Jubilee Metals Regulatory News (JLP)

Jubilee Platinum Plc

(Incorporated in England and Wales)

(Registration number 4459850

AIM: JLP

JSE: JBL

ISIN: GB0031852162

JUBILEE PLATINUM PLC

("Jubilee" or "the Company" or "the Group")

Interim Report

for the six months ended 31 December 2010

The Board of Jubilee Platinum, the AIM traded and JSE listed mine to metal specialist, is pleased to announce the interim results for the six months ended 31 December 2010.

Highlights

- First stage infill drilling programme for the Tjate project completed with exceptional results achieved

- Drill data confirm continuity of Merensky and UG2 Reefs, with significantly improved grade and thickness for the UG2 reef

- Application for a Mining Right for Tjate initiated on these encouraging drilling results

- Delivery times for long-lead items successfully negotiated to ensure new ConRoast 5MW DC Arc furnace remains on track for Q4 2011

- Existing ferroalloys processing infrastructure at Middelburg fully utilised and contributing to short-term cash flows

- Commenced installation of a new ferroalloy 5MW AC Arc furnace and capacity fully contracted

- MoU agreement entered into with Northam Platinum to evaluate joint venture using ConRoast process

- Drilling contract awarded to local Madagascan company for the Ambodilafa project

CHAIRMAN'S REPORT

Dear Shareholder,

The Company has enjoyed a very positive and successful period for the six months ended 31 December 2010, making significant progress in the implementation of its Mine-to-Metal business strategy.

In the period under review

The Company's Tjate project completed (January 2011) its stage 1 infill-drilling programme, which achieved exceptional results that confirmed the quality of the project and its suitability for development. The results furthermore confirmed continuity of both the Merensky and the UG2 Reefs and in particular those for the UG2 showed both improved platinum group metals ("PGM") grade and reef thickness compared with previous results. Encouraged by these results Tjate Platinum Corporation (Pty) Ltd commenced initiation of an application for a Mining Right for Tjate.

The Company was made good progress with its ConRoast project. It completed a detailed engineering design for a new ConRoast 5MW DC arc furnace, which is targeted for commissioning in Q4 2011 and which will be able to treat high chrome PGM-bearing material from, inter alia, Northam and Sylvania Resources.

The Company successfully concluded negotiations for delivery of the long lead

items for this furnace facility.

In developing its longer-term Mine-to-Metal strategy the Company entered into a Memorandum of Understanding with Northam Platinum to establish a joint venture to evaluate the construction of a second 5MW DC arc furnace facility using ConRoast technology specifically to smelt concentrate emanating from Northam's developing Booysendal mine. The Company also continued to assess numerous small-scale near term mining opportunities, which are being presented to it, due to our ability to process platinum concentrates containing high chrome values. Processing of own platinum concentrates significantly enhances the business model for the Company.

The Company progressed its joint venture (smelting collaboration) with Sylvania resources - processing platinum concentrate from Sylvania's developing Volspruit project. This collaboration remains on schedule with all roasting and smelting trials concluded as specified within the scoping study. The Company delivered the PGM-rich iron alloy from these trials to the CVMR company in Canada for refining trials.

The Company successfully concluded a feasibility study on CVMR refining of its own ConRoast product, the results of which demonstrated the ability to produce high purity nickel, iron and cobalt powders and a high grade PGM product at recoveries in excess of 99% for nickel, iron and PGMs. These base metal powders command premium market prices.

The Company strengthened the operational management at its 70% owned ferroalloy processing division (RST Metals (Pty) Ltd) in Middelburg with consequent improvement in short-term cash flow. In order to take advantage of the buoyant market for ferronickel, the Company commenced the installation of a new 5MW ferroalloy furnace, the capacity for which is fully contracted and which will increase the division's contribution to the Company's overall business plan when operational in Q2 of this year.

The Company acquired a majority control (51%) of Power Alt's gas-fired 11MW power generator on the Middelburg site for R27 million (approximately GBP±2,425) with an option to acquire additional equity. This acquisition, which has the conditional rights to generate up to 33MW power, minimises the Company's dependence on the national grid, offsets it power costs and has the potential to become a power supplier.

In Madagascar the Company awarded a contract to a local company to drill on its Ambodilafa concession. The local company commenced mobilising to site during Q1 2011.

During the period under review, the Company made a loss of £1,252,442 against a loss of £2,246,000 in the six months ended 31 December 2009. The loss per share for the period under review was 77 pence against a loss of 82 pence for the interim period ended 31 December 2009.

The platinum price has remained buoyant during the crisis and at the time of writing continues to demonstrate further price growth potential.

The Company's satisfactory progress on its major ConRoast project, further definition of the Tjate mineral resource and peripheral projects provides a broad base and critical mass, from which to develop and further enhance shareholder value in a period of strong platinum price predictions.

Colin Bird

Chairman

28 March 2011

Consolidated Statement of Comprehensive Income

For the six months ended 31 December 2010

For the

For the six months

six months ended Year

ended 31 Dec 2009 ended

31 Dec 2010 Unaudited 30 Jun 2010

Unaudited Restated Audited

£'000 £'000 £'000

Revenue 3,567 237 950

Cost of sales (2,168) (193) (458)

1,399 44 492

Negative goodwill - - 1,615

Other administrative expenses (2,697) (1,791) (4,503)

Total administrative expenses (2,697) (1,791) (2,888)

Operating loss (1,298) (1,747) (2,396)

Finance income 46 20 168

Profit on exchange rate - - -

Goodwill written off - (519) -

Impairment loss on intangibles (1) - -

Loss before tax expense (1,253) (2,246) (2,228)

Income tax expense - - -

Loss for the period after income

tax expense (1,253) (2,246) (2,228)

Number of shares in issue 256,536,092 229,550,922 254,463,290

Weighted average number of shares

in issue 163,593,604 270,555,886 162,951,035

Diluted weighted average number of

shares in issue 165,558,569 275,900,886 164,916,000

Basic loss per share (pence) (0.77) (0.82) (1.35)

Diluted loss per share (pence) (0.76) (0.81) (1.35)

Headline loss per share (pence) (0.76) (0.81) (1.35)

Reconciliation of headline loss:

Loss attributable to

Jubilee Platinum Plc shareholders (1,253) (2,246) (2,228)

Impairment of assets - - -

Loss on disposal of foreign subsidiary - - -

Loss on disposal of plant and equipment - - -

Headline loss (1,253) (2,246) (2,228)

Headline loss per share (pence) (0.76) (0.81) (1.35)

Consolidated Statements of Financial Position

As at 30 December 2010

31 Dec 2009

31 Dec 2010 Restated 30 Jun 2010

Unaudited Unaudited Audited

£'000 £'000 £'000

ASSETS

Non-current assets

Intangible assets 86,125 60,317 80,706

Property, plant and equipment 10,406 2,924 112

Other receivables - 54 -

Total non-current assets 96,531 63,295 80,818

Current assets

Trade and other receivables 3,025 1,244 8,359

Inventory 956 276 682

Cash and cash equivalents 9,987 16,572 12,997

Total current assets 13,968 18,092 22,038

TOTAL ASSETS 110,499 81,387 102,856

LIABILITIES

Non-current liabilities

Deferred tax (16,575) - (16,575)

Current liabilities

Contingent/Deferred consideration (1,400) - (1,400)

Trade and other payables (4,226) (2,121) (1,731)

Total current liabilities (5,626) (2,121) (3,131)

TOTAL LIABILITIES (22,201) (2,121) (19,706)

NET ASSETS 88,298 79,266 83,150

EQUITY

Share capital 2,565 2,296 2,545

Share premium 57,595 55,366 56,977

Merger reserve 23,184 23,184 23,184

Share-based payments reserve 3,548 1,678 3,005

Currency translation reserve 15,607 9,703 10,387

Retained earnings (14,201) (12,961) (12,948)

TOTAL EQUITY 88,298 79,266 83,150

Consolidated Statement of Changes in Equity

For the six months ended 31 December 2010

Share-

based Foreign

Share Share Merger payment exchange

capital premium reserve reserve reserve

Group £'000 £'000 £'000 £'000 £'000

Balance at 1 July 2009 1,184 33,855 4,970 1,678 6,776

Issue of share capital 1,112 - - - -

Premium on issue of

share capital - 21,511 18,214 - -

Goodwill translation - - - - 993

Net loss for the period - - - - -

Currency translation

difference - - - - (19)

Balance at 31December

2009 2,296 55,366 23,184 1,678 7,750

Issue of share capital 249 - - - -

Premium on issue of

shares - 2,685 - - -

Issue costs - (1,074) - - -

Share-based payment

charge - - - 1,327 -

Total comprehensive

income for the period - - - - 2,637

Balance at 30 June

2010 2,545 56,977 23,184 3,005 10,387

Issue of share capital 20 - - - -

Premium on issue of

share capital - 618 - - -

Share-based payment

charge - - - 543 -

Net loss for the

period - - - - -

Currency translation - - - - 5,220

Balance at 31

December 2010 2,565 57,595 23,184 3,548 15,607

Other Minority Retained Total

reserves Interest earnings equity

Group £'000 £'000 £'000 £'000

Balance at 1 July 2009 - - (10,720) 37,743

Issue of share capital - - - 1,112

Premium on issue of share

capital - - - 39,725

Goodwill translation - - - 993

Net loss for the period - - (2,241) (2,241)

Currency translation difference - - - (19)

Balance at 31December 2009 - - (12,961) 79,266

Issue of share capital - - - 249

Premium on issue of shares - - - 2,685

Issue costs - - - (1,074)

Share-based payment charge - - - 1,327

Total comprehensive income for

the period - - 13 2,650

Balance at 30 June 2010 - - (12,948) 83,150

Issue of share capital - - - 20

Premium on issue of share

capital - - - 618

Share-based payment charge - - - 543

Net loss for the period - - (1,253) (1,253)

Currency translation - - - 5,220

Balance at 31 December 2010 - - (14,201) 88,298

Condensed Consolidated Statement of Cash Flows

For the six months ended 31 December 2010

Six months

Six months ended Year

ended 31 Dec ended

31 Dec 2009 30 Jun

2010 Restated 2010

Unaudited Unaudited Audited

£'000 £'000 £'000

Cash flows from operating activities

Loss for the period (1,253) (2,246) (2,228)

Finance income 46 20 168

Depreciation 22 320 74

Share-based payment 543 - 1,327

Other non-cash movements 5,220 (1,142) -

Amortisation of intangibles 545 - 327

Profit on sale of property, plant and

equipment - (1,735) (11)

Decrease/(Increase) in inventory (274) (277) 241

Decrease/(Increase) in receivables 5,334 (2,777) 1,128

(Decrease)/Increase in payables 2,459 1,573 (10,454)

Net cash used in operating activities 12,642 (6,264) (9,428)

Cash flows from investing activities

Increase in loans and investments (465) - -

Acquisition of subsidiary, net of cash acquired - - 223

Proceeds from sale of property, plant

and equipment - - 47

Funding of deposit account for business

combination - - (7,652)

Purchase of intangible fixed assets (5,419) (112) (888)

Purchase of property, plant and

equipment (10,406) - (25)

Net cash used in investing activities (16,290) (112) (8,295)

Cash flows from financing activities

Issue of shares and warrants 638 15,307 23,992

Issue costs - - (1,074)

Net cash generated from financing

activities 638 15,307 22,918

Net increase/(decrease) in cash and

cash equivalents (3,010) 8,931 5,195

Cash and cash equivalents

at beginning of the period 12,997 7,641 7,641

Effects of foreign exchange on cash and

cash equivalents - - 161

Cash and cash equivalents at end of the

period 9,987 16,572 12,997

Notes to the financial results

1. The interim financial information for the six months ended 31 December 2010 is unaudited. The interim accounts have been prepared in accordance with the recognition, measurement and presentation and disclosure requirements of International Financial Reporting Standards, including IAS 34: Interim Financial Reporting, AC 500 Standards, the Companies Act, 1973, and the JSE Limited Listings Requirements. The accounting policies have been applied

consistently through the Group and are consistent with those for the year ended 30 June 2010. The interim statement was approved by the Board on

29 March 2011.

2. Segmental analysis

Business segments

The Group's only business segment is the exploration 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:

Six months ended Year ended

31 Dec 2009 30 Jun

31 Dec 2010 Restated 2010

£'000 £'000 £'000

Loss on ordinary activities

United Kingdom (1,198) (1,406) (3,168)

South Africa (48) (1,042) (430)

Australia 40 165 1,370

Madagascar (46) 38 -

Mauritius (1) (1) -

Total loss (1,253) (2,246) (2,228)

Net assets by location

Six months ended

31 Dec 2010 31 Dec 2009 30 Jun 2010

£'000 £'000 £'000

United Kingdom 5,725 42,769 3,477

South Africa 63,862 33,185 61,277

Australia 18,396 2,999 18,396

Madagascar 315 305 -

Mauritius - 8 -

Total net assets 88,298 79,266 83,150

3. Loss per share

Six months Six months

ended ended 31 Dec Year ended

31 Dec 2010 2009 Restated 30 Jun 2010

£'000 £'000 £'000

Loss for the financial period (1,253) (2,246) (2,228)

Weighted average number of

shares in issue 163,593,604 270,555,886 162,951,035

Dilutive effect of share options 1,964,965 5,345,000 1,964,965

Basic loss per share (pence) (0.77) (0.82) (1.35)

Diluted loss per share (pence) (0.76) (0.81) (1.35)

4. No dividend was declared during the period ended 31 December 2010 (December 2009: Nil).

5. On 22 December 2010, the Group allotted and issued 1,222,004 new ordinary shares of 1p each in Jubilee. These shares were issued as payment for the feasibility study of the CVMR project.

On 17 August 2010, the Group allotted and issued 850,798 new ordinary shares of 1p each in Jubilee. These shares were issued following the deemed achievement of K-Plats performance hurdle. These shares were the final payment in settling the K-Plats contract.

6. No changes were made to the Board of Directors to date.

7. During the period under review Saffery Champness resigned as Auditors of the Company and BDO Spencer Steward (JHB) Inc. were appointed in their stead.

8. Copies of the interim report are available to the public free of charge from the Company at 4th Floor, Cromwell Place, London, SW7 2JE and from Building B, 1st Floor, corner Witkoppen Road and Waterford Place, Paulshof, Johannesburg, during normal office hours for 30 days from the date of this report and available for download from www.jubileeplatinum.com

9. The profit on exchange, £1,953,000, previously stated as an income in the interim report of 31 December 2009, was restated during June 2010 and capitalised to the currency translation reserve.

Enquiries:

Jubilee Platinum plc

Colin Bird, Chairman

Leon Coetzer, CEO +27 (0) 11 465 1913

Jubilee Platinum plc

Andrew Sarosi +44 (0) 1752 221937

finnCap

Matthew Robinson, Corporate Finance +44 (0) 20 7600 1658

Joanna Weaving, Corporate Broking 

Sasfin Capital

Leonard Eiser, Corporate Finance +27 (0) 11 809 7738

Bishopsgate Communications Ltd

Nick Rome +44 (0) 20 7562 3350

Michael Kinirons

Administrative information:

Directors

Colin Bird (Chairman)

Dr M Phosa (Non-Executive Director)

Leon Coetzer (Chief Executive Officer)

Andrew Sarosi (Executive Director)

Chris Molefe (Non-Executive Director)

Eduard Victor (Financial Director)

Secretary

Stephen Ronaldson (UK)

Fusion Corporate Secretarial Services (Pty) Ltd (SA)

(Represented by Melinda van den Berg)

Registered office

United Kingdom

4th Floor

2 Cromwell Place

London SW7 2JE

South Africa

Building B

1st Floor

Corner Witkoppen Road and Waterford Place, Paulshof, 2191

Auditors

United Kingdom

BDO Stoy Hayward LLP

55 Baker Street

London W1U 7EU

United Kingdom

South Africa

BDO Spencer Steward (JHB) Inc

13 Wellington Road

Parktown

Johannesburg, 2193

Nominated adviser and broker

finnCap

60 New Broad Street

London EC2MIJJ

Sponsor

Sasfin Capital

Sasfin Place

29 Scott Street

Waverley 2090

Bankers

National Westminster Bank plc

246 Regent Street

London W1B 3PB

Registrars

United Kingdom

Capita Registrars

Northern House

Woodsome Park Fenay Bridge

Huddersfield HD8 0GA

South Africa

Computershare Investor Services

(Pty) Ltd

70 Marshall Street

Johannesburg, 2001

Solicitors

United Kingdom

Fasken Marineau

17 Hanover Square

London W1S 1HU

South Africa

Eversheds

22 Fredman Drive

Sandton, 2196