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

MEMORANDUM OF UNDERSTANDING WITH BOO WA NDO HOLDINGS (PTY) LTD

Introduction

The Board of Directors of SEAM is pleased to announce that the Company has entered into a Memorandum of Understanding (“MOU”) with Boo Wa Ndo Holdings (Pty) Ltd (“BOO”), for the acquisition of a 55% interest in the prospecting rights and mining permits over two properties in Limpopo, namely Moskow and Zoetvelden farms (“the Properties”)(“the Transaction”). These properties host known Vanadium, Titanium and Magnetite (“VTM”) resources.

Details of the Transaction:

SEAM will issue 6 million shares to BOO at R1 per share in exchange for a 55% stake in the Properties. The mining permit over the mineralised ridge on the Moskow farm will be transferred, allowing SEAM to commence mining operations in the near term. SEAM and BOO have initiated discussions regarding off-take agreements, with final laboratory results expected within two weeks.

Rationale for the Transaction

This transaction strengthens SEAM’s asset base and aligns with its exploration mandate and will improve the cashflow of the Company. The issuance of shares will assist in resolving SEAM’s JSE free float requirements.

Categorisation of the Transaction

Due to the size of the Transaction, it does not require shareholders’ approval. Shareholders will be advised once a formal agreement has been entered into.

28 February 2025 Sandton

Sponsors: Exchange Sponsors