Switch to AFS 2019

Scope and boundary

The integrated annual report (IAR) of Assore Limited (Assore or the group) covers the period 1 July 2018 to 30 June 2019.

The group's financial year ends on 30 June, and unless otherwise indicated or described, the information included in this report refers to the years ended 30 June 2018 (FY18) and 30 June 2019 (FY19). The previous IAR covered the period 1 July 2017 to 30 June 2018. Where any restatements have been made to material disclosures in the previous IAR, these are explained within the relevant sections.

The 2019 integrated annual report provides an overview of the financial, operational and sustainability performance of our subsidiaries and jointly controlled operations. The sustainability performance is reported on for all the operations over which Assore has direct or joint control and, besides certain safety-related information, does not include the Sakura operations.

Supporting documentation to the integrated annual report is available on the website (www.assore.com)

• Annual financial statements
• Mineral Resources and Reserves report
• Sustainability report
• Global Reporting Initiative (GRI) Index

The entities reported on include the following:

Assore Limited (Assore)

• Assmang Proprietary Limited (Assmang), jointly controlled by Assore, 50% and African Rainbow Minerals Limited (ARM) 50%, accounted for on the equity accounting basis, which includes the following operations:
  • Khumani Iron Ore Mine (Khumani);
  • Beeshoek Iron Ore Mine (Beeshoek);
  • Black Rock Manganese Mines (Black Rock);
  • Cato Ridge Works (ferromanganese smelter;
  • Machadodorp Works (ferromanganese smelter) ), the sale at which was concluded on 28 February 2019;
  • Cato Ridge Alloys Proprietary Limited (CRA) (refined ferromanganese smelter); and
  • Sakura Ferroalloys SDN BHD, Malaysia (ferromanganese and silico manganese smelters), in which Assmang holds a 54,36% interest (Sakura).

In addition to participation in determining the strategy and monitoring the overall management of Assmang in terms of the joint-venture agreement with ARM, Assore has the sole marketing and distribution agency for Assmang's products and the emphasis on Assmang in this report relates primarily to this role as a 50% partner (refer "business model"), with these activities being managed through:

• Ore & Metal Company Limited (Ore & Metal), which conducts the marketing and distribution of Assmang's products, with marketing and trading taking place in the United States by Minerais U.S. LLC (Minerais).

The group conducts its own operations under the technical supervision of African Mining and Trust Company Limited (AMT), which, in addition to providing technical services to Assmang, provides technical services to:

• Dwarsrivier Chrome Mine Proprietary Limited (Dwarsrivier);
• Wonderstone Limited (Wonderstone);
• Head Office operations (Head Office), comprising the activities of those of AMT and Ore & Metal, where relevant;
• Group Line Projects Proprietary Limited (Group Line), sold subsequent to year-end with effect 16 August 2019;
• Rustenburg Minerals Development Company Proprietary Limited (Rustenburg Minerals), sold with effect 1 October 2019; and
• Zeerust Chrome Mines Limited (Zeerust), sold with effect 15 November 2018.

With the latter two of these operations no longer in commercial production.

The group's head office functions are combined under the activities of Ore & Metal and AMT.

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For more information please visit              www.assore.com	Feedback on this Assore report can be made directly to Mrs MJ Claassen at: marethaclaassen@assore.com.