Shares in Jubilee Platinum PLC (LON:JLP) advanced in early deals as it revealed a doubling of chrome concentrate production from its Dilokong tailings project (DCM) in the latest half year.
Output for the six months to end June came in at 15,188 tons, compared to 7, 480 tons for the same period in 2015.
Meanwhile, revenue generated from sales came in at ZAR19.1 million (£1 million), the firm said, adding that progress at the Hernic PGM project- also in South Africa - was progressing on schedule.
Commissioning of what will be the world's largest platinum recovery plant from chrome tailings is earmarked to begin in December this year.
Jubilee added it was also in final discussions on potentially using a third party processer for Dilokong, which could further enhance the project.
Jubilee chief executive Leon Coetzer told investors: "The DCM project has outperformed the original design numbers both in terms of revenue, earnings from chromite concentrate sales and better than designed operational performance.
"To date early project revenue has been generated from the sales of chromite concentrate.
"The enrichment of the platinum material which is produced by recovering chromite from the surface material and rejecting waste has exceeded our projections due to a better than expected chromite yield from the DCM project, without compromising the PGM metal recovery to the platinum material."
It added it was considering toll processing as an alternative to building its own plant and was currently considering offers.
"In the meantime we continue to increase our revenues from chrome production and source third party feed input."
In-Depth - Jubilee Platinum lauds progress at tailings projects
Jubilee shares added 5.56% to 3.325p.