PALLINGHURST RESOURCES LIMITED - Jupiter to distribute around ZAR150 million to Pallinghurst

Jupiter to distribute around ZAR150 million to Pallinghurst

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" or the "Company")



Jupiter to distribute around ZAR150 million to Pallinghurst
Today, Jupiter Mines Limited (“Jupiter”) announced the details of an off-market equal access share buy-back
(“Buy Back”) pursuant to which it intends to return US$55 million to its shareholders (“Shareholders”). All
Jupiter shareholders will be made an equal offer to buy-back 6% of their shares in Jupiter (“Shares”), at a set
price of US$0.40 (approx. AU$0.53) per share. This represents a premium in excess of five times the price at
which the Shares last traded on the ASX.

Arne H. Frandsen, Chief Executive of Pallinghurst, said:

“With Pallinghurst owning almost 20% of Jupiter, we stand to receive around ZAR150 million from the Jupiter
distribution. Assuming manganese prices remain strong, I expect more to come our way later in 2017. I also
note that Jupiter "consider strategic options to enhance shareholder value’ - we fully support such efforts and
see the prospect of a potential IPO of Jupiter as a positive, and a way to further unlock value for Pallinghurst
shareholders”.



Guernsey
23 January 2017

Sponsor
Investec Bank Limited

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