ARGENT COLLIERY-PROJECT INFORMATION (Schoongezicht)

Argent Colliery will be an opencast mine with a life of approximately 5 years. A feasibility study is currently underway, and pre-feasibility results were as follows:

• Measured Resource of 4.5mt in situ
• Competent Person Report (CPR) prepared by Gemecs (Pty) Ltd
• 54 holes drilled
• Mining Right application submitted
• EMP submitted
• Opencast Mine – Strip Ratio Cut Off – 5:1
• Raw Product at 19.3 Mj/kg

BOSCHKRANS COLLIERY-PROJECT INFORMATION

Boschkrans was originally planned as an underground mine, however the recent acquisition of an adjacent prospecting right will enable the orebody to be mined initially via opencast methods, thereafter exposing the high-wall to further exploit the orebody through underground methods, and further increase the reserves.

Once regulatory approval for the acquisition is in place, further exploration drilling will be done to increase the reserve.

The mine is expected to produce 1.2m tons of coal with a heat value of 23,5Mj/kg per year, and have a life of 15 years.

• Measured Resource of 31mt in situ resulting in 19mt ROM.
• Competent Person Report (CPR) prepared by Gemecs (Pty) Ltd.
• Over 110 holes drilled to date.
• Mining Right application submitted.
• EMP submitted.
• Raw Product at 23.5 Mj/kg

SCHIKFONTEIN MINE – PROJECT INFORMATION

The Schikfontein project is located just west of the town of Heidelberg located some 60km south of Johannesburg in the Gauteng Province of South Africa. Early drill and test results reveal a layered gabbroic Bushveld Igneous Complex plug comprising massive and disseminated titaniferous and vanadiferous magnetite.

Primary Products: Magnetite for Dense Media Separation (DMS) in coal washing, and smelting feedstock for the production of ferrovanadium, pig iron and TiO2 slag
Secondary Products: Cu, Co, REE’s

Smelting test work as well as base metal and REE recovery work is being scheduled. Full Mining Right Application submitted in 2013, was awarded 2017. This is awaiting execution following the awarding of the Water Use License, application submitted in 2013. Engineering design and costing for the construction of the DMS Magnetite business are being completed. Associated with this is equipment sourcing and the securing of offtake agreements.

In addition, options for the potential recovery of titanium and vanadium and other potential value adding streams are being defined and scheduled.

FULL LIST OF GROUP’S PROJECTS:

1. Boschkrans – Bethal
2. Schikfontein – Heidelberg
3. Schoongezicht (Argent) – Delmas
4. Joubertsvlei/Mepple – Ermelo
5. Van oudshoornstroom – Ermelo
6. Middelbult – Delmas
7. Modderfontein – Delmas
8. Dieplaagte – Delmas
9. Nooitgedacht – Witbank
10. Vlakfontein – Hendrina
11. Rooipoort – Bronkhorstspruit
12. Bergendal – Belfast