SABLE EXPLORATION AND MINING LIMITED - Update regarding the plant operator transaction with Daemaneng Minerals (Proprietary) Limited

Update regarding the plant operator transaction with Daemaneng Minerals (Proprietary) Limited

SABLE EXPLORATION AND MINING LIMITED
(Incorporated in the Republic of South Africa)
(Incorporated in the Republic of South Africa)
(Registration number: 2001/006539/06)
(Share Code: SXM ISIN Code: ZAE000303319)
("Sable" or "the Company")

UPDATE REGARDING THE PLANT OPERATOR TRANSACTION WITH DAEMANENG MINERALS
(PROPRIETARY) LIMITED

Shareholders are referred to the announcement published on SENS on 6 November 2025 and 29
October 2025 regarding the plant operator Transaction entered into between Lapon Plant (Proprietary)
Limited ("Lapon"), a wholly owned subsidiary of Sable, and Daemaneng Minerals (Proprietary) Limited
("Daemaneng") ("the Transaction").

In terms of the Transaction, Daemaneng was appointed to, inter alia:

    •   operate and maintain Lapon's beneficiation plant;

    •   manage production activities at the plant;

    •   oversee feedstock and related operational costs; and

    •   facilitate the sale of the magnetite product produced at the plant.

The Transaction was announced as a category 1 transaction in terms of the JSE Listings Requirements.
Following further engagement with the JSE Limited ("JSE"), the Company and its sponsor submitted an
assessment to the JSE regarding whether the Transaction constitutes a transaction entered into in the
ordinary course of business or not.

In support of this assessment, the Company confirmed, among other matters, that:

    •   the appointment of a contractor to operate and maintain a beneficiation plant is an ordinary
        operational transaction in the mining and mineral-processing sector;

    •   the Transaction does not result in any transfer of control or ownership of Sable or Lapon to
        Daemaneng;

    •   no securities have been or will be issued by Sable to Daemaneng pursuant to the Transaction;

    •   the Transaction does not involve the acquisition or disposal of Sable's business, assets or
        beneficiation plant;

    •   Daemaneng is not a related party of Sable for purposes of the JSE Listings Requirements;

    •   the Transaction does not constitute a reverse takeover or result in a fundamental change in the
        nature of Sable's business; and

    •   the Transaction contributes to the ordinary revenue and cost streams of the respective core
        businesses of Sable, Lapon and Daemaneng.

Having considered the information submitted by the Company and its sponsor, the JSE has agreed that
the Transaction was entered into in the ordinary course of business.

Accordingly, the Transaction is not a category 1 transaction for purposes of the JSE Listings
Requirements and will therefore not be subject to the requirements applicable to category 1
transactions, including the preparation of a category 1 circular and approval by shareholders.

The commercial terms of the Transaction remain unchanged.
Johannesburg

5 August 2026


Sponsor
Exchange Sponsors (2008) Proprietary Limited

Date: 06-08-2026 07:30:00
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