SAIL MINING GROUP LIMITED - Quarterly Suspension Update

Quarterly Suspension Update

SAIL MINING GROUP LIMITED
(previously Chrometco Limited)
(Incorporated in the Republic of South Africa)
(Registration number 2002/026265/06)
Share code: SGP
ISIN: ZAE000070249
("Sail" or "the Company")


QUARTERLY SUSPENSION UPDATE

In terms of paragraph 1.11(c) of the JSE Listings Requirements, the Company is required to
provide an update to shareholders regarding the current state of affairs of the Company until
the suspension is lifted.

Shareholders are referred to the ongoing suspension in trading of the Company's shares on
the JSE which came into effect on 18 July 2022. Trading in the Company's shares remain
suspended due to the late publication of the annual financial statements for the years ended
28 February 2022, 28 February 2023, 29 February 2024 and 28 February 2025 ("Annual
Results") and the subsequent interim results for the six months ended 31 August 2022, 31
August 2023, 31 August 2024 and 31 August 2025 ("Interim Reports").

In respect of the late publication of the Company's Annual Results, the Company previously
had challenges appointing new auditors due to three subsidiaries within the group, Black
Chrome Mine Proprietary Limited ("Black Chrome Mine"), Sail Resources Proprietary
Limited and Sail Minerals Proprietary Limited, being in Business Rescue. This was
subsequently remedied and Auditors were appointed in October 2023; however, the
finalisation and publication of the Interim Reports and Annual Results will remain outstanding
until the finalization of the audit procedures as prescribed by IRBA. The Moore Johannesburg
audit team have made significant progress on their audit verification procedures for the 2022,
2023 and 2024 financial years. The Company has also appointed an International Financial
Reporting Standards expert to assist with technical queries.

The Company announced on 12 December 2025 (the "Record Date") that it will proceed with
a conditional offer to repurchase (the "Repurchase" or "Offer"), on a pro rata basis, all of the
ordinary shares in its issued share capital ("Shares") (excluding treasury Shares) ("Offer
Shares") on the Record Date. The Offer provided that to the extent all shareholders accept
the Repurchase, one shareholder would remain as a shareholder of Sail. The board of Sail
simultaneously advised shareholders that it proposed terminating the listing of the Company's
Shares from the AltX Board of the JSE (the "Delisting"). The Delisting is subject to the
fulfilment or waiver, to the extent legally permissible, of suspensive conditions, namely:

 i.   Approval by shareholders of the Delisting ("Delisting Resolution");
ii.   Approval by shareholders of an amendment the Company's memorandum of
      incorporation as appropriate, to inter alia take account of the proposed delisting of the
      Company from the JSE; and
iii.  Approval of the Financial Surveillance Department of the South African Reserve Bank,
      (together the "Delisting Conditions").

The proposed Delisting will be facilitated by way of the Offer in accordance with paragraph
1.15(c) of the JSE Listings Requirements. Should the Delisting Resolution be approved by
shareholders at a General Meeting and the Delisting Conditions fulfilled or waived, the
Company will apply to the JSE for its Delisting in terms of paragraph 1.14 of the JSE Listings
Requirements

The Company will provide a further update in this regard in due course.

Johannesburg
31 March 2026

Designated Advisor
PSG Capital

Date: 31-03-2026 03:00:00
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