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Platinum projects update
Jubilee Platinum PLC
Registration number (4459850)
AltX share code: JBL
AIM share code: JLP
ISIN: GB0031852162
("Jubilee" or “Company")
Platinum Projects update
Mine-to-Metals specialist Jubilee Platinum plc (AIM: JLP, AltX: JBL) is pleased to provide, on behalf of
its subsidiary, Jubilee Tailings Treatment Company Pty Ltd (“JTTC”), a performance, operational and
financial update of its chrome recovery section of the Dilokong Chrome mine tailings project (“DCM
Tailings” or “DCM Project”).
Highlights
DCM Project
Chromite concentrate production up 7.86% to 10 430 tons for the month of August 2016 compared with
July 2016
Expansion of new tailings deposit area after removal of chrome has commenced to allow for further
increase in Chrome production from processing of surface material. Expected to be completed over 3
months.
Project revenue generated from chromite concentrate sales up 7.02% to GBP 0.737 million for the month
of August 2016 compared with July 2016 (ZAR 13.15 million, 9.47% increase)
Chromite project earnings up 8.37% to GBP 0.559 million for the month of August 2016 compared to July
2016 (ZAR 9.98 million, 10.86% increase)
Earnings attributable to Jubilee for the month of August 2016 from chromite concentrate production up
7.11% to GBP 0.314 million (ZAR 5.6 million, 9.57% increase) compared with the month of July 2016
Hernic Project
Construction of the 660 000 tons per annum platinum and chromite processing plant continues to
progress to schedule targeting commencement of commissioning in December 2016
Project Capital expenditure to date of GBP 7.2 million (ZAR 127, 8 million) equivalent of 65% of total
projected capital. This is commensurate with the percentage project completion
Leon Coetzer, Chief Executive commented:
“The DCM Project continues to achieve exceptional performance both in terms of revenue and earnings
from chromite concentrate sales as well as operational performance. The month of August has shown
further improvements from the stable operations achieved in July.
I am very pleased with the progress made on the construction of the Hernic project which remains on
schedule and in budget. We refer shareholders to our website for updated project pictures of the
construction site.
DCM OPERATIONAL AND FINANCIAL PERFORMANCE
August 2016 production sustained the production improvements achieved during July 2016 recording
further increases in both the production rates and earnings from the chromite recovery process. The
DCM chromite recovery process from surface tailings alone has reached full operational stability.
Further increases in operational throughput requires the expansion of the new tailings, post chromite
removal, storage facility. The expansion of the facility has commenced and is expected to be completed
over the next three months.
All chromite production to date at DCM continues to be from the processing of surface tailings alone.
Stated Project earnings are net of operational cost and cost of chromite concentrate sales.
With operational stability reached the Company will in future provide quarterly updates on the
operational performance of the DCM chromite recovery operation. The Company will however provide
shareholders with updates on any material changes to the operation including the outcome of the
platinum processing option study expected to be concluded by the end of September 2016.
Chromite Project Project Project Project Jubilee Jubilee
concentrate revenue revenue earnings earnings attributable attributable
tons (GBP’000) (ZAR’000) (GBP’000) (ZAR’000) project project
produced earnings earnings
(GBP’000) (ZAR’000)
July 2016 9 670 688 12 011 516 9006 293 5 114
August 2016 10 430 737 13 149 559 9 984 314 5 603
% change month on 7.86% 7.02% 9.47% 8.37% 10.86% 7.11% 9.57%
month
Q2 2016 15 188 1,002 19,137 744 14,203 456 8,710
(May, June 2016)
Q3 2016 20 100 1 425 25 161 1 075 18 990 607 10 717
(July, August 2016)
% change Q2 on Q3 32.34% 42.22% 31.48% 44.62% 33.71% 33.11% 23.05%
YTD since start of 35 288 2 427 44 298 1 819 33 192 1 063 19 427
project in May 2016
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
JSE Sponsor
Sasfin Capital, a division of Sasfin Bank Limited
Sharon Owens
Tel +27 (0)11 809 7500
Nominated Adviser
SPARK Advisory Partners Limited
Sean Wyndham-Quin/Mark Brady
Tel: +44 (0)203 368 3555
Broker
Beaufort Securities Limited
Jon Belliss
Tel: +44 (0) 20 7382 8300
About ASA
Pollux Investment Holdings Pty Ltd (“Pollux”), a wholly owned subsidiary of Jubilee, holds the exclusive
rights to beneficiate the platinum group metals (“PGM’s”) from the platinum-containing surface material at
ASA Metals Proprietary Limited (“ASA”) (“DCM Platinum Project, Processing Agreement”).
The Company has targeted the construction of a New Processing Plant for the recovery of chrome and
PGMs capable of processing up to 35 000 tons of surface material per month. 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 early 2016. The
Addendum significantly enhances and expedites the projected profitability of the project since both the
chrome concentrate and platinum containing concentrate will now contribute to the overall profitability of
the DCM Platinum Project. The Project is the first of the Company’s Platinum Projects.
About the Hernic Project
Hernic Ferrochrome Proprietary Limited (“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 Company was selected as the exclusive party to beneficiate the chromite and PGMs contained in the
Hernic Surface Material (“the Project”) and address the project execution methodology as well as the
operational and financial performance targets. The Project is the second of the Company’s Two Projects.
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 tons, 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 3 million tons through further drilling
programmes. The total Project is estimated to contain total PGMs in excess of 224 000 (3PGM + Au) oz.
The Project will be the largest PGM beneficiation plant of surface chrome tailings in South Africa and is
capable of producing annual revenues of GBP 18.2 million (ZAR 400 million) at an average metal basket
price of USD 906 per (3PGM + Au) per 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.
Phase two - Construction of the chrome and platinum processing plant (“Processing Plant”). -- On-
going
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.
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 ZAR-based debt funding for both surface projects equates to GBP 11.5 million (ZAR 255 million)
before financing costs. The working capital required to bring the two surface projects into operation and
to achieve positive earnings is estimated at GBP 3.4 million (ZAR 75 million).
United Kingdom
15 September 2016
JSE Sponsor
Sasfin Capital, a division of Sasfin Bank Limited
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