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JBL
JUJLP
JBL - Jubilee Platinum Plc - Audited preliminary results for the
year ended 30 June 2008
JUBILEE PLATINUM PLC
AIM: JLP
JSE: JBL
Registration number: 4459850
ISIN: GB0031852162
("Jubilee" or "the Company")
AUDITED PRELIMINARY results FOR THE YEAR ENDED 30 June 2008
Highlights
* Tjate accelerates feasibility study with eight drilling machines now
operating
* Thicker zone (1.8 metres) identified at Tjate in some 72% of the
current area modeled
* Platinum group metals discovered at Ambodilafa, Madagascar
Company has sufficient funds to complete its feasibility study
* The Company accelerated the Tjate drilling with eight rigs on site. In
the year under review, the metres drilled increased by a factor of some
450% compared with the previous twelve months
* Tjate feasibility study commenced in January 2008
* Preliminary structural modeling of initial borehole data available
suggests the occurrence, in the area modeled, of broadly two zones of
different Merensky Reef thicknesses: a wide type zone (1.8 metres
thick) and a thinner type zone (1.0 metres thick)
* The wide type Merensky Reef zone represents some 72% of tonnage and 78%
of 4E (platinum, palladium, rhodium and gold) in the area identified
* Borehole ALF004 on the Ambodilafa project in Madagascar intersected
3.99g/t 4E over 0.89 metres
* Drilling commenced on the Bebasy gold project in the southwest of the
Ambodilafa license area
Chairman`s Statement
Dear Shareholder,
The Company has experienced a very progressive year in all areas of its
operations and our flagship Tjate project continues to progress favourably
to feasibility study.
Section 11 approval was received from the Department of Minerals and Energy
and the South African Reserve Bank, allowing the Company to acquire a direct
and indirect interest in the Tjate project of 63 %. These approvals
represent a significant milestone for Jubilee and add considerable value to
its shareholders.
The previously reported scoping study gave the Board sufficient confidence
for a "stand alone" mine and in late October 2007 the Board resolved to
raise some GBP11.2 million to carry out a feasibility study. The financing
was completed on 7 November 2007, by way of placing 13.2 million ordinary
shares of 1 pence each priced at 89 pence on the Alternative Investment
Market (AIM) of the London Stock Exchange and ZAR12.5 on the Johannesburg
Stock Exchange (JSE).
The Mineral Corporation was appointed as the independent Competent Person to
manage the feasibility study. The Mineral Corporation is one of South
Africa`s leading independent mining advisory and consulting groups and has
proven platinum evaluation and mine design expertise. The number of drilling
machines in use at the site has been increased during the period from three
to eight. The results for the year under review will be reported in detail
in the operations report. The general technical/financial trend is positive
with some potential key operating benefits emerging.
Drilling in Madagascar produced positive and encouraging results over a
diverse area with significant nickel/copper mineralisation being intersected
at both Londokomanana and Ambodilafa. Drilling results from the eastern
side of the Ambodilafa intrusion (drill hole ALF4) gave a 0.9 metre
intersection of 3.99 g/t platinum, palladium, rhodium and gold ("4E"), which
is very encouraging and drilling is currently in progress to further test
this area.
At Ambodilafa, it was considered that a regional approach of flying an
aeromagnetic survey would be beneficial and a "down the hole" geophysical
survey would assist in identifying sulphide mineralisation in proximity to
recent drilling programmes. Both these geophysical activities have been
completed and the results are being analysed.
The drilling programme currently underway is targeted towards nickel/copper
sulphide mineralisation at Londokomanana and Ambodilafa (West). Drilling at
Ambodilafa (East) is targeting a "layered complex" for potential 4E
mineralisation similar to ALF 4.
The Company decided to drill test the historically recorded Bebasy gold
project which is situated within the Ambodilafa license area. The area is
known to contain gold mineralisation as it has been a location for artisanal
gold mining. The drilling programme is designed to test the potential for a
large bulk mining target.
In general all our activities in Madagascar are progressing favourably and
our partners continue to be supportive.
The market capitalisation of the Company has been significantly eroded
during the period despite the excellent results received at Tjate and
favourable progress in Madagascar. The global credit crisis has impacted
all market sectors and the junior resource sector has seen value depletion
of up to 70 %. The Platinum juniors have all lost value, generally in
inverse proportion to their technical and financial progress. The arena for
Platinum juniors is very small and most have maturing projects in a market,
which has been in under supply for 15 years. As a result of this downturn,
market capitalisations throughout the sector are a fraction of what they
were during the last quarter of 2007.
The ongoing media debate about switching from resource stocks to financial
stocks continues, notwithstanding almost daily reports on write-downs and
liquidity problems in the financial sector. Conversely, the resource
sector is reporting record quality earnings, which can be reliably projected
forward against long term contracts.
The Board are convinced that the fundamentals that initiated the revived
commodity demand are still in place and that company values will be
recognised once the credit crisis has worked itself through and investor
confidence has been restored.
During the period under review, the loss for the year after taxation was
GBP4,076,390 (2007 GBP1,798,378), and a total of GBP835,114 (2007
GBP573,911) was capitalised on exploration projects during the year. The
loss per ordinary share increased to 3.45 pence in the current year compared
to 2.13 pence per ordinary share in 2007. The current year`s loss has
increased due to the write-off of GBP1,509,623 receivable from TransAsia
Minerals Ltd following the joint decision by the Company and its co-
shareholder not to pursue the Itsindro project and a charge of GBP1,460,886
included in the Income Statement relating to consultancy fees associated
with the ongoing acquisition of additional shares in the Company`s flagship
Tjate project. A share-based payment charge of GBP476,383 is included in the
Income Statement in line with the requirements of IFRS2. The loss for the
current year also includes a charge of GBP78,603 relating to impairment of
intangible assets following a review of the Group`s intangible asset base in
accordance with accounting policies.
The Company has adequate cash to pursue its current feasibility study
mission and management is committed to realising value for industry
recognition and shareholders` benefit.
Finally, I would like to thank my fellow directors, management, staff and
consultants for their efforts during a very difficult period for junior
resource companies.
I look forward to reporting more positive progress in the coming year with
value recognition being our prime objective.
MALCOLM BURNE
CHAIRMAN
JUBILEE PLATINUM PLC
AUDITED CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED 30 JUNE 2008
Year ended 30 Year ended
June 2008 30 June 2007
GBP GBP
Administrative expenses (4,796,595) (1,967,994)
Loss from operations (4,796,595) (1,967,994)
Finance income 839,750 347,703
Finance costs (1,330) (144,793)
Share of operating loss in (118,215) (33,294)
associate
Loss before income tax expense (4,076,390) (1,798,378)
Income tax expense - -
Loss for the period after income (4,076,390) (1,798,378)
tax expense
Minority interests:
Equity 744,740 101,015
Loss attributable to members of (3,331,650) (1,697,363)
Jubilee Platinum plc
Basic and diluted loss per share (3.45) (2.13)
(pence)
JUBILEE PLATINUM PLC
AUDITED CONSOLIDATED BALANCE SHEET
AS AT 30 JUNE 2008
Year ended 30 Year ended
June 2008 30 June 2007
GBP GBP
Assets
Non-current assets
Intangible assets 6,473,781 5,343,942
Property, plant and equipment 95,762 56,251
Investments in associates 7,882,758 2,392,323
Other receivables 1,310,742 1,998,790
Total non-current assets 15,763,043 9,791,306
Current assets
Trade and other receivables 5,314,524 3,710,486
Cash and cash equivalents 9,234,217 7,495,213
Other receivables 1,310,741 1,998,791
Total current assets 15,859,482 13,204,490
Total assets 31,622,525 22,995,796
Current liabilities
Trade and other payables (377,925) (3,339,140)
Total current liabilities (377,925) (3,339,140)
Total liabilities (377,925) (3,339,140)
Net current assets 15,481,557 9,865,350
Net assets 31,244,600 19,656,656
Equity
Called up share capital 1,049,966 858,174
Share premium account 33,337,634 18,343,249
Share based payment reserve 1,178,836 702,453
Currency translation reserve (812,540) (818,954)
Other reserves 1,034,752 1,761,448
Retained earnings (6,373,314) (3,768,360)
Equity attributable to equity 29,415,334 17,078,010
holders of the parent
Equity interests of minorities 1,829,266 2,578,646
Total equity 31,244,600 19,656,656
JUBILEE PLATINUM PLC
AUDITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2008
Share Share Premium Share based Other
Capital payment reserves
reserve
GBP GBP GBP GBP
786,489 11,859,073 249,667 -
Balance at 30
June 2006
71,685 - - -
Issue of share
capital
- 6,619,065 - -
Premium on
issue of share
capital
- (134,889) - -
Cost on issue
of shares
- - 452,786 -
Share-based
payment charge
- - - 1,761,448
Other reserves
- - - -
Net loss for
the year
- - - -
Currency
translation
adjustments
858,174 18,343,249 702,453 1,761,448
Balance at 30
June 2007
191,792 - - -
Issue of share
capital
- 15,711,441 - -
Premium on
issue of share
capital
- (717,056) - -
Cost on issue
of shares
- - 476,383 -
Share-based
payment charge
- - - (726,696)
Other reserves
- - - -
Net loss for
the year
- - - -
Currency
translation
adjustments
1,049,966 33,337,634 1,178,836 1,034,752
Balance at 30
June 2008
JUBILEE PLATINUM PLC
AUDITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2008
(Continue)
Retained earnings Total
Currency
translation
reserve
GBP GBP
GBP
(2,070,997) 10,286,664
Balance at
30 June 2006 (537,568)
- - 71,685
Issue of
share
capital
- - 6,619,065
Premium on
issue of
share
capital
- - (134,889)
Cost on
issue of
shares
- - 452,786
Share-based
payment
charge
- - 1,761,448
Other
reserves
(1,697,363) - (1,697,363)
Net loss for
the year
- (281,386)
Currency
translation (281,386)
adjustments
(3,768,360) 17,078,010
Balance at (818,954)
30 June 2007
- 191,792
Issue of -
share
capital
- 15,711,441
Premium on
issue of -
share
capital
- (717,056)
Cost on -
issue of
shares
- 476,383
Share-based
payment -
charge
726,696 -
Other -
reserves
(3,331,650) (3,331,650)
Net loss for -
the year
- 6,414
Currency
translation 6,414
adjustments
(6,373,314) 29,415,334
Balance at (812,540)
30 June 2008
JUBILEE PLATINUM PLC
AUDITED CONSOLIDATED CASH FLOW STATEMENT
AS AT 30 JUNE 2008
Notes Year ended Year ended
30 June 2008 30 June 2007
GBP GBP
Cash flow from
Operations 5 (9,442,992) (1,276,438)
Interest receivable 839,750 271,113
Interest payable (1,330) (144,955)
Net cash outflow from
operating activities (8,604,572) (1,150,280)
Cash flows utilised
by investing activities
Increase in loans and
Investments (11,456) (2,863,960)
Purchase of exploration assets (835,114) (573,911)
Purchase of property, plant
and equipment (80,741) (35,196)
Proceeds from sale of
property, plant
and equipment 11,553 -
Net cash outflow from
investing activities (915,758) (3,473,067)
Cash flow from financing
activities
Proceeds from issue of
new borrowings - 2,026,755
Issue of shares and warrants 11,153,694 5,423,606
Net cash inflow from
financing activities 11,153,694 7,450,361
Effects of foreign exchange
on cash and cash equivalents 105,640 -
Net increase in cash and
cash equivalents 1,739,004 2,827,014
Cash and cash equivalents
at the beginning of the year 7,495,213 4,668,199
Cash and cash equivalents
at the end of the year 9,234,217 7,495,213
JUBILEE PLATINUM PLC
NOTES TO THE GROUP PRELIMINARY RESULTS
FOR THE YEAR ENDED 30 JUNE 2008
Basis of preparation and accounting policies
1 The financial information for the year ended 30 June 2008 has been
prepared on the historical cost basis and is in accordance with EU
Endorsed International Financial Reporting Standards (IFRS), IFRIC
Interpretations and the Companies Act 1985 applicable to companies
reporting under IFRS. The accounting policies have been applied
consistently throughout the Group and are consistent with those for the
financial year ended 30 June 2007.
2 Balance sheet
The value of the Group`s exploration and evaluation intangible assets at 30
June 2008 was 3.22 pence per share (2007: 2.49 pence per share), calculated
on the weighted average number of shares of 98,934,900 (2007: 82,305,193)
3 Income statement
The headline loss for the financial year 2008 was 3.45 pence (2007: 2.13
pence) calculated on a weighted average number of shares of 98,934,900
(2007: 82,305,193).
There were no dividends paid or declared
4 Segment reporting
Business segments
The Group`s only business segment is the exploration for and development of
Platinum Group Metals (PGMs) and associated metals.
Geographical segments
An analysis of loss on ordinary activities before taxation, net assets and
exploration expenditure by geographical area is given below.
2008 2007
GBP GBP
Loss on ordinary activities
(excluding associates)
United Kingdom (2,029,740) (682,210)
South Africa (634,172) (805,624)
Madagascar 224,338 (271,653)
Mauritius (1,518,601) (5,597)
(3,958,175) (1,765,084)
Loss on ordinary activities in
associates
South Africa (118,215) (33,294)
(118,215) (33,294)
Total loss before minority (4,076,390) (1,798,378)
interests
2008 2007
GBP GBP
Assets and liabilities by location
(excluding associates)
Assets
United Kingdom 12,269,726 11,476,757
South Africa 5,579,554 3,025,885
Madagascar 3,266,922 2,101,371
Mauritius 2,623,566 3,999,460
23,739,768 20,603,473
Liabilities
United Kingdom 325,656 1,280,225
South Africa - 2,030,455
Madagascar 49,677 25,882
Mauritius 2,593 2,578
377,926 3,339,140
Net assets in associates
South Africa 7,882,758 2,392,323
7,882,758 2,392,323
Total net assets 31,244,600 19,656,656
Exploration expenditure
South Africa 642 -
Madagascar 834,472 573,911
Total exploration expenditure 835,114 573,911
5 Cash flow statement
Reconciliation of net loss for the year to cash utilized by operations
2008 2007
GBP GBP
Cash flow from operations
Loss for the year (4,796,595) (1,967,994)
Depreciation 31,879 24,619
Loss on sale of property,
plant and equipment 1,484 -
Amounts written off
exploration expenditure 78,603 220,313
Increase in receivables (2,091,547) -
Decrease in payables (2,961,215) (6,162)
Foreign exchange on
retranslation of
overseas subsidiaries (181,984) -
Share based payments
charge 476,383 452,786
Net cash outflow from
operating activities (9,442,992) (1,276,438)
6 Capital and reserves
Shares issued
During the year ended 30 June 2008 19,179,214 (2007: 7,168,434) ordinary
shares were issued for a cash consideration of GBP11,153,694 (2007:
5,185,673).
Share options and warrants
The Company issued the following share options:
Date granted Period Exercise Number of
Exercisable price per share options
11 January 2008 4 years 81p 200,000
12 March 2008 2 years 70p 400,000
30 April 2008 10 years 85p 50,000
Translation reserve
The translation reserve comprises all foreign exchange differences arising
from the translation of the financial statements of foreign operations that
do not have a UKGBP functional currency. Exchange differences arising are
classified as equity and transferred to the Group`s translation reserve.
7 Financial statements
These preliminary financial statements are extracts from the company`s
audited financial statements to 30 June 2008, which have been audited by our
auditors Saffery Champress, and a copy of their unqualified audit report is
available for inspection at the registered office of the company. Audited
financial statements compliant with the Companies Act and International
Financial Reporting Standards ("IFRS") will be posted to shareholders on
Monday 29 September 2008. The annual general meeting of shareholders will be
held on 26 November 2008.
8 Directorate
There have been no changes in the board of directors during the year ended
30 June 2008.
Signed on behalf of the board
Colin Bird
Chief of Executive Officer
26 September 2008
Sponsor: Investec Bank Limited
Date: 26/09/2008 15:00:01 Produced by the JSE SENS Department.
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