SABLE EXPLORATION AND MINING LIMITED - Quarterly update in terms of the JSE listings requirements re suspension of listing

Quarterly update in terms of the JSE listings requirements re suspension of listing

SABLE EXPLORATION AND MINING LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 2001/006539/06)
(Share Code: SXM ISIN Code: ZAE000303319)
("SEAM" or "the company")
General Segment

QUARTERLY UPDATE IN TERMS OF THE JSE LISTINGS REQUIREMENTS

SUSPENSION OF LISTING

Shareholders are referred to the suspension of trading in the
Company's securities on the JSE Limited ("JSE").

In compliance with paragraph 1.11(b) of the JSE Listings
Requirements, the Company provides the following update:

•   The outstanding Annual Financial Statements ("AFS") remain the
    primary reason for the continued suspension.

•   The Company continues to engage with audit firms that meet JSE
    requirements.

•   The appointment of an independent non-executive Chairperson
    remains in progress.

•   The Company continues to assess the financial and operational
    implications of its arrangements relating to Lapon Plant (Pty)
    Ltd and Daemaneng Minerals (Pty) Ltd, which will be incorporated
    into the AFS, including going concern and valuation
    considerations.

The following actions are underway to facilitate reinstatement:

•   Finalisation and appointment of a JSE-compliant auditor;

•   Completion of the AFS in accordance with IFRS and JSE Listings
    Requirements;

•   Completion of the audit process; and

•   Ongoing engagement with the JSE, including preparation for
    submission of an application for reinstatement.

The Company is not yet in a position to provide a definitive
timeline for the appointment of auditors or publication of the
audited AFS.

SEAM will continue to provide quarterly updates until the suspension
is lifted.

Sandton
27 March 2026

Sponsor
Exchange Sponsors

Date: 27-03-2026 02:38:00
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