TIDMJLP
RNS Number : 7633P
Jubilee Metals Group PLC
11 October 2023
Jubilee Metals Group PLC
Registration number (4459850)
AltX share code: JBL
AIM share code: JLP
ISIN: GB0031852162
("Jubilee" or "the Company" or "the Group")
Dissemination of a Regulatory Announcement that contains inside
information according to UK Market Abuse Regulations. Not for
release, publication or distribution in whole or in part in, into
or from any jurisdiction where to do so would constitute a
violation of the relevant laws or regulations of such
jurisdiction.
Audited Results for the year ended 30 June 2023
Notice of Annual General Meeting
Integrated Annual Report
Jubilee Metals Group PLC (AIM: JLP/Altx: JBL), a diversified
leader in metals processing with operations in Africa, is pleased
to announce its audited results for the year ended 30 June 2023
("FY2023"). Today, Jubilee is also publishing, its Integrated
Annual Report.
Jubilee has delivered a strong operational performance which has
assisted in buffering some of the challenging market conditions,
brought on by a fast-depreciating PGM basket price and
infrastructural challenges in both operating jurisdictions. The
operational performance served to demonstrate Jubilee's ability to
challenge industry norms by breaking through technical barriers and
implementing solutions that extract value from materials and ore
sources that were previously regarded by others as waste or too
complex.
Key milestones and achievements for the year
-- Record production figures across our PGM, chrome and copper
operations with 42 433 PGM oz (exceeding guidance and up 2%
year-on-year) 1 289 890 chrome concentrate tonnes (up 7%) and 2 923
copper tonnes (up 29%).
-- Successfully implemented an investment programme of GBP36
million (FY2022: GBP58 million) equivalent to US$44 million
(FY2022: US$70 million) to diversify and expand our operations in
chrome, PGM, copper and cobalt.
-- Commissioned a state-of-the-art expanded PGM processing
facility, designed to process PGM tailings and ores, previously
regarded as waste. This versatile facility boasts an annual
production capacity of 44 000 oz of PGMs.
-- Further expanded the chrome operational footprint through the
implementation of a long-term chrome ROM offtake agreement offering
increased chrome margins capable of offsetting the lower PGM
margins.
-- In South Africa, to address the infrastructure challenges, we
initiated the installation of backup power units at our chrome
facilities and managed stock levels to ensure continuous
operations.
-- In Zambia, we achieved significant advancements by
formulating breakthrough process flow sheets for the treatment of
mixed and transitional copper reefs as part of our 14 000 tonnes
per annum Southern copper strategy. These breakthroughs form part
of the process flowsheet upgrade at Roan currently underway.
-- The upgraded flowsheet offers significant lower capital
expansion opportunities within Zambia.
-- The technical team is in the process of innovating a copper
waste leach circuit for the treatment of copper and cobalt
tailings, as part of our Northern Refining copper strategy. The
development phase has commenced with upscaled continuous pilot runs
to confirm the encouraging results achieved to date.
-- Effectively addressed the infrastructure issues associated
with the new Roan Concentrator. A modern water infrastructure
system was completed in December 2022, followed by an enhanced
power infrastructure finalised in February 2023.
Financial highlights
-- Revenue from operations increased by 1% to GBP142 million
(FY2022: GBP140 million) equating to US$171 million (FY2022: US$186
million) with growth in US$ chrome revenue predominately offsetting
the market driven decrease in PGM revenue.
-- Gross profit was lower at GBP31 million (FY2022: GBP45
million) equivalent to US$38 million (FY2022: US$60 million)
impacted mainly by:
o Lower average PGM basket prices year-on-year decreasing by 22% to US$1 262 (FY2022: US$1 615)
o Increase of 11% in US$ operating cost per PGM oz driven mainly
by the increase in power and logistic costs
o Initial decrease during H1 FY2023 in chrome margins mainly due
to power constraints which was addressed through the roll-out of
back-up power systems
o Decrease in copper revenue per tonne of 19% to US$7 451 (FY2022: US$9 210)
o Continued expected growth of the chrome operations offering
the potential to offset lower PGM margins
-- EBITDA decreased to GBP24.8 million (FY2022: GBP36.8million)
or US$29.8 million (FY2022: US$48.9 million).
-- Cash from operating activities was supported by increased
contribution from operational expansions and remained strong at
GBP31 million (FY2022: GBP35 million) equivalent to US$37 million
(FY2022:US$42 million).
-- The Group's earnings per share decreased by 35% to 0.48 pence
(FY2022: 0.73 pence), as a result of the weighted average number of
shares increasing by 9% to 2 687.7 million shares (FY2022: 2 455.5
million shares) predominately due to the exercise of warrants
during the financial year and earnings attributable to owners of
the parent decreasing by 28% to GBP12.9 million (FY2022: GBP18.0
million) or US$15.5 million (FY2022: US$24.0million).
-- Group cash and cash equivalents at 30 June 2023 of
GBP12.5million (FY2022: GBP16 million) or US$15.9 million (FY2022
US$19.5 million).
-- A robust net cash position supporting the Group's current
assets to cover total liabilities by 103% (FY2022: 131%).
-- The Group's equity reduced marginally to GBP205 million
(FY2022: GBP207 million), predominately due to the profit after
taxation off-set by the movement in the foreign currency
translation reserve as a result of the weakening ZAR and ZMW
against the pound during the period under review. The Group
continues to maintain a strong equity ratio of 68% (FY2022:
71%).
Project and operational highlights
South Africa
-- In FY2023, our South African operations achieved 177 days
without any Lost Time Injuries (LTIs), compared to 162 days in
FY2022. This translates to a consistent LTIFR rate of 1.5,
mirroring our previous year's performance.
o The company was saddened by the loss of life suffered by a
service provider to our operations earlier in the year.
-- PGM oz sold increased by 2% to 42 433 oz (FY2022: 41 586 oz),
exceeding full year guidance of 38 000 oz.
-- Chrome tonnes sold increased by 4% to 1 275 287 tonnes
(FY2022: 1 222 452 tonnes) exceeding full year guidance of 1 200
000 tonnes.
-- Net cost per PGM oz net of chrome credits of US$508
(FY2022:US$408), remaining firmly as one of the lowest cost
producers of PGMs.
-- South African operations have reached stable production
meeting the market guidance and offering significant growth
opportunities.
-- On 6 June 2023, we proudly announced a significant, long-term
processing partnership. This collaboration increases our chrome ore
processing capacity by 360 000 tonnes annually offering the
potential to produce an additional 160 000 tonnes of chrome
concentrate per annum at improved margins together with an
associated feed to our PGM operations of 10 000 PGM ounces. The
move into higher margin chrome offtakes offers Jubilee:
o The opportunity to obtain greater exposure to the chrome price
and achieve higher margins compared with the existing fixed price
chrome tolling agreements;
o The option to further expand the partnership to expand the
processing capacity to 720 000 tonnes per annum of chrome ore;
o The opportunity of additional expansion opportunities
leveraging Jubilee's proven chrome efficiency capability, setting a
target annualised chrome concentrate production rate of 2 million
tonnes (60% expansion) over the next two years further
strengthening Jubilee's position as one of the largest chrome
producers globally.
Zambia
-- Zambian operations sustained a robust safety performance,
achieving 122 LTI free days (FY2022: 185 LTI free days), and
commensurately realising a reduction in the LTIFR to 2.4 (FY2022:
2.9).
-- Successfully mitigated power and water disruptions by
completing a new, privately-owned water infrastructure in December
2022 and augmenting the power infrastructure in February 2023.
-- Copper production improved by 29% to 2 923 tonnes (FY2022: 2
269 tonnes), marginally below the Group's revised guidance of 3 000
tonnes primarily due to previously announced power and water
disruptions in Zambia, impacting the ramp-up of the Roan
Concentrator.
-- Decision taken to further upgrade the Roan concentrator to
implement new technical advances and address lessons learnt in the
processing of weathered and transitional copper ores. The expansion
and upgrade of Roan has commenced and is expected to be completed
during Q2 FY 2024.
-- Jubilee successfully developed a breakthrough process flow
sheet for the treatment of mixed and transitional copper reefs as
part of our 14 000 tonnes per annum Southern copper strategy.
-- This modular flowsheet development offers the potential to
unlock numerous transitional copper ore opportunities in Zambia at
a significantly reduced capital investment per opportunity.
-- The Northern Copper Strategy continues to progress with the
development phase entering upscaled continuous pilot trials to
confirm results achieved to date. If successful, Jubilee believes
this would solve the technical barrier to unlock the recovery of
copper and cobalt from the vast quantity of copper tailings at
surface in Zambia.
Financial highlights
South Africa
-- Net revenue from our South African operations for FY2023
increased to GBP125 million (FY2022: GBP121million) up 3% from
FY2022, equivalent to US$151 million (FY2022: US$162 million).
-- Gross profit from South African operations for FY2023 reached
GBP27 million (US$32 million) down 30% from FY2022 maintaining a
healthy of 21% despite a 22% decline in the PGM US$ revenue per oz
and external operating cost drivers of power and logistics.
-- Chrome earnings margin of 12% (FY2022:13%) despite a rise in
operating costs of 10% to GBP56/t (FY2022: GBP51/t). Operating
costs in US$ terms remained consistent year-on-year.
-- PGM cost per oz US$508 (FY2022: US$408) net of chrome credits
driven higher mainly by cost of power and reliance on back-up
power.
Zambia
-- Net revenue from Zambian operations decreased by 8% driven by
sifter market prices to GBP17 million (FY2022: GBP18 million)
equivalent to US$20 million (FY2022: US$24 million) for the
year.
-- Gross profit from Zambian operations decreased by 35% to GBP5
million (FY2022: GBP8 million) and in US$ terms US$ 7.5 million
(FY2022: US$10 million) for the year.
-- Copper unit cost per tonne down 2% to US$5 281 (FY2022: US$5 386).
-- Total capital investment to date to deliver the integrated
Southern Copper Refining Strategy of GBP63 million (US$74 million)
which includes the integrated Sable Copper and Cobalt Refinery and
the Roan Concentrator.
Prospects for FY2024
SOUTH AFRICA
-- FY2024 offers the potential for growth in earnings as it
benefits from the expansion drive into high margin chrome
operations at a time when the market is experiencing strong demand
for chrome products:
o An additional 60 000 tonnes of higher margin chrome
concentrate is targeted for the first 6 months of FY2024 (150 000
tonnes over the full period) reaching an additional 15 000 tonnes
per month at stable production.
o The production of chrome forms a critical part of the South
African business' profitability and cost competitiveness. Jubilee
will continue to expand its chrome operational footprint on
attractive, market-linked terms during the period.
-- The Company confirms its guidance of achieving 1.45 million
tonnes of chrome concentrate for FY 2024.
-- The Company will seek to incrementally expand its PGM
production footprint to match the growing demand from the expansion
of the chrome operations.
-- Considering the prevailing PGM basket prices, the Company has
opted to prioritise enhancing the efficiency of existing PGM
capacity. We are also assessing potential Joint Ventures to
accommodate additional PGM feed materials, which presents a
cost-effective PGM expansion option for the Group. As part of this
decision the construction of a new PGM facility in the eastern limb
of South Africa has been placed under review.
-- The Company confirms its guidance of 42 000 PGM ounces for FY2024.
Zambia
-- The Southern Copper strategy targets the processing of
weathered and transitional copper reefs traditionally discarded as
waste.
o Jubilee developed breakthrough modular circuit designs
targeting the recovery of copper from these reefs;
o Modular circuit design offers potential for rapid deployment
based on learnings from the South African operations;
o Modules range from 15 000 to 50 000 tonnes per month
processing capacity at lower capital of US$2.5 million for a 15 000
tonnes per month module;
o Modules targeted as part of Roan upgrade with two further
modules considered under current long term offtake agreements being
negotiated.
-- The Company confirms its guidance of 5 850 tonnes of copper
for FY 2024 which is impacted by the upgrade at Project Roan.
-- As part of the development of the Northern Copper strategy,
upscaled continuous process trials have commenced to both confirm
the results achieved to date as well as the process flow sheet
assumptions. The continuous trials will run over an extended period
of approximately 10 weeks to ensure the accuracy of the
results.
Leon Coetzer, CEO, commented: "I am pleased to report another
year of significant growth at Jubilee in which we have demonstrated
our ability to navigate through some challenging infrastructure
conditions. The company successfully countered the sharp drop in
the PGM basket price by expanding its chrome operations into
higher-margin offtake agreements, resulting in a robust net cash
position and strong cash generation. Investments in power
infrastructure in South Africa and Zambia were crucial in
addressing power outages and stabilizing supply, while a new
private water infrastructure investment resolved disruptions issues
at the Roan operations.
"This year-on-year improved production performance reflects the
company's ongoing investment strategy in expansion opportunities,
with a belief in continued positive results in the short and medium
term. The organisation remains committed to challenging itself to
improve operational efficiencies, embodying what they refer to as
the "Jubilee Way."
"In South Africa, our operations continue maintain its status as
one of the lowest cost PGM producers and our commitment to safety
is evident with 177 days without any Lost Time Injuries. New
processing partnerships announced in the year are expected to
significantly enhance margins and processing capacities. Jubilee is
also poised for growth in Zambia, investing further in our new
copper division including upgrading our Roan Concentrator to boost
copper output. Technical breakthroughs from the development centre
offer substantial near-term growth opportunities in Zambia.
"In conclusion, the success of Jubilee can be attributed to the
unwavering dedication of our employees, strategic investments, and
agility in addressing challenges. The company remains committed to
delivering value to stakeholders and strengthening our market
position, and I continue to have every confidence our investments
will generate significant returns for shareholders in the short and
long term."
GROUP KEY PERFORMANCE INDICATORS
% change FY2022 FY2023 FY2023 FY2022 % change
Unit GROUP KEY UNITS Unit
OF PRODUCTION
PGM ounces sold
------------------ ------------------ -------------- --------------------- ------- -------- -------- ---------
(5%) 35 318 33 376 Oz * Inyoni Oz 33 376 35 318 (5%)
------------------ ------------------ -------------- --------------------- ------- -------- -------- ---------
44% 6 268 9 057 Oz * Third party JV Oz 9 057 6 268 44%
------------------ ------------------ -------------- --------------------- ------- -------- -------- ---------
Total PGM ounces
2% 41 586 42 433 Oz sold Oz 42 433 41 586 2%
------------------ ------------------ -------------- --------------------- ------- -------- -------- ---------
Copper tonnes
29% 2 604 2 923 Tonne sold Tonne 2 923 2 604 29%
------------------ ------------------ -------------- --------------------- ------- -------- -------- ---------
UNIT REVENUE
------------------ ------------------ -------------- --------------------- ------- -------- -------- ---------
Revenue per PGM
(22%) 1 615 1 262 $/oz ounce GBP/oz 1 048 1 215 (14%)
------------------ ------------------ -------------- --------------------- ------- -------- -------- ---------
Revenue per copper GBP
(19%) 9 210 7 451 $/t tonne /t 6 187 7 047 (12%)
------------------ ------------------ -------------- --------------------- ------- -------- -------- ---------
UNIT COSTS
------------------ ------------------ -------------- --------------------- ------- -------- -------- ---------
Net cost per PGM
ounce (after
by-product GBP
24% 408 508 $/oz credits chrome) /oz 422 305 38%
------------------ ------------------ -------------- --------------------- ------- -------- -------- ---------
Net cost per copper
tonne (after
by-product GBP
(2%) 5 386 5 281 $/t credits cobalt) /t 4 385 4 165 5%
------------------ ------------------ -------------- --------------------- ------- -------- -------- ---------
UNIT EARNINGS
------------------ ------------------ -------------- --------------------- ------- -------- -------- ---------
Net earnings per GBP
(38%) 1 207 754 $/oz PGM ounce /oz 627 910 (31%)
------------------ ------------------ -------------- --------------------- ------- -------- -------- ---------
Net earnings per GBP
(43%) 3 824 2 171 $/t copper tonne /t 1 802 2 882 (37%)
------------------ ------------------ -------------- --------------------- ------- -------- -------- ---------
GROUP KEY FINANCIAL
INDICATORS
------------------ ------------------ -------------- --------------------- ------- -------- -------- ---------
37 643 37 443 47 409 30 993
(1%) 497 796 US$ Capital spend GBP 212 020 53%
------------------ ------------------ -------------- --------------------- ------- -------- -------- ---------
Cashflow from
41 276 37 336 operating 31 006 31 005
(10%) 419 216 US$ activities GBP 607 195 0%
------------------ ------------------ -------------- --------------------- ------- -------- -------- ---------
186 387 170 901 141 928 140 006
(8%) 702 624 US$ Revenue GBP 672 986 1%
------------------ ------------------ -------------- --------------------- ------- -------- -------- ---------
48 955 29 841 24 782 36 773
(39%) 819 994 US$ EBITDA GBP 880 653 (33%)
------------------ ------------------ -------------- --------------------- ------- -------- -------- ---------
Tangible net asset
value per ordinary
(2%) 5.90 5.77 US cent share (pence) pence 4.56 4.86 (6%)
------------------ ------------------ -------------- --------------------- ------- -------- -------- ---------
Audit Opinion
The auditor's report on the annual financial statements of the
Group was unqualified and did not contain any statements under
section 498(2) or (3) of the Companies Act 2006.
Notice of Annual General Meeting and availability of the Group's
Annual Financial Statements
The Company also hereby gives notice of its 2023 Annual General
Meeting ("AGM"), which will be held on 3 November 2023 at 11:00 am
UK time at the offices of Fladgate LLP, 16 Great Queen Street,
London, WC2B 5DG, to transact the business as stated in the notice
of AGM. The Group's Annual Report for the year ended 30 June 2023,
along with the Notice of AGM, have been posted to the website,
www.jubileemetalsgroup.com .
Salient Dates:
Shareholders on the register who are entitled 29 September 2023
to receive the notice of AGM (SA)
Notice of AGM posted to shareholders 11 October 2023
Last date to trade in order to be eligible 27 October 2023
to participate in and vote at the AGM (SA)
Record Date for the purposes of determining
which shareholders are entitled to participate 1 November 2023
in and vote at the AGM (UK)
Record date for purpose of determining which 1 November 2023
shareholders are entitled to participate and
vote at the AGM (SA)
Latest time and date for receipt of CREST
Proxy Instruction and other uncertificated 11:00 am (UK time) 1 November
instructions (UK) 2023
Latest time and date for receipt of dematerialised 1 pm (SA time) 1 November
holding instruction and other uncertified 2023
instructions (SA)
Annual General Meeting 11:00 a.m. (UK time) 03
November 2023
Results of the Annual General Meeting released 03 November 2023
on RNS and SENS
---------------------------------------------------- --------------------------------
Integrated Annual Report
The Integrated Annual Report for the year ended 30 June 2023 is
also available on the Company's website today at
www.jubileemetalsgroup.com. Physical copies of the Annual Report
will be posted to shareholders who have elected to receive
them.
11 October 2023
For further information visit www.jubileemetalsgroup.com or contact:
Jubilee Metals Group PLC Tel: +27 (0) 11 465 1913
Leon Coetzer
PR & IR Adviser - Tavistock Tel: +44 (0) 20 7920 3150
Jos Simson/ Gareth Tredway
Nominated Adviser - SPARK Advisory Tel: +44 (0) 20 3368 3555
Partners Limited
Andrew Emmott/ James Keeshan
Joint Broker - Berenberg Tel: +44 (0) 20 3207 7800
Matthew Armitt/ Jennifer Lee/ Detlir
Elezi
Joint Broker - WHIreland Tel: +44 (0) 20 7220 1670/
Harry Ansell/ Katy Mitchell +44 (0) 113 394 6618
JSE Sponsor - Questco Corporate Advisory Tel: +27 (0) 11 011 9207
Pty Ltd
Alison McLaren
GROUP ANNUAL FINANCIAL STATEMENTS FOR THE YEARED 30 JUNE
2023
Group statements of financial position at 30 June 2023
Figures in Pound Sterling 2023 2022
Assets
Non-current assets
Property, plant and equipment 88 696 783 69 875 918
Intangible assets 79 883 128 78 466 341
Other financial assets 14 138 325 15 283 501
Inventories 13 505 677 12 506 751
Deferred tax 5 930 084 4 345 508
----------------------------------------------- ----------- -----------
202 153 997 180 478 019
------------------------------------------------ ----------- -----------
Current assets
Other financial assets 338 077 701 808
Inventories 35 664 792 27 736 150
Tax assets 695 422 990 746
Trade and other receivables 29 680 525 48 820 613
Contract assets 19 009 089 18 875 946
Cash and cash equivalents 12 596 183 16 017 944
----------------------------------------------- ----------- -----------
97 984 088 113 143 207
------------------------------------------------ ----------- -----------
Total assets 300 138 085 293 621 226
------------------------------------------------ ----------- -----------
Equity and liabilities
Equity attributable to equity holders of parent
Share capital and share premium 3161 119 978 155 538 672
Reserves 2 608 390 23 503 904
Accumulated profit 37 716 975 24 803 165
----------------------------------------------- ----------- -----------
201 445 343 203 845 741
Non-controlling interest 3 212 940 3 710 249
----------------------------------------------- ----------- -----------
204 658 283 207 555 990
------------------------------------------------ ----------- -----------
Liabilities
Non-current liabilities
Other financial liabilities 2 803 434 2 803 434
Lease liabilities 24 144 359 665
Deferred tax liability 13 852 052 18 221 132
Provisions 937 613 929 398
----------------------------------------------- ----------- -----------
17 617 243 22 313 629
------------------------------------------------ ----------- -----------
Current liabilities
Other financial liabilities - 1 035
Trade and other payables 59 639 629 52 632 003
Revolving credit facility 14 171 100 8 471 028
Current tax liabilities 4 051 830 2 647 541
----------------------------------------------- ----------- -----------
77 862 559 63 751 607
------------------------------------------------ ----------- -----------
Total liabilities 95 479 802 86 065 236
------------------------------------------------ ----------- -----------
Total equity and liabilities 300 138 085 293 621 226
------------------------------------------------ ----------- -----------
Group statements of comprehensive income for the year ended 30
June 2023
Figures in Pound Sterling 2023 2022
-------------------------------------------- ------------- ------------
Revenue 141 928 672 140 006 986
Cost of sales (110 537 605) (94 669 908)
-------------------------------------------- ------------- ------------
Gross profit 31 391 067 45 337 078
Operating expenses (15 873 028) (19 693 753)
-------------------------------------------- ------------- ------------
Operating profit 15 518 039 25 643 325
Investment revenue 1 614 824 1 400 599
Fair value adjustments 313 241 913 929
Finance costs (5 164 668) (1 445 307)
Share of loss from associate - (6 505)
-------------------------------------------- ------------- ------------
Profit before taxation 12 281 436 26 506 041
Taxation 688 109 (8 133 615)
-------------------------------------------- ------------- ------------
Profit for the year 12 969 545 18 372 426
------------------------------------------------ ------------- ------------
Profit for the year attributable to:
Owners of the parent 12 913 810 18 037 001
Non-controlling interest 55 735 335 425
-------------------------------------------- ------------- ------------
12 969 545 18 372 426
------------------------------------------------ ------------- ------------
Earnings per share (pence) 2 0.48 0.73
Diluted earnings per share (pence) 2 0.47 0.70
Reconciliation of other comprehensive
income:
Profit for the year 12 969 545 18 372 426
Other comprehensive income:
Exchange differences on translation foreign
operations (20 866 371) 16 810 787
Taxation related to components of other
comprehensive income - (168 048)
Total comprehensive income (7 896 826) 35 015 165
------------------------------------------------ ------------- --------------
Total comprehensive income attributable
to:
Owners of the parent (7 399 517) 34 467 442
Non-controlling interest (497 309) 547 723
-------------------------------------------- ------------- --------------
(7 896 826) 35 015 165
------------------------------------------------ ------------- --------------
Group statements of changes in equity as at 30 June 2023
Share Total
capital Foreign Share- (Accumulated attributable
and currency based Convertible Loss)/ to equity
Figures in Pound share Translation Merger payment notes Total retained holders of Total
Sterling premium reserve reserve reserve reserve reserves earnings the Company NCI equity
----------------- ------------ ----------------- ----------- ------------ ----------------- ------------ -------------------- ------------------ ---------- ------------
Group
Balance at 30 120 013 (19 482 23 184 2 707 133 380 3 162 136 542
June 2021 188 063) 000 928 203 040 6 612 905 6 753 964 054 526 582
Changes in equity
Profit for the
year - - - - - - 18 037 001 18 037 001 547 723 18 584 724
Other
comprehensive 16 430
income - 407 - - - 16 430 407 - 16 430 407 - 16 430 407
----------------- ------------ ----------------- ----------- ------------ ----------------- ------------ -------------------- ------------------ ---------- ------------
Total
comprehensive
income 16 430
for the year - 407 - - - 16 430 407 18 037 001 34 467 408 547 723 35 015 131
Issue of share
capital
net of costs 35 129 124 - - - - - - 35 129 124 - 35 129 124
Share warrants
expired 20 026 - - (20 026) - (20 026) - - - -
Share warrants
issued - - - 22 500 - 22 500 - 22 500 - 22 500
Share options
exercised/lapsed 173 294 - - (185 494) - (185 494) 12 200 - - -
Share options
issued - - - 846 652 - 846 652 - 846 652 - 846 652
Transfer between
reserves 203 040 - - - (203 040) (203 040) - -
----------------- ------------ ----------------- ----------- ------------ ----------------- ------------ -------------------- ------------------ ---------- ------------
16 430
Total changes 35 525 484 407 - 663 632 (203 040) 16 890 999 18 049 201 70 465 683 547 723 71 013 406
----------------- ------------ ----------------- ----------- ------------ ----------------- ------------ -------------------- ------------------ ---------- ------------
Balance at 30 155 538 (3 051 23 184 3 371 23 503 203 845 3 710 207 555
June 2022 672 656) 000 560 - 904 24 803 165 740 249 988
----------------- ------------ ----------------- ----------- ------------ ----------------- ------------ -------------------- ------------------ ---------- ------------
Changes in equity
Profit for the 12 416
year - - - - - - 12 913 810 12 913 810 (497 309) 501
Other
comprehensive (20 313 (20 313 (20 313 (20 313
income - 293) - - - 293) - 293) - 293)
----------------- ------------ ----------------- ----------- ------------ ----------------- ------------ -------------------- ------------------ ---------- ------------
Total
comprehensive
income (20 313 (20 313 (7 896
for the year - 293) - - - 293) 12 913 810 (7 399 483) (497 309) 792)
Issue of share
capital
net of costs 4 563 360 - - - - - - 4 563 360 - 4 563 360
Share warrants
exercised 935 414 - - (935 414) - (935 414) - - - -
Share options
exercised/lapsed 82 532 - - (82 532) - (82 532) - - - -
Share options
issued - - - 435 725 - 435 725 - 435 725 - 435 725
(20 313 (20 895 (2 897
Total changes 5 581 306 293) - (582 221) - 514) 12 913 810 (2 400 398) (497 309) 707)
----------------- ------------ ----------------- ----------- ------------ ----------------- ------------ -------------------- ------------------ ---------- ------------
Balance at 30 161 119 (23 364 23 184 2 789 201 445 3 212 204 658
June 2023 978 949) 000 339 - 2 608 390 37 716 975 342 940 281
----------------- ------------ ----------------- ----------- ------------ ----------------- ------------ -------------------- ------------------ ---------- ------------
Note: 3
Group statements of cash flow as at 30 June 2023
Figures in Pound Sterling 2023 2022
Cash flows from operating
activities
Cash generated from operations 36 523 227 34 901 495
Interest income 1 614 824 1 400 599
Finance costs (5 164 668) (1 445 307)
Taxation paid (1 966 776) (3 851 592)
------------------------------------- -------------- ---------------
Net cash from operating activities 31 006 607 31 005 195
------------------------------------- -------------- ---------------
Cash flows from investing
activities
Purchase of property, plant
and equipment (33 782 332) (36 451 781)
Sale of property, plant and 28 236 -
equipment
Purchase of intangible assets (9 129 681) (15 662 685)
Purchase of non-current inventories (998 926) (12 506 751)
Net cash from investing activities (43 882 703) (64 621 217)
------------------------------------- -------------- ---------------
Cash flows from financing
activities
Net proceeds on share issues 4 563 360 35 129 124
Proceeds from revolving credit
facilities 5 700 072 4 631 802
Increase in loans to joint
ventures 39 644 (6 933 571)
Decrease in other financial
liabilities (1 035) (4 062 392)
Lease payments (335 521) (588 317)
------------------------------------- -------------- ---------------
Net cash from financing activities 9 966 520 28 176 646
------------------------------------- -------------- ---------------
Total cash movement for the
year (2 909 576) (5 439 376)
Total cash at the beginning
of the year 16 017 944 19 643 047
Effect of exchange rate movement
on cash balances (512 185) 1 814 272
------------------------------------- -------------- ---------------
Total cash at end of the year 12 596 183 16 017 944
------------------------------------- -------------- ---------------
Notes to the Group financial statements for the year ended 30
June 2023
1. Statement of accounting policies
Jubilee Metals Group PLC is a public company listed on AIM of
the LSE and Altx of the JSE, incorporated and existing under the
laws of England and Wales, having its registered office at 1st
Floor, 7/8 Kendrick Mews, London, SW7 3HG, United Kingdom.
The Group and Company results for the year ended 30 June 2023
have been prepared using the accounting policies applied by the
Company in its 30 June 2023 annual report, which are in accordance
with UK adopted International Financial Reporting Standards
("IFRS") and IFRC interpretations, in conformity with the
requirements of the Companies Act 2006. The financial statements
are presented in Pound Sterling.
2. Earnings per share
Figures in Sterling 2023 2022
============================================= ============= ===========
Earnings attributable to ordinary equity
holders of the parent (GBP) 12 913 810 18 037 001
============================================= ============= ===========
Weighted average number of shares for basic 2 455 458
earnings per share 2 687 683 403 009
Effect of dilutive potential ordinary shares
- Share options and warrants 45 560 690 123 943 501
============================================= ============= ===========
Diluted weighted average number of shares 2 579 401
for diluted earnings per share 2 733 244 093 510
============================================= ============= ===========
Basic earnings per share (pence) 0.48 0.73
Diluted basic earnings per share (pence) 0.47 0.70
--------------------------------------------- ------------- -----------
Total number of shares in issue at year 2 657 051
end 2 738 129 981 370
--------------------------------------------- ------------- -----------
Tangible net asset value (GBP) 124 775 155 136 618 835
--------------------------------------------- ------------- -----------
Tangible net asset value per share (pence) 4.56 4.84
============================================= ============= ===========
There have been no other transactions involving ordinary shares
or potential ordinary shares between the reporting date and the
date of authorisation of these financial statements. There were no
share transactions post year end to the date of this report that
could have impacted earnings per share had it occurred before year
end.
3. Share capital, share premium, options and warrants
Figures in Sterling 2023 2022
Authorised
The share capital of the Company is divided
into an unlimited number of ordinary shares
of GBP 0.01 each.
Issued share capital fully paid
Ordinary shares of 1 pence each 27 381 300 26 570 514
Share premium 133 738 678 128 968 158
============================================= =========== ===========
Total issued capital 161 119 978 155 538 672
============================================= =========== ===========
The Company issued the following ordinary shares during the
period and as at the date of this announcement:
Issue price
Date issued Number of shares (pence) Purpose
=============================== ================ =========== ========
Opening balance at 1 July 2022 2 657 051 370
07-Jul-22 25 000 6.12 Warrants
22-Jul-22 1 439 156 6.12 Warrants
01-Sep-22 8 509 713 6.12 Warrants
21-Sep-22 4 659 599 6.12 Warrants
21-Sep-22 2 500 000 3.38 Warrants
10-Nov-22 2 500 000 3.38 Warrants
24-Nov-22 4 659 599 6.12 Warrants
28-Nov-22 8 509 713 6.12 Warrants
21-Dec-22 5 000 000 3.38 Warrants
18-Jan-23 32 159 446 6.12 Warrants
23-Jan-23 366 385 0.06 Warrants
04-May-23 1 250 000 2.50 Options
04-May-23 1 000 000 4.00 Options
04-May-23 2 000 000 4.50 Options
04-May-23 3 500 000 5.50 Options
04-May-23 3 000 000 6.00 Options
------------------------------- ---------------- ----------- --------
2 738 129 981
------------------------------- ---------------- ----------- --------
During the year share transaction costs accounted for as a
deduction from the share premium account amounted to GBPNil (FY2022
GBP1 385 214 ). The company recognised a share-based payment
expense in the share premium account in an amount of GBP1 017 946 (
FY2022: GBP193 320) in accordance with section 610 (2) of the
United Kingdom Companies Act 2006. The charge relates to the issue
of new Jubilee shares in lieu of warrants exercised and the amount
was accounted for as a deduction from the share premium
account.
Warrants
At year-end and as the last practicable date, the Company had
the following warrants outstanding:
Issue Share price
Number of Price Expiry at issue date
Issue Date warrants (pence) date (pence)
================= ============== ========== ============ ==============
19 Nov 2019 7 818 750 4.00 19 Nov 2023 4.13
22 Jun 2020 750 000 3.40 22 Jun 2024 3.90
21 Jan 2021 4 036 431 13.00 21 Jan 2025 13.20
================= ============== ========== ============ ==============
12 605 181
================= ============== ========== ============ ==============
Reconciliation of the number of warrants
in issue 2023 2022
============================================= ============ ==============
Opening balance 86 267 125 86 267 125
Expired/exercised during the year (73 661 944) -
============================================= ============ ==============
Closing balance 12 605 181 86 267 125
============================================= ============ ==============
4. Segmental analysis
Following the strategic restructuring of Jubilee's business
model management presents the following segmental information:
-- PGM and Chrome - the processing of PGM and chrome containing materials;
-- Copper and Cobalt - the processing of Copper and Cobalt containing materials;
-- Other - administrative and corporate expenses
The Group's operations span five countries South Africa,
Australia, Mauritius, Zambia, and the United Kingdom. There is no
difference between the accounting policies applied in the segment
reporting and those applied in the Group financial statements.
Madagascar does not meet the qualitative threshold under IFRS 8
consequently no separate reporting is provided.
2023
PGM and Chrome Copper and
Figures in Pound Sterling Cobalt Other Total
------------------------------ --------------------- ----------- ------------- ---------------
Total assets 140 451 298 100 659 374 59 027 411 300 138 083
------------------------------ --------------------- ----------- ------------- ---------------
Total liabilities 55 925 242 33 248 577 6 305 986 95 479 805
------------------------------ --------------------- ----------- ------------- ---------------
Revenue 125 051 722 16 876 950 - 141 928 672
Gross profit 26 496 660 4 894 407 - 31 391 067
Depreciation and amortisation (6 826 254) (1 733 769) (391 577) (8 951 600)
Operating expenses (870 765) (3 212 716) (2 837 949) (6 921 430)
Operating profit 18 799 641 (52 078) (3 229 526) 15 518 037
Investment revenue 760 047 - 854 777 1 614 824
Fair value - - 313 241 313 241
Net finance costs (4 286 774) (877 893) - (5 164 667)
Profit before taxation 15 272 914 (929 971) (2 061 508) 12 281 435
------------------------------ --------------------- ----------- ------------- ---------------
Taxation (314 842) 1 133 699 (130 748) 688 109
------------------------------ --------------------- ----------- ------------- ---------------
Profit after taxation 14 958 072 203 728 (2 192 256) 12 969 544
------------------------------ --------------------- ----------- ------------- ---------------
2022
PGM and Chrome Copper and
Figures in Pound Sterling Cobalt Other Total
------------------------------ --------------------- ----------- ------------- ---------------
Total assets 130 862 228 101 905 479 60 853 519 293 621 226
------------------------------ --------------------- ----------- ------------- ---------------
Total liabilities 28 026 802 13 309 255 14 729 179 56 065 236
------------------------------ --------------------- ----------- ------------- ---------------
Revenue 121 655 367 18 351 619 - 140 006 986
Gross profit 37 832 751 7 504 327 - 45 337 078
Depreciation and amortisation (7 553 949) (1 387 261) (1 281 692) (10 222 902)
Operating expenses (4 770 379) (1 909 100) (2 791 372) (9 470 851)
Operating profit 25 508 423 4 207 966 (4 073 064) 25 643 325
Investment revenue 588 435 795 786 16 378 1 400 599
Fair value - 580 933 332 996 913 929
Net finance costs (827 726) (617 581) - (1 445 307)
Income from equity account
investments - - (6 505) (6 505)
------------------------------ --------------------- ----------- ------------- ---------------
Profit before taxation 25 269 132 4 967 104 (3 730 195) 26 506 041
------------------------------ --------------------- ----------- ------------- ---------------
Taxation (6 487 979) (535 544) - (8 133 615)
------------------------------ --------------------- ----------- ------------- ---------------
Profit after taxation 18 781 153 4 431 560 (3 730 195) 18 372 426
------------------------------ --------------------- ----------- ------------- ---------------
5. Going Concern
The Group's business activities, together with the factors
likely to affect its future development, performance and position
are set out in the Group's Integrated Annual Report. The Group
meets its day--to--day working capital requirements through cash
generated from operations and trade finance facilities.
The current global economic climate creates to some extent
uncertainty particularly over:
-- the trading price of metals; and
-- the exchange rate fluctuation between the US$ and the ZAR and
thus the consequence for the cost of the company's raw materials as
well as the price at which product can be sold.
The Group's forecasts and projections to 31 December 2024,
taking account of reasonably possible changes in trading
performance, commodity prices and currency fluctuations, indicates
that the Group should be able to operate within the level of its
current cash flow earnings forecasted for at least the next twelve
months from the date of approval of the financial statements.
The Group is adequately funded and has access to further
facilities, which together with contracts with several high-profile
customers strengthen the Group's ability to meet its day-to-day
working capital requirements and capital expenditure requirements.
Therefore, the directors believe that the Group is suitably funded
and placed to manage its business risks successfully despite
identified economic uncertainties.
The directors have a reasonable expectation that the Group has
adequate resources to continue in operational existence for the
foreseeable future, thus continuing to adopt the going concern
basis of accounting in preparing the annual financial
statements.
6. Events after the reporting period
The directors confirm that there have been no significant events
affecting the company since the end of the reporting period and up
to the date of approval of these financial statements that would
require adjustments to or disclosure in the financial
statements.
Annexure 1
Headline earnings per share
Accounting policy
Headline earnings per share ("HEPS") is calculated using the
weighted average number of shares in issue during the period under
review and is based on earnings attributable to ordinary
shareholders after excluding those items as required by Circular
1/2021 issued by the South African Institute of Chartered
Accountants (SAICA).
In compliance with paragraph 18.19 (c) of the JSE Listings
Requirements the table below represents the Group's Headline
earnings and a reconciliation of the Group's earnings reported and
headline earnings used in the calculation of headline earnings per
share:
Reconciliation of headline earnings per share
June 2023 June 2022
------------------ -------------------
Gross Net Gross Net
GBP'000 GBP'000 GBP'000 GBP'000
--------------------------------------------- -------- -------- -------- ---------
Earnings for the period attributable
to ordinary shareholders 12 914 - 18 037
Share of impairment loss from equity
accounted associate - - 6.5 5
Fair value adjustments (313) (313) (914) (914)
--------------------------------------------- -------- -------- -------- ---------
Headline earnings from continuing operations 12 601 17 128
--------------------------------------------- ------------------ -------------------
Weighted average number of shares in
issue ('000) 2 738 130 2 455 458
Diluted weighted average number of
shares in issue ('000) 2 733 244 2 579 402
Headline earnings per share from continuing
operations (pence) 0.46 0.70
Headline earnings per share from continuing
operations (ZAR cents) 9.84 14.11
Diluted headline earnings per share
from continuing operations (pence) 0.46 0.66
Diluted headline earnings per share
from continuing operations (ZAR cents) 9.86 13.43
Average conversion rate used for the
period under review GBP:ZAR 0.047 0.049
--------------------------------------------- -------- -------- -------- ---------
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END
FR UAOVROWURARA
(END) Dow Jones Newswires
October 11, 2023 02:00 ET (06:00 GMT)
Jubilee Metals (LSE:JLP)
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Jubilee Metals (LSE:JLP)
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