Moolmans - New contract award AVENG LIMITED Incorporated in the Republic of South Africa (Registration number: 1944/018119/06) ISIN: ZAE000302618 SHARE CODE: AEG ("Aveng" or "the Group") MOOLMANS - NEW CONTRACT AWARD Further to the information provided in the half-year results announcement of 17 February 2025, Aveng is pleased to provide further information on the new contract entered into within its Mining segment. Moolmans has concluded a new 60-month contract valued at R10.6 billion (A$911 million) with Black Mountain Mining (Pty) Limited's Gamsberg mine, a zinc mine situated in the Northern Cape province of South Africa ("Black Mountain"). Black Mountain is jointly owned by Vedanta and Exxaro Resources. Moolmans is a tier-one contract mining business offering specialised services to the open-cast mining industry. Moolmans operates primarily in South Africa and has extensive experience in the SADC and West African regions. This new contract, at significantly higher volumes, follows on from the delivery of an existing mining contract over the last 7 years. Moolmans have worked with Black Mountain to develop contract outcomes that meet the client's growth strategy. This has included a dedicated team to manage the ramp-up plan over the eight months to March 2025, while the operations team focuses on steadily increasing production to achieve planned contract volumes from 1 April 2025. Increased production has been achieved by re-deploying equipment from existing operations where contracts have been concluded, and ensuring the delivery of new equipment to site with the support of our key OEM suppliers. Equipment has been progressively delivered and commissioned on site and this will continue over the next three months. The new contract allows Moolmans to invest in a fleet renewal program that will be executed with the assistance of OEMs, over the life of the contract, thereby reducing upfront capital expenditure and allowing Moolmans to extend the life and optimise the value, of existing fleet. The total value of new capital expenditure over the life of the contract amounts to R1.3 billion (A$111 million) and this will be funded through project cashflows. The new contract allows Moolmans to create 342 new jobs in the Northern Cape, bringing its total complement to 690 people on site. Recruitment processes are well advanced, ensuring that new staff are trained to meet Moolmans operating and safety standards prior to joining operations. Pleasingly, this has created the opportunity for previous employees to rejoin the company. 19 February 2025 Boksburg, South Africa JSE Sponsor Valeo Capital (Pty) Ltd Edinah Mandizha Company Secretary Tel: 011 779 2800 Email: Edinah.mandizha@avenggroup.com Executive Directors SV Cummins (Group Chief Executive Officer) | AH Macartney (Group Finance Director and Chief Financial Officer) Non-Executive Directors PA Hourquebie (Independent Non-executive Chair) | B Modise (Independent Non-executive) | N Bowen (Independent Non-executive) | SJ Flanagan (Non-executive) | BC Meyer (Independent Non-executive) | D Noko (Independent Non-executive) Registered office Rose Avenue, 2 Merlin Drive, Parkhaven – Boksburg, Gauteng 1459 Forward looking statements Certain statements in this document are not reported financial results or historical information but forward-looking statements. These include but not limited to statements about the Group's operations, financial conditions, earnings, and growth prospects. They are based on the best estimates and information of Aveng at the time of writing. They are nonetheless subject to significant uncertainties and contingencies, many of which are beyond the control of the Group. Unanticipated events may occur, and actual future events may differ materially from current expectations due to changes in priorities by the Group, engagement with clients, suppliers, external auditors and other stakeholders. Date: 19-02-2025 03:50:00 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.