Final Results

Jubilee Platinum PLC 17 September 2007 Jubilee Platinum Plc ('Jubilee' or 'the Company') Provisional Results for the Year Ended 30 June 2007 Highlights â€¢ Independent scoping studies on Tjate project demonstrated positive results for a stand-alone operation treating only the Merensky reef and justified further drilling to bankable feasibility study. â€¢ The Company conditionally acquired up to a 48.7% direct and indirect beneficial interest in the Tjate project with the potential for conditionally increasing it further to 58.5%. â€¢ Drilling commenced and three holes have been completed on the Ambodilafa project (JV with Implats). Massive, semi-massive and net-textured nickel-copper sulphide mineralization intersected in hole ALF003. â€¢ Following field exploration and re-interpretation of geophysics data on Ambodilafa, the Company resumed drilling deeper on the initial drill hole ALF001, which has now intersected sulphides. Samples have been submitted for assay. â€¢ The Company entered into a JV agreement with TransAsia Minerals Limited on its Londokomanana and Itsindro projects. â€¢ Soil sampling and ground geophysical surveys on Londokomanana project have identified new copper anomaly zones and drill targets in the Mavoandro (northern Londokomanana) and Antsahabe prospects. â€¢ Londokomanana's new-season drilling programme commenced in May 2007. Hole ANT009 intersected 39 metres of nickel-copper sulphide mineralization. Samples have been submitted for assay. â€¢ The Company increased its interest in its Madagascan subsidiary to 100%. â€¢ The Company's shares were dual listed on the JSE Limited. Financial Review The loss for the year after taxation was Â£1,749,096 (2006: Â£738,409). The loss per share has increased from 0.83 pence in 2006 to 2.09 pence in 2007. The current year's loss has increased due to one-off listing costs (Â£311,643) attributable to the Company's admission to trading on the main board of JSE Ltd last December and a share-based charge of Â£452,786 charged to the group Profit and Loss account in line with the requirements of IFRS2. The loss for the current year also includes a charge of Â£220,313 relating to impairment of intangible assets following a review of the Group's intangible asset base in accordance with accounting policies. Exploration and evaluation expenses capitalised in the year amounted to Â£573,911 compared to Â£1,125,800 in the year ended 30 June 2006. This reduction in exploration costs is mainly due to joint venture projects, which have lowered the Company's contribution to exploration costs despite advancing exploration activity. 5,025,577 ordinary 1 pence shares were issued during the year raising Â£5,185,673 to fund drilling and exploration costs for the Company's flagship Tjate project located in the Eastern Bushveld of South Africa, the Group's wholly owned Madagascan exploration projects and general corporate overheads. The Â£1,500,000 8% Convertible Loan Notes issued to City Natural Resources High Yield Trust Plc was redeemed in June 2007 through the issue of a further 2,142,857 ordinary shares. In October 2006, Jubilee entered into an agreement with TransAsia Minerals Limited ('TransAsia') in respect of its Londokomanana and Itsindro properties. TransAsia agreed an aggregate of US$10,000,000 - US$7,000,000 on Londokomanana and US$3,000,000 on Itsindro - to fund exploration over a three-year period for a 51% interest in these two properties. As part of its funding commitment, TransAsia subscribed for US$1,000,000 of Jubilee shares equivalent to 490,000 Ordinary 1 pence shares at Â£1.10 per share and also advanced further cash of US$1,000,000 for initial Londokomanana and Itsindro exploration. On 7 December 2006, Jubilee's shares were admitted for trading on the main board of JSE Limited. This decision to dual list its shares was predicated on the progress of Tjate and the Company's recognition that South African investors should be given the opportunity to invest in the Company's emerging platinum portfolio. The Company, through its wholly owned South African subsidiary Windsor Platinum Investments (Proprietary) Limited, entered into a US$16 million convertible loan note agreement with Mitsubishi Corporation. This agreement was precedent on Windsor purchasing further interest from Tjate shareholders, but was frustrated as the shareholders in Tjate Platinum Corporation (Pty) Ltd opted for shares in the Company instead of cash as consideration for their interest in Tjate. Operations Review SOUTH AFRICA Tjate Project Scoping studies on the Tjate project, based on the results of the first seven boreholes DT1 to DT7, were undertaken in June 2006 and February 2007 by independent consulting engineers. The studies showed that the project has to date a potential resource (not yet Samrec/JORC compliant) of 25 million tonnes of Merensky Reef at a grade of 5.7 g/t 3PGE (platinum palladium rhodium) + Au (gold) and 10 million tonnes of UG2 at a grade of 6.4 g/t 3PGE+Au. The studies demonstrated positive results over a range of scenarios for the project as a stand-alone operation treating only the shallower Merensky reef and concluded that a programme of further exploration and pre-feasibility/bankable feasibility studies was justified. The Company increased the number of drilling rigs on site to three and to date a further five holes (DT8 to DT13) with deflections have been or were being drilled. Hole DT11 has been planned as a deep hole (1200m) to Merensky reef. MADAGASCAR Ambodilafa Project (JV with Impala Platinum Holdings) The Company drilled three shallow holes in the southernmost sector of its Ambodilafa property in southeastern Madagascar, to test a large VTEM geophysical anomaly and a geochemical anomaly on the VTEM anomaly's western fringe. Hole ALF003, which was drilled in the geochemical anomaly intersected several intersections of massive, semi massive and net-textured disseminated nickel copper sulphide mineralization from a depth of 24m to 220m. Higher-grade intersections included 2.2m at 1.29%Ni, 0.31%Cu, and 0.31g/t 2PGE+Au and 6.5m at 0.61%Ni, 0.30%Cu and 0.12g/t 2PGE+Au. Holes ALF001 and ALF002, which were drilled in the geophysical anomaly to 200m depth (the limit with the equipment then available) did not intersect significant mineralization. However, follow up fieldwork in the area, including geochemical sampling and re-interpretation of the original VTEM and regional geophysical data provided new geological information on the area and delineated new potential nickel-copper-PGE drill targets. On this basis and with the arrival of more equipment, the Company resumed drilling deeper on ALF001 to 400m. Sulphide mineralization has been intersected and samples have been submitted for analysis. Drilling commenced on hole ALF004 located on the eastern fringe of the geophysical anomaly. Londokomanana Project On the Londokomanana project, in-fill soil geochemistry was carried out on the Mavoandro (northern Londokomanana) and Antsatratakona (northeast Londokomanana) prospects. Historical exploration data on the latter showed a strong airborne geophysics E-M anomaly some 2 kilometres long and 800 metres wide. The geochemistry on Antsatratakona showed little or no anomalies and the E-M anomaly is believed to be associated with a strong magnetite bearing gneiss identified from concurrent mapping. Further work on Antsatratakona is not being considered at this stage. On Mavoandro, the copper geochemistry defined an anomalous zone about 2 kilometres of strike and up to 500 metres wide, strongly associated with ultramafic lithology. This was followed up with ground fixed-loop-time-domain geophysics surveys, which also covered soil-sampled areas on the Antsahabe prospects: namely Antsahabe south and Borokely (southernmost prospect in Londokomanana). The axes of E-M conductivities observed, correlated well with the soil sampling data. The Company delineated drill targets and commenced a fence-line drilling programme in May 2007 with two drilling rigs on Anstahabe south and Mavaoandro. Three holes on Antsahabe south ANT007 to ANT009 were completed. ANT009 intersected 33 meters of up to 7% disseminated sulphides between 30 and 63 metres depth. The samples have been submitted for assay. A further six holes in Antsahabe are scheduled for drilling this season. On Mavaoandro, drilling commenced in the northern section. To date three holes MAV001 to MAV003 have been completed all to 300 metres final depth (the limit with the equipment available). MAV004 is in progress. Sulphide mineralization has been intersected. The samples have been submitted for assay including whole rock analysis in order to identify possible komatiitic lithology, a marker for potential basal sulphide mineralisation. Itsindro Project In March 2007, the Company undertook a soil sampling campaign over two prospects: Itsindro North and Itsindro South on its Itsindro property. Earlier airborne and ground magnetic geophysical surveys had identified early and late channel E-M conductors and strong magnetic conductors over the prospects. On the basis of the results the area has been classified as low priority Lavatrafo Project Additional soil geochemical sampling was carried out on the Lavatrafo prospect (central Lavatrafo), on Ranomena (south Lavatrafo) and Amboasary (north Lavatrafo) prospects, of which the latter two are extensions to the ultramafic Lavatrafo formation. Drilling was undertaken on all three prospects on targets that were coincident with copper soil anomalies and in the case of Ranomena, coincident also with earlier trenching results, which showed elevated nickel and PGE values. On Lavatrafo, hole LAV007 intersected 19 metres of nickel copper and PGE mineralization grading 0.53 g/t 3E (platinum palladium and gold and 0.18% nickel, including 3 metres grading 1.13g/t 3E and 0.27% Nickel and 0.19% copper. On Ranomena, hole RAN001 intersected 49m of sulphide mineralization assaying 0.43g/t 3E and 0.28% nickel. Further drilling is planned for this prospect. On Amboasary, hole AMB001 intersected two 9-metre intervals of PGE and nickel-copper sulphide mineralization at 119 and 200 metres, grading respectively 0.22% nickel and 0.1g/t 3E and 0.21% nickel and 0.13g/t 3E. Further drilling is planned for this prospect Belobaka Project The Company undertook a soil geochemical sampling programme on the Belobaka prospect, a large 20 kilometre by 7 kilometre wide mafic-ultramafic intrusive located some 150 kilometres west of the capital Antananarivo. The target is copper-nickel-cobalt sulphide mineralization. Previous stream sediment, soil sampling and airborne geophysics by others identified a strongly open-ended anomalous copper, nickel and cobalt zone over a 2-kilometre square area. This prospect, which was targeted previously as a lateritic nickel style deposit was abandoned due to a lack of evidence for 'iron pan' and pisolitic laterite development. The current programme is targeting sulphides. JUBILEE PLATINUM PLC CONSOLIDATED INCOME STATEMENT FOR THE YEAR ENDED 30 JUNE 2007 Year ended Year ended 30 June 30 June 2007 2006 Restated Â£ Â£ Administrative expenses (1,889,903) (945,190) Loss from operations (1,889,903) (945,190) Finance income 319,056 282,916 Finance costs (144,955) (51,025) Share of operating loss in associate (33,294) (25,110) Loss before income tax expense (1,749,096) (738,409) Income tax expense - - Loss for the period after income tax expense (1,749,096) (738,409) Minority interests: Equity 77,622 121,769 Loss attributable to members of Jubilee Platinum plc (1,671,474) (616,640) Basic loss per share (pence) (2.09) (0.83) Diluted loss per share (pence) (2.09) (0.83) JUBILEE PLATINUM PLC CONSOLIDATED BALANCE SHEET AS AT 30 JUNE 2007 Year ended Year ended 30 June 2007 30 June 2006 Restated Â£ Â£ Assets Non-current assets Intangible assets 5,343,942 3,969,054 Property, plant and equipment 56,251 51,634 Investments in associates 2,392,323 2,620,442 Total non-current assets 7,792,516 6,641,130 Current assets Trade and other receivables 7,705,311 537,349 Cash and cash equivalent 7,497,619 4,668,199 Total current assets 15,202,930 5,205,548 Total assets 22,995,446 11,846,678 Current liabilities Convertible loan notes - (1,500,000) Trade and other payables (3,341,107) (155,939) Loans and borrowings - Total current liabilities (3,341,107) (1,655,939) Total liabilities (3,341,107) (1,655,939) Net current assets 19,654,339 10,190,739 Net assets 19,654,339 10,190,739 Equity Called up share capital 858,174 786,489 Share premium account 20,163,298 11,859,073 Share based payment reserve 702,453 249,667 Currency translation reserve (736,486) (537,568) Profit and loss account (3,742,472) (2,070,997) Equity attributable to equity holders of the parent 17,244,967 10,286,664 Equity interests 2,409,372 (95,925) Total equity 19,654,339 10,190,739 JUBILEE PLATINUM PLC STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 JUNE 2007 Share Share Premium Share based Accumulated loss Total Capital payment reserve Â£ Â£ Â£ Â£ Â£ Balance at 1 July 2005 699,228 8,256,314 66,250 (1,687,677) 7,334,115 Issue of share capital 87,261 - - - 87,261 Premium on issue of share capital - 3,602,759 - - 3,602,759 Share issue expenditure written - - 183,417 - 183,417 off Net profit/(loss) for the year - - - (616,640) (616,640) Currency translation difference (304,248) (304,248) - - - Balance at 30 June 2006 786,489 11,859,073 249,667 (2,608,565) 10,286,664 Issue of share capital 71,685 - - - 71,685 Premium on issue of share capital - 8,304,225 - - 8,304,225 Share issue expenditure written - - 452,786 - 452,786 off Net profit/(loss) for the year - - - (1,671,474) (1,671,474) Currency translation difference - - - (198,919) (198,919) Balance at 30 June 2007 858,174 20,163,298 702,453 (4,478,958) 17,244,967 JUBILEE PLATINUM PLC CASH FLOW STATEMENT AS AT 30 JUNE 2007 Year ended Year ended Notes 30 June 2007 30 June 2006 restated Â£ Â£ Cash flow from operations 5 (1,181,648) (867,527) Interest received 242,466 282,916 Interest paid (144,955) (7,104) Net cash outflow from operating activities (1,084,137) (591,715) Cash flows utilised by investing activities Increase in loans and investment (2,930,103) - Purchase of intangible fixed assets (573,911) (1,125,800) Purchase of tangible fixed assets (35,196) (13,635) Net cash outflow from investing activities (3,539,210) (1,139,435) Cash flow from financing activities Proceeds from issue of new borrowings 2,026,755 1,500,000 Issue of shares and warrants 5,423,606 264,196 Net cash inflow from financing activities 7,450,361 1,764,196 Net increase/(decrease) in cash and cash equivalents 2,827,014 33,046 Cash and cash equivalents at the beginning of the year 4,668,199 4,635,153 Cash and cash equivalents at the end of the year 7,495,213 4,668,199 JUBILEE PLATINUM PLC NOTES TO THE GROUP PROVISIONAL RESULTS FOR THE YEAR ENDED 30 JUNE 2007 1. Basis of preparation and accounting policies The financial information for the year ended 30 June 2007 has been prepared on the historical cost basis and is in accordance with the recognition and measurement criteria of the International Financial Reporting Standards and its Interpretations adopted by the International Accounting Standards Board and the disclosure requirements of IAS34 - Interim Financial Reporting. The accounting policies have been applied consistently throughout the Group and are consistent with those for the financial year ended 30 June 2006 except for compliance with IFRS. Consequently, the prior year figures have been restated and this resulted in reversing the goodwill amortisation charge of Â£65,755 and recognising expenses relating to share based payments of Â£183,417 for the year ended 30 June 2006. The restated loss, attributable to Jubilee shareholders for the year ended 30 June 2006 was Â£616,640 and the adjusted Group net assets were Â£10,286,664. 2. Balance sheet The value of the Group's exploration and evaluation intangible assets at 30 June 2007 was 24.87 pence per share (2006: 21.59 pence per share), calculated on the weighted average number of shares of 82,305,192 (2006:76,411,257) 3. Income statement The headline loss for the financial year 2007 was 2.09 pence (2006: 0.83 pence) calculated on a weighted average number of shares of 82,305,192 (2006: 76,411,257). There were no dividends paid or declared 4. Segment reporting Business segments The Group's only business segment is the exploration for, and development of, Platinum Group Metals (PGMs) and associated metals. Geographical segments An analysis of loss on ordinary activities before taxation, net assets and exploration expenditure by geographical area is given below. 2007 2006 Â£ Â£ Profit/(loss) on ordinary activities (excluding associates) United Kingdom (675,017) (104,958) South Africa (805,624) (407,189) Madagascar (229,564) (79,383) Mauritius (5,597) - (1,715,802) (591,530) Profit/(loss) on ordinary activities in associates South Africa (33,294) (25,110) Total profit before minority interests (1,749,096) (616,640) Net assets by location (excluding associates) United Kingdom 10,195,923 2,635,755 South Africa 995,430 3,525,551 Madagascar 2,075,490 1,408,991 Mauritius 3,995,173 - 17,262,016 7,570,297 Net assets in associates South Africa 2,392,323 2,620,442 2,392,323 2,620,442 Total net assets 19,654,339 10,190,739 Exploration expenditure South Africa - 199,424 Madagascar 573,911 926,376 Total exploration expenditure 573,911 1,125,800 5. Cash flow statement Reconciliation of net loss for the year to cash utilized by operations 2007 2006 Â£ Â£ Loss for the year (1,889,903) (945,190) Depreciation 24,619 9,937 Amounts written off exploration expenditure 220,313 234,800 Increase in debtors - (356,547) Increase in creditors 10,537 6,056 Share based payments 452,786 183,417 Net cash outflow from continuing operating activities (1,181,648) (867,527) 6. Capital and reserves Shares issued During the year ended 30 June 2007 7,168,434 (2006: 8,726,146) ordinary shares were issued for a cash consideration of Â£5,185,673 (2006: 3,690,020). Share options and warrants The Company issued the following share options: Date granted Period Exercisable Exercise price per share Number of options 6 September 2006 10 years 78p 25,000 7 September 2006 2 years 80p 200,000 7 September 2006 2 years 100p 120,000 Translation reserve The translation reserve comprises all foreign exchange differences arising from the translation of the financial statements of foreign operations that do not have a UKÂ£ functional currency. Exchange differences arising are classified as equity and transferred to the Group's translation reserve. 7. Financial statements The provisional financial statements have not been audited. Audited financial statements compliant with the Companies Act and International Financial Reporting Standards IFRS will be issued to shareholders in October 2007. 8. Directorate There have been no changes in the board of directors during the year ended 30 June 2007. Signed on behalf of the board Malcolm Burne Colin Bird Chairman Chief Executive Officer 14 September 2007 This information is provided by RNS The company news service from the London Stock Exchange

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