SHAREHOLDING STRUCTURE

structure

KMR is owned 50% by Dirleton Minerals and Energy (Pty) Ltd (DME) and 50% by Northern Cape Manganese Company (Pty) Ltd (NCMC). Kudumane Investment Holdings Limited (KIH), a subsidiary of Asia Minerals Limited (AML) is the Technical/Financial and Marketing partner and holds 49% of the shares in both DME and NCMC. Two BBBEE companies hold the remaining 51% of the shares through Bold Moves 1715 (Pty) Ltd, which holds 51% shares in DME and Afris Manganese (Pty) Ltd, which holds 51% shares in NCMC.