Nava Ltd - Update On Payment Against The 'Consent Arbitral Award' Of Maamba Collieries Limited (MCL)

Further to our disclosure dated December 15, 2022, on the outcome of Arbitration proceedings between MCL and ZESCO, the Company is pleased to report that ZESCO has effected the first payment of US$ 10 Million to MCL as per the agreed payment plan in the Award. This payment reflects ZESCO's commitment to the terms of Award. MCL expects ZESCO to make the balance payments as per the Award to clear the complete arrears by end of August 2023. This is for your kind information and records please.