Interim Results

Jubilee Platinum PLC
28 March 2003

Chairman's Statement on Interim Results for period ended 31 December 2002

This is my first report on the results since Jubilee Platinum plc ('the
Company') was admitted to trading on the Alternative Investment Market of the
London Stock Exchange ('LSE').

The flotation took place during a period of rapidly deteriorating stock markets
and a number of initial public offerings were withdrawn pending better market
conditions. Your Company was successful in raising £2.2 million in this
environment, which included £650,000 of Resources Investment Trust plc shares
(an investment trust listed on the Official List of the LSE) in a share exchange
transaction.

During the period under review the Company undertook:

•         a first phase geological appraisal of its Dullstroom platinum group
          metal ('PGM') tenements in the south eastern limb of the Bushveld 
          Complex in the Republic of South Africa;

•         an initial reconnaissance geological exploration on the Londokamanana
          prospect lease in Madagascar;

•         soil geochemistry, airborne geophysics and diamond drilling on the
          Canadian Thunder Bay property; and

•         a due diligence study on the Yubdo Platinum concession in Western
          Ethiopia.

As announced in February 2003, the Dullstroom platinum reconnaissance exercise
produced encouraging results, confirming a geological setting favourable for
extension of the PGM bearing reefs of the Bushveld Complex. The reconnaissance
programme has defined a drill target and your Company is applying for a
prospecting license in order to commence drilling operations.

The initial work on the Londokomanana prospect in Madagascar resulted in the
discovery of a significant surface oxidation zone ('gossan') of some 450 metres
in lateral extent ranging from 4 to 20 metres width. Within this zone, metal
anomalies of up to 8% copper and 0.9% nickel were found with PGM values ranging
up to 0.3g/t platinum and palladium. The gossan area is open ended and follow up
work will be carried out during 2003.

The work in Canada has focussed on the Havoc Lake and Norwood properties where
two targets have been identified. One target is PGMs in the southern portion of
Havoc Lake, whilst to the east of this is a highly encouraging base metal
target.

Our due diligence work in Ethiopia and Sierra Leone has been extended by mutual
agreement with Golden Prospect plc, with whom the Company has entered into
option agreements in respect of these properties. A decision on these properties
is expected to be made mid 2003.

Your Board has concentrated its efforts in South Africa since the newly enacted
legislation now offers significant opportunities to an emerging platinum
explorer/producer. A number of potential partners have expressed interest in
working with your Company and the Company announced in March 2003 that an
empowerment mining company, K-Plats (Pty) Ltd, has been identified for
partnership in the Dullstroom exploration project.

The year 2003 will be a year of consolidation with your Board conserving its
treasury whilst adding value to current projects and seeking out new
opportunities, mainly in South Africa.



Stephen Kearney

Chairman



26 March 2003




Consolidated Profit and Loss Account
For the period ended 31 December 2002

                                                                                     Period ended 31 Dec 02
                                                                                                      £000's
Administrative expenses                                                                               (136)
Operating loss                                                                                        (136)
Interest receivable                                                                                     14
Amounts written off investments (Note 3)                                                              (266)
Loss on ordinary activities before taxation                                                           (388)
Tax on loss on ordinary activities                                                                      -

Retained loss for the period                                                                          (388)

Basic and diluted loss per ordinary share (Note 4)                                                     (1p)




Consolidated Balance Sheet
As at 31 December 2002




FIXED ASSETS                                                                            £ 000's      £ 000's

Tangible assets                                                                                            1
Exploration properties (Note 5)                                                                          405

                                                                                                         406
CURRENT ASSETS
Investments (Note 3)                                                                        384
Debtors                                                                                     21
Cash at bank and in hand                                                                    887
                                                                                                        1,292
CREDITORS: amounts falling due within one year                                                          (111)
NET CURRENT ASSETS                                                                                      1,181

TOTAL ASSETS LESS CURRENT LIABILITIES                                                                   1,587


CAPITAL & RESERVES
Ordinary Share Capital                                                                                   388
Share Premium                                                                                           1,587
Profit and Loss Account                                                                                 (388)

                                                                                                       1,587


Interim Report
Period ended 31December 2002

Notes to the Financial Statements

1.PRINCIPAL ACCOUNTING POLICIES

The consolidated interim accounts have been prepared under the historical cost
convention in accordance with applicable accounting standards and are stated in
Pounds Sterling, being the functional and reporting currency of Jubilee Platinum
plc and its subsidiaries ('the Group').

Basis of preparation

Jubilee Platinum plc, together with its subsidiaries, is a mining exploration
and development group that is focused on PGM properties. The recoverability of
the amount shown in the balance sheet in relation to deferred exploration
expenditure is dependent upon the discovery of economically recoverable reserves
and the ability of the group to obtain the necessary finance to complete their
respective developments and upon future profitable production or proceeds from
the disposition of properties.

The interim statement for the period ended 31 December 2002 is unaudited and was
approved by the board of directors on 19 March 2003. The financial information
set out above does not constitute statutory accounts within the meaning of
Section 240 of the Companies Act 1985.

Basis of consolidation

The consolidated accounts of the Group include the accounts of Jubilee Platinum
plc and its subsidiaries, Resource Development Corporation Limited ('RDCL') and
Dullstroom Plats (Pty) Ltd.

Cash

Cash, as represented in the consolidated balance sheet, comprises of balances
held in the Group's various bank current accounts or short term deposit
accounts.

2.DIVIDENDS

No dividends were paid or proposed in respect of the period ended 31 December
2002.

3.INVESTMENT IN RESOURCES INVESTMENT TRUST PLC ('REIT')

The write-down of £266,000 represents a decrease in the value of the investment
of 619,933 ordinary shares held by the Group in REIT. The carrying value of this
investment at 31 December 2002 is £384,358 (62p per REIT ordinary share).

4.EARNINGS PER SHARE

The calculation of loss per ordinary share is based on losses of £388,000 for
the period to 31 December 2002 and the weighted average number of ordinary
shares outstanding during the same period of 38,750,000 ordinary shares.

5.EXPLORATION PROPERTIES

Exploration and evaluation costs include direct costs incurred in undertaking
exploratory drilling, technical evaluations and feasibility studies of mineral
deposits. Also included in this amount is the fair value (£257,000) of the
properties acquired by the Group in the acquisition of RDCL on 10 July 2002.


DIRECTORS

Stephen Victor Kearney (Non-Executive Chairman)
Colin Bird (Chief Executive Officer)
John David Parker (Non-Executive)
Malcolm Alec Burne (Non-Executive)


COMPANY SECRETARY AND REGISTERED OFFICE

Cargil Management Services Limited
22 Melton Street
London NW1 2BW

NOMINATED ADVISER

Insinger English Trust
44 Worship Street
London EC2A 2JT

BROKER

Insinger Townsley
44 Worship Street
London EC2A 2JT

CORPORATE OFFICE

37 Thurloe Street
London SW7 2LQ


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