A E C I LIMITED - Appointment of independent non-executive directors

Appointment of independent non-executive directors

AECI LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1924/002590/06)
Share code: AFE ISIN: ZAE000000220
Hybrid code: AFEP ISIN: ZAE000000238
Bond company code: AECI
LEI: 3789008641F1D3D90E85
(AECI or the Group)

APPOINTMENT OF INDEPENDENT NON-EXECUTIVE DIRECTORS

In compliance with paragraph 3.59 of the JSE Limited (JSE) Listings Requirements and paragraph
6.42 of the JSE Debt and Specialist Securities Listings Requirements, AECI is pleased to announce
the appointments of Mr. July Ndlovu and Mr. Billy Mawasha as independent non-executive directors
to the Board of directors of AECI, with effect from 1 January 2025.

"The addition of Mr. Ndlovu and Mr. Mawasha to the Board of AECI is an exciting achievement that
both strengthens our governance and further diversifies the directorship. Their invaluable leadership
experience and deep knowledge of the mining industry will contribute significantly towards enabling
the Group's sustainable growth" - said Dr Khotso Mokhele, Board Chair.

Mr. Ndlovu's career spans over 30 years in mining operations, culminating in his appointment as
Chief Executive Officer of Thungela Resources Limited. He has been an executive in mining since
2007, overseeing a variety of commodities across various markets. He brings extensive experience
in mining operations, large scale projects and mergers & acquisitions in Southern Africa, as well as
in Australia. He is known for his integrity and visionary approach and is highly respected for his ability
to drive growth while maintaining a strong commitment to safety and operational excellence. Mr.
Ndlovu currently serves as Board Chair of Futurecoal. His academic credentials include a Master's
Degree in Business Leadership from the University of South Africa and a BSc in Metallurgical
Engineering from the University of Zimbabwe. He has previously held senior positions at leading
organisations, including Anglo American plc, Bindura Nickel Corporation, Zimasco and Zimbabwe
Alloys. He also served as Board Chair of Unki Platinum Mine.

Mr. Mawasha has extensive leadership experience in the South African mining industry, having held
various executive leadership positions in De Beers, AngloGold Ashanti Limited and Kumba Iron Ore
Limited. He was Country Head of Rio Tinto, South Africa, and Managing Director of Richards Bay
Minerals. Mr. Mawasha holds a BSc, Electrical Engineering, from the University of Cape Town and
brings a wealth of experience in driving growth, innovation, operations, risk management,
investments and project delivery. He is the founder and Chief Executive Officer of Kolobe Nala
Investment Company and a non-executive director of Exxaro Resources Limited, Impala Platinum
Limited and Metair Investments Limited.

The AECI board is pleased to welcome both Mr. Ndlovu and Mr. Mawasha and looks forward to their
contributions.

These appointments were made in accordance with AECI's Board Nomination, Composition and
Diversity policy.
                                                                                                  
Woodmead, Sandton

18 December 2024

Equity Sponsor: Rand Merchant Bank (a division of FirstRand Bank Limited)
Debt Sponsor: Questco Proprietary Limited




                                                                            
Date: 18-12-2024 11:00:00
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