Final Results

Registration number: 4459850

Incorporated in England and Wales

JSE share code: JBL

AIM share code: JLP

Jubilee Platinum Plc

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

Reviewed abridged results for the 12 months ended 30 June 2011

The Board of Jubilee Platinum, the AIM traded and JSE listed mine to metal specialist, is pleased to report positive operating results for its financial year ending 30 June 2011. The revenue from and gross profits of the Company have increased due mainly to the expanded Middelburg smelting operations. Revenue increased 480% to £5.503 million (£0.95 million: 2010) and gross profits increased 450% to £2.739 million (£0.492 million 2010). The Board expects profitability and revenues to rise as the Company continues to drive the expansion in its smelting operations.

The Company incurred a net operating loss as a result mainly of an increase in expenditure on expanding the smelting operations. While installing and ramping up the expansion to full production from its newly installed 5MW AC arc furnace, the Company was required to pay for the full 11MW output of its power generator, which was secured to provide for the expansion plans. Post this period, the expansion drive is continuing to optimise the cost-usage of this power.

The Company made significant progress with the expansion and optimisation of its smelter operations while continuing to invest in both the short-term mining and exploration activities through its subsidiary Maude Mining and its longer term Tjate platinum project. This has been achieved within a challenging business environment with the continued pressure on world capital markets.

Year's Highlights include: -

·; Installation of the new 5MW AC ferroalloy furnace;

·; Ramp up of ferronickel production commenced;

·; Alliance Agreements to utilize ConRoast process with Sylvania Resources and Northam Platinum;

·; Completed 14-hole infill drilling on Tjate;

·; Mining Right Application submitted for Tjate project;

·; Environmental Impact Assessment submitted for Mining Right Application for Bokfontein and Elandsdrift;

·; Platinum and chrome prospecting rights applied for new portions (64) on Bokfontein farm;

·; Commenced Economic Evaluation and Engineering Study on Leinster Nickel Tailings project; and

·; Ambodilafa drill contract awarded to local Madagascan company.

The platinum market has been robust throughout the period under review, reflecting the strong fundamentals supporting the metal. The prospects for the metal remain outstanding and the Company's acquisition of Braemore and ConRoast was both timely and well judged.

Jubilee's Middelburg smelter complex is demonstrating capability that will complement that of ConRoast. The Company has continued to invest in the expansion of the smelter operations and has achieved, post the period under review, a total installed AC arc furnace capacity of 10MVA. The revenues generated from the operation are in line with the growth in the installed capacity as we ramp up the new furnace. The complex has the capacity to treat and reclaim many metals and is ideally situated to treat slags, concentrates, residues and dumps from both the platinum and ferroalloy industry for significant benefit to the smelting company.

The power generation company Power Alt (Pty) is performing to expectation. This facility provides a significant offset against municipality electrical cost and as a separate cost centre presents many options for expansion and sharing. However, with the current furnace expansion programme, the available power will be committed to our own operations. The decision to purchase an interest in the station was for security of supply and this objective has been met together with an offset reduction in the cost of energy, which is the major direct cost in smelting.

Platinum group metals (PGMs) contained in chrome present a unique opportunity to ConRoast since the process is quite capable of treating a 'dirty' PGM-bearing chrome concentrate, which current industry installed capacity can only handle in small quantities. In February 2011, Maude Mining submitted Environmental Impact Assessments in respect of its PGM Mining Right Applications for its Bokfontein and Elandsdrift properties. Both these properties contain platinum-bearing chrome ore at and near surface, which offers Jubilee the opportunity to access near-term platinum concentrates to further supplement the current smelter off-take contracts from third party producers

The Company continued with the Tjate project and drilled 14 holes to Merensky and UG2 to close drill spacing, which better defined the geological model and the requirements for subsequent infill drilling for ore resource statements. Tjate Platinum Corporation is currently in the process of applying for a mining right.

For further information, please contact:

Colin Bird/Leon Coetzer/ Andrew Sarosi

Jubilee Platinum plc

Tel +44 (0) 20 7584 2155 / Tel +27 (0)11 465 1913 / +44 (0) 1752 221937

Matthew Robinson/Rose Herbert - corporate finance

Joanna Weaving - corporate broking

finnCap Ltd

Tel +44 (0) 20 7600 1658

Jerry Keen/ Edward Mansfield

Shore Capital Stockbrokers Limited (Joint Broker)

Tel: +44 (0) 20 7 408 4090

Leonard Eiser /Sharon Owens

Sasfin Capital

Tel +27 (0) 11 809 7500

Nick Rome/Shabnam Bashir

Bishopsgate Communications Ltd

Tel +44 (0) 20 7562 3350

Reviewed Provisional Consolidated Statement of Cash flows for the year ended 30 June 2011

Reviewed Provisional Segmental Report 30 June 2011

Segmental Report 30 June 2010

Notes to Reviewed Provisional Financial Statements

1. Basis of preparation

These reviewed financial statements have been prepared in accordance with the framework concepts and the measurement and recognition requirements of IFRS and the AC 500 standards as issued by the accounting practices board and containing the information required by IAS 34: Interim Financial Reporting.

The accounting policies have been applied consistently throughout the Group and are consistent with those for the financial year ended 30 June 2010.

2.Commitments and contingencies

There are no material contingent assets or liabilities at 30 June 2011.

Capital commitments at 30 June 2011

2011 2010

£'000 £'000

Not longer than one year 22 15

Longer than one year and not longer than five years 59 61

Total 81 76

3. Dividend

No Dividends were declared during the period ended 30 June 2011.

4. Business Combinations

Acquisitions during the period

Purchase of interest in Thos Begbie Holdings (Pty) Ltd

On 1 October 2011, the Group acquired 70% of the voting equity instruments, via a cash transaction, of Thos Bbegbie Holdings (Pty) Ltd, a company, with the principal objectives of:

·; Providing a brownfield site to the Group for future expansion;

·; Commercializing the Group's ConRoast process; and

·; Leveraging the access to these facilities to establish a complete "mine-to-metals" company.

Had Thos Begbie Holdings been part of the Group for the year from 1 July 2010 the following results would have been included in the Group's financial statements.

£'000

Revenue 5,891

Loss before taxation 3,409

Detail of the provisional fair value of identifiable assets and liabilities acquired, purchase consideration and goodwill at the acquisition date are as follows:

The identifiable net assets of Thos Begbie Holdings (Pty) Ltd acquired on 1/10/2010 had been determined on a provisional basis due to an independent valuation being carried out on the fair value of property, plant and equipment, possible intangible assets not previously recognised and inventory as well as the valuation of property, plant and equipment and possible intangible assets in Power Alt (Pty) Limited a special purpose vehicle included in the provisional fair value of identifiable assets and liabilities acquired. The main factors leading to the provisional recognition of goodwill are:

·; Synergies with regards to smelting technology of ferroalloy metals

·; Direct access to electricity supply

5. Acquisition of non-controlling interest

During the year ended 30 June 2011, theCcompany acquired 70% of the voting equity instruments in Thos Begbie Holdings (Pty) Limited (Refer note 4). At the date of acquisition, Power Alt (Pty) Limited was consolidated into Thos Begbie Holdings (Pty) Limited as a special purpose vehicle in terms of SIC Consolidation - Special Purpose Entities, as the substance of the relationship indicated that Thos Begbie (Pty) Limited controls Power Alt (Pty) Limited. On 8 March 2010, the Company acquired 51% of the voting equity instruments in Power Alt (Pty) Limited. This transaction was accounted for as an equity transaction - a transaction with owners in their capacity as owners.

The effect of the change in the Company's ownership was as follows:

7. Loss per share and headline loss per share

The loss for the year attributed to shareholders is £6,250 million (2010: loss £2.3 million). This is divided by the weighted average number of ordinary shares in issue calculated to be 163,572,876 (2010: 162,951,035).

The fully diluted loss per share is based on the loss for the financial year divided by the weighted average number of shares and potential shares being 165,641'000 (2010: 164,916'000) in issue during the year. As the options are non-dilutive, no diluted loss per share has been calculated.

The results have been reviewed by BDO South Africa Inc. and their unqualified review opinion is available on request from the Financial Director at the company's registered office.

Johannesburg

30 September 2011

Corporate Information

Registered office:

Stoney Ridge Office Park

Cnr Witkoppen and Waterford Place

Kleve Hill Park

Paulshof

2128

Transfer secretaries:

Computershare Investor Services (Pty) Limited, 70 Marshall Street,

Johannesburg 2001 (PO Box 61051, Marshalltown 2107)

Executive directors:

L Coetzer (Chief Executive Officer)

E Victor

A Sarosi

Non-executive directors:

C Bird (Chairman)

Dr M Phosa

C Molefe

Company secretary:

Capita Company Secretarial Services Fusion Corporate Secretarial Services (Pty) Ltd

Ground Floor (Represented by Melinda van den Berg)

17-19 Rochester Row

London SW1P 1QT