Trading Statement Bauba Resources Limited Incorporated in the Republic of South Africa (Registration number 1986/004649/06) Share code: BAU ISIN: ZAE000145686 (“Bauba” or "the Company") TRADING STATEMENT In terms of the Listing Requirements of JSE Limited, companies are required to publish a trading statement as soon as there is a reasonable degree of certainty that the results to be reported on will differ by more than 20% from that of the previous corresponding period. Accordingly, a review of the financial results for the year ended 30 June 2019 by management has indicated that the earnings per share and headline earnings per share are expected to be between 3.99 cents and 5.47 cents, reflecting a decrease of between 60.5% and 45.8% compared to the earnings per share and headline earnings per share of 10.09 cents for the year ended 30 June 2018. Full year financial results were significantly impacted by sub-par performance in the first half of the financial year where a loss attributable to equity holders of the parent of R9,666 million (loss per share of 2.55 cents) was incurred as reported in our interim results for the six-month period ended 31 December 2018. Bauba’s performance was further adversely affected by a weak chrome ore market during the course of the year ended 30 June 2019. Bauba expects to release its provisional condensed consolidated results on or about 13 September 2019. The financial information on which this trading statement is based has not been reviewed or reported on by the Company’s auditors. Johannesburg 9 September 2019 Sponsor Merchantec Capital Date: 09/09/2019 05:00:00 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.