Jubilee Metals Group PLC · LSE:JLP
Jubilee Metals — Jubilee Platinum — Technical Presentation (March 2008)
24 slides from Jubilee Metals's technical presentation, March 2008
Slide 1: Accelerating the pace
Accelerating the pace March 2008
Slide 2: Tjate
Jubilee LO Platinum Tjate > — Za
Slide 3: The Bushveld Complex
The Bushveld Complex Jubilee properties (not to scale) Northern Limb Tjate Eastern Limb Western Limb Elandsdrift Bokfontein Map reproduced with permission of Johnson Matthey Page 3 Private & Confidential
Slide 4: Tjate – location and project area
Tjate – location and project area Tjate location Tjate project area Merensky depth ……………. 12 00 Deephole m DT11 14 16 00 00 m m Initial mine area (Amplats) (Implats) • Three contiguous farms 5,143ha • Down dip of Impala’s Marula/Angloplats’ Twickenham mines • Weighted average Merensky grade drilled
Slide 5: Tjate - drilling (Merensky Reef)
Tjate - drilling Merensky Reef Borehole DT1 DT2 DT3 DT4 DT5 DT6 DT7 DT8 DT9 DT10 1 DT11 Depth (m) 869 722 900 685 780 813 723 830 822 997 1280 Pot Thickness¹ (cm) 116 61 61 79 47 134 82 291* 341* 80 hole Grade 4E² g/t 8.91 3.83 6.96 6.42 18.95 11.24 7.08 - 8.09 4.71 5.57 % Ni 0.30 0.22 0.35 0.26 0.9
Slide 6: Tjate - drilling (UG2 Reef)
Tjate - drilling UG2 Reef Borehole DT1 DT2 DT3 DT4 DT8 DT9 Depth (m) 1247 1109 1290 1077 1168 1209 Thickness¹ (cm) 93 95 82 85 66 94 Grade 4E² g/t 6.01 8.01 7.49 7.60 7.20 5.96 Pt:Pd ratio 1.1 0.9 1.2 0.8 1.1 1.0 Gross metal value $/t³ 298 363 360 348 350 289 Notes: 1. Apparent thickness including d
Slide 7: Tjate – scoping study on initial development
Tjate – scoping study on initial development Key assumptions – Initial development (15% of total resources – Merensky only) Prices at Rom grade 5.0g/t (3PGE+Au); 0.22% Ni; 0.13% Cu 28 February 2008 Resource 47m tons from 600m to 1 100m Production 335 000 oz per annum (3PGE+Au) Life of Mine 20 years
Slide 8: Jubilee by comparison: depth of mining
Jubilee by comparison Depth of Mining Amandlebult deeps Magazynskraal Western Plats Western plats Impala deeps Union deeps Union deeps Amandlebult Northam Annoraq Amplats Jubilee Implats Afplats Karee Union WEZ 0 The depth of 600m to 1,200m 500 of the initial Tjate development compares 1,000 favorab
Slide 9: Jubilee by comparison: resource and grade
Jubilee by comparison Resource and Grade (sorted by resource) 60 7 Tjate 6 50 5 40 Resource (Moz) Grade (g/t) 4 30 3 20 2 10 1 0 0 PT Pl P E W P N M A R A C Ju An Ea Af Ba M at A anP land EZ lat m kwe aga friO idg IM al e bi o s pl r us all s in zy re e do lee ora tpla at s pla ns ni q ts ts kr a aa
Slide 10: Jubilee by comparison: prill splits
0% 20% 40% 60% 80% 100% R id g e Pa n Pa An ll oo Ju r aq bi le e U G 2 Pl at Ph Au os s i ri - U G 2 Lo nm in Ea st Jubilee by comparison pl Ph at os s i ri - M R Pt El an ds Im Pd Of the better prill splits, east and west pl at s Rh Am pl at s Au Pl at m Prill Splits % of grade in AQ P N or th am
Slide 11: Jubilee by comparison: contained value per ton rock
Jubilee by comparison Contained value per ton rock 3,500 3,000 2,500 2,000 R/ton 1,500 1,000 500 0 R ge q M Am 2 2 am e ds we No R s P in ll R An s s ra Pa UG G u at M izw at AQ M PT Ju - M tm d an A Nk rth -U oo pl pl Ri ee al a es n at El e st Pl iri Pa ra le l Pl iri Ea bi W os sk bi os Ju Ph yn
Slide 12: Jubilee by comparison - Market cap per ounce (US$/oz)
Jubilee by comparison - Market cap per ounce (US$/oz) $5.7/oz at 49% and $4.4/oz at 63% beneficial ownership 450 400 350 300 250 200 150 100 50 0 ts M e s q e s m s in s e in No e at dg w Au um at riu ra le PT w a ha nm m pl Nk pl bi pl iz oo Ri ua at di rt at st es Am Im Ju Lo Pl An la Pl Aq Ea W l
Slide 13: Jubilee by comparison: Market cap as % of NPV
Jubilee by comparison Market Cap as % of NPV 450% 400% 350% 300% 250% 200% 150% 100% 50% 0% Jubilee Ridge Mining Akanani Afplats Wesizw e Platinum Platinum Platmin Group Australia Metals Jubilee’s ratio should improve as drill results and BFS confirm Project One, and ownership is confirmed as 63% Pa
Slide 14: Tjate – peer group comparables (what has been paid for projects)
Tjate – peer group comparables (what has been paid for projects) Transaction description Date Price Resource R/oz Transaction Rm oz mil $/oz Eland acquire 51% right of triangle Dec 06 106 2.45 43.21 6.39 area Inferred, drilling Implats acquired Afplats for cash Dec 06 4 307 43.00 100.15 14.82 PFS, D
Slide 15: Free option Madagascar
Jubilee DO Platinum Free option Madagascar
Slide 16: Madagascar – on the map
Madagascar – on the map Page 16 Private & Confidential
Slide 17: Madagascar – projects
Madagascar – projects MAVOANDRO ANTSAHABE BOROKELY 40 km N-S strike AMBOASARY LAVATRAFO RANOMENA Page 17 Private & Confidential
Slide 18: Madagascar (Londokomanana) drilling results
Madagascar (Londokomanana) drilling results Londokomanana (Antsahabe) Drilling Results Platinum/Palladium/Nickel/Copper ANT1 including including ANT9 Mineralised intersection (m)¹ 48 20 5 32 3E² g/t 0.03 0.05 0.01 0.33 Ni % 0.62 0.78 1.17 0.33 Cu % 0.12 0.15 0.10 0.12 Cu Equivalent (AM)³ % 2.5 3.2 4
Slide 19: Madagascar (Lavatrafo) drilling results
Madagascar (Lavatrafo) drilling results Lavatrafo (Lavatrafo & Ranomena) Drilling Results Platinum/Palladium LAV1 LAV2A LAV7 RAN1 inc. Mineralised intersection (m)¹ 70 92 19 49 22 3PGE’s ² g/t 1.05 0.66 0.53 0.43 0.62 Ni % 0.23 0.26 0.18 0.28 0.35 Cu % 0.11 0.14 0.21 0.08 0.10 Cu Equivalent (AM³) %
Slide 20: Madagascar - Ambodilafa (JV with Implats)
Madagascar - Ambodilafa (JV with Implats) Mafic-Ultramafic intrusion defined by radiometrics JV earn-in of 51% in Ambodilafa for $5 million expenditure Jubilee can fund its position or dilute to 35%, carried by Impala Area of historical exploration Drilling results in Madagascar are attached in Anne
Slide 21: Madagascar (Ambodilafa) drilling results
Madagascar (Ambodilafa) drilling results Ambodilafa (Implats JV) Extensive ultrabasic intrusion - 17.5 km long up to 6 km wide • Previous 93m drill intersection disseminated sulphides • Recent semi-massive, net textured & disseminated nickel-copper sulphide mineralization intersected at 24 m depth t
Slide 22: Tjate – the value curve
Tjate – the value curve Crossover from project to operations Juniors activity Majors activity Resources Reserves Exploration Pre- Valuation Capex Production development Value $408/oz BFS position on the Measured Proven curve $125/oz increases as you get Direction of Jubilee as more Operations Discov
Slide 23: The investment case
The investment case • High grade project with at least three potential mines • Operations not deep, initial development from 600m to 1,200m • Project NPV high at $750 – $900m (5% real) on Merensky reef only ( Pt LT = $950/oz) • Current valuation of $5.7 per attributable ounce is lowest amongst junio
Slide 24: THANK YOU
THANK YOU • QUESTIONS? Page 24 Private & Confidential
Jubilee Platinum — Technical Presentation (March 2008) on 6ix