TIDMJLP
RNS Number : 2975U
Jubilee Metals Group PLC
02 December 2021
Jubilee Metals Group Plc
Registration number (4459850)
Altx share code: JBL
AIM share code: JLP
ISIN: GB0031852162
2 December 2021
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS STIPULATED
UNDER THE UK VERSION OF THE MARKET ABUSE REGULATION NO 596/2014
WHICH IS PART OF ENGLISH LAW BY VIRTUE OF THE EUROPEAN (WITHDRAWAL)
ACT 2018, AS AMED. ON PUBLICATION OF THIS ANNOUNCEMENT VIA A
REGULATORY INFORMATION SERVICE, THIS INFORMATION IS CONSIDERED TO
BE IN THE PUBLIC DOMAIN.
Jubilee Metals Group Plc
("Jubilee" or the "Company" or the "Group")
Audited results for the year ended 30 June 2021
Notice of Annual General Meeting and availability of Annual
Financial Statements
Jubilee, the AIM and Altx traded metals processing company is
pleased to announce its audited results for the year ended 30 June
2021.
Financial Highlights
o Total revenue for the year increased by a strong 143% to GBP
133 million (ZAR 2.8 billion)(1) (2020: GBP 54.8 million (ZAR 1.1
billion))
o Attributable operational earnings(2) growth of 183% to GBP 71
million (ZAR 1.5 billion) (2020: GBP 25 million (ZAR 494.5
million)) and a return on equity of 35.4%, compared with 21.2% in
the previous year
o Adjusted(3) profit before tax up 324% to GBP 52 million (ZAR
1.1 billion) (2020: GBP 12.3 million (ZAR: 242 million))
o Profit after tax adjusted for non-cash expenses including
impairments, gain on bargain purchase and share based payments up
194% to GBP 49 million (ZAR 1 billion) (2020: GBP 17 million (ZAR:
331 million))
o Adjusted earnings per share up 163% to 2.25 pence (ZAR 46.66
cents) (2020: 0.86 pence (ZAR 16.9 cents))
o Revenue and earnings growth was achieved during a period of
substantial infrastructure investment, integration and planned
operational downtime and has provided a tremendous platform for
further future growth
o Jubilee delivered strong cash flows from operating activities
of GBP 23.8 million (ZAR 108 million) (2020: positive cash flow of
GBP 19.4 million (ZAR 415.4 million))
o During the year under review, a total of GBP 19.8 million (ZAR
391.9 million) was invested in acquisitions and purchases of
property, plant and equipment compared with the previous year's
total investment of GBP 26.1 million (ZAR 558 million) while a
further GBP 1.8 million (ZAR 35.5 million) (2020: GBP 4.2 million
(ZAR 89 million)) of external debt obligations were repaid
o Earnings per share up 93%, to 1.81 pence (ZAR 37.50 cents)
(2020: 0.94 pence (ZAR 18.47 cents))
o The Group boosted its operating profit by a strong 189%, to
GBP 45.9 million (ZAR 949 million) (2020: profit of GBP 15.9
million (ZAR 313.2 million)), with an operating margin of 35%
(2020: 29%)
o The Group's balance sheet strengthened substantially, with
total assets increasing by 49 %, to GBP 195 million (ZAR 3.9
billion) (2020: GBP 130.6 million (ZAR 2.8 billion))
o Total equity increased to GBP 136.5 million (ZAR 2.7 billion),
from GBP 94.2 million (ZAR 2 billion) the year earlier, maintaining
a strong equity ratio of 70% (2020: 72%)
o The Group's gearing remains low, with the net cash position
and current assets(4) covering 147% (2020: 92.7%) of total
liabilities
1. For income statement purposes conversions are at the average
GBP:ZAR rates for the period under review and for balance sheet
purposes at the spot rate as at year end. All other conversions are
at rates at the time announced
2. Attributable operational earnings represent Jubilee's net
share of
operational earnings after distributions to JV partners and before development costs
3. Adjusted for non-cash expenses including impairments, gain on
bargain purchase and share based payments
4. Current assets include inventory, trade and other receivables
and
cash and cash equivalents
Operational Highlights
o Achieved stated target of 50 162 PGM(5) ounces for FY2021 (up
23% compared with 40 743 ounces for FY2020); this was achieved
during a period which included the construction and commissioning
of two new chrome beneficiation facilities and the commencement of
the construction of the expanded and refocused Inyoni PGM
operation
o Chrome Operations delivered 751 223 tonnes of chrome
concentrate (2020: 377 883 tonnes), generating chrome revenue of
GBP 34.5 million (ZAR 714 million) (2020: GBP 17.2 million (ZAR
339.1 million)) on the back of increased operational capacities;
this is set to increase further with the commencement of
commissioning of the new Chrome Beneficiation circuit completed
during Q2 CY2021
o Secured the rights to a further approximately 150 million
tonnes of copper containing surface tailings, targeted to be
upgraded at site before refining at Jubilee's targeted Northern
Refinery in Zambia. This will be done through a joint operation
with the mining rights' holder. Project Elephant alone holds the
potential to produce copper concentrates in excess of the total
Sable Refinery capacity of 14 000 tonnes per annum of copper
cathode
o Copper production reached 2 026 tonnes since commissioning as
part of enabling operational readiness to accept first copper
concentrate production from Project Roan. Project Roan's integrated
copper concentrator is on track for commissioning by January
2022
o Sable Refinery achieved positive earnings as part of its
operational readiness activities with attributable operating
earnings of GBP 3.7 million for FY2021 compared with GBP 1.2
million for FY2020
5. 6 Element Platinum Group Metals (platinum, palladium,
rhodium, ruthenium, iridium + gold)
Operational Highlights Post the Period Under Review
o On 24 August 2021, Jubilee executed a binding Memorandum of
Understanding with Mopani Copper Mines Plc, a subsidiary of ZCCM
Investment Holdings Plc in Zambia, ("Mopani", "ZCCM" and
collectively the "Parties") for the implementation of additional
copper and cobalt refining capacity as part of the implementation
of Jubilee's Northern Copper and Cobalt Refining Strategy (the
"Agreement")
o The Northern Refining Strategy targets to establish an initial
17 000 tonnes of copper refining capacity in addition to the Sable
Refinery's 14 000 tonnes per annum. In addition, a cobalt refining
capacity is being targeted as part of the Northern Refining
Strategy
o The Northern Refining Strategy targets the processing of the
Kitwe and Luanshya copper and cobalt tailings project to fast track
the implementation of the Project which has access to more than 275
million tonnes of tailings
o The Northern Refining Strategy offers the opportunity for
accelerated investment into the region
o Jubilee is committed to prioritising local employment for the
accelerated Project implementation
o Project Roan successfully navigated the challenges posed by
Covid-19 restrictions and is set to commence commissioning
targeting to reach commercial production by Q1 CY2022
o The expansion project of Inyoni PGM operations including an
extended recovery circuit to target a variety of feed materials,
was completed during October 2021
o On 15 September 2021, Jubilee successfully concluded the
buy-out of the JV partner in Project Roan while also increasing its
JV position at Project Elephant.
Key financial and operational indicators
12 months 12 months
Unit to to
30 June 30 June
2021 2020
==================================== ======= ========= =========
Group
Revenue GBP'000 132 845 54 775
Attributable earnings (1) GBP'000 71 112 25 088
Attributable earnings margin % 54 46
EBITDA GBP'000 50 335 22 210
Adjusted EBITDA (2) GBP'000 52 153 22 643
Adjusted EBITDA margin % 39 41
==================================== ======= ========= =========
PGM
PGM revenue GBP'000 88 754 34 590
PGM revenue $'000 112 779 43 594
Attributable PGM earnings GBP'000 62 847 21 486
Attributable PGM earnings $'000 84 632 27 079
Attributable PGM earnings margin % 75 62
Attributable PGM ounces produced oz 50 162 40 743
PGM revenue per ounce $/oz 2 248 1 070
PGM attributable earnings per ounce $/oz 1 687 665
Adjusted PGM production unit cost
(3) $/oz 537 541
==================================== ======= ========= =========
Chrome
Chrome revenue GBP'000 34 506 17 158
Chrome revenue (4) $'000 47 004 21 624
Attributable chrome earnings GBP'000 3 082 803
Attributable chrome earnings $'000 4 150 1 013
Attributable chrome earnings margin % 9 5
Attributable chrome tonnes produced tonnes 751 223 377 883
Chrome revenue per tonne $/t 63 57
Chrome attributable earnings per
tonne $/t 6 3
==================================== ======= ========= =========
1. Attributable earnings refer to earnings allocated to the
group based on the group's contractual rights in each project and
excludes Group overheads and non-cash expenses including
impairments, gain on bargain purchase, share based payments and
foreign exchange differences.
2. Adjusted EBITDA refers to EBITDA adjusted for non-cash
expenses including impairments, gain on bargain purchase, share
based payments and foreign exchange differences on
transactions.
3. The adjusted PGM production unit cost includes all direct and
indirect costs attributable to the project including allocated
corporate charges. The costs for the period under review includes
all the operating costs for the Windsor PGM JV allocated to the
Jubilee attributable PGM ounces.
4. The chrome revenue is recognised on an ex-works basis after
costs of export logistics including freight, shipping and
marketing.
Chief Executive Officer's Review
The Jubilee team delivered an exceptional performance during
this financial year, achieving growth in all of our core business
units; PGMs and Chrome and also generating maiden earnings from our
new Zambian Copper portfolio. During this period, Jubilee in
addition executed a number of targeted transactions and investments
valuing GBP 20 million, to not only underpin our growth but which
also offer the opportunity for further growth. A brief summary of
the transactions and investments included:
Chrome and PGM
o On 13 August 2020, Jubilee entered into a third party
Run-Of-Mine ("ROM") chrome ore offtake agreement that fully commits
its 70 000 tonnes per month Windsor chrome beneficiation plant for
the next three years, with an option for this to be extended
further;
o On 24 August 2020, Jubilee executed a processing agreement
whereby it was appointed as operator to design, operate and
capitalise the expansion of a ROM chrome beneficiation plant to
reach 80 000 tonnes per month for a minimum period of 3 years;
o During February 2021, Jubilee commenced with the
capitalisation and expansion of the 50 000 tonnes per month Inyoni
PGM plant to a 75 000 tonnes per month processing facility. This
formed part of the refocusing of the Inyoni Operation to a
third-party processing facility for a variety of clients;
o On 3 June 2021, Jubilee has entered into a further long-term,
10+ years of mine life, PGM feed supply agreement, with a chrome
mining customer, offering Jubilee the opportunity to expand its PGM
Operations into the Eastern Limb of the PGM-rich Bushveld Complex.
In addition, Jubilee has acquired the rights to the processing of
255 000 tonnes of PGM containing chrome tailings in the Eastern
Limb, further increasing Jubilee's existing surface PGM
tailings;
o On 4 June 2021, Jubilee announced that it had in addition
secured the right to process a further 944 000 tonnes of PGM
containing tailings in the Eastern Limb of the PGM-rich Bushveld
Complex
Copper and Cobalt
o On 6 August 2020, Jubilee established Project Roan by signing
a joint venture agreement with a private Zambian company, to secure
the rights to process 2 million tonnes of copper ROM material
containing in excess of 2% copper, with the potential to increase
the ROM material to 4 million tonnes in addition to a further
approximate 6 million tonnes of copper tailings. The construction
of the new copper concentrator is underway targeting to commence
commissioning activities by January 2022;
o On 5 November 2020, Jubilee established Project Elephant by
concluding a further JV copper tailings transaction to secure the
rights to an additional approximately 115 million tonnes of copper
and cobalt containing surface tailings in Zambia. This transaction
combined with the 150 million tonnes secured at Luanshya
established the Northern Copper and Cobalt Refinery strategy;
o Jubilee completed the capitalisation of the ROM ore processing
circuit to enhance the Sable Refinery's processing
capabilities.
Post the period under review
o On 24 August 2021, Jubilee executed a binding Memorandum of
Understanding with Mopani Copper Mines Plc as part of its Northern
Copper and Cobalt Refining Strategy;
o On 15 September 2021, Jubilee successfully concluded the
buy-out of the JV partner in Project Roan while also increasing its
JV position at Project Elephant.
While all of this work understandably has put significant
pressure on day-to-day operations, I am thrilled to still be
reporting further production and earnings progress. Crucially, the
investment, time and effort spent in building and integrating these
facilities has set a platform for tremendous potential growth
opportunities. The significant upgrade undertaken at the Inyoni PGM
Operations which was completed post the period under review in
October 2021, has enabled Inyoni to pursue a variety of PGM feed
materials ensuring a long-term sustainable operation. The
disruption to production caused by this significant upgrade during
the current H2 CY2021 period is expected to be recovered during H1
CY2022.
We have seen further growth in South Africa during the period
under review, with a number of new, long term PGM supply
agreements, each of significant strategic value given their
locations on the Eastern Limb of the mineral-rich Bushveld Complex.
As well as demonstrating our ability to win and form partnerships
with key chrome mining clients, these new supply agreements provide
us with the opportunity to replicate the success of our Inyoni
Operation in the Western Limb region, which is of significant value
to us in supplying a continued and sustained chrome and PGM
feed.
With the support of our long-term stakeholders, along with some
very welcome blue-chip institutional investors to the share
register during the period, our maturing Company continues on a
very exciting growth trajectory, both operationally and
financially, as our strategy continues to be implemented.
Operationally, the Company has achieved its stated target of 50
000 PGM ounces for FY 2021 at 50 162 ounces (an increase of 23%
compared with 40 743 ounces for FY2020). This target was achieved
during a period which included the construction and commissioning
of two new chrome beneficiation facilities and the commencement of
the construction of the expanded Inyoni PGM operation which is
expected to be completed during Q4 of CY2021. The expansion and
upgrade of the Inyoni operations is in-line with the re-focusing of
the Inyoni operations from previously only processing historical
tails stockpiled and generated by Hernic Ferrochrome Proprietary
Limited, prior to it being placed in Business Rescue and the assets
ultimately being sold to Samancor, to focusing Inyoni on the
processing of feed material supplied by a variety of clients
secured under medium- and long-term feed supply agreements. During
the period under review, the Company also expanded its operational
footprint in the Eastern Limb of the Bushveld Complex in South
Africa - a strategic development which demonstrates Jubilee's
ability to continue to grow its business by re-investing its
earnings into high growth projects.
Chrome operations achieved 751 223 chrome concentrate tonnes for
FY2021 (377 883 tonnes during FY2020) on the back of increased
operational capacities. This is set to increase further with the
commissioning of the new Chrome Beneficiation circuit, which was
completed at the end of Q2 CY2021.
In Zambia, early earnings from copper production were achieved.
Copper production increased to 1 387 tonnes of copper for FY2021 as
part of the process of securing operational readiness to accept
first copper concentrate production from Project Roan. Project
Roan's integrated copper concentrator is set for commissioning and
targeting to commence commercial operations during Q1 CY2022, which
will result in the first significant increase in copper production
by the Sable Refinery targeting 10 000 tonnes of copper units
annually. The fully operational Sable Refinery achieved positive
earnings as part of its operational readiness activities with
attributable operational earnings of GBP 3.7 million for FY2021
compared to GBP 1.2 million for FY2020.
Achieving first delivery, on time, of partially upgraded copper
concentrate from Project Roan to the fully operational Sable
Refinery was the first major step in Jubilee's commitment to
achieving its targeted production of 25 000 tonnes per annum of
copper within the next four years. The commissioning of the
integrated copper concentrator is on track and scheduled to reach
commercial production in Q1 CY2022, while Jubilee's second copper
project, located in the Luanshya area, has completed the
development programme and is concluding the detail design phase to
commence the implementation programme in the next few months.
On 24 August 2021, Jubilee executed a binding Memorandum of
Understanding with Mopani Copper Mines Plc, a subsidiary of ZCCM
Investment Holdings Plc in Zambia, ("Mopani", "ZCCM" and "Parties")
for the implementation of additional copper and cobalt refining
capacity through the re-capitalisation of existing refining
capacity placed under care and maintenance by Mopani (the
"Agreement"). The Agreement forms a key part of Jubilee's Northern
Refining strategy which offers the potential to establish an
accelerated refining presence at both its Sable Refinery in the
South as well as at Kitwe in the North to better serve all of its
secured copper and cobalt tailings projects - offering the
potential of a combined refining capacity of 31 000 tonnes of
copper units per annum. Jubilee is now able to accelerate the
implementation of its Zambian copper strategy at significantly
reduced capital and project risk.
Chairman's Statement
As we have done over recent years, our company has experienced
another year of significant progress across all aspects of the
business. Jubilee has delivered a strong financial performance with
growth in all aspects of the business, both in South Africa and in
Zambia, during a phase of new build, extension to existing
facilities and feed and new project acquisitions.
As a rapidly developing company, the Board has exercised
considerable attention to ESG matters to ensure that there is no
disconnect between operational and financial performance, against
our environmental, social and governance obligations. ESG has
always been at the heart of what Jubilee does and is captured in
The Jubilee Way of doing business. I am pleased to say that the
word "obligations", whilst being a modern requirement, has always
been at the forefront of the Board's mind and as such further
formalisation of our protocols has not been unduly onerous. We
continue to progress formalisation to ensure that all aspects of
our business remain synchronised, with a common mission of
responsible, efficient and strongly commercial growth.
The effects and uncertainty of the COVID-19 pandemic remains to
be felt by the world. Jubilee continues to navigate these effects
with our operations being able to, in the most part, avoid any
direct impact. While our construction projects in Zambia were
impacted for a time by the disruptions in supply chains and freight
logistics, I am pleased that, despite these impacts, we will
shortly commence with the commissioning of our new copper
concentrator at Project Roan in Zambia with delivery of copper
concentrates to our Sable Refinery on track for Q1 CY2022 next
year. At the outset of the pandemic, we put in stringent testing
and reporting measures to protect our staff. I do thank everyone
involved in the Company for the responsible approach to this
pandemic, which we remain incredibly vigilant of.
The year under review was about successfully extending and
consolidating our chrome and PGM operations in South Africa as we
aimed to serve a wider client base to de-risk the business from any
one source, especially following the financial collapse of Hernic
Ferrochrome, while also establishing and expanding our copper
presence in Zambia. We successfully completed a major upgrade
programme at Inyoni which has significantly enhanced our processing
capabilities with us now able to process a wide variety of
third-party materials leaving us in a unique position to further
capitalise on the materials in the market.
In terms of our Zambian operations, we announced during the year
the acquisition of several tailings projects in Luanshya and Kitwe,
which amounted to gaining the rights to some 300 million tonnes of
tailings of varying grades of copper, and in some cases cobalt. The
period saw the ramping up of production at the Sable Refinery as
they prepare for the commissioning of Project Roan which targets an
annual 10 000 tonnes of copper, which may increase to 14 000 tonnes
per annum.
Post the period under review, we announced a binding MOU for the
Mopani Refining Facility and peripheral hardware which will
significantly accelerate our production plans for the Luanshya and
Kitwe tailings as part of our Northern Copper and Cobalt refining
strategy. The acquisition of these redundant facilities and
refurbishing, together with localised tailings dams, will greatly
reduce our capital requirements and bring forward processing
availability timing by at least 2 years. In general, our
achievements in the Zambian copper arena are advancing to plan and
we fully expect to attain our target of 25 000 tonnes of annualised
copper production to be achieved. The copper potential of Zambia
remains and as such we maintain an aggressive programme to advance
our position and annual production in country.
At the beginning of May 2021, we announced our option with
Caerus Mineral Resources Plc to research and test dumps in Cyprus
left by many mining operations over many years. The dumps are
likely to be copper and gold containing, and a number of cases
could be quite sizable. We are currently carrying out test work on
a number of samples derived from various sites, with a view to
assessing likely processing results. The dumps are thought to be
high grade, both in copper and gold. This option represents our
first venture out of Africa and commences the role out of our
brand, which we call The Jubilee Way, since the way of doing
business in the tailings space is unique to our company.
In terms of PGM and chrome production, we increased our
financial performance throughout the period despite a planned
significant upgrading of our Inyoni Operations, which was
disruptive to the current operation and completed post the period
under review in October 2021. The new expanded Inyoni Operations
are now able to process a variety of feed sources which was
previously limited to the treatment of historical material provided
by the then Hernic.
Towards year end we announced a substantial acquisition for the
rights to 944 000 tonnes of PGM containing tailings in the Eastern
Limb, which marks our entry into gaining position in the Eastern
Limb of the South African Bushveld Complex. The move to PGM supply
agreements in the Eastern Limb was a key strategic decision too,
giving access to this area offering a platform to pursue further
growth opportunities.
During the year we have seen with the pandemic biting into
everyone's lives in various ways, showing no respite and
reproducing itself in new forms and the uncertainty of pandemic
management still exists. Against this uncertain environment stock
markets have advanced to all-time highs and commodity prices have
seen unprecedented growth. Any and all metals which will be
required for future clean energy generation or storage have seen
significant price increases. The outlook for copper in particular
remains buoyant, with many predictions that the year CY2030 will
see a doubling in demand for copper. I for one, see the supply side
being severely challenged, with Chile as a major contributor to the
copper supply, being challenged technically and socially. The large
copper systems that are now in favour are few and far between and
have a gestation period of some twelve years. The lack of big
projects being developed will, to me, facilitate smaller copper
production from both surface and underground mines. The reason
being simply that the period to bring into production is much less.
The inability of supply to keep up the demand should keep the price
of copper above US$ 8 500 per tonne. We do, however, anticipate
that prices may exceed US$ 11 000 per tonne during CY2023 and
beyond. The possession of copper secondaries, mined and on surface,
gives Jubilee a very good position in tomorrow's copper production
and promises superior returns to its shareholders.
Likewise, in the PGM space, we see the emergence of the fuel
cell, particularly in China, which will underpin the PGM price and
increase the price as demand for fuel cell energy increases over
the coming years. Your company is well positioned in the new energy
space and has a style of doing business which is both unique and
transferable, The Jubilee Way.
We look forward to continuing to deliver to our shareholders
with our further growth and development in the exciting space of
waste retreatment. We most definitely have a first mover
advantage.
Finally, I would like to thank everyone in our team for the
tireless efforts in producing splendid results in challenging
times. Upwards and onwards, and long may it continue.
Colin Bird
Non-executive Chairman
2 December 2021
Group statements of financial position at 30 June 2021
Figures in Sterling 2021 2020
========================================= === ========== ==========
Assets
Non-current assets
Property, plant, and equipment 33 011 518 20 076 448
Intangible assets 58 831 075 72 901 175
Investments in subsidiaries - -
Investments in associates 426 505 450 598
Loans to Group companies - -
Other financial assets 7 234 002 3 406 644
Deferred tax 9 463 653 3 223 254
---------- ----------
108 966 100 058
753 119
---------- ----------
Current assets
Other financial assets 544 195 -
Inventories 17 765 937 2 140 239
Current tax assets 466 176 -
Trade and other receivables 38 126 369 13 083 307
Contract assets 9 154 250 5 408 622
Cash and cash equivalents 19 643 047 9 947 822
---------- ----------
85 699 974 30 579 990
---------- ----------
194 666 130 638
Total assets 727 109
---------- ----------
Equity and liabilities
Equity attributable to equity holders of
parent
Share capital and share 120 013 114 585
premium 187 392
Reserves 6 612 905 10 317 560
(33 201
Accumulated profit/(loss) 6 753 964 211)
---------- ----------
133 380
056 91 701 741
Non-controlling interest 3 162 527 2 479 277
---------- ----------
136 542
583 94 181 018
---------- ----------
Liabilities
Non-current liabilities
Other financial liabilities 2 803 434 10 428 719
Lease liabilities 164 088 -
Deferred tax liability 14 997 333 10 944 698
Provisions 720 759 694 358
---------- ----------
18 685 614 22 067 775
---------- ----------
Current liabilities
Other financial liabilities 5 337 310 1 460 968
Trade and other payables 29 338 988 12 422 880
Contract liabilities - 505 468
Revolving credit facility 3 839 225 -
Current tax liabilities 923 007 -
---------- ----------
39 438 530 14 389 316
---------- ----------
Total liabilities 58 124 144 36 457 091
---------- ----------
194 666 130 638
Total equity and liabilities 727 109
---------- ----------
The financial statements were authorised for issue and approved
by the Board on 2 December 2021 and signed on its behalf by:
Leon Coetzer
Chief Executive Officer
Company number: 04459850
Group statements of comprehensive income for the year ended 30
June 2021
Figures in Sterling 2021 2020
132 845
Revenue 252 54 774 818
(61 733
Cost of sales 675) (29 687 220)
======================================= ============= ==============
Gross profit 71 111 577 25 087 598
Other income - 1 470 631
(25 728
Operating expenses 382) (10 670 041)
======================================= ============= ==============
Operating profit 45 383 195 15 888 188
Investment revenue 500 173 125 264
Fair value adjustments (1 161 418) (5 021 585)
Gain on bargain purchase through
business combinations - 6 606 755
Finance costs (1 673 787) (2 420 875)
Share of loss from associates (24 093) (1 444 879)
======================================= ============= ==============
Profit before taxation (1) 43 024 070 13 732 868
Taxation (2 792 867) 4 495 716
======================================= ============= ==============
Profit for the year 40 231 203 18 228 584
======================================= ============= ==============
Earnings for the year
Attributable to:
Owners of the parent 39 599 917 18 320 392
Non-controlling interest (631 287) (91 808)
======================================= ============= ==============
40 231 203 18 228 584
======================================= ============= ==============
Earnings per share (pence) 1.81 0.94
Diluted earnings per share
(pence) 1.78 0.93
Reconciliation of other comprehensive
income:
Profit for the year 40 231 203 18 228 584
Other comprehensive income:
Exchange differences on translation
foreign operations (3 863 624) (12 388 588)
======================================= ============= ==============
Total comprehensive profit 36 367 579 5 839 996
======================================= ============= ==============
Total comprehensive profit
attributable to:
Owners of the parent 35 707 874 6 317 824
Non-controlling interest 659 705 (477 828)
======================================= ============= ==============
36 367 579 5 839 996
======================================= ============= ==============
Group statements of changes in equity for the year ended 30 June
2021
Total
attributable
Share Foreign Share- Convertible to equity
capital currency based notes holders Non-
Figures in and share Translation Merger payment reserve Total Accumulated of the Group/ controlling
Sterling premium reserve reserve reserve reserves loss Company interest Total equity
================= =========== ============= ============ =========== ============ =========== ============== ============= ============ =============
Group
Balance at 30 105 820 22 319
June 2019 411 (3 587 451) 23 184 000 2 519 435 203 040 024 (51 842 700) 76 296 733 2 393 082 78 689 814
Changes in equity
Profit for the
year - - - - - - 18 320 392 18 320 392 (477 828) 17 842 564
Other
comprehensive (12 002 (12 002 (12 002 (12 002
income - 568) - - - 568) - 568) - 568)
----------- ------------- ------------ ----------- ------------ ----------- -------------- ------------- ------------ -------------
Total
comprehensive
income (12 002 (12 002
for the year - 568) - - - 568) 18 320 392 6 317 824 (477 828) 5 839 996
----------- ------------- ------------ ----------- ------------ ----------- -------------- ------------- ------------ -------------
Issue of share
capital
net of costs 8 764 981 - - - - - - 8 764 981 - 8 764 981
Share warrants
issued - - - 205 903 - 205 903 - 205 903 - 205 903
hare options
exercised/lapsed - - - (324 597) - (324 597) 321 097 (3 500) - (3 500)
Share options
issued - - - 119 800 - 119 800 - 119 800 - 119 800
Business
combinations - - - - - - - - 564 024 564 024
----------- ------------- ------------ ----------- ------------ ----------- -------------- ------------- ------------ -------------
(12 002 (12 001
Total changes 8 764 981 568) - 1 106 - 462) 18 641 489 15 405 008 86 196 15 491 204
----------- ------------- ------------ ----------- ------------ ----------- -------------- ------------- ------------ -------------
Balance at 30 114 585 (15 590 10 317
June 2020 392 019) 23 184 000 2 520 541 203 040 562 (33 201 211) 91 701 741 2 479 278 94 181 020
Changes in equity
Profit for the
year - - - - - - 39 599 917 39 599 917 659 705 40 259 622
Other
comprehensive (3 892
income - (3 892 044) - - - 044) - (3 892 044) (3 892 044)
----------- ------------- ------------ ----------- ------------ ----------- -------------- ------------- ------------ -------------
Total
comprehensive
income (3 892
for the year - (3 892 044) - - - 044) 39 599 917 35 707 873 659 705 36 367 578
----------- ------------- ------------ ----------- ------------ ----------- -------------- ------------- ------------ -------------
Issue of share
capital
net of costs 5 427 796 - - - - - - 5 427 796 - 5 427 796
Share warrants
exercised - - - (232 812) - (232 812) 232 812 - - -
Share warrants
issued - - - 161 974 - 161 974 - 161 974 - 161 974
Share options
exercised/lapsed - - - (156 821) - (156 821) 145 990 (10 830) - (10 830)
Share options
issued - - - 415 046 - 415 046 - 415 046 - 415 046
Changes in
ownership no
control lost - - - - - - (23 544) (23 544) 23 544 -
----------- ------------- ------------ ----------- ------------ ----------- -------------- ------------- ------------ -------------
(3 704
Total changes 5 427 796 (3 892 044) - 187 387 - 657) 39 955 175 41 678 315 683 249 42 361 563
----------- ------------- ------------ ----------- ------------ ----------- -------------- ------------- ------------ -------------
Balance at 30 120 013 (19 482 133 380 136 542
June 2021 187 063) 23 184 000 2 707 928 203 040 6 612 905 6 753 964 056 3 162 527 583
------------
Group statements of cash flow for the year ended 30 June
2021
Figures in Sterling 2021 2020
Cash flows from operating activities
Cash generated from operations 33 002 604 21 734 031
Interest income 500 173 125 264
Finance costs (1 673 787) (2 420 875)
Taxation paid (8 034 521) -
============================================ ============= =============
Net cash from operating activities 23 794 469 19 438 420
============================================ ============= =============
Cash flows from investing activities
Purchase of property, plant, and (17 865
equipment 679) (1 389 730)
Sale of property, plant, and equipment (8 427) 246 783
(16 713
Purchase of intangible assets (1 942 019) 185)
Business combinations - (7 732 100)
(19 816 (25 588
Net cash from investing activities 125) 232)
============================================ ============= =============
Cash flows from financing activities
Net proceeds on share issues 1 144 436 5 696 278
Proceeds from revolving credit
facilities 3 839 225 -
Proceeds from trade financing arrangements 2 525 914 -
Increase in loans to joint ventures (4 371 552) (276 235)
Decrease in other financial liabilities (1 795 310) (4 168 297)
Lease payments (219 847) -
============================================ ============= =============
Net cash from financing activities 1 122 866 1 251 746
============================================ ============= =============
Total cash movement for the year 5 101 210 (4 898 066)
Total cash at the beginning of
the year 9 947 822 18 865 288
Effect of exchange rate movement
on cash balances 4 594 015 (4 019 400)
============================================ ============= =============
Total cash at end of the year 19 643 047 9 947 822
============================================ ============= =============
Notes to the Group financial statements for the year ended 30
June 2021
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 2021
have been prepared using the accounting policies applied by the
Company in its 30 June 2021 annual report, which are in accordance
with International Financial Reporting Standards ("IFRS") and IFRC
interpretations, as issued by the International Accounting
Standards Board ("IASB") and adopted for use in the EU (IFRS),
including the SAICA financial reporting guides as issued by the
Accounting Practices Committee and the Companies Act 2006 (UK).
The financial statements are presented in Pound Sterling. For
income statement purposes conversions are at average exchange rates
and for balance sheet purposes at the closing rate as at the period
end. All other conversions are at rates as at the time
announced.
2. Earnings per share
Figures in Sterling 2021 2020
Earnings attributable to ordinary equity holders
of the parent (GBP) 39 599 917 18 320 392
===================================================== ========== ==========
Weighted average number of shares for basic earnings 2 185 345 1 955 965
per share 903 289
Effect of dilutive potential ordinary shares
- Share options and warrants 40 742 711 19 299 151
===================================================== ========== ==========
Diluted weighted average number of shares for 2 226 088 1 975 264
diluted earnings per share 614 440
===================================================== ========== ==========
Basic earnings per share (pence) 1.81 0.94
Diluted basic earnings per share (pence) 1.78 0.93
===================================================== ========== ==========
The Group reported a net asset value of 6.09 pence (ZAR 120.43
cents) (2020: 4.46 pence (ZAR 95.26 cents)) per ordinary share.
Tangible net asset value for the period under review was 1.99 pence
(ZAR 39.42 cents) (2020: 1.01 pence (ZAR 21.52 cents)). The total
number of ordinary shares in issue at 30 June 2021 was 2 242 509
468 (2020: 2 112 509 573) shares.
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 and Warrants
Figures in pound sterling 2021 2020
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 22 425 093 21 125 096
Share premium 97 588 094 93 460 296
================================================= ========== ==========
120 013 114 585
Total issued capital 187 392
================================================= ========== ==========
The Company issued the following shares during the period:
Number of Issue price
Date issued shares (pence) Purpose
=========================== ============= =========== =================
Opening balance at 1 July
2020 2 112 509 573
07-Dec-20 694 445 6.120 Warrants
12-Jan-21 19 417 476 3.375 Warrants
13-Jan-21 610 445 4.000 Warrants
13-Jan-21 1 473 055 3.380 Warrants
21-Jan-21 80 728 619 2.810 Debt settlement
21-Jan-21 4 393 736 13.000 Director dealing
21-Jan-21 14 760 730 13.000 Director dealing
03-Feb-21 4 000 000 3.400 Warrants
08-Feb-21 3 000 000 6.000 Options exercised
18-Feb-21 80 000 6.120 Warrants
09-Mar-21 200 000 6.120 Warrants
11-Mar-21 502 500 6.120 Warrants
14-May-21 138 889 6.120 Warrants
=========================== ============= =========== =================
Closing balance at 30 June
2021 2 242 509 468
=========================== ============= =========== =================
During the year share transaction costs accounted for as a
deduction from the share premium account amounted to GBP 314 842
(2020: GBP 747 412). On 21 September 2021, post the period under
review, the Company issued 187 149 096 new ordinary shares at a
price of 16.03 pence to raise GBP 30 million before expenses,
bringing the total shares in issue at the date of this report to 2
429 658 564 shares.
The company recognised a share-based payment expense in the
share premium account in an amount of GBP 161 974 (2020: GBP 205
903) 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 at the last practicable date the Company had the
following warrants outstanding:
Subscription Share price
Issue Date Number of Price Expiry at issue date
warrants pence date (pence)
======================= =================== ============ =========== ==============
19 Jan 2018 63 661 944 6.12 19 Jan 2023 3.55
28 Dec 2018 10 000 000 3.38 28 Dec 2023 2.40
19 Nov 2019 7 818 750 4.00 19 Nov 2022 4.13
22 Jun 2020 750 000 3.40 22 Jun 2023 3.90
21 Jan 2021 4 036 431 13.00 21 Jan 2024 13.20
======================= =================== ============ =========== =================
86 267 125
======================= =================== ============ =========== =================
Reconciliation of the number of warrants
in issue 2021 2020
========================================================= =========== ==============
112 292
Opening balance 488 99 113 293
Issued during the year 4 036 431 13 179 195
(30 061
Expired/exercised during the year 794) -
========================================================= =========== ==============
112 292
Closing balance 86 267 125 488
========================================================= =========== ==============
4. Segmental analysis
In the opinion of the Directors, the operations of the Group
companies comprise of four reporting segments being:
o the processing of PGM, chrome and copper containing materials
("Metals Processing");
o a combination of targeted process consulting and developing,
focussed on the development and implementation of process
solutions, specifically targeting both liquid and solid waste
streams from mine processes. This includes existing pilot
operations as part of the process development cycle to provide
mature solutions which includes extractive-metallurgy,
pyro-metallurgy and hydro-metallurgy ("Business Development");
o the exploration (Exploration); and
o the parent company operates a head office based in the United
Kingdom, which incurs certain administration and corporate costs.
("Corporate").
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.
Segment report for the year ended 30 June 2021
Metals Processing Business
Figures in Sterling development Exploration Corporate Total
============================ ========================== ================= ============= =========== =============
132 845
Total revenues 132 845 176 - - - 176
(61 733
Cost of sales (62 398 524) 664 849 - - 675)
Profit/(loss) before (4 792
taxation 47 254 824 565 611 (3 707) 657) 43 024 070
Taxation (2 792 867) - - - (2 792 867)
(4 792
Profit/(loss) after taxation 44 461 957 565 611 (3 707) 657) 40 231 204
Interest received 480 418 - 71 19 685 500 175
Interest paid (1 673 786) - - - (1 673 786)
Depreciation and
amortisation (5 111 143) - - - (5 111 143)
============================ ========================== ================= ============= =========== =============
(154 959 (34 626 (193 071
Total assets 693) (3 629 684) 843) 145 210 011)
============================ ========================== ================= ============= =========== =============
Total liabilities 50 721 441 (11 808 622) 16 253 772 1 361 839 56 528 430
============================ ========================== ================= ============= =========== =============
Segment report for the year ended 30 June 2020
Metals Business
Figures in Sterling Processing development Exploration Corporate Total
============================ ========================== ================= ============= =========== =============
Total revenue 54 774 818 - - - 54 774 818
(29 687
Cost of sales (29 683 413) (3 807) - - 220)
Forex profits/(losses) 723 787 - - (65 433) 658 354
Profit/(loss) before (6 363
taxation 20 107 447 (10 093) (956) 527) 13 732 871
Taxation 3 541 615 - - 954 101 4 495 716
Profit/(loss) after (5 409
taxation 23 649 062 (10 093) (956) 427) 18 228 586
Interest received 101 214 - 167 23 883 125 264
Interest paid (2 245 776) - 35 (175 134) (2 420 875)
Depreciation and
amortisation (6 501 760) - - - (6 501 760)
============================ ========================== ================= ============= =========== =============
(3 251 (130 638
Total assets (90 719 255) (3 159 299) (33 507 643) 913) 110)
============================ ========================== ================= ============= =========== =============
Total liabilities 31 175 924 11 130 297 15 958 164 453 299 36 457 091
============================ ========================== ================= ============= =========== =============
6. Going Concern
Jubilee operates several chrome-Platinum Group Metal (PGM)
operations in South Africa and has commissioned a copper and cobalt
circuit (the 'Sable' refinery) in Zambia. The Company has a growth
pipeline identified and significant opportunities to find new
projects in Africa (or globally); more specifically it is looking
to increase its copper (cobalt) production in Zambia to make full
use of its Sable Refinery. The company model is to treat its own
waste materials and to supplement these with third party ores and
wastes where possible.
Following conclusion of a number of transactions Jubilee now has
increased PGM production capacity built on the back of secured feed
availability and sustainability. Strong cash flows were generated
from the established and still growing PGM production now bolstered
by additional copper cash flows and profit provide for both
liquidity and funding of further investments, including now
demonstrated ability to raise funding short and long term at very
competitive rates.
Jubilee has also secured increased chrome production capacity
ensuring sustainability through ROM supply contracts and continuous
processing of chrome with fixed margins (no market exposure and
locked in profit), which now secures ongoing current arisings PGM
feed in addition to the secured historical PGM tails. This gives
optimal feed and further increases Jubilee's resource. The
transactions have also brought further opportunity for growth and
expansion in for example the Eastern Limb of the bushveld.
Copper is already generating cash prior to Project Roan coming
on stream. Jubilee is expecting a significant ramp up in copper
activities in Zambia from Q1 CY2022, making Zambia capable of being
self-sufficient in terms of funding for both current operations and
future projects.
Jubilee's business strategy is based on three core business
pillars:
Process research and development (R&D)
o Consists of a combination of targeted process consulting and
R&D, focussed on the development and implementation of process
solutions, specifically targeting both liquid and solid waste
streams from
mine processes.
o Our R&D includes existing pilot operations as part of the
process development cycle to provide mature solutions which
includes extractive-metallurgy, pyro-metallurgy and
hydro-metallurgy.
o This process has led to many previously non-viable
environmental and metals recovery projects becoming commercially
viable. With the growing demand for solutions to mining wastes and
the growing requirement for 'Environmental, Social & Corporate
Governance' (ESG) in mining investments the pedigree, experience
and ability of Jubilee will be of increasing importance.
o Following a very strong demand in Africa, Jubilee has
concluded two acquisitions in Zambia to advance its footprint in
other jurisdictions.
Operations
o Jubilee owns and operates recovery plants for the recovery of
metals and minerals, currently recovering precious metals including
PGMs and Chrome and targeting base metals including lead, zinc,
vanadium and copper.
o Jubilee has a low-cost, high-margin business that capitalises
on Jubilee's experienced, technical management team which has
developed innovative processing techniques to generate cash from
(mainly) the waste material produced as part of the mining cycle;
"the Jubilee Way".
Project Funding
o We are able to provide funding to support our partners within
smaller or larger companies to implement the waste recovery
projects. Such funding would be aimed at especially assisting in
instances where the company holding the mineral right prefers to be
a passive investment partner.
o Our successful R&D work has set the pace for the Company
to partner with strategic owners of rights and waste material to
form joint operations where Jubilee plays the important role of
operator and in some instances funder.
The Group meets its day-to-day working capital requirements
through cash generated from operations. The Group's current
operational projects are all fully funded and self-sustaining.
The current global economic climate creates to some extent
uncertainty particularly over:
o the trading price of metals; and
o 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, 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 the next twelve months.
The Group is adequately funded and has access to further equity
placings, which together with contracts with several high-profile
customers strengthens the Group's ability to meet its day-to-day
working capital requirements, including its 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.
7. Events after the reporting period
7.1 Jubilee and Mopani Copper Mines Plc enter into binding MOU
for Refining Facility for Copper
On 24 August 2021 Jubilee executed a binding Memorandum of
Understanding with Mopani Copper Mines Plc, a subsidiary of ZCCM
Investment Holdings Plc in Zambia, ("Mopani", "ZCCM" and
collectively the "Parties") for the implementation of additional
copper and cobalt refining capacity through the recapitalisation of
existing refining capacity placed under care and maintenance by
Mopani (the "Agreement"). This additional refining capacity targets
to increase Jubilee's existing copper refining capacity by a
further 17 000 tonnes of copper per annum (the "Project") and,
together with the Sable Refinery, increases the Group's total
potential refining capacity to in excess of 31 000 tonnes per
annum. The Project will establish Jubilee's Northern Zambian
refining footprint for the refining of the copper and cobalt
concentrates produced at Jubilee's Kitwe and the Luanshya copper
and cobalt tailings. Jubilee's Sable Refinery will be dedicated to
the refining of concentrates produced by its Project Roan currently
under construction and set to commence commissioning by January
2022 as well as its copper tailings at Kabwe and contracted third
party ore suppliers.
As previously announced, during 2020 Jubilee entered into joint
venture agreements to secure rights to process over 300 million
tonnes of copper and cobalt containing tailings in Zambia. The
copper and cobalt tailings are located in three central locations
in Zambia. With the addition of the refinery at Mopani the project
naming convention has been updated for clarity as follows:
o Southern Refinery Strategy (14 000 tpa capacity) which
incorporates the Sable Refinery together with Project Roan located
in the Ndola area; and
o Northern Refinery Strategy (17 000 tpa capacity) which
incorporates the newly targeted refinery at Mopani, called Leopard
together with the copper tailings project in the Luanshya area,
called Project Lechwe (previously Elephant 1), as well as the
copper and cobalt tailings in the Kitwe area called Project
Elephant (previously called Elephant 2). Jubilee has secured
additional copper and cobalt tailings at Mufulira which is
currently being sampled to confirm the quantity and quality and
will form part of the Project Elephant resource.
Jubilee is planning to construct a processing facility at each
of the three locations. The first of the processing facilities is
under construction at Project Roan, which targets a ramp-up over
three phase to reach full production to a rate of approximate 10
000 tonnes of equivalent copper units per annum with commissioning
scheduled to commence by January 2022 and reaching full production
by end of Q2 2022. Roan commenced with the delivery of early
concentrate as part of its phase 1 commissioning to Sable Refinery
in April of this year.
The completion of the design work for the Company's second
copper processing facility, Project Lechwe, whereby Jubilee has
secured the rights to approximately 160 million tonnes of copper
containing surface tailings, is progressing well and remains on
track. Project Lechwe targets to commence production during Q4 2022
targeting a production rate of 7 500 copper units per annum as part
of the Northern Refinery Strategy.
7.2 Agreements to acquire ownership in Zambia Copper and Cobalt Tailings Projects and Placing
Jubilee announced significant further progress at its Copper and
Cobalt tailings projects in Zambia with the successful execution of
three strategic transactions (the "Transactions") which
significantly increases its beneficial interest across the Group's
copper and cobalt tailings projects in Zambia. The Transactions
include Project Elephant (Kitwe Tailings Project), Project Roan
(Ndola Tailings Project) and the Mufulira Project (collectively,
the "Projects"). Completion of the Transactions is subject to
fulfilment of certain conditions precedent that are normal for
transactions of this nature including regulatory approvals and
consent.
At completion of the Transactions, Jubilee will hold a 100%
interest across its integrated Southern Refining Strategy which
includes the Sable copper and cobalt refinery (14 000 tonnes per
annum copper capacity) together with Project Roan (10 000 tonnes
per annum copper concentrator). In addition, Jubilee increases its
beneficial interest across its Northern Refining Strategy, with
Project Elephant's TD52 portion to 80.75% (highest copper and
cobalt concentration of all tailings within Project elephant) which
is specifically targeted by the accelerated development of
Jubilee's cobalt extraction process, Jubilee's beneficial interest
at the Mufulira Project increasing to 97%.
Combined, the Transactions have an aggregate value of c. US$
24.77 million (c. GBP 17.83 million) and offers Jubilee the
flexibility to better schedule the development of the various
tailings projects. As such Jubilee will increase its investment
into the Southern Refining Strategy by expanding Sable Refinery to
increase the copper sulphide recovery circuit as well as expanding
the cobalt recovery circuit.
Accordingly, the Company successfully completed an equity
placing to raise gross proceeds of c. GBP 30 million (c. US$ 41.8
million) by way of a placing of new ordinary shares at a price of
16.03 pence per share, which will be applied to satisfy the
consideration in respect of the Transactions and towards the
expansion of Sable Refinery while accelerating the capitalisation
and progress of Project Lechwe and Project Elephant.
8. 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 2021 Annual General
Meeting ("AGM") , which will be held on 29 December 2021 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 2021,
along with the Notice of AGM, has been posted to the website,
www.jubileemetalsgroup.com together with the notice of the
Company's 2021 Annual General Meeting .
In light of current restrictions on public gatherings and to
ensure shareholders can comply with the government measures, the
Company has concluded that shareholders will not be permitted to
attend in person. The Company therefore requests that shareholders
cast their votes by proxy to be received 48 hours (excluding
non-business days) in advance of the time of the AGM. Instructions
on how shareholder can cast their votes for the AGM are included in
the Notice of AGM.
Following the AGM formal business on 29 December 2021, the
Company will be hosting a presentation, live streamed to give the
shareholders an opportunity for a general Company update and
discussion of the group annual audited results. Please send any
questions you may have to info@jubileemetalsgroup.com by 27
December 2021 to be addressed during the live stream. The link to
participate will be published on the Company's website via separate
RNS.
Salient Dates:
Shareholders on the register who are entitled
to receive the notice of AGM (SA) 26 November 2021
Notice of AGM posted to shareholders 2 December 2021
Last date to trade in order to be eligible
to participate in and vote at the AGM (SA) 21 December 2021
Record date for the purposes of determining
which shareholders are entitled to participate 23 December 2021
in and vote at the AGM (UK)
Latest time and date for receipt of CREST
Proxy Instruction and other 11:00 a.m. (UK time) 23 December
uncertificated instructions (UK) 2021
Record date for the purposes of determining
which shareholders are 24 December 2021
entitled to participate in and vote at the
AGM (SA)
Latest time and date for receipt of Dematerialised
Holding Instruction 1 p.m. (SA time) 28 December
and other uncertified instructions (SA) 2021
Annual General Meeting 11:00 a.m. (UK time) 29 December
2021
Results of the Annual General Meeting released 29 December 2021
on RNS and SENS
*Ends*
For further information visit www.jubileemetalsgroup.com ,
follow Jubilee on Twitter (@Jubilee_Metals) or contact:
Jubilee Metals Group PLC
Colin Bird/Leon Coetzer
Tel +44 (0) 20 7584 2155 / Tel +27 (0) 11 465 1913
Nominated Adviser - SPARK Advisory Partners Limited
Andrew Emmott/James Keeshan
Tel: +44 (0) 20 3368 3555
Broker - Shard Capital Partners LLP
Damon Heath/Erik Woolgar
Tel +44 (0) 20 7186 9900
Joint Broker - WHIreland
Harry Ansell/Katy Mitchell
Tel: +44 (0) 20 7220 1670/+44 (0) 113 394 6618
JSE Sponsor - Questco Corporate Adviser
Sharon Owens
Tel +27 (0) 11 809 7500
PR & IR Adviser - Tavistock
Jos Simson/ Gareth Tredway/Charles Vivian
Tel: +44 (0) 207 920 3150
PR & IR Adviser - St Brides Partners Limited
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 loss reported and
headline earnings used in the calculation of headline earnings per
share:
Reconciliation of headline earnings per share
June 2021 June 2020
========================= ========== ====================================
Gross Net Gross Net
GBP'000 GBP'000 GBP'000 GBP'000
===================================== ========================= ========== =================== ===============
Earnings for the period attributable
to ordinary shareholders 39 600 - 18 320
De-recognition of other financial
assets through profit or loss - 5 021 4 067
Gain on bargain purchase - (6 607) (6 607)
Share of impairment loss from equity
accounted associate 31 24 1 964 1 375
Fair value adjustments 1 161 1 161 - -
===================================== ========================= ========== =================== ===============
Headline earnings from continuing
operations 40 785 17 155
===================================== ===================================== ====================================
Weighted average number of shares
in issue ('000) 2 185 346 1 955 965
Diluted weighted average number
of shares in issue ('000) 2 226 089 1 975 264
Headline earnings per share from
continuing operations (pence) 1.87 0.88
Headline earnings per share from
continuing operations (ZAR cents) 38.62 17.30
Diluted headline earnings per share
from continuing operations (pence) 1.83 0.87
Diluted headline earnings per share
from continuing operations (ZAR
cents) 37.92 17.13
Average conversion rate used for
the period under review GBP:ZAR 0.048 0.051
===================================== ========================= ========== =================== ===============
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END
FR MZMGZGMLGMZZ
(END) Dow Jones Newswires
December 02, 2021 02:00 ET (07:00 GMT)
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