Media Announcements

Trading Statement

30 March 2012

In accordance with paragraph 3.4(b) of the JSE Listings Requirements, companies are obligatedto inform shareholders as soon as there is a reasonable degree of certainty that the earnings of the company are likely to vary by more than 20% compared to the previous corresponding period.

The Wesizwe Board of Directors therefore wish to advise shareholders that the Company expects to report a basic loss per share attributable to ordinary shareholders for the year ended 31 December 2011 of between 22cents and 30 cents per share,compared to a basic earnings per share of 40.87 cents per share for the previous comparable period.

A headline loss per share attributable to ordinary shareholders for the year ended 31 December 2011 is expected to be between 24cents and 26cents per share, compared to a headline loss per share of 9.78 cents for the previous comparable period.

In theyear ending December 2010, a gain on the purchase of reserves from the discontinued Western Bushveld Joint Venture (following the conclusion of Project Delta) amounting to R378 million was recognised whilst a share-based payment expense of R407 million is recognised in the Statement Of Comprehensive Income for the financial year ending 31 December 2011. The impact of these two once-off transactions resulted in the profit in 2010 and the exceptionally high loss in 2011.

The share-based payment expense arose in 2011 as a result of the subscription of 829 884 460 new shares by Jinchuan, CADFund and Micawber in Wesizwe on 4 May 2011 at an effective subscription price of R1.81 per share, compared to a market price of R2.30 per share on the date of closure.The shares were issued for a cash consideration of US$227 million.

The company has started development ofits Bakubung Platinum Mine in the Western Bushveld Complex and has a 26% shareholding in neighbouring Projects 1 and 3 of Maseve Investments 11 (Pty) Ltd which is also in the process of developing aplatinum group metals (PGM) mine. Consequently the company does not expect to be profitable until these two mining projects achieve saleable production.

The financial information included in this trading statement has not been reviewed and reported on by the Company’s external auditors.

Johannesburg
30 March 2012

Sponsor:
PSG Capital Proprietary Limited


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