Quarterly Update – 29 October 2021

MINE RESTORATION INVESTMENTS LIMITED
Incorporated in the Republic of South Africa
(Registration number: 1987/004821/06)
Share Code: MRI
ISIN Code: ZAE000164562
("MRI" or “the Company”)


QUARTERLY UPDATE – 29 OCTOBER 2021


Shareholders are referred to the:

•        SENS announcement, dated 29 July 2016, relating to the voluntary suspension of the
         Company’s shares on the JSE Limited (“JSE”) (“the Suspension”);
•        Quarterly update dated 30 July 2021;
•        Further trading statement, published on 6 September 2021;
•        Provisional audited summarised consolidated annual financial results for the year
         ended 28 February 2021, published on 8 September 2021;
•        Annual Report for the year ended 28 February 2021, published on 1 October 2021
•        No Change Statement, Notice of Annual General Meeting and Name Change
         Announcement, published on 1 October 2021;
•        SENS announcement dated 15 October 2021, further details of which are set out
         below;
•        Unaudited Interim Results for the six months ended 31 August 2021, published on 18
         October 2021; and
•        The Competent Persons Report.

In line with paragraph 1(10)(c) of the JSE Listings Requirements, the Company is obliged to
provide the market with an update on the state of the affairs of the Company until the
Suspension is lifted.

Further Trading Statement

MRI published a further trading statement on 6 September 2021. A review by management of
the financial results for the year ended 28 February 2021 indicated the following:

   •   the earnings per share was expected to be between 42 cents and 48 cents, reflecting
       an improvement of between 170% to 180%, compared to the loss per share of 60 cents
       for the year ended 29 February 2020. The improvement was largely due to the impact
       of a one-time event in the form of the sale of dormant subsidiaries; and
   •   the outlook on headline loss per share had not changed and was expected to be
       between 20 cents and 14 cents, reflecting an improvement of between 67% and 77%,
       compared to the headline loss per share of 60 cents for the year ended 29 February
       2020.


Provisional audited summarised consolidated annual financial results for the year
ended 28 February 2021

The provisional audited summarised consolidated annual financial results for the year ended
28 February 2021 were issued on 8 September 2021.


Annual Report for the year ended 28 February 2021

The Annual Report was distributed to all shareholders on 1 October 2021 and the 2021 annual
general meeting shall be held virtually on 2 November 2021.


SENS announcement dated 15 October 2021 (“Change to the board - resignation of
director”)

On 15 October 2021 it was announced that the Mr. Alistair Collins has resigned as an
independent non-executive director of MRI with effect from 3 November 2021. The Board of
directors of MRI accepted his resignation and thanked Mr. Alistair Collins for his service and
contribution to the Company.


Unaudited Interim Results for the six months ended 31 August 2021

The unaudited interim results for the six months ended 31 August 2021 were released on
SENS on 18 October 2021. The Company is now compliant with its reporting obligations in
terms of the JSE Listings Requirements.


Competent Person’s Report (“CPR”)

The CPR has been updated to include the valuation of the reserve and the platinum element
of the Langpan mine. The CPR has been submitted to the JSE for review and approval. In
addition, the Company has been notified that the water use license has been approved and
expects the issuance of the license to be made imminently.

The Company is currently engaging with its advisors around the circular process.


Johannesburg
29 October 2021

Designated Advisor
Merchantec Capital

Date: 29-10-2021 04:45:00
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