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Voluntary Announcement: Conclusion of Conditional Nickel Concentrate Off-Take Agreement
AFRICAN RAINBOW MINERALS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 1933/004580/06)
JSE share code: ARI
ISIN: ZAE000054045
("ARM" or "the Company")
VOLUNTARY ANNOUNCEMENT: CONCLUSION OF CONDITIONAL NICKEL CONCENTRATE OFF-TAKE AGREEMENT
Shareholders are advised that on 24 April 2026, ARM entered into a conditional nickel concentrate
sale agreement (the "Off-take Agreement") with Boliden Commercial AB ("Boliden"), in respect of
the sale of nickel concentrate from ARM's Nkomati Nickel Mine in South Africa ("Nkomati") (the
"Proposed Transaction").
The Off-take Agreement provides for the sale of nickel concentrate over a multi-year period, and is
subject to a number of conditions precedent, including ARM Board approval of the commencement
of open pit mining of nickel bearing ore at Nkomati, completion of responsible sourcing due
diligence by Boliden, and the receipt of all required regulatory approvals. In line with the
confidentiality provisions contained in the Off-take Agreement, the detailed commercial terms of
the Off-take Agreement are not disclosed.
This transaction supports the potential recommencement of mining at Nkomati and strengthens the
Nkomati restart business case by securing an off-take route for future nickel concentrate
production.
The concentrate will be shipped to and processed at Boliden's Harjavalta smelter in Finland, the
only large-scale nickel smelter in Europe. Harjavalta operates established flash smelting
technology with among the lowest carbon dioxide emissions per tonne of nickel produced globally
and is certified under the Nickel Mark and Copper Mark responsible production frameworks. The
off-take route therefore provides Nkomati with access to a European market increasingly focused
on responsibly-sourced nickel units, supporting ARM's positioning in the clean energy value chain.
The Proposed Transaction does not constitute a categorised transaction for ARM in terms of the
Listings Requirements of the JSE Limited and accordingly this information is disclosed on a
voluntary basis.
For all queries, please contact:
Thabang Thlaku
Executive: Investor Relations and New Business Development
Thabang.Thlaku@arm.co.za
+27 11 779 1300
Sandton
28 April 2026
Sponsor: Investec Bank Limited
Date: 28-04-2026 12:10:00
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