SABLE EXPLORATION AND MINING LIMITED - Quarterly update on suspension

Quarterly update on suspension

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

QUARTERLY UPDATE IN TERMS OF THE JSE LISTINGS REQUIREMENTS

Shareholders are referred to the ongoing suspension of trading in
the Company's shares and are advised as follows:

1. Status of Annual Financial Statements and Auditor Appointment

The Company continues to experience delays in the finalisation of
its outstanding Annual Financial Statements ("AFS"), primarily due
to limited communication and unresolved matters with its previous
auditors, Balushi Chartered Accountants.

SEAM has since engaged with new, potential auditors who meet the
eligibility requirements of the JSE Listings Requirements.
Discussions are ongoing, and shareholders will be advised once an
appointment is finalised and an updated audit timetable is
available.

2. Expected Date of Lifting of Suspension

As the AFS remain outstanding and a new auditor has not yet been
formally appointed, the Board cannot at this stage provide a
definitive date on which the suspension is expected to be lifted.
Shareholders will be updated in due course.

3. Corporate Governance Enhancements

The Company is in the process of identifying a suitably qualified
and experienced individual to be appointed as Chairman of the Board,
in line with King V principles and JSE governance requirements.

4. Lapon Plant / Daemaneng Minerals Transaction

Shareholders are updated on progress relating to the Lapon and
Daemaneng Minerals ("DM") transaction, the details of which are
contained in the signed Term Sheet (October 2025). Key highlights
include:

  -   The handover of the Benefication Plant to DM.

  -   DM assuming full operational control and responsibility for
      maintenance, safety, reporting, and throughput expansion
      (pages 8–10).

  -   Financial provisions relating to pre-payment arrangements and
      shared commercial benefits (page 11).
  -   Ongoing collaboration between Lapon and DM to ensure
      uninterrupted plant operations and compliance with regulatory
      and environmental requirements.

This transaction remains strategically significant to SEAM and its
future operating profile.

5. Ongoing Compliance

The Company continues to submit monthly progress reports to the JSE
and will provide its next shareholder update in accordance with
paragraph 1.9 of the Listings Requirements.

The Board remains committed to ensuring that the suspension is
lifted as soon as the Company is fully compliant with the Listings
Requirements.

Johannesburg
18 December 2025
Exchange Sponsors

Date: 18-12-2025 07:30:00
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