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Voluntary Announcement: Share Price Manipulation - Criminal Complaint
MANTENGU MINING LIMITED
Incorporated in the Republic of South Africa
(Registration number: 1987/004821/06)
Share code: MTU ISIN: ZAE000320347
("MTU" or "the Company")
VOLUNTARY ANNOUNCENT: SHARE PRICE MANUIPULATION - CRIMINAL COMPLAINT
The board of directors of MTU ("the Board") wishes to inform shareholders of the following:
• The Company filed a criminal complaint with the Hawks against several JSE executives and
others in connection with alleged share price manipulation aimed at depressing the share
price. The filing of the criminal complaint is the culmination of approximately 18 months of
investigative work by the Company and its various advisors.
• The Company had alerted the JSE in respect of its concerns of share price manipulation.
The JSE ignored the Company's concerns and chose to instead investigate MTU for alleged
breaches of certain Listings Requirements. The JSE also blocked MTU from releasing a
SENS announcement intended to warn shareholders of share manipulation in early 2024.
• Evidence also suggests that the JSE covered up a naked short on the Company's shares
by borrowing shares from MTU's largest shareholder, to ensure that a trade (a short on MTU
shares without any scrip lending arrangement in place) was executed, and then replaced the
borrowed shares shortly thereafter. When MTU queried this with the JSE, the JSE chose to
threaten MTU in its response.
• The Company believes that it is being targeted by a syndicate using front companies such
as Sable Exploration and Mining Limited ("SEAM") and Liberty Coal (Pty) Ltd ("Liberty"). One
of the objectives in using these fronting companies was to conceal the ultimate beneficial
owners ("UBO's") of them. The Company's investigations have revealed that these fronting
companies have shared directors, lawyers and auditors. MTU reported its fronting concerns
to the JSE but, again, received no support from the JSE.
• MTU's trading statement, released on SENS on 6 May 2025, indicated that it expects to
report earnings that are significantly more than its market capitalisation at the time of the
trading update. The Company believes that this disconnect stems largely from alleged share
price manipulation.
• The Company wants to make the point that the JSE has at no stage provided any tangible
support to support MTU's legitimate concerns.
• The Company does not wish to make its legal case in this SENS announcement, but rather
to inform its shareholders of the significant work that the Board, supported by its various
advisors and experts, has done. As previously communicated, the Company will pursue all
legal avenues to restore fair valuation and will keep shareholders updated with
developments.
Mantengu is aware of the possible negative perceptions that may result following this
announcement. However, it believes that financial markets and the investing public should view
its decision to make an announcement of this nature as testament to its unwavering commitment
to transparency, integrity, compliance, and all-round good corporate governance. Mantengu's
Board is also of the view that any delay in making this announcement would result in the Company
and its stakeholders being put into a significantly prejudicial position and the Company's directors
at personal security risk.
Johannesburg
9 May 2025
Designated Adviser
Merchantec Capital
Date: 09-05-2025 11:17:00
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