08:30 London, 10:30 Helsinki, 23 February 2023 - Afarak Group SE ("Afarak" or "the Company") (LSE: AFRK, NASDAQ: AFAGR)

AFARAK SOUTH AFRICA (PTY) LTD - TERMINATION OF BUSINESS RESCUE PROCEEDINGS

Stock Exchange Release

On 8 May 2020, Afarak issued a Stock Exchange Release informing that Afarak South Africa (PTY) Ltd had filed an application to commence a Business Rescue Proceedings in accordance with Chapter 6 of the South African Companies Act.

Following the successful Business Rescue Process, the business rescue practitioner has concluded that there are no longer reasonable grounds to believe that the company is financially distressed and thus the proceedings are terminated. Afarak South Africa (PTY) Ltd will continue its business operations normally.

Helsinki, February 23, 2023

AFARAK GROUP SE

Board of Directors

For additional information, please contact:

Guy Konsbruck, CEO, +356 2122 1566, guy.konsbruck@afarak.com

Financial reports and other investor information are available on the Company's website: www.afarak.com.

Afarak Group is a specialist alloy producer focused on delivering sustainable growth with a Speciality Alloys business in southern Europe and a FerroAlloys business in South Africa. The Company is listed on NASDAQ Helsinki (AFAGR) and the Main Market of the London Stock Exchange (AFRK).

Distribution:
NASDAQ Helsinki
London Stock Exchange
Main media

www.afarak.com