MANTENGU LIMITED — Capital/Financing Update 2026

May 6, 2026

Mantengu®

Next Generation Mining

MANTENGU LIMITED

(formerly Mantengu Mining Limited)
Incorporated in the Republic of South Africa
(Registration number 1987/004821/06)
Share code: MTU ISIN: ZAE000320347
("Mantengu" or "the Company")

HMS BERGBAU AFRICA – NEW CHROME OFFTAKE AGREEMENT

The Board of Directors of the Company (the “Board”) wishes to announce that Mantengu’s wholly owned subsidiary Langpan Mining Co (Pty) Limited (“Langpan”) has replaced its offtaker of chrome.

On 14 April 2022, Langpan, entered into a chrome marketing contract (the “CMC”) with RWE Supply & Trading GmbH (“RWEST”) as amended from time to time. Langpan and RWEST have decided by mutual agreement to terminate the CMC on such terms that all obligations between them came to an end and were extinguished on 30 April 2026.

The board is pleased to announce that Langpan has simultaneously, with the termination of the CMC, entered into offtake and funding agreements with HMS Bergbau Africa (Pty) Ltd (“HMSBA”). HMSBA is a subsidiary of HMS Bergbau AG (“HMSB”). HMSB is an international commodities marketing company specialising in commodities such as coal products, liquid fuels, oil and gas, cement, ores, as well as other bulk products and is listed on the Frankfurt Stock Exchange in Germany.

The new commercial structure with HMSBA is better aligned with Langpan’s long-term development and sales strategy and particularly eliminates the RWEST legacy concept of unilateral price determinations below prevailing market conditions. Shareholders are referred to the SENS short form announcement of 28 November 2025, where the Company commentary on the half year results referenced a negative impact on both revenue and net profit of R29 million because of this legacy concept. Langpan’s new contractual terms with HMSBA eliminates the possibility of a reoccurrence thereof.

The Board wishes to thank RWEST for its support of Langpan over the years and looks forward to working with HMSBA in the coming years.

By Order of the Board
6 May 2026

Designated Advisor
AcaciaCap Advisors Proprietary Limited