The Tshipi Mine is located on the southern extremity of the Kalahari Manganese Fields (“KMF”), which covers an area of approximately 23,000 hectares. The KMF is known to contain approximately 80% of the world’s in-situ manganese resources. It is important to note that the Tshipi orebody is contiguous with and is the direct extension of South32’s (formerly BHP) Mamatwan operation that has been producing manganese for over 50 years. The KMF is dominated by the Hotazel geological formation comprising three sedimentary manganese layers interbedded with banded iron formations. Of the three sedimentary manganese layers, the lower manganese deposit is the best developed and laterally continuous. The middle and upper manganese orebodies act as stratigraphic markers rather than potential mining targets given the relatively low manganese content contained in these layers.

The lower manganese orebody (“LMO”) consists of banded, very fine-grained braunite-kutnahorite lutite, containing concretionary ovoids, laminae and lenticeles of Mn-calcite with which hausmanite is commonly associated. The LMO is 37.5 m thick on average, dips toward the north- west at an average of 7º, and is subdivided based on geological features and metal content, into six sub-zones termed “N, C, M, Z, Y, X”. The grouped N, C, and M zones average 19.5 m thickness, with 37.5% Mn grade and Mn/Fe ratio of 8.5. This constitutes the average grade ore mined by Tshipi. The overlying Z, Y and X zones contain 31.0% Mn and have a Mn/Fe ratio of 5. This constitutes Tshipi’s lowgrade ore that is either mined and blended with average grade ore, or sold as standalone low-grade product.

The middle manganese orebody (“MMO”) is generally less than 1 m in thickness and of low manganese content.

The upper manganese orebody (“UMO”) exhibits variable thickness from several meters to several tens of meters with sympathetic increases in manganese content.

The Tshipi mine is operated as a conventional open-pit via drill-and-blast and load-and-haul mining techniques. Aveng Moolmans, one of the largest open cut mining contractors in Africa, carries out all mining operations on a contractoperator fixed-cost per bank cubic metre (“BCM”) basis. The agreement extends until August 2024, and is renewable provided Tshipi gives three months’ prior notice of such renewal. Aveng Moolmans also conducts all maintenance on its own mobile equipment. Mining is currently being conducted at the rate of 3.6 MMtpy (ore) at a strip ratio averaging 10.4:1 (in BCM terms). The mobile equipment fleet is currently comprised of 51 trucks, 6 drills, and 3 excavators, and mining is conducted at bench heights of 10m in ore and competent waste rock, and 5m in the soft clay layers. Waste rock is hauled approximately 2.3km to two dumps (one to the north and one to the west) and whenever possible, Tshipi also practices ongoing in-pit backfill. We note that the 3.6 MMtpy mining rate can be easily scaled up, but is currently constrained by primary crushing capacity; and Tshipi’s rail allocation with Transet.

The principal contractor operating the processing facilities is African Mining and Crushing (“AMC”); the firm has personnel on- site to operate the fixed and mobile crushing and screening facilities. AMC processes the high-grade Run of Mine (“RoM”) ore in the Tshipi-owned primary and secondary crushers and screening units to produce lumpy (6-75 mm and 36.5% Mn) and fines (<6 mm and 35.5% Mn) product. Low-grade lumpy material (6-75 mm and 33% Mn) is processed in an AMC-operated primary and secondary crushing and screening plant, which is stockpiled separately from the high- grade streams. In 2021, AMCwill transfer operatorship of the secondary crushing and screening plant, or GP500s plant, to Tshipi. In addition to AMC, Motsi Civils, a BEE group, is contracted to oversee materials handling of saleable ore from the processing facilities to the loadout stockpiles. The stockpiles are loaded either directly into road trucks for despatch via the road weighbridges, or fed to the state-of-the- ........