Preliminary Audited Results for the year ended 30 June 2009

PRELIMINARY AUDITED RESULTS FOR THE YEAR ENDED 30 JUNE 2009, POSTING OF THE

ANNUAL REPORT AND NOTICE OF ANNUAL GENERAL MEETING

HIGHLIGHTS

  • Tjate project Mineral Resource Statement released showing 22 million oz (attributable 14 million oz) 3PGE (platinum, palladium, rhodium) +Au (gold) for first mine and targeting 62 million oz (attributable 39 million oz) 3PGE+Au (before geological losses) for the whole licence area 

  • Feasibility study commenced

  • Western Bushveld JV entered into with Benhaus Mining 

For further information please contact

 

Colin Bird                                             Suzanne Johnson-Walsh 

/Michael Kinirons 

Jubilee Platinum plc                               Bishopsgate Communications Ltd 

Tel +44 (0) 20 7584 2155                        Tel +44 (0) 20 7562 3350 

Andrew Sarosi                                    Brian Christie/Leonard Eiser

Jubilee Platinum plc                              Sasfin Capital

Tel +44 (0) 1752 221937                        Tel +27 (0) 11 809 7500

Matthew Robinson/Ed Frisby

FinnCap

Tel +44 (0) 20 7600 1658

CHAIRMAN’S NOTE

Dear Shareholder

During the year, the Company completed a 42-borehole drilling programme at its flagship Tjate project. The programme was successful and resulted in the production of a SAMREC Code-compliant mineral resource statement detailed in the operation’s report included in the audited financial statements

The resource was to expectation in terms of tonnes and grade with an encouraging occurrence of two localized sub areas of coherent and widely mineralised thickening of the Merensky Reef. During the period under review, issues affecting mine design were addressed and general technical and permit related matters were progressed.

The Company’s South African subsidiary, Maude Mining and Exploration, entered into a joint venture with Benhaus Mining resulting in a 54.5 % ownership in various tailings dump and primary mining projects in the Western Bushveld. Preliminary results from sampling (61 samples) surface dump showed an overall assay of 2.5g/t (2E) platinum and palladium. Shortly after the year-end, Maude’s BEE joint venture partners exchanged their shares in Maude Mining for shares in Jubilee.

The year under review was very testing, with the economic crisis causing major brand names to collapse in the financial sector, resulting in the junior mining sector being ignored and company valuations being destroyed. Jubilee was disappointed to see the issue of Tjate’s mineral resource statement, a major milestone for the Company, attracting little interest and an insignificant share price movement.

The platinum price has shown resilience during the year despite the global economic problems. We believe that supply pressure should result in higher platinum prices early next year and thereafter rising demand from industry should sustain these higher prices.  

The Company’s strategy for the year was to achieve maximum progress with minimum expenditure. To this end our treasury was reasonably preserved and at year-end we had some £7.6 million in cash. The strong possibility of the economic recovery being protracted led management to curtail operations in Madagascar; our decision also being based on the speculative nature of these projects, which are high consumers of cash.

This cash conservation enabled Jubilee to make an offer for Braemore Resources plc, totalling £26.8 million by way of a scheme of arrangement, exchanging 1 Jubilee share for every 15.818 Braemore shares. This transaction was agreed on 3 July 2009 and is awaiting shareholder approval at meetings of Jubilee and Braemore shareholders scheduled for 7 October 2009. The enlarged company will have multi-platinum opportunities with capability from exploration to smelting and access to a major nickel tailings project in Australia.

The loss for the year after taxation was £4,079,171 (2008 £4,076,390).  The loss per ordinary share increased to 3.5 pence in the current year compared to 3.45 pence per ordinary share in 2008. The Group’s current year’s loss includes a write-off of £3,807,303 (2008 – £78,603) relating to impairment of some of its Madagascan intangible assets following a review of the Group’s intangible asset base in accordance with accounting policies. A share-based payment charge of £498,961 has been charged to the Income Statement in line with the requirements of IFRS2.  

Finally, I would like to thank my fellow Directors and staff for their efforts in a year full of negativity and disappointments outside their control. Their diligence and commitment has resulted in a strong company able to outperform in better times, which we believe are imminent.

MALCOLM BURNE

CHAIRMAN

  JUBILEE PLATINUM PLC

CONSOLIDATED INCOME STATEMENT

FOR THE YEAR ENDED 30 JUNE 2009

Year ended 30 June 2009

Year ended 30 June 2008

£

£

Administrative expenses

(2,292,904)

(4,717,992)

Loss from operations

(2,292,904)

(4,717,992)

Finance income

541,799

839,750

Finance costs

(1,330)

Profit on exchange rate

1,461,404

Impairment loss on intangibles

(3,807,303)

(78,603)

Gain on a bargain purchase

17,833

Share of operating loss in associate

(118,215)

Loss before income tax expense

(4,079,171)

  (4,076,390)

Income tax expense

Loss for the period after income tax expense

(4,079,171)

(4,076,390)

Minority interests:

  Equity

118,448

744,740

Loss attributable to members of Jubilee Platinum plc

(3,960,723)

(3,331,650)

Basic and diluted loss per share (pence)

(3.50)

(3.45)

Headline and diluted headline loss per share (pence)

      (0.13)

(3.37)

All of the Group’s activities are classed as continuing.

JUBILEE PLATINUM PLC

CONSOLIDATED BALANCE SHEET

AS AT 30 JUNE 2009

At 30 June 2009

At 30 June 2008

£

£

Assets

Non-current assets

Intangible assets

29,436,593

6,473,781

Property, plant and equipment

77,633

95,762

Investments in associates

7,882,758

Other receivables

1,310,742

Total non-current assets

29,514,226

  15,763,043

Current assets

Trade and other receivables

473,656

5,314,524

Cash and cash equivalents

7,641,288

9,234,217

Other receivables

1,310,741

Total current assets

8,114,944

15,859,482

Total assets

37,629,170

31,622,525

Current liabilities

Trade and other payables

(548,957)

(377,925)

Total current liabilities

(548,957)

(377,925)

Total liabilities

(548,957)

(377,925)

Net current assets

7,565,987

15,481,557

Net assets

37,080,213

31,244,600

Equity

Called up share capital

1,183,742

1,049,966

Share premium account

33,855,392

33,337,634

Share based payment reserve

1,677,797

1,178,836

Currency translation reserve

437,400

(812,540)

Other reserves

1,034,752

Merger reserve

4,970,335

Retained Earnings  

(8,859,731)

(6,373,314)

Equity attributable to equity holders of the parent

33,264,935

29,415,334

Equity interests of minorities

3,815,278

1,829,266

Total equity

37,080,213

31,244,600

JUBILEE PLATINUM PLC

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 30 JUNE 2009

Share Capital

£

Share Premium

£

Share based payment reserve

£

Other reserves

£

Balance at 30 June 2007

858,174

18,343,249

702,453

1,761,448

Issue of share capital

191,792

Premium on issue of share capital 

15,711,441

Cost on issue of shares

(717,056)

Share-based payment charge

476,383

Other reserves

(726,696)

Net loss for the year

Currency translation adjustments

Balance at 30 June 2008

1,049,966

33,337,634

1,178,836

1,034,752

Issue of share capital

133,776

Premium on issue of share capital 

517,758

Share-based payment charge

498,961

Other reserves

(1,034,752)

Goodwill Translation

Negative goodwill (note 9)

Net loss for the year

Translation of overseas subsidiaries on consolidation

Balance at 30 June 2009

1,183,742

33,855,392

1,677,797

  

Merger
reserve

£

Retained earnings

£

Currency
translation reserve 

£

Total

£

Balance at 30 June 2007

(3,768,360)

(818,954)

17,078,010

Issue of share capital

191,792

Premium on issue of share capital 

15,711,441

Cost on issue of shares

(717,056)

Share-based payment charge

476,383

Other reserves

726,696

Net loss for the year

(3,331,650)

(3,331,650)

Currency translation adjustments

6,414

6,414

Balance at 30 June 2008

(6,373,314)

(812,540)

29,415,334

Issue of share capital

133,776

Premium on issue of share capital 

4,970,335

5,488,093

Share-based payment charge

498,961

Other reserves

1,034,752

Goodwill Translation

1,060,323

1,060,323

Negative goodwill (note 9)

439,554

439,554

Net loss for the year

(3,960,723)

(3,960,723)

Translation of overseas subsidiaries on consolidation

189,617

189,617

Balance at 30 June 2009

4,970,335

(8,859,731)

437,400

33,264,935

 

Retained Earnings

£

Merger 

Reserve

£

Total

£

Balance at 30 June 2007

(2,829,328)

17,074,548

Issue of share capital

191,792

Premium on issue of share capital 

15,711,441

Expenses related to issue of shares

(717,056)

Share-based payment charge

476,383

Net loss for the year

(2,028,900)

(2,028,900)

Balance at 30 June 2008

(4,858,228)

30,708,208

Issue of share capital

133,776

Premium on issue of share capital 

4,970,335

5,488,093

Share-based payment charge

498,961

Net loss for the year

(2,081,872)

(2,081,872)

Balance at 30 June 2009

(6,940,100)

4,970,335

34,747,166

  JUBILEE PLATINUM PLC

CONSOLIDATED CASH FLOW STATEMENT

YEAR ENDED 30 JUNE 2009

Year ended 30 June 2009

Year ended 30
June 2008

£

£

Cash flows from operations

Loss for the year

(4,620,970)

(4,796,595)

Depreciation

33,541

31,879

Other non-cash movements

6,202,971

Net cash outflows of subsidiaries previously treated as associates

(14,850,673)

Gain on a bargain purchase

(17,833)

(Profit)/loss on sale of property, plant and equipment

(4,898)

1,484

Amounts written off exploration expenditure

3,807,303

78,603

Decrease/(increase) in receivables

6,000,951

(2,091,547)

Decrease/(increase) in payables

171,030

(2,961,215)

Foreign exchange on retranslation of overseas subsidiaries

2,005,894

(181,984)

Share based payments charge

498,961

476,383

Interest receivable

541,799

839,750

Interest payable

(1,330)

Net cash outflow from operating activities

(231,924)

(8,604,572)

Cash flows utilised by investing activities

Increase in loans and investments

(11,456)

Purchase of exploration assets

(2,029,541)

(835,114)

Purchase of property, plant and equipment

(4,808)

(80,741)

Acquisition of subsidiary, net of cash acquired

(790,061)

Proceeds from sale of property, plant and equipment

11,553

Net cash outflow from investing activities

(2,824,410)

(915,758)

Cash flow from financing activities

Issue of shares and warrants

2,000

11,153,694

Net cash inflow from financing activities

2,000

11,153,694

Effects of foreign exchange on cash and cash equivalents

1,461,405

105,640

Net increase in cash and cash equivalents

(1,592,929)

Cash and cash equivalents at the beginning of the year

9,234,217

7,495,213

Cash and cash equivalents at the end of the year

7,641,288

9,234,217

JUBILEE PLATINUM PLC

NOTES TO THE GROUP PROVISIONAL RESULTS 

FOR THE YEAR ENDED 30 JUNE 2009

1. Capital and reserves

           SHARE CAPITAL

         Group and Company

2009

2008

£

£

Authorised

500,000,000 ordinary shares of 1p each

5,000,000

5,000,000

Allotted, called up and fully paid 118,374,269 (2008: 104,996,622) ordinary shares of 1p each

1,183,742

1,049,966

The Company allotted 13,377,647 of ordinary 1p shares with an aggregate nominal value of 133,776 during the year as follows:

Date of issue

Price

per share

Number of shares

Aggregate consideration

£

21 July 2008

63.00p

8,016,669

5,050,502

24 April 2009

10.59p

3,224,636

341,489

21 May 2009

1.00p

200,000

2,000

22 May 2009

22.00p

200,000

44,000

11 June 2009

10.59p

1,736,342

183,878

 

13,377,647

5,621,869

2.     Basis of preparation and accounting policies.

These preliminary financial statements are extracts from the company’s audited financial statements to 30 June 2009The Audited financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS), IAS 34, the JSE Listings Requirements and the Companies Act 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 2008.

3.    The Audit Report

The preliminary audited results for the year ended 30 June 2009 have been audited by Saffery Champness Chartered Accountants and Registered Auditors and a copy of their audit report is available for inspection at the Company’s registered office: 4th Floor, 2 Cromwell PlaceLondon SW7 2JE.

Posting of the Annual Report and Notice of Annual General Notice

The annual report will be posted to shareholders on Tuesday 29 September 2009.

The annual general meeting will be held at the Pelham Hotel, 15 Cromwell PlaceLondon SW7 2LA at 09:30 on 30 November 2009 to transact the business as stated in the notice of annual general meeting forming part of the annual financial statements.

4.  Reconciliation of Headline Loss

2009

2008

Ordinary shares (weighted average) 

113,277,650

96,522,005

Effect of options issued at fair value (weighted average)

644,165

2,412,895

113,921,815

98,934,900

RECONCILIATION OF HEADLINE LOSS

2009

2008

Loss attributable to Jubilee Platinum Plc shareholders

(3,960,723)

(3,331,650)

Impairment of assets

3,807,303

78,603

Discount on acquisition of subsidiaries

(17,833)

Loss on disposal of foreign subsidiary

14,083

Loss on disposal of plant and equipment 

5,971

Headline loss

(151,199)

(3,253,047)

Headline loss per share (pence)

(0.13)

(3.37)

Diluted loss earnings per share (pence)

(0.13)

(3.37)

5Directorate

There have been no changes in the board of directors during the year ended 30 June 2009.

6. Dividend

There were no dividends paid or declared.

Sponsor 

Sasfin Capital

(A division of Sasfin Bank Limited)