Additional funding for Sable Dense Medium Separation beneficiation plant

Referring to the announcement dated 1 September 2023 regarding Sable Platinum Holdings (“SPH”), a wholly owned subsidiary of SEAM entering into an agreement on 31 August 2023 with IPace, for the establishment of an unincorporated joint venture to conduct the business of commissioning, operating and maintaining of a Dense Medium Separation (“DMS”) beneficiation plant and to sell the product (“UJV”).

Public are advised that SPH and IPace have entered into a term sheet on 2 February 2024 for additional funding of R1 million payable by SPH for the DMS beneficiation plant. This additional funding will be added to the R15 million paid by SPH in terms of the Main agreement.

For providing the additional funding, IPace has agreed to transfer 2.5% of the UJV to SPH. SPH has granted IPace an option to buy back the 2.5% shares in the UJV at R1.3 million which expires on 31 October 2024.

IPace has committed to fund the balance of the operational and capital costs to complete the DMS beneficiation plant and to commence production on 15 March 2024.