Ambrian Buy Recommendation

Jubilee Metals Group PLC

Registration number (4459850)

AltX share code: JBL

AIM share code: JLP

ISIN: GB0031852162

(“Jubilee” or “the Company”)


Ambrian Buy Recommendation


Tjate Drill Results – Grades in line with elsewhere in the Merensky Reef

Jubilee Platinum has released drill results from a deep infill hole and a step-out hole on the Dsjate farm of
its Tjate project in South Africa. Infill hole DT10 intersected 2.4m @ 4.71 g/t PGM 4E at 979m depth. This
included an upper zone of 0.41m @ 7.94 g/t PGM 4E, 0.33% nickel and 0.16% copper.

Step-out hole DT11 intersected 0.8m @ 5.57 g/t PGM 4E at 1,280m depth. Including hanging wall
mineralisation, the zone returned 1.0m @ 4.88 g/t PGM 4E, 0.37% nickel and 0.21% copper. This hole was
drilled 1.5km west and down-dip of existing holes. The company indicates this will markedly increase the
area of PGE mineralisation beyond that used in the 2007 scoping study, and is now targeting up to 65Moz
PGE plus gold in situ.

This is positive news for Jubilee, with grades in the infill hole in line with those mined elsewhere in the
Merensky Reef, although lower than the 7-8 g/t PGM elsewhere on the property. While the step-out hole
returned a narrower zone of mineralisation, it is nonetheless of economic potential and continued drilling
will likely result in a significant increase of the area over which mineralisation is defined.
The Tjate project is one of the last significant resource development opportunities on the Bushveld outside
the control of a major mining group, and the high grades on the property increase its attractiveness as an
acquisition target. Jubilee trades at a discount due to Tjate not yet holding a JORC-compliant resource;
however, the geology of the Bushveld is well understood and the adjacent Impala and Anglo Platinum
operations add confidence to the economic potential of the project. We retain our BUY recommendation
and price target 124p, as outlined in our report Jubilee Platinum — Deals to be Done, 25 September 2007.

– Brock Salier
Recommendation – Buy