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Voluntary Announcement - Clarification of Blue Ridge Acquisition Commercials
MANTENGU MINING LIMITED
Incorporated in the Republic of South Africa
(Registration number 1987/004821/06)
Share code: MTU ISIN: ZAE000320347
("Mantengu" or "the Company")
VOLUNTARY ANNOUNCEMENT – CLARIFICATION OF BLUE RIDGE ACQUISITION COMMERCIALS
1. Introduction
The board of directors of Mantengu ("Board") wishes to clarify the commercial terms of the acquisition of
Blue Ridge Platinum Proprietary Limited ("Blue Ridge"). In response to several commercial inaccuracies
reported in both print and electronic media, the Board would like to disclose the below salient commercial
terms. The Board would also like to state that all information released via SENS on 10 October 2024 is
factually correct, compliant with the JSE Listings Requirements ("Listings Requirements") and does not
need correcting.
2. Salient Commercial Terms
• The total acquisition price of Blue Ridge is R100.
• Blue Ridge has been acquired debt free. Mantengu will not take on the approximate R1.9 billion that
Blue Ridge is currently indebted for.
• Mantengu has taken on a maximum contingent debt of R64 668 937 payable as follows:
(1) Development Bank of Southern Africa Limited - R39 150 175
(2) Industrial Development Corporation of South Africa Limited - R25 518 762
• The payment of contingent debt will only commence once Blue Ridge starts operating profitably.
• Mantengu will ensure that Blue Ridge has the requisite rehabilitation guarantee in place by the time
that the transaction becomes unconditional. The current expectation is that the guarantee will be
approximately R95 million.
• Mantengu estimates to produce up to 375,000 tonnes of chrome concentrate from the already existing
chrome dump at Blue Ridge, approximately 1 million tonnes. At today's gross chrome concentrate
selling price of $275 and a ZAR/USD exchange rate of 18:1, this is expected to yield approximately
R1.9 billion in gross revenue. At today's net chrome concentrate selling price of $175 and a ZAR/USD
exchange rate of 18:1, this is expected to yield approximately R1.18 billion in net revenue.
• Mantengu estimates to produce up to 35,000 ounces of PGMs from the already existing chrome dump
at Blue Ridge, approximately 1 million tonnes. At today's gross PGM selling price of $960 per ounce
at a ZAR/USD exchange rate of 18:1, this is expected to yield approximately R605 million in gross
revenue.
• Blue Ridge currently has an assessed taxation loss of approximately R3.1 billion.
• The above does not include any projections from underground mining. Mantengu will invest in a
bankable feasibility study into the underground UG2 mining operations. This is estimated to take
18 months to complete.
• These estimates do not represent a profit forecast in terms of the Listings Requirements. The financial
information upon which these estimates are based is the responsibility of the Board and has not been
reviewed and reported on by the Company's auditors.
Johannesburg
14 October 2024
Designated Adviser
Merchantec Capital
Date: 14-10-2024 04:26:00
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