To view the PDF file, sign up for a MySharenet subscription.

JUBILEE PLATINUM PLC - Audited 2015 year end results and notice of AGM

Release Date: 11/11/2015 09:33
Code(s): JBL     PDF:  
Wrap Text
Audited 2015 year end results and notice of AGM

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


Audited results for the year ended 30 June 2015 and

Notice of Annual General Meeting

The directors of AIM traded Jubilee, the Mine-to-Metals company, are pleased to release its audited results for the year ended
30 June 2015. Shareholders are also advised that these results have been audited by the Group auditors Saffery Champness
as required by the JSE Listings Requirements. Their audit report is attached to this announcement as Annexure 1.

The Company also announces that the Group’s Annual Report and Accounts for the year ended 30 June 2015 has been
posted to the website with the notice of the Company’s 2015 Annual General Meeting, which will be held on Wednesday, 2
December 2015 at 11:00 am UK time at The Pelham Hotel, 15 Cromwell Place, London, SW7 2LA to transact the business as
stated in the notice of Annual General Meeting. Shareholders are advised that the Notice of Annual General Meeting for the
year ended 30 June 2015 has been posted to Jubilee shareholders.


Highlights

Financial

- Middelburg Operations and Power Plant disposal ("Disposal Group") completed for a cash sum of ZAR110.5 million (£5.3
million)

- Revenue from the Disposal Group up 29% to £5.2 million (ZAR 93.6 million) from £4.0 million (ZAR 67.3 million) in 2014

- Operating expenses from Disposal Group are down 10% to £3.4 million (ZAR61.3 million) from £3.8 million (ZAR 63.9
million)

- Operating expenses from continuing operations (excluding Disposal Group) are down 19% to £ 2.2 million (ZAR39.6 million)
from £3.5 million (ZAR 58.9 million)

- Loss per share from Disposal Group reduced by 78.13% to 0.10 pence (ZAR cents 1.76) from 0.45 pence (ZAR cents 7.50)

-Loss per share from continuing operations (excluding Disposal Group) reduced by 45.09% to 0.45 pence (ZAR cents 8.12)
from 0.82 pence (ZAR cents 13.82)

Mining and Exploration

- Jubilee's subsidiary company, Tjate Platinum Corporation Pty Ltd ("Tjate"), submitted its Scoping Report to the Department
of Mineral Resources of South Africa (“DMR”) on schedule pursuant to DMR’s acceptance of Tjate’s mining right application

- Tjate submitted on schedule, its Environmental Impact Assessment and related Environmental Management Programme
("EIA/EMP") to the DMR; being the final statutory document required under the mining right application




Surface Operation and Processing

- Jubilee acquired the entire 32.5% interest held by shareholders in its subsidiary Pollux Investment Holdings Pty Ltd
(“Pollux”), for a total consideration of ZAR14.2 million to give the Company a 100% interest in Pollux, which holds the rights to
the platinum containing Dilokong Chrome Mine ("DCM") surface tailings

- Jubilee executed a heads of agreement with Hernic Ferrochrome Pty Ltd (“Hernic”) for the processing of their platinum
containing surface material

- Jubilee has commenced with construction of the first platinum surface processing project being the Dilokong Chrome Mine
surface tailings
OVERVIEW

In the period under review, the Company has made significant progress in the implementation of its Mine-to-Metals strategy to
form a fully integrated platinum mining company and achieved several significant milestones.

The Company acquired 100% of the beneficial interest in its subsidiary Pollux Investment Holdings Pty (“Pollux”), which holds
the exclusive rights to the beneficiation of the platinum in the Dilokong Chrome Mine surface tailings (“DCM Tailings”) and
executed a heads of agreement ("HOA") with Hernic for the processing of their platinum containing surface material (“Hernic
Tailings”). These two milestones have grown the Company’s access to platinum containing surface material, to in excess of 4
million tonnes of platinum containing surface material (“Platinum Surface Projects”).

Jubilee executed a successful expansion and optimisation program at its Middelburg Operations bringing the Company into
positive cash flow, on the back of ferroalloy toll smelting contracts and the sale of private power to the South African national
power grid. The success of the expansion and optimisation program at the Middelburg Operations was illustrated in the
Company exceeding its financial KPI's as previously announced: Gross Profit Margin of 38% and Net Profit Margin of 12% for
the Middelburg Operations. This was mainly driven by a 29% increase in revenue for the Middelburg Operations compared to
the previous reporting period while simultaneously reducing the operating expenses down 10% to £3.4 million (ZAR61.3
million) from £3.8 million (ZAR63.9 million) in the prior period.

This profitable ferroalloy operation drew interest from potential investors in the ferroalloy industry culminating in the conclusion
of a cash sale of the Middelburg Operations (the “Disposal”) post the period under review. The income from the Disposal will
largely be invested in the construction and commissioning of the Platinum Surface Projects, which offer the potential of a
multiple increase in income when compared to the income potential of the Middelburg Operations. The Company's financial
KPI's relating to the performance for the Middelburg Operations will be updated to reflect the operations of the Platinum
Surface Projects in the next reporting period targeting a Gross Profit Margin of 35% and Net Profit Margin of 22% for the first
Platinum Surface Project. These KPI's are influenced by the prevailing platinum and chrome price in the market.

Jubilee is fully focussed on bringing the Platinum Surface Projects into operation in the near term to bolster significantly
Jubilee’s projected revenue growth. Full funding for the construction and commissioning of the Platinum Surface Projects is
well advanced with a large international banking institution offering debt funding for the Platinum Surface Projects. The funding
has received credit committee approval and final confirmation of the due diligence is expected to be concluded in the near
term. In the interim construction of the first Platinum Surface Project namely the DCM Tailings has commenced.

Tjate submitted, on schedule, its EIA and EMP to the DMR; being the final statutory document required for the DMR in terms
of Tjate’s application for a mining right for the Tjate Project. In February 2015, Tjate received communication from the DMR of
the requirement in terms of mining right for an Environmental Rehabilitation Guarantee (“ERG”), which is indicative of the
DMR’s acceptance of the EIA/EMP and usually precedes the final steps towards granting of the mining right. Conditions in
global markets remained challenging as reflected in the platinum group metal prices (“PGM’s”). Jubilee’s Platinum Surface
Projects remain robust at these metal prices: having the benefit of not being exposed to mining cost or associated mining risk.

The Company constantly review the risks inherent to an exploration and production business to formulate preventative
measures.


MINING AND EXPLORATION

World class assets

Jubilee’s mining and exploration projects are significantly enhanced by the company’s ability to beneficiate concentrates from
these projects, through its smelting and refining capability.

Tjate Platinum Project

[The flagship Tjate Platinum Project (“the Project”) comprises three farms Dsjate 249 KT, Fernkloof 539 KS and Quartzhill 542
KS, and is located in the eastern Bushveld of South Africa. The Project contains a SAMREC-compliant resource of 25 million
ounces 6PGE+Au in the Indicated and Inferred resource category or 22 million ounces 3PGE+Au (platinum group elements
and gold) in the Indicated resource category with a targeted potential resource for the entire Tjate Project of approximately 70
million ounces 6PGE+Au net of geological losses.On 1 July 2014, the Company’ s subsidiary Tjate submitted its Scoping
Report to the DMR on schedule pursuant to DMR’s acceptance of Tjate’s application (“Acceptance”) for mining right for its
targeted 70 million PGM ounces Tjate Project.

In this regard Tjate appointed specialists to conclude the EIA/EMP in compliance with the DMR’s Acceptance conditions for
the conclusion of the mining right application.
On 11 August 2014, Tjate submitted, again on schedule, its draft EIA/EMP and on 17 October 2014, Tjate submitted the final
specialist reports for the EIA/EMP to the DMR.

In February 2015, Tjate received communication from the DMR of the requirement in terms of the mining right for an ERG to
the value of ZAR27 million (£ 1.5 million). This communication is typically indicative of the DMR’s acceptance of the EIA/EMP
and usually precedes the final steps toward receiving the grant of the mining right. The ERG serves as a financial guarantee
by Tjate to the DMR for any costs associated with the environmental rehabilitation of the Tjate properties in the event of mine
closure. The current ERG proposal is based on the projected cost of rehabilitation of the Tjate properties following the
implementation of the mine works program over a three-year period following the granting of a Mining Right. The
implementation of the ERG, following clarification from DMR is required only after the granting of the mining right. The
application is with the DMR’s mineral law and regulation section for final adjudication and recommendation for the DMR’s
Director-General to submit to the Minister of Mines for its approval.

During DMR’s adjudication of Tjate’s application, the Company, Tjate and the Tjate Community (“Community”) held positive
on-going consultations on the immediate social and labour benefits that would be expected to flow to the Community on the
grant of the mining right. To this end, Tjate as the “Donor” assisted the Community towards creating the Tjate Community
Upliftment Trust (“Trust”), which will be Government registered as a non-profit entity. This Trust is being established in order to
benefit the Community, as a stakeholder in the project, in carrying on the Trust’s business relating to the future benefits
accruing from the Tjate project in terms of its Social and Labour Plan.


SURFACE PLATINUM OPERATIONS

Near Term Low Risk Assets

During the year under review the Company made significant advances in the implementation of its platinum–bearing surface
processing strategy. The Company had identified the beneficiation of PGM from material at surface, as a strategic initiative on
the back of its proven ConRoast process and its proven track record of beneficiating value metals from waste streams at it
Middelburg Operation.

These highly sought-after platinum surface beneficiation projects, come with little of the associated risk or cost of mining since
all the material is at surface and their mineral content can easily be defined with a high degree of confidence. The Company
has been able to demonstrate its industry-leading processing ability in this field, which has assisted the Company in securing
the assets and allowing it to outpace its competitors.

The Company looks forward to bringing into operation its Platinum Surface Projects in the near term. The construction of the
first of the Platinum Surface Projects namely the DCM Tailings has commenced as previously announced.

ASA (DCM Tailings) Platinum Surface Project

In the year under review, the Company acquired the entire 32.5% interest held by minority shareholders in its subsidiary
Pollux for a total consideration of ZAR14.2 million payable in Jubilee ordinary shares to give the Company a 100% interest in
Pollux (the “Acquisition”). This Acquisition followed the execution on 9 June 2014 of a Tailings Access Agreement (“Access
Agreement”) and a Process of Tailings Agreement (“Processing Agreement”) by Pollux with ASA Metals Pty Ltd.’s subsidiary
Dilokong Chrome Mines ("DCM") for the recovery of PGMs and chrome from its surface tailings (“DCM Tailings Project”). The
DCM Tailings Project is estimated to contain in excess of 950 000 tons of platinum- chrome-containing material.

The directors believe that this acquisition maximizes the Company’s beneficial interest in the DCM Tailings Project and offers
considerable upside value to the Company

In terms of the Access Agreement, Jubilee was awarded, inter alia, the exclusive right to access the DCM Tailings on DCM’s
mine area (“Mining Area”) and the right to construct a dedicated chrome and PGM processing plant (“New Processing Plant”)
on the Mining Area to process the DCM Tailings. In addition, ASA agreed to give Jubilee access to sufficient power and water
for the construction and operation of the New Processing Plant.

Post the year under review, the Company executed an addendum to the Processing Agreement (“Addendum”), whereby the
Company is incentivised to accelerate the construction and commissioning of the New Processing Plant by targeting
commencement of commissioning of the front end of the New Processing Plant, namely the chrome beneficiation circuit, by 31
January 2016. Under the terms of the Addendum the Company will be paid up to 25% more for every ton of chrome
concentrate produced by the chrome beneficiation circuit of the New Processing Plant. The Addendum significantly enhances
and expedites the projected profitability of the project, as both the chrome concentrate and platinum containing concentrate
will now contribute to the overall profitability of the Platinum Surface Projects. The Company projects that it will be able to
commission the chrome beneficiation circuit of the New Processing Plant five months earlier than anticipated, thereby
resulting in earlier-than-planned cash flows from this first of the Platinum Surface Projects.
Post the year under review the Company successfully ran an extensive production scale beneficiation trial of approximately
4000 tons of the DCM Tailings to confirm design numbers. On the back of this successful trial, the Company placed firm
orders for the manufacturing and delivery of the New Processing Plant. The first pre-erected, equipment delivery is expected
on site in January 2016.

Hernic Platinum Surface Project

On 19 January 2015, the Company, following an extensive selection process concluded a heads of agreement ("HOA") with
Hernic, the world’s 4th largest integrated ferrochrome producer, for the beneficiation of chromite and PGM’s contained in its
surface tailings (“Hernic Tailings”).

The HOA targets Jubilee as the exclusive party to beneficiate the chrome and PGM’s contained in the Hernic Tailings. The
Hernic Tailings have been independently fully drilled and assayed for chrome and PGE content. This has resulted in an
independent resource statement of 1.7 million tonnes, of which approximately 90% of the resource is classified in the
measured category under the internationally recognised SAMREC code. Hernic also has access to secondary surface stocks,
which it has internally identified could exceed 3 million tonnes through further drilling programmes.

The envisaged Hernic Tailings project will be the largest PGM beneficiation plant of chrome tailings re-claimed from a surface
chrome tailings dam in South Africa.

Under the HOA, Hernic and Jubilee intend to conclude a Plant Engineering and Design Agreement as well as a Co-operation
Agreement in respect of PGM Concentrate to facilitate the construction and operation of a processing plant at Hernic.


MIDDELBURG OPERATIONS - SMELTER AND POWER PLANT

During the period under review, the Company was able to grow its Middelburg smelter operation (“Smelter”) on the back of an
extended ferronickel ("FeNi") toll smelting contract and a new ferroalloy-smelting contract for ferrosilicon ("FeSi") on the back
of the successful phase 3 upgrade of the Smelter. The Company’s electricity generating subsidiary, Power Alt Pty Ltd (“Power
Alt”) successfully concluded an extension to its Private Power Sale contract with the national energy provider of South Africa
targeting the sale of up to 5.2MW of power, while the remainder of the power was available for providing electricity to the
Smelter. This expansion of the Smelter coupled with the implementation of successful cost optimisation initiatives allowed the
Middelburg Operation to become a profitable business attracting potential investors from the ferroalloy industry.

With the increased, fully contracted Smelter capacity, the Smelter sustained revenue growth of 33% year on year.

The Smelter has established itself as a premier smelter of waste and ferroalloy material to produce ferrometals leveraging off
Jubilee’s patented ConRoast and the Smelters reductive smelter technologies.

Post Year-End Review - Sale of Middelburg Operations

On 16 July 2015, the Company executed a sale and purchase agreement ("Agreement"), in terms of which Siyanda
Resources Pty Ltd (“Siyanda”), acting through Main Street 1347 Proprietary Limited, a special purpose vehicle ("SPV" or "the
Purchaser") established for this purpose, would acquire Middelburg Operations comprising 100% of the issued shares of the
Company’s subsidiary, Jubilee Smelting and Refining Proprietary Limited ("JSR”) owning the Middelburg Smelter Complex, for
ZAR72.0 million (approximately £3.5 million) and the Company’s 70% interest in Power Alt, for ZAR38.5 million (approximately
£1.8 million) (the “Disposal”).

Under the Agreement, the Company would retain the right to build furnace of up to 5MW on the premises of JSR's subsidiary
RST Special Metals, for the purposes of processing platinum bearing material, while also retaining all intellectual property in
relation to the development of the platinum recovery from waste and surface tailings developed at the Middelburg Operations.

Jubilee shareholders approved the Disposal at the Company's General meeting held on 7 August 2015.

On 30 September 2015, the Company concluded the Agreement and ownership and associated risk of the Middelburg
Operations passed to Siyanda, after all conditions precedent relating to the Agreement were met on 16 September 2015.

On 9 October 2015, the Company received 85% of the cash consideration for the Disposal of ZAR93.9 million (£4.6 million).
Under the Agreement, the remaining 15% of ZAR16.6 million (£0.81 million) is being held in escrow pending release over two
warranty periods: the first 10% will be released from escrow after 90 days and the remaining 5% will be released after 12
months from the date of concluding the Agreement.

The Agreement contains a set of warranties given by the Company, which are customary for a disposal of this nature. The
warranties relate amongst other things to: organisation of the group, title, accounting and financial matters, material contracts,
litigation and compliance with applicable laws.

The proceeds from the Disposal, which will contribute towards the Company’s equity component of the Secured Funding, will
also be capable of fully funding the capital required for the construction and commissioning of the first platinum surface-
processing project.

MADAGASCAR

The Ambodilafa project is located some 160 kilometres south west of the Madagascan capital Antananarivo and 45 kilometres
west of the coastal town of Nosy Varika. The project comprises a large mafic-ultramafic intrusion with important ultramafic
lithologies (peridotite and pyroxenite) and an intense magnetic feature (identified previously in aeromagnetic survey)
coincident with outcropping banded iron formations in the north of the intrusion.

On 24 August 2012, the Company entered into a farm-in agreement with unlisted Indian Pacific Resources Limited (“IPR”) to
explore the potential iron ore opportunity identified by both the Company and IPR on the Ambodilafa concession. IPR is to
farm-in in stages up to a 90% interest in all commodities (“the Commodities”) except platinum group metals, metals traded on
the London Metals Exchange and chrome (“Other Commodities”) in Jubilee’s Ambodilafa tenement area, for expenditure of
US$3 million over 42 months.

In the year under review the Company’s subsidiary Mineral Resources of Madagascar Sarl (“MRM”) undertook no exploration
in Madagascar. MRM agreed with its farm-in partner IPR to close MRM”s Madagascan office premises. In terms of the farm-in
agreement with MRM, IPR funded all costs related to the office closure and redundancy, MRM’s statutory financial and fiscal
reporting and renewal of MRM’s exploration licenses in Ambodilafa concession,

For the period under review IPR increased its earn-in interest to 90% from 81% in the Samelahy iron ore property
(“Samelahy”) on Ambodilafa having expended more than US$ 3million. Should MRM elect not to contribute pro rata to funding
further work, IPR has the right at its election to acquire MRM’s 10% interest for cash, or issue IPR equity, or grant a Net
Smelter royalty to MRM.

AUSTRALIA - NICKEL IN TAILINGS SURFACE PROJECT

The Company’s Australian subsidiary, Braemore Nickel (Pty) Ltd continued with the internal review and optimisation of the
process flowsheet for the recovery of Nickel from the Leinster tailings project (Ni Project). The review follows the work
completed at Mintek (South Africa’s national mineral and metallurgical research and development organisation). The scope of
work (Phase1) included pre flotation concentration of nickel sulphides in the tailings and preliminary pressure oxidative (POX)
leaching tests on the flotation concentrate. A final phase 2 programme still to be completed, would look towards completion of
an Engineering Study and Economic Evaluation of the Project.

LOOKING AHEAD

Jubilee is fully focussed on bringing its platinum surface projects into operation within the near term to significantly bolster
Jubilee’s projected revenue growth.

Jubilee will continue to aggressively pursue further such surface projects on the back of its industry leading processing ability.

Jubilee will continue to review current opportunities within the platinum industry that can enhance its business strategy.
Jubilee has distinguished itself from its peers as an emerging platinum focussed company with the ability in the short term, to
bring to bear its surface based platinum assets, all of which are underwritten by the Company's longer term Tjate platinum
project.


Chairman’s statement

Dear Shareholder,

Over recent years, I have commenced the Chairman’s report by commenting on the poor global economic conditions for the
small mining sector. The year under review, has seen even more negative news, which is not confined to the platinum
producing sector. During this period, all commodities have seen major price dips with iron-ore and coal being the biggest
losers.

The platinum producing industry has not escaped the down turn with the platinum price falling below US$1,000 per ounce
during the period. These prices result in daily losses for most mines owned by the major platinum producing companies and
as such is not sustainable. The industry is seeing major cut backs in new mine development and current in-mine projects
together with significant reductions in labour and general working costs. Some companies have put operating mines on care
and maintenance whilst others have marginal mines for sale.
Globally and industry wide the junior sector has been subject to joint venture termination, reduced expenditure commitments
and little M&A activity. Whilst Jubilee had not completely avoided the challenges produced by these operating conditions its
overall business model meets the criteria for low capital cost, short production lead times and a lower overall cost structure.
Consequently, the acquisition of the surface platinum projects has placed Jubilee in a strong position, producing platinum from
low cost operations where mining risk is completely absent. The overall operating costs allow Jubilee to remain profitable at
well below current platinum prices.

During the period under review, we have announced two major initiatives, namely ASA and Hernic (the “two projects”) offering
Jubilee access to platinum containing material at surface in excess of 4 000 000 tons, and at the time of writing we are actively
completing the necessary work to bring those projects into production.

 A significant post balance sheet event was the sale of the Middelburg Smelters and the attendant power station facility
("Disposal Group"). The sale was completed on 30 September 2015 for a cash sum of ZAR110.5 million (approximately
£5.3million). The decision to sell non-platinum capability and purchase platinum producing capability, focussed our mission
and targeted far superior cash flows. The proceeds received from this sale will be used to part finance the two projects and
bring the Company towards its stated mission of an integrated platinum producing mine to metal company. The results of the
Disposal Group are treated in the annual financial statements as a discontinued operation. Comparative figures were adjusted
where required to make the results comparable.

We still await the receipt of a mining license for the Tjate project and remain confident for the granting of a mining right. We
continue to engage with the Department of Mineral Resources as and when appropriate.

Other projects in the Company remain generally subordinate to the platinum tailings venture, although useful progress is being
made.

The Group reported a loss for the year ended 30 June 2015 on continuing operations of 0.45 pence (ZAR cents 8.12) and a
loss on discontinued operations of 0.10 pence (ZAR cents 1.76) ((2014: loss on continuing operations of 0.82 pence (ZAR
cents 13.82) and a loss on discontinued operations of 0.45 pence (ZAR cents 8.12) per ordinary share).

In summary, the mining world remains complex and difficult for all concerned irrespective of their size and mission. As always
this board refuses to be intimidated by matters outside their control and remain focused on building a significant platinum
producing business.

It is customary in this report to thank my fellow directors and management for their efforts. Those sentiments are heartfelt in
the current challenging environment and I thank all of my colleagues for their tenacity and perseverance.



Colin Bird
Non-executive Chairman



FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2015

Consolidated statement of comprehensive income for the year ended 30 June 2015

                                                                                        Group


                                                                                 2015            2014

Figures in £s                                                                      £              £



Continuing operations


Revenue                                                                             48,899         35,307


Cost of sales                                                                     (25,529)               -


Gross profit                                                                        23,370         35,307


Other income                                                                           8,586      138,419


Operating expenses                                                                 (2,843,607)    (3,524,675)
Operating loss                                                                     (2,811,651)    (3,350,949)


Investment revenue                                                                         65,283         5,675


Finance costs                                                                           (194,758)     (259,185)


Loss before taxation                                                                   (2,941,126)   (3,604,459)


Taxation                                                                                         -        (174)


Loss for the year from continuing operations                                           (2,941,126)   (3,604,633)


Discontinuing operations


Loss from discontinued operations                                                       (504,196)    (1,949,810)


Loss for the year                                                                      (3,445,322)   (5,554,443)


Other comprehensive income:


Exchange differences on translation of foreign operations - continuing operations      (4,081,440)   (6,827,072)


Exchange differences on translation of foreign operations - discontinuing operations    (415,635)      (59,313)


Total other comprehensive income                                                       (4,497,075)   (6,886,385)


Total comprehensive loss                                                               (7,942,397) (12,440,828)



Loss attributable to:


Owners of the parent:


Loss for the year from continuing operations                                           (2,906,928)   (3,477,955)


Loss for the year from discontinued operations                                          (628,442)    (1,887,743)


Loss for the year attributable to owners of the parent                                 (3,535,370)   (5,365,698)


Non-controlling interest:


Loss for the year from continuing operations                                             (34,198)     (126,678)


Profit/ (loss) for the year from discontinued operations                                  124,246      (62,067)


Profit/ (loss) for the year attributable to non-controlling interest                       90,048     (188,745)


Total comprehensive loss attributable to:


Owners of the parent                                                                   (8,006,476) (12,192,770)


Non-controlling interest                                                                   64,079     (248,058)
                                                                                       (7,942,397) (12,440,828)



Basic loss per share (pence) - continuing operations                                      (0.45)          (0.82)


Diluted loss per share (pence) - continuing operations                                    (0.45)          (0.45)


Basic loss per share (pence) - discontinued operations                                     (0.10)          (0.68)


Diluted loss per share (pence) - discontinued operations                 (0.10)          (0.37)
 



Consolidated statement of financial position as at 30 June 2015



                                                                           Group


                                                                   2015            2014

Figures in £s                                                        £               £


ASSETS

Intangible assets and goodwill                                    59,069,354      65,404,879


Property, plant and equipment                                         88,064       5,990,073


Investments in subsidiaries                                                   -              –


Loans to Group companies                                                      -              –


Non-current assets                                                59,157,418      71,394,952




Inventories                                                           19,019                  -


Current tax receivable                                                15,900         20,194


Trade and other receivables                                          302,504       1,225,439


Cash and cash equivalents                                            360,829        733,399


Current assets                                                       698,252       1,979,032



Current assets held for sale and assets of disposal groups         7,696,389                  -


Total assets                                                      67,552,059      73,373,984


EQUITY AND LIABILITIES


Share capital                                                     75,896,582      73,434,453


Reserves                                                          16,742,258      20,932,548
Accumulated loss                                                         (43,495,910) (40,428,539)


Equity attributable to equity holders of parent                           49,142,930    53,938,462


Non-controlling interest                                                     365,071        177,179


Total equity                                                              49,508,001    54,115,641


LIABILITIES


Non-current liabilities

Deferred tax liability                                                    13,738,729    15,441,818


                                                                          13,738,729    15,441,818



Current liabilities

Loans from related parties                                                          -       311,061


Other financial liabilities                                                  811,890        795,315


Trade and other payables                                                     876,618       2,448,131


Deferred income                                                              346,041        262,019


                                                                           2,034,549       3,816,526


Current liabilities of disposal group                                      2,270,780               -


Total liabilities                                                         18,044,058    19,258,344


Total equity and liabilities                                              67,552,059    73,373,984




The financial statements were authorised for issue and approved by the Board on 10 November 2015 and

signed on its behalf by:

Leon Coetzer

Chief Executive Officer

Company number 04459850


Consolidated statement of cash flows for the year ended 30 June 2015

                                                                                   Group


                                                                            2015           2014

                                                                             £               £


Cash flows from operating activities
                                                        (1,251,279)   (1,131,312)
Cash (used in)/generated from operations

                                                            65,283         5,675
Interest income

                                                         (194,758)     (259,185)
Finance costs


Net cash from operating activities                      (1,380,754)   (1,384,822)



Cash flows from investing activities

                                                            (5,904)    (277,428)
Purchase of property, plant and equipment

                                                          (42,547)             –
Sale of property, plant and equipment

                                                          (45,334)        (9,353)
Purchase of other intangible assets


Cash removed as part of discontinued operations          (163,002)              -



Net cash from investing activities                       (256,787)     (286,781)



Cash flows from financing activities

                                                         1,413,280       394,828
Proceeds on share issue

                                                         (264,323)       198,127
(Repayment)/proceeds from other financial liabilities

                                                                  -     (62,438)
Repayment of shareholders’ loan


Net cash from financing activities                       1,148,957       530,517



Total cash movement for the year                         (488,584)    (1,141,087)


                                                           733,399       726,454
Cash at the beginning of the year

                                                           116,014     1,148,032
Effect of exchange rate movement on cash balances


Total cash at the end of the year                          360,829       733,399
        Consolidated statement of changes in equity for the year ended 30 June 2015



                                                                                                                                                     Total

                                                                                                                                                     attri-

                                                                     Foreign                       Share-                                          butable to

                                                                    currency                        based                                          parent of         Non-

                                                       Share        translation       Merger       payment        Total          Accumulated        equity        controlling         Total

                                                       capital       reserve          reserve      reserve       reserves           loss            holders        interest          equity

Group                                                    £              £               £             £             £                 £                £              £                 £


Balance at 30 June 2013                                69,687,686      (342,590)      23,184,000     4,918,210     27,759,620      (35,062,842)     62,384,463         425,237       62,809,701


Changes in equity

Loss for the year                                                                                                                   (5,365,697)     (5,365,697)      (188,745)       (5,554,442)


Other comprehensive loss for the year                                (6,827,072)                                   (6,827,072)                 -    (6,827,072)       (59,313)       (6,886,385)


Total comprehensive loss for the year                                (6,827,072)                             –     (6,827,072)      (5,365,697)    (12,192,769)      (248,058)      (12,440,827)


Issue of share capital net of costs                     3,746,767                 -                          –              –                  –     3,746,767                  –     3,746,767


Total changes                                           3,746,767    (6,827,072)                             –     (6,827,072)      (5,365,697)     (8,446,002)      (248,058)       (8,694,060)


Balance at 30 June 2014                                73,434,453    (7,169,662)      23,184,000     4,918,210     20,932,548      (40,428,539)     53,938,462         177,179       54,115,641


Changes in equity


Loss for the year                                                                                                                   (3,535,370)     (3,535,370)           90,048     (3,445,322)


Other comprehensive loss for the year                                (4,471,106)                                   (4,471,106)                      (4,471,106)       (25,969)       (4,497,075)


Total comprehensive loss for the year                                (4,471,106)                                   (4,471,106)      (3,535,370)     (8,006,476)           64,079     (7,942,397)

Issue of share capital net of costs                     2,462,129                                                                                    2,462,129                        2,462,129
Warrants issued                                                                            748,816       748,816                      748,816                 748,816


Share options forfeited                                                                   (468,000)    (468,000)        468,000                                      -


Changes in ownership interest control not lost                                                                                                   123,813      123,813


Total changes                                     2,462,129    (4,471,106)                 280,816    (4,190,290)    (3,067,370)   (4,795,531)   187,891   (4,607,640)


Balance at 30 June 2015                          75,896,582   (11,640,768)   23,184,000   5,199,026   16,742,258    (43,495,910)   49,142,930    365,071   49,508,001
NOTES TO THE AUDITED RESULTS FOR THE YEAR ENDED 30 JUNE 2015


  1. Basis of preparation


  The Group and Company results for the year ended 30 June 2015 have been prepared using the accounting
  policies applied by the Company in its 30 June 2014 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 and the Companies Act 2006 (UK). They are presented in
  Pound Sterling.

  This condensed consolidated provisional 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 2015 and any public announcements by Jubilee Platinum Plc after that date to the
  date of publication of these results.

  All monetary information is presented in the functional 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 2014 contained in this
  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 did not contain a statement under section 498(2)-(3) of the Companies Act
  2006.



  2. Financial review


Earnings per share for the year ended 30 June 2015 are presented
as follows:
                                                                                 2015           2014


Basic loss for the year - continuing operations (£)                           (2 906 928)    (3 477 955)
Basic loss for the year - discontinued operations (£)                           (628 442)    (1 887 743)
Total loss for the year (£)                                                   (3 535 370)    (5 365 698)


Weighted average number of shares in issue                                   644 851 551     423 628 350
Diluted weighted average number of shares in issue                           644 851 551     509 153 901


Loss per share - continuing operations (pence)                                      (0.45)        (0.82)
Loss per share - discontinued operations (pence)                                    (0.10)        (0.45)
                                                                                    (0.55)        (1.27)


Diluted loss per share - continuing operations (pence)                              (0.45)        (0.68)
Diluted loss per share - discontinued operations (pence)                            (0.10)        (0.37)
                                                                                    (0.55)        (1.05)


Loss per share - continuing operations (ZAR cents)                                  (8.12)       (13.82)
Loss per share - discontinued operations (ZAR cents)                                (1.76)        (7.50)
                                                                                    (9.88)       (21.32)


Diluted loss per share - continuing operations (ZAR cents)                          (8.12)       (11.50)
Diluted loss per share - discontinued operations (ZAR cents)                        (1.76)        (6.24)
                                                                                     (9.88)      (17.74)

 The Group reported a net asset value of 6.60 pence (127.65 ZAR cents) (2014: 10.32 pence (186.61 ZAR
 cents)) per ordinary share. The total shares in issue as at 30 June 2015 were 749 860 507 (2014: 524 314
 942). The decline in net asset value is mainly due to foreign currency losses on translation of foreign
 subsidiaries.



3. Dividends


 The Board did not declare any dividends for the period under review. (2014: Nil)


4. Auditor’s review opinion


 These results have been audited by the Group’s auditors, Saffery Champness and their 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.


 5. Board


 There were no changes to the board during the period under review and up to the date of this announcement.


 6. Share capital



                                                                      2015               2014




 Authorised


 The share capital of the Company is divided
 into an unlimited number of ordinary shares
 of 1 pence each.


 Issued share capital fully paid




 Ordinary shares of 1 pence each (£)                                    7,498, 605         5,243,149


 Share premium (£)                                                     68,397,978         68,191,304


 Total issued capital                                                  75,896,582         73,434,453


 Number of shares in issue                                            749 860 507        524,314,942
                                              Number          Issue price –

Date                                          of shares          pence


Opening balance                                 524,314,942


1 July 2014                                      12,881,503               1.73

1 July 2014                                       5,152,601               1.73

7 July 2014                                      14,826,553               1.58

7 July 2014                                      16,699,575               1.53

3 October 2014                                   16,666,667               1.20

3 November 2014                                   7,644,258               1.30

3 November 2014                                  24,070,776               1.34

18 November 2014                                 15,082,442               1.23

25 February 2015                                 49,999,997               1.50

25 February 2015                                 11,666,667               1.50

26 February 2015                                 13,000,000               1.50

17 April 2015                                       354,526               5.00

26 May 2015                                      37,500,000               1.60

Closing balance at year-end                     749,860,507



Details of shares issued after the year-end
are as follows:


1 July 2015                                      26,850,931               2.10

5 August 2015                                     1,264,837               4.00

5 August 2015                                     5,786,380               2.01

5 August 2015                                    10,550,581               3.23

5 August 2015                                    71,834,833               3.40

18 August 2015                                   10,000,000               2.63
  22 September 2015                                                           2,000,000                    3.16

  5 October 2015                                                              2,706,765                    3.40

  14 October 2015                                                             7,142,936                    3.16

  20 October 2015                                                             5,160,000                    3.16


  Closing balance at last practicable date                                 893,157,770




At year end the Company had the following warrants outstanding:



                                       Subscription price                             Volatility   Spot at issue date

  Number of warrants     Issue date            £             End of Exercise period       %             Pence




            1 875 000   2015-06-09                 0.01600             2017-06-09         52.77                 1.800



            5 786 380   2014-10-29                 0.02010             2017-10-29         53.13                 1.325



           10 000 000   2014-02-23                 0.02625             2016-02-23         69.01                 1.975



           27 142 936   2014-02-21                 0.03160             2017-02-21         69.01                 1.975



            6 000 000   2014-02-23                 0.03160             2016-02-23         69.01                 1.975



           21 101 162   2014-03-03                 0.00323             2017-02-25         67.67                 1.800



           30 578 512   2013-12-23                 0.03933             2017-12-30         65.02                 3.150



 The fair value of these warrants was determined using the Black Scholes Valuation Model with the inputs
 illustrated in the table above. A risk free rate of 0.5% were applied in the valuation. The company recognised a
 share based payment charge against share premium in the amount of £748,816 in accordance with Section
 610 (2) of the United Kingdom Companies Act 2006. This charge relates to equity placings successfully
 completed and qualifies as a deduction from share premium.



7. Business segments
  In the opinion of the Directors, the continuing operations of the Group companies comprise four reporting
  segments (of which the descriptions have been changed to better reflect the Group's strategy of becoming a
  platinum producer post the Disposal) being:

- the beneficiation of Platinum Group Elements (“PGEs”) and associated metals and development of PGM -
smelters utilising exclusive commercialisation rights of the ConRoast smelting process, located in South Africa
(“PGE beneficiation 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 exploration and mining of Platinum Group Elements (“PGEs”) and associated metals (Exploration and
  mining);
  - the parent company operates a head office based in the United Kingdom, which incurred certain
  administration and corporate costs.


The results of the discontinued operations comprise two segments which have been combined into one segment
referred to as Disposal Group being:

- base metal smelting in South Africa; and
- electricity generation in South Africa


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.


2015               PGM             Australia Nickel     Exploration and          Other            Total Continuing            Total
                processing            Tailings           development           operations            operations           Discontinued
                                                                                                                           operations

£s


Total                 (3 885)                       -                     -       (45 014)                    (48 899)        (5 160 105)
revenues
Cost of sales                -                      -                     -         25 529                     25 529         (2 167 422)
Forex losses             (31)                       -               3 462           20 539                     23 970                    -
Loss before        1 560 914                  18 862               61 103        1 300 248                2 941 126              452 002
taxation
Taxation                     -                      -                     -                 -                        -            52 194
Loss after         1 560 914                  18 862               61 103        1 300 248                2 941 126              504 196
taxation
Interest                     -                      -                     -       (65 283)                    (65 283)            (1 017)
received
Interest paid                4                      -                     -        194 754                    194 758                  455
Depreciation         694 487                        -               1 949                   -                 696 436            744 361
and
Amortisation
Total assets       7 449 691            27 757 917             24 036 807          611 255               59 855 670            7 696 389
Total            (14 229 723)                 (5 674)            (28 581)       (1 509 300)             (15 773 278)          (2 270 780)
liabilities




2014            PGM               Australia      Exploration   Other          Total             South           South          Total
                processing       Nickel         and            operations     Continuing        Africa Base     Africa
                                 Tailings       development                   operations        Metal           Electricity
                                                                                     Smelting       Generation
£s



Total                    -            -       (35 307)             -     (35 307)     (4 812 179)   (1 315 962)        (6 163 448)
revenues
Less:                    -            -              -             -             -     2 119 001              -         2 119 001
Intercompany
revenue
Revenue                  -            -       (35 307)             -     (35 307)     (2 693 178)   (1 315 844)        (4 044 328)
from external
customers
                                                                                 -
Forex losses      297 022             -              -       48 664        48 664      (162 014)              -           183 672
Loss before        61 103       18 862       1 560 914    1 963 577     3 543 352      1 929 708        32 943          5 567 106
taxation
Taxation                 -            -              -          174           174               -      (12 838)          (12 664)
Loss after         61 103       18 862       1 560 914    1 963 751     3 543 526      1 929 708        20 105          5 554 442
taxation
                         -            -              -             -             -              -             -
Interest                 -            -          (243)       (5 431)       (5 674)           (48)       (3 208)            (8 930)
received
Interest paid            -            -           109       259 077       259 187         (3 749)      169 682            425 119
Depreciation             -            -       740 680         6 768       747 448      1 096 550       342 977          2 186 975
and
Amortisation
Total assets    17 156 385   31 485 371      4 368 416   12 090 398    47 944 185      5 234 833     3 038 583         73 373 985
Total              (5 076)      (2 487)      (273 294)   (1 036 202)   (1 311 983)   (16 944 810)    (996 474)        (19 58 343)
liabilities

8. Going concern


The Directors have adopted the going-concern basis in preparing the financial statements.



The Company has continued to progress with the implementation of its Mine-to-Metals platinum strategy:

-The Company's SEDA backed loan facility of US$ 10million with YA Global Masters, which can be accessed by
the Company at its election at any time, was secured in support of the Company’s continued improving
performance to ensure that it is able to have sufficient working capital and access to funding as and when
required. The Company’s going-concern assessment is therefore not only based on the view of the directors but
in fact supported by its access to fully secured standby funding. At year end the balance was approximately
$0.551 million (2014: $0.450 million).
- During the latter part of the period under review, management embarked on a plan to sell its non-core assets
being the Middelburg operations. On 16 July 2015 a sale and purchase agreement was concluded to sell the
operations for a consideration of ZAR110.5 million (£5.3million). The proceeds from the disposal together with
debt funding (referred to below), will be used for the simultaneous execution of the Group's two platinum surface
projects.
- Jubilee executed an addendum to the ASA Processing of Tailings Dam Agreement ("the Agreement") whereby
the Company is incentivised to accelerate the construction and commissioning of the surface processing facility
to target commencement of commissioning of the chrome beneficiation section by 31 January 2016. Under the
terms of the Agreement, if the target is met, the Company will be paid up to 25% more for every ton of chrome
concentrate produced by the chrome beneficiation circuit, which forms part of the platinum beneficiation circuit.
The Company has projected that it will be able to commission the chrome beneficiation portion of the processing
plant 5 months earlier than expected, resulting in successfully meeting the target and earlier than planned cash
flows from its first platinum surface tailings project.
- Funding for the construction and commissioning of the Group's two platinum surface projects is well progressed
with a large international banking institution offering debt funding for the two projects. The funding has received
credit committee approval and final confirmation of the due diligence is expected to be concluded in the near
term.

The Directors are of the opinion that the Group and Company are funded sufficiently to enable it to continue with
its operations as a going concern.
9. Discontinued operations


The Middelburg Operations have been operating profitably and attracted much trade interest on both a separate
parts and combined basis. The Board considered approaches from interested buyers, as sale of these non-core
assets, if completed, could be sufficient to finance the Group's tailing development and progress the Company
into its stated mission of a platinum producer. On 16 July 2015 a sale was concluded. Refer to note 10.1 below
for more detail of the sale.

The Revenue and expenses of the disposal group are set out below:


                                                                 2015             2014


Revenue                                                        5,160,105      4,008,901
Cost of sales                                                (2,167,422)    (2,250,853)
Gross profit                                                   2,992,683      1,758,048
Depreciation, amortisation and impairments                     (744,361)    (1,439,527)
Finance costs                                                      (455)      (165,933)
Interest received                                                  1,017          3,254
Other operating expenses                                     (2,700,886)    (2,118,490)
Net loss before tax
                                                               (452,002)    (1,962,648)
Tax                                                             (52,194)         12,838
Net loss after tax
                                                               (504,196)    (1,949,810)
Non-controlling interest                                       (124,246)         62,067


                                                               (628,442)    (1,887,743)


The assets and liabilities of the disposal group are set out below:

Assets

Property, plant and equipment                                   4,772,406
Taxation                                                            4,015
Trade and other receivables                                     1,457,592
Intangible assets                                               1,299,374
Cash and cash equivalents                                         163,002

                                                                7,696,389
Liabilities

Other financial liabilities                                       290,811

Trade and other payables                                        1,264,820

Deferred tax                                                      715,149

                                                                2,270,780

Cash flows from discontinued operations
Cash flows from operating activities                            (484,868)       (1,569,934)
Cash flows from investing activities                                    -         (256,138)
Cash flows from financing activities                              385,971       (1,190,626)
Net cash flows from discontinued operations                      (98,897)           123,170
Opening cash balance on discontinued operations                   261,900           138,780
Closing cash balance on discontinued operations                   163,003           261,900


     10. Events post balance sheet

10.1 Disposal of Middelburg operations

On 16 July 2015, the Company executed a sale and purchase agreement ("Agreement"), in terms of which
Siyanda Resources Pty Ltd (“Siyanda”), acting through Main Street 1347 Proprietary Limited, a special purpose
vehicle ("SPV" or "the Purchaser") established for this purpose, would acquire Middelburg Operations comprising
100% of the issued shares of the Company’s subsidiary, Jubilee Smelting and Refining Proprietary Limited
("JSR”) owning the Middelburg Smelter Complex, for ZAR72.0 million (approximately £3.8 million) and the
Company’s 70% interest in Power Alt , for ZAR38.5 million (approximately £2.0 million) (the “Disposal”).

Under the Agreement, the Company would retain the right to a furnace of up to 5MW on the premises of JSR's
subsidiary RST Special Metals, for the purposes of processing platinum bearing material, while also retaining all
intellectual property in relation to the development of the platinum recovery from waste and surface tailings
developed at the Middelburg operations.

Jubilee shareholders approved the Disposal at the Company's General meeting held on 7 August 2105.

On 30 September 2015, the Company concluded the Agreement and ownership and associated risk of the
Middelburg Operations passed to Siyanda, after all conditions precedent relating to the Agreement were met on
16 September 2015.

On 9 October 2015, the Company received 85% of the cash consideration for the Disposal (ZAR 93.9 million).
Under the Agreement, the remaining 15% (ZAR16.6 million) is being held in escrow pending release over two
warranty periods: the first 10% will be released from escrow after 90 days and the remaining 5% will be released
after 12 months from the date of concluding the Agreement.

The Agreement contains a set of warranties given by the Company, which are customary for a disposal of this
nature. The warranties relate amongst other things to: organization of the Group, title, accounting and financial
matters, material contracts, litigation and compliance with applicable laws.

The proceeds from the Disposal, which will contribute towards the Company’s equity component of the Secured
Funding, will also be capable of fully funding the capital required for the construction and commissioning of the
first platinum surface-processing project.

10.2 Warrants

Warrants issued but not exercised at the date of this report are set out below:

      Number of                             Subscription
       warrants           Issue date            date (£)         Expiry date




       1,875,000         09/06/2015             0.016000          09/06/2018
      18,000,000         21/02/2014             0.031598          21/02/2017
         840,000         23/02/2014             0.031598          23/02/2016
      10,550,581         03/03/2014             0.003230          25/02/2018
      38,097,689         14/07/2015             0.035500          30/12/2016
       3,591,742         12/08/2015             0.047500          12/08/2018




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

Nominated Adviser
SPARK Advisory Partners Limited
Sean Wyndham-Quin/Mark Brady
Tel: +44 (0)203 368 3555

Brokers
Beaufort Securities Limited
Jon Belliss
Tel: +44 (0) 20 7382 8300

JSE Sponsor
Sasfin Capital, a division of Sasfin Bank Limited
Sharon Owens
Tel +27 (0) 11 809 7500


11 November 2015

Annexure 1

Jubilee Platinum Plc

Independent auditors’ report to the members

We have audited the company’s financial statements of Jubilee Platinum Plc for the year ended 30 June 2015 which
comprise the Consolidated Statements of Comprehensive Income, Consolidated Statements of Financial Position,
Consolidated Statements of Cash Flows, Consolidated Statements of Changes in Equity and Notes to the Consolidated
Financial Statements set out on pages 21 to 61. The financial reporting framework that has been applied in their
preparation is applicable law and International Financial Reporting Standards (IFRSs) as adopted by the European Union
and, as regards the parent company financial statements, as applied in accordance with the provisions of the Companies
Act 2006.

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies
Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are
required to state to them in an auditors’ report and for no other purpose. To the fullest extent permitted by law, we do
not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our
audit work, for this report, or for the opinions we have formed.

Respective responsibilities of directors and auditors

As explained more fully in the Directors’ Responsibilities Statement, the directors are responsible for the preparation of the
financial statements and for being satisfied that they give a true and fair view. Our responsibility is to audit and express an
opinion on the financial statements in accordance with applicable law and International Standards on Auditing (UK and
Ireland). Those standards require us to comply with the Auditing Practices Board’s Ethical Standards for Auditors.

Scope of the audit of the financial statements

An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give
reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error.
This includes an assessment of: whether the accounting policies are appropriate to the group’s and the parent company's
circumstances and have been consistently applied and adequately disclosed; the reasonableness of significant accounting
estimates made by the directors; and the overall presentation of the financial statements. In addition, we read all the
financial and non-financial information in the Annual Report to identify material inconsistencies with the audited financial
statements and to identify any information that is apparently materially incorrect based on, or materially inconsistent with,
the knowledge acquired by us in the course of performing the audit. If we become aware of any apparent material
misstatements or inconsistencies, we consider the implications for our report.

Opinion on financial statements

In our opinion:

- the financial statements give a true and fair view of the state of affairs of the group and the parent company as at 30 June
2015 and of the group’s loss for the year then ended; and
- the group financial statements have been properly prepared in accordance with IFRSs as adopted by the European Union;
and
- the parent company financial statements have been properly prepared in accordance with IFRSs as adopted by the
European Union and as applied in accordance with the provisions of the Companies Act 2006; and
- the financial statements have been prepared in accordance with the requirements of the Companies Act 2006.


Opinion on other matter prescribed by the Companies Act 2006

In our opinion the information given in the Strategic Report and the Directors’ Report for the financial year for which the
financial statements are prepared is consistent with the financial statements.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you
if, in our opinion:

- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not
been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors’ remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.




Andrew Gaskell
Senior Statutory Auditor

For and on behalf of

Saffery Champness
Chartered Accountants
Statutory Auditors

Lion House
Red Lion Street
London
WC1R 4GB

10 November 2015




Annexure 2 - Headline earnings per share

Accounting policy

Headline earnings per share (HEPS) is calculated using the weighted average number of shares in issue during the period
under review and is based on earnings attributable to ordinary shareholders, after excluding those items as required by
Circular 2/2013 issued by the South African Institute of Chartered Accountants (SAICA).

Reconciliation of Headline earnings per share
Headline loss per share


Headline loss per share comprises the following:                                            2015                 2014
Continuing operations
Loss from continuing operations for the period attributable to ordinary      -2 906 928    -3 477 955
shareholders
Impairment of other financial liabilities                                       49 810              -
Profit on sale of property plant and equipment                                  -59 904
Loss on exchange differences                                                    20 508       345 686
Loss on equity swap                                                                   -      504 349
Headline loss from continuing operations                                     -2 896 514    -2 627 920


Weighted average number of shares in issue                                  644 851 551   423 628 350
Diluted weighted average number of shares in issue                          644 851 551   509 153 901
Headline loss per share from continuing operations (pence)                        -0.45         -0.62
Diluted headline loss per share from continuing operations (pence)                -0.45         -0.52
Headline loss per share from continuing operations (ZAR cents)                    -8.09        -10.44
Diluted headline loss per share from continuing operations (ZAR cents)            -8.09         -8.69



Discontinued operations
Loss from discontinued operations for the period attributable to ordinary      -628 442    -1 887 743
shareholders
Impairment of other financial liabilities                                       49 810              -
Headline loss from discontinued operations                                     -578 632    -1 887 743


Headline loss per share from discontinued operations (pence)                      -0.09         -0.45
Diluted headline loss per share from discontinued operations (pence)              -0.09         -0.37
Headline loss per share from discontinued operations (ZAR cents)                  -1.62         -7.50
Diluted headline loss per share from discontinued operations (ZAR cents)          -1.62         -6.24


Average conversion rate used for the period under review GBP:ZAR                0.0555        0.0594

Date: 11/11/2015 09:33:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.

Share This Story