WESIZWE PLATINUM LIMITED
(Incorporated in the Republic of South Africa)
Registration number: 2003/020161/06
Share code: WEZ
ISIN number: ZAE000075859
(“Wesizwe”, “Group” or “the Company”)
AUDITED CONSOLIDATED AND SEPARATE ANNUAL FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
1. SALIENT FEATURES
Administration expenditure increased by R67.6 million to R165.2 million (2024: R94.6 million restated)
Provision for legal claim of R22.2 million recognised (2024: R207.0 million).
Headline earnings per share increased by 22.09 cents per share to headline earnings
of 9.86 cents per share (2024: headline loss of 12.23 cents per share restated).
Earnings per share increased by 22.03 cents per share to earnings of 9.80 cents per
share (2024: loss of 12.23 cents per share restated).
The board of directors, after careful consideration, has elected to not declare a dividend
for the year ending 31 December 2025(2024: nil).
2. RESTATEMENT OF PRIOR-YEAR COMPARATIVES
Shareholders are referred to the Group’s audited consolidated and separate financial statements for the year ended 31 December 2025, which include restated comparative information for the financial year ended 31 December 2024.
As previously disclosed, the Group experienced a material cybersecurity incident during the 2024 financial year which resulted in management being unable to provide sufficient and appropriate audit evidence in respect of certain transaction balances and underlying general ledger data. This led to a disclaimer of audit opinion on certain aspects of the 2024 financial results.
During the current financial year, management implemented interim financial systems, enhanced control procedures, and, with the support of independent third-party specialists, undertook a re-audit of the previously disclaimed 2024 balances. As a result, the affected prior-year financial statement line items have been reconstructed, substantiated, and restated where necessary.
The 2024 comparative information included in these results has accordingly been re-audited and reflects the outcome of this remediation process. Full details of the nature and impact of the restatements are disclosed in the relevant note to the audited annual
financial statements.
3. OUTLOOK
The successful re-audit and clearance of the previously disclaimed FY2024 balances represents a significant milestone for the Group and marks an important step in restoring confidence in the integrity of its financial reporting. Building on this progress, management has continued to strengthen the Group’s financial control environment and governance framework.
The implementation of SAP S/4HANA is well underway, with go-live expected at the beginning of June 2026. The fresh implementation has provided the Group with an opportunity to cleanse historical accounting data, standardise processes, enhance internal controls, and embed improved financial reporting discipline. In parallel, the Group has invested in the retraining and strengthening of its accounting and finance resources to support the enhanced control environment on an ongoing basis.
Following the publication of the audited FY2025 results and the integrated annual report together with the notice of annual general meeting which are expected to be published on 30 May 2026, the Group intends to formally engage with the JSE regarding the process to uplift the current suspension of its listing. Preparations are also underway for the Group’s interim results for the six months ending June 2026, which management intends to finalise and publish within the prescribed reporting timelines.
From a liquidity perspective, the early settlement of the China Development Bank loan has materially reduced near-term debt repayment obligations and provided the Group with improved financial flexibility. Operationally, shareholders are referred to the updated production and strategy SENS released on 30 March 2026, which outlined the Group’s revised development strategy to pursue a single-stage ramp-up to a 3.5 Mtpa operation.
Management remains focused on executing this strategy while maintaining financial discipline and operational stability.
4. SHORT-FORM ANNOUNCEMENT
This short-form announcement is the responsibility of the directors of the Company. It contains only a summary of the information in the consolidated and separate annual financial statements for the year ended 31 December 2025 (“Full Announcement”) and does not contain full or complete details. The Full Announcement can be found at:
https://senspdf.jse.co.za/documents/2026/JSE/ISSE/WEZ/YEWEZ25.pdf
A copy of the Full Announcement is also available for viewing on the Company’s website at:
https://wesizwe.co.za/wp-content/uploads/2026/05/wesizwe_afs_december-2025.pdf
Any investment decisions by investors and/or shareholders should be based on consideration of the Full Announcement, as a whole.The Full Announcement has been audited by the Company’s auditors, SizweNtsalubaGobodo Grant Thornton Inc. who expressed an unmodified audit opinion thereon. This auditor’s report is available, along with the Annual Financial Statements, on the Company’s website at:
https://senspdf.jse.co.za/documents/2026/JSE/ISSE/WEZ/YEWEZ25.pdf
It must however be noted that there is a material uncertainty relating to the Group’s going concern which indicates that the group’s cash resources excluding restricted cash are not sufficient, based on current budgets, to conduct operations and complete the development of the BPM Project. The ability of the Group and Company to continue as a going concern is dependent on the support of the majority shareholder Jinchuan Group (Hong Kong) Resources Holdings Limited (“JHK”) covering future development costs, commitments and JHK not calling on the current shareholder’s loans. These events or conditions indicate that a material uncertainty exists that may cast significant doubt on the Group and Company’s ability to continue as a going concern. The auditors have expressed that opinion is not modified in respect of this matter.
The short-form announcement has not been reviewed or audited by the Company’s auditor.
5. UPDATE IN RELATION TO THE DISTRIBUTION OF THE INTEGRATED ANNUAL
REPORT
The Company’s integrated annual report incorporating the notice of the annual general meeting of the Company will be distributed to shareholders on 29 May 2026 and announced on SENS accordingly.
Johannesburg
11 May 2026
Sponsor
PSG Capital