Since its formation in 2017, LMS, supported by its funding partner Barak Fund SPC, has focused on creating value for its key customers, suppliers and other stakeholders, underpinned by long-term coal supply and offtake agreements and its committed employees. Due to rapid changes in the coal market, the shareholders of LMS have been evaluating restructuring options to ensure the sustainability of the business. It has become clear that changes are required to reposition LMS to meet the needs of its current and future stakeholders. A process of change was started in 2020, which included an external valuation by a major accounting firm as part of a share sale process initiated at the majority shareholder, Lurco Group South Africa (Pty) Ltd ("Lurco Group SA")’s request. Following extensive analysis of the situation, including the external valuation, the shareholders resolved to transform the shareholding base to provide meaningful participation to management and staff via a management buy-out of the existing majority shareholder. The management consortium will be supported by the minority shareholder through a vendor finance structure. This process will ensure that the BEE status of LMS is preserved, and will be conducted with minimal operational and commercial disruption. The previous majority shareholder, Lurco Group SA, which ultimately held 51%, have exited its interest in LMS to focus on its other business interests. LMS has effectively been re-positioned to develop and grow as a business, and to continue delivering value to its suppliers, customers and other stakeholders. We will be engaging with stakeholders to discuss these changes, and will keep all affected parties informed of progress with the restructuring.