Jubilee Metals Group Plc

Registration number (4459850)

Altx share code: JBL

AIM share code: JLP

ISIN: GB0031852162

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

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS STIPULATED UNDER THE UK VERSION OF THE MARKET ABUSE REGULATION NO 596/2014 WHICH IS PART OF ENGLISH LAW BY VIRTUE OF THE EUROPEAN (WITHDRAWAL) ACT 2018, AS AMENDED. ON PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INFORMATION IS CONSIDERED TO BE IN THE PUBLIC DOMAIN.

16 December 2021

Strategic update - Global Development Opportunities

Jubilee Metals Group PLC (AIM: JLP/Altx: JBL), a diversified metals processing business with operations in Africa, is pleased to update shareholders on its plans for the roll-out of its global metals processing strategy going into 2022. In developing this global strategy, Jubilee will seek to leverage the unique intellectual capital it has developed over 10 years and from which it has created two successful metal recovery businesses in South Africa (chrome & PGMs) and Zambia (copper) respectively.

Jubilee believes its proven ability to process ore from multiple sources through a single, centralised processing unit, while at the same time cleaning up historical environmental mine tailings liabilities to the benefit of all stakeholders, will both create opportunities and give Jubilee a competitive advantage as it pursues further international opportunities.

Jubilee recently announced a year of significant growth with audited annual results to 31 June 2021 showing revenues increasing by 143% to £133 million, attributable operational earnings growth of 183% to £71 million and adjusted profit before tax up 324% to £52 million. This growth was achieved following a period of exceptional operational developments in South Africa, and crucially in the newer jurisdiction in Zambia. Growth was achieved in all of the Company's core business units; PGMs and Chrome and Copper with maiden earnings generated from Jubilee's new Zambian Copper portfolio. During this period, Jubilee entered a phase of new build, extended existing facilities and executed a number of targeted transactions and investments to not only underpin growth, but which also offer the opportunity for further growth.

Jubilee's leading metal processing expertise can be deployed in multiple jurisdictions, and it has always been a major part of the Company's strategy to grow internationally. The recent success of the Zambian strategy demonstrates how, in a relatively short period of time compared with mining projects, Jubilee can establish itself as a dominant player in country, broadening its commodity exposure, achieving early revenues and setting itself up for significant operational and financial growth long into the future. Outside of Africa, the Company is already working with Caerus Mineral Resources to research and test dumps in Cyprus, left by many mining operations over many years.

Increasingly, Jubilee is receiving approaches to work on new projects across continents and it is now appropriate timing to look to broaden the Company's focus in an organised, strategic, but aggressive way, with the global roll-out of the Company's brand, 'The Jubilee Way', a method of operation in the tailings space unique to Jubilee.

The international opportunities available to Jubilee are vast and the Board of Directors intends to create and allocate significant resource during 2022 to the global roll-out strategy, while also recognising the requirements to materially broaden current in-house and board-level expertise. A standalone business unit will be created in the New Year comprising a number of key management team members to identify and procure the best opportunities in the global arena, whilst maintaining the fundamental approach of risk management. This new business unit will combine and integrate the technical, commercial and country risks and commodity fundamentals and will develop an overall five-year strategy for growth. Going forward, Jubilee intends to maintain centralised control over finance and business development, with a decentralised approach to country management.

As the detailed strategy is developed, further announcements will be made during the first half of 2022. 

Leon Coetzer, CEO, said: "Jubilee has built a leading position in the metals processing world and it is with great excitement that we launch our global growth strategy.  It is not often that one finds oneself in a unique space, positioned to make a difference on a global scale. We have made significant progress over recent months at both our South African and Zambian operations, as well as outside the African continent, with the collaboration with Cyprus based Caerus Mineral Resources, and now feels the opportune moment to formally implement a global roll-out strategy.

"To do this we will look to expand the team we have in place, bringing together an executive and non-executive team that will really drive the international strategy with their experience and contacts. The Jubilee board has been fundamental to date to our success, and we will consider carefully its development going into the first half of 2022. The 'Jubilee Way' is the product of a highly capable team, and I will maintain all of the principals developed to ensure that the next phase of our growth is accelerated in a positive, green and well governed manner."

Colin Bird, Non-executive Chairperson, said: "The development of Jubilee over recent years has been an exciting period for all of us concerned, from the formation of the business to its exceptional growth to reach our current, very strong, financial and operational position.  During this period, the world's views on environmental issues have accelerated and transformed and it will no longer accept anything but the highest standards towards the creation of a greener planet.

"Jubilee is now well positioned to expand internationally, and to do so must further tailor the structure and knowledge base of the business. It is critical that we have individuals in place with the specific capability, values, and experience to move the Company forward. I personally recognise in reaching this point that it is appropriate that I move on to allow a new Chairperson to steer the Company in the next phase of its evolution.  The dedication, energy and skills I have applied, and continue to apply, are more appropriate to companies which are at an earlier stage of their development, and I look forward to continuing my endeavours in that arena.  I therefore have committed to assist the Board to find a replacement over the next 6 months and to assist in overall succession planning. We look forward to providing details of our global roll-out strategy and board developments over the coming weeks and months.  Onwards and upwards."

United Kingdom

16 December 2021

For further information visit www.jubileemetalsgroup.com, follow Jubilee on Twitter (@Jubilee_Metals) or contact:

Jubilee Metals Group PLC

Colin Bird/Leon Coetzer
Tel +44 (0) 20 7584 2155 / Tel +27 (0) 11 465 1913

Nominated Adviser - SPARK Advisory Partners Limited
Andrew Emmott/James Keeshan
Tel: +44 (0) 20 3368 3555

Broker - Shard Capital Partners LLP
Damon Heath/Erik Woolgar
Tel +44 (0) 20 7186 9900

Joint Broker - WHIreland

Harry Ansell/Katy Mitchell 

Tel: +44 (0) 20 7220 1670/+44 (0) 113 394 6618

JSE Sponsor -  Questco Corporate Advisory Proprietary Limited

Sharon Owens

Tel: +27 (11) 011 9212

PR & IR Adviser - Tavistock

Jos Simson/ Gareth Tredway/Charles Vivian

Tel: +44 (0) 207 920 3150

Jubilee Metals Group is a diversified metal recovery business with a world-class portfolio of projects in South Africa and Zambia. We create value for all stakeholders through the transformation of mining liabilities into profitable assets in a manner that addresses mining's historical footprint and improves the quality of life for surrounding communities. Our distinguishing value proposition is our net positive impact on all stakeholders and the environment.

Our business model focuses on the retreatment and metals recovery from mine tailings, waste, slag, slurry and other secondary materials generated from mining operations. In effect, while extracting maximum financial returns, we responsibly rehabilitate environments scarred by the surface footprint of historical mining operations and solving air and water pollution issues associated with those installations.

The Company's expanding multi-project portfolio provides exposure to a broad commodity basket including Platinum Group Metals ('PGMs'), chrome, lead, zinc, vanadium, copper and cobalt.

Jubilee is listed on the London Stock Exchange's AIM (ticker: JLP) and the Johannesburg Stock Exchange (ticker: JB).