SABLE EXPLORATION AND MINING LIMITED - Voluntary announcement regarding the qualified audit opinion

Voluntary announcement regarding the qualified audit opinion

Sable Exploration and Mining Limited
(Incorporated in the Republic of South Africa)
(Registration number: 2001/006539/06)
(Share Code: SXM ISIN Code: ZAE000303319)
("SEAM")


Voluntary announcement regarding the qualified audit opinion


Shareholders are referred to the Independent Auditor's Report ("Audit Report") included in the Annual
Financial Statements for the year ended 29 February 2024 released on SENS on 1 July 2024.

SEAM appointed CM & Associates Inc. ("CM&A") in April 2024 as its new auditors.

As indicated in the Audit Report, the Audit Report was qualified for the following reasons:

 1)    CM&A was unable to perform the necessary audit procedures to obtain sufficient and appropriate
       audit evidence as required by ISA 510 on the opening balances of other financial assets, loans
       from directors and certain other financial liabilities as presented in the prior year audited financial
       statements signed by the previous auditors and due to the resignation of the prior engagement
       partner. If the auditor is unable to obtain sufficient appropriate audit evidence regarding the
       opening balances, the auditor shall express a qualified or disclaimer opinion on the financial
       statements, as appropriate, in accordance with ISA 705; and

2)     SEAM restated its prior period financial statements to correct the disclosure of Pay As You Earn
       ("PAYE") and Unemployment Insurance Fund ("UIF"). The prior period financial statements were
       misstated due to the PAYE not being deducted from the salary of directors.



SEAM has agreed to pursue a Voluntary Disclosure Programme with the South African Revenue
Services to report the PAYE and UIF liability and arrange for its settlement.


11 September 2024
Sandton


Sponsor
Exchange Sponsors

Date: 11-09-2024 05:00:00
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