Management changes

14 December 2016

Asa Resource Group plc

("Asa Resource", "the Group" or "the Company")


Management changes

The Directors of ASA RESOURCE GROUP plc would like to update shareholders on changes to its senior management team.


Group Management changes

Effective immediately, Mr Toi Muganyi, currently Managing Director at Freda Rebecca, will become the Group's new Chief Operating Officer and Batirai Manhando, currently Managing Director at BNC, will become the Group's Chief Technical Officer.

Mr David Murangari, non-Executive Chairman of the Group comments as follows:

"These appointments are significant in that they strengthen the executive's mining and technical expertise at the Group level. They will both work closely with Mr Ning, (CEO) and Mr Kwan, (Group Finance Director) to ensure the success of our key operations in Zimbabwe.

In addition to this management review and as part of the Group's ongoing corporate consolidation, the functions that were being carried out at our offices in Johannesburg and Harare will now be combined into one integrated team at the newly formed Asa Complex at Bindura. These developments underpin our commitment to the town of Bindura and the important emphasis we place on the ongoing success of our two key operating mines in Zimbabwe.

To complete our plans at the corporate level and to integrate executive functions with key mine operations, I can confirm that the board will hold at least two of its quarterly board meetings in Bindura each year.

The rationale for many of these developments is to build on the excellent progress we have made in reducing corporate overheads. By bringing our teams closer together, communications become more efficient and will further eliminate duplication between corporate and operational functions."

 Dr Alex Danso, Chairman of Freda Rebecca, said he "supports the Company's reorganisation plans and it will make the Group's operations and teams stronger."

The Honourable Kenneth Musanhi, constituency MP for Bindura, also welcomed the Group's long-term commitment to the town of Bindura. Between Freda Rebecca and BNC and noted they are the largest employers in the town.

Mr Toi Muganyi said he was humbled by the appointment and welcomed the challenge of being appointed Chief Operating Officer of the Group. He described it as "an opportunity to bring our many cultures, teams and operations together under a common purpose".

Batirai Manhando, new Chief Technical Officer, said that "we must embrace these changes to the benefit of our mines, employees and stakeholders. Toi and I have complementary skill sets and I have no doubt that we will make a very valuable contribution at the executive group level and across Asa's impressive portfolio - many of our asset are world class".

London

Asa Resource Group plc.

One Fleet Place, London EC4M 7W

Niall Henry, non-Executive Director (Investor Relations)

[email protected]
www.asaukplc.com/

Hong Kong

Yim Kwan, Finance Director

Asa Resource Group plc.

Units 509-510, Level 5, Core E, Cyberport 3, 100 Cyberport Road, Hong Kong

[email protected]


Nominated Adviser and Joint Broker

SP Angel Corporate Finance LLP

Prince Frederick House, 35-39 Maddox Street, London W1S 2PP

John Mackay, Jeff Keating, Caroline Rowe

Tel: +44 (0) 20 3470 0470