Jubilee Metals Group Plc (JSE:JBL) News - Unaudited Condensed Interim Results For The Six Months Ended 31 December 2021

 Jubilee Metals Group Plc
 Registration number (4459850)
 Altx share code: JBL
 AIM share code: JLP
 ISIN: GB0031852162
 ("Jubilee" or the "Company” or the “Group”)



Unaudited Condensed Interim Results For The Six Months Ended 31 December 2021

The directors of Jubilee are pleased to release the Company’s unaudited interim results for the six
month period ended 31 December 2021

Highlights

Period under review

    •   Major milestone reached as Jubilee completed its fully integrated, world-class, Inyoni chrome
        and PGM facility in South Africa (“Inyoni Facility”) in November 2021 and ramping back up to
        full production during December 2021
    •   The new integrated Inyoni Facility further increases the Company’s access to chrome
        processing capacity, to approximately 3 million tonnes annually, making Jubilee one of the
        world’s largest chrome processors in operation. It also increases the Inyoni PGM production
        potential capacity to the equivalent of 44 000 PGM ounces per annum, offsetting any short-
        term production loss linked to the construction phase during the period, with the potential of
        sustained long-term growth
    •   The proportion of PGM ounces now produced that are fully attributable to Jubilee has
        significantly increased compared with the considerable dilution of earnings caused historically
        by the Windsor PGM JV, where 40% of earnings was attributable to the JV partner
    •   A period of substantial investment for the future with a total of £ 35 million invested (ZAR 750
        million); of which, £ 20.5 million (ZAR 442 million) was invested in the expansion of Jubilee’s
        Inyoni chrome and PGM facility in South Africa and a further £ 14.5 million (ZAR 311 million)
        invested in Jubilee’s copper projects in Zambia, more specifically Project Roan, signals the
        implementation of the fully integrated Southern Copper Refining Strategy
    •   Group revenue up 18% to £ 63 million (ZAR 1.3 billion) driven mainly by the sharp growth in
        chrome processing capacity that is the facilitator for the increased production of the PGM rich
        feed stream for the expanded Inyoni Facility
    •   Despite the significant investment to sustain growth, the Company strengthened its working
        capital position; cash and cash equivalents increased to £21.5 million (ZAR 462 million) (30
        June 2021: £ 20 million (ZAR 389 million)), with short term assets covering a healthy 199% of
        short-term liabilities
    •   The Group’s balance sheet continued to strengthen substantially, with total assets increasing
        by 30% to £ 253 million (ZAR 5.4 billion) (30 June 2021: £ 195 million (ZAR 3.9 billion))
    •   Total equity increased by 34% to £ 184 million (ZAR 4 billion), (30 June 2021: £ 137 million
        (ZAR 2.7 billion)), maintaining a strong equity ratio of 73% compared with 70% as at 30 June
        2021
    •   The Group’s gearing remains low, with the net cash position and current assets covering 154%
        of total liabilities compared with 147% as at 30 June 2021. Post the period under review, these
        parameters strengthened even further


Full Announcement
This short-form announcement is the responsibility of the Directors of the Company and is a summary of the
information in the full announcement which is available for viewing on the following website:

JSE website: https://senspdf.jse.co.za/documents/2022/jse/isse/jble/jbl2022.pdf


Any investment decision by investors and/or shareholders should be based on consideration of the full
announcement, copies of which are also available, at no charge, on request from our company secretary:
Carina De Beer, cdebeer@jubileemetalsgroup.com on work-days during business hours, at no charge:


JSE Sponsor to Jubilee
Questco Corporate Advisory Proprietary Limited
Sharon Owens
T: +27 (11) 011 9212

United Kingdom
24 March 2022

Date: 24-03-2022 09:00:00
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