SMEDVIG GP LIMITED ANNOUNCES INVESTMENT IN ORDINARY SHARES OF SEDIBELO RESOURCES LIMITED.

TORONTO, March 7, 2025 /CNW/ - Smedvig GP Limited ("Smedvig") announced today that on February 18, 2025, it had acquired 928,792,570 ordinary shares (the "Acquired Shares") in the capital of Sedibelo Resources Limited (the "Corporation") for aggregate consideration of US$3 million, or US$0.00323 per ordinary share, pursuant to a private placement (the "Private Placement"). The Acquired Shares, when combined with Smedvig's existing holdings of ordinary shares of the Corporation, represent approximately 17.7% of the Corporation's total issued and outstanding ordinary shares. In addition, Smedvig also acquired 928,792,570 options to purchase ordinary shares (the "Acquired Options") of the Corporation in connection with its subscription for the Acquired Shares. Each Acquired Option is exercisable to acquire one ordinary share (a "Option Share") at a price of US$0.00323 per Option Share for a period of three years from the date of issue. Prior to the acquisitions referenced in this news release, Smedvig held 170,208,555 ordinary shares, representing 5.5% of the Corporation's total issued and outstanding ordinary shares at such time, and did not hold any options of the Corporation.

On a partially diluted basis, assuming the exercise in full of the Acquired Options, Smedvig would hold 2,027,793,694 ordinary shares, representing approximately 28.4% of the issued and outstanding ordinary shares of the Corporation.

Smedvig acquired the Acquired Shares and Acquired Options for investment purposes. Smedvig may, from time to time, acquire additional securities, dispose of some or all of the currently held or additional securities or may continue to hold the securities of the Corporation.

An early warning report relating to these transactions will be filed on the System for Electronic Document Analysis and Review + under the Corporation's profile and can be viewed at www.sedarplus.com.

SOURCE Smedvig GP Limited

For further information or to obtain a copy of the early warning report, please contact: Hugh Cathcart, Smedvig GP Limited, [phone]