("Registration number 4459850") AIM share code: JLP

AltX share code: JBL ISIN: GB0031852162

Not for release, publication or distribution in whole or in part in, into or from any jurisdiction where to do so would constitute a violation of the relevant laws or regulations of such jurisdiction.

31 March 2016

Jubilee Platinum Plc ("Jubilee" or "the Company")

UNAUDITED INTERIM RESULTS

FOR THE SIX MONTHS ENDED 31 DECEMBER 2015

The Directors of AIM-quoted and AltX-listed Jubilee, the Mine-to-Metals company, are pleased to announce the unaudited interim results of the Group for the six months ended 31 December 2015.

The interim results of the Group reflect Jubilee's firm focus on the execution of its surface platinum processing projects as it accelerates into a position where it will become a significant producer of platinum group metals. The recently reported corporate transactions and platinum processing agreements are transformational and position Jubilee as a potentially significant player in the platinum arena. Jubilee's mission is strengthened and supported by numerous opportunities for the rapid growth of the Jubilee Mine-to-Metals ambitions.

HIGHLIGHTS

During the period under review

• 30 September 2015, Jubilee completes the disposal of 100% of the issued shares in Jubilee Smelting and Refining Proprietary Limited ("JSR"), and 70% of the issued shares in Power Alt Proprietary Limited ("PA") to Siyanda Resources Proprietary Limited ("Siyanda") ("Disposal") for a consideration of, in aggregate, ZAR 110.5 million (approximately GBP 5.3 million)

  
  

• 85% of the Disposal consideration received in cash on 9 October 2015

  
  

• Jubilee retains right to construct a 5MW platinum furnace at the Middelburg Operations

  
  

• Jubilee retains rights to participate in any expansion of the Power Plant

  
  

• The Disposal further facilitates Jubilee's fast track approach towards the implementation of the two Platinum Surface Processing projects in 2016

  
  

• Loss per share from continued operations for the period reduced by 62% to a loss of 0.05 (2014: loss of 0.14) pence per share (ZAR 1.11 (2014: ZAR 2.51) cents per share)

  
  

• Loss per share from discontinued operations for the period up to 30 September 2015 ("Closing Date") reduced by 20% to a loss of 0.05 (2014: loss of 0.06) pence per share (ZAR 1.01 (2014: ZAR 1.12) cents per share)

  Post the period under review

  
  

• Both surface processing projects fully funded

• Secured debt funding of up to USD 10 million (ZAR 155.4 million), unsecured debt funding of up to USD 5 million (ZAR 77.7 million) and equity funding of GBP 2.5 million (ZAR 55.4 million) secured for Jubilee's two platinum surface processing projects. ("Two Projects")

• First surface processing project commissioned and fully operational with a processing capacity of 25 000 tonnes per month

• Second surface processing project under construction targeting commissioning end 2016 with a processing capacity of 55 000 tonnes per month

  
  

  Chief Executive Leon Coetzer commented:

  
  

  "Jubilee has experienced a transformational period over the past 6 months which has continued through the current period. This has been brought about through the sale of its ferrous metals smelting operation and the acquisition of two platinum surface processing projects targeting an annualised production capacity in excess of 900 000 tonnes per annum.

  
  

  "Jubilee has brought the first of its surface processing projects on-line with the second project well advanced targeting commissioning at the end of 2016. Jubilee was further successful in securing project funding for the execution and commissioning of both of its platinum surface projects through a combination of debt and equity funding. The equity component of the funding was minimised to balance the requirements of the lender while minimising the dilution of our shareholders."

  
  

  OVERVIEW

  
  

• THE DISPOSAL

  
  

  The Company, through a series of announcements, the last of which was published on 9 October 2015, announced the completion of the Disposal to Siyanda, through its newly named nominated special purpose vehicle Hornbill Investments Proprietary Limited ("SPV") and receipt of 85% of the purchase consideration in cash. 10% of the remaining purchase consideration is held in escrow (approximately GBP 0.390 million (ZAR 8.9 million)), net of closing adjustments including stock and supplier adjustments. This amount was due from the SPV to Jubilee following the expiry of the first warranty period on 31 December 2015 (90 days after the closing date of 30 September 2015). Payment has however not yet been made and Jubilee has taken the necessary steps to expedite payment. The remaining 5% is due for release 12 months after the closing date, being 30 September 2016.

  
  

  The rationale for the Disposal was to release cash to support the Group's ongoing investment into platinum surface processing projects. The release of significant management time spent on the Middelburg Operations also enabled management to focus on bringing the current projects to production and to develop the Group's strategy of processing and producing its own platinum group metals. In executing the Disposal the Group exchanged limited growth medium cash generative assets with potentially high cash generative platinum assets, offering significant growth.

  
  

• PLATINUM SURFACE PROCESSING PROJECTS HERNIC

  Hernic Ferrochrome Proprietary Limited ("Hernic") is the world's 4th largest integrated ferrochrome producer with an estimated 3 million tonnes of platinum containing material at surface while Hernic continues to add further material to the surface stock.

  
  

  The Company was selected as the exclusive party to beneficiate the chromite and PGMs contained in the Hernic Surface Material ("the Project") and address the project execution methodology as well as the operational and financial performance targets. The Project is the second of the Company's Two Projects.

  The Hernic Surface Material has been independently fully drilled and assayed for chrome and PGM content. This has resulted in an independent resource statement of 1.7 million tonnes, of which approximately 90% of the resource is classified in the measured category under the internationally recognised SAMREC code. Hernic also has access to secondary surface stocks, which it has internally identified and could increase the surface stocks to in excess of 3 million tonnes through further drilling programmes. The total Project is estimated to contain PGM ounces in excess of 224 000 (3PGM + Au) oz.

  
  

  The Project will be the largest PGM beneficiation plant of surface chrome tailings in South Africa and is capable of producing annual revenues of GBP 18.2 million (ZAR 400 million) at an average metal basket price of USD 906 per (3PGM + Au) oz. The financial and operational risks of the Project are significantly mitigated since the material is already at surface and requires neither the cost nor the risk associated with mining.

  
  

  An extensive prefeasibility study has been concluded on the Project, which included both pilot scale and full commercial scale trials to confirm the design and operational parameters.

  
  

  The Project is to be undertaken in four phases over an 11 month period; namely

  
  

• Phase one - Bankable Feasibility Study and Engineering Design. Completed.

• Phase two - Construction of the chrome and platinum processing plant ("Processing Plant").

• Phase three - Commissioning and Ramp up of Processing Plant to design capacity of 55 000 tonnes per month.

• Phase Four - Stable operation of the Processing Plant.

The Company has targeted a combined processing of platinum containing surface material over the two projects in excess of 900 000 tonnes per annum.

The size of the ZAR based debt funding for both surface projects equates to GBP 11.5 million (ZAR 255 million) before financing costs. The working capital required to bring the Platinum Surface Projects into operation and to achieve positive earnings is estimated at GBP 3.4 million (ZAR 75 million).

ASA

Pollux Investment Holdings Proprietary Limited ("Pollux"), a wholly owned subsidiary of Jubilee, holds the exclusive rights to beneficiate the platinum group metals ("PGMs") from the platinum-containing surface material at Dilokong Chrome Mine Proprietary Limited a subsidiary of ASA Metals Proprietary Limited ("DCM Platinum Project, Processing Agreement").

As previously announced on 14 March 2016, the Company commenced with the commissioning of a Platinum Surface Processing Plant ("Processing Plant") in late February 2016, in-line with the requirements of the processing agreement entered into between the Company's subsidiary Pollux Investments Holdings Proprietary Limited ("Pollux"), ASA Metals Proprietary Limited ("ASA Metals") and its associated mining and processing operations Dilokong ("Processing Agreement") there by qualifying for the incentives offered under the Processing Agreement for the early commissioning of the Processing Plant. The Processing Plant is located at Dilokong to process and recover metals from its surface material.

Jubilee has targeted the recovery of chrome and PGMs capable of processing up to 35 000 tonnes of surface material per month. The Company executed an addendum to the Processing Agreement ("Addendum"), whereby the Company is incentivised to accelerate the construction and commissioning of the New Processing Plant by targeting commencement of commissioning of the front end of the New Processing Plant early 2016. The Addendum significantly enhances and expedites the projected profitability of the project since both the chrome concentrate and platinum containing concentrate will now contribute to the overall profitability of the DCM Platinum Project. The Company successfully concluded commissioning of the Project to qualify for this incentive during February and early March 2016. The Project is the first of the Company's Platinum Projects.

The Company's commissioning and ramp-up reached 85% of design throughput with overall Processing Plant feed rate reaching an extrapolated 21 000 tonnes per month compared to design of 25 000 tonnes per month for the Processing Plant. The commissioning and ramp-up of operations suffered minor

delays beyond the control of the Company due to events relating to ASA Metals but these have now been resolved satisfactorily.

The Company also wishes to further clarify the status of ASA Metals and the related Business Rescue Process ("BR Process"). Jubilee's rights and access to the surface tailings material remains secured. Jubilee has engaged with the both the appointed Business Practitioner and ASA management as the Project provides a number of opportunities to expand Jubilee's operational assistance at ASA which offers value to both ASA and will enhance Jubilee shareholder value in the long term.

1. EXPLORATION

TJATE PLATINUM CORPORATION (Tjate Project)

During December 2015 the Company's subsidiary, Tjate Platinum Corporation Proprietary Limited ("Tjate") received formal confirmation from the Department of Mineral Resources ("DMR") that its mining right application is progressing. This follows previous communications from the DMR confirming that the mining right application is in an advance stage and requested Tjate to commence with securing of an Environmental Rehabilitation Fund in preparation of an award of a mining right. We remain in regular contact with the DMR to continue requesting status updates.

The Tjate project is located down-dip of Anglo Platinum's Twickenham and Impala Platinum's Marula mines. Tjate's Merensky and UG2 platinum reefs targeted for initial mining lie between 600 meters and 1,000 meters below surface. The property's reefs extend to depths greater than 1,600 meters, offering significant potential to extend or expand production in future.

* 3PGE+Au = platinum, palladium, rhodium plus gold

The Tjate project covers 5,140 hectares over three contiguous farms. The area has been independently appraised to contain a potential net 65 million ounces of platinum group elements (PGEs) and gold. This represents the resource targeted for future exploratory drilling.