Wrap Text
SF: Reviewed Condensed Consolidated Interim Financial Statements for the 6 months Ended 31 August 2025
MANTENGU LIMITED
(formerly Mantengu Mining Limited)
Incorporated in the Republic of South Africa
(Registration number 1987/004821/06)
Share code: MTU ISIN: ZAE000320347
("Mantengu" or "the Company")
SHORT FORM ANNOUNCEMENT:
REVIEWED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR THE SIX
MONTHS ENDED 31 AUGUST 2025
HIGHLIGHTS FOR THE PERIOD
• Revenue increased to R243.0 million (HY24: R115.9 million), an increase of 109%
• Gross profit increased to R69.5 million (HY24: R53.0 million), an increase of 31%
• Operating loss increased to R54.6 million (HY24: R24.3 million profit), primarily due to higher
operating costs, certain of which were once off in nature
• Comprehensive loss increased to R42.8 million (HY24: R3.0 million profit)
• Loss per share increased to 27 cents per share (HY24: Earnings of 2 cents per share)
• Headline loss per share increased to 27 cents per share (HY24: Headline earnings of 2 cents
per share)
• Total assets increased to R1.446 billion (HY24: R574 million)
• Total liabilities increased to R964.1 million (HY24: R438.5 million)
• Total net asset value increased to R482.2 million (HY24: R135.9 million)
• No dividend declared for the interim period (HY24: nil cents per share)
COMMENTARY
Although Mantengu listed in August 2022, Mantengu had to complete a rights issue (December
2022) and share consolidation (31 March 2023) to correct the legacy issues created because of the
reverse takeover. This meant that Mantengu could only actively trade from 1 April 2023 onwards,
meaning that the company is effectively 2.5 years old and at the very beginning of its investment
journey. The Group has undergone a massive growth phase which has underpinned the significant
growth in the Group's balance sheet, specifically net asset value. Mantengu has made the
following investments over the last 12 months:
• August 2024: Meerust Chrome (Pty) Ltd (100% owned)
• December 2024: Sublime Technologies (Pty) Ltd (100% owned)
• February 2025: Iron Production Plant (100% owned)
• August 2025: Blue Ridge Platinum (70% owned)
The Group's primary focus is on expediting the develop and build phases of all the investments as
it continues to ramp up each operating asset to steady state.
The results for the period under review were impacted by a number of factors as detailed below.
The significant flooding experienced early in calendar 2025 had a negative impact on revenue and
net profit before tax of an estimated R51 million and R40 million respectively because of lower
production volumes in our chrome operations. Staff costs and machinery costs remained fixed
during this period of lower production. The one positive aspect to arise out of this flooding was that
we have collected and stored enormous volumes of water such that our chrome operations have
not had to use municipal water for the half year, a notable outcome considering that chrome
beneficiation is a water intensive process.
In addition, Langpan's contracted off taker, RWE Supply and Trading GMBH, exercised an outright
purchase option to buy chrome concentrate at a lower price compared to that of the market
during the quarter May 2025 to July 2025. This resulted in a negative impact on both revenue and
net profit of R29 million. The perfect storm of market conditions prevailed to give rise to this option
in chrome prices decreasing and increasing drastically within a very short period. This is not
expected to recur in future.
Blue Ridge Platinum was consolidated into the group from 1 August 2025 following the receipt of
the Section 11 ministerial approval. The inclusion of Blue Ridge resulted in a negative impact of R8
million on net profit with R3 million relating to operating costs for the month of August 2025 and R5
million relating to consolidation entries because of Blue Ridge being accounted for as an asset
acquisition as opposed to a business combination. The group will continue to incur R3 million of
operating costs monthly until Blue Ridge commences production which is expected to be in the first
half of calendar 2026. Notably, the Company has secured an offtake agreement for the supply of
chrome concentrate with Monteagle International (UK) Limited at a minimum of 300 000 dry metric
tonnes at a rate of 10 000 dry metric tonnes per month. The product will be a 40% - 42% chrome
concentrate and will be sold on a CIF (Cost, Insurance and Freight) basis using the published market
price by FerroAlloyNet.com. Blue Ridge Platinum expects that deliveries will commence during the
first half of calendar 2026, after an approximate 4 month capex build of a new chrome plant.
Infrastructure expenditure that was not capitalised but expensed had a negative impact on net
profit of R16 million. This expenditure related to future proofing both chrome operations from any
potential future flooding. The expenditure related to trenching, piping, damming, removal and
rebuilding of access roads and berm building. The objective of this was to channel water to areas
that do not prevent access to mining pits in future as well as increased water storage in the event
of heavy downpours.
OUTLOOK FOR FY 2026
Langpan has returned to a steady state of production post the flooding. Furthermore, the
commissioning process of Langpan's second chrome wash plant has started with hot
commissioning expected to be achieved at the same time that these results are released. This will
significantly bolster Langpan's production of chrome concentrate. The Board looks forward to
updating shareholders via SENS on the commissioning of the plant in the coming days. The group is
proud of this significant milestone in that this was fully funded from operating cash flows.
Meerust's production continues to increase, and the group is busy executing the introduction of a
second chrome wash plant on site to bolster production.
The design of Blue Ridge's chrome wash plant has been completed, and the group will now begin
to order long lead items. Blue Ridge is expected to be in full production in the first half of calendar
2026.
The Board's focus is to ramp up all operations to steady state in the shortest time frames such that it
can reduce expansionary capex requirements and start delivering a return to shareholders.
RESULTS ANNOUNCEMENT
This results announcement is the responsibility of the Board. This results announcement does not
include full or complete details of the reviewed condensed consolidated interim financial
statements for the six months ended 31 August 2025 ("Results") released on SENS on 28 November
2025. The Results, as published on SENS, can be found on the Company's website at:
https://www.mantengu.com/investorrelations and on the JSE's cloudlink at:
https://senspdf.jse.co.za/documents/2025/jse/isse/mtue/interims25.pdf
Any investment decision should be based on the Results as a whole.
Due to the substantial corporate activity, the Board elected to have the interim results for the six
months ended 31 August 2025 reviewed by its auditors, HLB CMA South Africa Inc. The review
conclusion is unmodified and the full report is included in the Results.
CORPORATE INFORMATION
Postal address: Postnet Suite 446, Private Bag X21, Bryanston, 2021
Registered and Physical address: 5 Saint Michaels Lane, Bryanston, 2021
Tel no: +27 (0) 11 036 3100
Web: www.mantengu.com
Board of Directors: MJ Miller (CEO), M Naidoo (CFO), J Tshikundamalema* (Chairman), V Madlela*,
W Geyer* (*Independent Non-Executive)
Company Secretary: Neil Esterhuysen & Associates Inc
Transfer Secretaries: Computershare Investor Services Proprietary Limited
Rosebank Towers, 15 Biermann Avenue, Rosebank, 2196
Private Bay X9000, Saxonwold, 2132
Auditor: HLB CMA South Africa Inc.
BY ORDER OF THE BOARD
28 November 2025
Designated Advisor
AcaciaCap Advisors Proprietary Limited
Date: 28-11-2025 09:11:00
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