Sable Exploration updates on share suspension, operations, and governance

Sable Exploration and Mining Limited (SEAM) continues to face a suspension of its shares due to outstanding annual financial statements (AFS) and unresolved matters with its former auditors. The company is actively engaging with potential new auditors to meet JSE listing requirements, with discussions ongoing. A definitive date for lifting the suspension cannot be provided as the AFS remain outstanding and a new auditor has yet to be formally appointed. Shareholders will be updated once an appointment is finalized and an audit timetable is available.

In corporate governance, SEAM is identifying a qualified individual to be appointed as chairman of the board, aligning with King V principles and JSE governance requirements. The company also provided an update on the Lapon Plant / Daemaneng Minerals (DM) transaction, detailed in a term sheet dated October 2025. Key highlights include the handover of the Beneficiation Plant to DM, DM assuming full operational control for maintenance, safety, reporting, and throughput expansion, and financial provisions for pre-payment arrangements and shared commercial benefits.

SEAM emphasizes ongoing collaboration with DM to ensure uninterrupted plant operations and compliance with regulatory and environmental requirements. This transaction is considered strategically significant for SEAM's future operating profile. The company confirms it continues to submit monthly progress reports to the JSE and will provide its next shareholder update as per paragraph 1.9 of the Listings Requirements. The board remains committed to achieving full compliance to lift the suspension.