Investor Presentaiton

NextGen HydroMet partial oxidation strategy - delivering results Actively manage autoclave throughput based on sulphur content of feed to maximise gold production. Microcrystalline pyrite' - appears more reactive and generally has higher gold content. Particle oxidises more rapidly in autoclave, liberating gold relatively quickly Detailed pyrite ore and oxidation response investigations 100 Crystalline (blocky) 10 pyrite' - appears less 1 reactive and 160% Change in Feed Tonnes Relative to production and Oxidation Plant upgrade generally has lower gold content. Gold on rim liberated first, but low grade, pyrite core takes substantially longer to oxidise in autoclave Change AC Tonnes 80% 150% 140% 130% 120% 110% 100% 90% 1 Shown for illustrative purposes, represent the end members of pyrite types FY13 Q3 FY13 Q4 FY14 Q1 FY14 Q2 FY14 Q3 FY14 Q4 F1521 FY15 Q2 FY15 Q3 FY15 Q4 FY16 Q1 FY16 Q2 ⚫ AC Tonnes. AC Oxidation FY16 Q3 FY16 Q4 FY17 Q1 FY17 Q2 FY17 Q3 FY17 Q4 FY18 Q1 FY18 QZ FY18 Q3 FY18 Q4 90% 85% 80% 75% 70% 65% 60% 55% 50% AC Oxidation 17

View entire presentation