PALLINGHURST RESOURCES LIMITED - Jupiter announces a US$42 million share buy-back; Pallinghurst stands to receive a further ZAR94 million

Jupiter announces a US$42 million share buy-back; 
Pallinghurst stands to receive a further ZAR94 million

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 announces a US$42 million share buy-back;
Pallinghurst stands to receive a further ZAR94 million

Jupiter Mines Limited (“Jupiter”) has announced the indicative terms of an off-market equal access share buy-
back (“Buy-Back”) pursuant to which it intends to return US$42 million to its shareholders. All Jupiter
shareholders are to be made an equal offer to have 5.82% of their Jupiter shares repurchased, at a price of
US$0.35 per Jupiter share. Pallinghurst owns approximately 18.4% of Jupiter and stands to receive almost US$8
million (ZAR94 million) in March 2018.

The Buy-Back follows Jupiter’s US$55 million share buy-back in March 2017 and a further US$25 million share
buy-back in November 2017, underscoring Jupiter’s strong cash generation ability. The Buy-Back is primarily
being funded by Jupiter’s 49.9% share of a ZAR1.1 billion distribution from Tshipi, along with the profits earned
by Jupiter’s manganese marketing business. Jupiter also announced that Tshipi expects to close its financial year
to 28 February 2018 with a record 3.3 million tonnes of sales, record EBITDA of approximately US$250 million
and record Net Income of approximately US$160 million.

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

“Jupiter has exceeded expectations in every way, with Tshipi expected to record manganese sales, record EBITDA
and record Net Income for its financial year. Tshipi’s strong performance has seen it almost double its distribution
that was announced just last month. The sustained production increase at Tshipi, along with strong profitability,
are providing the perfect platform as Jupiter looks to relist on the Australian Securities Exchange.”



Guernsey
22 January 2018

Sponsor
Investec Bank Limited

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