Jubilee Metals released its interim results for 6 months

Jubilee Metals Group Plc in its ‘Unaudited Condensed Interim Results For The Six Months Ended 31 December 2021’ has released the following highlights:

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


    •   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

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