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Quarterly suspension update
SAIL MINING GROUP LIMITED
(previously Chrometco 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, 29 February 2024 and 28 February 2025 ("Annual
Results") and the subsequent interim results for the six months ended 31 August 2022, 31
August 2023, 31 August 2024 and 31 August 2025 ("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.
The Business rescue plan for the Company's subsidiary, Black Chrome Mine (Pty) Ltd
("BCM"), was approved and the Business Rescue Practitioner ("BRP") decided to proceed
with a Mine Restart and Trade Out Plan ("Plan"). The Plan is based on BCM being
restructured to become an integrated chrome producer and processor utilising a low cost,
low risk strategy. The BRP and management implemented the adopted Plan as sanctioned
by creditors, navigating BCM out of Business Rescue during December 2024.
The Company appointed Naresh Ashok as a non-executive director of Sail in July 2025,
augmenting the skills and experience of the board and increasing the proportion of
independent directors. 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
30 September 2025
Designated Advisor
PSG Capital
Date: 30-09-2025 04:53:00
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