WESIZWE PLATINUM LIMITED - Going Concern Update

Going Concern Update

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" or "Group")


Going Concern Update


Wesizwe shareholders ("Shareholders") are advised of the below update relating to the
Independent Auditor's Review Report contained in the Condensed Consolidated Interim
Financial Statements for the six months ended 30 June 2024 ("Interim Results') published
on the Stock Exchange News Service on 14 October 2024.

SizweNtsalubaGobodo Grant Thornton ("Auditor") expressed a disclaimer of review
conclusion due to the directors of Wesizwe ("Directors") not being able to provide the Auditor
with certain agreements from a major shareholder of Wesizwe ("Major Shareholder") which
has committed funding for the foreseeable future. As a result, the Auditor is not able to confirm
or dispel whether the preparation of the financial statements using the going concern basis of
accounting is appropriate and accordingly do not express a conclusion on the Interim Results.

The Directors considered the following when making judgements that the Group is a going
concern:
There is currently a delay in the approval of the letter of support over and above the current
approved funding cap of US$1 519 million. Approval beyond the current cap limit of US$1 519
million requires approvals from the China National Development and Reform Committee
("NDRC").

Jinchuan HK and Jinchuan Group are in the process of reviewing the current updated funding
application report which will determine the excess funding required for the Bakubung Project
to achieve Operational Completion. This will be submitted to NDRC to support the approval
further funding required for the project. As at the date of this announcement, this process is
ongoing and is expected to be completed before the end of December 2024.

The Directors are satisfied at the date of signing the Interim Results, there are reasonable
grounds to believe that the Company will be successful in obtaining the required funding and
that the Group will have sufficient funds to meet its obligations based on the following:

   1. The Majority Shareholder has made an undertaking to continue to provide Wesizwe
      with financial support for the Company to meet its financial obligations.

   2. The Majority Shareholder has undertaken to extend the loans expiring in December
      2024 by three years to December 2027. These loans total US$156 million.

   3. The Majority Shareholder has further made loan advances of US$27.9 million post
      balance sheet date as per their undertaking to continue to provide financial support.


   4. At this point the Majority Shareholder has invested significant capital in the Bakubung
      Project and are unlikely to abandon the project. Additionally, per the subscription
      agreement, the Majority Shareholder undertook to provide all additional funding as
      may be necessary to achieve operational completion.



Johannesburg
14 October 2024

Sponsor
PSG Capital

Date: 14-10-2024 05:36:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.