COPPER 360 LIMITED - Restructuring of unsecured short-term debt obligations

Restructuring of unsecured short-term debt obligations

Copper 360 Limited
(Incorporated in the Republic of South Africa)
Registration number 2021/609755/06
JSE share code: CPR
ISIN: ZAE000318531
("Copper 360" or the "Company")

RESTRUCTURING OF UNSECURED SHORT-TERM DEBT OBLIGATIONS

Shareholders are advised that Copper 360 has concluded negotiations for a restructuring of unsecured short-term debt
obligations totalling R267.6 million, inclusive of accrued interest, into long term debt (the "Restructuring").

The Restructuring entails:
1.   An amendment to the current punitive interest rates applicable to the outstanding short-term debt to be replaced by
     interest with a variable rate linked to changes in the LME copper price (the "Replacement Rate"). The Replacement
     Rate will not be less than the prime interest rate charged by South African commercial banks and will include a variable
     component indexed to the LME copper price up to a maximum price of USD15 000 per metric tonne. Interest will
     accrue daily and will be payable on a quarterly basis. The current interest rate applicable to the short-term debt to be
     restructured is effectively 24.3% per annum and the Replacement Rate, based on the current LME copper price of USD
     9 136 per metric tonne would be 11% per annum. At the maximum copper price of USD15 000 per tonne the
     Replacement Rate would be 17.4% per annum. This coupon structure assists Copper 360 by immediately reducing its
     interest burden and matching its future interest obligations with concomitant increases in revenue whilst providing
     the lenders with the opportunity to benefit directly from any upward movement in the copper price from the base
     price of USD9 652 per tonne.

2.   An extension of the repayment dates (R172.3 million due and payable now, R15 million due and payable on 31 July
     2025 and R80.3 million due and payable on 28 February 2026). The lenders will convert their loans into corporate
     bonds carrying the same coupon as set out in 1 above. The corporate bonds have to be listed on a South African stock
     exchange by not later than 1 October 2025. The settlement date of the corporate bonds will be the fifth anniversary of
     the issue date which will be the same as the listing date. The corporate bonds will be unsecured.

Shirley Hayes, Chief Executive Officer commented:
"The restructuring of the short-term debt into long term debt at more favourable interest rates strengthens Copper 360's
balance sheet significantly and is an important advancement as we mature into a sustainable, steady state copper producer.
We are very appreciative of the debt holders' willingness to restructure the debt to place Copper 360 on a stronger footing."

Stellenbosch
16 April 2025
Designated Advisor: Bridge Capital Advisors Proprietary Limited

Date: 16-04-2025 02:06:00
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