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Trading Statement
MANTENGU MINING LIMITED
Incorporated in the Republic of South Africa
(Registration number: 1987/004821/06)
Share code: MTU ISIN: ZAE000320347
("Mantengu" or "the Company" or "the Group")
TRADING STATEMENT
In terms of paragraph 3.4(b) of the Listings Requirements of JSE Limited, companies are required to
publish a trading statement as soon as they become reasonably certain that the financial results for the
period to be reported on will differ by more than 20% from that of the previous corresponding period.
Accordingly, a review by management of the financial results for the six months ended 31 August 2024
has indicated that:
- the earnings and headline earnings per share are expected to be between 1 cent and 2 cents,
reflecting an improvement of between 105% and 125% compared to the loss of 10 cents for the six
months ended 31 August 2023.
Production of chrome concentrate
• March 2024 - 6 354 tonnes (March 2023 - nil)
• April 2024 - 1 439 tonnes (April 2023 - nil)
• May 2024 - 2 773 tonnes (May 2023 - nil)
• June 2024 - 5 247 tonnes (June 2023 - 1 102 tonnes)
• July 2024 - 9 203 tonnes (July 2023 - 1 820 tonnes)
• August 2024 - 12 318 tonnes (August 2023 - 1 935 tonnes)
• September 2024 - 14 335 tonnes (September 2023 – 2 686 tonnes)
In April 2024, Mantengu terminated its contract miner on its Langpan mine so as to execute this function
internally. Mantengu has invested approximately R81 million in new mining equipment to support this
function and to reduce costs. Whilst this resulted in short term production challenges in April, May and
the first half of June 2024, the decision by the board of directors of Mantengu ("Board") has been validated
by record production numbers in July, August and September 2024. Additionally, the Group has managed
to reduce its mining cost per tonne by more than 50% by internalising the mining function.
The Group continues to invest in expansionary capex on both its Langpan and Meerust mining operations.
Whilst expensive and a drain on cash resources in the short term, the Board strongly believes that the
resultant increase in sustainable production will significantly increase shareholder value and provide the
shortest possible timeframe to the Group paying its first dividend. As a result of this capital investment
into both mining operations, the Group's monthly production outlook to its February 2025 year end is
expected to significantly exceed the September 2024 record, with October 2024 production on track to
exceed that of September 2024.
Significant trading discount
The Board continues to be of the opinion that its shares are being manipulated downwards and thus the
company is pursuing both civil and criminal legal action. Mantengu's wholly owned subsidiary, Langpan
Mining Co (Pty) Ltd, has a JSE approved Competent Person's Report with a valuation of R851 million
using December 2021 market prices. This computes to R3.88 per Mantengu share and excludes
Mantengu's recent acquisitions of Meerust Chrome (comparable size) and Blue Ridge Platinum (Pty) Ltd,
yet the current share price is trading at approximately R0.80 cents per share.
Notwithstanding the above, we disclosed in our audited financial statements for the year ended February
2024 ("AFS") that the fair value of the Langpan mineral reserve was R1.7 billion using market prices at
the time of release of our AFS in May 2024. This would approximately double the theoretical share price
above of R3.88.
The financial information on which this trading statement is based has not been reviewed or reported on
by the Company's auditors. Mantengu's financial results are expected to be released on SENS on or
about 14 November 2024.
Johannesburg
24 October 2024
Designated Adviser
Merchantec Capital
Date: 24-10-2024 08:26:00
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