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Release Date: 05/06/2019 14:45
Code(s): JBL     PDF:  
Wrap Text
Projects Update

Jubilee Metals Group PLC
Registration number (4459850)
AltX share code: JBL
AIM share code: JLP
ISIN: GB0031852162

Projects Update

Dissemination of a Regulatory Announcement that contains inside information according to
REGULATION (EU) No 596/2014 (MAR).

Jubilee Metals Group ("Jubilee" or the “Company"), the AIM and AltX traded metals
processing company, is pleased to provide an update on progress at its various projects in
South Africa and Zambia.


    •    Successfully implementing strategy to increase production and commodity exposure
         to drive revenue and profitability
    •    PlatCro PGM (platinum and palladium dominant) processing project in South Africa,
         commences commissioning with 60,000 tonnes per month capacity
    •    Production of PGMs* recovery plant expected to commence during June 2019 in
         tandem with Eland Platinum, adding c.30,000 PGM ounces per annum to Jubilee’s
         production, doubling the existing annualised production capacity to c.60,000 ounces
    •    Acquisition of Sable Zinc Kabwe Limited in Zambia progressing well with the technical
         committee from the Zambian Competition and Consumer Protection Commission
         (“ZCCPC”) issuing an approval notice for ratification
    •    DCM fine chrome project continues to ramp-up exceeding 3,800 tonnes of saleable
         chrome concentrate for May 2019 with a further ramp-up to 5,000 tonnes of chrome
         concentrate targeted for June 2019

* 6 Element Platinum Group Metals including platinum, palladium, rhodium, ruthenium, osmium and gold

Leon Coetzer, Jubilee Chief Executive Officer, says: “We continue to make excellent progress
in implementing our strategy to build a world leading metals recovery business. Adding 30,000
oz per annum of PGM production capacity to our existing 30 000 ounces is another huge
milestone for Jubilee and should significantly impact our financial performance especially with
PlatCro PGM producing in the low cost quartile. This is in addition to PlatCro Chrome
operation, acquired in January 2019, which is already contributing to Company earnings
ahead of projections.

“Alongside the positive increases in chrome and PGM processing, production at our DCM Fine
Chrome project also continues to ramp up in-line of expectations. The successful
commissioning of our ground-breaking fine chrome circuit is testament to the team’s ability
to design build and execute advanced mine waste treatment projects, to rapidly improve
earnings and profitability.

“An important part of our on-going development strategy is to diversify earnings through
additional projects, metal exposure and geographic footprint. I am therefore delighted with
the official recommendation from the ZCCPC in support of our acquisition of the Kabwe zinc,
lead and vanadium project in Zambia from Glencore. As a result, and to utilise time efficiently
during this interim phase, we continue to finalise the process design which will allow us to hit
the ground running on formal completion, targeting production in Q4 2019.”

PlatCro operations – chrome, platinum and palladium (South Africa)

In addition to the chrome operation already contributing positively to the group chrome
earnings and ahead of projections, Eland Platinum has commenced commissioning of its
platinum recovery plant and targets production of PGMs from Jubilee’s PlatCro PGM material
during June 2019.

The project aims to process 60,000 tonnes per month of PGM rich material in partnership
with Eland Platinum capable of adding an approximate further 30,000 PGM ounces per
annum to Jubilee’s production, potentially doubling Jubilee’s existing processing capacity.

Kabwe operation – zinc, lead and vanadium (Zambia)

As previously announced on 21 March 2019, Jubilee has entered into an agreement with two
subsidiaries of Glencore plc (the “Agreement”) to acquire Sable Zinc Kabwe Limited (the
“Sable Refinery”) in Zambia (the “Acquisition”).

Completion of the Acquisition was conditional upon the fulfilment of certain conditions
precedent (“CP”) as contained in the Agreement, of which the approval from the ZCCPC
remains the only outstanding CP. The official recommendation in support of the Acquisition,
issued by the technical committee of the ZCCPC, is a very positive step in securing an
accelerated approval from the executive board of the ZCCPC.

During this interim phase Jubilee continues to progress the project with the finalisation of the
detail process design and securing further long lead items for the implementation of the feed
material’s pre concentration prior to the refining of the metals at the Sable Zinc refinery.
Jubilee also continues to engage with various potential suppliers of run of mine zinc rich
material within the Kabwe region. The supply of such high-grade zinc material offers the
potential to increase the targeted zinc units per feed ton to optimally utilise the refining

DCM operation - chrome (South Africa)
The DCM fine chrome project continues to ramp-up successfully following the commissioning
of the facility during Q1 2019. The project exceeded the production of 3,800 tonnes of
saleable chrome concentrate for May 2019 with 5,000 tonnes of chrome concentrate
targeted for June 2019. Jubilee expects to complete the production ramp-up phase by July

United Kingdom

5 June 2019


Jubilee Metals Group PLC

Colin Bird/Leon Coetzer
Tel +44 (0) 20 7584 2155 / Tel +27 (0) 11 465 1913

Nominated Adviser

SPARK Advisory Partners Limited
Andrew Emmott/Vassil Kirtchev
Tel: +44 (0) 203 368 3555


Shard Capital Partners LLP
Damon Heath/Erik Woolgar
Tel +44 (0) 20 7 186 9900

JSE Sponsor

Sasfin Capital (a member of the Sasfin group)

Sharon Owens
Tel +27 (0) 11 809 7500

Financial PR & IR Adviser

St Brides Partners Limited

Catherine Leftley/Juliet Earl
Tel +44 (0)20 7236 1177

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