Lesego Platinum Project

Project snapshot

• Location: Phosiri Dome, Eastern Limb of the Bushveld Complex, Limpopo, ~300 km north-east of Johannesburg, with existing road, power and water infrastructure.
• Orebody: High-grade Merensky and UG2 reefs uplifted to mineable depths, with strong continuity, mineable widths and significant Cu/Ni credits.
• Resource: ~50 Moz 4E PGMs at an average grade of ~5.5 g/t (SRK-audited mineral resource statement, effective 31 August 2018).
• Study status: Completed bankable and definitive feasibility studies, now being updated to reflect current market conditions, technology and ESG standards.
• Development concept: Mechanised underground mine accessed from ~350 m depth, with phased expansion from an initial “Upper Mine” into deeper phases over time.

SRK Audited Mineral Resources Statement for Lesego Platinum effective 30 June 2020
Reef Name	Category	Quantity (Mt)	PGM Grade (4E g/t)	Contained PGMs (4E Moz)4	Cu Grade (%)	Ni Grade (%)	Contained Cu (kt)	Contained Ni (kt)
MR	Measured	7.99	5.11	1.31	0.11	0.25	9.2	20.3
	Indicated	51.71	5.52	9.17	0.12	0.25	63.0	129.2
	Subtotal (M & I)	59.70	5.46	10.49	0.12	0.25	72.2	149.5
	Inferred	37.97	5.36	6.55	0.12	0.25	45.1	93.1
UG2	Measured	25.29	4.88	3.97	0.05	0.16	13.3	41.5
	Indicated	66.03	5.82	12.37	0.06	0.17	37.0	109.7
	Subtotal (M & I)	91.32	5.56	16.33	0.06	0.17	50.3	151.2
	Inferred	69.42	6.08	13.56	0.06	0.17	41.2	120.8
Total	Total Measured	33.28	4.93	5.28	0.07	0.19	22.5	61.8
	Total Indicated	117.74	5.69	21.54	0.08	0.20	100.0	238.9
	Total (M & I)	151.02	5.52	26.82	0.08	0.20	122.5	300.7
	Total Inferred	107.39	5.82	20.11	0.08	0.20	86.3	213.9
Total (M&I&I)		258.41	5.65	46.92	0.08	0.20	208.7	514.7

The table above sets out the independent SRK-audited mineral resource statement for Lesego Platinum (effective 30 June 2020), reported in accordance with the South African Code for the Reporting of Exploration Results, Mineral Resources and Mineral Reserves (SAMREC). It shows the tonnes, grade and contained metal for the Merensky and UG2 reefs, split by confidence category (Measured, Indicated and Inferred), as well as the associated copper and nickel credits.

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Feasibility studies and current work

Lesego has completed a full bankable feasibility study (BFS) and definitive feasibility study (DFS) on the project, supported by SRK, DRA and the Beijing General Research Institute of Mining and Metallurgy, as well as several independent technical specialists. These studies confirmed a robust business case for a long-life underground mine targeting both the Merensky and UG2 reefs.

Building on this foundation, Lesego is now advancing an upgraded feasibility study that will:

• Refine the mining layout and production ramp-up to optimise capital intensity and operating flexibility.
• Update economic assumptions (metal prices, exchange rates, inflation) and cost benchmarks to current market conditions.
• Evaluate opportunities to improve energy efficiency, water use and tailings management in line with international ESG standards.
• Align the technical plan with Social and Labour Plan (SLP) and community-development commitments in Lesego’s host communities.

The outcome of this work will be an updated, independently reviewed project case that can support future funding and development decisions.

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Future value streams (exploration upside)

In addition to its core PGM focus, Lesego is assessing potential future value streams within the broader project area and regional portfolio. These may include opportunities to recover or partner on iron-rich or magnetite-bearing horizons where this is technically and commercially viable.

Any such initiatives will be progressed in line with applicable mineral rights, regulatory approvals and reporting codes, and will be communicated once sufficiently advanced.