REG - Kazera Global PLC - Update on Aftan

Kazera GlobalAnnouncement

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RNS Number : 1773J  Kazera Global PLC  27 November 2025

27 November 2025

Kazera Global plc

("Kazera" or the "Company")

 

Update on Aftan

 

Strong industry interest and ongoing progress on arbitration enforcement

 

Kazera Global plc (AIM: KZG), the investment company focused on heavy mineral
sands ("HMS") and diamond production in South Africa, is pleased to provide an
update on its interest in African Tantalum (Pty) Ltd ("Aftan"), the associated
Namibian tantalum assets, and the status of the arbitration award and ongoing
legal enforcement.

 

HIGHLIGHTS

·   Engagement with three independent parties exploring the potential
development or commercialisation of the Aftan mine

o Two parties under confidentiality agreements at an advanced stage,
including detailed geological review and site assessment

o  A third party in preliminary discussions and early stage due diligence

·   Ongoing enforcement of the US$11.9 million arbitration award, plus
accruing interest and full cost recovery

 

Dennis Edmonds, CEO of Kazera Global plc commented: "We are highly encouraged
by the strong interest in Aftan, particularly from two parties operating under
confidentiality agreements that are demonstrating clear intent and technical
engagement. This activity underscores the strategic importance of the asset
and the inherent value of its resource base.

 

"In parallel, we remain committed to enforcing the arbitration award and
recovering the outstanding sums owed to the Company. Our approach to legal
expenditure is disciplined and commercially responsible, ensuring that capital
deployment is carefully balanced against opportunities within our core
producing assets. This strategy reflects our commitment to financial prudence
and sustainable value creation for shareholders."

 

DETAILS

Background on Aftan

Aftan owns the Tantalite Valley Mine, a tantalum and lithium bearing project
located in south-eastern Namibia. Kazera initially acquired a 75 per cent
interest in Aftan in 2014 and subsequently acquired the remaining 25 per cent
in 2020, thereby achieving 100 per cent ownership.

 

On 20 December 2022, Kazera entered into an agreement to dispose of its entire
interest in Aftan, together with associated shareholder loans, to Hebei
Xinjian Construction ("Hebei") for a total consideration of approximately
US$13.0 million. The transaction also included the retention by Kazera of a
2.5 per cent life-of-mine gross revenue royalty on future tantalum and lithium
production.

 

Under the terms of the sale agreement, ownership of Aftan's shares was to
remain with Kazera as security until the full consideration had been paid.

 

Arbitration award and legal position

Following Hebei's failure to settle amounts owed under the agreement, Kazera
initiated arbitration proceedings. On 7 May 2025, the arbitration tribunal
ruled in Kazera's favour and awarded:

·      US$9.2 million in outstanding principal

·      US$1.6 million in accrued interest up to 8 October 2024

·      Further interest accruing at 20 per cent per annum on the
outstanding principal from 9 October 2024 until full payment

·      Full recovery of legal and arbitration costs

 

As at the date of the ruling, the total amount payable under the award was
approximately US$11.9 million, excluding ongoing accrued interest and costs.

 

Hebei has since commenced legal proceedings seeking to challenge the
arbitration ruling and to have the matter considered through the Namibian
Supreme Court. As a result, enforcement of the award is progressing but
remains subject to the procedural timelines and processes associated with such
legal actions.

 

Kazera continues to pursue recovery of the awarded sums while ensuring that
legal expenditure remains proportionate and commercially justified. The
Company is simultaneously balancing this process with the funding requirements
of its core operating subsidiaries, Deep Blue Minerals (Pty) Ltd and Whale
Head Minerals (Pty) Ltd, where capital deployment is expected to deliver a
more immediate and measurable operational impact.

 

Commercial pathways being explored with three independent counterparties

The Company is actively engaged with three parties regarding the potential
development or commercialisation of the Aftan mine. Two parties, operating
under confidentiality agreements, are at an advanced stage of engagement,
while a third is in preliminary discussions:

1.   An established tantalum producer operating in a neighbouring African
jurisdiction, which is in the process of developing a tantalum beneficiation
plant in Namibia and is seeking potential local supply to support this
facility.

2.   A party which has expressed interest in providing funding to support
the potential restart of mining operations, with a view to re-establishing
production at the Aftan mine.

3.   A third party has commenced initial discussions and is undertaking a
preliminary geological review, including a site visit, to assess the asset's
commercial potential.

 

The Board views this level of interest as highly encouraging and reflective of
Aftan's underlying value. Further updates will be provided as discussions
progress and as material developments arise regarding enforcement of the
arbitration award.

 

ENDS

 

For further information, visit www.kazeraglobal.com or contact:

 

 Kazera Global plc                                                      kazera@stbridespartners.co.uk

 Dennis Edmonds, CEO
 Strand Hanson Limited (Nominated, Financial Adviser and Joint Broker)  Tel: +44 (0)207 409 3494

 Christopher Raggett / Ritchie Balmer
 Zeus Capital Limited (Joint Broker)                                    Tel: +44 (0)203 829 5000

 Harry Ansell / Simon Johnson / Katy Mitchell
 St Brides Partners Limited (Financial PR)                              kazera@stbridespartners.co.uk

 Paul Dulieu/Isabel de Salis

 

Notes

Kazera Global plc (LON:KZG) is a diversified commodity investment company
focused on unlocking value through production growth and disciplined portfolio
management. While production builds at its Whale Head Minerals (Heavy Mineral
Sands) and Deep Blue Minerals (diamond) assets in South Africa's Northern Cape
province, the Company also continues to assess new opportunities to expand its
growth pipeline and deliver sustainable returns.

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