DFS Key parameters

• Extraction Method – Conventional Open Pit

• Life of Mine – 7 years

• Total Ore Tonnes Processed – 3.3 Mt (42 ktmp)

• Total Ounces Produced – 215 koz ( ̴ 31 kozpm)

• Recovered Grade – 2.62 g/t

• Gold Price – US$1,262 per oz Project Payback – 2 years

• IRR – 41.1 %

• NPV – US$42 million (@8.4% discount rate)

• Capex Expenditure – US$43.68 million

• Direct Cash Cost – US$556/oz

• All inclusive sustainable cost (breakeven) – US$862/oz

Manica Key Features

•1.262 moz SAMREC compliant Au Resources (782koz measured and indicated)

•Low cost, near-term ready-to-build production

•Metallurgical risk solved by fine grinding and pressure oxidation

•Additional nearby prospects for further exploration success, namely: Guy Fawkes, Boa Esperanza, Dot’s Luck, all have declared resources

•Publically released information outlines a mine plan based on Fair Bride only producing approx. 215Koz over 7 years

• Further optimisation is possible and ongoing

Main deposit – Fair Bride

•Situated in the Odzi-Mutare-Manica Greenstone Belt of Mozambique

•1.262moz SAMREC compliant Au Resources (782koz measured and indicated)

•Well drilled – a total of 229 drill holes (31,662m) has been completed on the Fair Bride deposit accounting for 60% of the total drilling on the Manica project. A total of 137 holes comprise the resource

* Xtract Resources PLC. An Independent Technical Report on the Mineral Resources of the Fair Bride Gold Deposit on the 3990C Mining Concession, Manica Province, Mozambique, Minxcon, 04 March 2016

Fair Bride Base Case

•Gold price USD 1262/oz

•480,000 of ore tonnes per annum mined

•7 years of mine life

•Average grade 2.72 g/t mined

•Stripping Ratio 7.6:1

•All up break even cost USD 862/oz

•Capital USD43.68 million

•NPV at 8.4% discount USD42 million

Other projects within the Manica license

Drilling has targeted the below resources:

Guy Fawkes (1350m strike, 120m depth)

•98 drill holes for 14000m, of which 54 holes comprise the resource

•Bounded by a fault in the west open to the east and on dip

Dots Luck (750m strike, 100m depth)

•43 drill holes for 5000m, of which 38 holes comprise the resource

•Bounded by faults on the west and east, but open on dip (off-set of the Northern shear zone)

Boa Esperanza (100m Strike)

•12 drill holes for 1000m, of which 4 holes comprise the resource

•Limited extensional exploration on strike has taken place

Regional Exploration Potential

•Mainly pre-drilling targeting has taken place along the southern and northern share zone between Dot’s Luck and Fair Bride and further East (14km) and between Guy Fawkes and Boa Esperanza (10km) respectively

•Numerous artisanal workings occur along the share zones

•The Southern share zone is considered refractory, whereas the Northern share zone including Dots luck is non-refractory