WESIZWE PLATINUM LIMITED
(Incorporated in the Republic of South Africa)
Registration number: 2003/020161/06
Share code: WEZ
ISIN number: ZAE000075859
(“Wesizwe” or “the Company”)
BAKUBUNG PLATINUM MINE ENTERS SECTION 189 CONSULTATIONS AND
OPERATIONAL UPDATE
Shareholders are advised that Bakubung Minerals (Pty) Ltd (“Bakubung”) will enter into consultations in terms of Section 189A of the Labour Relations Act 66 of 1995 (“Section 189A”), as amended with organized labour and other affected stakeholders, regarding the restructuring of its operations.
The initiation of the Section 189A consultation process follows a decision by the board of directors to discontinue the Company’s 1 Mtpa production strategy with immediate effect. In its place, the Company will pursue a revised development strategy based on a single-stage ramp-up to a 3.5 Mtpa operation. This revised strategy will necessitate a reduction in the number of employees required to establish and sustain the production profile contemplated in the updated business plan.
As part of its ongoing efforts to enhance operational efficiency, Bakubung has determined that a restructuring of its workforce is necessary to ensure the effective and sustainable operation of its business and to achieve a meaningful reduction in operating expenditure. The proposed restructuring is expected to affect approximately 497 employees across various staff levels and disciplines throughout the business.
Through the formal Section 189A consultation process, which will be facilitated under the auspices of the Commission for Conciliation, Mediation and Arbitration, the Company and all affected stakeholders will jointly consider measures and alternatives aimed at avoiding or mitigating potential retrenchments. Notwithstanding this, Bakubung’s preliminary assessment is that viable alternatives to workforce reduction are limited. Maintaining the current headcount of 706 employees would not constitute a reasonable or sustainable course of action, as it would fail to address the Company’s operational challenges and its imperative to implement efficiency measures and restore a trajectory of profitability and growth.
Shareholders are further advised that to facilitate meaningful engagement during the consultation process and create an environment that allows all parties to focus on the matters under consultation, Bakubung will implement a temporary operational shutdown for a period of three (3) weeks from 18H00 on 03 June 2026, while maintaining the Mine in a safe, secure, environmentally compliant and operationally ready condition.
Bakubung remains committed to engaging constructively with all relevant stakeholders in order to mitigate the impact on the remainder of its operations and its employees.Johannesburg
3 June 2026
Sponsor
PSG Capital