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Quarterly Suspension update
SAIL MINING GROUP LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2002/026265/06)
Share code: SGP
ISIN: ZAE000070249
("Sail" or "the Company")
QUARTERLY SUSPENSION UPDATE
In terms of paragraph 1.11(c) of the JSE Listings Requirements, the Company is required to
provide an update to shareholders regarding the current state of affairs of the Company until
the suspension is lifted.
Shareholders are referred to the ongoing suspension in trading of the Company's shares on
the JSE which came into effect on 18 July 2022. Trading in the Company's shares remain
suspended due to the late publication of the annual financial statements for the years ended
28 February 2022, 28 February 2023 and 29 February 2024 ("Annual Results") and the
subsequent interim results for the six months ended 31 August 2022, 31 August 2023 and
31 August 2024 ("Interim Reports").
In respect of the late publication of the Company's Annual Results, the Company previously
had challenges appointing new auditors due to three subsidiaries within the group, Black
Chrome Mine Proprietary Limited ("Black Chrome Mine"), Sail Resources Proprietary Limited
and Sail Minerals Proprietary Limited, being in Business Rescue. This was subsequently
remedied and auditors were appointed in October 2023; however, the finalisation and
publication of the Interim Reports and Annual Results will remain outstanding until the
finalization of the audit procedures as prescribed by IRBA. The Moore Johannesburg audit
team have made significant progress on their audit verification procedures for the 2022, 2023
and 2024 financial years. The Company has also appointed an International Financial
Reporting Standards expert to assist with technical queries.
Black Chrome Mine's business rescue plan has been substantially implemented and
the Business Rescue Practitioner has filed, and the Companies & Intellectual Properties
Commission (CIPC) subsequently approved, that the company is no longer in business
rescue. Management continues to implement the adopted business plan as sanctioned by
creditors.
The Company will apply for the lifting of the suspension of trade in its securities once the
Interim Reports and Annual Results have been published and announced on SENS. The
Company will provide a further update in this regard in due course.
Johannesburg
24 December 2024
Designated Advisor
PSG Capital
Date: 24-12-2024 12:00:00
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