ASX ANNOUNCEMENT 8 April 2021 Initial Maiden Underground Mining Reserve 419,000 oz Gold Highlights      NEW 419,000 oz @ 5.49 g/t Gold Maiden Underground Mining Reserve declared TOTAL 580,000 oz @ 3.98 g/t Global Mining Reserve (Open Pit & Underground) 63 % Conversion factor for Maiden Underground Mining Reserve 3.5 M oz of Underground resource (Inferred) remaining for future conversion into Mining Ore Reserve Global Mineral Resource 6 M oz Au includes o 4.5 Moz Underground (26.3 Mt @ 5.4 g/t Au) (Measured, Indicated, and Inferred)  969,400 oz (4.87 Mt @ 6.20 g/t Au) (Measured & Indicated) o 1.3 Moz Open pit resources (13.02 Mt @3.25 g/t Au) (Indicated & Inferred )  917 Koz Theta Project (9.6 Mt @ 2.99g/t Au) (Indicated & Inferred; 0-130m depth)  161 Koz (2.16 Mt @ 2.31 g/t Au at a 0.4 g/t Au cut-off) Probable Ore Reserve estimate (Theta Project Open Pit Ore Reserve) o Tailings & Rock dumps – 174, 000 oz (Indicated & Inferred) (see Tables 1, 2, 3, 4, 5 & 6) Theta Gold Mines Limited (“Theta Gold” or “Company”) (ASX: TGM, OTC: TGMGF) is pleased to announce its Maiden Underground Mining Reserve of 419,000 oz gold (2,366 Kt @ 5.49 g/t). In total, the global Mining Reserve is now 580,000 oz gold (4,530 Kt @ 3.98 g/t) (see Table 1). The global Mineral Resource (JORC 2012) remains over 6 Moz (45.5 Mt @ 4.17 g/t Au) (see Table 2). The Maiden Underground Mining Reserve of 419koz (see Tables 3,4 & 5) is a result of a Prefeasibility Study for Beta, Frankfort and CDM mines. All mines are in the Central Northern area and collectively will be referred to as TGME Underground Project (see Figure1). The initial study focused on the easily accessible gold in TGME underground areas for 684 Koz Underground Indicated Resources (see Appendix 1). The Indicated Resource converted at a ratio of 63%. Theta Gold still has 3.5 Moz of underground Inferred Resources available for conversion into Measured and Indicated Resources, a portion of which could potentially be converted to mining reserve in the future subject to further technical studies. Over the past 6 months, Theta Gold has focused on a strategy to convert part of a very large underground Mineral Resource into a Mine Reserve. Today’s announcement highlights the Company’s potential to deliver reserve conversions from its existing extensive resource base in a cost-effective manner. The Theta Open-pit Ore Reserves for this update has only included 83MR, a granted Mining Right, and has reduced from the previously stated 205 Koz to 161 Koz. This is as a result of the impact of additional studies when combining Theta Gold Mines Limited ABN 30 131 758 177 Suite 80, Level 35 (Servcorp), International Tower One, 100 Barangaroo Avenue, Sydney NSW 2000 Tel: +61 2 8046 7584 Email: info@thetagoldmines.com www.thetagoldmines.com open-pit and underground operations. The new CEO’s Development Strategy scheduled for April 2021 will mitigate and address economic impacts of delays in open pit permitting by moving the open-pit resources into later mine schedule. TGME Underground Project Summary The TGME Underground Project is close to the central processing plant (TGME Gold Plant Footprint) and Starter Theta Open-pit Project. Mineral Resource inventory sits adjacent to the TGME Gold Plant Footprint. Approximately 95% of the Global Mining Reserve (580,000 oz @ 3.98 g/t) sits within 3 km of the TGME Gold Plant Footprint. The Prefeasibility Study (PFS) has confirmed that the potential TGME Underground Project, comprising large flat narrow reef systems can be economically mined by modern mechanised long-hole stoping. This method allows for on-reef development which reduces development costs, with little development in waste rock. Mechanisation will increase production and reduce ore dilution. Mechanised long-hole stoping can cope with reef widths ranging from 60cm to 6m. The method is well known to our team, and they are working closely with the Sandvic team (equipment suppliers) and blast engineers. The method has been used successfully in companies like Anglo Platinum and Sibanye Gold, where stoping widths of under 50cm were achieved. The high overall grade (5.49 g/t Au) for TGME Underground Project is largely contributed by the Beta Mine which hosts the bulk of Underground Mine reserves 348,000 oz @ 6.51 g/t Au. The Beta Mine still has 587,000 oz @ 5.43 g/t Inferred Resources not in the current mine plan (see Figure 2). As the mine opens up and is developed, the Inferred Resource at Beta can be further converted into a mining reserve. At Theta Gold’s southern tenements, the Rietfontein Mine has 242,000 oz @ 8.2 g/t Au Indicated Resources scheduled to be the next project for PFS work and bulk metallurgical test work has already been conducted. None of the Rietfontein resources for part of the underground reserve statement. . Figure 1: Surface Infrastructure Plan TGME Underground Mine Layout for Beta 2 New Mine Area Historical Mine out Area 587,000 oz Inferred Mineral Resource (Not included in New Mine design) Figure 2: Beta underground resources and mine design (Mine design includes only Mine Reserves) Amendments to the Environmental Management Plan and Environmental Assessment Statement will be required for underground mining for non-conforming changes to the existing approved Environmental Management Plan Chairman Bill Guy commented, “Theta Gold has made good progress in demonstrating that a significant portion of the underground 4.5 M oz can be converted into a mining reserve. The historical mining techniques of the mineral field in which we operate meant the Company has traditionally carried a large percentage of its Mineral Resources in Inferred categories. Now the company is showing clearly that modern mining and production methods will allow us to develop this extensive shallow underground reef system.” “We have shown in a very short period that we can deliver an initial Ore Reserve, with high grades achieved. As we go forward with the underground mine development, the Life of Mine (LOM) can be extended as more inferred resources are converted into mine reserve as part of the underground development work. Later this year, a Rietfontein scoping study will be upgraded to PFS, allowing for another round of mining reserve upgrade. We are very excited about the potential to follow-up these results with future reserve conversions.” “As shareholders are also aware, we are working continuously on securing the permit to commence open pit mining. The open-pit process is taking longer than first anticipated due to a backlog of applications caused by the COVID-19 pandemic which the relevant South African departments are diligently working their way through. Any delays in open pit permitting will not affect our ongoing works program. Theta Gold’s continued investment is a reflection of our confidence in the area’s rich mining history.” “Theta Gold is pleased to be breathing life into this large goldfield, delivering reserves and showing a path to production. It is exciting for the team and the shareholders as we develop the initial projects and look out to the future to other 39 historical mine sites that require exploration and development work. Following this success of 3 the Maiden Underground Mining Reserve, the team is refining the Development Strategy for the company’s 5 Year Plan.” Table 1: Combined Underground and Open Pit Ore Reserves as at 1 February 2021 Grade g/t Operation Beta Frankfort CDM Open Pit (MR83) Total Notes: 1. Tonnes kt 6.51 4.13 2.31 2.74 3.98 Au Content kg 1,662 319 385 2,164 4,530 10,822 1,317 889 4,996 18,023 koz 347.94 42.33 28.58 160.61 579.46 The information pertaining to the Ore Reserve estimation is detailed in the notes of the Ore Reserve tabulation for the individual operations. Table 2: Combined Mineral Resource as at 1 February 2021 Combined Mineral Resource Resource Classification Measured Type of Operation Tonnage Gold Grade Mt g/t Underground Open pit Tailings Total Measured Indicated Underground Open Pit Tailings Total Indicated Inferred Underground Open pit Tailings Rock Dump Total Inferred Grand Total Notes: 1. 2. 3. 4. 5. 6. Gold Content Kg koz 0.091 5.37 489 15.7 0.091 4.774 8.109 5.244 18.128 21.452 4.907 0.023 0.885 27.267 45.485 5.37 6.21 2.14 0.83 2.84 5.22 5.11 0.57 1.20 5.06 4.17 489 29 661 17 364 4 373 51 398 111 880 25 057 13 1 059 138 009 189 896 15.7 953.7 558.2 140.6 1652.5 3597.0 805.6 0.4 34.0 4 437.0 6 105.2 Columns may not add up due to rounding. Gold price used for the cut-off calculations is USD1,500/oz. UG Mineral Resources are reported at a cut-off of 160 cm.g/t, open pit at 0.5 g/t and 0.35 g/t, tailings and rock dumps at 0.35 g/t. Fault losses of 5% for Measured and Indicated, 10% for Inferred Mineral Resources. Mineral Resources are stated as inclusive of Ore Reserves. Mineral Resources are reported as total Mineral Resources and are not attributed. Table 3: Beta Underground Ore Reserve as at 1 February 2021 Ore Reserve Category Grade g/t Probable Total Notes: 7. 8. 9. Tonnes kt 6.51 6.51 Au Content kg 1,662 1,662 10,822 10,822 koz 347.94 347.94 An Ore Reserve cut-off of 170 cm.g/t has been applied. A gold price of USD 1,465 / oz and exchange rate of 16 ZAR / USD was used for the cut-off calculation. Ore Reserves are reported as total Mineral Reserves and are not attributed. Table 4: Frankfort Underground Ore Reserve as at 1 February 2021 Ore Reserve Category Proved Probable Total Notes: 1. 2. Grade g/t Tonnes kt 4.24 4.11 4.13 Au Content kg 60 259 319 An Ore Reserve cut-off of 150 cm.g/t has been applied. A gold price of USD 1,465 / oz and exchange rate of 16 ZAR / USD was used for the cut-off calculation. 4 koz 254 1,063 1,317 8.16 34.16 42.33 3. Ore Reserves are reported as total Ore Reserves and are not attributed. Table 5: CDM Underground Ore Reserve as at 1 February 2021 Grade g/t Ore Reserve Category Probable Total Notes: 1. 2. 3. Tonnes kt Au Content kg 2.31 2.31 385 385 koz 28.58 28.58 889 889 An Ore Reserve cut-off of 121 cm.g/t has been applied. A gold price of USD 1,465 / oz and exchange rate of 16 ZAR / USD was used for the cut-off calculation. Ore Reserves are reported as total Ore Reserves and are not attributed. Table 6: Ore Reserves for the Open pit Operations as at 1 February 2021 Ore Reserve Category in LoM Plan Probable Probable Probable Total Notes: 1. 2. 3. Grade g/t 2.61 2.43 1.62 2.31 Pit Browns Hill Iota Theta Hill Reef Tonnes kt 279 1,490 395 2,164 Au Content kg koz 728 23 3,628 117 640 21 4,996 161 An Ore Reserve cut – off of 0.4 g/t was applied. A gold price of USD 1,300 / oz was used for the cut - off calculation. Ore Reserves are reported as total Ore Reserves and are not attributed. Table 7: Total Theta Project - Mineral Resources, 1 February 2021 Resource Classification Indicated Open Pit Mine Reef Inferred Indicated Content Reef Tonnes g/t 1.02 cm 200 cmgt 204 Mt 0.397 Au Content Kg 404 koz 13.0 Shale Theta & Browns Hill Theta & Browns Hill Bevett's Upper Theta 1.08 223 241 0.856 925 29.7 2.41 100 241 0.651 1 571 50.5 Theta & Browns Hill Lower Theta 3.79 100 379 0.839 3 178 102.2 Theta & Browns Hill Beta 2.51 100 251 0.373 938 30.1 Columbia Hill Bevett's 2.98 114 340 0.108 323 10.4 Columbia Hill Upper Rho 2.33 402 937 0.897 2 090 67.2 Columbia Hill Lower Rho 2.51 520 1306 0.981 2 464 79.2 Columbia Hill Upper Theta 1.06 114 121 0.163 173 5.6 2.29 258 591 5.267 Reef Grade Reef Width Content Reef Tonnes Theta & Browns Hill Shale g/t 1.12 cm 215 cmgt 240 Mt 0.600 Theta & Browns Hill Theta & Browns Hill Bevett's 1.17 217 254 Upper Theta 1.86 100 186 Theta & Browns Hill Lower Theta 8.06 100 Theta & Browns Hill Beta 2.17 100 Columbia Hill Upper Rho 5.12 134 3.84 Open Pit Mine Reef Total Inferred Resource Classification Reef Width Theta & Browns Hill Total Indicated Resource Classification Reef Grade Open Pit Mine Total Theta Project Reef All 12 066 387.9 Au Content 668 koz 21.5 0.451 528 17.0 0.948 1 762 56.6 806 1.384 11 153 358.6 217 0.778 1 686 54.2 687 0.131 673 21.6 129 497 4.292 Reef Grade Reef Width Content Reef Tonnes g/t 2.29 cm 258 cmgt 591 Mt 5.3 5 Kg 16 470 529.5 Au Content Kg 12 066 koz 387.9 Inferred Total Theta Project All Total Indicated and Inferred 3.84 129 497 4.3 16 470 529.5 2.99 200 598 9.6 28 535 917.4 Notes: 1. 2. 3. 4. 5. 6. 7. Theta Project (Theta Hill, Browns Hill and Iota) cut-off is 0.35 g/t; The gold price used for the cut-off calculations is USD 1,500 / oz; Geological losses applied are 10% for inferred and 5% for Indicated and Measured; Theta Hill and Browns Hill - Upper Theta Reef, Lower Theta Reef and Beta Reef are diluted grades over 100cm; Historical mine voids have been depleted from the Mineral Resource; The inferred Mineral Resources have a high degree of uncertainty and it should not be assumed that all or a portion thereof will be converted to Ore Reserves; Mineral Resources fall within the mining right 83MR and 341MR. This announcement was approved for release by the Board of Directors. For more information please visit www.thetagoldmines.com or contact: Bill Guy, Chairman Theta Gold Mines Limited T: + 61 2 8046 7584 billg@thetagoldmines.com Investor Relations Australia: Ben Jarvis, Six Degrees Investor Relations: +61 (0) 431 271 538 United States: Michael Porter, Porter, LeVay & Rose Inc: +1 212 564 4700, theta@plrinvest.com https://twitter.com/ThetaGoldMines https://www.linkedin.com/company/thetagoldmines/ ABOUT THETA GOLD MINES LIMITED Theta Gold Mines Limited (ASX: TGM | OTCQB: TGMGF) is a gold mining development company that holds a range of prospective gold assets in a world-renowned South African gold mining region. These assets include several surface and nearsurface high-grade gold projects which provide cost advantages relative to other gold producers in the region. Theta Gold’s core project is located next to the historical gold mining town of Pilgrim’s Rest, in Mpumalanga Province, some 370km northeast of Johannesburg by road or 95km north of Nelspruit (Capital City of Mpumalanga Province). Following small scale production from 2011 – 2015, the Company is currently focussing on the construction of a new gold processing plant within its approved footprint at the TGME plant, and for the processing of the Theta Open Pit oxide gold ore. Nearby surface and underground mines and prospects are being evaluated. The Company aims to build a solid production platform to over 160 kozpa based primarily around shallow, open-cut or aditentry hard rock mining sources. Theta Gold has access to over 43 historical mines and prospect areas that can be accessed and explored, with over 6.7Moz of historical production recorded. Theta Gold holds 100% issued capital of its South African subsidiary, Theta Gold SA (Pty) Ltd (“SGSA”). SGSA holds a 74% shareholding in both Transvaal Gold Mining Estates Limited (“TGME”) and Sabie Mines (Pty) Ltd (“Sabie Mines”). The balance of shareholding is held by Black Economic Empowerment (“BEE”) entities. The BEE shareholding in TGME and Sabie Mines is comprised of a combination of local community trusts, an employee trust and a strategic entrepreneurial partner. 6 Competent Persons Statement Ore Reserves The information in this report relating to Ore Reserves is based on, and fairly reflects, the information and supporting documentation compiled by Mr Daniel van Heerden (B.Ing (Mining M.Com (Business Management), member of Engineering Council of South Africa (Pr.Eng. Reg. No. 20050318)), a director of Minxcon (Pty) Ltd and a fellow of the South African Institute of Mining and Metallurgy (FSAIMM Reg. No. 37309). Mr van Heerden has sufficient experience that is relevant to the style of mineralisation under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the Joint Ore Reserves Committee (JORC) Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr van Heerden consents to the inclusion in the report of the matters based on his information in the form and context in which it appears. Mineral Resources The information in this report relating to Mineral Resources is based on, and fairly reflects, the information and supporting documentation compiled by Mr Uwe Engelmann (BSc (Zoo. & Bot.), BSc Hons (Geol.), Pr.Sci.Nat. No. 400058/08, MGSSA), a director of Minxcon (Pty) Ltd and a member of the South African Council for Natural Scientific Professions. The original report titled “Theta Gold increases Mineral Resource to over 6Moz” was dated 16 May 2019 and was released to the Australian Securities Exchange (ASX) on that date. The Company confirms that –  it is not aware of any new information or data that materially affects the information included in the ASX announcement; and  all material assumptions and technical parameters underpinning the estimates in the ASX announcement continue to apply and have not materially changed. DISCLAIMER This announcement has been prepared by and issued by Theta Gold Mines Limited (ASX:TGM | OTCQB: TGMGF) to assist in informing interested parties about the Company and should not be considered as an offer or invitation to subscribe for or purchase any securities in the Company or as an inducement to make an offer or invitation with respect to those securities. No agreement to subscribe for securities in the Company will be entered into on the basis of this announcement. This announcement may contain forward looking statements. Whilst Theta Gold Mines has no reason to believe that any such statements and projections are either false, misleading or incorrect, it does not warrant or guarantee such statements. Nothing contained in this announcement constitutes investment, legal, tax or other advice. This overview of Theta Gold Mines does not purport to be all inclusive or to contain all information which its recipients may require in order to make an informed assessment of the Company’s prospects. Before making an investment decision, you should consult your professional adviser, and perform your own analysis prior to making any investment decision. To the maximum extent permitted by law, the Company makes no representation and gives no assurance, guarantee or warranty, express or implied, as to, and take no responsibility and assume no liability for, the authenticity, validity, accuracy, suitability or completeness of, or any errors in or omissions, from any information, statement or opinion contained in this announcement. This announcement contains information, ideas and analysis which are proprietary to Theta Gold. FORWARD LOOKING AND CAUTIONARY STATEMENTS This announcement may refer to the intention of Theta Gold Mines regarding estimates or future events which could be considered forward looking statements. Forward looking statements are typically preceded by words such as “Forecast”, “Planned”, “Expected”, “Intends”, “Potential”, “Conceptual”, “Believes”, “Anticipates”, “Predicted”, “Estimated” or similar expressions. Forward looking statements, opinions and estimates included in this announcement are based on assumptions and contingencies which are subject to change without notice, and may be influenced by such factors as funding availability, market-related forces (commodity prices, exchange rates, stock market indices and the like) and political or economic events (including government or community issues, global or systemic events). Forward looking statements are provided as a general reflection of the intention of the Company as at the date of release of the document, however are subject to change without notice, and at any time. Future events are subject to risks and uncertainties, and as such results, performance and achievements may in fact differ from those referred to in this announcement. Mining, by its nature, and related activities including mineral exploration, are subject to a large number of variables and risks, many of which cannot be adequately addressed, or be expected to be assessed, in this document. Work contained within or referenced in this report may contain incorrect statements, errors, 7 miscalculations, omissions and other mistakes. For this reason, any conclusions, inferences, judgments, opinions, recommendations or other interpretations either contained in this announcement, or referencing this announcement, cannot be relied upon. There can be no assurance that future results or events will be consistent with any such opinions, forecasts or estimates. The Company believes it has a reasonable basis for making the forward looking statements contained in this document, with respect to any production targets, resource statements or financial estimates, however further work to define Mineral Resources or Reserves, technical studies including feasibilities, and related investigations are required prior to commencement of mining. No liability is accepted for any loss, cost or damage suffered or incurred by the reliance on the sufficiency or completeness of the information, opinions or beliefs contained in this announcement. The Feasibility Study referred to in this announcement is based on technical and economic assessments to support the estimation of Ore Reserves. There is no assurance that the intended development referred to will proceed as described, and will rely on access to future funding to implement. Theta Gold Mines believes it has reasonable grounds the results of the Feasibility Study. At this stage there is no guarantee that funding will be available, and investors are to be aware of any potential dilution of existing issued capital. The production targets and forward looking statements referred to are based on information available to the Company at the time of release, and should not be solely relied upon by investors when making investment decisions. Theta Gold cautions that mining and exploration are high risk, and subject to change based on new information or interpretation, commodity prices or foreign exchange rates. Actual results may differ materially from the results or production targets contained in this release. Further evaluation is required prior to a decision to conduct mining being made. The estimated Mineral Resources quoted in this release have been prepared by Competent Persons as required under the JORC Code (2012). Material assumptions and other important information are contained in this release. 8 APPENDIX A JORC Global Mineral Resources Mineral Resources for the TGM Underground Operations as at 1 February 2021 Mineral Mine Resource Classificat Measured Frankfort Total Measured Frankfort CDM Beta Indicated Rietfontein Vaalhoek Olifantsgeraa mte Total Indicated Total Measured & Indicated Mineral Resource Classificat UG Mine Frankfort CDM Beta Rietfontein Olifantsgeraa mte Inferred Vaalhoek Vaalhoek Glynns Lydenburg Ponieskrantz* Frankfort Theta* Nestor* Total Inferred Notes:1. 2. 3. 4. 5. 6. Reef Bevetts Bevetts Rho Beta Rietfontein Vaalhoek Olifantsgeraa mte Reef Bevetts Rho Beta Rietfontein Olifantsgeraa mte Vaalhoek Thelma Leaders Glynns Portuguese Theta Sandstone Reef Gra g/t 7.13 7.13 7.86 13.1 9 21.6 6 14.5 7 13.9 0 16.9 7 16.2 6 15.9 3 Reef Gra g/t 7.41 10.0 6 16.5 1 14.0 6 18.3 3 16.2 8 12.1 8 15.8 7 13.2 6 7.22 5.54 14.6 8 Stop e g/t 5.37 5.37 5.13 3.80 6.58 8.20 6.34 4.62 6.21 6.20 Reef Widt cm 73 73 58 23 23 52 36 25 36 38 Sto pe cm 103 103 96 90 90 92 90 90 91 91 Stop e g/t 4.27 3.02 5.43 8.52 4.68 4.77 9.47 5.19 3.99 3.24 2.92 5.22 Reef Widt cm 48 24 25 57 23 22 96 25 22 34 41 31 Sto pe cm 93 90 90 94 90 90 123 90 90 90 90 91 Conten t cm.g/t 520 520 452 307 499 755 499 416 591 600 Conten t cm.g/t 356 244 414 803 422 361 1166 397 287 244 225 458 Mineral Resource cut-off of 160 cm.g/t applied. Fault losses of 5% for Measured and Indicated, 10% for Inferred Mineral Resources. Gold price used for the cut-off calculations is USD1,500/oz. cm.g/t and g/t figures will not back calculate due to variable densities in reef and waste rock. Mineral Resources are stated as inclusive of Ore Reserves. Mineral Resources are reported as total Mineral Resources and are not attributed. 9 Reef Tonn Mt 0.069 0.069 0.243 0.258 0.716 0.517 0.064 0.026 1.824 1.893 Stope Tonn Mt 0.091 0.091 0.373 0.895 2.357 0.919 0.140 0.091 4.774 4.865 Au Content kg koz 15.7 489 15.7 61.5 1,912 109.4 3,401 498.5 15,506 242.2 7,534 28.5 887 13.6 422 953.7 29,661 30,150 969.4 Reef Tonn Mt 0.343 0.544 1.107 1.190 0.059 0.873 0.023 3.218 0.064 0.099 0.101 7.622 Stope Tonn Mt 0.596 1.811 3.367 1.962 0.248 2.980 0.030 9.833 0.213 0.220 0.193 21.45 2 Au Content kg koz 81.8 2,543 175.9 5,472 587.9 18,285 537.6 16,721 37.3 1,162 456.8 14,209 9.1 284 1 51,078 642.2 27.3 849 23.0 714 18.1 562 3,597 111,880 597.0 Mineral Resources for the TGM Open Pit Operations as at 1 February 2021 Mineral Resource Classification Open Pit Mine Indicated Hermansburg DG1 DG2 Vaalhoek Theta & Browns Hill Theta & Browns Hill Theta & Browns Hill Theta & Browns Hill Theta & Browns Hill Iota Iota Iota Iota Reef Reef Grade g/t 1.79 2.24 0.66 17.25 1.02 1.08 2.41 3.79 2.51 2.98 2.33 2.51 1.06 2.14 Eluvial Eluvial Eluvial Vaalhoek Shale Bevett's Upper Theta Lower Theta Beta Bevett's Upper Rho Lower Rho Upper Theta Total Indicated Mineral Resource Classification Open Pit Mine Reef Inferred Hermansburg DG1 DG2 Vaalhoek Vaalhoek Theta & Browns Hill Theta & Browns Hill Theta & Browns Hill Theta & Browns Hill Theta & Browns Hill Iota Eluvial Eluvial Eluvial Vaalhoek Thelma Leaders Shale Bevett's Upper Theta Lower Theta Beta Upper Rho Reef Grade g/t 0.88 0.00 0.00 20.32 14.25 1.12 1.17 1.86 8.06 2.17 5.12 5.11 Total Inferred Notes:1. 2. 3. 4. 5. 6. Reef Width cm cm.g/t Reef Tonnes Mt 0 0 0 574 204 241 241 379 251 340 937 1306 121 360 0.505 0.640 1.586 0.111 0.397 0.856 0.651 0.839 0.373 0.108 0.897 0.981 0.163 8.109 Content cm.g/t Reef Tonnes Mt 0 0 0 880 1 388 240 254 186 806 217 687 617 0.110 0.000 0.000 0.213 0.293 0.600 0.451 0.948 1.384 0.778 0.131 4.907 Content 0 0 0 33 200 223 100 100 100 114 402 520 114 168 Reef Width cm 0 0 0 43 97 215 217 100 100 100 134 121 Mineral Resource cut-off of 0.5 g/t and 0.35 g/t applied. Fault losses of 5% for Measured and Indicated, 10% for Inferred Mineral Resources. Gold price used for the cut-off calculations is USD1,500/oz. Vaalhoek, Theta Hill, Browns Hill and Iota Mineral Resources stated utilising pit optimisation. Mineral Resources are stated as inclusive of Ore Reserves. Mineral Resources are reported as total Mineral Resources and are not attributed. 10 Au Content kg koz 905 29.1 1 432 46.0 1 041 33.5 1920 61.7 404 13.0 925 29.7 1571 50.5 3178 102.2 938 30.1 323 10.4 2090 67.2 2464 79.2 173 5.6 17 558.2 364 Au Content kg koz 97 0 0 4 319 4 172 668 528 1762 11153 1686 673 25 057 3.1 0.0 0.0 138.9 134.1 21.5 17.0 56.6 358.6 54.2 21.6 805.6 Mineral Resources for the TGM Tailings Dams as at 1 February 2021 Mineral Resource Classification Surface Operation Indicated Glynn’s Lydenburg Blyde 1 Blyde 2 Blyde 3 Blyde 4 Blyde 5 TGM Plant Reef Tailings Tailings Tailings Tailings Tailings Tailings Tailings Total Indicated Mineral Resource Classification Inferred Total Inferred Notes:1. 2. 3. 4. 5. Surface Operation Blyde 3a Reef Tailings Tonnage Mt 1.211 0.590 0.280 0.316 0.164 0.022 2.661 5.244 Gold Grade g/t 0.80 0.73 0.83 0.87 0.72 0.61 0.87 0.83 Gold Content kg koz 972 31.3 434 14.0 234 7.5 275 8.8 119 3.8 14 0.4 2,325 74.8 4,373 140.6 Tonnage Mt 0.023 0.023 Gold Grade g/t 0.57 0.57 Gold Content kg koz 13 0.4 13 0.4 Gold Grade g/t 1.64 0.93 1.23 1.63 1.16 1.20 Gold Content kg koz 199 6.4 379 12.2 114 3.7 211 6.8 156 5.0 1,059 34.0 Mineral Resource cut-off of 0.35 g/t applied. TGM Plant tailings: 10% discount applied for volume uncertainty. Gold price used for the cut-off calculations is USD1,500/oz. Mineral Resources are stated as inclusive of Ore Reserves. Mineral Resources are reported as total Mineral Resources and are not attributed. Mineral Resources for the TGM Rock Dumps as at 1 February 2021 Mineral Resource Classification Inferred Inferred Inferred Inferred Inferred Total Inferred Notes:1. 2. 3. 4. Surface Operation Vaalhoek South East (DGs) Peach Tree Ponieskrantz Dukes Clewer Reef Rock Dump Rock Dump Rock Dump Rock Dump Rock Dump Tonnage Mt 0.121 0.408 0.092 0.129 0.134 0.885 Mineral Resource cut-off of 0.35 g/t applied. Gold price used for the cut-off calculations is USD1,500/oz. Mineral Resources are stated as inclusive of Ore Reserves. Mineral Resources are reported as total Mineral Resources and are not attributed. 11 APPENDIX B JORC Checklist – Table 1 Assessment and Reporting Criteria SECTION 1: SAMPLING TECHNIQUES AND DATA Criteria Sampling techniques Explanation Nature and quality of sampling (e.g. cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc.). These examples should not be taken as limiting the broad meaning of sampling. Detail Sampling types discussed in this section mainly pertain to historical data with the exception of the Theta Project subsequent to the 2017-2019 drilling campaign. Drilling data sampling types include diamond, reverse circulation (“RC”), percussion and auger drilling. Other sampling data types include underground channel chip sampling (as individual sample section composite data points on plans or as development or stope face composite stretch values), grab sampling as well as trench and sample pit sampling for bulk sampling for the purposes of size fraction analysis. The table below outlines the types of sampling data collected or utilised in the Mi