June 30, 2022

Ciboney Group Limited (CBNY) has advised that further to its News Release in October, 2021 regarding efforts by the majority shareholder to dispose of its shareholding, CBNY has now been informed by the majority shareholder that from the offers received and following the usual due diligence exercise, a suitable prospective purchaser was identified as the preferred bidder. As required by relevant government protocols, requisite approval was sought for the sale to this preferred bidder and this has now been received. Sadly, this preferred bidder has written to the majority shareholder withdrawing its offer and also advising that it has no further interest in acquiring this asset.

The Directors understand further that the majority shareholder is reviewing its position and will communicate with the Company in due course regarding how it proposes to move the matter forward in relation to the disposal of its shares, at which time, this information will be shared.

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