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Investment Case

Large PGM resource base

Second largest PGM resource in South Africa consisting of c.153Moz 4E High grade resource with UG2 grade of 6.56g/t

Attractive prill split of 49% Palladium and 8% Rhodium, price supported by strong demand fundamentals.

Sustainable and value enhancing extraction plan developed

New mine plan developed independently by DRA, focussing on exploiting higher grade UG2 resource with better ground conditions, resulting in improved stopping efficiencies.

UG2 resource allows the extraction of chrome for incremental revenue Early generation of revenue through the change to on-reef development.

New plan positioned to ensure mine is sustainably redeveloped.

Existing developed infrastructure

Existing shafts offering multiple access points to the reef horizon with two concentrating facilities, support the start-up of the mine.

Capital allowed for in the new plan to recondition and modify existing concentrators to treat UG2 material Existing trackless mobile machinery to be refurbished and additional units will be purchased to make up the total required number of vehicles.

Life extension and optionality in the asset base

Large resource base could be utilised to ensure a business with life in excess of 22 years.

Potential to increase annual production through co-extraction of Merensky or increased UG2 mining.