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Jubilee Platinum PLC
Registration number (4459850)
AltX share code: JBL
AIM share code: JLP
ISIN: GB0031852162
15 December 2015
Jubilee Platinum PLC
("Jubilee" or the "Company”)
Jubilee executes Final Agreement to process the Hernic surface platinum-bearing chrome tailings
Jubilee, the Mine-to-Metals company, is pleased to announce the execution of a Co-Operation
Agreement (the “Final Agreement”) with Hernic Ferrochrome Proprietary Limited (“Hernic”) on the
turning to account (“Processing”) of the platinum containing surface chrome tailings (“Hernic Surface
Material”) currently stockpiled and generated by Hernic, to produce Chromite and Platinum Group
Metals (“PGM”) concentrate (the “Project”).
Highlights
Jubilee and Hernic conclude Final Agreement for the execution of the Project
Jubilee’s pre-work programme facilitates a fast track programme for early construction and
commissioning
The combined platinum surface projects (“Platinum Projects”) targeting an annualised
processing capacity in excess of 900 000 tons
The Platinum Projects enter construction with ASA Metals chrome plant on-line for
commissioning February 2016
Finance offers for the Platinum Projects under agreement
Company continues in discussions with the acquisition of similar projects and other
opportunities currently being presented in the platinum arena
Leon Coetzer says:”I am delighted that we have concluded this final agreement and we are
honoured to be appointed as exclusive partner in what will be the largest PGM beneficiation plant of
surface chrome tailings.
“The Jubilee team is looking forward to moving from design into implementation.”
The Agreement replaces the heads of agreement, as announced on 19 January 2015, in terms of which
the Company was selected as the exclusive party to beneficiate the chromite and PGMs contained in
the Hernic Surface Material. Hernic is the world’s 4th largest integrated ferrochrome producer with
an estimated 3 million tons of platinum containing material at surface while Hernic continues to add
further material to the surface stock. The Project is the second of the Company’s Platinum Projects,
the first of which is to be commissioned in early Q 2016. The Company has targeted a combined
processing of platinum containing surface material over the two projects in excess of 900 000 tons per
annum.
The Agreement appoints Jubilee as the exclusive party to beneficiate the chromite and PGMs
contained in the Hernic Surface Material and addresses the Project execution methodology as well as
the operational and financial performance targets. The Hernic Surface Material has been
independently fully drilled and assayed for chrome and PGM 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 and could increase the surface
stocks to in excess of 3million tons through further drilling programs. The total Project is estimated to
contain PGM ounces in excess of 224 000 (3PGM + Au) oz.
The Project will be the largest PGM beneficiation plant of surface chrome tailings in South Africa
capable of producing annual revenues of GBP18.2 million (ZAR400 million) at an average metal basket
price of USD906 per (3PGM + Au) oz. The financial and operational risks of the Project are significantly
mitigated since the material is already at surface and requires neither the cost nor the risk associated
with mining. An extensive prefeasibility study has been concluded on the Project, which included both
pilot scale and full commercial scale trials to confirm the design and operational parameters.
The Project is to be undertaken in four phases over an 11 month period; namely
Phase one - Bankable Feasibility Study and Engineering Design. Completed a;
Phase two - Construction of the chrome and platinum processing plant (“Processing
Plant”).
Phase three - Commissioning and Ramp up of Processing Plant to design capacity of
55 000 tons per month
Phase Four - Stable operation of the Processing Plant.
a
Announced 11 February 2015.
As previously announced, the Company has received funding terms from a major financial institution
which has received credit approval for the debt element of the project financing required to bring its
Platinum Projects into operation. The size of the ZAR based debt funding for both surface projects
equates to GBP11.5 million (ZAR255 million) before financing costs. The working capital required to
bring the Platinum Surface Projects into operation and to achieve positive earnings is estimated at
GBP3.4 million (ZAR75 million).
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
Elliot Hance/Jon Bellis
Tel +44 (0) 20 7382 8416
Johannesburg
15 December 2015
JSE Sponsor
Sasfin Capital, a division of Sasfin Bank Limited
Sharon Owens
Tel +27 (0) 11 809 7500
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