WORLD LEADING METAL RECOVERY BUSINESS

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WORLD LEADING METAL RECOVERY BUSINESS
WORLD LEADING METAL RECOVERY BUSINESS
WORLD LEADING METAL RECOVERY BUSINESS
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CORPORATE PRESENTATION | Q3 2019                                                                              JUBILEE METALS GROUP              2
WORLD LEADING METAL RECOVERY BUSINESS
OVERVIEW

CORPORATE PRESENTATION | Q3 2019   JUBILEE METALS GROUP   3
WORLD LEADING METAL RECOVERY BUSINESS
Overview
Global, diversified metal recovery company that operates world-class projects, ensuring a positive
impact on the environment and its stakeholders
        Industry leading international metal recovery business focused on the treatment of surface tailings
        materials and primary mineral ore generated from third party mining operations

        Defined strategy to diversify earnings across multiple commodities and jurisdictions

        Profitable with a rapidly improving financial performance, delivering against targeted performance and
        bringing new projects on-line

        Exposure to broad commodity basket that includes PGMs, chrome, copper, lead, zinc, vanadium and
        cobalt

        Working with globally established industry partners including Mitsubishi, Northam, Lonmin and Vedanta

        Highly experienced team with ability to design, build and execute bespoke world-class mine waste
        treatment projects

        Implementing environmentally conscious metal recovery solutions that ensure a zero-effluent policy

CORPORATE PRESENTATION | Q3 2019                                                      JUBILEE METALS GROUP       4
WORLD LEADING METAL RECOVERY BUSINESS
Company Snapshot
               MARKET                  TICKER                MARKET CAP                        SHARE PRICE                    SHARES IN ISSUE

                  AIM                   JLP.L                    £55.47M                            2.9p                       1,855,300,673

       As at 16.09.19

                        SHARE PRICE GRAPH                                                     MAJOR SHAREHOLDERS
3.8

3.6

3.4

3.2

 3

2.8

2.6

2.4

2.2

 2                                                                Veddis Ventures LLP 9.01%                          Spice Capital Partners LLP 7.78%

 September 2018                                 September 2019    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%

      CORPORATE PRESENTATION | Q3 2019                                                                         JUBILEE METALS GROUP                     5
WORLD LEADING METAL RECOVERY BUSINESS
Board of Directors
World leading team with ability to design build and execute bespoke mine waste treatment projects
           Mr. Colin Bird – Non-Executive Chairman
           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.
CORPORATE PRESENTATION | Q3 2019                                                                               JUBILEE METALS GROUP                6
WORLD LEADING METAL RECOVERY BUSINESS
Metals Recovery Business
Global leader with first mover advantage in a rapidly expanding market

         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

          WHY
     •   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

CORPORATE PRESENTATION | Q3 2019                                                               JUBILEE METALS GROUP   7
WORLD LEADING METAL RECOVERY BUSINESS
Key Differentiators
Low-risk, global metals recovery business poised for growth

Highly experienced team                                  Defined reserves with
                                                          tonnage and grade               Rapid timeline to
with the technical ability     Provides significantly
                                                          known in advance,              implementation –
and proven execution to        reduced exposure to
                                                         without the expenses         projects are defined and
    develop bespoke                 mining risk
                                                         related to traditional             have existing
   recovery solutions
                                                          mining techniques                infrastructure
         globally

First mover advantage to
                                                             Robust project               Solid financial
 take advantage of global    Exceptionally low capital
                                                         pipeline & acquisition        performance, rapidly
  opportunity for metals      intensity and operating
                                                            opportunities to           growing revenue and
  recovery and satisfying      costs delivering robust
                                                         augment rapid growth         operational track record
increasing environmental              margins
                                                                strategy
        liabilities

CORPORATE PRESENTATION | Q3 2019                                                  JUBILEE METALS GROUP      8
WORLD LEADING METAL RECOVERY BUSINESS
Revenue & Earnings Growth

£16,000.00

£14,000.00                                                                                                     £14,361.00

£12,000.00

£10,000.00

 £8,000.00
                                                                                       £8,265.00   £8,219.00

 £6,000.00
                                                                          £5,969.00
                                                    £5,641.00
 £4,000.00
                                        £3,825.00
 £2,000.00                  £2,911.00
                £2,071.00

    £0.00
                      OPERATIONAL EARNINGS (GBP'000)                                    REVENUE (GBP'000)
                                        H2 2017     H1 2018     H2 2018      H1 2019

 CORPORATE PRESENTATION | Q3 2019                                                            JUBILEE METALS GROUP           9
WORLD LEADING METAL RECOVERY BUSINESS
Project Timelines
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

     Hernic PGMs

     Windsor Chrome

     DCM Fine Chrome

     Windsor PGMs

     Kabwe

     DCM PGMs

                                                                                                        NOW

CORPORATE PRESENTATION | Q3 2019                                                                                JUBILEE METALS GROUP        10
THE
  THEPORTFOLIO
      PORTFOLIO

CORPORATE PRESENTATION | Q3 2019   JUBILEE METALS GROUP   11
Portfolio Overview
Wide and expanding portfolio delivering results

                                                      Kabwe - Zambia
                                                  Lead, Zinc, Vanadium, Copper,
                                                              Cobalt

                                                   Hernic – South Africa
                                                   PGMs from Chrome tailings

                                                  Dilokong – South Africa
                                                  Chrome, Fine Chrome, PGMs

                                                  Windsor – South Africa
                                                     Chrome, Fine Chrome

                                                  Windsor – South Africa
                                                             PGMs

CORPORATE PRESENTATION | Q3 2019                         JUBILEE METALS GROUP     12
Hernic
High margin platinum producer delivering exceptional returns
 SNAPSHOT
 Commodity             PGMs & Chrome
 Partner               Hernic Ferrochrome Pty Ltd
 Location              Bushveld Complex, South Africa
 Status                In production

           Resource Size:
           • 1.7Mt of chrome rich tails at surface containing and
               estimated 224,000oz (3PGM + Au)
           • Additional 17,000t per month of new material

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

                                                                       Key Milestones Achieved
           Financial Model:                                            •   Construction completed Jan ‘17
           • Jubilee retains 100% of revenue and earnings until full   •   First chrome production Feb ‘17
               capex repayment and project reaches a 30% return on     •   First platinum production Mar ‘17
                                                                       •   Positive project earnings from June ‘17
               capital                                                 •   Fully Operational

CORPORATE PRESENTATION | Q3 2019                                                               JUBILEE METALS GROUP   13
Rapid Implementation
Attributable Hernic project earnings growth (£’000)
 3000

 2500

 2000

 1500

 1000

 500

   0

           Q2 2017         Q3 2017          Q4 2017          Q1 2018          Q2 2018          Q3 2018      Q4 2018     Q1 2019*    Q2 2019

 -500

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

CORPORATE PRESENTATION | Q3 2019                                                                                  JUBILEE METALS GROUP        14
Dilokong
Chrome project with additional upside from ground-breaking fine chrome circuit
 SNAPSHOT
 Commodity               Chrome, Fine Chrome, PGMs
 Partner                 Dilokong Chrome Mine (Sinosteel & Samancor JV)
 Location                Limpopo Province, South Africa
                         Coarse chrome operational, fine chrome plant
 Status                  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

          Processing Capacity:
          •   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

          Financial Model:
          Jubilee currently retains 100% of earnings until                          Key Milestones Achieved
          •    Chrome: post $3.4m capex repayment 50:50 earnings split, offtake     • Commenced construction of fine chrome Q4 ‘18
               agreement in place                                                   • Commercial production commenced Q1 ‘19
          •    PGM: post $6.6m capex repayment 67:33 earnings split in favour JLP   • 25 000 tonnes per month reached during Q2 ‘19

CORPORATE PRESENTATION | Q3 2019                                                                    JUBILEE METALS GROUP          15
Dilokong Fine Chrome Circuit Ramp-Up

                                                         Tonnes Produced
  7,000
                                                                                                                         6,477
                                                                                                              6,053
                                                                                                      5,872
  6,000

  5,000

  4,000
                                                                                  3,437

  3,000                                                           2,575

  2,000
                1,396           1,313
                                                 1,069
  1,000

      0
               Jan-19           Feb-19          Mar-19           Apr-19          May-19           Jun-19      Jul-19     Aug-19

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

CORPORATE PRESENTATION | Q3 2019                                                                              JUBILEE METALS GROUP   16
Windsor Chrome
One of South Africa’s largest chrome recovery facilities
 SNAPSHOT
 Commodity            Chrome and Fine Chrome
 Partner              Numerous third party ore suppliers
 Location             Western Bushveld Complex, South Africa
                      Coarse chrome recently acquired and future fine
 Status
                      chrome project under consideration

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

          Processing Capacity:
          • Installed chrome processing capacity 75,000t per
              month
          • Approximately 45,000t per month contracted to third
              party materials processing                                Key Milestones Achieved
                                                                        • Acquisition of operation Jan ’19
           Financial Model:                                             • Management & operation control completed
           • Chrome Operation: Owned 100%                               • Q2 ‘19 first full quarter operation & positive contributions

CORPORATE PRESENTATION | Q3 2019                                                                  JUBILEE METALS GROUP              17
Windsor PGM
JV with operating Eland Platinum to recover PGM’s from Windsor surface material
 SNAPSHOT
 Commodity             PGMs
 Partner               Eland Platinum
 Location              Western Bushveld Complex, South Africa
 Status                Fully operational

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

          Processing Capacity:
          • Targeting PGMs processing rate at average rate of
              60,000t per month, producing 30,000 PGM ounces per
              annum                                                    Key Milestones Achieved
          • On site as well as third party material from surrounding   • Commence delivery of PGM material to Platinum recovery
              areas to be processed at the plant                         plant Jan ’19
                                                                       • Commenced recovery at plant August 2019
          Financial Model:
          • PGMs: Retains majority earnings under profit share
              terms, offtake agreement in place

CORPORATE PRESENTATION | Q3 2019                                                              JUBILEE METALS GROUP           18
Kabwe
Fully integrated metal refinery in Zambia
 SNAPSHOT
 Commodity            Zinc, Lead, Vanadium
 Location             Kabwe, Zambia
                      Copper circuit on-line, production expected during
 Status
                      Q4 2019

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

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

          Financial Model:
          • Jubilee holds an effective 91.5% interest in the
              Kabwe JV with an option to increase to 100%
              ownership
          • Retains all earnings until capital payback

CORPORATE PRESENTATION | Q3 2019                                           JUBILEE METALS GROUP   19
Kabwe
 Fully integrated refinery in Zambia

          Anticipated Project Timeline
          • 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

                                                                   Key Milestones Achieved
              H2 2019    H1 2020    H2 2020    H1 2021   H2 2021
              Tonnes     Tonnes     Tonnes     Tonnes    Tonnes    • Joint venture established for the project in Q1 2018
                                                                   • Sable Zinc Kabwe refinery acquired from Glencore in Q2
 Copper         250       1 200      2 400      2 400     2 400      2019, reducing project capital and plant construction
                                                                     lead times
                                                                   • Share and ownership transfer completed August 2019
  Zinc                     500       2 500      3 500     4 500

Vanadium                   30         400        750      750

  Lead                                          4 500     6 500

CORPORATE PRESENTATION | Q3 2019
                                                                                         JUBILEE METALS GROUP           20
Anticipated Kabwe Project Timeline
 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

 CORPORATE PRESENTATION | Q3 2019                                                                                          JUBILEE METALS GROUP                    21
THE OPPORTUNITY

CORPORATE PRESENTATION | Q3 2019   JUBILEE METALS GROUP   22
Investment Case
Low-risk, global metals recovery business poised for growth
 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 | Q3 2019                                                           JUBILEE METALS GROUP   23
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

                                                        *Source: Geological Survey of Sweden

CORPORATE PRESENTATION | Q3 2019                      JUBILEE METALS GROUP                     24
The Global Opportunity
A changing mining market presents global opportunities for metals processing

 • 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 applied to
 • This creates significant upside potential for shareholders as the global strategy unfolds and new projects
   enter the pipeline

CORPORATE PRESENTATION | Q3 2019                                                      JUBILEE METALS GROUP        25
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

CORPORATE PRESENTATION | Q3 2019                               JUBILEE METALS GROUP   26
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