Wrap Text
Reviewed condensed consolidated financial results for the year ended 29 February 2024
Copper 360 Limited
(Incorporated in the Republic of South Africa)
Registration number 2021/609755/06
JSE Share Code: CPR ISIN: ZAE000318531
("Copper 360" or "the Company")
REVIEWED CONDENSED CONSOLIDATED PROVISIONAL FINANCIAL RESULTS FOR THE YEAR
ENDED 29 FEBRUARY 2024
RESULTS HIGHLIGHTS AT A GLANCE
IMPACT ON PRODUCTION
• Loadshedding: only achieved 65% operating capacity
• Critical mill failure (loadshedding)
• Inadequate crushing capacity
REMEDIAL ACTION
• R 25.9 million towards a 6.4MW generator Farm (counter effect of loadshedding)
• New R 6 million mill (doubling milling capacity)
• R 6.8 million cyclone circuit - improve recoveries
• R 31 million new crushing facility (adequate crushing capacity)
OPERATING FLOW EXPLAINED
Revenue Realized R 38 million
Revenue Loss: Loadshedding R 52 million
Revenue Loss: 3-month stoppage (cyclone circuit installation) R 30 million
Revenue Loss: Poor recoveries R 42 million
Projected Revenue (without losses) R 162 million
Cost realized R 166 million
Nama Copper OPEX carried R 8 million
Projected cost without Nama Copper R 158 million
CAPEX FLOW EXPLAINED
Capital Raised R 490 million
CAPEX Raised to fund loss
R 118 million
(excluding depreciation)
Reduction in payables R 21 million
Crushing Plant R 31 million
Generator Farm R 26 million
MFP 1 construction R 101 million
Rietberg opening-up R 17 million
Exploration / Drilling R 8 million
Cyclone SX/EW upgrade R 7 million
Nama Copper Acquisition R 131 million
Cash in Bank R 30 million
THIS WOULD HAVE RESULTED IN BREAK-EVEN
Loss funded from internal cash flow & capital raised
Chief Executive Officer's Review
Listed, Secured Growth Capital, and Built Operational Output Capacity
Important note to the Consolidated Financial Statements
The Copper 360 Limited Group is a combination of Shirley Hayes IPK (Pty) Ltd ("SHiP") and Big Tree Copper Limited
("BTCL") which resulted from the reverse take-over of BTCL by SHiP at the end of 30 April 2023. As a result, the
accounts of BTCL only reflect 10 months of operational reporting because of the take-over date occurring 2 months
into the financial reporting period. Therefore, only 10 months of BTCL results are included with 12 months of SHiP
results as is required by IFRS Accounting Standards.
The net effect will be that 2 months of revenue and costs from BTCL are not included in the statement of
comprehensive income. Please refer to note 2.2 Financial Results by Segment on page 26 to illustrate the effect.
Preamble
I would like to start by congratulating our team for delivering under difficult circumstances and thank our
stakeholders who not only have been patient but have supported us. To you all – the rocket is built and fuelled,
and our sights are set on Mars. In other words, we have completed our capital build phase and are now in the
process of building production up to 12,000 tonnes of copper production in the coming year. Our dream of less
than a year ago has become a reality!
Mine Health & Safety
The Group's safety performance for the year only included 3 Reportable Incidents, 13 Lost Time Injury Incidents
("LTI"), and 33 First Aid Incidents ("FAI") out of 760 shifts for the year. The Group reported 88 minor environmental
incidents (incidents that can be resolved within a few hours with no impact on the environment) and 2 major
incidents (involving contamination or a spill that influences the environment and requires major remedial action).
As the Group's activities is also focussed on environmental clean-up the number of minor environmental incidents
was a poor performance and remedial action has been taken to bring this number down.
TOTAL 2024 TOTAL 2023
Reportable 3 1
LTI 13 12
FAI 33 22
Minor 88 44
Major 2 0
Social & People Investment
The Group is pleased to report that 50% of our total employees are women and they also represent 30% of top
management and 22% on Board level. The total salary bill for the Group for the period under review amounted to
R 80.2 million representing 48% of our total operating expense cost of R 167.3 million for the period. Capital labour
expenditure was R 17.5 million representing 22% of the total labour expenditure. A total of 400 people were trained
during the period of which 50% were women.
The Company also formed the first School of Mining in the Northern Cape province on 15 September 2023
specifically directed to address skill development in the community and serve as a highly focussed training centre
for the business. What makes the school unique is that it is situated within the community where the skills and
training is required. To date, 290 people have received training and skill development courses at a cost of R 3
million.
General Overview
This year was never about driving profitability and increasing the margin. It was about listing, securing the capital
to build the Rietberg Copper mine, establishing copper concentrate processing capacity, and ensuring operational
improvement at the SX/EW operation. The Company achieved all these objectives and has laid the foundation to
deliver significant returns for the coming year starting on 29 February 2024. Our timing could not be more perfect
to deliver copper production in a rising copper demand and price environment.
• Listed on 21 April 2023.
• Raised R 380 million in growth capital for the period in review.
• Secured R 650 million equity facility for future capital growth if required.
• Acquired an operating copper concentrate plant (processing capacity of 120,000 tonnes per annum).
• Opening-up planning of Rietberg Mine completed.
We did not plan to make any acquisitions during the period under review, but the opportunity to acquire Nama
Copper which already had an operational concentrate plant (designated MFP 2) made absolute business sense. As
a result, the completion of the MFP 1 copper concentrate plant (with a design capacity of 309,500 tonnes per
annum) was delayed by 6 months (in terms of capital expenditure) as capital had to be re-deployed to complete
the acquisition of Nama Copper for R 200 million.
The Company is now in a position (with the completion of the MFP 1 plant forecasted for the end of
August 2024) to have more than double the copper concentrate processing capacity planned at listing. This will
enable the company to meet the newly expanded Rietberg mine expansion plan forecast to treat 720,000 Run-Of-
Mine ("ROM") tonnes per annum.
Financial Performance
Revenue from copper sales increased by 14.7% to R 38.2 million (2023: R 33.3 million) supported by copper sales
increasing by 10% from 285 tonnes in 2023 to 313 tonnes in 2024. Operating loss increased by 59.7% to R 112.7
million (2023: R 78.4 million) because of:
• unforeseen loadshedding that resulted in the SX/EW plant only having an operational efficiency of 65% over
a period of 4 months of the reporting period.
• critical mill failure at the SX/EW plant, also partially the result of the "stop-and-start" impact of
loadshedding.
• inadequate crushing capability from third-party contractors that impacted recoveries negatively
by 9.8%.
• stoppage of SX/EW plant for 11 weeks to install a new cyclone circuit to improve copper recoveries.
The above risks have been mitigated and addressed and the construction of an R 31 million generator farm should
mitigate the impact of any further loadshedding events.
Although the copper price during the period under review decreased from the previous reporting period by 8.2%
to US$ 7,964/tonne (2023: US$ 8,676/tonne) we have seen a strong demand for copper return as copper demand
starts to exceed copper supply. The copper price at the time of this report had already increased to US$
10,200/tonne with current analyst consensus forecasting a price between US$ 10,000 and US$ 15,000/tonne. The
timing of starting significant copper concentrate production and increased cathode copper production could not
come at a better time for the company and we are well-positioned to take advantage of rising copper prices. We
have successfully deployed our capital, are ready to deliver rock in support of a significantly enhanced production
plan from the Rietberg mine and have established significant copper processing capacity. The SX/EW plant has
significantly been optimized and is delivering. Two weeks into start-up the Nama Copper ("MFP 2") concentrate
plant delivered positive cash returns. The combined copper output comes at a time when copper demand and
prices are reaching new global record highs. Our timing could not have been more perfect to generate significant
returns – and our team has achieved all of this in less than 12 months.
Operational Review
Tonnes milled from the SX/EW plant increased month-on-month for the period under review with a total of 68,234
tonnes being milled compared to 67,045 tonnes for 2023. It must be noted that the production for 2024 only
reflects 9 months as the plant was stopped for 3 months to install a new cyclone circuit.
If the production results were normalised for 12 months the plant would have delivered 117,000 tonnes. The
delivered grade to the plant was 1.11% with total recoveries improving to 58.6% after the installation of the cyclone
circuit up by 10% from 47.8% before the installation. Recoveries for the previous reporting period were 48%. Total
copper recovered for the period was 313.5 tonnes reflecting only 9 months of production and if normalised over
12 months could have resulted in 418 tonnes of copper potentially being produced.
Note: The application of Reverse Acquisition Consolidation in terms of IFRS Accounting Standard 3 – Business
Combinations requires that the comparative information for prior periods be presented for SHIP as the accounting
acquiror. SHIP has prior to the acquisition only traded as necessary to secure its mining right and its prior period
information is not representative of the financial performance of the group historically. In order to provide
comparability between periods, the operational analysis below presents the financial performance of the Copper
360 group on a full period comparable basis with a reconciliation to the Statement of Profit or Loss and Other
Comprehensive Income as contained in the reviewed provisional consolidated financial statements for the year
ended 29 February 2024 published on https://senspdf.jse.co.za/documents/2024/jse/isse/CPRE/FY24.pdf and on
Copper 360's website at www.copper360.co.za.
12 months to 12 months to
29 February 28 February Percentage
Description Unit 2024 2023 change
Operational statistical information
Tonnes milled Metric tonnes 68 234 67 045 1,8%
Delivered grade % Copper 1,11% 0,88% 26,1%
Total plant recovery % 44,5% 48,0% -7,4%
Recovered copper Metric tonnes 331 285 16,2%
Copper sold Metric tonnes 314 285 10,1%
Number of employees N 201 145 38,8%
Metric
Tonnes milled per labour component tonnes/employee 339,1 462,4 -26,7%
Copper metric tonnes
Copper tonnes produced per labour component sold/employee 1,64 1,96 -16,3%
Average copper price received ZAR/Metric tonne 121,25 117,13 3,5%
Average exchange rate ZAR:USD 18,69 16,54 13,0%
Average LME copper price USD/Metric tonne 8 412 8 676 -3,0%
Average copper price received in USD USD/Metric tonne 6 489 7 082 -8,4%
Discount to LME price ex works USD/Metric tonne 1 922 1 594 20,6%
Discount to LME price ex works ZAR/Metric tonne 35 921 26 367 36,2%
Discount as percentage of LME price % 22,9% 18,4% 24,4%
*Reviewed financial information
Revenue R'000 38 234 33 348 14,7%
EBITDA R'000 (118 510) (74 160) 59,7%
Operating profit/(loss) R'000 (128 972) (80 404) 60,3%
Operating income/(loss) R'000 (112 876) (78 494) 43,7%
Profit/(loss) after tax R'000 (105 055) (55 047) 90,7%
Consolidation adjustments R'000 16 096
Pre-acquisition loss eliminated on consolidation R'000 18 372
Reported loss for the period since acquisition of SHiP R'000 (70 587)
* The auditors' review of the Provisional Results does not extend to the operational statistical
information provided in this table.
The major issues relating to the underperformance of the SX/EW plant being (a) volume and throughout (addressed
by the installation of a new mill with double the required mill capacity), (b) downtime as a result of loadshedding
(addressed by new generator farm that was built) and (c) poor recoveries (addressed by new cyclone circuit that
has seen an improvement of 10% in total recoveries) has been addressed.
The plant is forecast to steadily build up to 120 tonnes of monthly copper production over the next 4 months
starting from 1 March 2024.
Further optimisation is planned for the latter half of the new financial period with the planned installation of
thickener tanks planned to replace the settling dams and an expansion to the SX circuit that will result in recoveries
improving to over 80% and copper production ramping up 160 tonnes of copper production. Capital is estimated
to be R 30 million and will be funded from cash flow.
Total expenses for the year amounted to R 167 million compared to R 114 million in the prior year. The 47% increase
reflects greater levels of operational activity and specifically the expansion of our workforce. Employee costs
represent 37.5% of our total costs compared to 43% in FY2023. Production costs contributed 17% to total costs
(FY2023: 23%). Security and Transportation costs represented 7.5% of total costs compared to 2.2% in the prior
year. This was a direct result of the increase in physical locations and haulage of ore from locations other than the
Nababeep plant stockpiles. Depreciation represented 6.3% of total costs compared to the prior year's 5.5%.
Capital Expenditure
During the financial year, we invested R 322 million in growth, of which R 258 million was spent in pursuit of our
concentrate operations. R 38 million was spent on improving efficiency in the operation with R 26 million applied
towards de-risking the operations.
Key Milestones Achieved
START OF THE PERIOD UNDER REVIEW - 1 MARCH 2023
Event Impact/Result Date
Listed AltX JSE. 21 April 2023
Secured Growth Capital R 215 million. 21 April 2023
R 14 million acquisition resulting in an
Successful Acquisition of O'Okiep
underlying value of R 30 million and a 1 May 2023
Copper Company ('OCC')
decreased loss of R 30 million.
R 36 million purchase price. Resulting in
Purchase of mobile crusher Mid-May 2023
increased operational flexibility.
Maiden Reserve Statement & Expanded
6.7 mt @ 1.2% Cu. September 2023
Resource
R 200 million Processing plant "ready to go"
Major Acquisition of Nama Copper with 20kt capacity and significant copper & October 2023
slag tailing resources.
Raised an additional R 265 million (R 12
Additional Growth October 2023 to
million in equity, R 55 million in long-term
Capital raised February 2024
debt, and R 195 million in royalty notes).
R 6.8 million completed a major upgrade in
SX/EW Cyclone upgrade SX/EW November 2023
to improve recoveries.
Large Equity subscription facility
Up to R 650 million. December 2023
secured
Completed construction of generator
R 31 million provides energy security. February 2024
farm
Strategic Objectives
STRATEGIC OBJECTIVES FOR THE PERIOD UNDER REVIEW
Objective Accomplished Impact
List Copper 360 y Market capitalization of R 3 billion.
Raise adequate growth capital y R 490 million.
Equity facility for future growth y R 650 million.
Establish a backup power supply y R 31 million Generator Farm.
Complete Rietberg Mine implementation & Increased size of targeted mine production
y
start-up schedule and start-up target date.
Postponed to July 2024 as result of the
Complete MFP1 concentrate plant by
n Nama Copper acquisition that already had
October 2023
an operational Concentrate Plant.
Have copper concentrate processing Nama Copper acquisition resulted in this
y
capability objective ahead of schedule.
Completion of MFP1 by July 2024 and acquisition of Nama Copper Plant will give us double
the copper concentrate processing capacity we planned for in the period.
Declaration of Maiden Reserve at Rietberg Reserve exceeded expectations both in
y
mine terms of volume and grade.
Continuous Operational Improvement y Volume and EBITDA.
Copper 360 School of Mining ensures the
In-house training facility y
drive to provide skills "literacy".
Secured copper concentrate offtake under
Secure offtake agreements y
very favourable economic terms.
Key Risks and Mitigating Action
KEY RISKS
Issue Mitigating/Action Taken
Acquisition of Nama Copper. An additional plant that produces
Operational Flexibility
concentrate and creates delivery flexibility and margin. The
(Only 1 (one) plant that generates
introduction of this plant further reduces this risk and improves
revenue)
margin.
Getting rock to processing facilities Appointed 2 tracking contractors to meet demand.
Making big rocks small rocks Acquired mobile cone crusher for R 15 million and secured second
(Crushing capacity) contract mobile crusher as a backup.
Increasing critical spares.
Operational downtime
Appointment of 4 new engineers to drive scheduled maintenance.
Key Metric Guidance (subject to change)
COMPANY GUIDANCE FOR THE NEXT 12 MONTHS
Copper Price US$ 10,000/t to US$ 12,000/t
AISC (All In Sustaining Costs) (Per Copper tonne) US$ 4,500/t to US$ 5,600/t
Tonnes 450kt to 750kt
Grade 1.1% to 2% Cu
Production
Recoveries 55% to 90%
Copper 6,500 - 10,000 tonnes
Growth Capital Expenditure
FORECAST FOR THE NEXT 12 MONTHS
Rietberg Mine R 75 million
MFP 1 Copper Concentrate Plant R 30 million
Three-Year Strategic Outlook
STRATEGIC OUTLOOK
1 March 2023 to 1 March 2024 to 1 March 2025 to
29 February 2024 28 February 2025 28 February 2026
Create smelting
List y Generate free cash flow y capability
3 Major copper mines
Raise growth capital y Stabilize operations
in production
Increase output,
Build & Construct y Establish Agri 360
Wind farm (30 mva)
Establish team y Declare dividends
Solar farm (15 mva)
Copper producing capability
Copper Output Copper Output
per annum
7,500 tonnes 20,000 tonnes 50,000 tonnes
Jan Nelson
Copper 360 Chief Executive Officer
GROUP FINANCIAL PERFORMANCE
Earnings and margins
Revenue Copper 360's Revenue increased by • Inefficient fine materials recovery:
14.7% compared to the prior year. The We have inserted an intermediate
R 38.2 million * 14.7% increase was a result of an increase of stage in the processing plant using
10% in tonnage sold and a 3.5% increase counter-flow cyclones to recover
FY23 R 33.3 million in the net sales value per tonne. The fine materials.
increased volumes were achieved
During August 2023, a critical mill
despite a three-month shutdown of the
failure occurred, resulting in the loss of
processing plant during which a
Loss from replacement mill was installed
some 14 days of production during the
operations month. As the redesign of the modular
simultaneously with a major capital
flotation plant freed up one mill, it was
upgrade to improve recoveries.
-R 128.9 million decided to replace the failed mill with
the freed-up mill with twice the
FY23 -R 77.7 million capacity, simultaneously with the
The loss from operations of -R 129 introduction of the cyclone circuit in
million comprised R 102 million incurred the plant. The new mill and the cyclone
in cathode production and corporate circuit required significant civil works
Loss after tax overheads of R 27 million. Cathode which necessitated a complete plant
production during the period under shut for 11 weeks. The upgraded plant
-R 104.9 million review was significantly impacted by was brought back into production on
loadshedding and copper recovery
FY23 -R 55 million challenges. Loadshedding affected the 22 November 2023. It is expected that
operation severely with damage to the upgraded SX/EW plant will now
generator equipment and production produce ca. 100 to 120 tonnes of
losses due to switch-over pipe copper cathode per month. A further
Tax Rate upgrade in the form of a thickener
congestion in addition to increased
direct diesel expenditure. It is estimated circuit and expansion of the solvent
27% extraction and electrowinning circuits
that some 48 tonnes of cathode
production have been lost to to increase production to ca. 180
loadshedding. Additional generator tonnes per month is planned for the
capacity has been installed and Copper last quarter of the calendar year 2024.
Consolidated loss
360 has now completed a project to
for the period since The loss after tax takes account of a
consolidate all its standby generator
deferred tax credit of R 48 million
the acquisition capacity in a centralised generator
relating to losses. Incurred and capital
facility to provide backup power to the
allowances expected to be recouped in
-R 70.6 million entire complex at Nababeep.
the next five years and deferred tax
FY23 -R 55 million charges of
R 13 million relating to timing
The most significant impact on differences at the corporate tax rate of
production was the fact that copper 27%.
EBITDA recoveries at 43% were far below the
planned 71%. This was the result of On consolidation a gain on the bargain
-R 118.5 million mainly two factors: purchase of O'Okiep Copper Company
("OCC") was recognised in the amount
FY23 -R 74.2 million • Inefficient crushing: The third- of R 16 million and pre-acquisition
party crushing contractor was losses of R 18 million were accounted
unable to crush ore to the required for in the determination of the goodwill
size for feeding to the mill, with
on acquisition.
EBITDA Margin 25% of crushed ore that could not
be recovered during the milling
-310% stage. We accordingly decided to
implement in-house crushing The negative EBITDA is the result of the
FY23 -223% capability as mentioned above. loss from operations.
Cash flow and balance sheet
Net Operating Negative Net Operating cash flow Our total debt comprises R 252 million
resulted from the operating losses from related parties and R 196 million
cash flow
incurred. from third parties. The long-term
component of debt is R 149 million and
-R 160 million * 135% Free cash flow totalled R 29.2 million debt repayable in the next 12 months is
representing the excess of capital R 299 million which will be repaid from a
FY23 -R 68 million
raised over negative operating cash combination of cash generated by
flow and capital expenditure for operations, the introduction of long-
growth. term debt and, if required, equity drawn
Free cash flow Total capital raised comprised equity against the share subscription facility.
capital of R 178 million together with Net debt takes account of R 35 million in
R 29.2 million non-interest-bearing debt from the cash and short-term receivables.
FY23 R0 vendors of SHiP of R 62 million.
Our gearing ratio is slightly below our
A total of R 250 million of interest- target Debt:Equity ratio of 35%. The
bearing debt was raised of which intention is to replace short-term with
R 226 million was in the form of short-
Capital Raised long-term debt during the financial year
term loans that will receive a return ending
equal to 3.4% of revenue generated
R 490 million 28 February 2025.
by our MFP 1 plant over a period of
20 years. In addition, we raised term
debt of R 21 million repayable in a
Capital & lump sum after three years, and
instalment sale agreements of R 3
exploration million, repayable monthly over 3
expenditure years.
R 322 million A share subscription facility of
R 650 million was secured with an
international investor, with
drawdowns available over a 3-year
Total Debt period at the election of Copper 360.
We spent capital on growth as
R 455 million
follows:
• Exploration - R 8.5 million
• Construction of MFP 1 plant -
Net debt R 101 million
• Crushing plant - R 30.8 million
R 423 million • SX/EW plant upgrade - R 6.8
million
• Construction of backup power
generator capacity - R 26.2
Gearing ratio million
• Acquisition of Nama Copper -
(Debt:Equity) R 131 million
• Construction of Rietberg mine -
23% R 17.6 million
Corporate Governance
During the financial year, Copper 360 constituted its corporate governance processes with the Board of Directors
as the ultimate custodians of corporate governance. Board committees comprised:
• Audit and Risk
• Social & Ethics and Nominations
• Remuneration Committee
• Strategy
• Operations
Economic Outlook
The external operating environment was relatively volatile during the financial year. The LME copper price varied
between US$ 8,800 and US$ 8,200 per tonne, while the ZAR traded in the range between R 18 and R 19.2 per US$.
After the financial year end, the copper price increased significantly to its current level of around US$ 10,000 per
tonne, with the ZAR trading in the same range set out above. On the cost front, inflation has been contained within
the SA Reserve Bank target range and is expected to remain so for the foreseeable future.
Commodity demand
Global demand for copper continues to increase, while the supply trend remains in decline. Beyond infrastructure,
the growing needs for renewable energy, artificial intelligence, and data centers are exacerbating supply deficits
expected towards the end of the decade. The world keeps on adding to the demand side while ignoring the already
declining supply side. Copper's strong fundamentals persist, with minimal progress in resolving supply challenges.
A notable trend is that copper's strong fundamentals have led the copper price to decouple from market conditions.
The copper price is no longer an economic barometer. Despite the fact the Global Economy is experiencing
challenges with its slow recovery, facing specific challenges such as high interest rates, persistent inflation, and
property sector downturns, copper reached a record high of US$11,104.50, on 20 May 2024.
REVIEWED FINANCIAL INFORMATION
29 February 28 February
R'000 2024 2023 Percentage change
Revenue 31 624 - Not meaningful as the
Operating profit/(loss) (95 982) (1 633) comparative information is
Profit/(loss) attributable to (70 541) (1 256) that of SHIP which had limited
shareholders trading in the period prior to
Loss per share (EPS) (11.2) (0.27) the granting of its mining right
Headline loss per share (HEPS) (11.2) (0.27)
REVIEW CONCLUSION
The auditors, Moore Pretoria ("Moore"), have issued an unmodified review conclusion on the reviewed condensed
consolidated provisional financial results for the year ended 29 February 2024.
The auditors' report issued on the provisional consolidated financial statements and the full provisional
consolidated annual financial statements can be accessed at: www.copper360.co.za.
SHORT FORM ANNOUNCEMENT
The contents of this short form announcement are the responsibility of the Board and have been reviewed by the
Group's external auditors.
Shareholders are advised that this short form announcement represents a summary of the information contained
in the reviewed condensed consolidated financial statements, published on https://senspdf.jse.co.za/documents/2024/jse/isse/CPRE/FY24.pdf and on Copper 360's website at
www.copper360.co.za. Any investment decisions by investors and/or shareholders should be based on
consideration of the reviewed condensed consolidated financial results for the year ended 29 February 2024. The
reviewed condensed consolidated financial results are also available for inspection at no charge during normal
business hours at the registered office of the Company and at the offices of Copper 360's Designated Advisor, Bridge
Capital Advisors Proprietary Limited.
This short-form announcement itself is not audited or reviewed.
Stellenbosch
6 June 2024
Designated Advisor: Bridge Capital Advisors (Pty) Ltd
Date: 06-06-2024 04:30:00
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