Jubilee Platinum - Iron ore farm-in deal announced on tenement in Madagascar

Jubilee Platinum Iron ore farm-in deal announced on tenement in Madagascar Jubilee Platinum is a mine-to-metals exploration and development business which owns a 63% stake in the world class Tjate platinum project and the exclusive rights to ConRoast which between them could help catapult Jubilee to become a significant platinum producer. The management is beginning to really capitalise on ConRoast which has a critical advantage of being able to treat platinum ores with chrome content which is a challenge for the industry. Tjate in the well-known Bushveld Complex in South Africa is one of the world's largest undeveloped platinum projects which lies down dip of Implats' Marula mine and Anglo American's Twickenham mine. Looking at just the Tjate platinum project on its own, where Jubilee has an attributable targeted resource of 41 million ounces. Even if conservatively valuing Jubilee towards the bottom end of this scale would suggest a valuation of £82 million which equates to 28p per share. Click to Download Full Report Table: Financial overview Year to 30th June 2010A 2011A 2012E 2013E Revenue (£m) 0.95 5.50 7.00 15.0 PBT (£m) (2.23) (7.01) (5.50) (1.20) EPS (p) (1.35) (2.67) (1.84) (0.44) Dividend (p) 0.0 0.0 0.0 0.0 Yield (%) 0.0 0.0 0.0 0.0 Source: GECR and company Speculative Buy Target price 28p Key data Share Price 8.75p 52 week high/low 17.13p / 8.62p Primary exchange AIM EPIC JLP Shares in issue 288 m Market Cap £25.2m Sector Mining Valuation NAV / Share 28.72p TNAV / Share (0.78p) Affiliations: Jubilee Platinum is a corporate client of Bishopsgate Communications, a subsidiary of GECR's parent company Rivington Street Holdings. Important: All disclaimer information can be found on the last page of the document

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