Bauba Resources Limited (JSE:BAU) News - Joint Announcement - Update Regarding Combined Mandatory Offer Circular

Bauba Resources Limited                              Raubex Group Limited
Incorporated in the Republic of South Africa         (Incorporated in the Republic of South Africa)
(Registration number 1986/004649/06)                 (Registration number: 2006/023666/06)
Share code: BAU   ISIN: ZAE000145686                 Share code: RBX   ISIN: ZAE000093183
(“Bauba” or "the Company")                           (“Raubex”)


JOINT ANNOUNCEMENT - UPDATE REGARDING COMBINED MANDATORY OFFER CIRCULAR


Shareholders are referred to the joint firm intention announcement released on SENS on Thursday,
3 February 2022 ("FIA") wherein they were advised of Raubex's firm intention to make a mandatory offer
to Bauba Shareholders. Unless expressly defined in this announcement, capitalised terms herein have
the meaning given to them in the FIA.

Shareholders are advised that Raubex and Bauba are cooperating with a view to preparing and circulating
a combined Circular in respect of the Offer and which, for the avoidance of doubt, will combine Raubex's
offeror circular, and Bauba's offeree response circular (each as contemplated under the Takeover
Regulations).

A further announcement setting out details of the salient dates and times pertaining to the Offer will be
published in due course.


RAUBEX RESPONSIBILITY STATEMENT

The Raubex board of directors accepts responsibility for the information contained in this announcement
insofar as it relates to Raubex. To the best of its knowledge and belief, such information contained herein
is true and nothing has been omitted which is likely to affect the importance of such information.


INDEPENDENT BOARD RESPONSIBILITY STATEMENT

The Independent Board of Bauba accepts responsibility for the information contained in this
announcement. To the best of its knowledge and belief, such information contained herein is true and
nothing has been omitted which is likely to affect the importance of such information.


Johannesburg
7 February 2022


Sponsor to Bauba                                     Legal adviser to Bauba
Merchantec Capital                                   Webber Wentzel




Financial advisor and sponsor to Raubex              Legal adviser to Raubex
Investec Bank Limited                                DLA Piper Advisory Services Proprietary
                                                     Limited

Date: 07-02-2022 10:50:00
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