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Reporting assumptions

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Ownership basis

Show the full project inventory before ownership adjustment.

Display scale

Display contained quantities in millions of ounces or tonnes.

Resource treatment

Normalise Resources to exclude Reserves: where a project is flagged inclusive, net Reserves out of Resources so the figure is additional Resources beyond Reserves. Unknown-convention rows are shown as stated.

Resource total

Total Resource includes Inferred (JORC convention). Totals are re-derived from category rows wherever the document discloses them.

Recovery basis

Show the issuer's headline recoverable figure as reported. Lithium-brine reserves already have the brine-processing recovery factor applied; everything else is shown as stated.

Commodity view

Primary view: each commodity in its own contained unit (oz / t).

Tshepong South

Free State, South Africa · Producing · 100.0% ownedUnverified

Current R&R by category

Whole-project rollup at the latest vintage per category: printed project-level rows are preferred, and mining areas are summed (tonnes-weighted grade) only where the issuer prints no project-level row. Per-area and per-source detail in the Current R&R table below.

Category	Tonnes (Mt)	Grade (g/t Au)	Contained (Moz Au)	As at
Measured	5.51 Mt	12.80 g/t	2.27 Moz	30 June 2025
Indicated	8.89 Mt	11.35 g/t	3.25 Moz	30 June 2025
Inferred	22.73 Mt	11.33 g/t	8.28 Moz	30 June 2025
Total Resources	37.13 Mt	11.55 g/t	13.79 Moz	30 June 2025
Proved	2.16 Mt	6.53 g/t	0.45 Moz	30 June 2025
Probable	0.42 Mt	3.22 g/t	0.04 Moz	30 June 2025
Total Reserves	2.58 Mt	5.99 g/t	0.50 Moz	30 June 2025

Cut-off grade

782.0000 g/t Au · 790.0000 g/t Au

Price assumption

US$2349.00/oz · US$2237.00/oz

JORC code year

—

Peer benchmark — producing Au projects (282 with resources)Resource size P93Resource grade P98View on grade-tonnage chart →

Percentile of this project's current total Resource among covered peers (P100 = largest / highest grade). Basis and Inferred toggles apply.

Data quality

Latest source: 20-F: 20-F · 30 June 2025
Reporting code: SK-1300
Convention: exclusive
Currency assumption: US$

Current R&R

Resources

Category	Tonnes (Mt)	Au		As at	Source	Provenance
Category	Tonnes (Mt)	Grade (g/t Au)	Contained (Moz Au)	As at	Source	Provenance
Measured	5.51 Mt	12.80 g/t	2.27 Moz	30 June 2025	Mineral Resources (exclusive of Mineral Reserves) summary tableUnverified Evidence record Tshepong South Measured · Au · as at 2025-06-30 Reported figure Area Whole project Basis 100% Ore tonnes (t) 5507000.0000 Grade 12.8000 Contained (oz) 2267077.7435 Classification Resource Source trail 20-F: 20-F Mineral Resources (exclusive of Mineral Reserves) summary table Published 2025-10-31 Verification Approved; not independently verified · Model extracted QA BLOCK: recomputed contained 2266293.2653 oz vs reported 2267077743.540233418535383800 oz (99.90% disagreement) \| QA FIX (claude-agent-qa): printed kg contained was converted with the oz-per-TONNE factor (32,150.75) instead of oz/kg (32.1507) — divided by 1,000. Tonnes/grades verified faithful to print. \| QA sweep: print-verified Copies a pre-filled issue record so you can send it through your normal channel.

Reserves

Category	Tonnes (Mt)	Au		As at	Source	Provenance
Category	Tonnes (Mt)	Grade (g/t Au)	Contained (Moz Au)	As at	Source	Provenance
Proved	2.16 Mt	6.53 g/t	0.45 Moz	30 June 2025	Mineral Reserves summary table / Tshepong South Mineral Reserve EstimateUnverified Evidence record Tshepong South Proved · Au · as at 2025-06-30 Reported figure Area Whole project Basis 100% Ore tonnes (t) 2159000.0000 Grade 6.5300 Contained (oz) 453389.8281 Classification Reserve Source trail 20-F: 20-F Mineral Reserves summary table / Tshepong South Mineral Reserve Estimate Published 2025-10-31 Verification Approved; not independently verified · Model extracted QA BLOCK: recomputed contained 453269.9058 oz vs reported 453389828.1107917813226590797 oz (99.90% disagreement) \| QA FIX (claude-agent-qa): printed kg contained was converted with the oz-per-TONNE factor (32,150.75) instead of oz/kg (32.1507) — divided by 1,000. Tonnes/grades verified faithful to print. \| QA sweep fix: incl_of_res cleared — flag belongs on resource rows only; figures print-verified Copies a pre-filled issue record so you can send it through your normal channel.	notes (6) Source: 20-F: 20-F · published 31 Oct 2025 Ref: Mineral Reserves summary table / Tshepong South Mineral Reserve Estimate SK-1300 — Reporting code of record: SK-1300 Cutoff 790.00 g/t Au — Cut-off grade assumption from the source statement. @ US$ 2,237/oz — Metal price assumption used to derive this estimate. QA notes: QA BLOCK: recomputed contained 453269.9058 oz vs reported 453389828.1107917813226590797 oz (99.90% disagreement) QA FIX (claude-agent-qa): printed kg contained was converted with the oz-per-TONNE factor (32,150.75) instead of oz/kg (32.1507) — divided by 1,000. Tonnes/grades verified faithful to print. QA sweep fix: incl_of_res cleared — flag belongs on resource rows only; figures print-verified
Probable	0.42 Mt	3.22 g/t	0.04 Moz	30 June 2025	Mineral Reserves summary table / Tshepong South Mineral Reserve EstimateUnverified Evidence record Tshepong South Probable · Au · as at 2025-06-30 Reported figure Area Whole project Basis 100% Ore tonnes (t) 423000.0000 Grade 3.2200 Contained (oz) 43789.3168 Classification Reserve Source trail 20-F: 20-F Mineral Reserves summary table / Tshepong South Mineral Reserve Estimate Published 2025-10-31 Verification Approved; not independently verified · Model extracted QA BLOCK: recomputed contained 43791.2459 oz vs reported 43789316.82647130947110067129 oz (99.90% disagreement) \| QA FIX (claude-agent-qa): printed kg contained was converted with the oz-per-TONNE factor (32,150.75) instead of oz/kg (32.1507) — divided by 1,000. Tonnes/grades verified faithful to print. \| QA sweep fix: incl_of_res cleared — flag belongs on resource rows only; figures print-verified Copies a pre-filled issue record so you can send it through your normal channel.	notes (6) Source: 20-F: 20-F · published 31 Oct 2025
Total Reserves	2.58 Mt	5.99 g/t	0.50 Moz	30 June 2025	derived from 2 rows Proved: Mineral Reserves summary table / Tshepong South Mineral Reserve Estimate Probable: Mineral Reserves summary table / Tshepong South Mineral Reserve Estimate Unverified Evidence record Tshepong South Total Reserve · Au · as at 2025-06-30 Reported figure Area Whole project Basis 100% Ore tonnes (t) 2582000 Grade 5.987734314484896 Contained (oz) 497179.14489999996 Classification Reserve Source trail 20-F: 20-F Mineral Reserves summary table / Tshepong South Mineral Reserve Estimate · contributes Proved 20-F: 20-F Mineral Reserves summary table / Tshepong South Mineral Reserve Estimate · contributes Probable Verification Approved; not independently verified · Model extracted Copies a pre-filled issue record so you can send it through your normal channel.