Interim Results

Weatherly International plc

("Weatherly" or the "Company")

Interim results for the period from 1 July 2012 to 31 December 2012

Weatherly International plc today announces its unaudited interim results for the six months ended 31 December 2012.

Summary highlights for the six months ended 31 December 2012

Financial

·; Profit for the half year of US$2.7 million.

·; Cash at bank US$3.5m at 31 December 2012.

Corporate and Operational Highlights

·; Bankable Feasibility Study ("BFS") for the Tschudi Project completed and will add 17,000 tonnes of copper per annum.

·; US$88 million project financing term sheet signed with RK Capital covering 100% funding of the Tschudi project.

·; Tschudi financing and legal due diligence nearing completion.

·; Half year production from Central Operations was 2,798 tonnes of contained copper.

Post Half Year End

·; Cash as at 28 February 2013 of US$6.9 million equivalent.

·; Appointment of Charilaos Stavrakis to the Board as Non-executive Director.

·; A General Meeting was held at which a resolution was approved empowering the board to debt finance the Tschudi project.

For further information contact:

Rod Webster, Chief Executive Officer Weatherly International plc +44 (0)207 917 2989

Max Herbert, Company Secretary

Andrew Chubb Canaccord Genuity Ltd +44 (0)207 523 8000

Chairman's and Chief Executive's statement

We are pleased to report Weatherly's results for the half year ended 31 December 2012.

During the period we continued to pursue our two main objectives namely the completion of the Tschudi feasibility study the implementation of changes aimed at improving productivity at Central Operations.

We recorded a profit of US$2.7 million, of which US$2.2 million is a result of settling an insurance claim for the Kombat mine flooding in 2007. The Company delivered 2,608 tonnes of contained copper to port at an average LME price of US$8,497 per tonne. Of the tonnes delivered to port 2,263 tonnes were shipped and invoiced and the remainder was in inventory. The C1 cash costs of Central Operations were US$5,730 per tonne (US$2.60/lb) of Cu produced.

The profit for this period is lower than the profit reported in the corresponding 2011 half year period largely as a result of delayed sales and lower copper prices. Although production in the two half years was similar (see production table below), Weatherly shipped and sold 418 tonnes less copper in six months to 31 December 2012 because of the timing of shipments, with a corresponding increase in inventory compared with the six months to 31 December 2011. The average price at which copper was sold was also US$330 less in the current period.

In December, we reported the finalisation of the Tschudi feasibility study and the signing of a term sheet with RK Capital for an US$88 million debt facility which covers the funding requirement of the project. The lender's due diligence is well under way, the onsite work has been completed and the loan execution is expected to be concluded in March 2013.

Tschudi Copper Project

The Company completed the BFS for the Tschudi Copper Project in December 2012, a significant milestone for the company in setting a new growth trajectory. The study evaluated an open-pit, heap leach, solvent extraction, electro-winning project capable of producing 17,000 tonnes per annum of copper over an 11 year mine life.

The key results of the study are summarised below:

Consensus Case - uses industry consensus forecasts for exchange rates and copper price.

Alternative Case - uses exchange rates and copper price as at December 2012.

The results demonstrate Tschudi to be a very strong project that we are advancing enthusiastically.

An application for an amendment to the granted environmental clearance for the project has been submitted.

On the basis that loan documents are executed and the environmental amendments are approved by the end of the first quarter, the project is on schedule to produce its first copper by the third quarter of 2014.

Half Yearly Production

In the six months to 31 December 2012, Central Operations produced 12,279 tonnes of copper concentrate containing 2,798 tonnes of copper metal at higher than budgeted head grade and recovery.

Production results for the half year are set out below.

Reopening Old Matchless

We announced in November that we will be reopening the 'Old Matchless' mine. Production from Old Matchless will make increased use of the underutilised Otjihase concentrator, provide an additional opportunity to reduce our per-unit costs, and give our operating revenues a significant boost through increased copper output. Approval for an amended Environmental Assessment (EA) and Management Plan will be required before any decline development can commence.

Post Half-year Events

As at the 28 February the Company had US$6.9 million or cash equivalent.

On 19 February 2013 a General Meeting was held which approved two resolutions one of which was to amend the Company's Articles of Association in order to increase the Company's borrowing limits to accommodate the debt financing package required to fund the Tschudi Copper Project.

The Board took the decision in January to appoint Charilaos Stavrakis as Non-executive Director. Mr Stavrakis joins the Board and brings strong international experience from his role as Finance Minister of the Republic of Cyprus and Deputy CEO of the Bank of Cyprus. On behalf of Weatherly's Directors and shareholders, our Chairman, John Bryant welcomes Mr Stavrakis to the Board.

Outlook

The Company's focus has now moved to ensuring the successful development of the Tschudi project which has the capacity to transform our fortunes and convert us from a high cost, underground mining company to a mid-tier, open pit producer of copper, with the further ability to seek out and develop new opportunities. We continue to look at ways to improve productivity and reduce costs at our two underground mines as they generate the revenues that will underpin the Company's development until Tschudi reaches production.

Condensed consolidated income statement for the period from 1 July to 31 December 2012

Condensed consolidated statement of comprehensive income

for the period from 1 July to 31 December 2012

Condensed consolidated statement of financial position as at 31 December 2012

Condensed consolidated statement of changes in equity

for the period from 1 July to 31 December 2012

Condensed consolidated cash flow statement for the period from 1 July to 31 December 2012

Notes to the condensed consolidated financial statements for the period 1 July to 31 December 2012

1. a. Basis of preparation

These interim condensed consolidated financial statements are for the six months ended 31 December 2012. 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 2012. The information included in these interim condensed consolidated financial statements in respect of the year ended 30 June 2012 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 2012.

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

b. Prior period restatement

Certain costs in the prior period comparatives have been reallocated between functional headings to be consistent with the current period and to better represent their nature. The cost reallocations do not affect the profit before tax or reserves for either period. The operating profit in period ended December 2011 has decreased by US$56,000 with a corresponding increase in finance income.

c. 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.

These consolidated condensed interim financial statements have been approved for issue by the Board of Directors on 4 March 2013.

The financial information for the period ended 31 December 2012 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 2012 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 the Northern Operations segment included a valuation of resources relating to the feasibility study for the Tschudi Open Pit mine and Tsumeb Tailings project.

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 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. Evaluation costs relating to feasibility studies for the Tschudi Open Pit mine and Tsumeb Tailings projects have been capitalised as disclosed in note 5.

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

Segment information about these businesses is presented below.