ANDULELA INVESTMENT HOLDINGS LIMITED - Andulela Investment Holdings Limited - Trading Statement Regarding the Period ended 31 December 2019

Andulela Investment Holdings Limited - Trading Statement Regarding the Period ended 31 December 2019

Andulela Investment Holdings Limited
Incorporated in the Republic of South Africa
(Registration number 1950/037061/06)
JSE share code: AND | ISIN: ZAE000172870
(“Andulela” or the “Company”)

TRADING STATEMENT REGARDING THE PERIOD ENDED 31 DECEMBER 2019

In terms of the JSE Listings Requirements, companies are required to publish a trading statement as
soon as they are satisfied that a reasonable degree of certainty exists that the financial results for the
period to be reported upon next will differ by at least 20% from the financial results for the previous
corresponding period. Accordingly, shareholders are advised that Andulela expects that its basic and
headline earnings for the year ended 31 December 2019 will be between 10,00 and 20,00 cents per
share and 20,00 cents and 40,00 cents respectively, compared to its basic loss of 4,47 cents and a
headline loss of 4,49 cents per share for the year ended 31 December 2018.

The improved results are mainly due to improvements in production at the Kilken operations and the
significant increase in the average basket price of the platinum group metals over the period under
review.

The financial information on which this trading statement is based has not been reviewed or reported
on by the company’s auditors. The financial results for the year ended 31 December 2019 are expected
to be released on or about 27 March 2019.

Johannesburg

13 February 2020

Sponsor: Bridge Capital Advisors Proprietary Limited

Date: 13-02-2020 11:35:00
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