#1Acquisition of Khoemacau Strategic acquisition of the Khoemacau Copper Mine and surrounding tenements on the prospective Kalahari Copper Belt in Botswana KHOEMACAU COPPER MINING M MMG 21 November 2023#2Disclaimer Disclaimer The information in this investor presentation (this "Presentation") is prepared by MMG Limited (HKEx stock code: 1208) ("MMG", together with its subsidiaries, the "MMG Group"). The sole purpose of this Presentation is for informational purposes only to provide summary information about the MMG Group and its proposed acquisition (the "Acquisition") of Cuprous Capital Ltd (the "Target"), the owner of the Khoemacau Copper Mine. It should not be used in whole or in part for any other purpose. Recipients of the information in this Presentation must not copy, reproduce, distribute or pass to any other person at any time the information in this Presentation. 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Such information has not been independently verified by MMG and/or the Advisors. Industry and market data In this Presentation, we rely on and refer to information and statistics and other industry data. We obtained this information and statistics from third-party sources, including reports by industry consultants and research firms. Neither MMG nor the Advisors has independently verified the data obtained from these sources and cannot assure you of the data's accuracy or completeness. Forward looking statements This Presentation contains certain 'forward looking statements' and forecasts, which are based on information avail to MMG Group as at the date of this Presentation. Forward looking statements can generally be identified by the use of forward looking words such as, 'expect', 'anticipate', 'likely', 'intend', 'should', 'could', 'may', 'predict', 'plan', 'propose', 'will', 'believe', 'forecast', 'estimate', 'target' 'outlook', 'guidance' and other similar expressions. Indications of, and guidance or outlook on, future earnings or financial position or performance are also forward looking statements. The forward looking statements and forecasts contained in this Presentation are illustrative exercises made using the assumptions described herein and not guarantees or predictions of future performance. Such statements and information involve known and unknown risks, uncertainties and other factors, many of which are beyond the control of MMG Group, and may involve significant elements of subjective judgement and assumptions as to future events which may or may not be correct. A number of important factors could cause actual results or performance to differ materially from the forward looking statements, including (without limitation) geological and operational uncertainty inherent in any mining operation, future business decisions, the success or otherwise of the business strategies adopted by MMG Group and the implementation thereof, changes in the regulatory environment and markets in which MMG Group and the Khoemacau Mine operate, fluctuations in commodity prices, interest rates and changes in the availability and cost of capital, and changes in financial market and general economic conditions. Accordingly, there can be no assurance that actual outcomes will not differ materially from these forward looking statements and forecasts. Investors should consider the forward looking statements and forecasts contained in this Presentation in light of those disclosures and not place undue reliance on them. 2 Projections This Presentation contains projected financial information. Neither MMG nor the Target's independent auditors have studied, reviewed, compiled or performed any procedures with respect to the projections for the purpose of their inclusion in this Presentation, and accordingly, neither of them expressed an opinion or provided any other form of assurance with respect thereto for the purpose of this Presentation. These projections are for illustrative purposes only and should not be relied upon as being necessarily indicative of future results. In this Presentation, certain of the above-mentioned projected information has been provided for purposes of providing comparisons with historical data. The assumptions and estimates underlying the prospective financial information are inherently uncertain and are subject to a wide variety of significant business, economic and competitive risks and uncertainties that could cause actual results to differ materially from those contained in the prospective financial information. Projections are inherently uncertain due to a number of factors outside of MMG's control. No representation or warranty, express or implied, is or will be given by MMG Group or the Advisors or their respective advisors, directors or employees, and no responsibility or liability or duty of care is or will be accepted by the same as to the fairness, accuracy, completeness or otherwise of this Presentation or the information or opinions contained herein or supplied herewith; or the reasonableness of any assumption contained herein. 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Recipients of information in this Presentation are advised to exercise caution. If you are in any doubt about any of the contents of this Presentation, you should obtain independent professional advice. This Presentation is not directed at, and is not intended for distribution to or use by, any person in any jurisdiction or country where such distribution or use would be contrary to law or regulation or which would subject MMG to any registration requirement within such jurisdiction or country. Neither MMG Group nor the Advisors accept any liability to any person in relation to the distribution or possession of the information in this Presentation in or from any jurisdiction. M MMG#31. Transaction overview M MMG#4Key transaction terms Overview • Shareholder support Conditions precedent • MMG has entered into a binding agreement to acquire 100% of Khoemacau for an enterprise value of US$1.875bn¹ Khoemacau is one of the highest quality new copper mines globally in the world-class mining jurisdiction of Botswana The acquisition constitutes a Major Transaction under Chapter 14 of the Hong Kong Exchange listing rules 67.55% shareholder China Minmetals supports the transaction • Approval by the Minister of Minerals and Energy of Botswana Approval by the Competition and Consumer Authority of Botswana Funding Timeline Advisors • • . Approval by the State Administration for Market Regulation of the PRC Majority shareholder approval (as outlined above, majority shareholder China Minmetals supports the transaction) Completion of the notification filing to the National Development and Reform Commission of the PRC There being no order prohibiting the Sellers and Purchaser from Completion At signing the acquisition is fully funded via a shareholder loan from China Minmetals Funding at completion is expected to be a combination of the shareholder loan and third party financing MMG intends to refinance the shareholder loan at an appropriate time and subject to market conditions Longer-term financing could involve a combination of debt, equity and/or a potential JV2 Completion expected to occur in 1H 2024 • MMG Financial Advisors: Macquarie Capital and Citigroup • MMG Legal Counsel: Herbert Smith Freehills and Akheel Jinabhai & Associates • Cupric Financial Advisors: BMO Capital Markets and UBS Cupric Legal Counsel: White & Case LLP and Bookbinder Business Law Notes: 1. Calculated on a cash-free and debt-free basis as at the locked box date of 31 March 2023. Refer to the Hong Kong Stock Exchange announcement for further details. 2. Any potential equity financing may comprise a rights issue to existing shareholders and/or a direct placement to institutional or strategic investors. M 4 MMG#5Khoemacau snapshot High-grade, low-cost High-grade mine with attractive financial metrics, bottom half of cost curve US$1.55/lb C1 cost post-expansion¹ Near-term production expansion Delivered through increased processing capacity and additional mining fronts ~130 ktpa Cu post-expansion2 Low-capital intensity project Cost-efficient pathway to achieve production scale ~US$8,000/t CuEq capital intensity for expansion³ Long-life project Supported by 3.7Mt CuEq Resource 4,5 in the Zone 5 Group >20 years mine life Increased scale / life potential Supported by 7.1 Mt CuEq Total Resource 4,6 and substantial exploration upside >200 ktpa Cu Long-term target Prospective Kalahari Copper Belt Dominant landholding across an emerging, highly prospective copper region ~4,040 km² landholding Notes: All financial metrics are shown on a 2023 real basis. 1. C1 Cost calculated on a post by-product and pre silver stream basis. 2. Grade increases as mine development progresses achieving 60ktpa by 2026 and -130ktpa post-expansion. 3. Khoemacau capital intensity calculated as: (expansion capital) divided by (incremental CuEq production between pre- and post-expansion). 4. Copper Equivalent calculations for Resources based on MMG commodity price assumptions outlined in the 30 June 2022 Mineral Resources and Reserves Report. 5. Based on Zone 5 Group 166 Mt @ 2.0% Cu & 26g/t Ag (3,324kt Cu & 140Moz Ag) as published by Khoemacau. 6. Based on total resource of 450Mt @ 1.4% Cu & 18g/t Ag (6,374kt Cu & 263Moz Ag) as published by Khoemacau. M MMG 5#62. Transformational transaction M MMG#7Attractive operating and financial metrics Post-expansion, Khoemacau is expected to generate significant cash flows at a low cost and high margin Key operating and financial metrics (estimates shown either as a range or average) Copper head grade range (%) 1.8% 2.0% CuEq production range (ktpa) 155 135 65 1.7% 1.6% 50 Pre-Expansion EBITDA (US$m p.a.) ~600 Post-Expansion Pre-Expansion C1 Cash cost range (US$/lb Cu)1 2.40 1.65 1.75 1.45 Pre-Expansion Post-Expansion ~150 Pre-Expansion Post-Expansion Post-Expansion Capital intensity and average capex Capital intensity (brownfield expansion) Expansion Growth Capex (US$m) 700-800 Incremental CuEq Production (ktpa) 80-90 Capital Intensity (US$/t CuEq) ~8,000 LOM average sustaining capex (US$m p.a.) ~100 M Notes: All financial metrics are shown on a 2023 real basis. 1. C1 Cost calculated on a post by-product and pre silver stream basis. 7 MMG#8Cornerstone asset with >20 year life Khoemacau Location: Botswana Resource¹: 6.4Mt Cu, 263Moz Ag High-grade, low-cost mine with ~130ktpa copper post-expansion Izok Project Location: Canada Resource2: 0.7Mt Cu, 2.4Mt Zn, 0.3Mt Pb, 74Moz Ag, 0.7Moz Au Significant copper-zinc project on highly prospective mineral corridor Las Bambas Location: Peru Resource³: 9.0Mt Cu, 140Moz Ag, 2Moz Au, 240kt Mo One of the world's largest copper mines with near-term organic growth optionality Izok Chinal Beijing Laos Hong Kong Vientiane Lima South America Kinsevere Khoemacau DRO Dugald River Las Bambas Johannesburg Khoemacau Existing Operations Development Project Offices Austral Melbourne Rosebery Kinsevere Location: DRC Resource: 1.2Mt Cu, 52kt Co Growing to be a ~100ktpa copper equivalent mine once expansion fully ramped up Dugald River Location: Queensland, Australia Resource: 7.2Mt Zn, 0.7Mt Pb, 45Moz Ag, 0.1Mt Cu, 0.02Moz Au A top 10 producing zinc mine with a >20 year mine life Rosebery Location: Tasmania, Australia Resource: 1.4Mt Zn, 0.5Mt Pb, 58Moz Ag, 0.71Moz Au, 38kt Cu Continues to deliver after almost 90 years of operations Source: MMG Mineral Resource and Ore Reserves Statement 30 June 2022. Notes: 1. Refer to Appendix for the Mineral Resource Estimate Statement. 2. Includes Izok Lake and High Lake. 3. Las Bambas shown on 100% basis. MMG ownership is 62.5%. 8 M MMG#9Building a premier diversified copper producer Proforma portfolio M MMG KHOEMACAU COPPER MINING M MMG (Proforma) Reduces MMG's asset BA concentration risk Mineral resources by asset (kt CuEq)¹ Cu Provides enhanced geographical diversification Production by jurisdiction (ktpa CuEq)² Increases portfolio exposure to copper Las Bambas 5% ■Dugald River 11% ■ Kinsevere 11% 18.1Mt ■Izok Lake 57% + 7.1Mt ■Rosebery 16% ■ Khoemacau Peru Australia 10% ■ DRC 18% Botswana 490kt ■ Copper 72% + 145kt Mineral ■ Zinc 9% 10% ■ Precious 8% resources by ■ Other commodity 21% (kt CuEq)¹ 62% + 90% 28% 41% 25.2Mt 4% 8% 8% 11% 23% 7% 635kt 14% 56% 7% 9% 15% 69% Notes: 1. MMG Proforma Resource based on Mineral Resources as published by Khoemacau and associated Copper Equivalent calculations based on MMG commodity price assumptions outlined in the 30 June 2022 Mineral Resources and Reserves Report. Other commodities include cobalt, molybdenum and lead. 2. MMG Proforma production based on MMG 2023 production guidance and Khoemacau post-expansion production (midpoint of 135-155ktpa CuEq). 9 M MMG#10Transaction accretive to MMG across a range of metrics CuEq production (ktpa)1 490 +30% 635 C1 cash cost (US$/lb CuEq)² -6% 2.06 1.93 MMG MMG Proforma (post-expansion) MMG MMG Proforma (post-expansion) EV/ Resource (US$/t CuEq)4 EV/EBITDA (x)³ 5.6x MMG 4.3x VS Implied acquisition multiple (post- expansion) 420 MMG VS 265 Implied acquisition multiple Notes: All financial metrics are shown on a 2023 real basis. MMG Proforma production based on MMG 2023 production guidance and Khoemacau post-expansion production (midpoint of 135-155ktpa CuEq). 2. MMG C1 costs based on MMG 2023 C1 cost guidance and production guidance for Las Bambas, Kinsevere, Dugald River and Rosebery. MMG Proforma C1 includes Khoemacau post-expansion C1 cost on a post by-product and pre silver stream basis. 3. MMG EBITDA based on MMG broker consensus estimates for 2023 and Khoemacau post-expansion Enterprise Value includes Expansion Growth Capex of -US$720m. 4. Khoemacau's implied acquisition multiple is based on Mineral Resources as published by Khoemacau and associated Copper Equivalent calculations based on MMG commodity price assumptions outlined in the 30 June 2022 Mineral Resources and Reserves Report. 10 M MMG#11MMG well positioned to deliver on expansion project Khoemacau has a low-risk expansion plan • • Strong in-country team • Favourable metallurgy Longhole stoping mining method, similar to Dugald River operations Demonstrated track record of delivering major projects % of nameplate ore milled vs McNulty Type 11 120% McNulty Type 1 Las Bambas ore milled Dugald River ore milled 100% • Pastefill (to be built at Khoemacau, similar to Dugald River operations) • Continuous top down sequence of mining (higher development rates) 80% • Favourable geotechnical conditions (large stope sizes) MMG project development credentials 60% • Las Bambas commissioned 2016 (achieved 103% nameplate in 6 months) 40% • Dugald River commissioned 2017 (achieved 107% nameplate in 7 months) • Kinsevere expansion on track to extend mine life and increase production 20% • Experience operating in a variety of jurisdictions including Africa • Experience operating a variety projects from ~1Mtpa to >50Mtpa The McNulty Type 1 curve is considered the benchmark for successful project implementation² 0% 1 2 3 4 5 6 7 8 9 10 11 12 13 14 Months Notes: 1. McNulty, T, 2014. Plant Ramp-Up Profiles: An update with emphasis on process development, in COM 2014 and MMG analysis. 2. Type 1 curve represents ramp-up performance of mature technology, standard equipment and/or thorough testing. 11 M MMG#12Freeport BHP Glencore 400 Zijin Southern Copper Anglo American 800 First Quantum Antofagasta Rio Tinto 1,200 KGHM M MMG (Pro-forma) CMOC 1,600 Ivanhoe Positions MMG as a Top 10 copper focused producer Listed global copper producers - copper production (ktpa)1 2,000 Diversified Peer Copper Focused Peer Further growth potential Notes: 1. Listed companies with annual copper production >100kt. Production based on copper production guidance for CY23, or actual copper production for CY22 where guidance is not available. Newmont inclusive of Newcrest CY23 copper production guidance. First Quantum guidance does not account for recent disruptions at Cobre Panama. MMG Proforma Production based on MMG 2023 copper production guidance and Khoemacau post-expansion copper production (~130ktpa). 12 M MMG KAZ M MMG Vale Lundin Jiangxi Barrick Newmont Capstone PT Amman Hudbay Boliden#13Enhanced exposure to highly attractive copper market Growing copper demand growth driven by decarbonisation EVs, renewables and investment in support infrastructure to underpin copper end-use demand Fastest growth from "decarbonisation" demand in the transportation and electrical networks sectors Forecast supply deficit of 13.8Mt by 2040 Copper production and future supply gap (Mt Cu)² 30 28 Greenfield probable contribution Brownfield probable contribution Base case production capability Primary demand Greenfield projects facing challenges from geopolitics, capex inflation, community and permitting Global total copper consumption by industry sector (Mt Cu)1 47 50 43 26 40 10 40 40 10 5.0% CAGR 36 35 33 8 24 32 32 7 5 6 30 30 5 4 4 133 2.3% CAGR 22 12 12 10 10 9 9 10 20 20 20 7 7 10 4 74 7 4 74 7 기 7 74 0.3% CAGR 4 0.9% CAGR 18 4 4 9 9 9 9 10 11 12 13 16 2.1% CAGR 14 2022 2023 2024 2025 2026 2030 2035 2040 12 ■Building/construction ■Industrial machinery & equipment Consumer and general products Electrical network infrastructure ■Transportation equipment Notes: 1. Wood Mackenzie Copper Document Tables September 2023 2. Wood Mackenzie Global Copper Mine Supply Analysis Q3 2023. 13 10 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 13.8Mt Deficit mine supply deficit based on probable projects 2038 2039 2040 M MMG#143. Investment highlights 14 M MMG#15Investment highlights 1 Scarce, high-grade and long-life producing copper mine with low technical risk 2 Bottom half cost curve position with further upside from optimisation 3 Near-term expansion to ~130ktpa copper production 4 Near-term brownfield project has low capital intensity¹ of ~US$8,000/t CuEq LO 5 6 4,040km² land holding across the emerging, highly prospective Kalahari Copper Belt Strong community, employment and environmental track record with a pathway to low carbon intensity 7 Stable and world-class mining jurisdiction in Botswana Notes: 1. Khoemacau capital intensity calculated as: (expansion capital) divided by (incremental CuEq production between pre- and post-expansion). 15 W MMG#16100 Kamoa- Kakula 200 Cobre 300 400 500 600 >200ktpa I 1 Large-scale, high-grade Resource Asset Highlights High-grade Resource with 2.0% Cu grade at Zone 5 One of the largest underground copper mines in the world Geologically consistent along strike, with all deposits remaining open at depth Newly built, modern underground mine with large stable stopes Copper mines constructed or expanded between 2017-20251 (LHS = production, RHS = copper grade) Producing Pre-Production ◆Cu Grade Annual Cu Production (Nameplate Production Capacity) & Resource Copper Grade (% Cu) PFS complete for ~130ktpa expansion project, with further expansion potential Panama Quebrada Blanca (Ph. II) Quellaveco Spence Expansion Toquepala Mirador Notes: 1. Public sources and announcements. Wood Mackenzie estimates where public information is not available. 16 (Ph. II) Florence I Aktogay Sulphide I +200ktpa ! extension potential 2.0% Zone 5 Cu Grade Khoemacau 1.4% Cu Grade ~130ktpa Post-expansion Udokan Mantoverde Sulphide Carrapateena Metalkol 100-200ktpa Mina Justa Peki Cukaru Chambishi Expansion Bystrinskoe Pulang Motheo 50-100ktpa El Pilar I Tucuma Capricorn Copper M MMG -% <50ktpa 2.5% 0.5% 1.0% 1.5% 2.0%#172 Bottom-half C1 cost curve position Further upside from optimisation Leverage MMG's competitive advantage with China sourcing & Chinese technology deployment Solar power potential is an opportunity to reduce carbon footprint and costs Regional synergies with Kinsevere operations and existing Johannesburg office Potential for improved offtake terms once Trafigura contract expires in August 2024 Established MMG Value C1 cash cost curve position (US$/lb)¹ C1 cash cost (US$/lb) 700 1st quartile 2nd quartile 3rd quartile 4th quartile 600 500 400 300 Khoemacau: US$1.45-1.65/lb² Post-expansion 200 100 Optimisation process can be applied Greater financial resources to 0 fund drilling and mine optimisation activities 1,000 Notes: 1. Wood Mackenzie 2028 Copper Cost Curve. Costs are shown on a 2023 real basis. 2. Khoemacau C1 costs on a post by-product and pre silver stream basis. 17 2,000 3,000 Paid Metal (Mlbs) I 4,000 W MMG#183 Brownfield expansion to ~130ktpa Khoemacau expansion to leverage off existing infrastructure and proven mining and processing methods Khoemacau ramp-up profile by deposit Mine Output (Mtpa) 9.0 8.0 7.0 Roadmap to ~130ktpa copper production • Resource • Mango • Zeta NE Mining • Zone 5 extensions & expansion deposits to deliver >130ktpa Consistent geology and mineralogy across multiple deposits Increase in Zone 5 production without significant expenditure New UG mines replicate proven mining method at Zone 5 18 6.0 5.0 4.0 3.0 2.0 10 1.0 Zone 5 North • Processing Zone 5 • New 4.5Mtpa process plant, increasing capacity to ~8.2Mtpa Similar metallurgical properties to current operations Infrastructure Internal power line sized to accommodate the expansion Multiple water sources and mine dewatering available Concentrate Sales 2024 2025 2026 2027 2028 2029 2030 • Clean concentrate with high payabilities and low impurities Zone 5N and Zeta NE are outside the silver stream agreement M MMG#19Capital Intensity (US$/t) 4 Highly competitive capital intensity Khoemacau brownfield expansion represents a cost-efficient way to achieve production at scale Capital intensity of new and future copper projects 35,000 Bubble size Avg. CuEq production 30,000 25,000 20,000 15,000 10,000 Khoemacau (brownfield expansion)! 5,000 1,000 2,000 3,000 4,000 5,000 6,000 Initial Expansion Growth Capex (US$m) 7,000 8,000 9,000 Source: Wood Mackenzie, company announcements and MMG analysis. Notes: Capital Intensity calculated as project capital expenditure divided by average copper equivalent production. 1. Khoemacau capital intensity calculated as: (expansion capital) divided by (incremental CuEq production between pre- and post-expansion). 19 10,000 M MMG#205 4,040km² land holding across Kalahari Copper Belt Expansion potential Full geological potential not yet unlocked Current exploration and development pipeline Exploration target High priority targets to feed into resource growth pipeline Discoveries Initial drilling has intersected high-grade Cu Ag mineralisation of comparable widths to Zone 5 Group Existing resources open at depth Large land package Zone 5 Deeps * Zone 5 NE Resource and PEA² PFS2 Production Boseto Zeta NE Kgwebe * Banana Peel 1.7Mt Chalcocite Zone * Zone 9 I ★ South Dome * ------------ 0.6Mt Zone 5 Zone 5N 1.9Mt Several high-quality targets identified Selene South ★ Banana Zone Mango ------- 0.5Mt Baby Banana ------- Strong mineral potential relative to other regional deposits Repeats of existing mineralisation targeted Zone 6 * 0.4Mt 1.4Mt ------ Target ID from 2023 Gravity Survey ------ Bubble size contained Cu Resources 20 20 Dotted bubble indicates resource open at depth with potential upside¹ Based on latest resource estimates / drilling Source: Information presented by the Target Group at https://www.khoemacau.com/our-portfolio/mineral-resources-and-ore-reserve-estimate, with estimation dates varying between August 2014 to April 2023. Notes: 1. Dotted box size is illustrative only. 2. Deposits outside of the Zone 5 Group are at a scoping study level and will undergo typical project review gates which may or may not be executed on. M MMG#216 Excellence in ESG Small operating footprint, strong current performance in sustainability and low carbon intensity potential Health & safety Average TRIF for the last 3 years of 1.751 Comprehensive safety and health management systems embedded throughout the operation Emergency (incl. pandemic) response and management plans in place, collaborating closely with Government Community & employment High employment levels nationally with ~95% of company employees Batswana Community relations remain strong, ~30% of employees are from local districts Extensive ongoing community engagement and development Notes: 1. Total Recordable Injury Frequency per 1,000,000 hours worked. 21 Health & safety Environment KHOEMACAU COPPER MINING Community & employment Low carbon Environment Ongoing focus on sustainable water usage, biodiversity management Track record of environmental safety Dry stack, Tailings Storage Facility engineered in line with industry best practices Low carbon potential Local climate and geography are particularly conducive to solar energy generation Initial renewable energy generation target of >30% of current consumption of 43MW 2023 CO₂e intensity of 3.56 CO2/t Cu Eq with pathway to improvements being developed M MMG#227 Botswana is a world-class mining jurisdiction Strong sovereign rating and risk profile Ranked as the most attractive mining jurisdiction in Africa and top 10 worldwide Credit ratings¹ Investment attractiveness³ Excellent regional infrastructure and access Paved road and air access. Proximity to east and west coast ports minimises operational and construction risk Proximity and quick access to extensive mining services in South Africa Majority domestically sourced power, with new regional power transmission infrastructure - from source to site S&P Global MOODY'S Political risk rating² Ranking out of 62 Australia AAA Aaa AA 2-504 USA AA+ Aaa AA 1-485 Chile A A2 A 35 c.1,000 km KHOEMACAU COPPER MINING Botswana BBB+ A3 A 10 Peru BBB Baal BB 34 Botswana Population (2.6m) c.1,000 km Walvis Bay D.R.C. B- B3 55 Argentina CCC- Ca B 19-496 Namibia Population (2.5m)7 Johannesburg c.1,700 km Zambia SD Ca B 58 Durban Stable tax regime Regulatory quality Safe environment Political stability Corruption prevention South Africa Population (59.4m)7 22 22 Notes: 1. S&P and Moody's ratings reports as of latest published in 2023. 2. EIU reports as of latest published in 2022. 3. Attractiveness as measured in Fraser Institute's 2022 annual survey, reflecting investment attractiveness out of 62 jurisdictions. The survey reflects a combination of opinion on a jurisdiction's attractiveness based on policy factors and its perceived mineral potential. The most attractive region in 2022 was ranked 1st and the least attractive ranked 62nd. 4. Reflects the range of rankings Australian states took in the total 62 jurisdictions measured for investment attractiveness. Australian states' ranking ranged 2 (Western Australia) to 50 (Tasmania). 5. Reflects the range of rankings American states took in the total 62 jurisdictions measured for investment attractiveness. US states' ranking ranged 1 (Nevada) to 48 (California). 6. Reflects the range of rankings Argentinian provinces took in the total 62 jurisdictions measured for investment attractiveness. Argentinian provinces' ranking ranged 19 (San Juan) to 49 (Catamarca). 7. World Bank 2021. M MMG#23Appendix HOEMACAU COPPER MIN M MMG#24Khoemacau overview Project overview Location Resource Current operations Mining method Employment • . Botswana, Africa (4,040km2 property license area) Zone 5 Group - 166Mt @ 2.0% Cu & 26g/t Ag (3,324kt Cu & 140Moz Ag) Total Resource -450Mt @ 1.4% Cu & 18g/t Ag (6,374kt Cu & 263Moz Ag) Underground mechanised mining at Zone 5 Road haulage of ores to Boseto Process Plant for treatment Agreement with mining contractor Barminco expiring in 2025 Long-hole open stoping, transition to pastefill Processing rate • Silver stream (Royal Gold) • • Offtake . 95% of company employees are from Botswana ~30% of company employees are from local districts Pre-expansion: 3.65Mtpa Boseto plant Post-expansion: 3.65Mtpa Boseto plant and 4.5Mtpa New Zone 5 Plant LOM production of Zone 5 and Mango NE 100% payable Ag production until 40Moz, 50% thereafter Cash price equal to 20% of spot Ag price for each ounce delivered 3-year offtake agreement with Trafigura Consistent tax policy and reliable VAT cycle Mining profits taxed using to the following formula1 = 70% 15% (profitability ratio²) Botswana tax 3% royalty for base metals and 5% for precious metals Other tax includes withholding tax, customs duties and transfer duty on immovable property Notes: 1. subject to a 22% minimum. 2. Profitability ratio equals taxable income/gross income. 24 24 Executive management team Johan Ferreira Chief Executive Officer Jaco Maritz Chief Financial Officer Khoemacau Boikobo Paya Executive Director Stakeholder Engagement, Sustainability and Legal Compliance Mmama Mhlanga- Fichani Vice President Human. Resources and Communications In-country site leadership team Neo Kwakwa Acting General Manager Logic Sebopeng Mining Manager Dale Quaker Chief Financial Officer Cupric Africa Warren Rigelsford Chief of Staff Mompati Babusi Process Manager Johnny Marudu Environment and Community Manager Tobokani Mosetlha Finance Manager Emmanuel Ntshwarang Acting Central Services Manager Bava Reddy Technical Services Manager Gomolemo Gaolatlhe Health and Safety Manager Steven Wilson Technical Services Manager Vincent Mothupi Human Resources Manager Oarabile Disang Exploration Manager W MMG#25Map of current operations Map of current operations 25 N Access road Boseto wellfield 6 Boseto processing plant 2 0 KM 5 Grid substation 7 3 132kv Transmission line 5 Haulage road National Grid Haka wellfield 6 Legend Transmission Line Haka Pipeline Access Road Haka Mining Lease pipeline Road Highway Workshop & accommodation 4 1 Zone 5 U/G Overview of current operations Mining Processing Infrastructure Concentrate Fully mechanised underground mine at Zone 5 Sub-level open stoping at 3.65Mtpa 3,500m strike length with three corridors accessed via boxcuts South (twin declines) Central Corridor (twin declines) North (single decline) Each corridor has independent power, water, pumping systems 2 Boseto Plant extensively refurbished (including metallurgical upgrades) Upgraded to 3.65Mtpa capacity ~88% Cu and ~84% Ag recoveries High-grade copper/silver concentrate (35 to 40% Cu) 3 Dry stack tailings storage constructed to GISTM standards 4 On-site workshop and accommodation at Zone 5 5 31km overland ore haulage from Zone 5 to Boseto (dedicated haul road) 6 Water sourced from Haka and Boseto wellfields and mine dewatering 7 Power sourced from national grid, no reliance on diesel generators • On-site bagging, weighing, sampling and assaying Exported via either Namibia or South Africa in 2t bags on 34t trucks High payable metal content, low contaminants M MMG#26Map of expansion operations Map of expansion operations N Grid substation 11 National Grid Haka wellfield Legend 10 Transmission Line Haka Pipeline Access Road Mining Lease Haka pipeline Road Highway Overview of expansion operations Mining 1 Zone 5 mine expanded from 3.65Mtpa to 4.5Mtpa (three declines) New mines at Zone 5 North, Zeta North-East, and Mango, replicating twin decline system proven at Zone 5 to add 3.65Mtpa Deposits are open at depth, unlocking extension options 234 Access road Boseto 10 wellfield Boseto processing plant 5 26 26 0 KM 5 6 TSF 132kv Transmission line 9 Haulage road 4 Zeta NE Zone 5N Workshop & accommodation 8 Processing Plant 6 7 Mango 1 TSF Zone 5 U/G Existing infrastructure Expansion infrastructure Processing 56 Infrastructure 9 Concentrate Existing Boseto plant will switch to treating the expansion deposits New 4.5Mtpa processing plant dedicated to processing Zone 5 ores Expansion deposits show similar metallurgy to Zone 5 New tailings storage facility constructed in close proximity to the new processing plant Ore to Boseto hauled via existing sealed roads with existing infrastructure able to deliver the expansion 10 Multiple water sources from Boseto and Haka wellfields, with mine dewatering meeting expansion requirements 11 Powerline to grid is sized to accommodate the expansion with further capacity via future solar power plant Testwork has demonstrated concentrate quality will be similar to that from Zone 5, which is successfully sold on competitive terms M MMG#27• Fully permitted with required licences in place Overview of licenses • 10 prospecting licenses covering 4,040km² of the Kalahari Copper Belt • All licenses were renewed through the end of 2022 and are in good standing Mining licenses cover all existing operations (Zone 5 and Boseto) Environmental permits that underpin the mining licenses • Water Rights for all active bore holes at Boseto, Haka and Toteng wellfields Secured permits include Explosives Storage Management and Power Generation • Most of the existing licenses are expected to cover the expansion Local community positioning Makkhalo 33km Makakung 73km Toteng 22km Sehithwa 28km Boseto Somelo 25km Bothatogo 22km Bodibeng 37km Haul Road TSF Zone 5 New TSF Prospecting license locations Molatswane Kareng Kuke Toteng Mokga Haka Kemana Tikaseoulo Semboyo Makakung ML2010/99L PL098/2005 Mogapelwa Somelo Zeta NE Zone 5N Sethithwa Bothatogo Plutus Bodibeng Zeta NEPL099/2005 Mango Semolo PL101/2005 PL100/2005 PL095/2019 PL004/2006 PL001/2005 PL003/2006 PLO03/2006 PL002/2006 PL002/2006 PLO05/2006 ML2015/5L Kuke 80km Extract: Community locations - Proximity to Zone 5 and Boseto 27 Tatamoge Xheradomo Xure Makalsmabedi 0 KM 50 Prospecting Licence Boundaries Discovery Copper Botswana (Pty) Ltd Khoemacau Copper Mining (Pty) Ltd Overview of location • Surface and property rights secured to all land used in current operations • No nearby villages or communities (closest villages is 28km away) • No communities located near the Boseto TSF or the proposed Zone 5 TSF • Mine site surrounded by farms which are designated as "tribal grazing" M MMG#28Khoemacau endowment and exploration pipeline Zone 5 Group 166Mt resource supports base-load ~130ktpa for >20 years Endowment • Zone 5 Group mineral resource provides base-load 130ktpa for >20 years • Excellent growth potential with Banana Zone, Boseto and a 4th group emerging as potential hubs • All resources open at depth ⚫ NPF-DKF contact zone² continuing well below modelled resources Expansion potential • Several near mine discoveries beyond initial expansion plans Exploration targets located within the prospective Zone 5 structural corridor Targets display the characteristics to host a large-scale high-grade deposit • Four new discoveries suitable for a 4th group with 0.5Mt+ Cu potential • Zone 5 Group resources open at depth potential for 1.0Mt+ Cu Boseto Group¹ High grade feed options near existing infrastructure. 1.7Mt Notes: 1. Deposits outside of the Zone 5 Group are at a scoping study level and will undergo typical project review gates which may or may not be executed on. 2. Contact point between Ngwako Pan Formation (NPF) and D'Kar Formation (DKF). 28 3.3Mt 1.4Mt 4th Group Emerging¹ A new cluster of new discoveries has emerged with widths >5m and Cu >2%. Banana Zone Group¹ Several production options. Ready for further exploration and optimisation. W MMG#29Highly prospective and predictable mineralisation zone Mineralisation zone Khoemacau hosts one of the largest sedimentary Cu systems outside of the Central African Copperbelt and this system is demonstrated to have continuity along strike and at depth • NPF-DKF contact zone¹ is highly prospective for copper-silver mineralisation • All of Khoemacau's resources identified to date are proximate to this contact point High potential for resource extension and new discoveries along NPF-DKF contact • Potential to also make discoveries further up the stratigraphic sequence (e.g. Motheo T3/A4) Boseto Group Banana Zone Group A Plutus North Limb North East Fold Zeta Zone 5 Group Zeta NE Zone 5N Zone 5 Banana Peel Zone 9 Mang South Dome 4th Group B Emerging Key >10km Mineralisation Contact Zone (stratigraphic surveys and mapping) Extent of Resource Limits (drill coverage) New Discoveries (recent drilling) DKF Strike (into page) NPF 29 29 Plutus Zeta (along strike) K Kgwebe Zone Zeta NE A Notes: 1. Contact point between Ngwako Pan Formation (NPF) and D'Kar Formation (DKF).. Chalcocite Zone New Discovery Zone 5N Kgwebe (along strike) Zone 5 Mango (along strike) K Banana Peel Zone 9 South Dome (along strike) K ~50km Cross-Section through Boseto Group and Zone 5 Group 2,500m Depth B M MMG#3030 Kalahari Copper Belt overview Overview • Kalahari Copper Belt is a major copper-silver region more than 1,000km in length and 180 to 240km wide • Consists of a deformed package of metasedimentary and metavolcanic rocks along the northwest margin of the Kalahari Craton • Zone 5 deposit is the largest discovery to date on the belt showing a Mineral Resource of 93Mt @ 2.0% Cu and 21g/t Ag • Discovery and successful development of Zone 5 fundamentally changed interest in the potential of this Belt Khoemacau is located within a highly prospective area of the copper belt with a large land package and significant potential to expand • Recent greenfields exploration, albeit modest in scale, has delivered multiple new discoveries for Khoemacau Kalahari Copper Belt Khoemacau licence area & surrounding licences Motheo Copper Mine Khoemacau Copper Mining Maun WE Pan-African Mobile Belt Congo Craton Zambia Zimbabwe Mozambique Gaborone Maun SOUTH AFRICA Damara Belt Namibia Khalari Copper Belt Botswana sharone Zimbabwe Craton Limpopo Belt Kapsvaal Craton Swaziland 0 km 500 22'S Lesotho South Africa 50km NAMIBIA 20's Khoemacau Resource 450Mt @ 1.4% Cu & 18g/t Ag I BOTSWANA Cobre - Ngami Copper Project T23 Prospect Sehithwa Ghanzi Kara Dome Prospect Korong Dome Tau Dome Prospect Prospect Prospect Ghanzi West Group 23"E Maun Zone 5 Deposit Resource 93Mt 2.0% Cu & 21g/t Virgo Prospects ARC Minerals 75% / ENRG 25% A1 Dome T2 Prospect Motheo Copper Mine (T3) Resource 53Mt @ 0.9% Cu & 13g/t Ag A4 Copper-Silver Deposit 10Mt @ 1.4 % Cu & 21g/t Ag Khoemacau Prospects Khoemacau Licences Cobre Licences ENRG elements Prospects ENRG elements Licences Kalahari Metals Licences Sandfire Prospects Sandfire Licences - Central Structural Corridor - Structural Corridor ■Regional Town M MMG#31The largest copper mine within the Kalahari Copper Belt Highlights Largest resource at 6.4Mt Cu Southern African Cu deposits (Botswana, South Africa and Namibia) Bubble size = contained Cu Resources = other Kalahari Copper Belt projects 3.0 High grade 1.4% resource compared to average of 0.6% based on reported resources Fully permitted and in production Average Resource Grade (% Cu) 2.5 2.0 15 1.5 1.0 Significant existing 0.5 infrastructure including road ° Khoemacau 6,374kt access/power 0.0 1 892 10 100 Total Resource Tonnes (Mt) Source: S&P Global, October 19th 2023, information presented by the Target Group at https://www.khoemacau.com/our-portfolio/mineral-resources-and-ore-reserve-estimate, with estimation dates varying between August 2014 to April 2023. 31 1,000 M MMG#32Ore Reserves and Mineral Resources Ore Reserves Proved and Probable Mineral Resources (inclusive of Ore Reserves) Measured Indicated Measured and Indicated Inferred Measured, Indicated & Inferred Ore Grade Contained Ore Grade Contained Ore Grade Contained Ore Grade Contained Ore Grade Contained Ore Grade Contained Cut-off Cu Mt Cu (%) Ag Cu Ag (g/t) (kt) (Moz) Cu Mt (%) Ag (g/t) Cu Ag (kt) (Moz) Mt Cu Ag Cu Ag (%) (g/t) (kt) (Moz) Mt Cu Ag Cu Ag (%) (g/t) (kt) (Moz) Mt Cu Ag Cu Ag (%) (g/t) (kt) (Moz) Mt Cu (%) Ag Cu Ag (g/t) (kt) (Moz) % Zone 5 Group 31 2.0 20 628 20 14 2.1 20 288 9 52 2.1 28 1,079 47 66 2.1 26 1,367 55 101 1.9 26 1,957 84 166 2.0 26 3,324 140 Varies Zone 5 31 2.0 20 20 Zeta North-East Zone 5 North Mango Banana Zone Group Boseto Group I | 628 Total 31 2.0 20 20 20 20 14 628 20 20 21 2.1 20 20 288 9 27 1.9 19 5 1.3 11 6 19 517 17 41 2.0 20 20 805 26 26 52 2.1 23 1092 38 88 2.6 53 231 15 9 2.6 53 231 15 4 2.6 44 114 6 4 2.6 44 114 6 171 11 1.9 19 23 23 20 20 1.8 34 360 22 22 93 2.0 00 21 21 1,897 64 NSR 65 29 2.0 40 591 37 1.0 19 19 1.8 30 342 18 23 1.9 32 456 24 1.0 217 8 11 1.9 23 217 8 10 1.7 20 163 6 21 1.8 21 21 380. 15 1.0 9 2.3 38 215 12 9 2.3 38 215 12 148 0.8 9.4 1,144 45 157 0.9 11 1,359 56 0.5 to 1.0 559 65 2 19 1.4 19 1.9 18 353 11 20 20 263 12 24 24 1.4 18 328 14 14 102 1.3 17 1,363 53 126 1.3 113 17 1,691 67 0.5 to 1.0 80 80 2.0 27 1,557 70 99 1.9 26 1,910 81 351 1.3 16 4,464 182 450 1.4 18 6,374 263 Varies Note: Information presented by the Target Group at https://www.khoemacau.com/our-portfolio/mineral-resources-and-ore-reserve-estimate, with estimation dates varying between August 2014 to April 2023 32 42 M MMG#33Thank you M MMG