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Trading Statement
MANTENGU MINING LIMITED
Incorporated in the Republic of South Africa
(Registration number: 1987/004821/06)
Share code: MTU ISIN: ZAE000320347
("Mantengu" or "the Company" or "the Group")
TRADING STATEMENT
In terms of paragraph 3.4(b) of the Listings Requirements of JSE Limited, companies are required to
publish a trading statement as soon as they become reasonably certain that the financial results for the
period to be reported on will differ by more than 20% from that of the previous corresponding period.
Accordingly, a review by management of the financial results for the year ended 28 February 2025 has
indicated that:
- the earnings per share ("EPS") is expected to be 148 cents, reflecting an increase of 14 700%
compared to the EPS of 1 cent for the year ended 29 February 2024; and
- the headline loss per share is expected to be 23 cents, reflecting a decrease of 2 400% compared to
the headline earnings per share of 1 cent for the year ended 29 February 2024.
Earnings significantly more than market capitalisation
The Company expects to report earnings that are significantly more than its market capitalisation at the
time of this trading update. This accentuates the significant discount to net asset value that management
has been referring to in the past. The board of directors of Mantengu ("the Board") continues to take
steps to address this issue on an ongoing basis.
Production of chrome concentrate - FY 2025
• March 2024 - 6 354 tonnes (March 2023 - nil)
• April 2024 - 1 439 tonnes (April 2023 - nil)
• May 2024 - 2 773 tonnes (May 2023 - nil)
• June 2024 - 5 247 tonnes (June 2023 - 1 102 tonnes)
• July 2024 - 9 203 tonnes (July 2023 - 1 820 tonnes)
• August 2024 - 12 318 tonnes (August 2023 - 1 935 tonnes)
• September 2024 - 14 335 tonnes (September 2023 - 2 686 tonnes)
• October 2024 - 14 352 tonnes (October 2023 - 3 694 tonnes)
• November 2024 - 15 539 tonnes (November 2023 - 2 579 tonnes)
• December 2024 - 14 988 tonnes (December 2023 - 2 843 tonnes)
• January 2025 - 6 427 tonnes (January 2024 - 7 846 tonnes)
• February 2025 - 4 820 tonnes (February 2024 - 8 008 tonnes)
Production continued to ramp up to the end of calendar year 2024 in accordance with the Group's
investment in expansionary capex for both its chrome operations. Production for the months of January
2025 and February 2025 was negatively impacted by severe flooding on both chrome operations. Mining
operations ground to a halt because our open cast pits were flooded, and it was too dangerous to operate
heavy mining machinery under such conditions. At Langpan our entire staff complement had to be
evacuated from site, whilst Meerust was fortunately impacted to a lesser extent. The lower production
volumes due to flooding caused a negative R38 million impact on revenue and a negative R30 million
impact on net profit. Diesel usage was the only significant variable cost that reduced while staff costs and
mining machinery costs remained fixed. Whilst production levels significantly decreased over this period,
it must be noted that the chrome concentrate market price decreased by approximately 30%, the pricing
of which rebounded by the 30% from March 2025 onwards. This supports the Group's intrinsic value going
forward.
Production of chrome concentrate – FY 2026
• March 2025 - 8 132 tonnes (March 2024 - 6 354 tonnes)
• April 2025 - 9 535 tonnes (April 2024 - 1 439 tonnes)
Production in the months of March 2025 and April 2025 was also negatively impacted by heavy rainfall
and flooding on our Langpan operation, although to a lesser extent compared to January 2025 and
February 2025. We continue to pump millions of litres of water out of our mining pits 24 hours a day. We
have, however, been able to pump and store more than 700 million litres of water to use in our plant
operations going forward. As can be seen from our March 2025 and April 2025 production tonnages, we
are ramping up to the levels that we were producing in late calendar year 2024. We expect to be back up
to approximately 15 000 tonnes of production in respect of chrome concentrate for May 2025 as we have
almost emptied our mining pits of water. Langpan is in the final stages of erecting its new chrome wash
plant with commissioning expected before 31 May 2025. Given the improving operating conditions and
completion of Langpan's second wash plant, the Group anticipates 25,000 tonnes of production from June
2025 onwards.
Production of Silicon Carbide
• December 2024 - nil tonnes
• January 2025 - 1 670 tonnes
• February 2025 - 1 593 tonnes
• March 2025 - 1 620 tonnes
Mantengu's acquisition of Sublime Technologies (Pty) Ltd. ("Sublime") became unconditional and
effective at the beginning of December 2024. Sublime's results will therefore be consolidated into
Mantengu's from December 2024 onwards. The previous shareholders of Sublime had begun a wind
down process in anticipation of closing the business. Management therefore took a decision to only startup
production in January 2025 and not incur high energy costs in December 2024.
Shareholders are advised that the financial information on which this announcement and trading
statement is based is the responsibility of the Board and has not been reviewed or reported on by the
Company's auditors. Mantengu's financial results are expected to be released on SENS on or about
23 May 2025.
Johannesburg
6 May 2025
Designated Adviser
Merchantec Capital
Date: 06-05-2025 05:04:00
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