AVENG LIMITED - Business Update: Moolmans enters into a new five-year contract with Tshipi Ntle

Business Update: Moolmans enters into a new five-year contract with Tshipi é Ntle

AVENG LIMITED
Incorporated in the Republic of South Africa
(Registration number: 1944/018119/06)
ISIN: ZAE000302618
SHARE CODE: AEG
("Aveng" or "the Company")


Business Update: Moolmans enters into a new five-year contract with Tshipi é Ntle


Aveng is pleased to announce that its South African based contract mining subsidiary, Moolmans, has
entered into a new five-year contract with its long-standing client Tshipi é Ntle. The new contract is valued
at approximately R7 billion.

This contract award will result in significant investment in equipment, people, processes and systems and
is firmly aligned with Aveng’s goal of ensuring a fit-for-purpose organisation capable of sustainable and
profitable long-term growth.

Moolmans, with support of Tshipi é Ntle, has placed an order for 16 new Cat 785D trucks, five of which are
already on site and awaiting commissioning. The remaining 11 trucks are expected to be fully operational
by June 2023. Additionally, two new Liebherr excavators and four new bulldozers are on back order,
together with an existing Liebherr excavator undergoing a full OEM refurbishment.

The award of this contract signifies a key strategic milestone for Moolmans, which is actively selecting and
entering into long-term and commercially viable contracts, coupled with the necessary investment in Heavy
Mining Equipment. Moolmans continues to pursue other opportunities in Sub-Saharan and West Africa.

Tshipi é Ntle mines manganese in the Northern Cape province of South Africa. Moolmans has been
providing contract mining services to Tshipi é Ntle since 2011.


31 January 2023
Melrose Arch

JSE Sponsor
Investec Bank Limited

Itumeleng Lepere
Manager Investor Relations
Tel: 011 779 2800
Email: investor.relations@avenggroup.com

Date: 31-01-2023 02:16:00
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