A FOLLOW-UP TO LIBERTY COAL’S PRESS RELEASE OF 9 MAY 2025

In its press release of 9 May 2025, Liberty Coal observed that the chief executive officer of Mantengu Limited (then Mantengu Mining Limited), Mr Michael Miller, was “perfectly capable on his own, without any involvement of Liberty Coal, to ruin Mantengu’s business, and to destroy any remaining shareholder value if simply left to his own devices.” Liberty Coal further suggested that “perhaps he needs to seek appropriate medical advice, support or supervision for his condition,” and predicted that “it will ultimately also be the shareholders in Mantengu that suffer when Mr Miller’s delusional fantasies are proven to be just that.”

Thirteen months and seventeen days have passed.

In the intervening period, the following has occurred:

  1. The Financial Sector Conduct Authority has publicly stated that it found no evidence of share-price manipulation in Mantengu’s shares — being the principal substantive allegation made by Mr Miller in May 2025 against Liberty Coal, Mr McGowan, Mr Bester and others.
  2. The Johannesburg Stock Exchange has, by Public Censure dated 27 May 2026, found Mantengu in breach of General Principles (v) and (vii) read with Schedule 9 and paragraph 3.4 of its Listings Requirements, in respect of the very SENS announcements that gave rise to Liberty Coal’s defamation claim. The JSE held the announcements to be “speculative, unverified and unsupported.” The Designated Advisor at the relevant time, Merchantec Capital, has been the subject of a separate Public Censure.
  3. The Gauteng Local Division of the High Court has, by judgment of Mahomed J dated 11 May 2026 in case 2024/067354, characterised Mantengu’s litigation conduct as an “abuse of the Anton Piller process,” struck out Mantengu’s answering and supplementary affidavits as having “no reasonable prospect of success,” dismissed Mantengu’s counter-application, and awarded punitive costs on the attorney-and-client scale including the costs of two counsel.
  4. Mantengu’s audited financial results for the year ended 28 February 2026, released on 25 June 2026, carry a qualified audit opinion (three IFRS bases under IFRS 9 and IAS 2), a Material Uncertainty Related to Going Concern emphasis-of-matter paragraph, and reportable irregularities reported to the Independent Regulatory Board for Auditors in respect of non-compliance with statutory tax obligations (including non-payment of income tax, provisional tax, value added tax and employees’ tax, and non-declaration of employees’ tax on performance share plan shares issued to employees and bonuses paid to directors) across four group entities, namely Mantengu Limited, Blue Ridge Platinum Proprietary Limited, Langpan Mining Co Proprietary Limited and Memor Mining Proprietary Limited.
  5. Mantengu has, by SENS announcement dated 12 June 2026, advised the market that it has entered into advanced negotiations to dispose of its entire shareholding and claims in the Blue Ridge Platinum Mine to Afresources Mining (Pty) Ltd for a purchase consideration of R50 million in cash. Blue Ridge is the same asset whose acquisition from Sibanye-Stillwater in October 2024 was characterised by Mantengu, in the SENS announcements subsequently censured by the JSE, as a strategic transaction being targeted by the share-price manipulation Mr Miller alleged against Liberty Coal, Mr McGowan, Mr Bester and others.
  6. Mantengu’s audited financial statements disclose that total directors’ emoluments for the financial year ended 28 February 2026 amounted to R20.688 million, an increase of approximately 73% from R11.962 million in the prior financial year. The increase was recorded in the same financial year in which the Group swung from a profit of R303.3 million to a loss of R315.2 million, the operating result swung from a profit of R3.9 million to a loss of R258.6 million, the net asset value per share collapsed from 178 cents to 71 cents, the JSE issued the Public Censures referred to above, the Court delivered the judgment of Mahomed J referred to above, the audit opinion was qualified, the going concern emphasis was issued, and the reportable irregularities were reported to the IRBA in the terms referred to above. The audited financial statements further disclose Performance Share Plan share issues of R6.078 million in the financial year ended 28 February 2026 (against R2.341 million in the prior year).
  7. Mantengu’s share price reached an historical low of R0.19 on 26 June 2026 — a decline of approximately 99% from its level at the time of the announcement of the Blue Ridge acquisition (which Mr Miller, in 2025, characterised to the market as a transformative event).
  8. Mr Miller’s shareholding in Mantengu Limited, held through Disruptioncapital (Pty) Ltd (a vehicle wholly owned by him), was reduced by approximately 3,479,548 shares during the financial year ended 28 February 2026, from 23,479,548 shares (8.20%) at 28 February 2025 to 20,000,000 shares (6.15%) at 28 February 2026. Both figures are disclosed in Mantengu’s audited financial statements. The reduction coincided with the period during which Mantengu, under Mr Miller’s executive authority, was publicly alleging share-price manipulation against others. Liberty Coal notes the disclosure but expresses no view on the timing.
  9. Mr Miller resigned as Chief Executive Officer of Mantengu Limited with effect from 28 February 2026.

Liberty Coal does not, on this occasion, propose to repeat its observations of 9 May 2025. They have, in the interim, been independently confirmed by a regulator, an exchange, a High Court judge, an auditor, the market — and, in respect of the Blue Ridge Platinum Mine, by Mantengu itself.

Liberty Coal nevertheless wishes to note three matters.

First, Liberty Coal observes — as it did in May 2025 — that the shareholders, employees and creditors of Mantengu are the principal parties to suffer the consequences of the conduct that has now been substantively characterised by independent regulators and the courts. Liberty Coal regrets that its 9 May 2025 prediction in that regard has been borne out.

Second, it appears Liberty Coal’s suggestion in May 2025 that Mr Miller should perhaps seek “appropriate medical advice, support or supervision” was, regrettably, not acted upon. Although it may by now have been overtaken by events, it was at the time offered in good faith.

Third, Liberty Coal’s defamation action against Mantengu, Mr Miller and Ms Hills under case 2025/073662 in the Gauteng Division, Pretoria continues. The claim is for damages in the sum of R250 million, an interim interdict (granted by Malindi J on 19 August 2025 and extended by Allen AJ on 10 September 2025) restraining the defendants from publishing further defamatory statements concerning Liberty Coal, and costs on the attorney-and-client scale. The matter remains before the court for substantive determination.

Liberty Coal makes no further comment.

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