African Rainbow Minerals Limited announced that Mr. Mike Schmidt Steps Down as CEO and Remains Employed as Executive of Growth and Strategic Development at ARM. After 11 years of being Chief Executive Officer ("CEO") of ARM, Mr. Michael Peter Schmidt ("Mr Mike Schmidt") is stepping down as CEO and as an Executive Director of the Company with effect from 1 May 2023. Mr. Mike Schmidt will remain employed by ARM as Executive of Growth and Strategic Development in the Executive Chairman's Office and announced the appointment of Mr. Velile Phillip Tobias ("Mr Phillip Tobias") as an Executive Director and as CEO of ARM.

After a comprehensive process to identify a successor to Mr. Mike Schmidt, which included interviewing internal and external candidates; the Board announced the appointment of Mr. Phillip Tobias, the current Chief Operating Officer ("COO") of the Company, as an Executive Director and as CEO of ARM with effect from 1 May 2023 until his appointment is approved by the shareholders at the next annual general meeting of the Company. Mr. Phillip Tobias is a mining engineer with more than 28 years' experience in the mining industry. He has been the COO of ARM since November 2021 where he worked closely with Mr. Mike Schmidt and the executive management team.

Prior to this role, he was the COO: Business Development, Corporate Strategy and Capital Projects of Harmony Gold Mining Company Limited and held various executive positions at Anglo American Platinum Limited and Gold Fields Limited.