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Voluntary Quarterly Intrinsic Net Asset Value (“NAV”) disclosure
Brimstone Investment Corporation Limited
(Incorporated in the Republic of South Africa)
Registration number 1995/010442/06
Share Code: BRT ISIN: ZAE000015277
Share Code: BRN ISIN: ZAE000015285
("Brimstone" or the "Company")
Voluntary Quarterly Intrinsic Net Asset Value ("NAV") disclosure
A full analysis of the Intrinsic NAV, together with applicable explanations for the quarter ended 30 September 2025 is set out below.
Summary Change Dec 2024 to 30 Sep 2025 31 Dec 24 31 Dec 23 31 Dec 22 31 Dec 21
Sep 2025
Intrinsic NAV of Brimstone (Rm) (22.8%) 2 069.3 2 681.4 2 978.9 3 287.2 3 255.6
Intrinsic NAV per share (cents) ¹ (22.5%) 859.8 1 110.1 1 213.3 1 325.0 1 314.0
Fully diluted Intrinsic NAV per share (cents) ¹ (22.9%) 832.5 1 079.1 1 187.7 1 301.5 1 292.6
Market price per share (cents)
Ordinary shares (15.5%) 426 504 511 526 630
'N' Ordinary shares (10.7%) 451 505 485 563 649
Discount to Intrinsic NAV
Ordinary shares 50.5% 54.6% 57.9% 60.3% 52.1%
'N' Ordinary shares 47.5% 54.5% 60.0% 57.5% 50.6%
Intrinsic NAV analysis by asset
An analysis of the Intrinsic NAV of Brimstone as at 30 September 2025 is set out below, including the valuation basis of each asset. Where applicable, Intrinsic NAV is net of ring-fenced
debt and potential CGT relating to that asset.
Asset % held Closing Closing Valuation Basis Gross Debt CGT Sep 2025 Sep 2025 Gross Dec 2024 Dec 2024 Increase /
share share Value (R'000) (R'000) INAV INAV/share portfolio INAV (R'000) INAV/share (Decrease)
price at price at (R'000) (R'000) (cents) weighting (cents)
30 Sep 31 Dec
2025 2024
Market value per
Oceana 2 25.2% 49.50 67.48 share 1 620 339 - - 1 620 339 673.3 41.8% 2 208 899 914.5 (26.4%)
Market value per
Sea Harvest 2 44.2% 8.50 8.35 share 1 356 251 - - 1 356 251 563.5 35.0% 1 332 317 551.6 2.2%
Market value per
Phuthuma Nathi 1.3% 56.00 81.01 share 50 144 - - 50 144 20.8 1.3% 72 538 30.0 (30.7%)
Market value per
MTN Zakhele Futhi 1.3% 3.15 8.00 share 4 926 - - 4 926 2.0 0.1% 13 448 5.6 (64.3%)
FPG Property Fund 10.0% Book value 492 388 - (71 835) 420 553 174.7 12.7% 379 807 157.2 11.1%
FPG Investments 1.4% Market approach 56 331 - - 56 331 23.4 1.5% 50 000 20.7 13.0%
Aon Re Africa 18.0% PE valuation 100 860 - - 100 860 41.9 2.6% 70 640 29.2 43.5%
Obsidian 70.0% Book value 78 080 - - 78 080 32.4 2.0% 66 989 27.7 17.0%
SAED 25.0% Book value 71 962 - - 71 962 29.9 1.9% 70 155 29.0 3.1%
Other Investments, Valuation
Assets & Liabilities Various 40 418 - 23 395 63 813 26.5 1.0% 46 682 19.3 37.3%
Cash / (Net debt) 100.0% Book value 8 156 (1 762 160) - (1 754 004) (728.8) 0.1% (1 630 117) (674.9) 8.0%
3 879 855 (1 762 160) (48 440) 2 069 255 860 100.0% 2 681 358 1 110 (22.5%)
Intrinsic NAV per share (cents) 1 612 (732) (20) 860
Fully diluted Intrinsic NAV per share (cents) 1 561 (709) (19) 832
Notes:
1. Based on 241 million shares (December 2024: 242 million shares) in issue, net of treasury shares as calculated below:
Number of shares in issue Fully diluted number of shares
Gross number of shares in issue 264 850 108 264 850 108
Treasury shares (fully diluted number is net of notionally realised unvested FSPs) (24 180 115) (16 288 289)
Net shares in issue for Intrinsic NAV purposes 240 669 993 248 561 819
2. No CGT provided on shareholding in Oceana and Sea Harvest due to potential use of the corporate relief provisions of the Income Tax Act.
The Intrinsic NAV information presented has been prepared on a basis consistent with that used in the integrated report for the year ended 31 December 2024, which is available
on the Company's website at www.brimstone.co.za.
The above information is the responsibility of the directors and has not been reviewed or reported on by the Company's auditors.
13 November 2025
Sponsor
Nedbank Corporate and Investment Banking. a division of Nedbank Limited
Date: 13-11-2025 04:00:00
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