Mantengu Mining Limited announced that it has entered into a share subscription facility agreement with new investor GEM Yield Bahamas Limited and GEM Global Yield Fund LLC SCS, funds managed by Global Emerging Markets to raise ZAR 500 million in a round of funding on November 1, 2023. The company will issue common shares in the transaction. The transaction includes issuance of Consideration Shares to the investors, which will be governed by a set of conditions, Warrant Shares, that grant the investor the option to subscribe to up to 20 million ordinary shares, and a commitment obligation from the company to the investor equivalent to 2% of the ZAR 500 million share subscription facility.

The transaction has been approved by the South African Reserve Bank.