CHROMETCO LIMITED - Update on Black Chrome Mine Proprietary Limited business rescue plan and renewal of cautionary announcement

Update on Black Chrome Mine Proprietary Limited business rescue plan and renewal of cautionary announcement

CHROMETCO LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2002/026265/06)
Share code: CMO
ISIN: ZAE007020249
(“Chrometco” or “the Company”)

UPDATE ON BLACK CHROME MINE PROPRIETARY LIMITED BUSINESS RESCUE
PLAN AND RENEWAL OF CAUTIONARY ANNOUNCEMENT

UPDATE ON BUSINESS RESCUE PLAN

Shareholders are referred to the announcement released on SENS on 31 October 2022
advising shareholders that the publication of the Black Chrome Mine Proprietary Limited
(“Black Chrome Mine”) business rescue plan (“Plan”) had been further extended from 31
October 2022 to 30 November 2022.

It was stated that the Plan had been finalised and was ready for publication, however, the
business rescue practitioner needed time to engage with creditors and other critical
stakeholders before the Plan could be published. The Plan was predicated on firstly, the
restart of the underground mining operation, and secondly the accelerated sales process. At
the time, the term sheet in respect of the post-commencement finance (“PCF”) for the restart
of the underground mining operation had been concluded. However, subsequent discussions
with the PCF funder resulted in additional conditions precedent being proposed, and it soon
became clear that the additional conditions precedent would result in the drawdown for the
PCF and the restart of the underground mining operation being delayed.

In light of the above, the business rescue practitioner decided to proceed with the accelerated
sales process with the binding offers expected to be received by 10 March 2023 and hence
the Plan will not be ready for publication on 30 November 2022 as previously communicated
and a further extension of the due date for publication of the Plan from 30 November 2022 to
31 March 2023 has been requested by the business rescue practitioner. The extension to
Friday 31 March 2023 for the publication of the Plan should allow for sufficient time to run an
open and transparent sales process and engage with creditors and other critical stakeholders
prior to the publication of the Plan.

RENEWAL OF CAUTIONARY ANNOUNCEMENT

Shareholders are referred to the previous cautionary and renewal of cautionary
announcements released on SENS and are advised that circumstances relating to a material
subsidiary of the Company are still being assessed, which could have a material effect on the
price of the Company’s securities. Accordingly, shareholders are advised to exercise caution
when dealing with the Company’s securities until a further announcement has been made.

Johannesburg
30 November 2022

Designated Advisor
PSG Capital

Date: 30-11-2022 09:45:00
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