Phase 2 Expansion

The Phase 2 Expansion is expected to produce in excess of +130,000 tonnes of copper and +5.0Moz of silver metal in concentrate per annum (average run rate at full production).

Khoemacau has advanced its’ study work to increase the ore production at Zone 5 from the currently designed 3.65Mtpa to 4.5Mtpa, including completing a study of various processing facility options. The Company has also continued to prove up additional key resources at Mango, Zeta North East and Zone 5 North, which total approximately 76 million tonnes of resources at 2.0% Cu and 34g/t Ag, with infill drilling at each site targeting up to 50% measured and indicated resource to facilitate the Phase 2 Expansion.

The Phase 2 Expansion benefits from use of existing infrastructure including the Boseto Process Plant, tailings storage facility and power water and other services.

In addition, fully costed and detailed mine plans, schedules and key infrastructure requirements have been completed for the expansion of Zone 5 and the development of the three (3) expansion resources with a PFS due to be completed in 2022 and a FS due to be completed in 2023.

The Expansion Project is expected to produce in excess of +130,000 tonnes of copper and +5.0Moz of silver metal in concentrate per annum (average run rate at full production). The following table shows the high grade sulphide resources:

Note: Mineral resource estimates are based on 1% copper cut-off and the reported dates are; Zone 5 - Jun ’21, Zeta NE – Nov ’20, Mango NE – Aug ’21 and Zone 5N – Sept ‘19