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JBL
JUJLP
JBL- Jubilee Platinum Plc - Interim Results for the six months ended 31 December
2009
JUBILEE PLATINUM PLC
AIM: JLP
JSE: JBL
Registration number: 4459850
ISIN: GB0031852162
("Jubilee" or "the Company")
Interim Results for the six months ended 31 December 2009
The Board of Jubilee Platinum, the AIM quoted and JSE listed mining exploration
and development Company, is pleased to announce the interim results for the six
months ended 31 December 2009.
HIGHLIGHTS
- Acquisition of Braemore Resources plc for GBP24.6M by way of an all share
offer completed 30 October 2009.
- Jubilee moves from explorer to complete capability Company from exploration to
metal
- Completed private placing of GBP13.25M on 9 November 2009
- Braemore successfully completed the Mintek R&D phase of the ConRoast Process
and enters into commercial arrangement with a South African platinum producer.
- Madagascar soil sampling confirms prospective drilling target in the northwest
of the Ambodilafa Project.
Enquiries:
Jubilee Platinum plc
Colin Bird, Chairman +27 (0) 11 253 3280
Jubilee Platinum plc
Andrew Sarosi +44 (0) 1752 221937
FinnCap
Matthew Robinson, Corporate Finance +44 (0) 20 7600 1658
Sasfin Capital
Leonard Eiser, Corporate Finance +27 (0) 11 809 7738
Bishopsgate Communications Ltd
Nick Rome +44 (0) 20 7562 3366
CHAIRMAN`S STATEMENT
Dear Shareholder,
The Company has enjoyed an excellent period for the six months ending 31
December 2009.
Braemore Resources
The highlight of the period was the acquisition of Braemore Resources plc, which
owns the exclusive rights to the Mintek patented ConRoast Process ("ConRoast")
for the smelting of high chrome bearing Platinum Group Metal (PGM) concentrates.
Jubilee has the exclusive rights to ConRoast until 2020. Braemore also has
certain exploitation rights to BHP Billiton-owned nickel tailings in Western
Australia.
ConRoast has important applications in the smelting of PGM concentrates.
ConRoast, which utilises a DC arc furnace under mildly reducing conditions, has
the ability to treat high chrome PGM concentrates, unlike the conventional AC
arc furnace process of other South African smelter companies. From the
resultant PGM-rich iron alloy produced by ConRoast, the PGMs and separately any
associated nickel, copper and cobalt metals can be recovered using various
relatively conventional downstream refining methods including converting,
hydrometallurgy and gasification.
A major platinum producer`s concentrate and various secondary materials were
treated successfully by the company, commencing mid-October 2009 until end of
March 2010. This campaign was the last phase of the R&D and the process will be
fully commercialised during the last quarter of 2010.
The BHP Billiton Nickel tailings in Western Australia amount to some 385,000
tonnes of nickel and as such represents a major on-surface nickel asset. The
company is currently undertaking an engineering study and economic evaluation of
the asset with a view towards exploitation.
Tjate Project
The Tjate mineral resource statement was studied further, the results of which
demonstrated that Tjate remains a robust project. The Board elected to advance
the project towards feasibility.
The feasibility study was put to multi-company tender and the company announced
on 24 March 2010 the award of the study to Snowden Mining Industry Consultants.
Madagascar
The Company carried out a further soil geochemical testing programme on the
northwest of Ambodilafa, following up on previous encouraging anomalies. The
resultant nickel/copper anomaly plots give considerable encouragement for a
limited drill test programme, which is scheduled to commence late April 2010.
In November 2009, the Company successfully raised GBP13.25 million at a price of
30 pence per share resulting in the issue of 44.16 million new ordinary shares.
The Platinum price has been particularly strong during the credit crisis and at
the time of writing continues to demonstrate further price growth potential.
With the acquisition of Braemore and further definition of the Tjate mineral
resource, the company now has a broad base and critical mass from which to
develop and further enhance shareholder value in a period of strong platinum
price predictions.
MALCOLM BURNE
CHAIRMAN
30 March 2010
Consolidated Income Statement Six months ended Year ended
31 Dec 2009 31 Dec 2008 30 Jun 2009
Unaudited Unaudited Audited GBP000`
GBP000` GBP000`
Continuing operations
Sales 215 0 0
Other income 22 77 0
Purchases (193) 0 0
Administration expenses (1,791) (851) (2,293)
Loss from operations (1,747) (774) (2,293)
Finance income 97 346 542
Finance costs (77) 0 0
Profit on exchange rate 1,953 0 1,461
Impairment loss on intangibles 0 0 (3,807)
Goodwill written off (519) 0 0
Gain on a bargain purchase 0 0 18
Loss before income tax expense (293) (428) (4,079)
Loss for the period after (293) (428) (4,079)
income tax expense from
continuing operations
Minority interest
Equity 4 32 118
Loss attributable to members of (289) (396) (3,961)
Jubilee Platinum Plc
Number of shares in issue 229,550,922 113,013,291 104,996,622
Weighted average number of 270,555,886 108,150,721 113,277,650
shares in issue
Diluted weighted average number 275,900,886 110,995,721 98,934,900
of shares in issue
Basic loss per share (pence) (0.11) (0.37) (3.50)
Diluted loss per share (pence) (0.10) (0.37) (3.50)
Headline loss per share (pence) (0.11) (0.37) (0.13)
Consolidated Balance Sheet
31 Dec 31 Dec 30 Jun 2009
2009 2008 Audited
Unaudited Unaudited GBP000`
GBP000` GBP000`
Assets
Non-current assets
Intangible assets 60,317 27,214 29,437
Property, plant and equipment 2,924 112 77
Investment in associates 0 0 0
Other debtors 54 1,714 0
Total non-current assets 63,295 29,040 29,514
Current assets
Trade and other receivables 293 684 474
Cash and cash equivalent 16,572 8,799 7,641
Inventory 276 0 0
Other debtors 951 1,844 0
Total current assets 18,092 11,327 8,115
Total assets 81,387 40,367 37,629
Current liabilities
Trade and other payables (2,121) (1,237) (549)
Total current liabilities (2,121) (1,237) (549)
Total liabilities (2,121) (1,237) (549)
Net current assets 15,971 10,090 7,566
Net assets 79,266 39,130 37,080
Equity
Called up share capital 2,296 1,130 1,184
Share premium account 73,580 38,293 33,855
Share based payment reserve 1,678 1,358 1,678
Currency translation reserve 1,654 1,916 438
Other reserves 0 1,035 0
Merger reserve 4,970 0 4,970
Retained earnings (9,148) (6,769) (8,860)
Equity attributable to equity holders 75,030 36,963 33,265
of the parent
Equity interest of minorities 4,236 2,167 3,815
Total equity 79,266 39,130 37,080
Consolidated Statement of Changes in Equity
Share Share Share Other
Capital Premium based reserves
payment
reserve
GBP000` GBP000` GBP000` GBP000`
Balance at 1 July 2008 1,050 33,337 1,179 1,034
Issue of share capital 80 0 0 0
Premium on issue of share 0 4,956 0 0
capital
Share-based payment charge 0 0 179 0
Other reserves adjustment 0 0 0 0
Net loss for the period 0 0 0 0
Currency translation 0 0 0 0
difference
Balance at 31 December 2008 1,130 38,293 1,358 1,034
Issue of share capital 54 0 0 0
Premium on issue of share 0 -4,438 0 0
capital
Negative goodwill 0 0 0 0
Goodwill translation 0 0 0 0
Share-based payment charge 0 0 320 0
Other reserves 0 0 0 -1,034
Net loss for the period 0 0 0 0
Currency translation 0 0 0 0
difference
Balance at 30 June 2009 1,184 33,855 1,678 0
Issue of share capital 1,112 0 0 0
Premium on issue of share 0 39,725 0 0
capital
Goodwill translation 0 0 0 0
Net loss for the period 0 0 0 0
Currency translation 0 0 0 0
difference
Balance at 31 December 2009 2,296 73,580 1,678 0
Consolidated Statement of Changes in Equity (cont.)
Merger Accumulated Currency Total
reserve loss translation
reserve
GBP000` GBP000` GBP000`s GBP000`
Balance at 1 July 2008 0 -6,373 -812 29,415
Issue of share capital 0 0 0 80
Premium on issue of share 0 0 0 4,956
capital
Share-based payment charge 0 0 0 179
Other reserves adjustment 0 0 0 0
Net loss for the period 0 -396 0 -396
Currency translation 0 0 2,729 2,729
difference
Balance at 31 December 2008 0 -6,769 1,917 36,963
Issue of share capital 0 0 0 54
Premium on issue of share 4,970 0 0 532
capital
Negative goodwill 0 440 0 440
Goodwill translation 0 0 1,060 1,060
Share-based payment charge 0 0 0 320
Other reserves 0 1,034 0 -
Net loss for the period 0 -3,565 0 -3,565
Currency translation 0 0 -2,539 -2,539
difference
Balance at 30 June 2009 4,970 -8,860 438 33,265
Issue of share capital 0 0 0 1,112
Premium on issue of share 0 0 0 39,725
capital
Goodwill translation 0 0 1,235 1,235
Net loss for the period 0 -288 0 -288
Currency translation 0 0 -19 -19
difference
Balance at 31 December 2009 4,970 -9,148 1,654 75,030
Consolidated Cash Flow Statement Six months ended Year Ended
31 Dec 31 Dec 30 June 2009
2009 2008 Audited
Unaudited Unaudited GBP000`
GBP000` GBP000`
Cash flows from operating activities
Income/(loss) for the period 206 (774) (4,621)
Depreciation 320 0 34
Other non-cash movements (5,546) 0 6,203
Net cash outflows of subsidiaries 0 0 (14,850)
previously treated as associates
Gain on a bargain purchase 0 0 (18)
Loss on sale of property, plant and 0 0 (5)
equipment
Amounts written off exploration 0 0 3,807
expenditure
Increase/(decrease) in receivables (2,777) 3,698 6,000
Increase in inventory (277) - -
Decrease in payables 1,573 844 171
Foreign exchange on retranslation of (1,735) 371 2,006
overseas subsidiaries
Share based payments 0 179 499
Interest received 97 345 542
Interest paid (77) 0 0
Net cash outflow from operating activities (8,216) 4,663 (232)
Cash flows utilised by investing
activities
Acquisition of subsidiary, net of cash 0 0
acquired (790)
Purchase of intangible fixed assets (173) (5,086) (2,029)
Disposal/(Purchase) of tangible fixed 61 (11) (5)
assets
Net cash outflow from investing activities (112) (5,097) (2,824)
Cash flows from financing activities
Issue of shares and warrants 15,307 0 2
Net cash inflow from financing activities 15,307 0 2
Effects of foreign exchange on cash and 1,952 (2) 1,461
cash equivalents
Net increase/(decrease) in cash and cash 8,931 (436) (1,593)
equivalents
Cash and cash equivalents at the beginning 7,641 9,234 9,234
of the period/year
Cash and cash equivalents at the end of 16,572 8,798 7,641
the period/year
Notes
1. The interim financial information for the six months ended 31 December 2009
is unaudited. The interim accounts have been prepared in accordance with
the recognition, measurement and presentation and disclosure requirements
of International Financial Reporting Standards ("IFRS"), including IAS34
Interim Financial Reporting, the Companies Act and the JSE Listings
Requirements. The accounting policies have been applied consistently
through the Group and are consistent with those for the year ended 30 June
2009. The Interim statement was approved by the board on 29 March 2010.
2. Segmental Analysis
Business segments
The Group`s only business segment is the exploration 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.
Six months ended Year ended
31 Dec 31 Dec 30 Jun 2009
2009 2008 GBP000`
GBP000` GBP000`
Loss on ordinary activities
United Kingdom (1,406) (375) (1,285)
South Africa 911 30 2,133
Madagascar 38 (75) (2,480)
Australia 165 0 0
Mauritius (1) (8) (2,446)
Total loss before minority (293) (428) (4,078)
interests
Net assets by location
United Kingdom 42,769 17,878 18,088
South Africa 33,185 13,650 18,807
Madagascar 305 4,177 184
Australia 2,999 0 0
Mauritius 8 3,425 1
Total net assets 79,266 39,130 37,080
Exploration expenditure
United Kingdom 35,682 0 198
South Africa 9,328 940 16,861
Australia 3,276 0 0
Madagascar 12 2,860 674
Total exploration expenditure 48,298 3,800 17,733
3. Loss per share
Six months ended Year ended
31 Dec 2009 31 Dec 2008 30 Jun 2009
Loss for the financial period (288,731) (395,978) (3,960,723)
(GBP)
Weighted average number of 270,555,886 108,150,721 113,277,650
shares in issue
Dilutive effect of share 5,345,000 2,845,000 644,165
options
Basic loss per share (pence) (0.11) (0.37) (3.50)
Diluted loss per share (pence) (0.10) (0.37) (3.50)
4. No dividend was declared during the period ended 31 December 2009 (December
2008: Nil).
5. On 7 August 2009, the Group allotted and issued 8,857,183 new ordinary shares
of 1p each in Jubilee. Of these shares, 4,960,978 were issued following the
deemed achievement of Performance Hurdle 2 of the Deferred Share Agreement
entered into by Jubilee on 21 January 2009.
The balancing 3,896,205 ordinary shares of 1p each were issued in relation to
increasing Jubilee`s interest in Maude Mining (Pty) Ltd by 26% to 91% through
the acquisition of K-Plats. The terms of this agreement required K-Plats
shareholders to subscribe for "A" preference shares in K-Plats. Jubilee
subsequently purchased from the K-Plats shareholders all their "A" preference
shares for 3,896,205 Jubilee ordinary shares at R1.2833 (0.0997 GB pounds), a
total consideration of 5 million Rands. The "A" preference shares confer on
Jubilee the right to receive all dividends or other distributions declared
and/or paid by K-Plats to its shareholders and the right to appointments on the
board of directors of K-Plats.
On 9 November 2009 the Group allotted and issued 49,900,908 new ordinary shares
of 1p each in Jubilee to acquire the entire issued share capital of Braemore
Resources plc. The all-equity transaction involved the issue of 1 new Jubilee
share for every 15.818 Braemore shares held by Braemore shareholders.
6. The following changes were made to the Board of Directors to date:
Andrew Sarosi - Designated as Finance Director on 15 September 2009
Leon Coetzer - Appointed on 11 January 2010
Dr Mathews Phosa - Appointed 11 January 2010
7. Copies of interim report are available to the public free of charge from the
Company at 4th Floor, Cromwell Place, London, SW7 2JE and from 6 Pinewood Office
Park, 33 Riley Road, Woodmead, Sandton, Johannesburg during normal office hours
for 30 days from the date of this report and available for download from
www.jubileeplatinum.com.
30 March 2010
Sponsor
Sasfin Capital
(A Division of Sasfin Bank Limited)
Date: 30/03/2010 09:00:54 Produced by the JSE SENS Department.
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