WORLD LEADING METAL RECOVERY BUSINESS Disclaimer Important Notice: - - PowerPoint PPT Presentation

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WORLD LEADING METAL RECOVERY BUSINESS Disclaimer Important Notice: - - PowerPoint PPT Presentation

WORLD LEADING METAL RECOVERY BUSINESS Disclaimer Important Notice: All reasonable care has been taken to ensure that the facts stated in these presentation materials are accurate and that any forecasts, opinions and expectations contained


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SLIDE 1

WORLD LEADING METAL RECOVERY BUSINESS

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SLIDE 2

Disclaimer

Important Notice: All reasonable care has been taken to ensure that the facts stated in these presentation materials are accurate and that any forecasts, opinions and expectations contained therein are fair and reasonable. Accordingly, no representation or warranty express or implied is made to the fairness, accuracy, completeness or correctness of these materials or opinions contained therein and each receipt of these presentation materials must make its own investigation and assessment of the matters contained therein. In particular, but without prejudice to the generality of the foregoing, no representation or warranty is given, and no responsibility or liability is accepted by the Company or any of its representatives, as to the achievement or reasonableness of any future projections or the assumption underlying them, or any forecasts, estimates, or statements as to prospects contained or referred to in these presentation materials. No responsibility or liability whatsoever is accepted by the Company or any of its representatives for any loss howsoever arising from any use of,

  • r reliance upon, or in connection with, these presentation materials or their contents or otherwise arising in connection therewith. In issuing

these presentation materials, the Company does not undertake any obligation to update or to correct any inaccuracies which may become apparent in these presentation materials. These presentation materials are being supplied for you for your own information and may not be distributed, published, reproduced or otherwise made available to any other person with addresses in Canada, Australia, Japan, the Republic of Ireland, or the United States, its territories or possessions or in any other country outside the United Kingdom where such distribution or availability may lead to a breach of any law or regulatory requirements. The distribution of these presentation materials in other jurisdictions may be restricted by law, and persons into whose possession these presentation materials come should inform themselves about, and observe, any such restrictions. Any failure to comply with these restrictions may constitute a violation of the laws of the relevant jurisdiction. In the United Kingdom, these presentation materials have not been approved by an authorised person pursuant to selection 21 of the Financial Services and Markets Act 2000 (the "FSMA") and, accordingly, these presentation materials are only directed at persons in the United Kingdom who fall within the exemptions contained in Articles 19 and 49 of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (such as persons who are authorised or exempt persons within the meaning of the FSMA and certain other investment professionals, high net worth companies, unincorporated associations or partnerships and the trustees of high value trusts) and persons who are otherwise permitted by law to receive them. These presentation materials are directed only at persons having professional experience in matters relating to investments and any investment or investment activity to which these presentation materials relate is only available to such persons. Persons of any other description, including those who do not have professional experience in matters relating to investments, should not reply on these presentation materials or act upon their content. These presentation materials have not been approved by the Financial Conduct Authority (the "FCA") as a prospectus for the purposes of section 87A of the FSMA and have not been filed with the FCA pursuant to the United Kingdom Prospectus Rules.

CORPORATE PRESENTATION | Q4 2019 JUBILEE METALS GROUP 2

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SLIDE 3

CORPORATE PRESENTATION | Q4 2019 JUBILEE METALS GROUP 3

OVERVIEW

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SLIDE 4

Overview

CORPORATE PRESENTATION | Q4 2019 JUBILEE METALS GROUP 4

Implementing en environmentally con

  • nscious metal

al rec ecovery sol

  • lutions that ensure a zero-effluent policy

Work

  • rking wit

ith glo global ally es established in industry part partners including Mitsubishi, Northam, Lonmin and Vedanta Highly experienced team with ability to design, build and execute bespoke world-class mine waste treatment projects Profitable with a rapidly improving financial performance, delivering against targeted performance and bringing new projects on-line Industry leading international metal recovery business focused on the treatment of surface tailings materials and primary mineral ore generated from third party mining operations

Global, diversified metal recovery company that operates world-class projects, ensuring a positive impact on the environment and its stakeholders

De Defined strategy to to di diversify fy ear earnings across multiple commodities and jurisdictions Exposure to to broad commodity basket that includes PGMs, chrome, copper, lead, zinc, vanadium and cobalt

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SLIDE 5

Company Snapshot

CORPORATE PRESENTATION | Q4 2019 JUBILEE METALS GROUP 5

Veddis Ventures LLP 9.01% Spice Capital Partners LLP 7.78% HSBC Global Custody Nominee (UK) Ltd 10.2% Interactive Investor Services 7.26% Hargreaves Lansdown (Nominees) Ltd 6.96% Canaccord Genuity Group 5.6% Barclays Direct Investing Nominees Limited 3.91% The Bank of New York (Nominees) Ltd 3.31% Miton Asset Management 2.5% Other 43.47%

MARK RKET TICKER MARK RKET CAP SHARE PR PRICE SHARES S IN N ISSU SUE AIM JLP.L £83.49M 4,45p 1,855,300,673

SHARE PRICE GRAPH MAJOR SHAREHOLDERS

As at 06.11.19

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SLIDE 6

Board of Directors

CORPORATE PRESENTATION | Q4 2019 JUBILEE METALS GROUP

World leading team with ability to design build and execute bespoke mine waste treatment projects

Mr

  • Mr. Coli
  • lin Bird – Non
  • n-Executive Chai

hairman A chartered engineer, a fellow of the institute of Materials, Minerals and Mining, Mr. Bird started his career in the UK coal mining industry before moving to the Zambian copper belt and then to South Africa working for Anglo Coal and BP Coal. He has been involved with a number of listed companies in the resource sector, in the UK, Canada and South Africa.

  • Dr. Matthew Phosa – Non-Executive Vice- Chairman
  • Dr. Phosa is part of the ANC delegation which successfully negotiated a peaceful transition into a fully democratic South Africa. He was

elected as the first Premier of Mpumalanga Province in 1994 and went on to serve as the Treasurer-General within the Executive Committee of the ANC from 2007 to 2012. Commercially, he sits on the board of a number of listed company boards.

  • Mr. Leon Coetzer – Chief Executive Officer

A qualified chemical engineer, Mr. Coetzer was with Anglo American Plc for 20 years, 16 of which with Anglo Platinum where he held various technical and operational managerial roles. A member of the advisory board of process engineering faculties at Universities of Pretoria.

  • Mr. Christopher Molefe – Non-Executive Director
  • Mr. Molefe has held several positions in corporate banking and industry and is currently Non-Executive Chairman of Merafe Resources

Ltd and Non-Executive Director of Capital Oil Pty Ltd, and Chairman of Transfrontier Capital Proprietary Ltd and Sabicor Proprietary Ltd.

  • Mr. Dr Evan Kirby – Technical Director

A metallurgist with over 40 years experience in the mining sector, Dr Kirby worked for 16 years in South Africa with Impala Platinum, Rand Mines and Rustenburg Platinum Mines. He then worked in Australia for Minproc Engineers and latterly Bechtel Corporation. Dr Kirby’s experience base includes gold, platinum group metals, base metals, battery metals, diamonds, coloured gemstones, and mineral sands.

6

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SLIDE 7

Metals Recovery Business

CORPORATE PRESENTATION | Q4 2019 JUBILEE METALS GROUP 7

Global leader with first mover advantage in a rapidly expanding market

HO HOW

  • Implements proven, cutting-edge metallurgical processing solutions to recover

metals from historical mine waste and third party mined ore

  • Applies advanced environmentally sustainable techniques, ensuring a zero

effluent policy

  • Well tested processes developed in world class laboratories resulting in ability to

execute accurately and rapidly internationally

  • Strategically partnering with mining companies and governments to develop and

implement metal recovery projects from mine waste

  • Access to vast amount of historic above ground material
  • Increasing cost and difficulty of mining, paired with the current relative

depressed commodity prices are leading to mining majors viewing surface material as a potential source of cash flow more than ever before, but do not necessarily have the means nor expertise to implement mine waste projects

  • Increasing awareness and legislation driving need to reduce mine waste

exposure both from government and corporate mining entities

WHY HY

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SLIDE 8

Key Differentiators

CORPORATE PRESENTATION | Q4 2019 JUBILEE METALS GROUP 8

Low-risk, global metals recovery business poised for growth

Provides significantly reduced exposure to mining risk Defined reserves with tonnage and grade known in advance, without the expenses related to traditional mining techniques Rapid timeline to implementation – projects are defined and have existing infrastructure Exceptionally low capital intensity and operating costs delivering robust margins Robust project pipeline & acquisition

  • pportunities to

augment rapid growth strategy Solid financial performance, rapidly growing revenue and

  • perational track record

First mover advantage to take advantage of global

  • pportunity for metals

recovery and satisfying increasing environmental liabilities Highly experienced team with the technical ability and proven execution to develop bespoke recovery solutions globally

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SLIDE 9

Revenue & Earnings Growth

CORPORATE PRESENTATION | Q4 2019 JUBILEE METALS GROUP 9 £2,071.00 £5,969.00 £2,911.00 £8,265.00 £3,825.00 £8,219.00 £5,641.00 £14,361.00 £0.00 £2,000.00 £4,000.00 £6,000.00 £8,000.00 £10,000.00 £12,000.00 £14,000.00 £16,000.00 OPERATIONAL EARNINGS (GBP'000) REVENUE (GBP'000) H2 2017 H1 2018 H2 2018 H1 2019

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SLIDE 10

Project Timelines

CORPORATE PRESENTATION | Q4 2019 JUBILEE METALS GROUP 10

Indicative project timeline

Financial year – June year end

FY2017 FY2018 FY2019 FY2020 FY2021

Quarter ending Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun

DCM Coarse Chrome Inyoni PGMs Windsor Chrome DCM Fine Chrome Windsor PGMs Kabwe DCM PGMs

NOW

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SLIDE 11

CORPORATE PRESENTATION | Q4 2019 JUBILEE METALS GROUP 11

THE PORTFOLIO THE PORTFOLIO

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Portfolio Overview

CORPORATE PRESENTATION | Q4 2019 JUBILEE METALS GROUP 12

Wide and expanding portfolio delivering results

Lead, Zinc, Vanadium, Copper, Cobalt

Kabwe - Zambia

Chrome, Fine Chrome, PGMs

Dilo Dilokong – South Africa

Chrome, Fine Chrome

Win indsor – South Africa

PGMs from Chrome tailings

In Inyoni – South Africa

PGMs

Win indsor – South Africa

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SLIDE 13

Inyoni (formerly known as Hernic Project)

CORPORATE PRESENTATION | Q4 2019 JUBILEE METALS GROUP 13

High margin platinum producer delivering exceptional returns

SN SNAP APSHOT

Commodity PGMs & Chrome Partner Hernic Ferrochrome Pty Ltd Location Bushveld Complex, South Africa Status In production

Resou source Siz Size:

  • 1.7Mt of chrome rich tails at surface containing and

estimated 224,000oz (3PGM + Au)

  • Additional 17,000t per month of new material
  • Acquired all rights to a further c. 1million tonnes of PGM

rich material Processi sing Ca Capa pacit ity:

  • 55,000t per month chrome tailings processing
  • Targeted Production of 2,500oz PGM per month

Fi Finan nancia ial l Mo Mode del: l:

  • Jubilee has acquired 100% of the rights to both Chrome

and Platinum produced and therefore retains net earnings

  • Construction completed Jan ‘17
  • First chrome production Feb ‘17
  • First platinum production Mar ‘17
  • Positive project earnings from June ’17
  • Chrome and Platinum rights acquired Nov/Oct ‘19
  • Fully Operational

Key y Mile lestones Achie ieved

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SLIDE 14

Rapid Implementation

CORPORATE PRESENTATION | Q4 2019 JUBILEE METALS GROUP 14

Attributable Inyoni project earnings growth (£’000)

  • 500

500 1000 1500 2000 2500 3000 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019* Q2 2019

* Decreased earnings in Q1 2019 is attributable to a temporary reduced supply in electricity at Inyoni, shaded area represents earnings, loss attributable to decreased power supply during the period

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SLIDE 15

Dilokong

CORPORATE PRESENTATION | Q4 2019 JUBILEE METALS GROUP 15

Chrome project with additional upside from ground-breaking fine chrome circuit

SN SNAP APSHOT

Commodity Chrome, Fine Chrome, PGMs Partner Dilokong Chrome Mine (Sinosteel & Samancor JV) Location Limpopo Province, South Africa Status Coarse chrome operational, fine chrome plant commissioned, platinum recovery plant awaiting approvals to begin plant construction

Resource Size:

  • 850,000t of chrome rich tails at surface containing an estimated

170,000t of chrome and 74,000oz 4E PGMs Proc

  • cessin

ing Cap apacit ity: y:

  • Fine chrome recovery circuit targeting 25,000t per month of feed
  • Able to produce 8,000t per month concentrate from fine chrome

alone

  • Further chrome processing capacity of 50,000t per month available

for third party feed material Financia ial l Mod

  • del:

l: Jubilee currently retains 100% of earnings until

  • Chrome: post $3.4m capex repayment 50:50 earnings split, offtake

agreement in place

  • PGM: post $6.6m capex repayment 67:33 earnings split in favour JLP

Key y Mile lestones Achie ieved

  • Commenced construction of fine chrome Q4 ‘18
  • Commercial production commenced Q1 ‘19
  • 25 000 tonnes per month reached during Q2 ‘19
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SLIDE 16

Dilokong Fine Chrome Circuit Ramp-Up

CORPORATE PRESENTATION | Q4 2019 JUBILEE METALS GROUP 16

* The Dilokong fine chrome project turned profitable in June 2019, six months after commissioning

1,396 1,313 1,069 2,575 3,437 5,872 6,053 6,477 1,000 2,000 3,000 4,000 5,000 6,000 7,000 Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19

Tonnes Produced

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SLIDE 17

Windsor Chrome

CORPORATE PRESENTATION | Q4 2019 JUBILEE METALS GROUP 17

One of South Africa’s largest chrome recovery facilities

SN SNAP APSHOT

Commodity Chrome and Fine Chrome Partner Numerous third party ore suppliers Location Western Bushveld Complex, South Africa Status Coarse chrome recently acquired and future fine chrome project under consideration

Resou source Siz Size:

  • 1.45Mt of chrome and PGM-rich material at surface
  • Processing approximately 40,000t per month third

party material Processi sing Ca Capa pacit ity:

  • Installed chrome processing capacity 75,000t per

month

  • Approximately 45,000t per month contracted to third

party materials processing Fi Finan nancia ial l Mo Mode del: l:

  • Chrome Operation: Owned 100%

Key y Mile lestones Achie ieved

  • Acquisition of operation Jan ’19
  • Management & operation control completed
  • Q2 ‘19 first full quarter operation & positive contributions
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SLIDE 18

Windsor PGM

CORPORATE PRESENTATION | Q4 2019 JUBILEE METALS GROUP 18

JV with operating Eland Platinum to recover PGM’s from Windsor surface material

SN SNAP APSHOT

Commodity PGMs Partner Eland Platinum Location Western Bushveld Complex, South Africa Status Fully operational

Resou source Siz Size:

  • 1.45Mt of chrome and PGM-rich material at surface
  • Potential to add 12,000t per month third party

material Processi sing Ca Capa pacit ity:

  • Targeting PGMs processing rate at average rate of

60,000t per month, producing 30,000 PGM ounces per annum

  • On site as well as third party material from surrounding

areas to be processed at the plant Fi Finan nancia ial l Mo Mode del: l:

  • PGMs: Retains majority earnings under profit share

terms, offtake agreement in place

Key y Mile lestones Achie ieved

  • Commence delivery of PGM material to Platinum recovery

plant Jan ’19

  • Commenced recovery at plant August 2019
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SLIDE 19

Kabwe

CORPORATE PRESENTATION | Q3 2019 JUBILEE METALS GROUP 19

Metal refinery in Zambia

SN SNAP APSHOT

Commodity Zinc, Lead, Vanadium Location Kabwe, Zambia Status Copper circuit on-line, production expected during Q4 2019

Resou source Siz Size:

  • Estimated 6.4Mt surface material containing:
  • 356,843t of zinc
  • 351,386t of lead
  • 1.26% equivalent vanadium pentoxide

Processi sing Ca Capa pacit ity:

  • Targeting full capacity production of:
  • 8,000t Zinc per annum
  • 1,500t Vanadium per annum
  • 11,000t Lead per annum

Fi Finan nancia ial l Mo Mode del: l:

  • Jubilee holds an effective 91.5% interest in the

Kabwe JV with an option to increase to 100%

  • wnership
  • Retains all earnings until capital payback
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SLIDE 20

Kabwe

CORPORATE PRESENTATION | Q3 2019 JUBILEE METALS GROUP 20

Metal refinery in Zambia

An Antic icip ipated Proje

  • ject Tim

Timeline line

  • Q4 2019 first expected copper cathode

production

  • Refined Zinc concentrate targeted to

commence production in Q2 2020

  • Production of high grade Vanadium

Pentoxide targeted to commence in Q3 2020

  • Refined Lead concentrate targeted to

commence production in Q2 2021

  • Joint venture established for the project in Q1 2018
  • Sable Zinc Kabwe refinery acquired from Glencore in Q2

2019, reducing project capital and plant construction lead times

  • Share and ownership transfer completed August 2019

Key y Mile lestones Achie ieved

H2 2019 Tonnes H1 2020 Tonnes H2 2020 Tonnes H1 2021 Tonnes H2 2021 Tonnes Copper 250 1 200 2 400 2 400 2 400 Zinc 500 2 500 3 500 4 500 Vanadium 30 400 750 750 Lead 4 500 6 500

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SLIDE 21

Anticipated Kabwe Project Timeline

CORPORATE PRESENTATION | Q4 2019 JUBILEE METALS GROUP 21

Indicative project timeline at current conditions

Year 2019 2020 2021

Month Sep Oct Nov Dec Jan Feb Mar Apr May Jun July Aug Sep Oct Nov Dec Jan Feb Mar Apr

Sulphuric Acid Production & Sales Copper Cathode Production & Sales Zinc Concentrate Production & Sales Vanadium Pentoxide Production & Sales Lead Production & Sales

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SLIDE 22

CORPORATE PRESENTATION | Q4 2019 JUBILEE METALS GROUP 22

THE OPPORTUNITY

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Investment Case

Industry acknowledged expert in the retreatment of primary and secondary mine waste materials, with a proven track record in metal recovery Rapidly improving profitability with the implementation of new projects and processing techniques Well developed strategy to focus on low capital intensive & shorter development time tailings projects, widening geographic exposure as mining companies act on rising environmental obligations World leading team with ability to design build and execute mine waste treatment projects, applying advanced environmentally sustainable techniques Global potential – engagement with the majors and governments means diversification of earnings from multiple sources, multiple metals & across multiple geographies Increasing support from institutional shareholders Has the expertise and financial ability to convert defined on surface liabilities into assets

CORPORATE PRESENTATION | Q4 2019 JUBILEE METALS GROUP 23

Low-risk, global metals recovery business poised for growth

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SLIDE 24

Opportunity in Zambia

  • The Zambian Kabwe project, now underway, provides a

platform to engage in further regional projects, expanding the southern African footprint

  • Zambia has an extensive history of mining activities,

producing mineral rich mine discards for over a century

  • In total, more than 10,000 hectares of the Zambian

Copperbelt is covered with mineral rich waste*

  • Jubilee is engaging with key national Zambian

stakeholders to implement the strategy of establishing centres of processing excellence, targeting a variety of surface assets

  • Currently implementing experience and expertise to

develop bespoke technical processing solutions for individual sites

CORPORATE PRESENTATION | Q4 2019 JUBILEE METALS GROUP 24

*Source: Geological Survey of Sweden

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SLIDE 25

The Global Opportunity

  • The increasing cost of mining when compared to currently depressed commodity prices is leading to

mining majors turning to surface material reprocessing to increase cash flow

  • Increasing environmental awareness and related legislation is driving the requirement to reduce mine

tailings

  • Jubilee possesses technological expertise which offers a global solution potential for processing mine waste
  • The large, global quantities of treatable surface material created by historically ineffective mining

techniques provide an opportunity to diversify earnings through project execution on multiple sources, metals & geographies

  • Jubilee’s technical excellence and experience allows the company to develop bespoke solutions
  • This creates significant upside potential for shareholders as the global strategy unfolds and new projects

enter the pipeline

CORPORATE PRESENTATION | Q4 2019 JUBILEE METALS GROUP 25

A changing mining market presents global opportunities for metals processing

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SLIDE 26

CORPORATE PRESENTATION | Q4 2019 JUBILEE METALS GROUP 26

CONTACT

Gareth Owen (Jubilee Metals) gowen@jubileemetalsgroup.com Or Carina de Beer (Jubilee Metals) cdebeer@jubileemetalsgroup.com Or Erik Woolgar (Shard Capital) Erik.Woolgar@shardcapital.com