Move To Arbitration On Aftan Sale Agreement

Kazera Global plc, the AIM-quoted investment company, announces that, following its RNS on 4 September 2024, it has not received payment of the circa US$9.5 million owed by Hebei Xinjian Construction ("Xinjian") by the final deadline of 23 September 2024.

As a result, Kazera is now exercising its right to refer the dispute to arbitration, in accordance with provisions in the Sale Agreement governing the sale of its 100% interest in African Tantalum (Pty) Limited ("Aftan") to Xinjian, as previously announced in an RNS on 20 December 2022 (the "Sale Agreement").

The Company has instructed its attorneys to commence arbitration proceedings with immediate effect. Arbitration will take place in Windhoek, Namibia, with an expedited timescale for conclusion of 60 business days from the initiation of arbitration proceedings.

Kazera remains fully confident in its legal position regarding the outstanding debt and looks forward to providing further updates to the market in due course.

The Company can further confirm that alongside the mining of tantalum, Aftan has received approval in recent weeks to mine lithium. Accordingly, the Board of Kazera believes that the value placed on Aftan has increased.

Dennis Edmonds, Chief Executive Officer of Kazera Global Plc commented: "While it is disappointing that Xinjian has failed to meet its payment obligations, we remain entirely confident in our legal position and are now moving forward at pace with the arbitration process. We remain steadfast in our commitment to protect the interests of all our shareholders by pursuing the outstanding debt vigorously and we are confident of a positive outcome."