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31 March 2016
Jubilee Platinum Plc
("Jubilee" or "the Company")
UNAUDITED INTERIM RESULTS
FOR THE SIX MONTHS ENDED 31 DECEMBER 2015
The Directors of AIM-quoted and AltX-listed Jubilee, the Mine-to-Metals company, are pleased to announce the unaudited interim results of the Group for the six months ended 31 December 2015.
The interim results of the Group reflect Jubilee's firm focus on the execution of its surface platinum processing projects as it accelerates into a position where it will become a significant producer of platinum group metals. The recently reported corporate transactions and platinum processing agreements are transformational and position Jubilee as a potentially significant player in the platinum arena. Jubilee's mission is strengthened and supported by numerous opportunities for the rapid growth of the Jubilee Mine-to-Metals ambitions.
HIGHLIGHTS
During the period under review
· 30 September 2015, Jubilee completes the disposal of 100% of the issued shares in Jubilee Smelting and Refining Proprietary Limited ("JSR"), and 70% of the issued shares in Power Alt Proprietary Limited ("PA") to Siyanda Resources Proprietary Limited ("Siyanda") ("Disposal") for a consideration of, in aggregate, ZAR 110.5 million (approximately GBP 5.3 million)
· 85% of the Disposal consideration received in cash on 9 October 2015
· Jubilee retains right to construct a 5MW platinum furnace at the Middelburg Operations
· Jubilee retains rights to participate in any expansion of the Power Plant
· The Disposal further facilitates Jubilee's fast track approach towards the implementation of the two Platinum Surface Processing projects in 2016
· Loss per share from continued operations for the period reduced by 62% to a loss of 0.05 (2014: loss of 0.14) pence per share (ZAR 1.11 (2014: ZAR 2.51) cents per share)
· Loss per share from discontinued operations for the period up to 30 September 2015 ("Closing Date") reduced by 20% to a loss of 0.05 (2014: loss of 0.06) pence per share (ZAR 1.01 (2014: ZAR 1.12) cents per share)
Post the period under review
· Both surface processing projects fully funded
· Secured debt funding of up to USD 10 million (ZAR 155.4 million), unsecured debt funding of up to USD 5 million (ZAR 77.7 million) and equity funding of GBP 2.5 million (ZAR 55.4 million) secured for Jubilee's two platinum surface processing projects. ("Two Projects")
· First surface processing project commissioned and fully operational with a processing capacity of 25 000 tonnes per month
· Second surface processing project under construction targeting commissioning end 2016 with a processing capacity of 55 000 tonnes per month
Chief Executive Leon Coetzer commented:
"Jubilee has experienced a transformational period over the past 6 months which has continued through the current period. This has been brought about through the sale of its ferrous metals smelting operation and the acquisition of two platinum surface processing projects targeting an annualised production capacity in excess of 900 000 tonnes per annum.
"Jubilee has brought the first of its surface processing projects on-line with the second project well advanced targeting commissioning at the end of 2016. Jubilee was further successful in securing project funding for the execution and commissioning of both of its platinum surface projects through a combination of debt and equity funding. The equity component of the funding was minimised to balance the requirements of the lender while minimising the dilution of our shareholders."
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