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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
  0.05 0.41% 12.35 12.20 12.50 12.35 12.35 12.35 1,272 08:00:00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Mining 132.8 43.0 1.8 6.8 328

Jubilee Metals Group PLC Audited Results for the year ended 30 June 2022

25/10/2022 7:00am

UK Regulatory (RNS & others)


Jubilee Metals (LSE:JLP)
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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

 
 % 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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