MINE RESTORATION INVESTMENTS LIMITED - Quarterly Update

Quarterly Update

 MINE RESTORATION INVESTMENTS LIMITED
 Incorporated in the Republic of South Africa
 (Registration number: 1987/004821/06)
 Share Code: MRI
 ISIN Code: ZAE000164562
 ("MRI" or “the Company”)


QUARTERLY UPDATE


Shareholders are referred to the:

•     SENS announcement, dated 29 July 2016, relating to the voluntary suspension of the
      Company’s shares on the JSE Limited (“JSE”) (“the Suspension”);
•     Quarterly update dated 30 October 2020;
•     SENS announcement dated 4 November 2020, further details of which are set out
      below; and
•     SENS announcement dated 11 December 2020; further details of which are set out
      below.

In line with paragraph 1(10)(c) of the JSE Listings Requirements, the Company is obliged to
provide the market with an update on the state of the affairs of the Company until the
Suspension is lifted.

SENS announcement dated 4 November 2020 (“Reportable Irregularity Disclosure”)

On 2 November 2020, MRI was notified by the Companies and Intellectual Property
Commission (“CIPC”) that on 23 October 2020 its then auditors, BDO, had issued the second
report to CIPC confirming that a Reportable Irregularity (“RI”) was continuing. As at the date
of receipt of notification from CIPC, MRI had not received any communication from BDO
regarding the second report relating to the RI. The continuance of the RI relates to:

   (i)     the late release of the annual financial statements for the year ended 29 February
           2020 (“2020 AFS”); and
   (ii)    the late release of the notice of annual general meeting relating to the financial
           year ended 29 February 2020. The board of directors of MRI (the “Board”) has
           appointed new auditors and the 2020 AFS will be announced and distributed to
           shareholders once they have been audited by the newly appointed auditors.

SENS announcement dated 11 December 2020 (“Appointment of Ngubane & Co as
Auditor”)

In compliance with paragraph 3.75 of the JSE Listings Requirements, and further to the
Termination of BDO as Auditor announcement released on SENS on 15 October 2020, the
Board is pleased to announce that it has approved the appointment of Ngubane and Company
Incorporated (“Ngubane and Co”) as the Company’s external auditor with effect from 14
December 2020. The Board believes that Ngubane and Co has the necessary skill, capability
and experience to oversee this function along with the transactional requirements. Further to
this, the Company has approved the appointment of Mr. Magen Naidoo as the individual
designated auditor, also effective 14 December 2020. The audit for the year ended 29
February 2020 has commenced.


Johannesburg
29 January 2021


Designated Advisor
Merchantec Capital

Date: 29-01-2021 10:30:00
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