Expansion Project

The Expansion Project is expected to produce in excess of c.130,000 tonnes of copper and c.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 73.4 million tonnes of resources at 1.9% Cu and 32g/t Ag, with infill drilling at each site targeting up to 50% measured and indicated resource to facilitate the Expansion Project.

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 Q2 2023 and a FS due to be completed in 2024.

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

The Expansion Project is expected to produce in excess of c.130,000 tonnes of copper and c.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: The 2022 Zone 5 mineral resource estimate is reported (with internal dilution included within an NSR mining shell and depleted) as at 31 December 2022. The Z5 mineral resource is constrained by a $65/t NSR underground mining shell. This is a change from the previously reported Z5 mineral resource, which was based on the mineralisation only, above a 1% Cu cut off. On this basis the 2022 Z5 mineral resource @ 1% cut-off (depleted as at 31 December 2022) would be 86.7Mt at a 2.3% Cu and 24g/t Ag grade and the undepleted 2022 Z5 resource model would be 90.0Mt at a 2.3% Cu and 24g/t Ag grade. The Expansion mineral resource estimates are based on 1% copper cut-off and the reported dates are; Zeta NE – Nov ’20, Mango NE – Aug ’21 and Zone 5N – Apr ‘23