Jubilee Metals Regulatory News (JLP)

Registration number (4459850)

AltX share code: JBL

AIM share code: JLP

ISIN: GB0031852162

10 November 2017

Jubilee Platinum PLC

("Jubilee" or the "Company")

Notice of Annual General Meeting

Audited results for the year ended 30 June 2017

The directors of AIM traded Jubilee, the Mine-to-Metals company, are pleased to release its audited results for the year ended 30 June 2017.

Notice of Annual General Meeting

The Company also hereby gives notice of the Company's 2017 Annual General Meeting, which will be held on 4 December 2017 at 11:00 am UK time at Fladgate LLP, 16 Great Queen Street, London, WC2B 5DG to transact the business as stated in the notice of Annual General Meeting. The Group's Annual Report for the year ended 30 June 2017 has been posted to the website, www.jubileeplatinum.com, with the notice of the Company's 2017 Annual General Meeting. Shareholders are advised that the Notice of Annual General Meeting, including a Form of Proxy, for the year ended 30 June 2017 has been posted to Jubilee shareholders today, 10 November 2017.

Highlights for period under review

Financial Highlights

· Group revenue up to GBP 9.81 million (ZAR 169.59 million)1 ((2016: GBP 1.47 million (ZAR 25.41 million))

· Group loss for the year from continuing operations, excluding once off non-cash items 2, decreased by 61.87 % to GBP 2.10 million (ZAR 36.42 million) ((2016: loss of GBP 3.41 million (ZAR 58.97 million))

· Group loss per share from operations, excluding once off non-cash items2 is 0.25 pence (ZAR 4.27 cents) ((2016: 0.38 pence) (2016: ZAR 8.07 cents))

· Operating expenses from continuing operations down 26.69 % to GBP 3.44 million (ZAR 59.46 million) ((2016: GBP 4.69 million) (ZAR 81.06 million))

1= for income statement purposes conversions are at the average £: ZAR rate for the period under review and for balance sheet purposes conversions are at the closing rate as at the period end. All other conversions are at rates as at the time announced.

2= Impairment of intangible assets totaled GBP8.47 million, net of tax, which if included equates to a group loss per share of 1.07 pence (ZAR 18.55 cents)

Operational Highlights

• The DCM Operations deliver first full year of production with total chrome concentrate produced of 78 588 tonnes, resulting in revenue of GBP 9.37 million (ZAR 161.94 million)

• The Hernic PGM and chrome project is bought into operation and delivers its first saleable PGM concentrate in April 2017 producing 808 PGM1 ounces by end June 2017 and resulting in revenue of GBP 0.43 million (ZAR 7.43 million)

• Jubilee acquires the rights to the PGMs contained in the PlatCro material estimated at 1 400 000 tonnes of PGM containing surface material

• The Tjate Platinum project is awarded its mining right in March 2017

1= Precious Group Metals ( platinum, palladium, rhodium, iridium, ruthenium and gold)

Highlights post the period under review

• DCM chrome and PGM processing agreement replaced with a 50/50 partnership agreement on all chrome concentrate produced at DCM while reaffirming its exclusive PGM right

• 3rd Party chrome ore processing agreement executed with DCM targeting the of up to 40 000 tonnes per month of chrome ore to supplement the DCM material

• Joint Venture agreement executed with BMR Group PLC for the Kabwe lead, zinc and vanadium surface processing project estimated to contain 6 400 000 tonnes of lead, zinc and vanadium rich material at surface

• Jubilee executes a USD 50 million funding agreement to support the Company's targeted project build program

Overview

Jubilee has delivered a remarkable operational performance during the period under review with continued strong growth post the period under review. The period has seen Jubilee being awarded the mining licence for the Tjate platinum project and ramping-up the DCM chrome operation to reach 78 588 tonnes of saleable chrome concentrate, while delivering the Hernic chrome and platinum recovery plant targeting 660 000 feed tonnes per annum.

Post the period under review, Jubilee continued acquiring further access to valuable surface resources which included the acquisition of the PGMs contained in the surface material at PlatCro Minerals ("PlatCro") in South Africa as well as entering into a joint venture agreement with BMR Group PLC to execute the Kabwe surface processing project targeting the recovery of lead, zinc and vanadium from surface material in Zambia. These transactions extended Jubilee's reach beyond the borders of South Africa into both PGMs and base metals leveraging off its in-house metallurgical skill, project execution track record and operational performance.

Jubilee now holds a project portfolio containing low risk, high return, short term projects which includes:

• Platinum project to recover PGMs from the estimated 1 400 000 tonnes surface stock at PlatCro in South Africa

• Platinum project to recover PGMs from the estimated 800 000 tonnes at surface at DCM in South Africa

• Kabwe project to recover lead, zinc and vanadium from the estimated 6 400 000 tonnes (3 200 000 tonnes JORC compliant) surface tailings at the Kabwe operations in Zambia

The Company continues to actively pursue further projects consistent with its stated mission to grow the Company's processing capacity of at or near-surface material.

Jubilee has responded well to challenges in the global PGM markets as reflected in PGM prices by diversifying its earnings generation to include chrome and PGMs and expanding its project portfolio into base metals such as lead, zinc and vanadium. Jubilee's surface projects remain robust at these metal prices as reflected in Jubilee's Q3 2017 update, recording a unit cost per PGM ounce produced of USD 476, which is set to reduce further as the project continues to increase its production. Jubilee's surface projects has the benefit of not being exposed to mining cost or associated mining risk.

Jubilee's operations

Hernic - South Africa

The Hernic project is the second of the Company's operating PGM-bearing surface tailings projects and targets processing in excess of 660 000 feed tonnes tailings per year. The project has access to an estimated 3 000 000 tonnes of PGM material, to which Hernic continues to add further current arisings material. The project, which is estimated to contain in excess of 224 000 (3PGM + Au) ounces, is the largest PGM beneficiation plant in South Africa to process surface chrome tailings.

The Hernic project commenced construction in June 2016 with commissioning starting in January 2017 and delivering its first PGM ounces to market in April 2017. Total project capital spent on the targeted 660 000 tonnes per annum chrome and PGM processing facility reached GBP 12.97 million (ZAR 220 million) of which the total debt burden of the project was reduced to GBP 2.98 million (ZAR 50.54 million) as at the date of this report.

The data below in table 1 captures the commissioning and ramp-up phases of the project with the data for Q3 2017 illustrating the continued increase in production and earnings growth following the period under review. The unit cost per PGM ounce produced has reduced to USD 476 during Q3 2017 and is set to reduce further in-line with the expected continued increase in production for Q4 2017.

Table 1 below presents the operational performance of the Hernic operations for the period under review (Q2 2017) and the following quarter Q3 2017:

1= Revenue from the current project phase - 100% attributable to Jubilee until full capital recovery. Revenue is projected based on latest average PGM market prices and USD exchange rates and results are only final once final Quotational Period has passed

2= Average monthly conversion rates used

3= Project Earnings include all incurred operational costs including management services and mineral royalties

4 = Figures as per quarterly updates announced. The annual total can differ from the annual audited result due to different conversion rates used.

Dilokong Chrome Mine (DCM) - South Africa

Jubilee's subsidiary, Jubilee Tailings and Treatment Company Proprietary Limited ("JTTC"), holds the exclusive rights to beneficiate the PGMs and chrome from the platinum and chrome-containing surface material at Dilokong Chrome Mine Proprietary Limited ("DCM") a subsidiary of ASA Metals Proprietary Limited ("DCM Platinum Project, Processing Agreement").

The Processing Agreement gives Jubilee access to more than 800 000 tonnes (Sept 2012) of surface material containing 74 000 ounces 4E PGM (platinum, palladium, rhodium and gold). JTTC achieved stable project target design operations during Q4 2016. In February 2016 Jubilee executed a further processing agreement ("the Processing Agreement") to expand and operate on DCM's behalf the chrome beneficiation plant.

Immediately following the period under review, and in an ongoing co-operation with DCM, Jubilee executed a new framework treatment of tailings and chrome ore agreement ("New Agreement") with DCM, thereby cancelling and superseding all existing agreements in respect of chrome processing and PGM recovery at DCM. The New Agreement transforms Jubilee's DCM operations as an equal joint venture with DCM, on all chrome ore including 3rd party chrome ore. This New Agreement now affords Jubilee the right to 50 % of all chromite earnings generated from the processing of third party or other Chromite Ore. This New Agreement captures the growth of the DCM project from initially Jubilee holding no rights to earnings from chromite ore at the outset of the DCM project. The New Agreement further secures Jubilee's unencumbered PGM rights from all material processed at DCM irrespective of source.

Jubilee further executed an ore processing agreement ("Ore Agreement") in addition to the New Agreement, in terms of which Jubilee is contracted to toll process up to 40 000 tonnes per month of 3rd party Chrome Ore for an initial three year term period - mutually extendable. Under the terms of the Ore Agreement Jubilee also secured the rights to the PGMs in the 3rd party Chrome Ore which further supplements the existing PGMs already contained in the surface material at DCM. DCM plant's spare capacity will be utilized for this processing, which has the potential to more than double current DCM's operational throughput. The additional PGMs secured provides Jubilee the opportunity to expand its PGM recovery strategy at DCM and materially add to the Company's earnings, since the fixed cost element of DCM's operation would remain relatively unchanged. This Ore Agreement continues Jubilee's organic growth in this field and is a step in its stated intent to consolidate chrome and platinum retreatment in the region.

During the period under review the DCM operations performed well with its first full year of operation under the terms of the Processing Agreement. The New Agreement as announced on 5 September 2017, between DCM and Jubilee became effective on 1 September 2017. The effect of this New Agreement together with the ramp-up of processing 3rd party ore at the DCM operations will reflect in the 2018 financial period.

The table below presents the operational performance of the DCM operations for the period under review and the following quarter Q3 2017:

1= Average monthly conversion rates used

2 = Project earnings include project expenditure on plant and equipment

3 = Figures as per quarterly updates announced. The annual total can differ from the annual audited result due to different conversion rates used.

Chairman's statement

Dear Shareholder,

The year under review has been an exceptional period of growth for Jubilee. Jubilee established itself as a diversified producer of metals entering both the chrome and platinum industry through the ramp-up of its DCM operations and commissioning of the Hernic project while the Tjate platinum project was awarded its mining license. Jubilee continued its drive to grow post the period under review with the acquisition of the surface PGMs at PlatCro and joint venture agreement with BMR Group PLC to execute the Kabwe surface project in Zambia.

At the commencement of the year, the Hernic plant was approximately 50 % built with the Company gaining significant financial contribution from Dilokong enjoying the benefits of increasing chrome prices and our participation in chrome benefits.

We announced on 6 February 2017 that the Hernic plant commenced production and that the first chromite concentrate had been produced. In the same announcement shareholders were advised, that focus had now moved to the commissioning of the PGM recovery plant. The commissioning of the PGM circuit was completed towards the end of March 2017 and we announced PGM production on 29 March 2017. Thereafter we saw increased production of chromite and PGMs as the various circuits underwent troubleshooting and optimisation. Throughout the period under review the Hernic contribution improved month on month and at the time of writing this report, we had reached a total of 3 682 ounces of PGM production. A significant financial performance was the PGM production cost of USD 476 per ounce for the third quarter 2017. This demonstrates that the operation is extremely resilient to the volatile and depressed PGM prices experienced during the year. We continue to optimise at Hernic and are confident of reduced cost throughout the operation, improving productivity and significant financial contribution to the group.

The Dilokong operation continued to grow its earnings with upgraded platinum concentrate stockpiles being accumulated at the operation. During the early part of this year, we advised shareholders that Dilokong financial results would be considerably advanced by the acquisition of third party ore to be processed at Dilokong and towards the end of the first quarter of 2017 we processed our first third party ore.

Post the closing of this review period, we announced a significant new partnership agreement for third party ore which will provide for an additional 40 000 tonnes of ore per month for a minimum three year period. The financial effect of this contract will be very positive to the Dilokong operation and to the attributable income for Jubilee.

In terms of the Middelburg smelter and power station disposal, final proceeds were received mid-March 2017 after full and final settlement post arbitration.

A major milestone for the Company was achieved on 2 March 2017 when we announced that the Tjate Platinum project had been awarded its mining right. The project represents an extremely, large PGM metal resource and in terms of the fourth generation of new platinum mines is favourably positioned in terms of depth, grade continuity and is relatively geologically untroubled compared to its peers. We are now busy carrying out all things necessary to maintain compliance with the terms and conditions of the mining right order. The board are fully aware that new mine development in the platinum industry is not immediately evident, but remain convinced that Tjate will play a significant role in the future growth of South Africa's platinum industry in general and this Company in particular.

Our new business development in the past has been proactive and responsive and once projects have been acquired, financing structures were sought to achieve the acquisition or earn-in requirements. The board considered this to be a less than satisfactory arrangement and commenced a search for a funding partner who knew our business and shared our aspirations for its growth.

Post balance sheet in August 2017, we announced an agreement with Riverfort Capital Group Limited for a project funding agreement of USD 50 million. We have not yet used this agreement for any new projects but are highly encouraged that we have the arrangement in place as we enter more and more discussions for new projects.

A further major post balance sheet announcement was made on 23 October 2017, which involved the joint venture with BMR Group PLC ("BMR"). This joint venture is based in Zambia and relates to the Kabwe lead, zinc and vanadium historical surface deposits. This project involves Jubilee investigating, developing flow sheets and if appropriate building a treatment plant in joint venture with BMR. The surface deposits are large and entail at least 6 400 000 tonnes of material of which 50 % is JORC compliant. The joint venture entails that Jubilee, stage advances up to GBP 2.30 million and thereafter shares some 40 % of the beneficial earning arising from the project. This agreement is very important on the basis that the Company is now involved in a different company, country and in different commodities thus providing a hedge to the Bushveld complex and South Africa.

In terms of PGM metal prices we remain somewhat disappointed as to their volatility and low top range. This being despite more cars being built and a prosperous new global economy with good signs for emerging markets. There is much talk about the electric car being the answer and therefore displacing the need for fuel cell powered motor cars. The Jubilee board believes that the electric car is an interim step and the emergence of the fuel cell will significantly enhance the fortunes of the platinum producing industry.

In any event we are seeing the normal supply demand attrition and supply response which is a cycle common to all commodities.

Jubilee has emerged, at the time of writing this report as a diversified producer with many significant opportunities currently being investigated and negotiated at an advanced level. A number of these opportunities, if brought to completion, could change the short-term prospects for Jubilee and make the mid-cap space, to which I often allude, a reachable target.

Jubilee, having completed two projects, is now at a very important stage in its evolution and the board has to consider the merits of organic growth against corporate acquisition growth or combination thereof. We are mindful that the resource world has not rebounded from the woes of the past and that major opportunities exist for companies committed to growth. Jubilee is one of those companies.

Although the board expects to realise the value of the Nickel Tailings Project, the board felt it prudent to impair the asset until the legal impasse with BHP is resolved. The Group reported a loss per share from continuing operations for the period under review, excluding impairments of intangible assets, of 0.25 pence (ZAR 4.27 cents) compared to a loss of 0.38 pence (ZAR 8.07 cents) for the comparative period. Impairment of intangible assets totaled GBP 8.47 million, net of tax, which if included equates to a group loss per share of 1.07 pence (ZAR 18.55 cents).

Finally I would like to thank everyone concerned at whatever level in Jubilee who have assisted in taking the Company to its current position. In particular I would like to thank the Chief Executive Officer Leon Coetzer and his immediate team for their commercial prowess and intellectual and managerial contribution to our projects. Their efforts have been instrumental in creating the Jubilee brand, which is now exportable, credible and achieving global recognition.

Colin Bird

Non-Executive Chairman

Financial statements for the year ended 30 June 2017

Consolidated statement of comprehensive income for the year ended 30 June 2017

Consolidated statement of financial position as at 30 June 2017

The financial statements were authorised for issue and approved by the Board on 9 November 2017 and signed on its behalf by:

Leon Coetzer

Chief Executive Officer

Company number 04459850

Consolidated statement of changes in equity for the year ended 30 June 2017

Consolidated statement of cash flow for the year ended 30 June 2017

NOTES TO THE AUDITED RESULTS FOR THE YEAR ENDED 30 JUNE 2017

1. Statement of accounting policies

The Group and Company results for the year ended 30 June 2017 have been prepared using the accounting policies applied by the Company in its 30 June 2016 annual report which are in accordance with International Financial Reporting Standards (IFRS and IFRC interpretations) issued by the International Accounting Standards Board ("IASB") as 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). They are presented in Pound Sterling.

This financial report does not include all notes of the type normally included in an annual financial report. Accordingly, this report is to be read in conjunction with the annual report for the year ended 30 June 2017 and any public announcements by Jubilee Platinum PLC after that date to the date of publication of these results.

All monetary information is presented in the functional currency of the Company being Great British Pound. The Group's principal accounting policies and assumptions have been applied consistently over the current and prior comparative financial period. The financial information for the year ended 30 June 2016 contained in this report does not constitute statutory accounts as defined by section 435 of the Companies Act 2006. A copy of the statutory accounts for that year has been delivered to the Registrar of Companies. The auditor's report on those accounts was unqualified did not contain a statement under section 498(2)-(3) of the Companies Act 2006.

2. Financial review

The Group reported a loss per share from continuing operations for the period under review, excluding impairments of intangible assets, of 0.25 pence (ZAR 4.27 cents) compared to a loss of 0.38 pence (ZAR 8.07 cents) for the comparative period. Impairment of intangible assets totaled GBP 8.47 million, net of tax, which if included equates to a group loss per share of 1.07 pence (ZAR 18.55 cents). The impairment relates to the Group's interest in its Nickel Tailings Project in Australia. Although the board expects to realise the value of the Nickel Tailings Project, the board felt it prudent to impair the asset until the legal impasse with BHP is resolved.

The Group managed to continue to tightly control costs. Total operating expenses from continued operations is down 26.69 % to GBP 3.44 million (ZAR 59.46 million) ((2016: GBP 4.69 million) (ZAR 81.06 million)).

Earnings per share for the year ended 30 June 2017 were as follows: 2017 2016

The Group reported a net asset value of 5.04 pence (ZAR 85.54 cents) (2016: 5.65 pence (ZAR 112.38 cents) per ordinary share. The total shares in issue as at 30 June 2017 were 1 118 360 942 (2016: 991 087 994). Refer to note 6 below for details of shares issued during the period under review.

3. Dividends

The Board did not declare any dividends for the period under review. (2016: Nil)

4. Auditor's review opinion

These results have been audited by the Group's auditors, Saffery Champness LLP and their report is available for inspection at the Company's registered office. A copy of the report is also attached to the back of this announcement as annexure 1.

5. Board

There were no changes to the board during the period under review and up to the date of this announcement.

6. Share capital

The Company issued the following shares during the period and up to the date of this annual report:

The Company did not issue any shares after year-end to the date of this report.

During the year transaction costs accounted for as a deduction from equity amounted to GBP 314 050.

At year-end and at the last practicable date the Company had the following warrants outstanding:

The fair value of these warrants was determined using the Black-Scholes Valuation Model with the inputs illustrated in the table above. A risk free rate of 0.5 % were applied in the valuation. The company recognised a share-based payment charge against the share-based payment reserve in the amount of £22 025 (2016: £304 925) in accordance with section 610 (2) of the United Kingdom Companies Act 2006. This charge relates to equity placings successfully completed.

7. Business segments

In the opinion of the Directors, the continuing operations of the Group companies comprise of four reporting segments (including those reported on for the comparative period) being:

- the beneficiation of Platinum Group Metals ("PGMs") and development of PGM smelters utilising exclusive commercialisation rights of the ConRoast smelting process, located in South Africa ("PGM beneficiation and development");

- the evaluation of the reclamation and processing of sulphide nickel tailings at BHP Billiton's Leinster, Kambalda and Mount Keith properties in Australia (Nickel tailings);

- the exploration and mining of Platinum Group Metals ("PGMs") (Exploration and mining);

- the parent company operates a head office based in the United Kingdom, which incur certain administration and corporate costs.

The results of the discontinued operations comprise of two segments which have been combined into one segment referred to as Disposal Group being:

- base metal smelting in South Africa; and

- electricity generation in South Africa.

The Group's operations span five countries, South Africa, Australia, Madagascar, Mauritius 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. Mauritius and Madagascar do not meet the qualitative threshold under IFRS 8, consequently no separate reporting is provided.

Segment report for the year ended 30 June 2017

Segment report for the year ended 30 June 2016

8. Going concern

The Directors have adopted the going-concern basis in preparing the financial statements.

The period under review was transformational for the Jubilee Group of companies and it has continued to successfully implement its Metals Recovery Strategy which is advancing at an encouraging pace and the Board is confident that the Group can make further acquisitions to complement its existing projects and extend its brand and capabilities into other global surface projects.

The objectives of Jubilee's Metals Recovery Strategy are threefold:

- Secure low risk, low capital intensive, long-term commodity production from mine waste at an attractive point on the global cost curve by using advanced, environmentally sustainable metal recovery techniques;

- Diversify across multiple commodities including platinum, cobalt, copper and gold to hedge income risk and to align with global trends; and

- Rehabilitate the adverse footprint left by legacy mining in accordance with International Environmental Standards.

The field of extractive metallurgy has made substantial technological progress in the last 10 years increasing the ability to profitably re-process materials that contain metals and minerals missed by the initial recovery path. For several years now, Jubilee has developed successful proprietary processing techniques to optimise metal recovery in an environmentally friendly and sustainable manner for many companies including large blue-chip mining houses. Jubilee Processing is well positioned to capitalise on its in-house expertise to become a global leader in this field.

· On 9 August 2017, Jubilee secured a project funding structure, provided by RiverFort Capital Group Limited ("RiverFort"), which is modelled on the successful Hernic platinum and chrome recovery project which was also financed through RiverFort.

The key features of the Agreement are:

- Funding will be provided at project-level directly to the Jubilee project subsidiary by RiverFort

- USD 50 million pre-approved debt funding targeting multiple surface based metal recovery projects based on established individual project criteria

- The funding commitment is for an initial 33-month period with the flexibility for mutual extension

- In recognition of the funding commitment, RiverFort has been granted the right to exercise a 2.5 % maximum preference equity stake in the subsidiary Jubilee Processing

· As previously announced on 31 March 2016, the remaining purchase consideration of the Middelburg Disposal was calculated at approximately GBP 0.39 million (ZAR 8.90 million) net of closing adjustments including stock and supplier adjustments. The final settlement amount of GBP 0.46 million (ZAR 7.40 million) has been received by Jubilee in March 2017. These proceeds strengthened the Group's cash flow and its ability to fund its projects.

· During March 2017 the Company successfully completed a placing of 66 000 000 new ordinary shares of 1 pence each ("Ordinary Shares") in Jubilee (the "Placing Shares") at a price of 5.0 pence (ZAR 78.70 cents) per share to raise approximately GBP 3.30 million before expenses (ZAR 51.90 million at current conversion rates).

The Directors are of the opinion that the Group and Company are funded sufficiently to enable it to continue with its operations as a going concern.

9. Events after the reporting period

9.1 PlatCro Platinum and Chrome Tailings Project ("PlatCro project")

Post the period under review the Company executed a Framework and Processing of Tailings Agreement ("the Agreement") with PlatCro in March 2017 for the acquisition of new platinum, palladium, rhodium and gold ("4E PGMs") bearing surface material existing at PlatCro as well as all future surface material at PlatCro. The existing surface material is estimated at 1 250 000 tonnes with an estimated grade of 2.7 g/t 4E PGMs. This ensured Jubilee the sole right to future earnings from the platinum bearing material.

The PlatCro project will target a processing rate of 25 000 tonnes per month to complement Jubilee's surface tailings platinum production by a further 14 200 ounces of PGMs per annum. This projects a total production target at stable operations of approximately 50 000 ounces of PGMs per annum for Jubilee from all its surface tailings and 3rd party ore projects.

Under the Agreement Jubilee will acquire the existing material for a total consideration of GBP 3.13 (ZAR 50.00) per tonne of surface material remaining after on-going further recovery of residual chromite by PlatCro. Approximately 79 % of the material is estimated to remain following chromite removal, which equates to a 4E PGM acquisition value of GBP 3.50 million (ZAR 55.40 million).

The Agreement allows for a two-stage payment over an estimated three month period following the conclusion of the Agreement. Future material will be acquired at a value of GBP 3.13 (ZAR 50.00) per tonne of material post chromite removal. The surface material is located within trucking distance of Jubilee's Hernic operation, thereby offering the opportunity to process the additional material at the Company's existing Hernic plant for PGM recovery. Jubilee also holds the option to acquire property located adjacent to the surface material for the construction of a dedicated platinum processing plant, if deemed appropriate, and at Jubilee's election.

On 9 May 2017 Jubilee executed the first payment of GBP 1.16 million (ZAR 20 million) as part of the PlatCro project. The PlatCro project includes the upfront acquisition of all PGMs contained in surface material as well as future PGMs from further processing and mining operations.

The final payment for the existing surface PGMs is subject to the completion of the surface drill programme and receiving regulatory approval to commence with the processing of the PGMs. The first payment was recognised in the statement of financial position as a prepayment until such time as the necessary conditions have been met. On 31 July 2017 Jubilee notified PlatCro that it has undertaken and completed a survey of the dam as provided for in the Agreement.

9.2 Project funding secured

On 9 August 2017, Jubilee secured a USD50 million project funding structure, provided by RiverFort Capital Group Limited ("RiverFort"), which is modelled on the successful Hernic platinum and chrome recovery project which was also financed through RiverFort.

10. Contingencies and commitments

Other than disclosed below, there are no material contingent assets or liabilities as at 30 June 2017.

10.1 PlatCro Platinum and Chrome Tailings Project ("PlatCro project")

Jubilee executed a framework and processing of tailings agreement ("the Agreement") with PlatCro Proprietary Limited ("PlatCro"). The Agreement provides for the acquisition of the platinum, palladium, rhodium and gold ("4E"or "PGMs") contained in the existing surface material as well as all future material at the PlatCro. Existing surface material is estimated to be 1.25 million tonnes at an estimated grade of 2.7 g/t 4E PGMs. On 9 May 2017 Jubilee executed the first payment of GBP 1.16 million (ZAR 20 million) as part of the PlatCro project.

The PlatCro project includes the upfront acquisition of all PGMs contained in surface material as well as future PGMs from further processing and mining operations of which the first payment equates to approximately 50 % of the acquisition value. The final payment for the existing surface PGMs is subject to the completion of the surface drill programme and receiving regulatory approval to commence with the processing of the PGMs. The first payment was recognised in the statement of financial position as a prepayment until such time as the necessary conditions have been met. On 31 July 2017 Jubilee notified PlatCro that it has undertaken and completed a survey of the dam as provided for in the Agreement. As at the period end Jubilee recognised the first payment of the acquisition value as a prepayment in an amount of GBP 1.16 million (ZAR 20 million).

Contacts

Jubilee Platinum PLC

Colin Bird/Leon CoetzerTel +44 (0) 20 7584 2155 / Tel +27 (0) 11 465 1913Andrew SarosiTel +44 (0)1752 221937

JSE Sponsor

Sasfin Capital, (a member of the Sasfin group)Sharon OwensTel +27 (0)11 809 7500

Nominated Adviser

SPARK Advisory Partners LimitedMark Brady/Andrew EmmottTel: +44 (0)203 368 3551

Broker

Beaufort Securities LimitedJon BellissTel: +44 (0) 20 7382 8300

Annexure 1

Jubilee Platinum Plc

Opinion

We have audited the financial statements of Jubilee Platinum Plc for the year ended 30 June 2017 which comprise the Consolidated and Company Statements of Comprehensive Income, the Consolidated and Company Statements of Financial Position, the Consolidated and Company Statements of Changes in Equity, the Consolidated and Company Statements of Cash flows and notes to the financial statements, including a summary of significant accounting policies set out on pages 30 to 71. The financial reporting framework that has been applied in their preparation is applicable law and International Financial Reporting Standards ("IFRS") as adopted by the European Union.

In our opinion, the financial statements:

· give a true and fair view of the state of affairs of the Group and of the parent company as at 30 June 2017 and of their losses for the period then ended;

· have been properly prepared in accordance with IFRS as adopted by the European Union; and

· have been prepared in accordance with the requirements of the Companies Act 2006.

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) ("ISAs (UK)") and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

· the Directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or

· the Directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.

Key audit matters

Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the financial statements of the current period and include the most significant assessed risks of material misstatement (whether or not due to fraud) we identified, including those which had the greatest effect on: the overall audit strategy, the allocation of resources in the audit; and directing the efforts of the engagement team. These matters were addressed in the context of our audit of the financial statement as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. This is not a complete list of all risks identified by our audit.

Our application of materiality

We apply the concept of materiality in planning and performing our audit, in evaluating the effect of any identified misstatements and in forming our opinion. Our overall objective as auditor is to obtain reasonable assurance that the financial statements as a whole are free from material misstatement, whether due to fraud or error. We consider a misstatement to be material where it could reasonably be expected to influence the economic decisions of the users of the financial statements.

We have determined a materiality of £620,000 (2016: £500,000) for both the Group and Company financial statements. This is based on 1% of net assets prior to audit.

An overview of the scope of our audit

We tailored the scope of our audit to ensure that we obtained sufficient evidence to support our opinion on the financial statements as a whole, taking into account the structure of the Group and the Company, the accounting processes and controls and the industry in which the Group operates.

As Group auditors we carried out the audit of the Company financial statements and, in accordance with ISA 600, obtained sufficient evidence regarding the audit of seven subsidiaries undertaken by component auditors in South Africa and Australia. These seven subsidiaries were deemed to be significant to the Group financial statements either due to their size or their risk characteristics. The Group audit team directed, supervised and reviewed the work of the component auditors in South Africa and Australia, which involved issuing detailed instructions, holding regular discussions with component audit teams, performing detailed file reviews and visiting South Africa to attend local audit meetings with management. Audit work in South Africa and Australia was performed at materiality levels of £100,000, lower than Group materiality.

As part of designing our audit, we determined materiality and assessed the risks of material misstatement in the financial statements. In particular, we looked at where the Directors made subjective judgements, for example in respect of significant accounting estimates that involved making assumptions and considering future events that are inherently uncertain. We also addressed the risk of management override of internal controls, including evaluating whether there was evidence of bias by the Directors that represented a risk of material misstatement due to fraud.

Other information

The Directors are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information; we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

· the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

· the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

· adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

· the financial statements are not in agreement with the accounting records and returns; or

· certain disclosures of Directors' remuneration specified by law are not made; or

· we have not received all the information and explanations we require for our audit. 

Responsibilities of Directors

As explained more fully in the Directors' Responsibilities Statement set out on page 20, the Directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

…………………………………..

Andrew Gaskell (Senior Statutory Auditor)

for and on behalf of Saffery Champness LLP

Chartered Accountants

Statutory Auditors

71 Queen Victoria Street

London

EC4V 4BE

9 November 2017

Annexure 2 - 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 2/2013 issued by the South African Institute of Chartered Accountants (SAICA).

30 June 2017 30 June 2016