Follow- Up Going Concern Update
Following the previous update on 14 October 2024 regarding the Independent Auditor’s
Review Report and the Going Concern status of Wesizwe, Wesizwe shareholders
(“Shareholders”) are advised of the below update on the current situation.
Funding Approval Status:
The approval process for the letter of support beyond the current funding cap of US$1 519
million is still ongoing. This approval is required from the China National Development and
Reform Committee (NDRC). Wesizwe is actively working with Jinchuan HK and Jinchuan
Group to finalize the updated funding application report for the Bakubung Project and
anticipates completing this process by the end of June 2025.
Majority Shareholder Commitments:
The Majority Shareholder has reaffirmed their commitment to providing financial support to
Wesizwe to meet its financial obligations. This includes extending the loans totalling US$156
million that expired in December 2024 by three years to December 2027.
Additionally, since the previous update on 14 October 2024, the Majority Shareholder has
made loan advances of US$90.75 million to Wesizwe for the Bakubung Project, in line with
their commitment to support the Company financially.
The directors of Wesizwe are confident that with the continued support of the Majority
Shareholder and the anticipated approval from the NDRC, Wesizwe will secure the required
funding to meet its financial obligations and achieve the operational completion of the
Bakubung Project.
The Company thanks its Shareholders for their continued support and will provide updates to
Shareholders and investors as and when appropriate.
Johannesburg
8 January 2025
