CHROMETCO LIMITED - Provisional Reviewed Condensed Consolidated Results for Year Ended 28 February 2021

Provisional Reviewed Condensed Consolidated Results for Year Ended 28 February 2021

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

PROVISIONAL REVIEWED CONDENSED CONSOLIDATED RESULTS FOR YEAR
ENDED 28 FEBRUARY 2021

1.   SALIENT FEATURES

     The Group and the rest of the mining industry were faced with numerous challenges
     during the past year. Despite all the challenges the Group faced, we still managed to
     make significant strategic headway.

     The final phase of the chrome processing plant was commissioned during the latter part
     of the period, which resulted in the Group becoming a primary chrome concentrate
     producer. Management is in the process of improving the efficiencies of the chrome
     processing plant.

     The Group’s revenue increased by 25% to R1,42 billion and generated cash from
     operating activities of R111.0m (2020: R223.2m).

     The Group’s results were impacted by the COVID-19 lockdown, significant increase in
     logistics rates and a drop in the average chrome price for the year, leading to a gross loss
     of R110.3m (2020: gross profit of R208.1m).

     Subsequent to year end, the Group secured a life of mine offtake agreement with a
     reputable PGM producer for its intermediate product produced by the chrome processing
     plant.

     Headline loss per share (“HLPS”) decreased by 198% to -3.58 cents per share, from -1.2
     cents per share in the prior corresponding period.

     Loss per share (“LPS”) decreased by 189% to -3.84 cents per share, from -1.33 cents per
     share in the prior corresponding period.

2.   SHORT-FORM ANNOUNCEMENT

     This short-form announcement is the responsibility of the directors of the Company. It
     contains only a summary of the information in the full announcement (“Full
     Announcement”) and does not contain full or complete details. The Full Announcement
     can be found at:
        https://senspdf.jse.co.za/documents/2021/JSE/ISSE/CMO/FY21CMO.pdf

     Copies of the Full Announcement is also available for viewing on the Company’s website
     at http://www.chrometco.co.za/investor_relations/sens_announcements.html or may be
    requested in person, at the Company’s registered office or the office of the designated
    advisor, at no charge, during office hours.

    Any investment decisions by investors and/or shareholders should be based on
    consideration of the Full Announcement, as a whole.

    These annual results have been reviewed by the Company’s auditors, Moore Cape Town
    Inc. who expressed an unmodified review opinion thereon.

Johannesburg
14 June 2021

Designated Advisor
PSG Capital

Date: 14-06-2021 04:35:00
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