Announcement PDF 6 February 2024 ASX ANNOUNCEMENT THETA GOLD MINES PRESENTATION – CAPE TOWN MINING CONVENTION - INDABA 2024 Theta Gold Mines Limited (“Theta Gold” or the “Company”) (ASX: TGM) hereby attaches a Presentation which was provided by Theta Gold’s Chairman, Bill Guy at the 121 Mining Investment Conference on 5 and 6 February 2024 as part of the 2024 Indaba Mining Conference held in Cape Town, South Africa. [ENDS] This announcement was approved for release by Theta Gold Mines Limited’s Board. For more information, please visit www.thetagoldmines.com or contact: Bill Guy, Chairman Theta Gold Mines Limited T: + 61 2 8046 7584 E: billg@thetagoldmines.com Investor Relations Australia: Ben Jarvis, Six Degrees Investor Relations: +61 (0) 413 150 448 Webpage: www.thetagoldmines.com https://twitter.com/ThetaGoldMines https://www.linkedin.com/company/thetagoldmines/ 1 ABOUT THETA GOLD MINES LIMITED Theta Gold Mines Limited (ASX: TGM | OTCQB: TGMGF) is a gold 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 near-surface 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 and financing of a new gold processing plant within its approved footprint at the TGME plant. The company has completed a FS in July 2022 for the first four mines Beta, CDM, Frankfort and Rietfontein (TGME Underground Project). The Base Case LOM plan will comprise a 12.9-year mining operation starting in 2023 and delivering production of 1.24 million ounces of contained gold. The estimated development capital or peak funding requirement is USD77 million (AUD102 million), with the Project forecast to generate a pre-tax NPV10% of USD324 million (AUD432 million) and pretax Internal Rate of Return (IRR) of 65% at the forecast gold price of averaging USD1,642/oz over the LOM. The Company aims to build a solid production platform to over next 5 years to 160kozpa based primarily around shallow, open-pit or adit-entry shallow underground 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 (“TGSA”). TGSA 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 South African Mining Charter requires a minimum of 26% meaningful economic participation by the historically disadvantaged South Africans (“HDSAs”). 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. 2 THETA GOLDMINES LIMITED INDABA PRESENTATION February 2024 FS to recover 1.08Moz Au over 12.9 years LOM at TGME underground mine. 6.1Moz Gold Resource and Growing 1 Disclaimer FORWARD LOOKING AND CAUTIONARY STATEMENTS DISCLAIMER AND COMPETENT PERSONS STATEMENT This presentation 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 including but not limited to funding availability, market-related forces (commodity prices, exchange rates, stock market indices and the like) and political, environmental or economic events (including government or community issues, land owners, 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, 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. DISCLAIMER This announcement or presentation has been prepared by and issued by Theta Gold Mines Limited (ASX:TGM) 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. 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. The Company confirms that all material assumptions underpinning the production target, or the forecast financial information derived from the production target continue to apply and have not materially changed from that released in the definitive Feasibility Study released to ASX on 27 July 2022. This announcement or presentation 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. COMPETENT PERSONS STATEMENT The information in this report relating to mineral resources and ore reserves 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 and 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). The original reports titled “Theta Gold Increases Mineral Resource to over 6Moz” dated 16 May 2019, “Optimised Mine Schedule for Theta Open Pit Starter Project Delivers Significant Improvements” dated 20 April 2020 and “Initial Maiden Underground Mining Reserve 419,000 oz Gold” dated 8 April 2021 were released to the Australian Securities Exchange (ASX) on those dates. The Company confirms that all material assumptions underpinning the production target, or the forecast financial information derived from the production target continue to apply and have not materially changed from those previously released to ASX in a Feasibility Study dated 27 July 2022. The Company confirms that: • NOTE BUSINESS ARRANGEMENT Theta Gold Mines holds 100% issued capital of its South African subsidiary Theta Gold SA (Pty) Ltd (“TGSA”). TGSA holds a 74% shareholding in both Transvaal Gold Mining Estates Limited (“TGME”) and Sabie Mines (Pty) Ltd (“Sabie Mines”). TGME holds the various exploration and mining permits. The balance of shareholding is held by Black Economic Empowerment (“BEE”) entities. The South African Mining Charter requires a minimum of 26% meaningful economic participation by the historically disadvantaged South Africans (“HDSAs”). 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. • it is not aware of any new information or data that materially affects the information included in the ASX announcements; and all material assumptions and technical parameters underpinning the estimates in the ASX announcements continue to apply and have not materially changed. AUTHORISATION This announcement was authorised for release by the Board of Theta Gold Mines Limited. 2 Snapshot Reviving South Africa’s first gold rush  6 M oz of High-grade Gold under management (One of the largest Resources bases on ASX held by Junior)  The Kirkland Lake Strategy - Back to the first gold rush for the next generation of mines.  43 Historical Mines 620km2 of Goldfield + Kms of extended gold reefs  First four Mines to generate over ½ Billion USD Free Cash post Tax  High margin low-cost project AISC US$834 (A$1,112) (Bottom quartile among gold producers)  Gold Discovery costs less than US$12 per ounce  Not typical South African / provincial location with a small population  The local people, our stakeholders marched, signed petitions, lobbied government for the Project  ESG – Environmental offsets and Small Foot-Print, Community Forums, Local Jobs created This is where South Africa’s gold mining industry began 130 years ago, and we’re bringing this large, rich, shallow, predeveloped goldfield back to life. Note 1. Refer ASX Release dated 27 July 2022, "Theta Gold's TGME Gold Project Confirms NPV10% of AU$432 Million" 3 3 ASX Listing Ordinary Shares ASX: TGM Out-of-the-money unlisted options and management performance rights 712M 72M Market Capitalisation1 (undiluted) ~A$68M (~US$45M)¹ Top Shareholders: BNP PARIBAS NOMINEES PTY LTD 13.7% ZENITH (HK) HOLDING LIMITED 7.5% CITICORP NOMINEES PTY LIMITED 7.4% 2INVEST AG 5.9% TASMAN FUNDS MANAGEMENT LTD 5.3% Note: 1 As of 2 February 2024, using the last closing price of $0.095 on 2 February 2024 and RBA Exchange rate of 0.6597 (AUD:USD) 4 Theta Gold expected Catalysis 2024 • Execution Plan Theta Underground Project • Permitting completion for Mining Right 83 (EIA) • Completion of Sprott Streaming due diligence  Binding Streaming Agreement • Commercial Bulk Sampling – Metallurgical Results • Early Cashflow Options • Project Fully Funded • Final Investment Decision (FID) • Construction Commencement Note: First gold produced timing will be subject to securing funding and obtaining all necessary regulatory permitting approvals. DFFE -Forestry permits for the continuation of miming are in progress – refer to ASX Release dated 18 July 202 5 Theta Gold Mines – Definitive Feasibility Study DEVELOPMENT DRILL RIG  LONG HOLE DRILL RIG LHD The company’s growth strategy is developed on scaling up production from 4 historic underground mines: o  Beta, Rietfontein, Frankfort, and CDM As detailed in the recently released DFS o TGM aims to produce 1.1Moz over 12.9yr based on current Mining Inventory o Underground production of 540ktpa (45kt/mth) o Processing 80-100koz p.a. within 3yrs o Expand to 160koz p.a. within 5yrs o Average gold recovery of 87%  By adopting modern mining and treatment project can achieve AISC ~USD 900+/oz  This places it amongst the lowest cost gold producers in South Africa  Note 1 Refer to 27 July 2022 ASX release Theta Gold's TGME Project DFS confirms NPV of AU$432 Million 6 Theta Gold Highlights • High Growth Gold Investment Opportunity • Existing Historic Goldfield - Multiple pre-developed, shallow, high grade historic gold mines – ready to be brought back into production • Large, Growing Resource - 6.1Moz gold resource @ 4.17g/t and continuously growing, with more than 40 other existing pre-developed shallow underground mines not yet reflected in the stated resource (Underground 4.5 Mt reef grade 14.68 -15.93g/t) • Low Capital Start-up - < US$107m capital required to reach >90koz/a within 2 years • Organic Growth - Self-funded expansion to >160koz within 5 years • Lowest-Cost Quartile Producer - Forecasted operating cost half the current gold price (<US$900/oz) to become the lowest cost producer in South Africa and Australia • Competent Execution Team - Executive team that have successfully developed and optimised many mines in South Africa and other developing countries • Execution-Ready - FS completed with full front-end engineering designs (FEED)¹ – ready for execution² • Funding – Non-binding funding Term Sheet executed with Sprott Streaming and Royalty Corporation for up to US$70m stream funding arrangement to bring the TGME Gold Project into production. 1. Refer to ASX Release dated 20 June 2022 “TGME Underground Gold Update” 2. Refer to ASX Release dated 27 July 2022 “ Theta’s TGME Project Definitive FS Confirms NPV10% of A$432 million at US$1,642 oz Gold price” 3. Refer to ASX Release dated 19 October 2022 “Theta Gold executes a A$110m (US$70m) non-binding funding Term Sheet with Sprott for its TGME Gold Project” 7 South Africa’s “Newest” Gold Field Pilgrims Rest Johannesburg The Transvaal Gold System sits geological on the eastern side of Bushveld Complex the largest layered igneous intrusion on earth. Our goldfield already produced ~7Moz Au since 1870s. Theta have generated and delivered one of the largest undeveloped gold resources 6.1Moz on the ASX, a ”NEW” kid on the block. SA host the 3rd largest gold reserves in the world, mostly within this Witwatersrand gold field region (~6,000T Au) 8 Key FS Takeaways1 Underground ore Project Life Theta Gold Mines Limited, controls the Eastern Transvaal Gold Fields, where South Africa’s gold mining industry began almost 130 years ago. 12.9 years mined Peak Funding Metallurgical 6.46Mt @ 5.95g/t Requirements Recovery Au for 1.24Moz of US$ 77M2 87% contained gold Project Life of Mine schedule contained Gold 1.24Moz to recover 1.08Moz. 1FFeasibility figures to refer to ASX Release dated 27 July 2022 “FS Confirms NPV10% of A$432 million at US$1642/oz Gold Price Payback Period Pre-Tax AISC Start of Project – NPV 10% US$788oz 31 Months US$324m @ Avg (Year 1-4) Start of Mining – USD/oz $1,642 US$847/oz IRR of 65% (LOM) 18 Months First Gold Pour³ 2TGM is currently in discussion with debt financiers and has engaged an experienced debt advisory to assist in the negotiation of term-sheets for funding of the Project. Further equity raises are also planned to fund working capital and part of the project capital if required, which may lead to dilution to existing shareholders. 3First gold produced timing will be subject to securing funding Incorporating only 4 of more than 40 previously developed mines 9 9 Getting Ready for Construction/Production - Deliverables • Initial startup Feasibility Study (FS) completed in July 20221 to produce 1.24Moz Gold with a FS Life of Mine of 12.9 years. • Streaming funding non-binding Term Sheet executed with Sprott Streaming for US$70m (A$110m)2, due diligence now in progress. • Strong support from stakeholders, including local NGOs, farmers, neighboring enterprises, government departments, final Environmental Impact Assessment and Water Use License pending. • Very significant ESG Initiatives and Coverage: • Environmental offsets offered with a portion of project cashflow to fund the improvement of the township, local river and general landscape, and • A project designed to have a very small surface footprint – already existing plant zoning, existing TSF, designed for future underground tailings deposition, and • Regular Community Forums and the long needed local jobs creations as we will be the only commercial mining operator within the local area. 1. Refer to ASX Release dated 27 July 2022 “ Theta’s TGME Project Definitive FS Confirms NPV10% of A$432 million at US$1,642 oz Gold price” 2. Refer to ASX Release dated 19 October 2022 “Theta Gold executes a A$110m (US$70m) non-binding funding Term Sheet with Sprott for its TGME Gold Project” 10 Strategy to build up to >160,000oz/a Au production profile within 5 years (only 6 of >40 pre-developed mines) CURRENT FS PHASE 1 90,000 oz/a • 4 mining production units • 45 kt/m Metallurgical plant • Recommission existing Tailings Storage Facility (TSF) • Production from UG (Beta, Rietfontein, Frankfort, CDM,) • Production 90 koz/a PHASE 2 >160,000 oz/a • Expand to 7 mining production units • Expand gold plant to 80 kt/m • Expand production to Vaalhoek, Desire, and Glynn’s Mines • Production >160 koz/a Assess other >40 old mines, expand reserves through on-reef exploration, development and drilling on operating mines and new exploration targets 11 6 UG Mines targeted first out of potential > 40 Solid Growth Potential 5 2 Pre-construction • Surface footprint • Underground rehabilitation • Operational readiness Permitting the next phase of Mines 3 1 LEGEND 1. Beta 2. Frankfort 3. CDM 4. Rietfontein 5. Vaalhoek 6. Glynn’s Lydenburg 6 4 Exploration Program • Underground sampling • Surface drilling Commercial Bulk Sampling • 3 000 tons Targeting Increase in Ore Reserves • JORC update Note: Subject to exploration success 12 Snapshot – Reviving South Africa’s first gold rush • Provincial location with a small population • The local people, our stakeholders, lobbied government for the Project • ESG – Environmental offsets and Small Footprint, Community Forums, Local Jobs created • First four Mines to generate over ½ Billion USD Free Cash post Tax • High margin low-cost project AISC US$834 (A$1,112) (Bottom quartile among gold producers) • Gold Discovery costs less than US$12 per ounce • 43 Historical Mines 620km2 of Goldfield • Kilometers of extended gold reefs This is where South Africa’s gold mining industry began 130 years ago, and we’re bringing this large, rich, shallow, predeveloped goldfield back to life. 13 APPENDICES 14 Sprott Streaming Funding Term Sheet • NON-BINDING TERM SHEET EXECUTED WITH SPROTT STREAMING – US$70m (A$110m) • Stream funding Term Sheet signed with Sprott Streaming and Royalty Corporation. • Use of Funds – Stream funding is to be used for pre-development, development capital and operating expenditure to bring the initial stage TGME Gold Project into production and reach positive cash flows. • About Sprott Streaming – Sprott Streaming originates streams and royalties on a global basis to provide catalyst financing to advance projects to production. It’s parent company Sprott Inc. Toronto, New York, California, and Connecticut and is dual-listed on both NYSE and TSX. • Key Terms – Sprott Streaming to provide US$70m cash in return for a gold stream on Theta’s TGME Gold Project to deliver to Sprott Streaming up to 100,000 ounces of gold over its Life-of-Mine (LOM), for which Sprott Streaming will pay Theta 10% of the gold price per ounce delivered under the stream. Any funds advance prior to production will incur interest payable semi-annually at 9.5% per annum which can be repaid in either cash or script (at 10% discount to 5 day VWAP). Furthermore, Theta may buyback 50% of the Stream for a pre-agreed price, and after full delivery of the balance, the Stream will be fixed to 2% of production ongoing. • Condition Precedents – Under the Term Sheet, conditions precedent to closing includes the completion of a technical, legal, environmental and social due diligence, definitive documentation and final regulatory permits and approvals. 1. Refer to ASX Release dated 19 October 2022 “THETA GOLD EXECUTES A A$110M (US$ 70M) NON-BINDING FUNDING TERM SHEET WITH SPROTT STREAMING FOR ITS TGME GOLD PROJECT” 15 Project Economics at Various Gold Prices – Base Case (AUD) Unit Forecast (USD1,642/ oz Avg) USD1,500/oz USD1,600/oz USD1,800/oz USD2,000/oz USD2,200/oz NPV @ 10% (real) Pre-tax AUDm 432 339 405 536 669 802 NPV @ 10% (real) Post-tax AUDm 292 232 274 359 447 533 % % 65% 57% 57% 50% 64% 56% 77% 67% 90% 78% 102% 87% AISC AUD/oz 1,112 1,096 1,107 1,129 1,149 1,167 EBITDA annual average AUDm 92 77 87 107 128 148 EBIT annual average AUDm 80 66 76 96 116 136 Free Cash Flow (Pre-tax) AUDm 956 768 897 1,158 1,421 1,686 Free Cash Flow (Post-tax) AUDm 678 550 638 814 996 1,175 Development Capital – Peak Funding AUDm 102 102 102 102 102 102 Capital Sustaining AUDm 49 49 49 49 49 49 Payback post-tax Months 31 33 31 28 25 24 Capital Efficiency (Pre-Tax NPV/Dev Capital % 422% 332% 395% 524% 653% 783% Capital Efficiency (Post-Tax NPV/Dev Capital % 285% 226% 268% 351% 437% 521% Project Economics at gold price IRR (%) Pre-tax IRR (%) Post-tax Note: Converted to AUD from using AUD:USD exchange rate of 1.333 16 16 FS Project Economics at Various Gold Prices – Base Case (USD) Project Economics at gold price Unit Base Forecast (USD1,642/oz USD1,500/oz USD1,600/oz USD1,800/oz USD2,000/oz USD2,200/oz LoM Avg) NPV @ 10% (Pre-tax) USDm 324 255 304 402 501 601 NPV @ 10% (Post-tax) USDm 219 174 206 269 335 400 IRR (Pre-tax) % 65% 57% 64% 77% 90% 102% IRR (Post-tax) % 57% 50% 56% 67% 78% 87% All-in Sustaining Costs (AISC) USD/oz 834 822 831 847 862 876 EBITDA annual average USDm 69 58 66 81 96 111 EBIT annual average USDm 60 49 57 72 87 102 Free Cash Flow (Pre-tax) USDm 717 576 673 869 1 066 1 264 Free Cash Flow (Post-tax) USDm 508 412 478 611 747 881 Average Payback Period (from Start of Mining) Months 31 33 31 28 25 24 Peak Funding Requirement USDm 77 77 77 77 77 77 Sustaining Capital USDm 37 37 37 37 37 37 Capital Efficiency (Pre-Tax NPV/Dev Capital*) % 422% 332% 395% 524% 653% 783% Capital Efficiency (Post-Tax NPV/Dev Capital*) % 285% 226% 268% 351% 437% 521% 17 FS - Operating Costs in Dollar per Ton (Project over LoM) AUD/Milled tonne USD/Milled tonne Mine Cost 96 72 Plant Costs 41 31 Other Costs 20 15 Royalties 15 11 Adjusted Operating Costs 172 128 Renewals and Replacements 8 6 Reclamation 3 2 Off-mine Overheads 4 3 All-in Sustaining Costs (AISC) 187 139 Operational Cost • Adjusted Operating Costs against the milled tonnes per year • The increase in feed tonnes in years 9 to 12 is due to Frankfort mine being mined, and the tonnes reflected are prior to the Density Media Separation. Average AUD:USD conversion rate for Adjusted Operating Costs is 1.333 Average AUD:USD conversion rate for All-in Sustaining Costs (AISC) is 1.333 Average ZAR:USD conversion rate for Adjusted Operating Costs is 15.52 Average ZAR:USD conversion rate for All-in Sustaining Costs (ASIC) is 15.50 18 FS - Phase 1 Plant Rendering 19 FS - Free Milling Ore Process Plant 20 FS - Process Selection and Metallurgical Test Work Individual Mine Metallurgical Test Work % of 1.24M Oz into Mine Schedule Test Work Recovery DFS Recovery Used Comments Beta 60.4% 87-95% 88% • Beta showed to be amenable to conventional CIL processing with 86-95% recoveries Rietfontein 27.3% 88-93% 90% • Rietfontein showed to be amenable to conventional Frankfort 7.4% 61-82% 69% • 82% CIL recovery of sulphide flotation • 61% CIL recovery on sulphide float tails CDM 4.9% 93-95% 88% • Dukes from CDM orebody indicated total recoveries of 93% and higher with combined flotation and CIL processing • Additional Metallurgical test work is currently ongoing on all the Mines with the objective to improve on the current recovery grades. • Average gold recovery rate is 87.1%. 21 Timeline To Production Task Description Q2, Year 1 Q3, Year 1 Q4, Year 1 ü ü ü Q1, Year 2 Q2 Year 2 Q3, Year 2 Q4, Year 2 Q1, Year 3 Q2, Year 3 Definitive Feasibility Study Environmental and Water Approvals Gold Plant Construction / Commissioning ü ü Tailings Dam Upgrading Electrical Power Lines Surface Dam Construction ü ü ü ü Water Management Construction ü ü ü ü ü Backfill Plant Construction Surface Infrastructure Beta Mine Development at Beta Mine Rock Waste Dump Construction Stoping at Beta Mine First Gold from Beta Mine ü ü ü ü ü ü ü ü ü ü ü ü ü ü ü ü ü ü ü Note: Plant construction and commissioning subject to securing funding for project and permitting approvals. 22 Environmental, Social & Governance (ESG) ESG IS INTEGRAL TO THE DEVELOPMENT STRATEGY AND IS BASED ON: • • • • Holistic risk management Zero harm approach to health and safety Environmental stewardship • • • Conservation of biodiversity Responsible production practices Positive impact on host communities Transparent stakeholder engagement and reporting ENVIRONMENT • • Creating regional SOCIAL • 26% of project ownership held by Environmental Development Trusts for local labour force, host communities and strategic black entrepreneur alien invasive plants removals Establish nature reserves and targeted environmental study programs partners Projects structured for broad based • GOVERNANCE • • Ethical business practices Culture of high ethical standards throughout the organisation economic participation • • Alleviation of poverty TGME will be the biggest employer in the area 23 Combined Minerals Resource Statement (~6.1Moz) Combined Mineral Resource Resource Classification Type of Operation Underground Tonnage Gold Grade Mt g/t Gold Content Kg koz 0.091 5.37 489 15.7 0.091 5.37 489 15.7 Underground 4.774 6.21 29 661 953.7 Open Pit 8.109 2.14 17 364 558.2 Tailings 5.244 0.83 4 373 140.6 18.128 2.84 51 398 1652.5 Underground 21.452 5.22 111 880 3597.0 Open pit 4.907 5.11 25 057 805.6 Tailings 0.023 0.57 13 0.4 Rock Dump 0.885 1.20 1 059 34.0 Total Inferred 27.267 5.06 138 009 4 437.0 Grand Total 45.485 4.17 189 896 6 105.2 Measured Open pit Tailings Total Measured Indicated Total Indicated Inferred Notes: 1. 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. 2. Fault losses of 5% for Measured and Indicated, 10% for Inferred Mineral Resources. 3. Gold price used for the cut-off calculations is USD1,500/oz. 4. Mineral Resources are stated as inclusive of Ore Reserves. 5. Mineral Resources are reported as total Mineral Resources and are not attributed. 24 Total Mineral Resources of the 4 Mines included in the DFS - Combined as of 1 February 2021 Mineral Resource Classification Measured Total Measured Indicated Mine Reef Frankfort Bevetts Frankfort CDM Beta Rietfontein Bevetts Rho Beta Rietfontein Total Indicated Total Measured & Indicated Mineral Resource Classification Inferred UG Mine Frankfort CDM Beta Rietfontein