Investor Presentaiton

34 34 PAN AFRICAN NEAR-TERM ORGANIC GROWTH - EGOLI PROJECT FINANCIAL MATRIX Egoli Project diagram - shaft infrastructure and mining area at No.8 Shaft • Materially lower capital investment when benchmarked • against other development projects of similar scale Compelling and robust economic returns: > Payback period from project inception – 3,8 years > NPV 10,71 - R2,010 million ($131,25 million) > Project IRR (post tax): 50,1% . Economic assumptions: - > Gold price - R850 000/kg ~ (USD1650/oz)* > Peak funding - R1,05 million ~ (USD66 million) > Recovered grade - 5.21g/ton > AISC (post tax) - R399,600/kg (USD777/oz)# > LOM gold produced - 17,771 kg ~ (570,000 oz) > ~1,200 employees *USD1=ZAR16.00 # As per DRA FS • 24 Level • 1.230 km 25 Level 3.870 km Surface 8# 0.6 km 18 Level 0.210 km 1.730 km 3.8km 7# 1.830 km 0.300 km R1 Plant Egoli orebody, significantly nearer to surface than existing Evander mine 8# workings RESOURCES Evander Mine 8# working areas (closed) The Egoli orebody is approximately 1,75 km in tramming distance from No.7 Shaft > No.7 Shaft is currently utilised for hoisting run-of-mine material from No. 8 Shaft Pillar mining to the Kinross metallurgical plant Once dewatered, re-equipping will commence, followed by standard footwall development, further deepening of the decline and on-reef development Associated engineering infrastructure and underground mining equipment to follow prior to commencement of mining and ore hoisting to plant

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