 199)   (20 949)   


Segment report for the year ended 30 June 2012     
                                  
                           South Africa                                                South                            
                             Evaluation                                               Africa         South              
                                    and     Australia   South Africa                    Base       African              
                            Development        Nickel            PGE        Other      Metal   Electricity              
GBP'000                                      Tailings    Development   operations   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 liabilities                  (48)          (12)          (299)         (98)   (17 555)       (5 419)   (23 431)   


10. Shares issued

The Company issued the following shares during the period and up to the date of
this announcement:

Date                           Number of           Issue price -        Purpose if the
                                  shares                   pence                 issue
19 October 2012               25 098 405                    9.10     Cash, Debt(1) and
                                                                           Acquisition
14 December 2012             7 913 799                    7.25           Cash and Debt
18 January 2013             15 757 575                    9.00                    Cash
18 January 2013                538 805                    9.00                    Debt
29 January 2013              7 679 730                    8.05         Acquisition and
                                                                                  Debt
27 February 2013               1 194 455                    7.86           Acquisition
11 July 2013                     803 495                    6.58                  Debt
20 June 2013                   8 034 954                    6.58                  Cash
17 July 2013                   1 192 191                    5.89                  Debt
20 August 2013                 1 396 258                    5.20                  Debt

1 =Debt includes payment of advisory fees and placement fees

11. Non-Current Assets

The significant movement in Non-Current Assets largely relates to the devaluation
of the South African Rand to the Great British Pound at the year-end.

12. 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-Metals platinum company. The emphasis of
matter has since been lifted for the year ending 30 June 2013.

The Company has since December 2012 progressed significantly with the
implementation of its business plan during the period under review which has
continued post the period under review, including inter alia the following:

        Awarded the right to recover PGMs contained in the 800,000 tonnes DCM
         Tailings and future arisings;

        Conclusion of the Toll Agreement in respect of processing approximately
         800,000 tonnes Dilokong Tailings at its Smokey Hills Mine concentrator
         accelerating the projected processing of the tailings by some 18 months;

        Formalizing a ZAR75 million (GBP5 million) cash offer from a major mining
         company for its non-core Quartzhilll farm portion of the Tjate Platinum
         project;

        The Company continued with the ramp-up of the newly commissioned AC-
         arc furnace to achieve targeted increased throughput by the smelter
         operation for Q3 and Q4 of 2013;

        The Company increased ownership to own 70% of Power Alt and also
         received approval from NERSA for the sale of electricity from Power Alt to
         the national electricity public utility of South Africa;

        Tender awarded by NERSA allowing the sale of up to 10.1MW of power by
         Power Alt to the national electricity public utility. The contract is valued at
         approximately ZAR98 million (GBP7.3 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 (GBP0.38 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.
         Refer to note 2 under project updates for an update of this transaction.

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 electricity 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 directors of the Company are of the opinion that the Company's business plan
has been embedded and is funded sufficiently to enable the Company to continue
with its operations as a going concern.


13. Events subsequent to year end

Other than information included in this results announcement, there were no
significant events subsequent to year-end that would have a material impact on the
financial statements.

14. Related parties

Related party              Nature of relationship    Nature of transaction
Galileo Resources South    Colin Bird is a common    Rent received in an
Africa Pty Limited (GSA)   director in GSA and       amount of GBP0.03 million
                           Jubilee                   for office space in South
                                                     Africa
30 September 2013 
CONTACT DETAILS

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 Nominated Adviser
Matthew Robinson/Ben Thompson  Corporate Finance
Joanna Weaving  Corporate Broking Tel +44 (0)20 7220 0500

Sasfin Capital (JSE sponsor)
Angela Teeling-Smith/Sharon Owens Tel +27 (0)11 809 7500

Bishopsgate Communications Ltd
Nick Rome/Anna Michniewicz 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 Ltd (SA)
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
Date: 27/09/2013 04:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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