Preliminary Results

Sable Mining Africa Ltd, the AIM listed company focused in the mining sector in sub-Saharan Africa, announces its results for the year ended 31 March 2016.

Chief Executive Officer's Statement

As announced in the circular to shareholders dated 14 September 2016 (the 'Circular'), in recent months, the long term effects of factors including political instability, public health emergencies, the impact of the depressed bulk commodities markets, unpredictability of legal systems together with unsubstantiated and irresponsible allegations and adverse press speculation have caused significant harm to the Company's long term prospects as a mineral exploration and development business.

Against this background, the Board believes it is in the best interest of the Company and Shareholders as a whole to seek the cancellation of the AIM listing (the 'Cancellation') at the earliest opportunity for a variety of key factors, including:

· the considerable cost, management time and the legal and regulatory burden associated with maintaining the Company's admission to trading on AIM which, in the Directors' opinion, are disproportionate to the benefits to the Company at the present time; and

· as a consequence of the depressed market capitalization of the Company, continuing admission to trading on AIM no longer sufficiently provides the Company with the benefits typically associated with public listings including providing access to capital or enabling the Company's shares (the 'Ordinary Shares') to be used to effect acquisitions; and

- the bid-offer spread of the Company's share price is prohibitive in providing:

- a real introduction point for new investors; and

- a true and stable price.

Following Cancellation the Board intends to realise maximum value from the Company's existing asset base. The Company has a strong cash position and the potential to realise further value from its existing asset base, which will enable the Board to invest the Company's resources into a revenue generating project/asset portfolio, with a geographic focus on southern and central Africa.

The Board will consider a wide range of opportunities, but given the prevailing market conditions it is not anticipated that the Company will look to invest in or acquire any interest in mineral exploration, extraction or development businesses or assets; instead, at this stage in the world economic cycle the Board believes that a strong focus on short-term revenue generation investments will offer better value to shareholders than long-term, capital intensive projects.

Following the Cancellation, the Company intends to consider putting in place a 'Matched Bargain Facility' to assist Shareholders to trade in the Ordinary Shares. The Company will also continue to communicate information about the Company (including annual accounts) to its Shareholders such as annual and interim financial reports, general announcements and updates. Such information will be made available to shareholders via the Company's website.

Full details of the proposed Cancellation are set out in the Circular.

Operations Review

During the period under review the mining sector has experienced an exceptionally turbulent time, and, despite spot prices having recovered slightly over the past few months in both of our commodities, continued price fluctuation is forecast to continue over the mid- to long-term. The consequence of this is that investment appetite for the development of iron ore and coal assets remains muted.

Nimba Iron Ore Project ('Nimba')

Nimba was discovered by the Company's geologists in early 2012 and has been proven to be a high-grade, low-capital asset. Despite a resurgence in the iron ore spot price during the first few months of the year, many analysts forecast that long term supply/demand fundamentals will result in pricing which will pivot at around US$50 per tonne. At these pricing levels, the investment environment for new iron ore development plays remains stagnant. Accordingly, the Board has taken the decision to discuss opportunities of disposing of some or all of the Company's interest in Nimba. Any such transaction will only be contemplated if it represents best value for shareholders as a whole and if negotiations are successful, the Board anticipate that a transaction would be concluded in the current financial year. As a consequence of this background the Board have opted to impair this asset. See Financial Review.

Lubu and Lubimbi Coal Projects ('Lubu' and 'Lubimbi')

The Lubu and Lubimbi coal projects are located in the highly prospective Karro Mid Zambezi coal basin in the established Hwange mining district in north-western Zimbabwe. Work completed at Lubu has enabled the Company to model in-situ seam tonnage of 786Mt from the initial blocks drilled, with potential for expansion to the resource tonnage through additional drilling on further blocks. Additional resource potential is also derived from Lubimbi, which has suggested in-situ seam tonnage of 550 million tonnes. Importantly, results from each of Lubu and Lubimbi have demonstrated good quality and continuity, with shallow coal and high calorific values across multiple seams.

In September 2015, a memorandum of understanding was signed with CITIC Construction Co., Ltd, a subsidiary of CITIC Group, a Chinese based construction and services provider with a view to developing a 600MW coal-fired power plant at Lubu. Although this relationship has not developed further due to changes in governmental policy regarding the use of reconditioned power stations in Zimbabwe, the Company continues to explore the opportunities for partnership with similar groups so as to maximise complementary expertise to develop a commercial coal-fired power station at Lubu, with the coal mine at Lubu supplying the station.

The Company is currently evaluating opportunities to move forward other development plans whilst also assessing additional means through which to generate shareholder value from the Company's coal assets.

Financial Review

Sable Mining is reporting for the year ended 31 March 2016 a pre -tax loss on continuing activities of $3.1m (2015 : $10.6m) and a total loss of $42.5m (2015 : $11.2m). The total loss was after providing for $30.7m for the impairment of the Nimba Project assets. As at 31 March 2016 cash balances were $3.0m (2015: $6.2m)

Outlook

Shareholders will no doubt be aware of media speculation and legal proceedings arising from a report published earlier this year. As previously stated, the Company is investigating these matters and taking appropriate legal advice. The Board would like to reassure investors that protecting shareholder value remains their absolute priority. The Company is looking to reach a resolution of these matters as possible and will keep the market appraised of developments.

Andrew Groves

Chief Executive Officer

30 September 2016

For further information please visit www.sablemining.com or contact:

CONSOLIDATED INCOME STATEMENT

For the year ended 31 March 2016

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

For the year ended 31 March 2016

The notes on pages 18 to 49 form part of the financial statements.

CONSOLIDATED BALANCE SHEET

As at 31 March 2016

The notes on pages 18 to 49 form part of the financial statements. The financial statements on pages 13 to 49 were approved and authorised for issue by the Board of Directors on 30 September 2016 and were signed on its behalf.