Wrap Text
Platinum Projects Quarterly Update – Q2 2017
Jubilee Platinum Plc
(“Registration number: 4459850”)
AIM share code: JLP
AltX share code: JBL
ISIN: GB0031852162
(“Jubilee” or “the Company”)
Platinum Projects Quarterly Update – Q2 2017
Jubilee is pleased to announce its metals recovery division, Jubilee Processing’s quarterly update for
Q2 2017.
Highlights
HERNIC OPERATIONS
Operation achieves design throughput in June 2017
Operation achieves positive earnings in July 2017
Current PGMs(1) produced 1, 697 oz
(1) = Platinum Group Metals (6E)
DILOKONG CHROME MINE (DCM)
Operational earnings attributable to Jubilee of GBP 0, 39 million (ZAR 6, 50 million). (Q1 2017 GBP 0,
41 million (ZAR 6, 67 million))
Chromite concentrate production up by 18% to 17, 659 tonnes (Q1 14, 973 tonnes)
Leon Coetzer, Chief Executive commented:
“The Hernic operation has progressed from commissioning to a fully operational business unit and
has demonstrated its capability of achieving the expected design parameters. The numbers below
illustrates the operation’s rapid progress with the production for the month of July alone, already
similar to the total PGM production for the year.
With commissioning concluded we continue to strive for operational excellence through continued
optimisation of operational efficiencies.
The DCM project performed well despite pressures on chrome sale prices. We have been able to
mitigate the drop in chrome prices by increasing the production output of the project. For the
second half of the year we aim to further increase production through increased treatment of 3rd
party ore.
I am pleased that shareholders supported us with the first upfront payment of the PlatCro Platinum
project. This payment has secured all future PGM earnings from this project for Jubilee and
prevented the Company from incurring further debt while first consolidating its current operations.
We are currently reviewing a number of business opportunities both in South Africa and abroad. A
number of these opportunities offer the potential to continue the Company’s transformation
process.”
Hernic overview
The Hernic project commenced operation during March 2017 with the project achieving design
capacities during June 2017. The quarter 2 data below captures the commissioning and ramp-up
phase of the project with the more stable PGM production for July alone matching the total PGM
produced for the year. The numbers provided are limited to production and revenue and is
reflective of a project during commissioning and ramp up of operations. The second half will reflect
a more steady state operation with the associated performance data to allow detail scrutiny of the
operational and financial performance.
The table below indicates the monthly ramp-up of the Hernic Operation for Q2 2017:
Tailings PGMs Project Project
processed delivered Revenue (3) Revenue (1)
Tonnes Oz (GBP'000) (ZAR'000) (2)
Apr-17 22, 987 56 17 293
May-17 21, 987 123 53 901
Jun-17 35, 854 688 331 5, 456
Total Q2 2017 80, 828 867 401 6, 650
Jul-17 (Projected from month to date) 38, 338 830 386 6,583
1
Total since project commencement in April 2017 119, 166 1,697 787 13,233
(1)= Revenue from the current project phase - 100% attributable to Jubilee until full capital recovery
(2)= Average monthly conversion rates used
(3)= Revenue is stated after the deduction of processing and refining charges. Revenue is projected
based on expected PGM market prices and USD exchange rates
DCM overview
The DCM earnings show the resilience of the project against decreasing chrome prices. An increase
in chrome production of 18% over the two quarters offset the drop in chrome prices as shown in the
Jubilee attributable earnings.
The table below shows the operational performance of the DCM plant for Q1 and Q2 2017:
Jubilee Jubilee
Jubilee Jubilee
Chromite working working
Project Project Project Project attributable attributable
concentrate capital loan capital loan
revenue revenue earnings earnings operational operational
produced (GBP'000) (ZAR'000) (GBP’000) (ZAR’000) repayments repayments
earnings earnings
tonnes received received
(GBP’000) (ZAR’000)
(GBP’000) (ZAR’000)
Total Q1
2017 (2)
14, 973 3, 372 55, 223 2, 407 39, 400 408 6, 664 - -
Total Q2
2017 (2)
17, 659 1, 348 22, 731 386 6, 504 386 6, 504 175 3, 334
Total for the
financial year
ending 30
72, 804 9, 437 162, 976 6, 103 105, 398 1, 630 28, 159 550 10, 000
June 2017 1
Total since
project 95, 487 10, 562 182, 113 6, 921 119, 601 2, 506 35, 868 550 10, 000
commence-
ment in April
2016 2
(1)= Annual average conversion rate used for the year ending 30 June 2017
(2)=Average monthly conversion rates used
General
A thorough due diligence of the Australian-based copper project identified certain risks that the
Company did not consider in the best interest of shareholders. The project remains of interest if
approached with a different financial structure. Jubilee continues to discuss further with the key
shareholders of the project the best way to interrelate on the project to the benefit of both parties.
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.
The financial information in this announcement is unaudited.
United Kingdom
31 July 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 member of the Sasfin Group)
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
Date: 31/07/2017 12:45:00 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.
Sharenet Sites 
