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Hernic update and Live Interactive Webcast
Jubilee Platinum Plc
(“Registration number: 4459850”)
AIM share code: JLP
AltX share code: JBL
ISIN: GB0031852162
(“Jubilee” or “the Company”)
Highlights
- Hernic project completed with the commissioning of the hydraulic re-mining of the feed
material
- Hernic project on ramping-up targeting full design capacity in early June 2017 successfully
delivering on budget the world’s largest platinum recovery plant from chrome tailings
Leon Coetzer, Chief Executive commented:
“I am pleased that we have successfully completed our Hernic platinum and chrome project. We are
now looking forward to delivering the targeted production and financial numbers of this project.
Platinum concentrate sales are ramping up with the first 100 tonnes of platinum concentrate delivered
to the 3rd party purchaser. We are confident to reach full production in early June 2017. “
Jubilee Live Interactive Webcast
The Jubilee board invites shareholders to participate in a LIVE interactive webcast, scheduled to
commence at 10am UK time (11am SA time), on Wednesday 24 May 2017. The webcast offers
Jubilee shareholders the opportunity to engage with the Jubilee board for an update on the
Company's projects. To participate, please follow the link provided:
http://webcasting.brrmedia.co.uk/broadcast/591eafcc1ef2297b08216aaa
Technical Sign-Off
Andrew Sarosi, Director of Jubilee, who holds a B.Sc. Metallurgy and M.Sc. Engineering, University of
Witwatersrand and is a member of the Institute of Materials, Minerals and Mining, is a "qualified
person" as defined under the AIM Rules for Companies and a competent person under the reporting
standards. The technical parts of this announcement have been prepared under Andrew's supervision
and he has approved the release of this announcement.
This announcement contains inside information for the purposes of Article 7 of EU Regulation
596/2014.
19 May 2017
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 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 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. - On-going
· 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*).
*=Conversion as at the commencement of the Project
United Kingdom
19 May 2017
Sponsor: Sasfin Capital (a division of Sasfin Bank Limited)
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