Interim Results

17 March 2014

Weatherly International Plc

("Weatherly" or "the Company")

Interim results for the period from 1 July 2013 to 31 December 2013

Weatherly International plc today announces its unaudited interim results for the six months ended 31 December 2013.

Summary highlights for the six months ended 31 December 2013

Financial

· Revenue of US$19.3 million for the period up 2% compared to the same period in 2012.

· Gross profit for the period US$1.3 million leading to an operating loss for the half year of US$1.6 million, after depreciation of US$2.0 million and other associated costs.

· Distribution costs and administration costs down by 12% from same period 2012.

· Reduced working capital loan from US$3.9 million to US$2.5 million having paid off US$1.4 million in the first half of the year.

Corporate and Operational

· The Company finalised all outstanding procedural requirements with Orion Mine Finance to drawdown the loan for US$91 million, the full funding required to develop its 17,000 tpa Tschudi copper project.

· Mine development underway at Tschudi following the ground breaking ceremony held in November 2013.

· Dedicated management appointed to focus exclusively on the development of Tschudi.

· RFC Ambrian completed a successful placement raising US$1.8 million on behalf of the Company.

· Half year production from Central Operations was 10,448 tonnes of concentrates containing 2,512 tonnes of copper.

· Extensive development work completed at Central Operations to access new primary mining areas, Hoffnung Fault West (HFW).

· Additional initiatives implemented at Central Operations to improve poor productivity and costs.

· Max Herbert has retired as Company Secretary and his duties have been taken over by the Chief Financial Officer Kevin Ellis.

For further information contact:

Weatherly International Plc +44 (0) 20 7917 2989

Rod Webster, Chief Executive Officer

Rolf Gerritsen, Senior Executive

RFC Ambrian Limited +44 (0) 20 3440 6800

(Nominated Adviser & Broker)

Samantha Harrison, Craig Francis

Shore Capital +44 (0) 20 7408 4090

(Joint Broker)

Jerry Keen, Toby Gibbs

Chairman's and Chief Executive's statement

We report Weatherly's results for the half year ended 31 December 2013.

During the period we focused on two main objectives namely; to progress the development of Tschudi to ensure delivery of first copper during quarter 2, 2015 and ongoing changes aimed at improving productivity at Central Operations. The Company's drive at Central Operations has been to open new mining areas moving away from pillar recovery towards primary mining which will enable the Company to increase production and reduce production costs.

We are pleased to report that the new primary mining area, Hoffnung Fault West (HFW), is now delivering its first copper, albeit relatively low grade and on the fringes. We anticipate grades to improve and volumes to increase over the second half of this year. The Company is completing a diamond drilling program aimed at defining an additional primary mining area at Otjihase, HFW Shoot 2.

The Company recorded revenues up by 2% compared to the 6 months ending December 2012, leading to a gross profit of US$1.3 million for the 6 months ended December 2013. After distribution costs of US$ 1.2 million, (down from US$1.3 million for period ended December 2012) and administration expenses of US$1.8 million,(down from US$2.0 million December 2012), depreciation of US$2.0 million, finance and 3rd party exchange costs of US$1 million, a loss of US$2.6 million was recorded. The reduced Gross Profit for the half year is in large part attributable to the reduction in copper price.

The Company reduced its working capital loan for its Central Operations from US$3.9 million to US$2.5 million having paid off US$1.4 million in the first half of the year.

The Company delivered 2,610 tonnes of contained copper at an average LME price of US$7,406 per tonne. The cash costs (C1) of Central Operations were US$6,360 per tonne (US$ 3.26/lb) of Cu produced.

Central Operations

Production results for the half year are set out below.

Tschudi Copper project:

The Company secured full funding for the Tschudi project with Orion Mine Finance during 2013. The official ground breaking ceremony was held in Namibia in November 2013, which heralded the official launch of the mine and plant construction phase. A dedicated management team reporting to the Chief Operating Officer based in Namibia has been assembled to oversee the project's development.

Tschudi will transform the company by adding 17,000 tonnes of copper cathode to existing production from Central Operations. The project is currently on schedule and under budget. Further updates on the development will be communicated as we work towards our goal of first copper by Quarter 2, 2015.

Due to Tschudi's importance to Weatherly, the Company has recruited a dedicated management team reporting to the Company's Chief Operating Officer based in Namibia.

Outlook

Progress at Tschudi is on schedule and the Company fully expects the project to meet its anticipated start up date. At Central Operations the move away from pillar recovery towards primary mining continues apace, ensuring more reliable output in the future. In addition, a number of other actions have been initiated with immediate effect to address the poor level of productivity during the reporting period and to further strengthen the Company's financial position in the event that the price of copper continues to deteriorate.

Condensed consolidated income statement

for the period from 1 July to 31 December 2013

Condensed consolidated statement of comprehensive income

for the period from 1 July to 31 December 2013

Condensed consolidated statement of financial position

as at 31 December 2013

Condensed consolidated statement of changes in equity

for the period from 1 July to 31 December 2013

Condensed consolidated cash flow statement

for the period from 1 July to 31 December 2013

Notes to the condensed consolidated financial statements

for the period 1 July to 31 December 2013

1. a. Basis of preparation

These interim condensed consolidated financial statements are for the six months ended 31 December 2013. They do not include all of the information required for full annual financial statements, and should be read in conjunction with the consolidated financial statements of the Group for the year ended 30 June 2013. The information included in these interim condensed consolidated financial statements in respect of the year ended 30 June 2013 does not constitute all the information required for annual statutory accounts at that date.

These financial statements have been prepared under the historical cost convention, except for revaluation of certain properties and financial instruments.

The annual financial statements of the group are prepared in accordance with IFRSs as adopted by the European Union. These condensed consolidated interim financial statements (the interim financial statements) have been prepared in accordance with the accounting policies adopted in the last annual financial statements for the year to 30 June 2013.

The accounting policies have been applied consistently throughout the Group for the purposes of preparation of these condensed consolidated interim financial statements.

b. Nature of operations and general information

Weatherly International plc and its subsidiaries' ("the group") principal activities include the mining and sale of copper concentrate.

Weatherly International plc is the group's ultimate parent company. It is incorporated and domiciled in the United Kingdom. The address of Weatherly International plc's registered office, which is also its principal place of business, is 180 Piccadilly, London W1J 9HF. The company's shares are listed on the Alternative Investment Market of the London Stock Exchange.

Weatherly International's consolidated interim financial statements are presented in United States dollars (US$), which is also the functional currency of the parent company. As a result of the Tschudi mine development being financed in US$ the Board believe the functional currency of the Namibian subsidiaries has changed from Namibian dollars to US$ and this change has been implemented from 1 July 2013.

These consolidated condensed interim financial statements have been approved for issue by the Board of Directors on 14 March 2014.

The financial information for the period ended 31 December 2013 set out in this interim report does not constitute statutory accounts as defined by the Companies Act 2006. The Group's statutory financial statements for the year ended 30 June 2013 have been filed with the Registrar of Companies.

2. Segmental reporting

Business segments

In identifying its operating segments, management generally follows the physical location of its mines.

The activities undertaken by the Central Operations segment include the sale of extracted copper from Otjihase and Matchless mines. The activities undertaken by Tschudi are the development of the Tschudi mine and construction of the solvent extraction and electrowinning plant to enable copper cathode to be heap leached. The revenues of Otjihase and Matchless are indistinguishable as the ore coming from both mines passes through the same concentrator and the two mines are viewed as one operating unit.

Each of these operating segments is managed separately as each of these service lines requires different technologies and other resources as well as marketing approaches.

The measurement policies the group uses for segment reporting under IFRS 8 are the same as those used in its financial statements.

The group's operations are located in Namibia and the UK. The operating segments are located in Namibia, while the corporate function is carried out in London.

Segment information about these businesses is presented below.