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Corporate Profile

The Company’s prime asset in South Africa is Tjate Platinum Corporation (Pty) Ltd’s  (Tjate), the Tjate platinum project (“Tjate Project”or “Project”), in which It  has a 63% beneficial interest. 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.  

Tjate has received a formal offer from Anglo American Platinum Ltd through its subsidiary, Rustenburg Platinum Mines Ltd to acquire the Quartzhill farm portion of its Tjate Project for ZAR75 million (c.£4.2 million at current exchange rates) in cash. This offer is pending further discussions.

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.  

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 has commenced construction of the  chromite and PGE processing facilty, which is scheduled  to commence production by  Q4 2016.

In Australia, Jubilee is evaluating the recovery of nickel from the tailings of the Leinster mine in Western Australia. The Company has rights through a tailings supply agreement with BHP-Billiton (BHPB) to test and, if appropriate, to process the nickel tailings from BHPB’s Leinster mine and conditionally thereafter, from its Kambalda and Mount Keith operations.

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 Australian incorporated (unlisted) Indian Pacific Resources Limited (IPR)  has undertaken sampling, geophysics and exploration drilling by way of a farm-in agreement, in terms of which 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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