Share Name Share Symbol Market Type Share ISIN Share Description
Jubilee Metals LSE:JLP London Ordinary Share GB0031852162 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -0.05p -1.39% 3.55p 3.50p 3.70p 3.675p 3.60p 3.60p 3,823,016 16:35:06
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Mining 9.8 -20.4 -1.1 - 39.70

Jubilee Platinum PLC Hernic Operations Update for October 2017

20/11/2017 7:00am

UK Regulatory (RNS & others)


Jubilee Metals (LSE:JLP)
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3 Months : From Oct 2017 to Jan 2018

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TIDMJLP

RNS Number : 9374W

Jubilee Platinum PLC

20 November 2017

Jubilee Platinum Plc

("Registration number: 4459850")

AIM share code: JLP

AltX share code: JBL

ISIN: GB0031852162

("Jubilee" or "the Company")

Hernic Operations Update for October 2017

Highlights

-- The Hernic PGM Project continues to step up production reaching 45 596 tonnes processed for October 2017

   --     PGM(1) ounces production increased by 22 % month-on-month to 1 427 ounces 

-- Project revenue(2) increased by 18 % month-on-month to GBP 0.76 million (22 % to ZAR 13.77)(3)

-- Project earnings(4) increased by 47 % month-on-month to GBP 0.37 million (52 % to ZAR 6.65 million)

   --      Unit cost per PGM ounce produced continues to reduce achieving USD 406 

1 = Precious Group Metals (platinum, palladium, rhodium, iridium, ruthenium, and gold)

2= Revenue from the current project phase - 100% attributable to Jubilee until full capital recovery. Revenue is projected based on latest average PGM market prices and USD exchange rates and results are only final once final Quotational Period has passed

3= Average monthly conversion rates used

4= Project Earnings include all incurred operational costs including management services and mineral royalties

CEO, Leon Coetzer, commented:

"The Hernic project continues to deliver excellent results as we step up the throughput during the final optimisation of the operation.

Our October results illustrate the significant improvement in operational performance during this optimisation phase which we expect to continue over the next quarter.

I am particularly delighted by the earnings margin that the project is already achieving with a unit cost of only USD 406 making the Hernic project one of the lowest cost PGM producers in the industry."

HERNIC OVERVIEW

The Hernic operations' performance improved significantly, which is in-line with the current focus on process optimisation as part of the final phase of the project execution. As stated previously we expected a further step increase in operational performance during Q4 2017 with the increase in feed material to the processing plant. The October results confirm this continued step improvement for Q4 2017 with a 22% increase in PGM ounce production resulting in a project unit cost per PGM ounce produced of USD 406.

The table below presents the comparative performance of the Hernic operation for Q3 2017 and the month of October 2017:

 
           Tailings       PGM       Project     Project       Project      Project      Jubilee        Jubilee      Unit 
           processed    ounces      revenue    revenue(2)   earnings(3)   earnings    attributable   attributable   cost 
            tonnes     delivered      (1)      (ZAR'000)     (GBP'000)    (ZAR'000)     earnings       earnings     / PGM 
                                   (GBP'000)                                           (GBP'000)      (ZAR'000)      oz 
                                                                                                                    (USD) 
--------  ----------  ----------  ----------  -----------  ------------  ----------  -------------  -------------  ------ 
              34 
 Jul-17       823         792         365        6.226          50           868           50            868         516 
--------  ----------  ----------  ----------  -----------  ------------  ----------  -------------  -------------  ------ 
              33 
 Aug-17       057         911         528        9.055          195         3.340         195           3.340        474 
--------  ----------  ----------  ----------  -----------  ------------  ----------  -------------  -------------  ------ 
              37 
 Sep-17       793        1 171        646        11.300         251         4.384         251           4.384        449 
--------  ----------  ----------  ----------  -----------  ------------  ----------  -------------  -------------  ------ 
 Total 
  Q3          105 
  2017        673        2 874       1.539       26.581         496         8.592         496           8.592        476 
--------  ----------  ----------  ----------  -----------  ------------  ----------  -------------  -------------  ------ 
              45 
 Oct-17       596        1 427        763        13.771         368         6.647         368           6.647        406 
--------  ----------  ----------  ----------  -----------  ------------  ----------  -------------  -------------  ------ 
 

1= Revenue from the current project phase - 100% attributable to Jubilee until full capital recovery. Revenue is projected based on latest average PGM market prices and USD exchange rates and results are only final once final Quotational Period has passed

2= Average monthly conversion rates used

3= Project Earnings include all incurred operational costs including management services and mineral royalties

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

20 November 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

Mark Brady/Andrew Emmott

Tel: +44 (0)203 368 3551

Broker

Beaufort Securities Limited

Jon Belliss

Tel: +44 (0) 20 7382 8300

This information is provided by RNS

The company news service from the London Stock Exchange

END

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(END) Dow Jones Newswires

November 20, 2017 02:00 ET (07:00 GMT)

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