Royal Bafokeng Platinum Limited (JSE:RBP) News - Update in respect of litigation on the Maseve Transaction

ROYAL BAFOKENG PLATINUM LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 2008/015696/06)
JSE share code: RBP ISIN: ZAE000149936
(“RBPlat” or the “Company”)



UPDATE IN RESPECT OF LITIGATION ON THE MASEVE TRANSACTION


Shareholders are referred to the announcement released by the Company on SENS dated 6 September 2017 together
with the circular posted to shareholders on 2 November 2017 in terms of which the Company advised security holders
that it had entered into agreements with Platinum Group Metals (RSA) Proprietary Limited, a wholly-owned subsidiary
of TSX listed Platinum Group Metals Limited (“PTM”), in terms of which RBPlat and its wholly-owned subsidiary, Royal
Bafokeng Resources Proprietary Limited would:

-    acquire the concentrator plant and related surface assets owned by Maseve Investments 11 Proprietary Limited
     (“Maseve”) from Maseve for an aggregate consideration equal to the ZAR equivalent of USD58 million (the “Plant
     Transaction”); and
- acquire 100% of the shares in and shareholder claims owing by Maseve for an aggregate purchase consideration
     equal to the ZAR equivalent of USD12million (the “Share Transaction”),
(collectively the “Maseve Transaction”).

In the announcement released by the Company on SENS dated 20 September 2018, shareholders were advised that
Africa Wide Mineral Prospecting and Exploration Proprietary Limited (“Africa Wide”), which held 17.1% of the shares
in Maseve prior to the implementation of the Share Transaction, had instituted legal proceedings against PTM, RBPlat
and Maseve, in relation to the Maseve Transaction, in terms of which it sought to have the Maseve Transaction
declared unlawful and invalid. Africa Wide contended, inter alia, that the Maseve Transaction required the consent of
Africa Wide in terms of a shareholders’ agreement and the company’s memorandum of incorporation.

RBPlat is pleased to inform shareholders that a judgement has been handed down by the Gauteng Division of the High
Court of South Africa in terms of which Africa Wide’s claims in the legal proceedings against PTM, RBPlat and Maseve
in relation to the Maseve Transaction have been dismissed, with costs.

Johannesburg
17 June 2022

Corporate Advisor and Transaction Sponsor
Questco Proprietary Limited

JSE Sponsor
Merrill Lynch South Africa Proprietary Limited t/a BofA Securities

Legal Advisor to RBPlat
Bowman Gilfillan Inc.

For further information, please contact:
Lindiwe Montshiwagae
Executive: Investor Relations and Corporate Communications
Tel: +27 (0)10 590 4510
Email: lindiwe@bafokengplatinum.co.za
Thandeka Mthembu
Manager: Investor Relations
Tel: + 27 (0)10 590 4510
Email: thandekam@bafokengplatinum.co.za

Date: 17-06-2022 08:30:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.