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Acquisition of Wind Energy Project
Copper 360 Limited
(Incorporated in the Republic of South Africa)
Registration number 2021/609755/06
JSE share code: CPR ISIN: ZAE000318531
("Copper 360" or the "Company")
ACQUISITION OF WIND ENERGY PROJECT
Shareholders are advised that Copper 360 has concluded an agreement with Mulilo Renewable Project Developments (Pty)
Ltd, whereby Copper 360 will acquire 100% of Mulilo Springbok Wind Power (Pty) Ltd ("MSWP") (the "Acquisition").
MSWP is the owner of a project to establish a ca. 55MW wind energy generation facility in the Springbok area in the Northern
Cape province. The project is at an advanced stage with regard to feasibility studies, technical documentation and
engineering plans. An attractive feature of the project is its fully authorised environmental impact assessments and other
relevant clearances and permits and land leases that are already in place. Studies indicate that the intended location of the
generation facility is highly favourable in terms of wind profiles.
The purchase consideration comprises an initial cash payment of R5 million with deferred cash payments of R1 million per
MW of installed capacity, payable as capacity is installed. There are no conditions precedent and the Acquisition is expected
to be completed during the first week of February 2025.
Copper 360 has a strategic objective to achieve energy security as it grows its core copper producing business via its cluster
mining model, and to do so in an environmentally responsible manner utilising renewable energy. The Acquisition will
provide Copper 360 with a strong platform to generate renewable power to meet the increasing energy needs of the copper
producing business in a cost-effective manner. To this end, Copper 360 has commenced investigating a wider renewable
energy supply strategy of which wind energy generation will be an important component. This investigation will, inter alia,
include an assessment of whether to exercise its right to participate in the energy supply business or to outsource energy
production to a greater or complete extent with due consideration of its focus on its core objective which is to grow its
copper business.
Shirley Hayes, CEO of Copper 360, commented:
"I am thrilled about the acquisition of the MSWP wind energy project which will position us at the forefront of the "Green
Economy" of which, as a copper producer we are an integral part. The pursuit of energy security for Copper 360's growing
business in the form of reliable and responsible renewable power generation is a key strategic objective. The Acquisition
aligns with Copper 360's objective to grow through the development of its cluster mining model, whilst reducing our carbon
footprint in our quest for net-zero targets. We believe that there are not only strategic and environmental benefits but, as
importantly, also energy cost benefits that Copper 360 will be able to achieve."
Stellenbosch
22 January 2025
Designated Advisor: Bridge Capital Advisors Proprietary Limited
Date: 22-01-2025 01:30:00
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