In terms of section 3.4 (b) of the JSE Limited Listings Requirements, companies are required to publish a trading statement as soon as they are reasonably certain that the financial results for the current reporting period will be more than 20% different than that of the previous corresponding period.

Shareholders are hereby advised that a reasonable degree of certainty exists that for the six months ended 30 September 2025, the Company will report basic earnings (profit) per share of between 428.5 cents and 1 144.2 cents, being a decrease of between 84.0% and 94.0%, as compared to basic earnings (profit) per share of 7 157.3 cents as restated for the prior comparative period, and headline earnings (profit) per share of between 894.3 cents and 947.2 cents, being an increase of between 69.0% and 79.0%, as compared to headline earnings (profit) per share of 529.2 cents for the prior comparative period.

The Group’s prior comparative period results have been restated for the finalisation of Impact Oil & Gas Limited’s (“IOG’s”) acquisition accounting, which resulted in a fair value gain of R4 551 million being recognised on the Group’s investment in the company on the date of acquisition. The Company’s basic earnings (profit) per share was consequently restated from 1 530.3 cents to 7 157.3 cents for the prior comparative period.

Headline earnings for the prior comparative period included an effective R250 million loss in respect of fair value adjustments recognised on the Group’s investment in the Block 11B/12B prospect off the south coast of South Africa. A similar downward fair value adjustment was not recognised during the six months ended 30 September 2025.
The above information has not been reviewed or reported on by the Company’s auditors.  The Company’s interim results are expected to be published on or about 27 November 2025.