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(JLP) Jubilee Platinum Share Chat

Discussion in 'General Share Chat (JLP)' started by rodrod1, Aug 13, 2015.

  1. Groucho

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  2. Groucho

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    LSE moneyhawk - RE: Copper, Roan Project Zambia
    Good upbeat interview, and a good explanation of how important the chrome side of the business is. Basically saying the expansion of our chrome processing is giving extra feed to our PGM plants, which all helps with improving our cost per oz of PGMs. And of course means our tailings stockpiles won't be being depleted as fast as origionally expected.

    Sounds very much like the chrome and PGM plants are now running at/near full production, and the next 6 months is all about increasing copper production. No mention of zinc/lead though when he was asked about the next 6 months, so it doesn't sound like we can expect much movement there until at least 2nd half next year.

    Pretty certain it won't be forggoten about, afterall CB is now in control of two other companies dependant on Kabwe processing zinc tailings and zinc ore. But doesn't sound a priority for LC in the short term.


    Re : Copper, Roan Project Zambia
    Very positive interview with Leon on Interactive Investor. Copper to come on stream , Zambia as we know . No mention of numbers just yet but it looks good.
     
  3. Groucho

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    14 October 2020

    Xtract Resources Plc

    ("Xtract" or the "Company")

    UK Investor Webinar

    Xtract Resources Plc ("Xtract" or the "Company") is pleased to announce that Colin Bird, Executive Chairman will be providing a Company update later today at the UK Investor Webinar at 4.30pm BST.


    Investors can register for free to attend using the link below:

    https://us02web.zoom.us/webinar/register/6316025947751/WN_wnhlZ70rR2uhKASDa04K4Q


    Further details are available from the Company'swebsite which details the company's project portfolio as well as a copy of this announcement: www.xtractresources.com

    UK Investor Webinars - Zak Mir in conversation with Gabriel Grego, also featuring Xtract Resources & Jubilee Metals
    Oct 14, 2020 04:30 PM


    Join our exclusive UK Investor webinar with Zak Mir in conversation with Gabriel Grego. The webinar will also be featuring an interview with Colin Bird, Exec Chairman of Xtract Resources, and Leon Coetzer, CEO of Jubilee Metals - 4.30pm BST Wednesday 14th October. Have the chance to ask your questions and hear Zak and Gabriel's top tips on investing in the current climate!
     
    Last edited: Oct 14, 2020
  4. Groucho

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    LSE Jammer1 - Very Impressive Interview
    Just listened to Leon on tonight's webinair. Very impressive. the phenomenal growth most of us are aware of came out clearly, but the interesting part was the comparison with an equivalent size mining company. Leon was arguing Jubilee now has clear sustainable earnings with a huge growth in earnings through copper also on a sustainable basis. Jubilee should should be valued at least the equivalent of a medium to large size mining company and it has far less operational risk as no part of the resource is underground. Jubilee is already a large chrome concentrate producer doubling its output from the beginning of next year, a medium size PGM producer with more growth to come as it looks like the Board has agreed to the Inyoni expansion, and it will be a medium size copper producer once the two large projects come on board with the hint of more Zambian copper projects of a size greater than the resources of Roan and Elephant. Keep banging the drum Leon.

    A number of interesting points came out of the webinair in the Q&A with Leon.
    1. Multiple parties showing an interest in Tjate
    2. DCM upgraded tailings-news should be out by end of quarter
    3. Inyoni PGM plant expansion-board has approved
    4. The chrome target of 90000 tonnes per month should be available from end of this year(presumably when the Inyoni over the road plant is reopened and recapitalised and the Windsor 8 plant is fully up and running, which should be about now.
    5. The work on the copper upgrading facility at Sable has completed and commissioning starts this weekend. So local 3rd party ROM uplift should start coming on stream very soon
    6. The zinc processing unit work has now restarted as the engineers can crossover the border.
    7. Existing copper projects involve a feed resource of around 170 million tonnes but aggresively chasing down additional projects involving 280m tonnes( did I hear that right).
    8. No mention when rebuilt ultra fine chrome plant comes on stream, but when it does it will not only produce chrome concentrate but also be able to upgrade the feed into the PGM processing better than currently. The improved feed quality will enhance the PGM output. It looks like the ultra fine chrome facility might be the first step for all feed into the platinum processing part of the Inyoni operation and could produce a step up in efficiencies and perhaps bring the 6000 oz of PGMs per month target into sight early next year. .


    Kaiser_B RE: RNS Information Leaked?

    Jammer,

    I concur with all points and YES, i definitely heard something with regards to 280 million tons of tailings, but it wasn't clear of this was in addition to the previous 170 million tons or included the previous 170 million tons. If it is in addition, we ARE going to need a much bigger refinery, that much IS clear, especially as Project Elephant has the potential to take up ALL Sables capacity on its own.

    The bits I REALLY liked though are: when we get Inyoni, Windsor and Windsor 8 at full pelt. We will be the 4th biggest supplier of Chrome Concentrate in the world. We are on target to be the 6th biggest producer of PGM's in the world AND once we get Sable maxed out, we will be in the top 10 of Copper producers in the world.

    Being honest, the Chrome Concentrate alone is important, but add in those other 2 and the repeatable nature of them for potentially the next 20+ years and you can see where this company is headed and potentially it is stratospheric, if qe don't get bought out first by a much larger mining/processing company.

    The potential this company has is frightening and I knew it was good from the last few months, but this really has and should put the cat amongst the pigeons with both investors and institutions.

    8. No mention when rebuilt ultra fine chrome plant comes on stream, but when it does it will not only produce chrome concentrate but also be able to upgrade the feed into the PGM processing better than currently. The improved feed quality will enhance the PGM output. It looks like the ultra fine chrome facility might be the first step for all feed into the platinum processing part of the Inyoni operation and could produce a step up in efficiencies and perhaps bring the 6000 oz of PGMs per month target into sight early next year.

    This is the biggest thing out of all that webinar for me, as most UG2 PGM feed has very high chrome toxicity in it and by removing EVEN more of the chrome we should lose any chrome fines/penalties from the cost of processing AND we get even more product to sell, which FURTHER reduces the costs.

    As I have said the other day, South Africa is the scone and butter, but Zambia is the jam and cream.

    With South Africa sown up and producing very healthy margins, we can take our time and address Zambia properly and make sure that we get it right, because if we do, we can take our IP all over the world and basically become a monster in our own right.
     
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  6. john60566

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    This just gets better, JLP are finally delivering exceptional performance. I've been in here nearly 20 years starting in the Braemar resources days and alway knew something would come of this company.
     
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    Screenshot_20201023-194036_The Telegraph.jpg
    Screenshot_20201023-194113_The Telegraph.jpg
    Daily Telegraph 23/10/2020
     
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  11. Groucho

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    05 November 2020

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

    ("Jubilee" or "the Company" or "the Group")



    Jubilee Executes Further Key Copper Cobalt Tailings Transactions Nearly Doubling its Rights to Copper Tailings in Zambia


    Jubilee Metals Group ("Jubilee" or the "Company"), the AIM and Altx traded metals processing company, is pleased to announce that it has successfully concluded further copper tailings transactions to secure the rights to an additional approximately 115 million tonnes of copper and cobalt containing surface tailings in Zambia (the "Tailings"). These transactions are in line with its stated strategy to expand operations in the country and are in addition to the already approximately 155 million tonnes secured, as announced previously, significantly contributing to future sustained earnings.

    Jubilee has secured the exclusive processing rights to the material through its subsidiary Braemore Platinum Limited ("Braemore") by entering into tailings supply and process development agreements (the "Agreements") with a number of privately held entities who collectively hold both the mining rights to the tailings and the property title on which the tailings are located (the "Tailings Partners"). The Agreements include both the formation of a development partnership with a well-established Zambian private entity who has invested in securing various tailings assets, as well as securing the rights to the processing of the Tailings from the resource owners.

    The Agreements secure Braemore the exclusive right to process the approximately 115 million tonnes of copper containing tailings through the implementation of a copper and cobalt processing facility (the "Project"). In addition, the Project benefits from detailed resource analyses and vast historical process test programmes performed by the Tailings Partners through the appointment of various independent well established consulting firms. This affords Jubilee the opportunity to interpret these results and incorporate its in-house expertise and IP to significantly accelerate the Project development cycle.

    Jubilee's secured pipeline of copper projects in Zambia to date places the Company on track to deliver its stated objective to expand its copper producing capacity to in excess of the equivalent of 25 000 tonnes of copper units per annum.


    Highlights

    · Jubilee nearly doubles its access to secured copper and cobalt tailings to reach an approximate 270 million tonnes

    · The Agreements secure the rights to an additional approximate 115 million tonnes of copper containing tailings located within a 50 km radius from Jubilee's Project Elephant and within the Kitwe area

    · The additional Tailings offer the potential to double the targeted production profile for Project Elephant estimated at 12 000 tonnes of copper units per annum in addition to Project Roan, currently under construction

    · The close proximity of all of the projects offers the potential to integrate components of the processing facilities, which could offer significant capital savings

    · The Agreements places Jubilee on track to deliver its objective of reaching 25 000 tonnes of copper units per annum

    · This implementation of these Agreements combined with Jubilee's existing copper projects, will establish Jubilee as a leading copper producer from historical tailings alone

    · The Tailings have been previously drilled and sampled to confirm both content and size containing on average 0.3% copper and 0.05% cobalt

    · The combined magnitude of the total secured copper tailings resources and related projects, together with Jubilee's Sable Refinery, offers the potential to deliver long term sustained quality earnings making a significant contribution to Jubilee's existing earnings from its PGM and chrome operations in South Africa

    · The Sable Refinery is operationally ready and able to significantly enhance its capacity alongside the expected production build up, without incurring any significant new capital expenditure


    Leon Coetzer, CEO of Jubilee, commented: "These Agreements, together with the previous rights to material already secured, have resulted in Jubilee having access to an extensive copper and cobalt containing resource, which importantly is at surface and able to generate long term quality earnings. The implementation of our Zambian copper strategy has been carefully designed and aggressively pursued by the Jubilee team in a very short amount of time. It targets to rapidly replicate at a much larger scale our success achieved in the re-processing of PGM and chrome tails.

    "We have, within 14 months of establishing our presence in Zambia, approximately 270 million tonnes of copper tailings and commissioned a fully operational copper refinery with the ability to expand the refinery into multi metal products.

    "The formation of the development partnership with the Tailings Partners stems from the recognition of Jubilee as the optimal partner to bring to fruition these copper and cobalt tailings. In addition, the partnership affords the Jubilee team the opportunity to apply their know-how to the body of information developed from the extensive drilling campaigns and analytical test programmes undertaken over several years.

    "These Agreements put us on track to play a commanding role in the processing of surface tailings in Zambia by applying our proven technical know-how and IP. As I have stated before, Zambia contains vast quantities of copper tailings requiring Jubilee's skills to unlock the opportunities and value. We have been working alongside leading institutions to review these opportunities and are now perfectly poised to play a commanding role in this area. We have demonstrated our ability to combine the rehabilitation of these historical tailings with the commercial extraction of the contained metals, thereby turning liabilities into commercial ventures."


    Re-cap of Jubilee's Strategy in Zambia

    Vital to Jubilee's strategy is its commitment to ensuring that there is a significant reduction in the environmental hazard and waste left behind from centuries of mining activity, and Zambia is a focal point of concern relating to this mine waste exposure. Using Jubilee's proprietary knowledge and expertise in physical and chemical processing this clean-up can be incentivised by extracting the metals contained at attractive cash margins, before re-depositing the tailings in an environmentally secure tailings facility, minimising the future impact.

    In August 2019, Jubilee established its first fully integrated multi-metal recovery and refining operational footprint in Zambia with the acquisition of the multi-metal Sable Refinery, adjacent to the Company's Kabwe tailings resource, marking a significant milestone in the Company's international roll-out strategy, as well as widening its commodity exposure. The acquisition served as an entry point for Jubilee into Zambia, presenting the Company with a very well-placed platform from which to pursue the various base metal opportunities presented by the country and to begin actively engaging with third party suppliers to develop strategic partnerships as part of the expansion of the Integrated Kabwe Operations.

    The Board and management see a significant opportunity to expand operations in the country, particularly in copper, where there is a large supply of on-surface waste material. Jubilee's implementation of its copper strategy is centred around its in-house proven ability to pre-concentrate and extract value from tailings resources. The systematic implementation of the strategy includes; the commissioning of the copper refinery circuit; processing tails owned by Sable Refinery to produce copper cathode; entering into third party ore supply offtake agreements; securing exclusive access to vast surface copper tailings resources. Jubilee is in addition working with the Zambian authorities, reviewing further copper tailings in the Country which the Company expects will create a number of opportunities for further expansion of operations in Zambia.

    The Company's highly experienced technical and operational teams plan to construct a copper concentrator at the tailings resource to produce two separate concentrates for both the acid soluble copper oxides and the sulphide associated copper. This facility enables the Project to process copper tailings previously regarded as uneconomical.


    Key Terms of the Agreements

    Jubilee, through its subsidiary Braemore, has secured the exclusive processing rights to approximately 115 million tonnes of copper and cobalt containing tailings, located within a 50 km radius from Jubilee's Project Elephant, through the Agreements with the Tailings Partners. Under the terms of the Agreements, Braemore secures the exclusive right to gain free unrestricted access to the tailings resources and to uplift and process the tailings to recover copper and cobalt for on-sale into the market. Braemore is appointed as the exclusive operator and solution provider to bring to account the Tailings. In recognition of this right afforded to Braemore, the Tailings Partners are entitled to a future earnings share from the processing of their respective tailings by Braemore ranging from 17% to 30%. Such earnings share includes a capital charge allocated to each Tailings Partner by Braemore in respect of the capital expended by Braemore for the implementation and commissioning of the processing facility for the respective Tailings.

    An extensive drilling and sampling programme has been concluded over the Tailings, as well as several detailed process testing programmes over the past years, with various internationally recognised engineering firms. The drill program has been independently verified and confirms an indicated resource of 100 million tonnes containing 0.3% copper and 0.05% cobalt, with a further 14 million tonnes classed as an inferred resource. This body of information offers a tremendous opportunity to fast track the development of the Project under Jubilee's guidance by applying its in-house IP and technical expertise to complete an appropriate project design and implementation strategy.

    The partnership with the Tailings Partners affords Braemore immediate access to the information derived from numerous sampling and test campaigns undertaken by the Tailings Partners, as well as their continued support in the implementation of the Project. In part recognition of the investment undertaken by the Tailings Partners, Braemore has in addition agreed to a milestone based investment in relation to the development of the Project. The Agreements combine Jubilee's proven track record of implementing and operating projects through its in-house expertise, with established and locally respected presence in Zambia of the Tailings Partners.

    The Project is strategically located close to Jubilee's existing 150 million tonnes of tailings (Project Elephant), offering the further potential to optimise the Project, by in part integrating the two projects allowing for significant potential capital savings. Jubilee is targeting to complete the project scoping and design phase within six months, during which time Jubilee's Project Roan is expected to reach full production and Project Elephant will be commencing its construction phase. Jubilee has targeted to fund the capitalisation of its Zambian copper projects through a combination of its own cash reserves and accessing non-dilutive project funding from leading institutions by leveraging off Jubilee's strong balance sheet. Jubilee is well progressed with the discussions to secure the targeted project funding and will provide further updates in this regard in due course.
     
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  12. Groucho

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    10 November 2020

    Jubilee Metals Group Plc

    ("Jubilee" or the "Company")


    Audited results for the year ended 30 June 2020

    Notice of Annual General Meeting and availability of Annual Financial Statements


    Jubilee, the AIM and Altx traded metals processing company is pleased to announce its audited results for the year ended 30 June 2020.

    Financial Highlights

    · Total revenue for the year increased by a strong 132 %, to £ 54.8 million (ZAR 1.1 billion)1 [2019: £ 23.6 million (ZAR 432.6 million)]

    · Adjusted Group EBITDA increased sharply by 132 % to £ 22.6 million (ZAR 446.4 million) (adjusted EBITDA excludes depreciation, impairments and other non-cash charges and gains)

    · Earnings growth of 162 % to £ 18.3 million (ZAR 361.1 million) [2019: £ 7.00 million (ZAR 128.3 million)] and a return on equity of 21.2 %, [2019: 10.5 %]

    · Earnings per share up 96 %, to 0.94 pence (ZAR 18.47 cents) [2019: 0.48 pence (ZAR 8.75 cents)]

    · Jubilee delivered strong cash flows from its operating activities of £ 19.4 million (ZAR 415.4 million) [2019: positive cash flow of £ 4.76 million (ZAR 84.79 million)]

    · During the year under review, a total of £ 26.1 million (ZAR 557.9 million) was invested in acquisitions and purchases of property, plant and equipment, nearly doubling the previous year's total investment of £ 13.5 million (ZAR 240 million), while at the same time, a further £ 4.2 million (ZAR 89.1 million) of external debt obligations were repaid

    · Operating profit boosted by 226 %, to £ 15.9 million (ZAR: 313.2 million) [2019: profit of £ 4.87 million (ZAR89.38 million)], with an operating margin of 29 % (2019: 20.7 %)

    · Balance sheet strengthened substantially, with total assets increasing by 28 %, to £ 130.6 million (ZAR 2.8 billion) [2019: £ 102.0 million (ZAR 1.8 billion)]

    · Total equity increased to £ 94.2 million (ZAR 2 billion), from £ 78.7 million (ZAR 1.4 billion) a year earlier, maintaining a strong equity ratio of 72 % (2019: 77 %)

    · Overall, the Group's gearing remains low, with current assets* covering 92.7% (2019: 126.74 %) of total short and long term liabilities


    * current assets include inventory, trade and other receivables and cash and cash equivalents


    Operational Highlights

    • PGM2 Operations delivered a record production of 40 743 ounces (2019: 23 847 ounces) for the year, generating PGM revenue of £ 34.5 million (ZAR 681.9 million), compared to £ 15.8 million (ZAR 288.9 million) in the previous year

    · Chrome Operations delivered 377 883 tonnes of chrome concentrate (2019: 181 947 tonnes), generating chrome revenue of £ 17.2 million (ZAR 338.2 million) [(2019: £ 7.8 million (ZAR 143.7 million)]

    · Jubilee completed the acquisition of the Sable Zinc Refinery in Kabwe, Zambia for a cash consideration of £ 9.2 million (US$ 12.0 million) (ZAR 176.0 million). The refinery is situated immediately adjacent to the large stock piles of zinc, lead and vanadium that Jubilee has contracted from BMR Group Plc ("BMR")


    Investment Highlights

    · Jubilee acquired 100 % of the rights to the PGM tailings situated at Jubilee's Inyoni Operations (previously Hernic) located in the Bushveld Complex, South Africa

    · Jubilee has also acquired 100% of all further rights to the chrome contained in all of the historical tailings at Inyoni Operations as described above

    · Jubilee implemented its option to acquire Enviro Mining Limited from BMR. Enviro Processing Limited is a subsidiary of Enviro Mining Limited that owns the small scale mining licence in Zambia

    · Jubilee has secured the rights to approximately 150 million tonnes of copper containing surface tailings, targeted to be upgraded at site and refined at its Sable Refinery in Zambia. This will be done through a joint operation with the mining rights holder. Project Elephant alone holds the potential to produce copper concentrates in excess of the total Sable Refinery capacity of 14 000 tonnes per annum of copper cathode

    · Post the period under review Jubilee secured the rights to approximately 2 million tonnes of copper run-of-mine ("ROM") material with the potential of increasing the ROM material to 4 million tonnes, as well as a targeted 2.5 million tonnes of copper containing tailings ("Project Roan")

    · Post the period under review Jubilee secured the rights to an additional 115 million tonnes of copper and cobalt tailings. This increases Jubilee's total secured rights to copper and cobalt tailings to approximately 270 million tonnes


    1= For income statement purposes conversions are at the average £:ZAR rates for the period under review and for balance sheet purposes at the spot rate as at year end. All other conversions are at rates at the time announced.

    2= 6 Element Platinum Group Metals (platinum, palladium, rhodium, ruthenium, iridium + gold).


    Operational Highlights post the period under review

    · PGM and chrome operations delivered record quarterly operational earnings of £ 15.17 million (ZAR 332.36 million), surpassing the previous operational record set during the full H1 2020period

    · Jubilee's PGM operations hit its highest quarterly PGM production, reaching 15 044 PGM ounces produced during Q3 2020

    · PGMrecordproductionsupportedby136162tonnesof chrome concentrate produced under tolling agreements from third party ore suppliers during Q32020

    · Chrome Operations improved its attributable earnings margin, achieving 23 % for Q3 2020 compared to 7 % for H1 2020


    Key financial and operational indicators
    Screenshot_20201110-070950_Vox Markets.jpg

    Chief Executive Officer's overview

    This reporting period again showcases the strength and resilience of Jubilee's business strategy with sustained, strong growth in all aspects of the Company despite the unprecedented challenges faced as a result of the COVID-19 pandemic.

    Naturally, Jubilee was not immune to the pandemic as South Africa declared a nationwide lockdown to fight the spread of the virus, forcing the temporary suspension of all operations in March, with a gradual restart of the operations permitted over the following two months. During this period, Jubilee implemented the required safety measures for the protection of all staff in strict adherence with lockdown rules and regulations as set out by the South African Government.

    For the reporting period, Group Revenue increased sharply by 132 %, to £ 54.8 million (ZAR 1.1 billion) and adjusted Group EBITDA increased 153 % to £ 22.6 million (ZAR 446.4 million) (adjusted EBITDA excludes depreciation, impairment and other non-cash charges and gains).

    Jubilee's results reinforce the Company's confidence in what it refers to as "The Jubilee Way", continuously striving to translate leading in-house processing and metals recovery excellence into industry leading operational efficiencies. Jubilee's achievements in the chrome industry in particular, with the introduction of its in-house developed Fine Chrome recovery plant and its state of the art Inyoni PGM recovery plant, are examples of "The Jubilee Way" in action.

    As a product of these achievements, Jubilee is also seeing an increase in approaches from established industry players looking to partner and work with Jubilee in order to improve overall operational efficiencies and target previously discarded metal values. This is evidence that Jubilee's brand as a leading metals recovery company has travelled across metal groups and mining jurisdictions and holds the potential to contribute significantly to future growth.

    During the period under review, Jubilee further diversified its operations across metals and mining jurisdictions. Notably, the Company added copper and cobalt to its existing chrome and PGM operations. Jubilee has set a bold target of reaching 25 000 tonnes of copper units per annum, and as such has concluded several strategic agreements in this regard.

    In Zambia, the Company is seeking to replicate the success of its PGM and Chrome operations, and this has been a significant period seeing rapid growth. Jubilee has already secured the rights to vast copper and cobalt tailings resources following its acquisition of the Sable Refinery, which are in addition to the rights that the Company holds over the Kabwe zinc, lead and vanadium tailings in Zambia. Jubilee is targeting to establish the Sable Refinery as a multi metal refinery in Zambia on the back of its surface held tailings rights.

    In August 2019, Jubilee acquired the Sable Refinery from Glencore in Zambia and commenced with the commissioning of the copper refinery circuit in December 2019. This was followed by three key transactions in Zambia, whereby Jubilee secured access to approximately 270 million tonnes of historical copper and cobalt tailings material, which will be upgraded and refined at the Sable Refinery as well as third party partnered refiners. Jubilee is committed to rapidly building its copper production profile, ensuring it is perfectly poised to take a commanding role in the copper space in Zambia.

    In June 2020, Jubilee implemented its option to acquire Enviro Mining Limited from BMR. Enviro Processing Limited is a subsidiary of Enviro Mining Limited that owns the small-scale mining licence in Zambia.

    Jubilee's South African operations continued to deliver further growth, despite the operational interruptions experienced during the lockdown period, delivering 40 743 6E PGM ounces (increase of 71 % on the previous period). During the period Windsor PGM Operations reached full operational capacity and in November 2019, Jubilee concluded the acquisition of all rights to the historical PGM and chrome tailings at Inyoni Operations. The chrome operations, which further enable the PGM business by firstly recovering the chrome from the ore to deliver a PGM rich feed stream to the PGM recovery plants, also excelled, producing 377 883 tonnes of chrome concentrate (increase of 108 % on the previous period) thanks to Jubilee's industry leading chrome recovery efficiencies. This performance facilitated Jubilee's ability to successfully contract third party run-of-mine chrome feed, coupled with secure offtake agreements for chrome concentrate, ensuring that the production capacity at its Windsor Chrome Operations will be fully utilised throughout the next three years, with the option to further extend the supply agreement. This contract alone significantly increases Jubilee's access to PGM rich chrome tailings which are in addition to the large tailing resources already owned by the Company.

    Post period end, Jubilee continued to expand its chrome operations with the addition of a further 35 000 tonnes of processing capacity through another joint operation agreement, whereby Jubilee takes control of the management of a previously under utilised chrome facility named Windsor 8. Jubilee also entered into a further management and processing agreement, under which Jubilee has been appointed to manage and operate an additional chrome beneficiation plant adjacent to its Inyoni PGM operations. This additional processing includes the processing of a minimum of 40 000 tonnes of chrome ore per month for a 3 year period, which may be extended.

    Under each of these agreements Jubilee retains ownership of the PGM containing discard from the chrome operations. While the chrome operations, on their own, now form a notable profit contributing segment of the overall business and continue to grow, at the same time, they ensure a long term, ongoing and sustainable supply of additional high quality PGM rich feed material for the PGM operations, over and above the existing tailing resource already owned by the Company.

    The continued growth in operations is further demonstrated by the unaudited operational results achieved for Q3 2020, producing record 15 044 6E PGM ounces and 136 162 tonnes of chrome concentrate for the 3 month period.

    As has been evidenced, Jubilee's South African business has matured substantially, with operations continuing to grow on the back of improved efficiencies and the full contribution of its Windsor PGM operations. The Company has shifted its focus from rapid growth to sustained performance and quality earnings through extended longevity and the strong potential to grow organically, as well as through strategic partnering and acquisitions.


    Chairman's statement

    The year under review has again been very strong, with new records being broken, productivity improvements implemented and the acquisition of major new projects in South Africa and in Zambia expanding our operational, jurisdictional and earnings footprint. We have significantly increased our portfolio of operations in Southern Africa and continue with our exposure to a broad commodity basket that includes PGMs, chrome, copper, lead, zinc, vanadium and cobalt, seeing another impressive increase in earnings of 162 % to £18.3 million (ZAR 361 million).

    With the increasing awareness globally of the need to reduce mine waste exposure and the vast amount of historic on-surface waste material globally, governments and corporate mining entities have an obligation to implement a mine waste treatment solution. There is the recognition of the potential value of such mine waste, although few companies have the abilities or expertise to implement mine waste recovery projects. This is where Jubilee, with its proven technical know-how, comes in. We turn potential waste liabilities into assets through implementing our bespoke environmentally conscious metal recovery solutions that ensure a zero-effluent policy. Importantly the projects have defined reserves with the tonnage and a grade known in advance, and do not have the expenses related to traditional mining techniques. Our specialised solutions have exceptionally low capital intensity and operating costs, which delivers robust margins that we can see this year.

    The Jubilee business has gone through a period of significant maturity during the period and in the immediate months post-period end. We have expanded our project portfolio in both South Africa and, importantly, in Zambia. The expansion into Zambia is significant for us, where we continue to establish our multi-metal recovery and refining operations, and is proof that the know-how and experience we have accumulated from operating in South Africa can be translated into other jurisdictions across the African continent, and beyond.

    Our operations in South Africa have all performed to expectation and often above, this being achieved during a period of fluctuating commodity prices where we have seen distressed chrome prices and depressed PGM prices, notwithstanding the high palladium and rhodium prices. Despite the overall lower metal prices, the Company's strategy of having a diversified commodity basket and integrating PGMs and chrome has paid off handsomely.

    The expansion of the operations in South Africa and in Zambia is testament to the team's proven technical abilities and exceptional hard work during the period. Further details of each of our projects can be found in the Chief Executive's Report, but with the exception of the Windsor PGM and Chrome projects, most of our acquisitions in South Africa have been in and around expanding existing projects, where, given our knowledge of the operational and financial risks, acquisition and implementation risks have been well managed and mitigated. The year under review, has seen the South African output of PGMs nearly doubling to 40 743 ounces on a 6E basis and reaching 377 883 tonnes of chrome concentrate.

    In Zambia, the completion of our acquisition of the Sable Refinery has allowed the Company to become a copper producer, early on after acquisition. The acquisition of the Sable Refinery, brought into operation in December and January, adjacent to our Kabwe tailings resource, has provided Jubilee with the opportunity to enter the copper arena in the country, where primary deposits are still readily available from third parties on various scales and in excess of 1 billion tonnes of dump and tailings material exists. We produced and sold our first copper cathode from tails in March 2020 and has since brought the cobalt steam on-line. The refinery has reached full operational readiness to step up production in-line with the commissioning of our copper tailings projects.

    Securing the rights to 150 million tonnes of copper containing surface tailings in June was a further significant step in Zambia for us. This project together with our Project Roan holds the potential to produce copper concentrates in excess of the Sable Refinery's capacity and the potential result of this on our earnings will be significant. In addition, the joint operation agreement signed in August this year, post period end, secures the rights to process a further feed-stock of 2 million tonnes of copper run-of-mine material. This was followed in November by the very significant agreements to collectively secure a further 115 million tonnes of copper and cobalt tailings. Jubilee has now amassed a total of 270 million tonnes of copper and cobalt tailings. This enables Jubilee to rapidly roll out its strategy of having a decentralised facility feeding capacity at the Sable Refinery and partnering with further refiners to process the quantum of copper targeted to be produced by Jubilee. This further diversifies our revenue streams and most importantly, is very profitable for us.

    The copper acquisitions described above take Jubilee into the realm of a significant Zambian producer, well in excess of the aforementioned 2021 build-up. The zinc circuit construction at the Sable Refinery has been delayed due to the COVID-19 pandemic restrictions, but we are planning to recommence construction once border sanctions are lifted. We are expecting to recommence the construction in Q1 2021.

    During the year, we have built on our local and global reputation as a maturing specialist dump recovery company and this has brought many potential opportunities to the Company. We are fully engaged in pursuing these opportunities and increasing our cashflows at a pace commensurate with our opportunities. Our brand "The Jubilee Way" is gaining respect from the trade and investment industries and over the last year our space has attracted much attention and we are well placed to take advantage of that attention. Copper prices are currently very strong and are forecasted to be even stronger in the coming years. We feel that chrome has seen an unprecedented bottom, and the fundamentals for PGMs remain good in the mid-term. Our operational, research and business development teams have shown considerable resilience and tenacity during a year of exceptional growth, accompanied by exceptional challenges and we feel well prepared to accept new challenges and increase the rate of growth of the business.

    Like most businesses, we have not escaped the challenges of the COVID-19 pandemic and I am personally saddened by the tragic consequences of this pandemic, both to individuals and business undertakings in general. Our employees are our most important asset and the management at Jubilee has applied maximum thought and implementation to schemes directed toward limiting the effect on our employees and our business overall.

    I would like to take this opportunity to thank all management and employees, who remain positive during this period of uncertainty which unfortunately is still with us. Global business resumption is likely to be stop start, and the only economy currently performing well is China. They, of course, are dependent on the rest of the world to kickstart their economies in order to have global supply demand fundamentals evident before the outbreak of the pandemic. We as a company are on a strong footing to face the challenges that the remainder of the year will present and are hopeful for an environment which is more stable and therefore more predictable.

    Finally, I would like to thank our CEO, Leon Coetzer, for his resilience for maintaining and increasing operational levels and overseeing new business acquisitions. Leon has continued to put together an excellent team of likeminded individuals, who I know will respond well to all of the challenges that our rapid growth presents.


    Colin Bird

    Non-executive Chairman
    9 November 2020



    Notice of Annual General Meeting and availability of the Group's Annual Financial Statements

    The Company also hereby gives notice of its 2020 Annual General Meeting, which will be held on 3 December 2020 at 9:00 am UK time at the Company's South African offices at Ground Floor, Support Services Place, Jigsaw Office Park, 7 Einstein Street, Highveld Techno Park, Centurion, Gauteng, South Africa to transact the business as stated in the notice of Annual General Meeting. The Group's Annual Financial Statements for the year ended 30 June 2020has been posted to the website, www.jubileemetalsgroup.com together with the notice of the Company's 2020 Annual General Meeting. Shareholders are advised that the Notice of Annual General Meeting, for the year ended 30 June 2020 has been posted to Jubilee shareholders today, 10 November 2020.

    In light of current restrictions on public gatherings and to ensure shareholders can comply with the government measures, the Company has concluded that shareholders will not be permitted to attend in person. The Company therefore requests that shareholders cast their votes by proxy to be received 48 hours (excluding non-business days) in advance of the time of the Annual General Meeting.

    Instructions on how shareholder can cast their votes for the Annual General Meeting are included in the Notice of Annual General Meeting.
    Screenshot_20201110-071501_Vox Markets.jpg
    Jubilee Metals Group - Audited results for the year ended 30 June 2020 #JLP https://www.voxmarkets.co.uk/rns/announcement/bc41bc34-850f-48ea-a6ad-472b85654d8c #voxmarkets
     
    Last edited: Nov 10, 2020
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  17. Groucho

    Groucho Member

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  18. Groucho

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  19. Groucho

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    LSE - Another positive comment

    ShareProphets " For a company that could be delivering earnings of well above £60 million this year, that (MCAP) is not demanding. Despite our July recommendation at only 4.6p, suggesting 9.5p+ very realistic as the earnings growth continues to play out, at around 7p still a buy."

    Feels like the tide is turning on recognition. Maybe we’ll crack double figures for Christmas!

    A32AAFB7-9A1E-4F2C-80C1-9781F5171EC8.jpeg
     
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  20. Groucho

    Groucho Member

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    16 November 2020

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

    ("Jubilee" or "the Company" or "the Group")


    Jubilee Live Interactive Webcast


    Jubilee, the AIM and Altx traded metals processing company, advises that ahead of the Company's Annual General Meeting being held at 9am UK time (11am SA time) on 3 December 2020, the Company will be hosting a webcast, giving shareholders an opportunity to engage with the Jubilee Board for a general Company update and discussion of the group annual audited results for the year ended 30 June 2020 on Wednesday, 18 November 2020 at 9am UK time (11am SA time).

    Shareholders are invited to participate by following the link provided below:
    https://webcasting.brrmedia.co.uk/broadcast/5faeaa94be1fd642a3ef19a0
     
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