Jubilee Metals Group (“Jubilee” or the “Company”), the AIM and AltX traded metals processing company, is pleased to announce its operational update for Q1 2019.
Highlights
· 57% increase in quarterly operational earnings to GBP 3.22 million (ZAR 58.85 million)
· 54% increase in combined quarterly revenue up to GBP 6.56 million (ZAR 119.90 million)
· PlatCro chrome acquisition completed and contributing to Company earnings ahead of projections
· PlatCro PGM* project (platinum and palladium dominant) targeted to commence with production in Q2 2019
· First chrome concentrate from DCM fine chrome project delivered to market with production ramp up expected to reach full design capacity of 25 000 tonnes per month in Q2 2019
· Exposure to wider commodity basket, including chrome, PGMs, vanadium, zinc and lead
· Increased backing from institutional investors secured to complete funding for the Kabwe project
· Successful secondary placement of all Jubilee shares held by BMR Group PLC to institutional investors
* 6 Element Platinum Group Metals including platinum, palladium, rhodium, ruthenium, osmium and gold
Proactive Investors Stocktube Published on May 9, 2019
Leon Coetzer, Chief Executive Officer, says:
“The period has been exceptional for Jubilee, showcasing the implementation of our stated mission to grow our earnings base, while maintaining strong margins and diversifying our operational footprint into base metals and across a number of mining jurisdictions.
The team delivered strong earnings growth breaching GBP 3 million while simultaneously implementing the PlatCro chrome transaction to increase our chrome operational footprint and successfully securing the funding for the implementation of our Zambian Kabwe project. This performance was achieved despite a notoriously slow operational period in January.
Our DCM fine chrome project is a remarkable achievement, delivering its first saleable chrome concentrate to the market. I look forward to the team achieving full design throughputs on the back of this success during the next period. ”
Consolidated operational financial review for Q1 2019
Q1 2019 has seen continued delivery by the Jubilee team bringing into operation a further two projects, with the acquisition of the PlatCro chrome operation and the commissioning of the DCM fine chrome project.
This strong performance is expected to continue in Q2 2019 as the PlatCro PGM project is brought into production at a targeted processing rate of 60 000 tonnes per month and the acceleration of the Kabwe vanadium, zinc and lead project, following the recent acquisition of the Sable Zinc Kabwe Limited (“Sable Refinery”) refinery in Zambia.
Full RNS Update LINK
