Wrap Text
Audited consolidated and separate annual financial statements for the year ended 31 December 2025
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://wesizwe.co.za/wp-content/uploads/2026/05/wesizwe_afs_december-2025.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
Date: 11-05-2026 05:02:00
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The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
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