Short-form: Condensed Consolidated Interim Results for the Six Months ended 31 December 2021

SHORT-FORM: CONDENSED CONSOLIDATED INTERIM RESULTS

for the six months ended 31 December 2021

SHORT-FORM ANNOUNCEMENT

This short-form announcement is the responsibility of the directors and is only a summary of the information in the full announcement and does not contain the complete or full details. The full announcement has been released on SENS and is available at:https://senspdf.jse.co.za/documents/2022/jse/isse/bau/interim22.pdfand can also be found on the company's websitewww.baubaresources.co.za.

Any investment decision should be based on consideration of the full announcement, copies of which are available for inspection from Monday to Friday, during office hours, at the registered offices of the company and sponsor. Copies of the full announcement may also be requested, at no charge, by [e-mail].

The condensed consolidated interim results for the six-month period ended 31 December 2021 have not been reviewed or audited by the company's auditors.

Johannesburg

14 April 2022

Bauba Resources Limited

Incorporated in the Republic of South Africa (Registration number: 1986/004649/06) Share code: BAU • ISIN: ZAE000145686 ("Bauba" or "the company")

Board of directors

S Edwards* (Chairperson), Dr NM Phosa*, T Baring#, R Shedlock#, J Wessels#, J Le Roux#, E Nel*, JA Knowlden

#Non-executive *Independent non-executive

Sponsor

Merchantec Capital

13th Floor, Illovo Point, 68 Melville Road, Illovo, Sandton, 2196 (PO Box 41480, Craighall, 2024)

Registered office

Cube Workspace, 1 Wedgewood Link, Bryanston, Johannesburg, 2191, South Africa (PO Box 71036, Bryanston, 2021)

Company secretary Merchantec Proprietary Limited

Transfer secretaries

Computershare Investor Services Proprietary Limited Rosebank Towers, 15 Biermann Avenue, Rosebank, 2196 (Private Bag X9000, Saxonwold, 2132)

Auditor

BDO South Africa Incorporated 52 Corlett Drive, Illovo, 2196

SALIENT POINTS

• • Revenue increased by 83,1% to R202,248 million (2020: R110,459 million).

• • Total comprehensive loss for the period of R53,563 million (2020: R32,405 million).

• • Investment in property, plant and equipment increased by 63,3% to R179,477 million (2020: R109,910 million).

• • Decrease in basic and headline loss per share to 5,86 cents (2020: 5,70 cents).

• • Chrome concentrate production increased by 37,8% to 107,2K tonnes

  (2020: 77,8K tonnes).

• • NUCO Chrome has commenced production.