Investor Presentaiton

ASSET OPTIMISATION GROWTH PORTFOLIO - ROBUST PROJECT PIPELINE PROJECT VALUE - EXPLORATION Mineral Resources DEVELOPMENT PROJECT MINE CONSTRUCTION MINE PRODUCTION Proved Probable Mineral Reserves Measured Indicated Inferred Sheba Hills exploration Poplar Evander No 8 Shaft pillar Fairview sub-vertical shaft Royal Sheba Elikul ETRP Springs surface sources Royal Sheba east extension Egoli pay channel Rolspruit New Consort near-surface exploration Barberton Mines near-mine exploration Evander No 9 Shaft A Block Evander South DISCOVERY Evander Mines near-mine exploration DESKTOP STUDY FEASIBILITY STUDY CONFIDENCE Group Resources 36.0Mz (335.8Mt @ 3.33g/t) Underground combined Surface combined Total BTRP Barberton Mines PROJECT COMMISSIONING Group Reserves 10.9Moz (216.6Mt @ 157g/t) PAN AFRICAN RESOURCES Tonnes Grade Tonnes (Mt) Grade (g/t) Gold (t) Gold (Moz) Gold (t) Gold (Moz) (Mt) (g/t) 110.4 9.35 1 032.1 33.2 Underground combined 35.9 7.72 276.8 8.9 225.4 0.38 86.5 335.8 3.33 1 118.5 2.8 36.0 Surface combined 180.7 0.35 63.0 2.0 Total 216.6 1.57 339.8 10.9 9% 13% 28 34% O 57% ■Measured Indicated ■ Inferred 87% Proved ■ Probable

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