Enforcement of Aftan Sale Agreement

Kazera Global plc, the AIM-quoted investment company, announces that it has instructed legal counsel to commence proceedings to enforce the terms of the agreement concerning the sale of its 100% interest in African Tantalum (Proprietary) Limited ("Aftan") to Hebei Xinjian Construction ("Xinjian"), as announced in an RNS on 20 December 2022 (the "Sale Agreement").

Under the terms of the Sale Agreement, Xinjian was legally obligated to pay Kazera cash consideration of US$13.0 million for the purchase of all shares and associated loans in Aftan. Kazera retained the right to receive a debenture payment equivalent to 2.5% of gross sales of produced Lithium & Tantalum for the life of the mine and retained 100% ownership of the shares in Aftan until full payment for both the loan and the share sale was received. Payment in full was due to have been made by the end of 2023.

Despite multiple demands and various undertakings from Xinjian, the outstanding payments remain unsettled, resulting in a breach of the Sale Agreement. Xinjian currently owes the Company approximately US$9.5 million comprising the unpaid capital, outstanding shareholders' loans, and accrued interest. Kazera has now set a final deadline of 23 September 2024 for Xinjian to settle this debt in full.

Should Xinjian fail or refuse to settle the outstanding debt by this date, Kazera intends to exercise its right to refer the dispute to arbitration in accordance with the provisions of the Sale Agreement, with arbitration providing an expedited timescale for conclusion of 60 days from the date that it is demanded (being 23 September 2024, should the due funds not be settled in full by that date).

The Company continues to be entirely confident in its position in relation to the due debt following legal consultation and advice thereof, and looks forward to updating the market in due course.

Dennis Edmonds, Chief Executive Officer of Kazera Global Plc commented: "Despite our considerable patience and substantial efforts to accommodate Xinjian, it has failed to honour its commitments under the Sale Agreement. Consequently, given that we are completely confident in our legal position, we are left with no option but to pursue all legal avenues available to enforce our rights and recover the amounts owed to us. We remain steadfast in our commitment to protecting the interests of our shareholders and ensuring the full enforcement of our agreements."