Updated Trading Statement - Unaudited August 2018 Year-End Results UNION ATLANTIC MINERALS LIMITED ("Union Atlantic" or "the Company") (Registration Number 1998/001940/06) Share Code: UAT ISIN: ZAE000254214 UPDATED TRADING STATEMENT - UNAUDITED AUGUST 2018 YEAR-END RESULTS Shareholders are reminded that, due to the nature of the business of the Company, Net Asset Value per share has been adopted for trading statement purposes. Shareholders are advised that a reasonable degree certainty exists over the Net Asset Value per share as at 31 August 2018 and the Company is therefore in a position to issue this trading statement in terms of Section 3.4 (b) of the JSE Listings Requirements. Accordingly, the Board announces that Union Atlantic expects the Net Asset Value as at 31 August to be R55.1 million, which is 32.02% more than the R41.8 million reported as at 31 August 2017. This will in turn translate into a Net Asset Value per share of 4.28 cents per share, which is 32.02% more than the 3.24 cents per share reported as at 31 August 2017. In addition, the Board would also like to announce that Union Atlantic expects the Net Tangible Asset Value per share as at 31 August to be R16,140 816, which is 483.12% more than the R 2,768,031 reported on 31 August 2017. This will in turn translate into a Net Tangible Asset Value per share of 1.25 cents per share, which is 483.12% more than the 0.21 cents per share reported as at 31 August 2017. The financial information on which this trading statement is based has not been reviewed or audited by the Company`s external auditors, Ernst & Young Inc. The Company’s results for the year ended 31 August 2018 are expected to be published on SENS on or before 12 April 2019. Centurion 07 June 2019 Sponsor and Corporate Advisor River Group Date: 07/06/2019 01:30:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 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.