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Corporate Profile

The Company’s prime asset in South Africa is Tjate Platinum Corporation (Pty) Ltd’s (“Tjate") Tjate platinum project (“Tjate Project”or “Project”), in which It has a 63% beneficial direct and indirect interest: a direct 49% interest and an indirect 14% interest. The indirect interest is by way of preference shares in New Plats (Tjate) (Pty) Ltd (“New Plats”) under a Preference Share Agreement with New Plats linked to a conditional deferred Jubilee share agreement with the BEE beneficiaries in New Plats. The Project was granted a Mining Right in March 2017.

The Project’s exploration area is independently judged to host the world’s largest undeveloped block of defined platinum ore, covering some 5,140 hectares with a potential exploration target of some 65 million oz net (41 million oz attributable) of PGEs (platinum, palladium and rhodium) and gold (Au). The Project currently has a SAMREC compliant indicated and inferred resource estimate of 132.5 million tonnes containing 22.3 million oz PGE+ Au.

In October 2009, Jubilee acquired Braemore Resources plc, which holds an exclusive licence to the ConRoast process (“ConRoast”) for the smelting of high chrome-bearing PGE concentrates and has acquired extensive ConRoast development and process expertise. Jubilee’s ultimate goal in this regard, is to complete the establishment of commercial ConRoast operations to recover platinum group metals from difficult-to-treat concentrates, residues and tailings.

Jubilee has been awarded the right to recover PGEs and chromite contained in the dumped and current tailings of the Dilokong Chrome Mine (DCM) in the eastern Bushveld (“DCM Tailings”) and the dumped and current tailings of the Hernic Ferrochrome (Pty ) Ltd (“Hernic”) operations in the western Bushveld (“Hernic Tailings”), These rights have been secured by way of a Process of Tailings Dam Agreement with DCM, which holds the PGE mining permit and ASA Metals (Pty) Ltd, the parent of DCM and with Hernic, by way of Co-Operation Agreement in conjunction with an Engineering and Design Agreement.

The DCM Tailings which are independently estimated (November 2014) at 1,100, 000 tonnes are believed to assay between 3.5 and 4.0 g/t PGEs and to contain between 90,000 and 100,000 ozs PGEs. The Company commenced production from DCM Tailings in April 2016 with the first stage process recovery of the chromite in order to generate early cash flow. The PGE-bearing tailings (“PGE Tailings”) in the waste from the chromite recovery section, which upgrades the PGE Tailings to about 6 to 7 g/t PGE, are being stored pending an evaluation as to the optimum processing option for the PGE Tailings. These options include own processing plant, direct sale or toll treatment using processing plants with excess capacity. Current operational data from the DCM Tailings plant indicate that the chromite recovery section is performing significantly better than projected with consequential benefit to the quality of the PGE Tailings.

In addition to processing the the PGE Tailings, the Company received 5000 tonnes 3rd party PGE -bearing chrome ore at the Dilokong facility, with the option to extend this up to 15 000 tonnes of ore per month. The 3rd party ore will be processed in addition to the PGE tailings. The ore contains a much higher grade of chrome than the PGE Tailings but with similar PGM content.

The larger Hernic Tailings are estimated (2014) at 3.3 million tonnes of which 1.7 million tonnes are independently assessed in the measured SAMREC Code category, with mineable assay of 2.8g/t PGE + minor gold. Current tailings from Hernic continue to be added to the Hernic Tailings at the rate of about 17,000 t/mth. The Hernic Tailings in total are estimated (2014) to contain 224,000 oz PGEs. Hernic is the world 4th largest integrated ferrochrome producer. The Company commenced operations of the fully integrated chrome and PGE processing facility with first PGE production during March 2017.

In March 2017, Jubilee acquired the sole rights to its third PGE-bearing surface material: 1.25 million tonnes of surface material at PlatCro as well as all future surface material. The existing surface material has an estimated grade of 2.7 g/t 4E PGEs (platinum, palladium, rhodium and gold). The acquisition is targeted to add 14 000 oz PGEs annually to Jubilee’s existing PGE production from tailings and 3rd party ore. This acquisition places the Company’s production trajectory at stable operations at 50 000 oz PGEs per annum with no exposure to deep level mining.

In Australia, Jubilee has secured a copper surface tailings project with Resilience Mining Australia Ltd. (Copper Project). The Copper Project forecasts production of 12,000 tonnes of copper at production cost AUD3,381/t Cu (USD2,569/t Cu). Several of the Copper Project tenements are targeted to be production-ready within four months of execution of a definitive transaction agreement and to return positive cash flow within 6 months . The Copper Project comprises near surface resources of 35,000 tonnes Cu in a combination of JORC compliant category and mineral inventory. Jubilee expects to extended its successful metallurgical surface processing expertise to surface copper in Australia thus opening the potential to significant further opportunities for growth in this field.

Jubilee is considering its options for the recovery of nickel from the tailings of the Leinster mine in Western Australia following BHP-Billiton’s serving notice of termination of its tailings supply agreement with Jubilee’s subsidiary Braemore Nickel.

In Madagascar, the Company’s copper-PGE Ambodilafa concession, located 160km south east of the capital Antananarivo, includes a 6-km iron ore prospect, on which by way of a farm-in agreement, Australian incorporated (unlisted) Indian Pacific Resources Limited (IPR) has undertaken sampling, geophysics and exploration drilling. IPR has earned in up to a 90% interest in the iron prospect, having expended US$3 million. IPR has the right, at its election to acquire the Company’s 10 % interest in the prospect either for cash, or a net profits royalty or for equity in IPR.

Jubilee is dedicated to sustainable and socially responsible development and, as a company, ensures its projects adhere to the highest environmental standards. The Company is also a firm proponent for the role of foreign direct investment as a key form of social development in developing African countries.

 
     
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