Investor Presentaiton

MINTAILS SA PROPOSED TRANSACTION CONDITIONAL ACQUISITION AGREEMENTS SIGNED ANNOUNCED 6 NOVEMBER 2020 • Aggregate consideration of ZAR50 million (US$ 3.1 million) • Conditional due diligence and feasibility studies in progress TRANSACTION IS SUBJECT TO: • Independent due diligence and feasibility studies (period extended to 31 January 2022) • Regulatory consents and conditions precedent from the state DETAILS OF THE ASSETS: 1L23-25 Lancaster Dam ⚫ Historic tailings storage facilities comprising Mogale Gold and Mintails Soweto Cluster (MSC) assets, as follows: • • Mogale Gold TSFs (Resources* of 123Mt at a head grade of 0.29g/t, for an estimated content of 1.16Moz gold); and MSC TSFs (Resources* of 119 Mt at a head grade of 0.31g/t, for an estimated content of 1.20Moz gold) A modern retreatment plant will need to be constructed - no processing facilities on site Princess Cluster Tudor Dam Tudor Dump Mogale Gold TSFs near Krugersdorp, Gauteng *refer to Pan African's SENS announcement dated 6 November 2020 for Resource declaration North Sands Dump Eskom Dump 34

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