REVISED DEVELOPMENT PLAN ▪ Copper Cathode Production set to commence in 2025. ▪ The updated mine development plan involves a large conventional open pit mine development and a two-phase processing operation comprising Phase1: gravity concentrate, coarse jigging and fines dewatering circuit to produce a 24,000 tonnes per annum of high-grade copper concentrate ▪ The estimated capital costs for the Phase 1 gravity concentrate, coarse jigging and fines dewatering circuit based on the quotes received is approx. ZAR 27.4 million (approximately £1.4 million), which will be funded from available, but undrawn amounts due, from the subscription agreement entered into with AUO Commercial Brokerage LLC in 2024. ▪ Phase 2 will then incorporate a hydrometallurgy fines optimised heap leaching circuit, a copper solvent extraction as well as electrowinning refining process to produce an initial 10,200 tpa of copper cathode. ▪ The Phase 2 processing flowsheet is to then be fully integrated into the Phase 1 processing flowsheet ▪ The planned heap leach operation is proposed to be optimised with more copper per cubic metre of deposited solids, which is proposed to increase recoverable copper units by way of leaching. The resulting enrichment of the leach feed also improves acid utilisation. The resultant pregnant leach solution is collected as run-off from the fines optimised heap leach deposition solids and serves as feed solution for the copper solvent extraction and electrowinning refining circuit 51
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