CHROMETCO LIMITED - Renewal of cautionary announcement, update on Black Chrome Mine business rescue plan and quarterly suspension update

Renewal of cautionary announcement, update on Black Chrome Mine business rescue plan and quarterly suspension update

CHROMETCO LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2002/026265/06)
Share code: CMO
ISIN: ZAE007020249
(“Chrometco” or “the Company”)

RENEWAL OF CAUTIONARY ANNOUNCEMENT, UPDATE ON BLACK CHROME MINE
PROPRIETARY LIMITED BUSINESS RESCUE PLAN AND QUARTERLY SUSPENSION
UPDATE

RENEWAL OF CAUTIONARY ANNOUNCEMENT

Shareholders are referred to the cautionary announcement released on SENS on
13 June 2022 and the subsequent renewal of cautionary announcements released on SENS
on 26 July 2022 and 7 September 2022 and are advised that circumstances relating to a
material subsidiary of the Company are still being assessed, which could have a material
effect on the price of the Company’s securities. Accordingly, shareholders are advised to
exercise caution when dealing with the Company’s securities until a further announcement
has been made.

UPDATE ON BUSINESS RESCUE PLAN

Shareholders are further referred to the announcement released on SENS on
7 September 2022 advising shareholders that the publication of the business rescue plan
(“Business Rescue Plan”) had been extended to 14 October 2022 following a meeting of
creditors between the business rescue practitioner of Black Chrome Mine Proprietary Limited
(“Black Chrome Mine”) and its creditors. The Company hereby advises shareholders that it
has been requested by the business rescue practitioner of Black Chrome Mine that the
publication of the business rescue plan be further extended to 31 October 2022.

The preparation of the Business Rescue Plan is in the final stages and is predicated on two
options. The first option is the operational and financial turnaround, and the second option is
the disposal or sales process of Black Chrome Mine. The extension to Monday,
31 October 2022, for the publication of the Business Rescue Plan should allow for sufficient
time to interrogate these options, obtain the necessary proof or confirmation of funding and
to negotiate with the preferred bidder in order to ensure that a transaction is bedded down as
quickly as possible with minimal conditions.

QUARTERLY SUSPENSION UPDATE

Shareholders are advised that the Company was suspended for the late publication of its
provisional annual financial statements for the year ended 28 February 2022 (“Provisional
Report”).

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.

In respect of the late publication of the Company’s Provisional Report, the Company is in the
process of appointing new auditors. The prospective auditors have met with the Company’s
Head of the Audit and Risk Committee and have referred the matter for evaluation to the
prospective auditors’ risk department. Until such time as new auditors are appointed, which
is anticipated in the next 2 months, the finalisation and publication of the Provisional Report
will remain outstanding.

The Company will apply for the lifting of the suspension of trade in its securities once the
Provisional Report has been published on SENS.

A further announcement in this regard will be published in due course.

Johannesburg
19 October 2022

Designated Advisor
PSG Capital

Date: 19-10-2022 09:00:00
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