SALUNGANO GROUP LIMITED - Quarterly Progress Report - August 2025

Quarterly Progress Report - August 2025

SALUNGANO GROUP LIMITED
Incorporated in the Republic of South Africa
(Registration number 2005/006913/06)
Share code: SLG  ISIN: ZAE000306890
("Salungano Group" or "the Company")


QUARTERLY PROGRESS REPORT – AUGUST 2025


Shareholders are referred to the ongoing suspension in trading of the Company's shares on the JSE Limited
("JSE"), which came into effect on 21 August 2023 ("the Suspension") for failing to publish its audited financial
results for the year ended 31 March 2023 ("FY2023 financial results") within the prescribed period.

In terms of paragraph 1.11(c) of the JSE Listings Requirements, Salungano Group is required to provide
shareholders with an update on a quarterly basis until the Suspension is lifted, on the state of affairs of the
Company and any action proposed by the Company in order to have the listing reinstated, including the date
on which the suspension is expected to be lifted.

Delays in the publication of financial results and conclusion of Standstill Agreement

Shareholders are referred to the announcement released on SENS on 13 June 2025 ('Notification of further
delay in publication of audited financial results for the year ended 31 March 2024 and interim financial results
for the six months ended 30 September 2024"). In that announcement, shareholders were referred to the
announcement released on SENS on 28 March 2025 and the quarterly progress report released on SENS on
30 May 2025, in which the Company advised that it anticipated publishing its audited financial results for the
year ended 31 March 2024 ("FY2024 financial results") by mid-June 2025, and the interim results for the six
months ended 30 September 2024 ("FY2025 interim results") by end-June 2025. Shareholders were further
advised that the Company was in the process of finalising its financial reporting and required additional time
to complete this process, and that an updated indicative timeline for the publication of the FY2024 financial
results and FY2025 interim results would be communicated to shareholders as soon as practicable.

Shareholders are also referred to the announcement released on SENS on 27 August 2025 ('Conclusion of
standstill agreement and notification of further delay in publication of financial results'), in which shareholders
were advised of the conclusion of a Standstill Agreement with its lenders on 26 August 2025, that the Company
was progressing well with finalising its financial reporting, and that an updated indicative timeline for the
publication of the FY2024 and FY2025 financial results would be communicated to shareholders as soon as
practicable.

As at the date of this quarterly SENS update, the Company remains unable to advise on exact dates for the
release of the abovementioned results.

As a consequence of the delays in publishing the FY2024 financial results and the FY2025 interim financial
results, it is further anticipated that the audited financial results for the year ended 31 March 2025 ("FY2025
financial results") will not be published on or before 30 September 2025, as advised in the previous quarterly
progress report ('Quarterly progress report – May 2025') ("the May 2025 quarterly progress report"). An
indicative timeline for the publication of the FY2025 financial results will also be communicated to shareholders
as soon as practicable.

The Company remains committed to compliance with the JSE Listings Requirements and will provide further
updates as required.

Expected date for lifting of Suspension

Based on the current uncertainties in respect of timelines outlined above, the Board's current best estimate is
no longer that the suspension of the Company's securities will be lifted on or around mid-November 2025, as
communicated in the May 2025 quarterly progress report. The Board's best estimate in this regard will be
communicated to shareholders as soon as practicable.

Johannesburg
29 August 2025

Sponsor
Merchantec Capital

Date: 29-08-2025 04:30:00
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