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Trading Statement
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")
TRADING STATEMENT
In terms of paragraph 3.4(b) of the Listings Requirements of the JSE Limited, a listed company is
required to publish a trading statement as soon as it becomes satisfied that a reasonable degree
of certainty exists that the financial results for the next period to be reported on will differ by at least
20% from the financial results for the previous corresponding period or a profit forecast previously
provided to the market in relation to such period.
Accordingly, a review by management of the financial results for the six months ended 31 August
2025 has indicated that:
• the basic loss and diluted basic loss per share is expected to be 14 cents compared to the
earnings and diluted basic earnings per share of 2 cents for the six months ended 31 August
2024, a decline of more than 100%.
• the headline loss and diluted headline loss per share are expected to be 28 cents compared
to the headline earnings and diluted headline earnings per share of 2 cents for the six months
ended 31 August 2024, similarly a decline of more than 100%.
Production of chrome concentrate
• March 2025 - 8 132 tonnes
• April 2025 - 9 535 tonnes
• May 2025 - 12 062 tonnes
• June 2025 - 14 098 tonnes
• July 2025 - 14 681 tonnes
• August 2025 - 10 524 tonnes
Average monthly chrome production from September 2024 to February 2025 was 13 520 tonnes per
month. Production volumes from March 2025 to May 2025 were still negatively impacted by the
significant flooding early this calendar year as we could not fully access our mining pits during this
time. The decrease in production in August 2025 was due to drilling and blasting challenges that
have since been overcome.
Production of Silicon Carbide
• March 2025 - 1 620 tonnes
• April 2025 - 1 328 tonnes
• May 2025 - 628 tonnes
• June 2025 - 40 tonnes
• July 2025 - nil tonnes
• August 2025 - nil tonnes
In May this year, we took the decision to wind down our silicon carbide production to shut down in
June and perform much needed maintenance over the winter period and to avoid the significantly
higher Eskom winter tariffs.
The financial information on which this trading statement is based has not been reviewed nor
reported on by the Company's auditors.
Mantengu's reviewed results for the six months ended 31 August 2025 will be published on or about
28 November 2025.
BY ORDER OF THE BOARD
25 November 2025
Designated Advisor
AcaciaCap Advisors Proprietary Limited
Date: 25-11-2025 04:00:00
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