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. Logo - https://mma.prnewswire.com/media/1720474/Appian_Logo.jpg SOURCE: Appian Capital Advisory