Reviewed Condensed Consolidated Interim Financial Statements
for the six months ended 31 March 2014

PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME INCLUDING NOTES

  Six months ended 31 March  
  2014
Before
transaction
US$’000
  Pro forma
adjustments
US$’000
  2014
After
transaction
US$’000
 
Revenue 126,138       126,138  
Cost of sales (105,908)       (105,908)  
             
Gross profit 20,230       20,230  
Other income 27       27  
Administrative expenses (12,817)   (1,558)2   (14,375)  
Results from operating activities 7,440       5,882  
Finance income 330       330  
Finance costs (8,284)   3853   (7,899)  
Changes in fair value of financial liabilities at fair value through profitorloss (30,635)   30,6354   -  
Net finance costs (38,589)       (7,569)  
Loss before tax (31,149)       (1,687)  
Income tax credit 2,911       2,911  
(Loss)/profit for the period (28,238)       1,224  
Other comprehensive income            
Items that will never be classified to profit or loss -       -  
Items that are o rmay be reclassified subsequently to profit or loss            
Foreign currency translation differences for foreign operations, net of tax (8,876)       (8,876)  
Other comprehensive income for the period, net of tax (8,876)       (8,876)  
Total comprehensive income for the period (37,114)       (7,652)  
(Loss)/profit for the period attributable to:            
   Owners of the Company (28,422)   29,362   940  
   Non-controlling interests 184   100   284  
(Loss)/profit for the period (28,238)       1,224  
Total comprehensive income fo rthe period attributable to:            
   Owners of the Company (35,247)   29,362   (5,885)  
   Non-controlling interests (1,867)   100   (1,767)  
Total comprehensive income for the period (37,114)       (7,652)  


  Six months ended 31 March  
  2014
Before
transaction
US$’000
  Pro forma
adjustments
US$’000
  2014
After
transaction
US$’000
 
Reconciliation to headline earnings            
(Loss)/profit for the period (28,422)       940  
Impairmen tof good will 36       36  
Tax effect of good will impairment -       -  
             
Headline (loss)/earnings (28,386)       976  
Weighted average number of shares 7,662,320       254,253,7026  
             
Profit/(loss) per share            
Basic and diluted (loss)/profit pe rshare (US$) (3.71)       0.004  
Headline (loss)/earnings per share (US$) (3.70)       0.004  

Notes to the pro forma statement of profit or loss and other comprehensive income

1.
The figures in the “Before transaction” column have been extracted without adjustment from the reviewed condensed consolidated interim financial statements of the Company as at 31 March 2014.
2.
Transaction costs of approximately US$1.6 million have been charged to the statement of profit or loss and other comprehensive income.
3.
The finance costs on the capital subscription amount of the Class B preference shares and the Langa Trust loan, that has been part settled, have been reversed.
4.
The fair value adjustment on the convertible redeemable preference shares has been reversed.
5.
No interest benefit has been taken into account in regards to the cash received as the proceeds from the private placement will be applied to optimisation initiatives, for working capital funding of the product pipeline, purchase of long-lead items, strategic spares, further de-risking of the operation by building a run of mine stockpile and to settle unsecured debt funders of Tharisa Minerals (Pty) Ltd.
6.
Shares in issue have been adjusted for the private placement undertaken by the Company on 10 April 2014, conversion of convertible redeemable preference shares and bonus issue, such that there are 254,253,702 shares in issue post the listing.