Voluntary announcement: Execution of non-binding term sheet SABLE METALS AND MINERALS LIMITED (formerly Sable Platinum Limited) (Incorporated in the Republic of South Africa) (Registration number: 2001/006539/06) JSE share code: SMM ISIN: ZAE000185674 (“Sable” or “the company”) VOLUNTARY ANNOUNCEMENT: EXECUTION OF NON-BINDING TERM SHEET Shareholders are advised that Sable has signed a non-binding term sheet whereby an investor will, subject to a due diligence and various conditions precedent, enter into definitive agreements to loan R5 million to the company. This loan will, at the investor’s sole discretion and subject to shareholder approval, if applicable at the time, either be convertible to Sable shares at the lower of 29.469 cps or the 30 day VWAP on the date of election to convert the loan or repayable after 12 months of the execution of definitive agreements. In addition, the investor will be granted an option to subscribe for up to such number of shares in Sable as to give it a shareholding of 34.9% on the basis of a 30 day VWAP at the time of exercise of such option. The option shall be exercisable during a period of 12 months from the date of execution of the definitive agreements and subject to shareholder approval. 15 December 2014 Sponsor Java Capital Date: 15/12/2014 12:10:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.