<Page> Exhibit 1 RESTATEMENT OF US GAAP FINANCIAL INFORMATION On July 24, 2003, we published US GAAP unaudited financial information for the quarter and year ended June 30, 2003. That US GAAP financial information has been herein restated to reflect the immediate expense on acquisition of the Argonaut mineral rights during the year ended June 30, 1998. <Page> <Table> <Caption> (US$ m) ------------------------------------------------- Quarter ended GROUP INCOME STATEMENTS ----------------------------- 12 months to FINANCIAL RESULTS Jun-03 Mar-03 Jun-03 (Unaudited) (Restated) (Restated) (Restated) - ----------------------- ---------- ---------- ---------- Revenues Product sales (Gold revenue) 64.4 65.7 263.2 Cost and expenses (67.6) (64.3) (244.6) ------- ------- ------- Production costs (66.4) (64.0) (242.2) Movement in gold in process (0.5) - (0.9) Movement in rehabilitation provision (0.7) (0.3) (1.5) ------- ------- ------- Other operating expenses Depreciation and amortization (4.7) (2.0) (10.7) Impairment of assets (12.5) - (12.5) Employment termination costs (1.5) (0.2) (1.7) Management and consulting fees (0.7) (0.8) (2.5) Profit on financial instruments 10.4 17.8 52.8 Profit on sale of investments 2.7 - 11.0 Administration and general charges (2.3) (3.9) (9.9) ------- ------- ------- Stock based compensation costs (1.2) (1.2) (4.3) Administration and general charges (1.1) (2.7) (5.6) ------- ------- ------- Net operating (loss)/income (11.8) 12.3 45.1 Investment income 2.4 3.3 9.1 Other income 1.1 0.3 2.5 Finance cost Interest expense (2.6) (1.6) (5.3) ------- ------- ------- (Loss)/profit before taxation (10.9) 14.3 51.4 Loss from associate (3.6) (2.3) (5.4) Income and mining tax benefit 0.1 - 0.1 Deferred taxation benefit/(charge) 15.5 (8.5) (3.9) ------- ------- ------- Net profit applicable to shareholders 1.1 3.5 42.2 ======= ======= ======= Basic earnings per share (cents) 0.2 2.0 23.1 Diluted earnings per share (cents) 0.2 1.9 22.7 </Table> <Page> <Table> <Caption> (US$ m) ----------------------------------------------- CHANGES IN SHAREHOLDERS' Quarter ended EQUITY -------------------------- 12 months to (Unaudited) Jun-03 Mar-03 Jun-03 - ------------------------ ------- ------- ------- Shareholders' equity at the beginning of the period, as previously reported 48.9 42.9 (11.2) Prior period adjustment (4.5) (4.4) (4.3) ------- ------- ------- Shareholders' equity at the beginning of the period, as restated 44.4 38.5 (15.5) Share capital issued 1.4 1.8 13.1 ------- ------- ------- for cash - - 6.7 for share options exercised 0.2 0.6 2.1 for stock based compensation 1.2 1.2 4.3 ------- ------- ------- Movement in retained income 2.8 4.1 51.0 ------- ------- ------- profit applicable to shareholders 1.1 3.5 42.2 mark-to-market on investments 0.1 (2.0) (1.8) currency adjustments and other 1.6 2.6 10.6 ------- ------- ------- Shareholders' equity at the end of the period, as restated 48.6 44.4 48.6 ======= ======= ======= </Table> <Table> <Caption> (US$ m) -------------------------- GROUP CASH FLOW STATEMENTS Quarter ended ABRIDGED -------------------------- (Unaudited) Jun-03 Mar-03 - -------------------------- ------- ------- Net cash out flow from operating activities (14.6) (11.2) Net cash in/(out) flow from investing activities 0.4 (9.1) Net cash out flow from financing activities (13.4) (7.4) ------- ------- Net decrease in cash & equivalents (27.6) (27.7) Effect of exchange rate changes on cash 10.2 3.8 Cash and equivalents at beginning of period 63.1 87.0 ------- ------- Cash and equivalents at end of period 45.7 63.1 ======= ======= </Table> <Page> <Table> <Caption> (US$ m) GROUP BALANCE SHEETS ----------------------------- ABRIDGED Jun-03 Mar-03 (Unaudited) (Restated) (Restated) - -------------------- ---------- ---------- ASSETS Current assets 75.4 93.6 ------- ------- Cash and equivalents 45.7 63.1 Receivables 21.5 21.3 Inventories 8.2 9.2 ------- ------- Mining assets 83.1 80.5 ------- ------- Cost 383.6 354.4 Accumulated depreciation & amortization (300.5) (273.9) ------- ------- Other assets 76.2 63.0 ------- ------- Deferred income and mining taxes 47.5 29.3 Non-current assets 28.7 33.7 ------- ------- Total assets 234.7 237.1 ======= ======= LIABILITIES & STOCKHOLDERS' EQUITY Current liabilities 70.0 70.7 ------- ------- Bank overdraft 3.6 1.6 Accounts payable and accrued liabilities 49.9 48.1 Short term portion of long term loans 16.4 20.6 Income and mining taxes 0.1 0.4 ------- ------- Long term loans 5.6 5.5 Convertible loan note 61.5 60.7 Deferred financial liability 24.3 33.5 Provision-environmental rehabilitation 24.7 22.3 Shareholders' equity 48.6 44.4 Authorised 300,000,000 ordinary no par value shares 5,000,000 cumulative preference shares Issued 184,222,073 ordinary no par value shares 5,000,000 cumulative preference shares ------- ------- Stated capital 360.4 360.2 Additional paid in capital 37.7 36.5 Cumulative preference shares 0.1 0.1 Accumulated loss (309.5) (310.6) Other comprehensive income (40.1) (41.8) ------- ------- Total liabilities & shareholders' equity 234.7 237.1 ======= ======= </Table> <Page> RESTATEMENT IMPACT During the year ended June 30, 1998, we purchased and capitalized the Argonaut mineral rights and subsequently amortized their carrying value. On January 29, 2003, we filed a registration statement on Form F-3 with the United States Securities and Exchange Commission. In the course of the registration process, we determined that the appropriate accounting treatment under US GAAP was to have expensed the cost of the mineral rights on acquisition, in the year ended June 30, 1998. We continue to be intent on exploiting the Argonaut mineral rights and applied for a prospecting permit from the Department of Minerals and Energy on January 22, 2003. To date, approval of the application is still pending. The impact of the restatement to reflect the immediate expense on acquisition of the Argonaut mineral rights during the year ended June 30, 1998 is as follows: <Table> <Caption> (Unaudited) (US$ m) --------------------------------------------------------------------------- Quarter ended ------------------------------------------------- Year ended June 30, 2003 March 31, 2003 June 30, 2003 ----------------------- ---------------------- ---------------------- As As As previously As previously As previously As reported restated reported restated reported restated ---------- -------- ---------- -------- ---------- -------- Depreciation and amortization (5.1) (4.7) (2.3) (2.0) (11.9) (10.7) (Loss)/profit before tax (11.3) (10.9) 14.0 14.3 50.2 51.4 Net profit applicable to shareholders 0.7 1.1 3.2 3.5 41.0 42.2 Basic earnings per share (cents) - 0.2 1.8 2.0 22.4 23.1 Diluted earnings per share (cents) - 0.2 1.7 1.9 22.1 22.7 </Table> <Table> <Caption> (Unaudited) (US$ m) --------------------------------------------------------------- June 30, 2003 March 31, 2003 ---------------------------- ----------------------------- As previously As previously reported As restated reported As restated ------------- ----------- ------------- ----------- Mining assets 87.7 83.1 85.0 80.5 Total assets 239.3 234.7 241.6 237.1 Accumulated loss (301.0) (309.5) (301.7) (310.6) Shareholders' equity 53.2 48.6 48.9 44.4 </Table> <Page> <Table> <Caption> (R m) ------------------------------------------------- Quarter ended GROUP INCOME STATEMENTS ----------------------------- 12 months to FINANCIAL RESULTS Jun-03 Mar-03 Jun-03 (Unaudited) (Restated) (Restated) (Restated) - ----------------------- --------- --------- --------- Revenues Product sales (Gold revenue) 497.7 550.0 2,385.4 Cost and expenses (518.0) (540.8) (2,189.0) --------- --------- --------- Production costs (509.1) (538.1) (2,168.9) Movement in gold in process (3.4) (0.2) (7.0) Movement in rehabilitation provision (5.5) (2.5) (13.1) --------- --------- --------- Other operating expenses Depreciation and amortization (36.4) (16.3) (91.3) Impairment of assets (98.2) - (98.2) Employment termination costs (11.6) (1.7) (13.6) Management and consulting fees (5.7) (6.7) (22.1) Profit on financial instruments 84.8 148.9 473.9 Profit on sale of investments 17.8 - 106.5 Administration and general charges (17.5) (32.5) (87.1) --------- --------- --------- Stock based compensation costs (10.0) (9.7) (39.0) Administration and general charges (7.5) (22.8) (48.1) --------- --------- --------- Net operating (loss)/income (87.1) 100.9 464.5 Investment income 18.8 27.3 80.0 Other income 8.5 2.3 21.1 Finance cost Interest expense (20.7) (13.1) (44.5) --------- --------- --------- (Loss)/profit before taxation (80.5) 117.4 521.1 Loss from associate (27.8) (18.6) (40.9) Income and mining tax benefit 0.9 0.1 0.8 Deferred taxation benefit/(charge) 120.1 (71.8) (61.4) --------- --------- --------- Net profit applicable to shareholders 12.7 27.1 419.6 ========= ========= ========= Basic earnings per share (cents) 6.9 14.7 229.0 Diluted earnings per share (cents) 6.8 14.6 222.3 </Table> <Page> <Table> <Caption> (R m) ------------------------------------------------ CHANGES IN SHAREHOLDERS' Quarter ended EQUITY ---------------------------- 12 months to (Unaudited) Jun-03 Mar-03 Jun-03 - ------------------------ --------- --------- --------- Shareholders' equity at the beginning of the period, as previously reported 392.2 371.8 (118.1) Prior period adjustment (36.1) (38.9) (44.4) --------- --------- --------- Shareholders' equity at the beginning of the period, as restated 356.1 332.9 (162.5) Share capital issued 11.4 14.5 125.7 --------- --------- --------- for cash - - 68.0 for share options exercised 1.4 4.8 18.7 for stock based compensation 10.0 9.7 39.0 --------- --------- --------- Movement in retained income (4.2) 8.7 400.1 --------- --------- --------- profit applicable to shareholders 12.7 27.1 419.6 mark-to-market on investments 1.4 (16.7) (14.5) currency adjustments and other (18.3) (1.7) (5.0) --------- --------- --------- Shareholders' equity at the end of the period, as restated 363.3 356.1 363.3 ========= ========= ========= </Table> <Table> <Caption> (R m) ---------------------------- GROUP CASH FLOW STATEMENTS Quarter ended ABRIDGED ---------------------------- (Unaudited) Jun-03 Mar-03 - -------------------------- --------- --------- Net cash out flow from operating activities (112.8) (93.4) Net cash in/(out) flow from investing activities 3.3 (75.8) Net cash out flow from financing activities (103.9) (61.6) --------- --------- Net decrease in cash & equivalents (213.4) (230.8) Effect of exchange rate changes on cash 49.1 (16.6) Cash and equivalents at beginning of period 505.6 753.0 --------- --------- Cash and equivalents at end of period 341.3 505.6 ========= ========= </Table> <Page> <Table> <Caption> (R m) GROUP BALANCE SHEETS ---------------------------- ABRIDGED Jun-03 Mar-03 (Unaudited) (Restated) (Restated) - -------------------- --------- --------- ASSETS Current assets 563.0 750.6 --------- --------- Cash and equivalents 341.3 505.6 Receivables 160.8 171.1 Inventories 60.9 73.9 --------- --------- Mining assets 621.9 645.3 --------- --------- Cost 2,865.4 2,840.5 Accumulated depreciation & amortization (2,243.5) (2,195.2) --------- --------- Other assets 569.0 504.7 --------- --------- Deferred income and mining taxes 354.9 234.7 Non-current assets 214.1 270.0 --------- --------- Total assets 1,753.9 1,900.6 ========= ========= LIABILITIES & STOCKHOLDERS' EQUITY Current liabilities 518.6 554.0 --------- --------- Bank overdraft 26.8 12.6 Accounts payable and accrued liabilities 372.8 385.7 Short term portion of long term loans 117.9 152.5 Income and mining taxes 1.1 3.2 --------- --------- Long term loans 41.9 44.2 Convertible loan note 464.1 499.4 Deferred financial liability 181.8 268.3 Provision-environmental rehabilitation 184.2 178.6 Shareholders' equity 363.3 356.1 Authorised 300,000,000 ordinary no par value shares 5,000,000 cumulative preference shares Issued 184,222,073 ordinary no par value shares 5,000,000 cumulative preference shares --------- --------- Stated capital 2,200.9 2,199.5 Additional paid in capital 86.7 76.7 Cumulative preference shares 0.5 0.5 Accumulated loss (1,936.8) (1,949.5) Other comprehensive income 12.0 28.9 --------- --------- Total liabilities & shareholders' equity 1,753.9 1,900.6 ========= ========= </Table> <Page> RESTATEMENT IMPACT The impact of the restatement to reflect the immediate expense on acquisition of the Argonaut mineral rights during the year ended June 30, 1998 is as follows: <Table> <Caption> (Unaudited) (R m) -------------------------------------------------------------------------- Quarter ended ----------------------------------------------- Year ended June 30, 2003 March 31, 2003 June 30, 2003 ---------------------- --------------------- ---------------------- As As As previously As previously As previously As reported restated reported restated reported restated ---------- -------- ---------- -------- ---------- -------- Depreciation and amortization (39.2) (36.4) (19.1) (16.3) (102.4) (91.3) (Loss)/profit before tax (83.3) (80.5) 114.6 117.4 510.0 521.1 Net profit applicable to shareholders 9.9 12.7 24.3 27.1 408.5 419.6 Basic earnings per share (cents) 5.4 6.9 13.2 14.7 222.9 229.0 Diluted earnings per share (cents) 5.3 6.8 13.1 14.6 216.8 222.3 </Table> <Table> <Caption> (Unaudited) (R m) --------------------------------------------------------------- June 30, 2003 March 31, 2003 ---------------------------- ----------------------------- As previously As previously reported As restated reported As restated ------------- ----------- ------------- ----------- Mining assets 655.2 621.9 681.4 645.3 Total assets 1,787.2 1,753.9 1,936.7 1,900.6 Accumulated loss (1,903.5) (1,936.8) (1,913.4) (1,949.5) Shareholders' equity 396.6 363.3 392.2 356.1 </Table>