Jubilee announces operational results for first half of 2020

Jubilee delivers sixth consecutive six-monthly period of double-digit growth with a 54% increase in combined1 H1 2020 operational earnings to GBP 12.8 million (74% increase to ZAR 266.5 million) from H2 2019.

Earnings growth was achieved notwithstanding the loss of the equivalent of approximately 2 months’ of operational time due to restrictions under COVID-19 regulations.
The company reported 18% increase in combined1 H1 2020 revenue to GBP 29.4 million (33% increase to ZAR 615 million) from H2 2019.
Jubilee’s cash position increased to GBP 10.8 million (ZAR 230.5 million).
Jubilee’s increased cash position was maintained despite settling of the final payment of GBP1.4 million (ZAR 30.6 million) for the acquisition of additional PGM and chrome rights, as well as settling historical debt of GBP 2.5 million (ZAR 53.9 million) while maintaining the capitalisation of the Zambian Sable Refinery.
All operations have returned to 100% capacity while maintaining strict health and safety measures.
Jubilee commenced production of both copper cathode and cobalt concentrate at its Sable Refinery. The company secures the rights to approximately 150 million tonnes of copper containing surface tailings targeted to be refined at the Sable Refinery.
Jubilee targets to reach 25 000 tonnes of copper per annum within the next 4 years.

PGM Operations

• PGM project operational earnings up 54% to GBP 12.5 million (74% increase to ZAR 262million) from H2 2019
• PGM project revenue up 31% to GBP 21 million (48% increase to ZAR 439 million) from H2 2019
• Jubilee’s operations being at surface enabled the Company to pro-actively implement safety measures to align with the required COVID-19 regulations
• PGM concentrate delivered reached 19 682 ounces (7% lower than that of H2 2019 due to COVID-19 restrictions)
• PGM results are net of 40% of the Windsor PGM results attributable to its joint venture partner

Chrome Operations

• Chrome project earnings up 32% to GBP 0.2 million (up 49% to ZAR 4.7 million) from H2 2019 despite suppressed chrome metal prices during the period
• Chrome project revenue down 5% to GBP 8.4 million (up 7% to ZAR 176 million) from H2 2019
• Chrome concentrate produced up 3% to 191 995 tonnes for H1 2020
• Following the acquisition of PGM surface tailings, Inyoni Operations commenced with the
  production of chrome in November 2019 with a total of 21 018 tonnes of concentrate produced for H1 2020
• Jubilee commenced with the relocation of its ground breaking fine chrome facility to its much larger Windsor and Inyoni Operations to contribute more significantly to group earnings and overcome the delays in the potential roll-out of the solution caused by extended equipment delivery time lines during the period as a result of COVID-19

Integrated Kabwe Operations

• Commenced production of copper cathode and cobalt concentrate
• Secured the rights to 150 million tonnes copper-containing surface tailings in Zambia offering a long term sustainable earnings profile to the Zambian business
• Continues to actively engage with third party suppliers of both copper and zinc ore as part of the expansion of the Integrated Kabwe Project