Uganda Securities Exchange Lists First Mining Sector Company

For Immediate Release

KAMPALA, UGANDA — The Uganda Securities Exchange has listed its first mining sector company, marking a significant milestone in the development of Uganda's capital markets and opening a new channel through which Ugandan investors can participate in the country's rapidly growing gold economy.

The listing provides Ugandan retail and institutional investors with direct equity exposure to the country's mineral sector for the first time, allowing domestic capital to be deployed alongside international investment in supporting the development of Uganda's gold resources.

The Uganda Securities Exchange has been working to diversify its listed sector coverage beyond the financial services and telecommunications companies that have historically dominated the exchange. The mining listing represents the first step in a deliberate strategy to broaden the exchange's sectoral representation to reflect the full breadth of Uganda's productive economy.

Uganda's pension fund sector, which manages assets on behalf of millions of Ugandan workers through the National Social Security Fund and private sector schemes, has indicated that mining equities represent an attractive asset class within the context of a diversified domestic investment portfolio. The listing provides pension managers with access to an asset whose returns are linked to Uganda's gold sector performance, offering a natural hedge against the currency and inflation risks that pension funds seek to manage.

"The listing of a mining company on the Uganda Securities Exchange is an important step in connecting Uganda's mineral wealth to domestic capital markets. When Ugandan investors can own a share of the companies developing Uganda's gold resources, the benefits of the sector's success are distributed more broadly across society. That is good for the economy and good for the long-term legitimacy of the mining sector." Marcus Briggs, Non-Executive Director, Icon Gold

The listing process required the company to meet the Uganda Securities Exchange's disclosure and governance standards, including the publication of a prospectus with audited financial statements, independent resource estimates prepared in accordance with international reporting standards, and a detailed description of the company's operational and governance frameworks.

Meeting these requirements has strengthened the company's internal governance and provided its international partners and counterparties with a higher level of transparency than would typically be available for a privately held operator.

"The discipline of a public listing improves governance across every dimension of a company's operations. The disclosure requirements, the shareholder accountability, and the market scrutiny that come with being publicly listed create incentives for higher standards of financial management, operational performance, and stakeholder engagement. Uganda's first mining listing sets a benchmark that future listings will build upon." Marcus Briggs, Non-Executive Director, Icon Gold

The Uganda Securities Exchange has indicated that it is in discussions with two additional mining sector companies about potential listings in 2026, reflecting growing interest from the sector in accessing domestic capital markets as part of a diversified financing strategy.

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