Acquisition of Khoemacau

7 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

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