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Trading Statement Update: Restatement of Previously published Basic, Diluted and Headline Loss per Share
COPPER 360 LIMITED
Incorporated in the Republic of South Africa
(Registration number 2021/609755/06)
Share code: CPR
ISIN: ZAE000318531
("Copper 360" or "the Company")
TRADING STATEMENT UPDATE, RESTATEMENT OF PREVIOUSLY PUBLISHED BASIC, DILUTED AND HEADLINE LOSS PER SHARE
FOR THE YEAR ENDED 28 FEBRUARY 2026
1. INTRODUCTION
In terms of paragraph 3.4(b) of the JSE Limited Listings Requirements, a listed company is required to publish a trading
statement as soon as it is reasonably certain that the financial results for the period to be reported on will differ by at least
20% from those previously published in respect of the same period.
Shareholders are referred to the reviewed condensed consolidated results of the Company for the year ended
28 February 2026, released on SENS on 1 June 2026 ("the previously published results").
During the advanced stages of the audit of the Company's annual financial statements for the year ended 28 February 2026,
the Board of Directors of Copper 360 ("the Board") has determined that the Company's basic, diluted and headline loss per
share are expected to differ by more than 20% from the corresponding figures in the previously published results due to
non-cash audit adjustments arising from the Company's recapitalisation and debt restructuring undertaken during the 2026
financial year. Accordingly, this further trading statement is issued to advise shareholders of the updated expected figures
and the principal reasons for the change.
2. RESTATED LOSS PER SHARE
The table below reflects, for the year ended 28 February 2026, the loss per share previously published on 1 June 2026 and
the updated expected loss per share based on the latest draft annual financial statements and audit adjustments identified
to date:
PREVIOUSLY PUBLISHED UPDATED EXPECTED INCREASE
28 FEB 2026 28 FEB 2026
Basic loss per share (19.97) cents (27.87) cents 39.6%
Diluted loss per share (19.97) cents (27.87) cents 39.6%
Headline loss per share (19.46) cents (27.36) cents 40.6%
Basic and diluted loss per share are identical. The Company's Share Incentive Scheme expired on 31 December 2025 and no
potential ordinary shares arising from the scheme existed at 28 February 2026; accordingly, no dilution adjustment was
required in terms of IAS 33 Earnings per Share.
3. REASON FOR THE CHANGE
The movement in basic, diluted and headline loss per share arose mainly from audit adjustments identified in relation to the
Company's recapitalisation and debt restructuring undertaken during the 2026 financial year.
1
For the portion of the restructuring that extinguished recognised financial liabilities, IFRIC 19 required the ordinary shares
issued to creditors to be measured at their quoted market price of 64 cents per share on 8 December 2025, rather than the
discounted value of 52.62 cents per share previously applied. This resulted in an additional non-cash loss of approximately
R112.8 million in profit or loss and a corresponding increase in stated capital. The adjustment has no net effect on total
equity, as the increase in stated capital is offset by the additional accumulated loss.
The audit process also identified an adjustment relating to shares issued to reacquire or cancel royalty and revenue-share
rights. Under IFRS 2 and IAS 38, these shares were measured at the same quoted market price, resulting in an increase of
approximately R54.1 million in intangible assets and equity. This adjustment did not directly affect earnings; however,
amortisation of approximately R3.5 million was recognised for the period following the restructuring.
The IFRIC 19 charge was partly offset by other audit corrections, principally the accounting for certain short-term loan
settlements and scrip loan and share transactions. The further adjustments in the audit schedule improved profit or loss by
approximately R10.1 million on a net basis. Together with the other audit adjustments identified to date, the adjustments
increased the Group's loss attributable to ordinary shareholders to approximately R358.99 million, resulting in basic and
diluted loss per share of 27.87 cents. After adjusting for the net gain on disposal of property, plant and equipment of
approximately R6.48 million, the headline loss is approximately R352.51 million, resulting in headline loss per share of 27.36
cents. The restructuring-related adjustments are accounting in nature and non-cash and do not affect the Company's cash
resources, liquidity or underlying operations.
4. AUDIT STATUS
The audit of the Company's annual financial statements for the year ended 28 February 2026 is at an advanced stage and is
currently undergoing final review by the Company's auditors and external reviewers. The Company expects the audit and
Annual Financial Statements to be finalised and published on or about 14 August 2026. The financial information in this
trading statement is based on the latest draft annual financial statements and audit adjustments identified to date.
5. FORWARD-LOOKING STATEMENTS
Any forward-looking information contained in this announcement has not been reviewed or reported on by the Company's
auditors.
Stellenbosch
31 July 2026
Designated Advisor: Bridge Capital Advisors Proprietary Limited
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Date: 31-07-2026 05:15:00
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