PR96244

LONDON, May 30, 2022, /PRNewswire=KYODO JBN/--

Highlights

--  Appian's claim against Sibanye in High Court of England and Wales follows

    previous notice of claim

--  Appian seeks to recover the significant damages which have resulted from

    Sibanye's Refusal to close a transaction worth over US$1.2 billion to

    acquire two mines in Brazil; and

-- Incorrect assertion that a material adverse effect had occurred at one of the

    mines

-- Appian is seeking to recover its losses in full, and Sibanye's failure to

   close the transaction and incorrect public statements have materially damaged

   the market perception of Atlantic Nickel and Appian

Funds sponsored by Appian Capital Advisory LLP ("Appian" or the "Company") have

filed a claim at the High Court of England and Wales seeking compensation from

Sibanye-Stillwater Limited and its subsidiary Sibanye BM Brazil (Pty) Ltd

(together, "Sibanye") for Sibanye's failure to close on a transaction, together

with other associated material breaches. The claim relates to Sibanye's

unlawful breach of two sale and purchase agreements ("SPAs") for its

acquisition of Brazilian mining companies Atlantic Nickel and Mineração Vale

Verde from Appian, and follows the notice of claim served by the Company on

Sibanye on 16 February 2022.

Sibanye's termination was based on the incorrect assertion that a geotechnical

instability at Atlantic Nickel's Santa Rita mine constituted a material adverse

effect ("MAE") under the terms of the relevant SPA. In reality, the event,

which Sibanye had previously assessed as an occurrence "to be anticipated in

mature mining operations", had minimal impact on the mine. Appian considers

that Sibanye has improperly relied on the event to avoid its legal obligations

and that Sibanye wished to terminate the SPAs for commercial reasons unrelated

to the geotechnical event. Despite repeated requests, Sibanye has failed to

provide Appian with any contemporaneous evidence to support its alleged

assessment that the geotechnical instability amounted to an MAE prior to its

refusal to close under the SPAs.

Sibanye's failure to close the transaction and incorrect public statements in

relation to the Santa Rita mine have materially damaged the market perception

of Atlantic Nickel and Appian. Through these proceedings, the Company is

seeking to recover its losses in full.

For further information:

Finsbury Glover Hering +44-(0)20-7251-3801 / AppianCapital-LON@finsbury.com  

Charles O'Brien, Richard Crowley, Theo Davies-Lewis

Appian Capital Advisory +44-(0)20-7004-0951 / info@appiancapitaladvisory.com

About Appian Capital Advisory LLP

Appian Capital Advisory LLP is the investment advisor to long-term value

focused private equity funds that invest solely in mining and mining related

companies.

Appian is a leading investment advisor in the metals and mining industry, with

global experience across South America, North America, Australia and Africa and

a successful track record of supporting companies to achieve their development

targets, with a global operating portfolio overseeing nearly 5,000 employees.

Appian has a global team of 54 experienced professionals with presences in

London, Toronto, Lima, Belo Horizonte, Montreal and Sydney.

For more information, please visit: www.appiancapitaladvisory.com, or find us

on LinkedIn or Instagram.

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SOURCE: Appian Capital Advisory