African Gold Peer Comparison

2021 Gold Review • ● • Fiscal stimulus and spending have followed the Covid-19 induced global economic downturn Gold has long been considered a hedge against inflation, and in years when inflation was higher than 3%, the gold price increased an average of 15% per year (1) In November 2021, Global gold ETFs had their first month of net inflows since July 2021, and developed market central banks added gold to their reserves for the first time since 2013 Global investment demand for gold has grown by an average of 15% per year since 2001 and the gold price has increased almost 7x over the same period (2) Gold spot price in US dollars, London PM fix USD/oz 2,200 6% 5% 2,000 1,800 1,600 4% 3% 2% 1% 1,400 0% 1,200 -1% 2019 2020 11 2013 2021 2022 Source: Reuters Datastream, LBMA, World Gold Council (Data to 18/02/2022) 2015 CPIH - CPI 2017 2019 Dec '21: 5.4% 4.8% 2021 CPI-Consumer Price Index, CPIH=Consumer Price Index (incl. housing costs) Source: Office for National Statistics (1) As of 31 December 2020. Based on y-o-y changes in US dollars for 'gold': LBMA Gold Price PM, and 'inflation': US CPI since January 1971. (2) 31 December 2000 to 31 December 2020. Source: World Gold Council Sources: Bloomberg, ICE Benchmark Administration, World Gold Council AFRICAN LIONS GOLD plc 28

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