2A Executed, US$1.75m Triggered & Board Changes
Summary by AI BETAClose X
The information contained within this announcement is deemed to constitute inside information as stipulated under the retained EU law version of the Market Abuse Regulation (EU) No. 596/2014 (the "UK MAR") which is part of UK law by virtue of the European Union (Withdrawal) Act 2018. The information is disclosed in accordance with the Company's obligations under Article 17 of the UK MAR. Upon the publication of this announcement, this inside information is now considered to be in the public domain.
24 September 2026
Kazera Global plc
("Kazera" or the "Company")
2A Mining Right Executed, US$1.75m Payment Triggered and Board Changes
Kazera Global plc (AIM: KZG), the AIM-quoted investment company, is pleased to announce that the Mining Right over Sea Concession 2A ("2A"), held by the Company's South African subsidiary Whale Head Minerals (Pty) Ltd ("WHM"), has now been formally executed by the South African Department of Mineral and Petroleum Resources ("DMPR").
Formal execution represents the completion of the key regulatory process following the grant of the 2A Mining Right announced on 2 September 2026 and triggers a further US$1.75 million advance payment to WHM from South Africa AT Investments (Pty) Ltd ("SAI") under the parties' long-term Mining Cooperation and Production Sharing Agreement.
The Company is also pleased to announce changes to its executive management structure, reflecting the next phase of Kazera's development and building on the close working relationship established between Paul Dulieu, currently a Non-Executive Director of the Company, and Richard Jennings since the reconstitution of the Board in April 2026.
2A Mining Right
2A covers approximately 3,095 hectares in the Northern Cape, South Africa and forms the cornerstone of Kazera's Heavy Mineral Sands ("HMS") strategy. The formal execution of the Mining Right enables development of 2A to progress under Kazera's strategic partnership with SAI.
Execution of the Whale Head Minerals 2A Mining Right
at the Northern Cape DMPR on 23 September 2026
Under the agreement with SAI, execution of the Mining Right triggers a further US$1.75 million advance payment to WHM against future production. This follows the US$750,000 advance payment received from SAI in July 2026.
SAI is responsible for funding 100% of the capital expenditure, operating costs, infrastructure, equipment deployment and working capital required for the mining and processing operations covered by the agreement, while WHM retains a 20% cost-free entitlement to production.
Operational preparations for the development of 2A are continuing, with Kazera and SAI focused on bringing the enlarged South African HMS operations into commercial production during Q1 2027. Production is expected to ramp up progressively, with an initial target of at least 10,000 tonnes per month by Q2 2027 and current operational planning targeting approximately 30,000 tonnes per month thereafter.
Executive Leadership Transition
The Company is also pleased to announce its planned executive leadership transition, together with the ongoing executive role to be undertaken by Richard Jennings.
Richard Jennings was appointed Interim Chief Executive Officer in April 2026 on a temporary basis while the newly constituted Board reviewed the longer-term executive leadership of the Company.
As part of that planned transition, Paul Dulieu, currently a Non-Executive Director of the Company, will be appointed Chief Executive Officer of Kazera with effect from 1 October 2026.
Since joining the Board in April, Paul has worked very closely with Richard across all the key areas of the business. The Board believes that this close working relationship has contributed significantly to the progress made by Kazera over recent months and provides important continuity as the Company moves into its next phase of development.
Paul will assume overall executive responsibility for the Group from 1 October 2026, whilst Richard will remain on the Board as an Executive Director.
In light of Paul's appointment as Chief Executive Officer, the Board has also reviewed the composition and terms of reference of its Audit and Nomination and Remuneration Committees. Richard Jennings will join both committees alongside Geoff Eyre, and the Board has approved appropriate amendments to the committees' terms of reference to reflect their revised composition.
In his revised role, Richard will focus principally on:
· oversight of the Company's South African operations, working closely with Paul;
· the origination, evaluation and development of new business and investment opportunities; and
· financial and strategic oversight across the Group.
The Board believes that the revised structure provides clear executive leadership while retaining the experience, relationships and continuity that have underpinned the Company's progress since April.
Richard has played a central role in the significant progress achieved by Kazera during his period as Interim Chief Executive Officer, including the development of the Company's relationship with SAI, the grant and execution of the 2A Mining Right and the strengthening of the Company's operational and financial position.
Richard Jennings, Interim Chief Executive Officer, commented: "When the new Board took control in April it is fair to say that we inherited a "basket case" from the previous Chairman, John Wardle, and CEO, Dennis Edmonds. There was a need for emergency funding from me (which the ex-Chairman John Wardle's related entity Tracarta was unprepared to assist with without triggering eye watering dilution to existing shareholders), engagement with key stakeholders in South Africa had broken down, the Aftan position was floating in the wind and operations on the ground in South Africa were listless and without focus, whilst the all-important 2A licence grant continued to evade us. I take this opportunity to apologise to shareholders for supporting the previous CEO for as long as I did.
"Kazera has always been a company with good assets but one that had simply failed to deliver on its potential for far too long. A harsh light has been shone on previous management in that we have managed, in less than six months, to achieve all the key elements that the Company had failed to conclude over a number of years. That is not down to luck. It is down to hard work, urgency, commercial focus and, above all, a determination to get things done.
"I have always believed that AIM companies should be run for their shareholders, not for their directors. Sadly, this from my own acute experience, is a real rarity. Management should be properly incentivised to create value, salaries should be reasonable, costs should be controlled and directors should succeed when shareholders succeed. That is the culture we have sought to instil at Kazera since April and which will continue and I make no apology for believing that more small listed companies should be run in the same way.
"The progress made over the last six months speaks for itself. We have strengthened the balance sheet from a near $2m debt position to a net cash position, secured the 2A Mining Right in SA, brought in a strategic partner prepared to fund its development, made substantial progress in unlocking value from Aftan and put the Company on a completely different footing from where we found it. All this with a de minimis amount of dilution to shareholders.
"Paul has been at the centre of that work with me from the outset. We have worked extraordinarily closely, effectively seven days a week, through evenings, weekends and holidays, wherever either of us happened to be, and for much of that period neither of us was drawing a salary. That level of commitment was necessary to get Kazera back on track and to get the business to where it is today. I have absolutely no doubt that Paul is the right person to lead the Company through its next phase as Chief Executive and he has my full support.
"This was always intended to be an interim role for me, as made clear in early April, and the timing is right for him to take the lead as the business now moves from fixing problems and unlocking assets into delivery and growth. For me, this is the right time to step back from the day-to-day responsibilities of the CEO role, but not from Kazera.
"I am certainly not disappearing. I remain the largest shareholder, I remain completely aligned with our shareholders and I intend to continue working hard alongside Paul, particularly around our South Africa operations, on new investment opportunities and on ensuring that we continue to exercise the financial discipline that has got us this far.
"We have achieved a great deal in six months, but nobody on this Board thinks the job is finished. Far from it. We have laid the foundations. Now we need to build on them.
"Finally, one real pleasure awaits me that has given me additional focus over the last 6 months, and in getting the Company to where we sit today, and that is the opportunity to disburse the £20,000 previously agreed by the Company, to various charities and good causes close to my heart."
Paul Dulieu, Incoming Chief Executive Officer, commented: "The execution of the 2A Mining Right is an important moment for Kazera. It completes the key regulatory process for 2A, triggers the next US$1.75 million payment from SAI and allows us to focus fully on delivery.
"I've been involved with Kazera since early 2023 and have seen both the potential in the business and its failings. When the new Board came together in April, the Company was in a perilous position, with a huge amount needing to be addressed. We've worked tirelessly since then and, in a relatively short period of time, have made huge progress. I believe we've fundamentally changed both the direction of the Company and its prospects.
"Richard has played a major part in that. We've worked closely since April across all the key areas of the business, and he deserves a great deal of credit for what we've achieved. I'd like to thank him personally for everything he has done as Interim CEO, and I'm really pleased that he'll continue to play an important role in the business.
"We're now in a much stronger position, with real momentum, a clear path forward and significant opportunities ahead of us. My focus as Chief Executive will be on maintaining that momentum, delivering on those opportunities and turning them into real value. I'm incredibly positive about what we can achieve from here and, importantly, what we can now start to deliver for shareholders."
Geoff Eyre, Non-Executive Chairman, commented: "Richard has done an exceptional job as Interim Chief Executive and both the Company and its shareholders have been fortunate that he agreed to step into the role at such an important time. The progress made over the past six months is testament to the energy, commitment and commercial focus that he, Paul and the wider team have brought to the business.
"Kazera is now on a much more stable footing and, as was always intended, the time is right to transition from an interim arrangement to a sustainable executive structure for the longer term. As the Company moves into its next phase, our focus will increasingly be on embedding the structure, routine processes and controls needed to support and monitor SAI's development of 2A, while assessing new opportunities for growth.
"Paul has been closely involved across the business since joining the Board and has worked alongside Richard throughout the transformation of the Company over recent months. The Board has every confidence in him as Chief Executive and believes the new structure gives Kazera the leadership, continuity and discipline needed for the next stage of its development."
ENDS
For further information, visit www.kazeraglobal.com or contact:
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Kazera Global plc Richard Jennings, Interim Chief Executive Officer |
|
|
Strand Hanson Limited (Nominated, Financial Adviser and Broker) Christopher Raggett / Ritchie Balmer |
Tel: +44 (0)207 409 3494 |
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Zeus Capital Limited (Joint Broker) Harry Ansell / Simon Johnson / Katy Mitchell |
Tel: +44 (0)203 829 5000 |
Notes
Kazera Global plc (LON: KZG) is a diversified commodity investment company focused on unlocking value through production growth and disciplined portfolio management. While production builds at its Whale Head Minerals (Heavy Mineral Sands) and Deep Blue Minerals (diamond) assets in South Africa's Northern Cape province, the Company also continues to assess new opportunities to expand its growth pipeline and deliver sustainable returns.
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