Kinetic Development lifts stake in MC Mining as Makhado project progresses

Kinetic Development Group Limited (the "Company") has completed the first to fifth tranches of the Second Closings under an amendment agreement, subscribing to 277,557,929 new ordinary shares in MC Mining. Following these transactions, the Company, along with its designee, now holds approximately 40.13% of the enlarged issued share capital of MC Mining.

MC Mining's flagship Makhado Project in South Africa continues to advance steadily. The open-pit mine has completed 2.77 million m³ of overburden stripping, with coal exposure anticipated in November 2025. Civil foundational works for the Coal Handling and Processing Plant are largely complete, and steelwork, mechanical, and equipment installations are underway, targeting completion by December 2025. Infrastructure development, including power, water, road, and bridge works, is also on schedule for a December 2025 completion.

Operational start-up, including construction of mining area infrastructure and the coal processing plant, is expected by December 2025, preparing for coal output. Joint commissioning is projected to commence in January 2026. The board believes this subscription and the Makhado Project's development offer a significant strategic opportunity for the Group, aiming to eventually hold 51.00% of MC Mining's ordinary shares on a fully diluted basis.