Recent Insider Transactions • Feb 20
Deputy CEO recently bought R1.3m worth of stock On the 17th of February, Magendren Naidoo bought around 30k shares on-market at roughly R42.00 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Magendren has been a buyer over the last 12 months, purchasing a net total of R1.3m worth in shares. Reported Earnings • Dec 01
First half 2026 earnings released: R0.27 loss per share (vs R0.017 profit in 1H 2025) First half 2026 results: R0.27 loss per share (down from R0.017 profit in 1H 2025). Revenue: R243.0m (up 110% from 1H 2025). Net loss: R81.1m (down R84.0m from profit in 1H 2025). New Risk • Nov 26
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of South African stocks, typically moving 11% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (0.01x net interest cover). Share price has been highly volatile over the past 3 months (11% average weekly change). High level of non-cash earnings (68% accrual ratio). Shareholders have been substantially diluted in the past year (70% increase in shares outstanding). Market cap is less than US$10m (R114.5m market cap, or US$6.70m). Announcement • Nov 25
Mantengu Limited to Report First Half, 2026 Results on Nov 28, 2025 Mantengu Limited announced that they will report first half, 2026 results on Nov 28, 2025 New Risk • Jul 17
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of South African stocks, typically moving 10.0% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (0.01x net interest cover). Share price has been highly volatile over the past 3 months (10.0% average weekly change). High level of non-cash earnings (68% accrual ratio). Shareholders have been substantially diluted in the past year (70% increase in shares outstanding). Market cap is less than US$10m (R160.3m market cap, or US$8.95m). Announcement • Jul 01
Mantengu Mining Limited, Annual General Meeting, Aug 21, 2025 Mantengu Mining Limited, Annual General Meeting, Aug 21, 2025. New Risk • Jun 09
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 0.01x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (0.01x net interest cover). High level of non-cash earnings (68% accrual ratio). Shareholders have been substantially diluted in the past year (70% increase in shares outstanding). Market cap is less than US$10m (R151.7m market cap, or US$8.54m). Minor Risk Share price has been volatile over the past 3 months (9.3% average weekly change). New Risk • Jun 08
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 70% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks High level of non-cash earnings (86% accrual ratio). Shareholders have been substantially diluted in the past year (70% increase in shares outstanding). Market cap is less than US$10m (R151.7m market cap, or US$8.53m). Minor Risk Share price has been volatile over the past 3 months (9.3% average weekly change). Reported Earnings • Jun 02
Full year 2025 earnings released: EPS: R1.48 (vs R0.007 in FY 2024) Full year 2025 results: EPS: R1.48 (up from R0.007 in FY 2024). Revenue: R317.5m (up 189% from FY 2024). Net income: R303.3m (up R302.1m from FY 2024). Profit margin: 96% (up from 1.1% in FY 2024). New Risk • May 30
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended August 2024. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.9x net interest cover). Market cap is less than US$10m (R91.2m market cap, or US$5.09m). Minor Risks Latest financial reports are more than 6 months old (reported August 2024 fiscal period end). Share price has been volatile over the past 3 months (8.9% average weekly change). Announcement • Feb 07
Mantengu Mining Limited (JSE:MTU) entered into a purchase agreement to acquire Iron Plant in Phalaborwa, Limpopo of Masorini Iron Beneficiation Proprietary Limited for ZAR 19 million. Mantengu Mining Limited (JSE:MTU) entered into a purchase agreement to acquire Iron Plant in Phalaborwa, Limpopo of Masorini Iron Beneficiation Proprietary Limited for ZAR 19 million on February 5, 2025. The consideration consists of a deposit equal to 20% of the Purchase Price (“Deposit”), being ZAR 3.8 million has been settled by Mantengu Mining Limited and the balance of the Purchase Price (“Balance”), being ZAR 15.2 million (including VAT), is expected to be settled by Mantengu Mining Limited on or before February 28, 2025. In addition to the Purchase Price, Mantengu will pay a commission on the Acquisition to the Agent (“Commission”), calculated at 10% of the Purchase Price, being ZAR 19 million (including VAT), simultaneously with the Balance. The Acquisition is not subject to any conditions precedent. Transfer of ownership, possession and constructive delivery of the Assets will pass and be given to Mantengu at the Site by the Agents or the Seller once the Payments to the Agent have cleared in the Agent’s bank account. The transaction is subject to approval by bankruptcy court and is expected to close on or before February 28, 2025.
Merchantec (Proprietary) Limited acted as financial advisor to Mantengu Mining Limited. Park Village Auctions & Property Sale Proprietary Limited acted as an agent appointed by Ntandazo Aviwe Ndyamara, Mohammed Yaseen Khammissa and Ebrahim Mehnaaz in respect to the transaction. New Risk • Nov 13
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 25% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (20% average weekly change). High level of non-cash earnings (25% accrual ratio). Market cap is less than US$10m (R135.1m market cap, or US$7.52m). Minor Risk Shareholders have been diluted in the past year (9.7% increase in shares outstanding). Announcement • Oct 24
Mantengu Mining Limited Provides Earnings Guidance for the Six Months Ended August 31, 2024 Mantengu Mining Limited provided earnings guidance for the six months ended August 31, 2024. In terms of paragraph 3.4(b) of the Listings Requirements of JSE Limited, companies are required to publish a trading statement as soon as they become reasonably certain that the financial results for the period to be reported on will differ by more than 20% from that of the previous corresponding period. Accordingly, a review by management of the financial results for the six months ended 31 August 2024 has indicated that: - the earnings and headline earnings per share are expected to be between 1 cent and 2 cents, reflecting an improvement of between 105% and 125% compared to the loss of 10 cents for the six months ended 31 August 2023. Announcement • Oct 10
Mantengu Mining Limited (JSE:MTU) entered into a sale of shares and claims agreement to acquire Blue Ridge Platinum (Pty) Limited from Ridge Mining Proprietary Limited and Imbani Platinum (Pty) Ltd. Mantengu Mining Limited (JSE:MTU) entered into a sale of shares and claims agreement to acquire Blue Ridge Platinum (Pty) Limited from Ridge Mining Proprietary Limited and Imbani Platinum (Pty) Ltd on October 9, 2024. 35 700 shares in Blue Ridge owned by Ridge Mining, constituting 50% of the entire issued share capital of Blue Ridge, 35 700 shares in Blue Ridge owned by Imbani, constituting 50% of the entire issued share capital of Blue Ridge, As consideration for the acquisition of the Sale Equity, Mantengu shall pay each of the Sellers the Sale Equity Purchase Consideration in cash, from immediately available funds, on the Effective Date as ZAR 1 for the Ridge Mining Sale Shares, ZAR 1 for the Imbani Mining Sale Shares, As consideration for the Sale Claims, Mantengu shall pay each of the Claim Holders in cash, from immediately available funds, on the Effective Date as a nominal cash amount of ZAR 22 in cash, from immediately available funds, on the Effective Date and an amount of ZAR 39.1 million payable to DBSA(DBSA Deferred Amount), a nominal cash amount of ZAR 14.00 in cash and an amount of ZAR 25.6 million payable to IDC (“IDC Deferred Amount”), in respect of the Sibanye Bermuda Claim, a nominal cash amount of ZAR 23.00 in cash, from immediately available funds, on the Effective Date and in respect of the Western Platinum Claim, a nominal cash amount of ZAR 1.00 in cash, from immediately available funds, on the Effective Date. The audited net asset value of Blue Ridge for the year ended December 31, 2023 was negative ZAR 1.98 billion. The Effective Date of the Transaction is the first business day following the date on which the last of the Conditions has been fulfilled or waived, as the case may be. New Risk • Aug 05
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: R168.9m (US$9.11m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (0.8x net interest cover). Share price has been highly volatile over the past 3 months (27% average weekly change). Market cap is less than US$10m (R168.9m market cap, or US$9.11m). Minor Risk Shareholders have been diluted in the past year (9.7% increase in shares outstanding). Announcement • Jun 29
Mantengu Mining Limited, Annual General Meeting, Aug 15, 2024 Mantengu Mining Limited, Annual General Meeting, Aug 15, 2024. New Risk • Jun 17
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 10% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (35% average weekly change). High level of non-cash earnings (32% accrual ratio). Minor Risks Shareholders have been diluted in the past year (10% increase in shares outstanding). Market cap is less than US$100m (R236.4m market cap, or US$13.0m). Reported Earnings • May 29
Full year 2024 earnings released: EPS: R0.01 (vs R0.12 loss in FY 2023) Full year 2024 results: EPS: R0.01 (up from R0.12 loss in FY 2023). Revenue: R109.9m (up R105.4m from FY 2023). Net income: R1.17m (up R18.1m from FY 2023). Profit margin: 1.1% (up from net loss in FY 2023). The move to profitability was driven by higher revenue. Announcement • May 11
Mantengu Mining Limited Appoints Keabetswe Mogaladi as Group Chief Operating Officer Mantengu Mining Limited announce that Mr. Keabetswe Mogaladi has, with effect from 13 May 2024, been appointed as Mantengu's Group Chief Operating Officer. Keabetswe will form part of the Group's Executive Committee and will bolster Mantengu's current focus on: the development of the Langpan chrome and PGM mine. operational excellence, cost optimisation and safety. augmenting Mantengu's growth strategy with the requisite skills and experience to expedite the Group's expansion plans. Keabetswe (Pr. Eng) is a registered Professional Engineer having obtained his BEng: (Hons) in Metallurgical Engineering from the University of Pretoria. He also obtained an MBA from Wits Business School and an Advanced Certificate in Accountancy from Unisa. Keabetswe has more than 13 years' experience in the industry and has a proven track record in various roles in the mining sector across different commodities. His interests are in business, mining & metallurgy, corporate finance, strategy, and leadership. Announcement • Apr 05
Mantengu Mining Limited to Report Fiscal Year 2024 Results on May 29, 2024 Mantengu Mining Limited announced that they will report fiscal year 2024 results on May 29, 2024 Announcement • Dec 22
Mantengu Mining Limited, Annual General Meeting, Jan 22, 2024 Mantengu Mining Limited, Annual General Meeting, Jan 22, 2024, at 10:00 South Africa Standard Time. Reported Earnings • Dec 03
First half 2024 earnings released: R0.10 loss per share (vs R0.045 loss in 1H 2023) First half 2024 results: R0.10 loss per share (further deteriorated from R0.045 loss in 1H 2023). Net loss: R16.0m (loss widened 116% from 1H 2023). Announcement • Nov 24
Mantengu Mining Limited Provides Earnings Guidance for the Six Months Ended 31 August 2023 Mantengu Mining Limited provided earnings guidance for the six months ended 31 August 2023. For the period, the company expects the basic loss and headline loss per share (LPS) and (HLPS) to be between 9.5 cents per share and 10.5 cents per share, reflecting an increase of between 90% and 110% compared to the LPS and HLPS of 5 cents for the six months ended 31 August 2022. Recent Insider Transactions • Aug 31
Non-Executive Chairman recently sold R117k worth of stock On the 29th of August, Alistair Collins sold around 90k shares on-market at roughly R1.30 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Alistair has been a net seller over the last 12 months, reducing personal holdings by R222k. New Risk • Jul 02
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: R184.0m (US$9.78m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (1,614% average daily change). Revenue is less than US$1m (R4.5m revenue, or US$239k). Market cap is less than US$10m (R184.0m market cap, or US$9.78m). Minor Risk Less than 3 years of financial data is available. Announcement • Jul 01
Mantengu Mining Limited, Annual General Meeting, Aug 16, 2023 Mantengu Mining Limited, Annual General Meeting, Aug 16, 2023, at 14:00 South Africa Standard Time. Board Change • Feb 05
Less than half of directors are independent Following Non-Executive Chairman Alistair Collins' arrival on 01 February 2023, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Independent Non-Executive Director Jonas Tshikundamalema was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Feb 02
Mantengu Mining Limited Announces Changes to the Board The board of directors of Mantengu Mining Limited announced the following Board changes: Mr. Thato Makgolane has resigned as the Financial Director of the Company, and all other group directorships, with effect from 31 January 2023. Thato will remain with the company until 28 February 2023 to oversee the financial management of the company to its 28 February 2023 year end. Thato has been accepted into a fully funded executive MBA program with leading global institution, IE Brown EMBA. Mr. Michael Miller, the current non-executive Chairman of the Board, has stepped down from this position following his appointment as the new Financial Director with effect from 1 February 2023. Michael has served as a member of the Board since 29 April 2017 and was a founding director of Langpan Mining Co Proprietary Limited (‘Langpan’) which was acquired in July 2022. Michael is a qualified Chartered Accountant and has a Master's in Financial Management from the University of Cape Town. Mr. Alistair Collins has been appointed as the non-executive Chairman of the Board with effect from 1 February 2023. Alistair, who previously served as an independent non-executive director from 7 September 2017 to 3 November 2021, was a founding director of Langpan, the Company's wholly owned subsidiary. Alistair is a senior South African and English law qualified corporate and finance lawyer with 20 years' experience. Alistair has diverse experience having advised on acquisition-, leveraged-, trade and commodity-, asset backed-, securitisation-, capital markets and structured finance-transactions. Alistair has previously held senior positions at Allen & Overy LLP, Baker & McKenzie, Pinsent Masons and Lloyds Banking Group and was a partner at Bowman Gilfillan. Given the above-mentioned changes to the board, its committees will be comprised as follows: Combined Audit and Risk: V Madlela (Chair), A Collins, J Tshikundamalema; Social and Ethics: J Tshikundamalema (Chair), A Collins, V Madlela; Combined Remuneration and Nomination: A Collins (Chair), V Madlela, J Tshikundamalema.