Acquisition of Khoemacau

Investment 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

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