SALUNGANO GROUP LIMITED - Audited Consolidated Financial Results for the year ended 31 March 2023

Audited Consolidated Financial Results for the year ended 31 March 2023

SALUNGANO GROUP LIMITED
Incorporated in the Republic of South Africa
(Registration number 2005/006913/06)
Share code: SLG    ISIN: ZAE000306890
("Salungano" or "the Company" or "the Group")


AUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE YEAR ENDED 31 MARCH 2023


"The year under review was not business as usual at Salungano as we started the financial year with
our Vanggatfontein mine in care and maintenance and our Khanyisa mine also in partial care and
maintenance as it awaits finalisation of life expansion approvals. The overall Group production and
sales volumes for the year ended 31 March 2023 were notably lower than the previous financial year,
due to operational challenges across the Group. We are regrettably presenting poor results due to
revenue being 6.8 % lower, relative to the previous financial year."

Robinson Ramaite Chief Executive Officer

www.salunganogroup.com

•   Revenue decreased to R4.789 billion (FY22: R5.139 billion)
•   Gross profit decreased to R129 million (FY22: R551 million)
•   Operating profit decrease to a R745 million loss (FY22: R138 million profit)
•   Loss per share increased to 168.52 cents (FY22: 9.06 cents loss per share)
•   Headline loss per share increased to 58.65 cents per share (FY22: 6.13 cents loss per share)
•   No dividend declared for the period (FY22: nil cents per share)

This results announcement is the responsibility of the directors of Salungano and the content was
approved by the board on 21 May 2024. This results announcement does not include full or complete
details of the audited consolidated financial statements for the year ended 31 March 2023 ("2023
AFS") released on SENS on 21 May 2024. Any investment decision should be based on the 2023 AFS
as a whole. None of the information in this announcement has been reviewed or reported on by the
Company's auditors.

The 2023 AFS have been audited by the Company's auditor, KPMG Inc., who expressed a disclaimer
opinion thereon. Additionally, in accordance with the auditor's responsibilities in terms of sections
44(2) and 44(3) of the Auditing Profession Act, the auditor reported that reportable irregularities
were identified and reported to the Independent Regulatory Board of Auditors. The matters
pertaining to the reportable irregularities are described in note 47 of the 2023 AFS. The audit opinion
setting out, inter alia¸ the 'Basis for disclaimer of opinion', together with the 2023 AFS, is available
on the Company's website at: https://salunganogroup.com/investors/annual-reports-and-results/
and on the JSE's cloudlink at:
https://senspdf.jse.co.za/documents/2024/jse/isse/slge/FY23.pdf

Woodmead
21 May 2024

Sponsor
Merchantec Capital

Date: 21-05-2024 11:00:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.