PALLINGHURST RESOURCES LIMITED - Pallinghurst benefits from strong manganese prices, maiden distribution expected in March 2017

Pallinghurst benefits from strong manganese prices, 
maiden distribution expected in March 2017

PALLINGHURST RESOURCES LIMITED
(Incorporated in Guernsey)
(Guernsey registration Number: 47656)
(South African external company registration number 2009/012636/10)
Share code on the BSX: PALLRES ISIN: GG00B27Y8Z93
Share code on the JSE: PGL
("Pallinghurst")

Pallinghurst benefits from strong manganese prices,
maiden distribution expected in March 2017

Pallinghurst is pleased to advise that following Tshipi é Ntle Manganese Mining (Pty) Ltd’s (“Tshipi”) decision to
distribute ZAR1 billion to its shareholders, Jupiter Mines Ltd (“Jupiter”) – a 49.9% shareholder in Tshipi – has
resolved to distribute US$55 million to its shareholders. Accordingly, Pallinghurst, as an 18.45% shareholder in
Jupiter, expects to receive approximately US$10 million (ZAR140 million) in March 2017.

The Board of Pallinghurst will consider allocating a material portion of these funds as a maiden distribution to
shareholders during March 2017.

Tshipi has benefited from its successful production ramp-up and the strong market environment, with the
price of manganese increasing from below US$1.50 per dry metric tonne unit (“dmtu”) in January 2016 to
recent prices of above US$7 per dmtu, representing a fivefold increase. Tshipi’s optimisation of its cost base
has also contributed to its expectation of record profits during its financial year ending 28 February 2017.

The above distributions are subject to there being no material adverse change in market conditions.


Guernsey
15 December 2016

Sponsor
Investec Bank Limited

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