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70% 60% 50% US$ KEFI GOLD + COPPER Industry Valuation Analogues Source: Company data, Orior Capital 4,000 3,500 3,000 2,500 2,000 1,500 1,000 500 0 KEFI.L NCAU.V GAU HUM.L ORG.V OSI.V TIE.AX THX.V SHG.L PAF.L PRU.AX RBX.V CMCL ORE.TO WAF.AX 40% 30% 20% 10% 0% KEFI.L AGG.V NCAU.V ORG.V TIE.AX OSI.V ORE.TO US$ (left) African gold companies 300 Enterprise Value 250 per oz of production, planned or 2022 guidance 200 150 100 (right)African gold companies Enterprise Value per oz of measured and indicated resource (left) EV/NPV, selected g/t 5.0 African gold companies 4.0 2.0 (right) African gold companies, M&I 1.0 resource grade, g/t gold 0.0 3.0 50 HUM.L ORE.TO PAF.L RBX.V KEFI.L AGG.V GAU PRU.AX ORG.V WAF.AX PDI.AX ORG.V SHG.L TIE.AX ORE.TO WAF.AX GSS TIE.AX RBX.V PRUAX THX.V CMCL 6

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