AFRICAN RAINBOW MINERALS LIMITED - Closing of the Agreement to acquire 15% of Surge Copper Corp. on a Private Placement Basis

Closing of the Agreement to acquire 15% of Surge Copper Corp. on a Private Placement Basis

African Rainbow Minerals Limited
(Incorporated in the Republic of South Africa)
(Registration Number 1933/004580/06)
JSE Share code: ARI
ISIN: ZAE000054045
("ARM")

CLOSING OF THE AGREEMENT TO ACQUIRE 15% OF SURGE COPPER CORP.
ON A PRIVATE PLACEMENT BASIS

Shareholders are referred to the announcement released on the
Stock Exchange News Service of the JSE Limited on 2 April 2024
in which ARM confirmed that it had entered into a subscription
agreement for a private placement financing (the "Strategic
Placement") with Surge Copper Corp. (TSXV: SURG) (OTCQB: SRGXF)
(Frankfurt: G6D2) ("Surge" or the "Company"), subject to certain
conditions being met ("the Transaction").

By mutual agreement, ARM (and not ARM Copper), will subscribe
for 41,373,414 common shares of Surge at C$0.095 per Strategic
Placement common share, representing an approximate 18% premium
to the 20-day volume weighted average price of the Company's
common shares on the TSX Venture Exchange as at 1 April 2024,
for gross proceeds of C$3,930,474.33.

Shareholders are advised that all the conditions precedent to
the Strategic Placement have now been fulfilled and the
Strategic Placement has become unconditional. The effective date
of the Transaction is expected to be 31 May 2024.

The announcement of the Surge transaction can be found on
https://senspdf.jse.co.za/documents/SENS_20240402_S487707.pdf

Categorisation of the Transaction
The Transaction does not constitute a categorised transaction
in terms of the Listings Requirements of the JSE Limited and
accordingly this information is disclosed on a voluntary basis.

ENDS

For all queries, please contact:
Thabang Thlaku
Executive: Investor relations and new business development.
Office: +27 11 779 1300 | Email: thabang.thlaku@arm.co.za

Sandton
31 May 2024

JSE Equity Sponsor: Investec Bank Limited

Date: 31-05-2024 04:42:00
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