HOSKEN CONSOLIDATED INVESTMENTS LIMITED - EARLY WARNING REPORT FILED PURSUANT TO NATIONAL INSTRUMENT 62-103

CAPE TOWN, South Africa, Sept. 30, 2024 /CNW/ - Hosken Consolidated Investments Limited ("HCI" or the "Company") announced today that on September 27, 2024 it acquired, through its wholly-owned subsidiary Deepkloof Limited, 33,467,018 ordinary shares (the "Acquired Shares") in the capital of Impact Oil & Gas Limited ("IOG") pursuant to private agreements. As a result of the acquisition of the Acquired Shares, HCI has become a majority shareholder of IOG (the "Transaction"). IOG is a privately-owned, African-focused exploration company.

Immediately before the Transaction, HCI beneficially owned and controlled 551,561,114 ordinary shares in the capital of IOG ("IOG Shares"), representing approximately 48.42% of the issued and outstanding IOG Shares. Immediately after the Transaction, HCI had ownership and control over 585,028,132 IOG Shares, representing approximately 51.36% of the issued and outstanding IOG Shares.

As of the date hereof, IOG beneficially owns and controls 509,092,771 common shares ("AEC Shares") in the capital of Africa Energy Corp. ("AEC"), representing approximately 36.16% of the issued and outstanding AEC Shares on a non-diluted basis. Under Canadian securities legislation, and as a result of the Transaction, HCI is considered to beneficially own the AEC Shares held by IOG.

HCI's acquisition of the Acquired Shares was made for investment purposes. HCI may from time to time acquire additional securities of IOG and/or AEC and may enter into derivative or other transactions with respect to such securities, based on such evaluation and the market conditions and other relevant circumstances, may increase or decrease its security holdings through market transactions, private agreements or otherwise, subject in each case to applicable securities laws.

This news release is being issued under the early warning reporting provisions of applicable securities laws. An early warning report with additional information in respect of the foregoing matters will be filed and made available on SEDAR+ at www.sedarplus.ca.

About Hosken Consolidated Investments Limited

HCI is a South African black empowerment investment holding company with a US$850 million market capitalization, listed on the JSE Securities Exchange. It is incorporated under the laws of South Africa and its head office is located at Suite 801, The Point, 76 Regent Road, Sea Point, Cape Town, South Africa 8005.

Cautionary Note Regarding Forward-Looking Statements

This press release may include certain "forward-looking statements" under applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements using forward-looking terminology, including, for example, the words "believes", "estimates", "plans", "projects", "anticipates", "expects", "intends", "may", "will", or "should" and similar expressions and statements relating to matters that are not historical facts, and may include statements regarding the Company's current intentions, beliefs or expectations. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

SOURCE Hosken Consolidated Investments Limited