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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Jubilee Metals Group Plc | 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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 6.60 | 6.50 | 6.80 | 6.65 | 6.65 | 6.65 | 2,734,915 | 16:35:17 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Miscellaneous Metal Ores,nec | 141.93M | 12.91M | 0.0047 | 14.15 | 182.09M |
From Apr 2022 to Apr 2024
TIDMJLP
RNS Number : 9467D
Jubilee Metals Group PLC
25 October 2022
Jubilee Metals Group PLC
Registration number (4459850)
AltX share code: JBL
AIM share code: JLP
ISIN: GB0031852162
("Jubilee" or "the Company" or "the Group")
Dissemination of a Regulatory Announcement that contains inside information according to UK Market Abuse Regulations. Not for release, publication or distribution in whole or in part in, into or from any jurisdiction where to do so would constitute a violation of the relevant laws or regulations of such jurisdiction.
Audited Results for the year ended 30 June 2022
Notice of Annual General Meeting
Inaugural Integrated Annual Report
Jubilee Metals Group PLC, a diversified leader in metals processing with operations in Africa (AIM: JLP/Altx: JBL), is pleased to announce its audited results for the year ended 30 June 2022 ("FY2022"). Jubilee is also publishing, today, its inaugural Integrated Annual Report. The Company's evolution over the past 18 months has been primarily facilitated by a GBP58 million (US$71 million) capital expansion project through which it has successfully funded the acquisition and refurbishment of processing facilities in South Africa's PGM and chrome-rich Bushveld Complex and the copper-rich Southern extent of Zambia. It has also been aided by the notable expansion of the Group's client base and the acquisition of new feedstock sources.
This positive trajectory is a foretaste of what is to come to rapidly expand our operational footprint in Zambia and seize further growth opportunities in South Africa while holding the potential to replicate this success across multiple jurisdictions. As Jubilee intends to continue targeting metals that are linked to a low-carbon future, particularly renewable energy production and battery storage, our position and value to the global supply chain will become increasingly entrenched. The successful implementation of the capital programme has reshaped the Company by further diversifying its earnings across metals and jurisdictions and has laid the platform for enhanced growth in the coming financial year.
Key Achievements for FY2022
-- Jubilee successfully completed its capitalisation and expansion programme and delivered on its targeted production for PGM (41 586 ounces), chrome (1 222 452 tonnes) and copper (2 604 tonnes) and maintained its zero-fatality rating with an LTIFR of 1.50 in South Africa and 2.90 in Zambia
-- In South Africa, construction and ramp-up of the 45% expanded Inyoni operation was completed in March 2022, allowing Inyoni to accept multiple types of feed sources with an annualised capacity of 44 000 PGM ounces and a combined 1.2 million tonnes of by-product chrome concentrate (up 85%)
-- In Zambia, the fully integrated Southern Copper Refining Strategy was delivered with the completion of construction of the new Roan copper concentrator and commissioning and ramp-up commencing in July 2022 reaching nameplate throughput rates during September 2022
-- The combined investment has resulted in an increase in the tangible net asset value per share of 40% to 4.84 pence for FY2022
-- Revenue increased by 5.4% to GBP140 million (US$186 million), despite the completion of the investment program during the period under review. The early implementation of the new chrome circuit resulted in increased chrome by-product credits (up 101%) contributing to a lower US$ cost per PGM ounce (down 10%)
-- Robust balance sheet after fully settling long-term debt of GBP5.3 million -- Positive net cash position with current assets covering total liabilities by 131%
-- EBITDA of GBP37 million (US$45 million) 25% lower, despite completion of the extensive capital programme alongside production
-- Cash from operating activities up 11% showing strong cash flows from operations
Ollie Oliveira, Incoming Chairman commented: "It is an exciting time to join such a unique company at the forefront of extracting metal from waste and perceived waste. The very nature of the Group's business model means we are in a unique position to clean up historic tailings, and therefore economically benefit all stakeholders. Jubilee has become a global leader in waste and tailings processing.
"The Group has built a very strong track record in South Africa and has started rapidly expanding in both South Africa and now Zambia. This has indeed been a transformative year for Jubilee and a strong growth platform has been created, with exciting projects in both countries for us to pursue.
"Beyond delivering on the medium-term plan of executing the Northern Copper Refining Strategy in Zambia and continuing to expand our operational footprint, we have also focused our attention on addressing improved governance at the board level and the strengthening of risk management along with all the other controls that need to be present in a company that has grown as fast as Jubilee has over the past few years."
Leon Coetzer, CEO, commented: "The year to June 2022 was a transformative year in Jubilee's journey. The team has delivered a significantly expanded and further diversified operational footprint. We overcame a number of challenges to execute a highly complex capital expansion programme and established a solid foundation in our pursuit of becoming a global leader in processing and retreating historical mine waste and perceived waste, whilst growing responsibly.
"At the core of the Jubilee story, something I am most proud of is that the solution we offer allows us to not only clean up environmental liabilities such as tailings deposits but in parallel, treat third-party mine feed that ordinarily would be headed to a waste dump.
"I am pleased that we finished the year strongly, generating increased revenue (5.4% higher than the previous year) mostly attributable to the nearly doubling of the chrome operations as a forerunner to the expanded PGM operations at Inyoni, and stronger copper production in Zambia. We have seen positive operational earnings of GBP45 million (US$60 million) for the year. The 10% drop in unit cash cost to produce a PGM ounce is very significant and is a direct result of the increased contribution of chrome as a by-product increasing by 262% compared to FY2021.
"Importantly, we were able to eliminate GBP5.3m of historical debt during the year, leaving a robust balance sheet and the financial capacity to pursue further opportunities as we look to expand our copper operations in Zambia.
"In South Africa, we delivered on our strategy to maximise the processing of historical tailings through our own operations. The Inyoni processing facility refurbishment benefited from the scale of operations as best reflected in our second half of FY2022 with earnings per PGM ounce increasing by 20% to US$1 316 from the first half of FY2022. Despite almost completely restructuring Inyoni, production of 41 456 PGM ounces was achieved in FY2022.
"Post year end a significant milestone was achieved in Zambia with our Roan concentrator reaching nameplate capacity, following the successful commissioning and ramp-up of the operations. Considering the operating context which was marred by COVID-19 and supply chain disruptions, this was a remarkable achievement.
"The fully integrated Southern Copper Refining Strategy is a significant step for Jubilee as it diversifies and expands our footprint across commodities and jurisdictions. As significant as our achievements in Zambia have already been, we see the Southern Copper Refining Strategy as a mere demonstration of the potential for a much greater footprint in the country in the years ahead.
"To each of Jubilee's employees, I say: We have been through a busy year and your tireless efforts and long hours have not gone unnoticed. Both in South Africa and Zambia, you have shown that "The Jubilee Way" is not just a set of words, but something that you have all lived by over the past twelve months, and this has yielded momentous results.
"The future holds tremendous potential growth for our Company as it benefits from the foundation laid during the FY2022 period. I look forward to updating shareholders on Jubilee's developments."
GROUP KEY PERFORMANCE INDICATORS
Hot Features
Premium
% change 12 months 12 months 12 12 % change
to to Unit GROUP KEY UNITS Unit months months
30 Jun 30 Jun OF PRODUCTION to to
2021 FY2021 2022 FY2022 30 Jun 30 Jun
2022 2021
FY2022 FY2021
PGM ounces sold
------------------ ------------------ -------------- --------------------- ------- -------- -------- ---------
(1%) 35 642 35 318 Oz * Inyoni Oz 35 318 35 642 (1%)
------------------ ------------------ -------------- --------------------- ------- -------- -------- ---------
(57%) 14 521 6 268 Oz * Third party JV Oz 6 268 14 521 (57%)
------------------ ------------------ -------------- --------------------- ------- -------- -------- ---------
Total PGM ounces
(17%) 50 162 41 586 Oz sold Oz 41 586 50 162 (17%)
------------------ ------------------ -------------- --------------------- ------- -------- -------- ---------
88% 1 387 2 604 Tonne Copper tonnes sold Tonne 2 604 1 387 88%
------------------ ------------------ -------------- --------------------- ------- -------- -------- ---------
UNIT REVENUE
------------------ ------------------ -------------- --------------------- ------- -------- -------- ---------
Revenue per PGM
(28%) 2 248 1 615 $/oz ounce GBP/oz 1 215 1 670 (28%)
------------------ ------------------ -------------- --------------------- ------- -------- -------- ---------
Revenue per copper GBP
(6%) 8 657 9 210 $/t tonne /t 6 929 6 429 (8%)
------------------ ------------------ -------------- --------------------- ------- -------- -------- ---------
UNIT COSTS
------------------ ------------------ -------------- --------------------- ------- -------- -------- ---------
Net cost per PGM
ounce (after
by-product GBP
(10%) 456 408 $/oz credits chrome) /oz 305 339 (10%)
------------------ ------------------ -------------- --------------------- ------- -------- -------- ---------
Net cost per copper
tonne (after
by-product GBP
(6%) 5 076 5 386 $/t credits cobalt) /t 3 929 3 769 (4%)
------------------ ------------------ -------------- --------------------- ------- -------- -------- ---------
UNIT EARNINGS
------------------ ------------------ -------------- --------------------- ------- -------- -------- ---------
Net earnings per GBP
(33%) 1 792 1 207 $/oz PGM ounce /oz 910 1 331 (32%)
------------------ ------------------ -------------- --------------------- ------- -------- -------- ---------
Net earnings per GBP
7% 3 582 3 824 $/t copper tonne /t 2 882 2 660 8%
------------------ ------------------ -------------- --------------------- ------- -------- -------- ---------
GROUP KEY FINANCIAL
INDICATORS
------------------ ------------------ -------------- --------------------- ------- -------- -------- ---------
27 954 37 643 30 993 20 205
35% 034 497 US$ Capital spend GBP 020 735 53%
------------------ ------------------ -------------- --------------------- ------- -------- -------- ---------
Cashflow from
37 534 41 276 operating 31 005 27 872
10% 433 419 US$ activities GBP 195 695 11%
------------------ ------------------ -------------- --------------------- ------- -------- -------- ---------
178 894 186 387 140 006 132 845
4% 480 702 US$ Revenue GBP 986 252 5%
------------------ ------------------ -------------- --------------------- ------- -------- -------- ---------
66 401 48 955 36 773 49 308
(26%) 146 819 US$ EBITDA GBP 653 827 (25%)
------------------ ------------------ -------------- --------------------- ------- -------- -------- ---------
Tangible net asset
value per ordinary
23% 4.79 5.90 US cent share (pence) pence 4.86 3.47 40%
------------------ ------------------ -------------- --------------------- ------- -------- -------- ---------
COMBINED FINANCIAL AND OPERATIONAL HIGHLIGHTS
Period under review
-- Inyoni refurbishment completed on time and on budget from a single feed facility to a multi-feed facility with a 45% increase in annual capacity to 44 000 ounces
-- Project Roan reached nameplate production during September 2022 to maintain its design throughput rate of 110 tonnes per hour needed to produce the targeted copper concentrate for refining at the Sable Refinery
-- 40% increase in tangible net asset value per share to 4.84 pence for FY2022
-- Achieved stated targeted PGM production of 41 456 ounces (FY2021: 50 162 ounces), chrome 1 222 452 tonnes (FY2021: 727 264 tonnes) and copper production of 2 604 tonnes (FY2021: 1 387 tonnes)
-- PGM unit cost of production reduced by 10% driven by increased PGM operational footprint and increased contribution of chrome by-product credits
-- Group revenue for the year increased by 5.4% to GBP140 million (US$186 million) (FY2021: GBP133 million (US$179million)) mostly attributable to the increased PGM ounces produced at Inyoni, higher chrome production and increased copper production from Zambia -- Strong cash flows from operations with cash from operating activities up 11%
-- Attributable operational earnings of GBP45 million (US$60 million) (FY2021: GBP71 million (US$85 million)) with unit cash cost to produce a PGM ounce reducing by 10% and the contribution of by-product credits increasing by 262% compared to the FY2021
-- Equity increased by 52% to GBP208 million maintaining a strong equity ratio of 72% -- Low gearing ratio of 3.6% compared to 7.7% for the comparative period -- Robust balance sheet after elimination of GBP5.3m of historical debt -- Positive net cash position with current assets covering total liabilities by 131% -- EBITDA GBP37 million (US$45 million) (FY2021: GBP52 million (US$70 million))
Post the period under review
-- Southern Copper Refining Strategy continues to deliver with Project Roan reaching nameplate capacity following the successful commissioning and ramp-up of the operations
-- Cobalt circuit brought on-line following Roan's ramp-up completion expecting first cobalt production by end October 2022
Prospects for FY2023
South Africa
-- FY2023 offers strong potential for growth in earnings as it benefits from the full exposure of our enlarged South African operations
-- The new enlarged PGM and chrome operations have set the platform to deliver 44 000 PGM ounces and 1.2 million tonnes of chrome concentrate per annum from Jubilee's own capacity. The PGM production benefits from the increased efficiencies of this newly enlarged facility, which is significantly subsidised by the increased chrome production as highlighted by the results for the H2 six-month period
-- Management continues to progress discussions to secure a further PGM processing footprint in the Eastern Limb of the Bushveld (north-eastern region of South Africa's chrome and PGM mining region). We have already secured significant tailings resources with further expansion opportunities in the area. Jubilee is reviewing the option to either secure a decommissioned PGM facility that will be repurposed by Jubilee, or to construct a new facility in the region
-- The Company confirms its guidance of 44 000 PGM ounces from its own production for FY2023
-- The softening of PGM prices has been buffered by supply constraints with both palladium and rhodium maintaining elevated levels on a historical level. We remain bullish on the PGM basket price with demand expected to increase during 2023 driven by recovering car sales from pent-up sales demand
-- Given our flexibility at the newly built Inyoni, coupled with our multiple sources of feedstock, we do have the ability to react quickly and prioritise feed of material that we know has a relatively higher content of a certain PGM that is perhaps experiencing elevated pricing levels at a certain time
Zambia
-- In Zambia, the Southern Copper Refining Strategy has adjusted its copper target for the first half of FY 2022 to 3 000 tonnes owing to persistent interruptions in the supply of water and electricity due to aging infrastructure which impacts Roan's ability to sustain its throughput. As a counter measure, the Company has secured an independent water supply license which enables the Company to implement a dedicated water supply infrastructure
-- In addition to this, we look to complete the testing and commissioning of the cobalt circuit on the back of the completed ramp-up of Project Roan offering the potential for significant earnings contribution
-- And as significant as our achievements in Zambia have already been, we see the Southern Copper Refining Strategy as a mere demonstration of a much larger footprint in the country in the years ahead, given the vast amount of potential feedstock, our expertise to extract the metals within them, and the brownfield processing capacity that lies idle across the country
-- Copper had a very strong year, helping us achieve an average price of US$9 295 per tonne in the period, compared with an average market price of a little over US$8 000 in the prior 12 months. The price has softened into the new year, we remain positive on the fundamentals of a metal that is key to the electrification story going forward
Audit Opinion
The auditor's report on the annual financial statements of the Group was unqualified and did not contain any statements under section 498(2) or (3) of the Companies Act 2006.
Notice of Annual General Meeting and availability of the Group's Annual Financial Statements
The Company also hereby gives notice of its 2022 Annual General Meeting ("AGM"), which will be held on Wednesday 16 November 2022 at 11:00 am UK time at the offices of Fladgate LLP, 16 Great Queen Street, London, WC2B 5DG, to transact the business as stated in the notice of AGM. The Group's Annual Report for the year ended 30 June 2022, along with the Notice of AGM, have been posted to the website, www.jubileemetalsgroup.com .
Salient Dates:
Shareholders on the register who are entitled
to receive the notice of AGM (SA) 14 October 2022
Notice of AGM posted to shareholders 25 October 2022
Last date to trade in order to be eligible
to participate in and vote at the AGM (SA) 9 November 2022
Record Date for the purposes of determining
which shareholders are entitled to participate 14 November 2022
in and vote at the AGM (UK)
Record date for purpose of determining which 14 November 2022
shareholders are entitled to participate and
vote at the AGM (SA)
Latest time and date for receipt of CREST Proxy
Instruction and other uncertificated instructions 11:00 am (UK time) 14 November
(UK) 2022
Latest time and date for receipt of dematerialised 13:00 pm (SA time) 14 November
holding instruction and other uncertified instructions 2022
(SA)
Annual General Meeting 11:00 a.m. (UK time) 16 November
2022
Results of the Annual General Meeting released 16 November 2022
on RNS and SENS
Integrated Annual Report
The Integrated Annual Report for the year ended 30 June 2022 is also available on the Company's website today at www.jubileemetalsgroup.com. Physical copies of the Annual Report will be posted to shareholders who have elected to receive them.
25 October 2022
For further information visit www.jubileemetalsgroup.com or contact:
Jubilee Metals Group PLC
Leon Coetzer
Tel: +27 (0) 11 465 1913
PR & IR Adviser - Tavistock
Jos Simson/ Gareth Tredway/ Adam Baynes
Tel: +44 (0) 207 920 3150
Nominated Adviser - SPARK Advisory Partners Limited
Andrew Emmott/ James Keeshan
Tel: +44 (0) 20 3368 3555
Joint Broker - Berenberg
Matthew Armitt/ Jennifer Lee/ Detlir Elezi
Tel +44 (0) 20 3207 7800
Joint Broker - WHIreland
Harry Ansell/ Katy Mitchell
Tel: +44 (0) 20 7220 1670/+44 (0) 113 394 6618
JSE Sponsor - Questco Corporate Advisory Proprietary Limited
Sharon Owens
Tel: +27 (11) 011 9212
GROUP ANNUAL FINANCIAL STATEMENTS FOR THE YEARED 30 JUNE 2022
Group statements of financial position at 30 June 2022
Group
Figures in Pound Sterling 2022 2021
Assets
Non-current assets
69 875
Property, plant and equipment 918 33 011 518
78 466
Intangible assets 341 58 831 075
Investments in associates - 426 505
15 283
Other financial assets 501 7 234 002
12 506
Inventories 751 -
Deferred tax 4 345 508 9 463 653
------------------------------------------ --------- ----------
180 478 108 966
019 753
------------------------------------------ --------- ----------
Current assets
Other financial assets 701 808 544 195
27 736
Inventories 150 17 765 937
Tax assets 990 746 466 176
48 820
Trade and other receivables 613 38 126 369
18 875
Contract assets 946 9 154 250
16 017
Cash and cash equivalents 944 19 643 047
------------------------------------------ --------- ----------
113 143
207 85 699 974
------------------------------------------ --------- ----------
293 621 194 666
Total assets 226 727
------------------------------------------ --------- ----------
Equity and liabilities
Equity attributable to equity holders of
parent
155 538 120 013
Share capital and share premium 672 187
23 503
Reserves 904 6 612 905
24 803
Accumulated profit 165 6 753 964
------------------------------------------ --------- ----------
203 845 133 380
741 056
Non-controlling interest 3 710 249 3 162 527
------------------------------------------ --------- ----------
207 555 136 542
990 583
------------------------------------------ --------- ----------
Liabilities
Non-current liabilities
Other financial liabilities 2 803 434 2 803 434
Lease liabilities 359 665 164 088
18 221
Deferred tax liability 132 14 997 333
Provisions 929 398 720 759
------------------------------------------ --------- ----------
22 313
629 18 685 614
------------------------------------------ --------- ----------
Current liabilities
Other financial liabilities 1 035 5 337 310
52 632
Trade and other payables 003 29 338 988
Revolving credit facility 8 471 028 3 839 225
Current tax liabilities 2 647 541 923 007
------------------------------------------ --------- ----------
63 751
607 39 438 531
------------------------------------------ --------- ----------
86 065
Total liabilities 236 58 124 144
------------------------------------------ --------- ----------
293 621 194 666
Total equity and liabilities 226 727
------------------------------------------ --------- ----------
Group statements of comprehensive income for the year ended 30 June 2022
Group
Figures in Pound Sterling 2022 2021
140 006 132 845
Revenue 986 252
(94 669 ( 61 733
Cost of sales 908) 675)
----------------------------------------- --------- ----------
45 337
Gross profit 078 71 111 577
(19 693 ( 25 728
Operating expenses 753) 382)
----------------------------------------- --------- ----------
25 643
Operating profit 325 45 383 195
Investment revenue 1 400 599 500 173
( 1 161
Fair value adjustments 913 929 418)
(1 445 ( 1 673
Finance costs 307) 787)
Share of loss from associate (6 505) ( 24 093)
----------------------------------------- --------- ----------
26 506
Profit before taxation 041 43 024 070
(8 133 ( 2 792
Taxation 615) 867)
----------------------------------------- --------- ----------
18 372
Profit for the year 426 40 231 203
----------------------------------------- --------- ----------
Profit for the year attributable
to:
18 037
Owners of the parent 001 39 599 917
Non-controlling interest 335 425 631 287
----------------------------------------- --------- ----------
18 372
426 40 231 203
----------------------------------------- --------- ----------
Earnings per share (pence) 0.73 1.81
Diluted earnings per share (pence) 0.70 1.78
Reconciliation of other comprehensive
income:
18 372
Profit for the year 426 40 231 203
Other comprehensive income:
Exchange differences on translation 16 810 ( 3 863
foreign operations 787 624)
Taxation related to components (168 048) -
of other comprehensive income
35 015
Total comprehensive income 165 36 367 579
----------------------------------------- --------- ----------
Total comprehensive income attributable
to:
34 467
Owners of the parent 442 35 707 874
Non-controlling interest 547 723 659 705
----------------------------------------- --------- ----------
35 015
165 36 367 579
----------------------------------------- --------- ----------
Group statements of changes in equity as at 30 June 2022
Total
attributable
Share Foreign Share- (Accumulated to equity
capital currency based Convertible Loss)/ holders NCI
and Translation Merger payment notes Total retained of the Total
Figures in Pound share reserve reserve reserve reserve reserves earnings Group/ equity
Sterling premium Company
----------------- ------------- ------------------------ ----------- ------------ ------------------ ------------ -------------------- ------------------ ---------- -------------
Group
Balance at 30
June 114 585 (15 590 23 184 2 520 10 317 (33 201 91 701 2 479 94 181
2020 392 019) 000 541 203 040 562 211) 742 277 019
Changes in equity
Profit for the 39 599 39 599 40 259
year - - - - - - 917 917 659 705 622
Other
comprehensive (3 892 (3 892 (3 892 (3 892
income - 044) - - - 044) - 044) - 044)
----------------- ------------- ------------------------ ----------- ------------ ------------------ ------------ -------------------- ------------------ ---------- ---------------
Total
comprehensive
income for the (3 892 (3 892 39 599 35 707 36 367
year - 044) - - - 044) 917 873 659 705 578
Issue of share
capital 5 427
net of costs 796 - - - - - - 5 427 796 - 5 427 796
Share warrants
expired - - - (232 812) - (232 812) 232 812 - - -
Share warrants
issued - - - 161 974 - 161 974 - 161 974 - 161 974
Share options
exercised/lapsed - - - (156 821) - (156 821) 145 990 (10 830) - (10 830)
Share options
issued - - - 415 046 - 415 046 - 415 046 - 415 046
Changes in
ownership
no control lost - - - - - - (23 544) (23 544) 23 544 -
----------------- ------------- ------------------------ ----------- ------------ ------------------ ------------ -------------------- ------------------ ---------- ---------------
5 427 (3 892 (3 704 39 955 41 678 42 361
Total changes 796 044) - 187 387 - 657) 175 315 683 249 563
----------------- ------------- ------------------------ ----------- ------------ ------------------ ------------ -------------------- ------------------ ---------- ---------------
Balance at 30
June 120 013 (19 482 23 184 2 707 6 612 6 753 133 380 3 162 136 542
2021 188 063) 000 928 203 040 905 964 057 526 582
----------------- ------------- ------------------------ ----------- ------------ ------------------ ------------ -------------------- ------------------ ---------- ---------------
Changes in equity
Profit for the 18 037 18 037 547 18 584
year 001 001 723 724
Other
comprehensive 16 430 16 430 16 430 16 430
income - 407 - - - 407 - 407 - 407
----------------- ------------- ------------------------ ----------- ------------ ------------------ ------------ -------------------- ------------------ ---------- ---------------
Total
comprehensive
income for the 16 430 16 430 18 037 34 467 547 35 015
year - 407 - - - 407 001 408 723 131
Issue of share
capital 35 129 35 129 35 129
net of costs 124 - - - - - - 124 - 124
Share warrants
exercised 20 026 - - (20 026) - (20 026) - - - -
Share warrants
issued - - - 22 500 - 22 500 - 22 500 - 22 500
Share options (185 (185
exercised/lapsed 173 294 - - 494) - 494) 12 200 - - -
Share options
issued - - - 846 652 - 846 652 - 846 652 - 846 652
Transfer between (203 (203
reserves 203 040 - - - 040) 040) - - - -
----------------- ------------- ------------------------ ----------- ------------ ------------------ ------------ -------------------- ------------------ ---------- ---------------
35 525 16 430 (203 16 890 18 049 70 465 547 71 013
Total changes 484 407 - 663 632 040) 999 201 683 723 406
----------------- ------------- ------------------------ ----------- ------------ ------------------ ------------ -------------------- ------------------ ---------- ---------------
Balance at 30 155 538 (3 051 23 184 3 371 23 503 24 803 203 845 3 710 207 555
June 2022 672 656) 000 560 - 904 165 740 249 988
----------------- ------------- ------------------------ ----------- ------------ ------------------ ------------ -------------------- ------------------ ---------- ---------------
Group statements cash flows as at 30 June 2022
Group
Figures in Pound Sterling
2022 2021
Cash flows from operating
activities
34 901
Cash generated from operations 495 37 080 830
Interest income 1 400 599 500 173
(1 445
Finance costs 307) (1 673 787)
(3 851
Taxation paid 592) (8 034 521)
------------------------------------- ----------- --------------
31 005
Net cash from operating activities 195 27 872 695
------------------------------------- ----------- --------------
Cash flows from investing
activities
Purchase of property, plant (36 451 (17 874
and equipment 781) 106)
(15 662
Purchase of intangible assets 685) (1 942 019)
Purchase of non-current inventories (12 506 -
751)
(64 621 (19 816
Net cash from investing activities 217) 125)
------------------------------------- ----------- --------------
Cash flows from financing
activities
35 129
Net proceeds on share issues 124 1 144 436
Proceeds from revolving credit
facilities 4 631 802 3 839 225
Proceeds from trade financing
arrangements - 2 525 914
Increase in loans to joint (6 933
ventures 571) (4 371 552)
Decrease in other financial (4 062
liabilities 392) (1 795 310)
Lease payments (588 317) (219 847)
------------------------------------- ----------- --------------
28 176
Net cash from financing activities 646 1 122 866
------------------------------------- ----------- --------------
Total cash movement for the (5 439
year 376) 9 179 436
Total cash at the beginning 19 643
of the year 047 9 947 822
Effect of exchange rate movement
on cash balances 1 814 272 515 789
------------------------------------- ----------- --------------
16 017
Total cash at end of the year 944 19 643 047
------------------------------------- ----------- --------------
Notes to the Group financial statements for the year ended 30 June 2022
1. Statement of accounting policies
Jubilee Metals Group PLC is a public company listed on AIM of the LSE and Altx of the JSE, incorporated and existing under the laws of England and Wales, having its registered office at 1st Floor, 7/8 Kendrick Mews, London, SW7 3HG, United Kingdom.
The Group and Company results for the year ended 30 June 2022 have been prepared using the accounting policies applied by the Company in its 30 June 2022 annual report, which are in accordance with UK adopted International Financial Reporting Standards ("IFRS") and IFRC interpretations, in conformity with the requirements of the Companies Act 2006. The financial statements are presented in Pound Sterling.
2. Earnings per share
Figures in Sterling 2022 2021
Earnings attributable to ordinary equity holders 18 037
of the parent (GBP) 001 39 599 917
===================================================== ========= ==========
Weighted average number of shares for basic earnings 2 455 458 2 185 345
per share 009 903
Effect of dilutive potential ordinary shares
123 943
- Share options and warrants 501 40 742 711
===================================================== ========= ==========
Diluted weighted average number of shares for 2 579 401 2 226 088
diluted earnings per share 510 614
===================================================== ========= ==========
Basic earnings per share (pence) 0.73 1.81
Diluted basic earnings per share (pence) 0.70 1.78
----------------------------------------------------- --------- ----------
2 657 051 2 242 509
Total number of shares in issue at year end 370 468
----------------------------------------------------- --------- ----------
136 618
Tangible net asset value (GBP) 835 77 711 508
----------------------------------------------------- --------- ----------
Tangible net asset value per share (pence) 4.84 3.47
===================================================== ========= ==========
There have been no other transactions involving ordinary shares or potential ordinary shares between the reporting date and the date of authorisation of these financial statements. There were no share transactions post year end to the date of this report that could have impacted earnings per share had it occurred before year end.
3. Share Capital, Share Premium, Options and Warrants
Figures in Sterling 2022 2021
Authorised
The share capital of the Company is divided into
an unlimited number of ordinary shares of GBP
0.01 each.
Issued share capital fully paid
26 570 22 425
Ordinary shares of 1 pence each 514 093
128 968 97 588
Share premium 158 094
================================================= ======= =======
155 538 120 013
Total issued capital 672 187
================================================= ======= =======
The Company issued the following ordinary shares during the period:
Number of Issue
Date issued shares price Purpose
(pence)
=============================== ================= ======== ============
Opening balance at 1 July
2021 2 242 509 468
21-Sep-21 187 149 096 16.03 Placing
07-Mar-22 209 447 822 2.81 Settle debt
07-Mar-22 2 944 984 3.38 Warrants
26-May-22 500 000 3.50 Options
26-May-22 500 000 4.00 Options
26-May-22 500 000 6.00 Options
26-May-22 500 000 6.00 Options
26-May-22 3 000 000 4.00 Options
26-May-22 2 000 000 4.50 Options
26-May-22 3 500 000 5.50 Options
26-May-22 1 000 000 6.00 Options
26-May-22 2 000 000 4.50 Options
26-May-22 1 500 000 5.50 Options
-----------------
Total shares in issue at
year end 2 657 051 370
Post the year end the Company
issued the following ordinary
shares:
07-Jul-22 25 000 6.12 Warrants
22-Jul-22 1 439 156 6.12 Warrants
01-Sep-22 8 509 713 6.12 Warrants
01-Sep-22 4 659 599 6.12 Warrants
21-Sep-22 2 500 000 3.38 Warrants
Total shares in issue at
the last practicable date
2 674 184 838
-----------------
During the year share transaction costs accounted for as a deduction from the share premium account amounted to GBP1 385 214 (FY2021: GBP314 842). On 21 September 2021, the Company issued 187 149 096 new ordinary shares at a price of 16.03 pence to raise GBP 30 million before expenses.
The company recognised a share-based payment expense in the share premium account in an amount of GBP193 320 (
FY2021: GBP161 974 ) in accordance with section 610 (2) of the United Kingdom Companies Act 2006. The charge relates to the issue of new Jubilee shares in lieu of warrants exercised and the amount was accounted for as a deduction from the share premium account.
Warrants
At year-end the Company had the following warrants outstanding:
Subscription Share price
Issue Date Number of Price Expiry at issue date
warrants pence date (pence)
====================== =================== ============ =========== ==============
19 Jan 2018 63 661 944 6.12 19 Jan 2023 3.55
28 Dec 2018 10 000 000 3.38 28 Dec 2023 2.40
19 Nov 2019 7 818 750 4.00 19 Nov 2022 4.13
22 Jun 2020 750 000 3.40 22 Jun 2023 3.90
21 Jan 2021 4 036 431 13.00 21 Jan 2024 13.20
====================== =================== ============ =========== ================
86 267 125
====================== =================== ============ =========== ================
Reconciliation of the number of warrants
in issue 2022 2021
========================================================= =========== ==============
112 292
Opening balance 86 267 125 488
Issued during the year - 4 036 431
(30 061
Expired/exercised during the year - 794)
========================================================= =========== ==============
Closing balance 86 267 125 86 267 125
========================================================= =========== ==============
At the last practicable date, the Company had the following warrants outstanding:
Subscription Share price
Issue Date Number of Price Expiry at issue date
warrants pence date (pence)
============= =========== ============ =========== ==============
19 Jan 2018 49 028 476 6.12 19 Jan 2023 3.55
28 Dec 2018 10 000 000 3.38 28 Dec 2023 2.40
19 Nov 2019 7 818 750 4.00 19 Nov 2022 4.13
22 Jun 2020 750 000 3.40 22 Jun 2023 3.90
21 Jan 2021 4 036 431 13.00 21 Jan 2024 13.20
============= =========== ============ =========== ================
71 633 657
============= =========== ============ =========== ================
4. Segmental analysis
Following the strategic restructuring of Jubilee's business model management presents the following segmental information:
-- PGM and Chrome - the processing of PGM and chrome containing materials; -- Copper and Cobalt - the processing of Copper and Cobalt containing materials; -- Other - administrative and corporate expenses
The Group's operations span five countries South Africa, Australia, Mauritius, Zambia, and the United Kingdom. There is no difference between the accounting policies applied in the segment reporting and those applied in the Group financial statements. Madagascar does not meet the qualitative threshold under IFRS 8 consequently no separate reporting is provided.
2022
PGM and Copper
Figures in Pound Sterling Chrome and Other Total
Cobalt
------------------------------ -------------- --------- ------------- ---------------
130 862 101 905 60 853 293 621
Total assets 228 479 519 226
------------------------------ -------------- --------- ------------- -----------------
28 026 13 309 14 729
Total liabilities 802 255 179 86 065 236
------------------------------ -------------- --------- ------------- -----------------
121 655 18 351 140 006
Revenue 367 619 - 986
37 832
Gross profit 751 7 504 327 - 45 337 078
(7 553 (1 387 (1 281 (10 222
Depreciation and amortisation 949) 261) 692) 902)
(4 770 (1 909 (2 791
Operating expenses 379) 100) 372) (9 470 851)
25 508 (4 073
Operating profit 423 4 207 966 064) 25 643 325
Investment revenue 588 435 795 786 16 378 1 400 599
Fair value - 580 933 332 996 913 929
Net finance costs (827 726) (617 581) - (1 445 307)
Income from equity account
investments - - (6 505) (6 505)
------------------------------ -------------- --------- ------------- -----------------
25 269 (3 730
Profit before taxation 132 4 967 104 195) 26 506 041
------------------------------ -------------- --------- ------------- -----------------
(6 487
Taxation 979) (535 544) - (8 133 615)
------------------------------ -------------- --------- ------------- -----------------
18 781 (3 730
Profit after taxation 153 4 431 560 195) 18 372 426
------------------------------ -------------- --------- ------------- -----------------
2021
PGM and Copper and
Figures in Pound Sterling Chrome Cobalt Other Total
------------------------------ ------------ -------------- ------------- --------------
194 666
Total assets 94 800 683 45 994 810 53 871 234 727
------------------------------ ------------ -------------- ------------- --------------
Total liabilities 37 042 261 9 133 180 11 948 703 58 124 144
------------------------------ ------------ -------------- ------------- --------------
132 845
Revenue 123 260 227 9 585 025 - 252
Gross profit 65 928 290 5 183 287 - 71 111 577
Depreciation and amortisation (3 273 345) (619 378) - (3 892 723)
Operating expenses (16 903 505) (1 262 032) (3 670 122) (21 835 659)
Segment operating profit 45 751 440 3 301 877 (3 670 122) 45 383 195
Investment revenue 175 069 305 348 19 756 500 173
Fair value - 83 818 (1 245 236) (1 161 418)
Net finance costs (656 423) (1 017 364) - (1 673 787)
Income from equity account
investments - - (24 093) (24 093)
------------------------------ ------------ -------------- ------------- --------------
Profit before taxation 45 270 086 2 673 679 (4 919 695) 43 024 070
------------------------------ ------------ -------------- ------------- --------------
Taxation (13 422 986) 10 630 119 - (2 792 867)
------------------------------ ------------ -------------- ------------- --------------
Profit after taxation 31 847 100 13 303 798 (4 919 695) 40 231 203
------------------------------ ------------ -------------- ------------- --------------
5. Going Concern
The Group's business activities, together with the factors likely to affect its future development, performance and position are set out in the Group's Integrated Annual Report. The Group meets its day--to--day working capital requirements through cash generated from operations and trade finance facilities.
The current global economic climate creates to some extent uncertainty particularly over:
-- the trading price of metals; and
-- the exchange rate fluctuation between the US$ and the ZAR and thus the consequence for the cost of the company's raw materials as well as the price at which product can be sold.
The Group's forecasts and projections, taking account of reasonably possible changes in trading performance, commodity prices and currency fluctuations, indicates that the Group should be able to operate within the level of its current cash flow earnings forecasted for the next twelve months.
The Group is adequately funded and has access to further facilities, which together with contracts with several high-profile customers strengthens the Group's ability to meet its day-to-day working capital requirements and capital expenditure requirements. Therefore, the directors believe that the Group is suitably funded and placed to manage its business risks successfully despite identified economic uncertainties.
The directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future, thus continuing to adopt the going concern basis of accounting in preparing the annual financial statements.
6. Events after the reporting period
6.1 Share issues
Post the period under review the Company issued 14 633 468 new ordinary shares pursuant to warrants exercised at a price of 6.12p per warrant. Following the share issues, the total shares in issue at the date of this report are 2 671 684 838 ordinary shares.
6.2 Revolving credit facilities
South Africa
During February 2021 through its wholly owned Windsor SA Jubilee secured a revolving credit facility ("RCF") with ABSA BANK LIMITED for GBP3.8 million (ZAR75 million). During July 2021 the RCF was increased to GBP10.1 million (ZAR200 million). During September 2022 the RCF was further increased to GBP15 million (ZAR300 million).
The RCF is secured as follows:
-- Borrower security cession and pledge over the issued capital of Windsor SA and its assets;
-- Parent Shareholder Pledge and Cession from Jubilee including all shareholder loan claims; and related rights; and
-- General Notarial Bond registered over relevant assets of Winsor SA
The RCF is available for a period of 12 months and can be extended for a further 12 months by mutual agreement and bears interest at the aggregate rate of JIBAR plus a margin of 2.8%.
Mauritius
During July 2022, Jubilee, through its subsidiary Braemore Holdings Mauritius (Pty) Ltd, secured a revolving credit facility in the amount of GBP4.5 million (US$5 million) with ABSA BANK (MAURITIUS) LIMITED. The RCF is secured though a parent shareholder pledge and cession from Jubilee including all shareholder loan claims and related rights. The RCF is available for a period of 12 months and can be extended for a further 12 months by mutual agreement.
The RCF bears interest at the daily compounded SOFR plus a margin of 2.3%. The facility will be used to fund working capital requirements for Jubilee's Zambian copper operations. The RCF is secured by a parent company guarantee.
Annexure 1
Headline earnings per share
Accounting policy
Headline earnings per share ("HEPS") is calculated using the weighted average number of shares in issue during the period under review and is based on earnings attributable to ordinary shareholders after excluding those items as required by Circular 1/2021 issued by the South African Institute of Chartered Accountants (SAICA).
In compliance with paragraph 18.19 (c) of the JSE Listings Requirements the table below represents the Group's Headline earnings and a reconciliation of the Group's earnings reported and headline earnings used in the calculation of headline earnings per share:
Reconciliation of headline earnings per share
June 2022 June 2021
----------------------- ---------- --------------------------------
Gross Net Gross Net
GBP'000 GBP'000 GBP'000 GBP'000
--------------------------------------------- ----------------------- ---------- ----------------- -------------
Earnings for the period attributable 18
to ordinary shareholders 037 - 39 600
Share of impairment loss from equity
accounted associate 6.5 5 31 24
Fair value adjustments (914) (914) 1 161 1 161
--------------------------------------------- ----------------------- ---------- ----------------- -------------
Headline earnings from continuing operations 17 128 40 785
--------------------------------------------- ----------------------------------- --------------------------------
Weighted average number of shares in 2 185
issue ('000) 2 455 458 346
Diluted weighted average number of 2 226
shares in issue ('000) 2 579 402 089
Headline earnings per share from continuing
operations (pence) 0.70 1.87
Headline earnings per share from continuing
operations (ZAR cents) 14.11 38.62
Diluted headline earnings per share
from continuing operations (pence) 0.66 1.83
Diluted headline earnings per share
from continuing operations (ZAR cents) 13.43 37.92
Average conversion rate used for the
period under review GBP:ZAR 0.049 0.051
--------------------------------------------- ----------------------- ---------- ----------------- -------------
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END
FR ZZMZGLDRGZZM
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October 25, 2022 02:00 ET (06:00 GMT)
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