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Quarterly Progress Report - November 2025
SALUNGANO GROUP LIMITED
Incorporated in the Republic of South Africa
(Registration number 2005/006913/06)
Share code: SLG ISIN: ZAE000306890
("Salungano Group" or "the Company")
QUARTERLY PROGRESS REPORT – NOVEMBER 2025
Shareholders are referred to the ongoing suspension in trading of the Company's shares on the JSE Limited
("JSE"), which came into effect on 21 August 2023 ("the Suspension") for failing to publish its audited financial
results for the year ended 31 March 2023 ("FY2023 financial results") within the prescribed period.
In terms of paragraph 1.11(c) of the JSE Listings Requirements, Salungano Group is required to provide
shareholders with an update on a quarterly basis until the Suspension is lifted, on the state of affairs of the
Company and any action proposed by the Company in order to have the listing reinstated, including the date
on which the suspension is expected to be lifted.
Publication of FY2024 financial results, integrated annual report and notice of annual general meeting
Since the publication of the previous quarterly report on SENS on 29 August 2025 ('Quarterly progress report
– August 2025'), the Company has released a trading statement on SENS on 30 September 2025, among
others advising shareholders that the Company's financial results for the year ended 31 March 2024 ("FY2024
financial results") were expected to be released on SENS on or about 7 October 2025.
On 7 October 2025, the Company released its FY2024 financial results on SENS ('Audited consolidated
financial results for the year ended 31 March 2024'). In that announcement, shareholders were informed that
the FY2024 financial results had been audited by the Company's auditor, SNG Grant Thornton, who expressed
a disclaimer opinion thereon due to material uncertainty about the Company and Group's ability to continue
operating as a going concern. It was also pointed out to shareholders that, in accordance with the auditor's
responsibilities in terms of sections 44(2) and 44(3) of the Auditing Profession Act, the auditor reported that
reportable irregularities were identified and reported to the Independent Regulatory Board of Auditors, with the
matters pertaining to the reportable irregularities being described in note 46 of the FY2024 annual financial
statements ("FY2024 AFS"). Shareholders were provided with links to the Company's website and the JSE's
cloudlink where the audit opinion (setting out, inter alia¸ the 'Basis for disclaimer of opinion') together with the
2024 AFS, were (and remain) available.
Shareholders are referred to the announcement released on SENS on 4 November 2025 ('Distribution of
integrated annual report and notice of annual general meeting') ("4 November 2025 announcement"), in
which shareholders were advised that Salungano Group's integrated annual report for the year ended 31
March 2024 ("FY2024 integrated annual report"), incorporating the FY2024 AFS, had been distributed to
shareholders. Shareholders were also advised that the FY2024 integrated annual report should be read with
the full consolidated resource and reserve report for the year ended 31 March 2024, and that both these reports
were (and remain) available on the Company's website, via the link provided in the announcement.
In the 4 November 2025 announcement, shareholders were also advised that the annual general meeting
("AGM") would be held at 10:00 on Tuesday, 2 December 2025 by way of electronic communication and
participation and that the notice of AGM was distributed separately to ordinary shareholders on the date of the
announcement and was available on the Company's website via the link provided in the announcement.
Delay in the publication of FY2025 interim results and FY2025 financial results
The Company considers the release of the FY2024 financial results, integrated annual report and notice of
AGM mentioned above as positive progressive developments that will facilitate the release of its interim results
for the six months ended 30 September 2024 ("FY2025 interim results") as soon as possible. Shareholders
will be kept informed of an estimated release date in this regard, which will be prior to the release date of the
audited FY2025 financial results.
The release date for the audited FY2025 financial results is estimated at not later than, but preferably before,
31 March 2026.
In this context, shareholders are reminded of the following important milestones:
- The conclusion of a standstill agreement with the Company's lenders on 26 August 2025, communicated
to shareholders in an announcement released on SENS on 27 August 2025 ('Conclusion of standstill
agreement and notification of further delay in publication of financial results').
- The execution of a coal supply agreement between Keaton Mining Proprietary Limited, a wholly-owned
subsidiary of Keaton Energy Holdings Limited, which in turn is a wholly-owned subsidiary of Salungano
Group Limited, and Eskom Holdings SOC Limited for the supply of coal from its Vanggatfontein Colliery to
an Eskom designated power station, communicated to shareholders in an announcement released on
SENS on 22 October 2025 ('Coal supply agreement for Vanggatfontein Colliery').
The Company remains committed to compliance with the JSE Listings Requirements and will provide further
updates as required.
Expected date for lifting of suspension
The Board's current best estimate is that the suspension of the Company's securities will be lifted on or around
early April 2026.
Johannesburg
28 November 2025
Sponsor
Merchantec Capital
Date: 28-11-2025 12:22:00
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The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
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