Acquisition of Khoemacau

Khoemacau 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

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