Further Acquisition of PGM material

RNS Number : 8534A

Jubilee Metals Group PLC

04 June 2021

 

Registration number (4459850)

Altx share code: JBL

AIM share code: JLP

ISIN: GB0031852162

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 AMENDED.  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")

Further Acquisition of PGM material in the Eastern Limb, South Africa

Jubilee, a leader in metals processing with operations in Africa (AIM: JLP/Altx: JBL), is pleased to announce a further substantial acquisition of the rights to 944 000 tonnes of PGM containing tailings in the Eastern Limb of the PGM-rich Bushveld Complex. This comes in quick succession to the PGM Supply Agreements entered in to and the acquisition of 255 000 tonnes of PGM containing material in the Western Limb, as announced on 3 June 2021.

Highlights

· Acquired the rights to 944 000 tonnes of PGM containing surface tailings (before accounting for any moisture) in the Eastern Limb

· This is in addition to the recent PGM Supply Agreements in the Eastern Limb and the acquisition of 255 000 tonnes of PGM containing material

· Demonstrates Jubilee as the go-to company with the knowledge and IP to maximise value of these surface tailings

· Targeted to commence with the upliftment and transport of the PGM material during June 2021 at a minimum rate of 30 000 tonnes per month, the equivalent of 1 600 PGM ounces per month

· Acquisition fully commits the expanded Inyoni PGM capacity prior to commissioning commencing in July 2021 without committing existing historical surface tailings

PGM - 6 Element Platinum Group Metals including platinum, palladium, rhodium, ruthenium, osmium and gold

Leon Coetzer, CEO of Jubilee, commented: "I am thrilled we have been able to secure a further significant amount of PGM containing surface material in the Eastern Limb, in such quick succession to the PGM Supply Agreements we announced on 3 June 2021. The Eastern Limb has been a key focus of Jubilee to expand our PGM reach and operational capacity and this material further solidifies our presence there.

"Our reputation as the go-to partner in an ever expanding operational footprint is just another example of our ability to outpace competitors and drive growth in the region and I am highly confident that we will secure further long term feed supplies and operational presence driving our sustained earnings in South Africa."

Further Details

Jubilee has acquired the rights to approximately 944 000 tonnes (before accounting for any moisture) of surface tailings containing PGMs in the Eastern Limb. The consideration is linked to the prevailing PGM basket price and is payable monthly in advance of uplifting the material and transporting it to Jubilee's Inyoni PGM plant. Jubilee has targeted to commence the upliftment of the PGM material during June 2021 targeting a minimum rate of 30 000 tonnes per month, the equivalent of 1600 PGM ounces per month. Until recently, Jubilee's current PGM operational footprint has been limited to the Western Limb, a single area of the two main PGM areas in South Africa. 

The material will be initially processed at Jubilee's expanded Inyoni PGM facility and this transaction, together with the recently announced PGM Supply Agreements, ensures that the expanded Inyoni PGM capacity is fully committed with current arising tailings alone which excludes the existing historical tails already secured by Jubilee which offers the opportunity to further expand the PGM processing capacity. As previously announced, consideration is being given to implementing a dedicated processing facility in the Eastern Limb to further expand the Company's processing footprint but in any event, this acquisition of material provides the option to Jubilee to secure additional processing capacity through acquisition, partnership or construction of a new facility to further expand its processing footprint.

  United Kingdom

4 June 2021

**ENDS**

For further information visit www.jubileemetalsgroup.com   or contact:

Jubilee Metals Group PLC

Colin Bird/Leon Coetzer
Tel [phone] / Tel [phone]

Nominated Adviser - SPARK Advisory Partners Limited
Andrew Emmott/James Keeshan
Tel: [phone]

Broker - Shard Capital Partners LLP
Damon Heath/Erik Woolgar
Tel [phone]

Joint Broker - WHIreland

Harry Ansell/Katy Mitchell 

Tel: [phone]

JSE Sponsor - Sasfin Capital (a member of the Sasfin group)

Sharon Owens
Tel [phone]

PR & IR Adviser - St Brides Partners Limited

Catherine Leftley/Charlotte Hollinshead

Tel [phone]

 

END

 

 

MSCGLGDLBBGDGBS