AN AFRICAN GOLD MINING AND EXPLORATION COMPANY - Corporation Presentation / February 2017 - Mining Data Online

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AN AFRICAN GOLD MINING AND EXPLORATION COMPANY - Corporation Presentation / February 2017 - Mining Data Online
AN AFRICAN GOLD MINING
AND EXPLORATION
COMPANY

Corporation Presentation / February 2017
                                           PAGE   1
AN AFRICAN GOLD MINING AND EXPLORATION COMPANY - Corporation Presentation / February 2017 - Mining Data Online
DISCLAIMER

Disclaimer
This presentation has been created to provide general information, solely for the reader’s general knowledge, about Metallon Corporation (“Metallon”), its subsidiaries, properties and
activities, as well as the countries it operates in.
Although Metallon believes that the information included in this presentation is accurate and current, such information is not intended to be a comprehensive review of all matters and
developments concerning Metallon and Metallon does not warrant or make any representations or claims as to the authenticity, validity, accuracy, completeness or currency of the information
provided in this presentation.
Moreover, Metallon, its directors and officers assume no responsibility for the information or representations contained in this presentation and shall not be liable or responsible for any claim
or damage, direct or indirect, arising out of the interpretation, reliance upon or other use of the information provided herein.
No information in this presentation constitutes a solicitation, offer or recommendation to engage in any investment activity, to effect any transactions, or to conclude any legal act of any kind
whatsoever.
Forward-looking statements
Certain statements included in this presentation constitute “forward-looking statements” which, based on numerous assumptions, involve known and unknown risks, uncertainties and other
factors which are beyond Metallon’s control that may affect the results, performance or achievements of Metallon.
In certain cases, forward-looking information can be identified by the use of words such as "aim", "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates",
"forecasts", "intends", "continues", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could",
"would", "should", "might" or "will be taken", "occur" or "be achieved" and include the negative variation of such phrases.
With respect to forward-looking information contained in this presentation, Metallon has made assumptions regarding, among other things, Metallon’s ability to generate sufficient cash flow
from operations and access to existing credit facilities and capital markets to meet its future obligations, the regulatory framework in its countries of operation with respect to, among other
things, permits, licenses, authorizations, royalties, taxes and environmental matters, and Metallon's ability to obtain qualified staff and equipment in a timely and cost-efficient manner to meet
Metallon's demand.
Although Metallon believes that its expectations reflected in forward-looking information are reasonable, such forward-looking information involves known and unknown risks, uncertainties
and other factors that may cause the actual results, performance or achievements of Metallon or Metallon's projects in its countries of operations, or any of them, to be materially different
from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include, but are not limited to, risks related to failure to convert
estimated mineral resources to reserves, conclusions of economic evaluations, changes in project parameters as plans continue to be refined, future prices of gold, unexpected increases in
capital or operating costs, possible variations in mineral resources, grade or recovery rates, failure of equipment or processes to operate as anticipated, accidents, labour disputes and other
risks of the mining industry, labour risks, delays in obtaining governmental consents, permits, licences and registrations or financing or in the completion of development or construction
activities, risks of title to properties, partner risks, legal and litigation risks, political risks arising from operating in Africa, risks relating to changes in governmental regulations and in operating
internationally, risks relating to the infrastructures, uncertainties relating to the availability and costs and availability of financing needed in the future, indebtedness risks, changes in equity
markets, inflation, changes in exchange rates, exchange control and export restriction risks, fluctuations in commodity prices and uninsured risks.
Although Metallon has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there
may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking information will prove to be
accurate, as actual results and future events could differ materially from those anticipated in such information. Past performance of Metallon or its shares cannot be relied on as a guide to
future performance. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information contained herein, unless stated otherwise, is made
as of the date of this presentation and Metallon makes no responsibility to update them or to revise them to reflect new events or circumstances, except as required by law.

                                                                                                                                                                                                 PAGE      2
AN AFRICAN GOLD MINING AND EXPLORATION COMPANY - Corporation Presentation / February 2017 - Mining Data Online
CONTENTS

 ABOUT US   KEY DATA   ASSETS   PERFORMANCE   STRATEGY   OUTLOOK

                                                           PAGE    3
AN AFRICAN GOLD MINING AND EXPLORATION COMPANY - Corporation Presentation / February 2017 - Mining Data Online
ABOUT US
CORPORATE SNAPSHOT

A Private African gold mining and
exploration company
• Four underground gold mines in Zimbabwe
• Globally significant Mineral Resource of
  8.3Moz of gold and exploration
  targets of between 4-6Moz
• Gold production of 94,212oz in 2016
• Low cost producer – C1 costs of US$809/oz
  and AISC of US$1,023/oz in 2016
• Net revenue of US$113m, operating profit of
  US$38m and EBTIDA of US$18.6m in 2016
• Rising free cash flows from expansion plans

                                                  ABOUT US
  to become a 500,000oz pa producer
  over next five years
• Run by an experienced Zimbabwean
  management team with ability
  to operate in Africa

                                                PAGE         4
AN AFRICAN GOLD MINING AND EXPLORATION COMPANY - Corporation Presentation / February 2017 - Mining Data Online
ABOUT US
EXECUTIVE MANAGEMENT

Kenneth Mekani              Ken has been with Metallon for 30 years after joining the then Lonrho Mining as Graduate Trainee Metallurgist
                            in June 1987. He spent several years in the group’s various operations and was involved in major metallurgical
Chief Executive Officer     projects. In June 2013 he was appointed General Manager for How Mine and in June 2015 was appointed
                            Chief Executive Officer. Ken holds a BSc. Metallurgical Engineering (1987) from New Mexico Institute of Mining
                            and Technology (USA) and a Masters in Business Administration (MBA) from the University Of Zimbabwe
                            Graduate School Of Management (2006).

Tulani Sikwila              Tulani joined in 2005 and became Group Finance Director in March 2012. He has a decade of operational,
                            accounting and finance expertise in the mining industry having started his career at Ernst & Young in 2001,
Finance Director            where he spent four years as an Audit Supervisor. A chartered accountant by trade, he holds a B.Com in
                            Accounting from Rhodes University, B. Compt (Honours) from UNISA, and a Diploma in Management
                            Accounting (CIMA).

Dr Isadore Matunhire        Isadore joined in 2013 as Head of Technical Services and in April 2014 became Technical Director. He is
                            responsible for leading the expansion programme, bankable feasibility studies and business integration. He
Technical Director          has over 25 years operational mining experience and five years in the mining consultancy field. He worked for
                            TWP Projects as Lead Mining Engineer/ Project Manager where he completed feasibility and due diligence
                            studies for Lonmin Platinum, African Consolidate Resources, Metallon, Anglo Platinum, Zimasco Chrome,
                            Wesizwe Platinum, and BCL Selebi-Phikwe. Isadore also worked as a Senior Mining Lecturer at the University
                            of Pretoria for 4 years. He graduated with a PhD in Mineral Economics from University of Nottingham, England
                            and MSc in Management from City University, London.

Mark Tsomondo               Mark joined in 2010 as Group Exploration Manager. Mark undertook an in-depth review of Mineral Resource

                                                                                                                                               ABOUT US
                            estimation of Metallon’s assets. In September 2014 he was appointed Director - Geology and New
Director, Exploration and   Business. Mark’s experience spans over 30 years and covers mining and exploration for gold, platinum,
New Business                chrome and copper. Joining Union Carbide Zimbabwe in Kwe Kwe in 1981, he worked on the Great Dyke
                            deposits and gold in greenstone belts rising through the ranks from Junior to Chief Geologist. Mark formed
                            Midlands Geological Services in 1992, a consultancy that lasted for over a decade. He holds a BSc (Hons)
                            from University of Rhodesia and an MSc and D.I.C. in Mineral Exploration from Royal School of Mines,
                            London (1985).

                                                                                                                                             PAGE         5
AN AFRICAN GOLD MINING AND EXPLORATION COMPANY - Corporation Presentation / February 2017 - Mining Data Online
KEY DATA 2016

                                    8.3Moz
                  GOLD MINERAL RESOURCE (June 2016)   = 8.3Moz

GOLD PRODUCTION      C1 COSTS          OPERATING PROFIT          REVENUE

 94,212oz         US$809/oz             US$38m               US$113m

                                                                             KEY DATA
                                                                           PAGE         6
AN AFRICAN GOLD MINING AND EXPLORATION COMPANY - Corporation Presentation / February 2017 - Mining Data Online
MINING OPERATIONS
ZIMBABWE

OUR OPERATING MINES

• How Mine
• Shamva Mine
• Mazowe Mine
• Redwing Mine

METALLON’S ASSETS – 8.3Moz gold
resource and mining infrastructure –
considered to be best high-grade, low-cost

                                               ASSETS
gold mining operations in Zimbabwe

                                             PAGE       7
AN AFRICAN GOLD MINING AND EXPLORATION COMPANY - Corporation Presentation / February 2017 - Mining Data Online
QUALITY MINING ASSETS
    100% OWNED

  Flagship mining operation                   Mining recommenced in Nov
  Over 50% of production                      2015
                                              Ramp up to capacity by Q3 2017

                              Zimbabwe's
                                biggest
                              gold producer
                                              New processing plant
                                              and tailings storage
Repairs made across the
                                              facility constructed
mine
                                              Commissioning
Contract miners appointed
                                              expected Q1 2017

                                                                       ASSETS
and targeting installed
capacity

                                                                     PAGE       8
AN AFRICAN GOLD MINING AND EXPLORATION COMPANY - Corporation Presentation / February 2017 - Mining Data Online
HOW MINE
FLAGSHIP MINING OPERATION
Location                      35km South East of Bulawayo, Zimbabwe
Geology                       Situated on Bulawayo greenstone belt and
                              exploits several individual mineralised pods
                              situated within a structure which dips at 70° to
                              80°
Reserves & Resources
                              M,I&I: 14.8Mt @ 2.12g/t = 1,009koz Au
(30 June 2016)
Processing                    Central facility, using combination of
                              conventional milling, gravity recovery and
                              carbon-in-leach process
Current hoisting capacity     35ktpm
Current milling capacity      33ktpm
Average mined grade           5g/t Au
Life of mine                  9 years based on current capacity
Production and costs (2016)   Production: 50,191oz Au

                                                                                   ASSETS
                              C1 costs: $520/oz Au
                              AISC: $660/oz Au

                                                                                 PAGE       9
AN AFRICAN GOLD MINING AND EXPLORATION COMPANY - Corporation Presentation / February 2017 - Mining Data Online
SHAMVA MINE

Location                      90km North East of Harare, Zimbabwe
Geology                       Situated in Shamva greenstone belt and exploits
                              numerous orebodies which occur within a 300-
                              to 400-m wide Riedel-type shear system. Silver
                              occurs with the gold and represents some 50%
                              of gold content
Reserves & Resources
                              M,I&I: 40.8Mt @ 1.96g/t = 2,574koz Au
(30 June 2016)
Processing                    Conventional crushing, milling, gravity recovery
                              and combination of carbon-in-solution and -pulp
                              processes
Current hoisting capacity     45ktpm
Current milling capacity      33ktpm
Average mined grade           3g/t Au
Life of mine                  22 years based on current capacity

                                                                                   ASSETS
Production and costs (2016)   Production: 21,061oz Au
                              C1 costs: $1,085/oz Au
                              AISC: $1,244/oz Au

                                                                                 PAGE       10
MAZOWE MINE

Location                      50km North East of Harare, Zimbabwe
Geology                       Orebodies generally comprise shear zones in-
                              filled with gold-bearing sulphides and quartz.
                              Mineralised zones are up to 1m in width, have
                              average grades of 4 to 5g/t, and mostly dip
                              between 10° and 60° to the north. Approximately
                              70% of gold is ‘free gold’ recovered by gravity
                              concentration
Reserves & Resources
                              M,I&I: 14.1Mt @ 4.85g/t = 2,194koz Au
(30 June 2016)
Processing                    Conventional crushing, milling, gravity recovery
                              and carbon-in-leach facility
Current hoisting capacity     19ktpm
Current milling capacity      10.5ktpm
Average mined grade           4.2g/t Au
Life of mine                  10 years on current capacity

                                                                                   ASSETS
Production and costs (2016)   Production: 12,060oz
                              C1 costs: $1,116/oz
                              AISC: $1,272/oz

                                                                                 PAGE       11
MAZOWE MINE CONTINUED
NEW PROCESSING PLANT

• 65ktpm Processing Plant – one of the largest in Zimbabwe
• Construction 95% complete
• Commissioning expected Q1 2017
• Total CAPEX of US$13m
• New tailing storage facility completed with CAPEX of US$5m
• 66 additional plant workers employed

 Impressive project economics
 KPI                       Year 1   Year 2   Year 3   Year 4   Year 5   Year 6   TOTAL
 Tonnes pa                   720k     720k     720k     720k     720k     720k   4,320k
 Grade (g/t)                 1.15     1.10     0.85     0.75     0.65     0.60     0.83

                                                                                            ASSETS
 Recovery (%)                82.7     80.0     77.5     76.0     72.0     65.0     75.5
 Oz pa                     22,016   18,519   15,249   13,195   10,834    9,028    88,84
 C1 ($/oz)                   976      447      543      627      764      917      612
 Profit (gold at $1,100)   $15.9m   $12.1m   $8.5m    $6.2m    $3.6m      $1.7   $48.1m
 Profit (gold at $1,200)   $18.1m   $13.9m    $10m    $7.6m    $4.7m    $2.6m    $56.9m

                                                                                          PAGE       12
MAZOWE MINE CONTINUED
NEW PROCESSING PLANT, JANUARY 2016

                                       ASSETS
                                     PAGE       13
REDWING MINE

Location               20km North East of Mutare, Zimbabwe
Geology                Two main orebodies, the felsite and quartz, are
                       where mining has taken place. Gold
                       mineralisation is associated with sulphide
                       mineralisation comprising pyrite, galena,
                       chalcopyrite, minor arsenopyrite and sporadic
                       native gold. Silver occurs with the gold and
                       represents some 50% of gold content
Reserves & Resources   M,I&I: 34.1Mt @ 2.26g/t = 2,478koz Au
(30 June 2016)
Processing             Conventional crushing, milling, flotation and
                       carbon-in-leach facility
Average mined grade    5.5g/t Au
Life of mine           14 years on current capacity
Ramp up to capacity    Production:
                       • began at 15,000tpm

                                                                           ASSETS
                       • 10,106oz produced in 2016
                       • 23000tpm by Q3 2017
                       • 83000tpm by Q1 2018
                       • 193,000tpm by Q4 2018

                                                                         PAGE       14
GOLD PRODUCTION

• Gold production of 94,212oz in 2016 – approximately 25% of Zimbabwe’s total production
     • Metallon is Zimbabwe’s biggest gold producer
• All gold bullion produced is sold to Fidelity Printers, a subsidiary of the Reserve Bank
  of Zimbabwe
• 100% of the spot gold price is paid on delivery, minus the 5% Government royalty

                                                                                               PERFORMANCE
                                                                                             PAGE            15
EXPANSION PLAN
2017-2021
                                               TARGET

                                PRODUCTION                         C1 COSTS

                               Increase to
                                                                  Achieve
                         500,000oz/pa                          US$650/oz
                                    by 2021

                                              STRATEGY
EXPLORATION DRILLING        BUILD               FOCUS               PRIORITISE        DIVERSIFICATION

                                                                                                            STRATEGY
   Near-surface                                On-mine
                         Larger plants                            Open pit/near     Brownfield sites in
    targets and                            re-engineering to
                       Increase volumes                         surface resources       Tanzania
 inferred resource                        lower mining costs

                                                                                                          PAGE         16
PLANNED ACTIVITY PROGRAMME*
2017-2021
MINE                  ACTIVITY                                              DATE         RESOURCE
                      •   Shaft upgrade and deepening               –   2017 & 2018
HOW MINE
                      •   28Level Sub-vertical Hoist Installation   –   2017 & 2018
                      •   Water and power upgrade                   –   2017 & 2018
                      •   Open pit feasibility                      –   2017              1.2Moz
                      •   New processing plant and TSF              –   2018
                      •   Drilling programme                        –   2017 – 2020
                      •   Shaft and underground upgrading           –   Ongoing
SHAMVA MINE
                      •   Power upgrade                             –   2017
                      •   Plant upgrade to 50Ktpm                   –   2018
                      •   Shamva Hill exploration                   –   2017 & 2018       2.6Moz
                      •   Shamva Hill 100Ktpm plant & new TSF       –   2018
                      •   2nd New 75Ktpm plant                      –   2021
                      •   New processing plant                      –   Commenced 2015
MAZOWE MINE
                      •   Drilling programme                        –   2017 - 2020
                      •   UG2 development                           –   2017 - 2019
                      •   Shaft upgrade                             –   2017 - 2019       2.1Moz

                                                                                                      STRATEGY
                      •   UG2 floatation plant                      –   2020
                      •   New TSF and power upgrade                 –   2020
                      •   Surface exploration                       –   Ongoing
REDWING MINE
                      •   Plant upgrade and new TSF                 –   2017 & 2018
                      •   Power upgrade                             –   2017              2.4Moz
                      •   Shaft sinking & development               –   2018 & 2019
                      •   New processing plant and TSF              –   2020

*dependent on external funding.                                                                     PAGE         17
WORLD CLASS MINERAL RESOURCE
        8.3MOZ
                Proved and Probable Reserves                                                                       Measured and Indicated Resources                                            Inferred, Measured and Indicated Resource
                     as at 30th June 2016                                                                                as at 30th June 2016                                                             as at 30th June 2016
                      Proved                       Probable                         Total                     Measured                Indicated                     Total                   Measured                        Indicated                          Total
                Ton       Grade Ounces Ton             Grade Ounces Ton             Grade Ounces        Ton     Grade Ounces    Ton     Grade Ounces        Ton     Grade Ounces      Ton      Grade        Ounces    Ton     Grade        Ounces      Ton     Grade        Ounces
                kt         g/t       oz       kt        g/t       oz       kt        g/t       oz       kt       g/t     oz     kt       g/t      oz        kt       g/t     oz        kt       g/t           oz      kt       g/t           oz        kt       g/t           oz

How – U/g        430         5.0      69 1,794            3.5     201 2,223            3.8     270      1,609      5.1    265   2,250      3.7     265      3,858     4.28   530       3,969          3.5      444    3,858          4.3      530      7,828          3.9      973
 Surface                                      817         1.1      30      817         1.1      30                               817       1.1         30    817      1.10    30       6,917          0.7      156      817          1.1          30   7,734          0.7      186
Total            430         5.0      69 2,611            2.7     231 3,040            3.1     300      1,609      5.1    265   3,067      3.0     295      4,675     3.73   560      10,886          1.7      600    4,675          3.7      560 15,562              2.3    1,159

Shamva – U/g     929       2.87       86 3,608          2.95      342 4,537          2.93      428      1,992     2.54    163   8,576     2.85     785 10,568         2.79   948      12,021     2.35          907 10,568       2.79          948 22,589         2.56        1,855
 Surface              -          -        -        -          -        -        -          -        -                            167      1.19         6     167      1.19        6    7,193     2.37          549      167     1.19              6    7,360     2.34          555
 Surface 2            -          -        -        -          -        -        -          -        -                           2,325     0.80         60   2,325     0.80    60       9,227     0.52          153    2,325     0.80              60 11,552      0.58          213
Total            929       2.87       86 3,608          2.95      342 4,537          2.93      428      1,992     2.54    163 11,068      2.39     851 13,060         2.42 1,014      28,441     1.76         1,609 13,060      2.42         1,014 41,501        1.97        2,623

Redwing – U/g        40    3.43           4   167       3.48       19      207       3.47       23      1,402     2.73    123   7,946     3.99    1,018     9,347     3.80 1,141      14,481     2.62         1,222   9,347     3.80         1,141 23,828        3.08        2,363
Surface Sands         -          -        -        -          -        -        -          -        -                           9,924     0.33     105      9,924     0.33   105                                      9,924     0.33          105      9,924     0.33          105
Total                40    3.43           4   167       3.48       19      207       3.47       23      1,402     2.73    123 17,870      1.96    1,123 19,271        2.01 1,246      14,481     2.62         1,222 19,271      2.01         1,246 33,752        2.27        2,468

Mazowe – U/g     337       6.59       71      279       6.81       61      616       6.69      133       504      9.07    147   1,285     6.50     269      1,789     7.22   416       5,701     7.27         1,333   1,789          7.2      416      7,490          7.3    1,749
Surface               -          -        -        -          -        -        -          -        -   5,116     0.78    128                               5,116     0.78   128       1,300     5.00          209    5,116          0.8      128      6,416          1.6      337
Total            337       6.59       71      279       6.81       61      616       6.69      133      5,620     1.52    275   1,285     6.50     269      6,905     2.45   544       7,001     6.85         1,542   6,905          2.4      544 13,906              4.7    2,086

TOTAL           1,736        4.1     231 6,664            3.0     653 8,401            3.3     883 10,623         2.42    825 33,289      2.37    2,538 43,912        2.38 3,364      60,809     2.54         4,972 43,912      2.38         3,364 104,720       2.48        8,335

                                                                                                                                                                                                                                             STRATEGY

                                                                                                                                                                                                                                                        PAGE      18
WORLD CLASS RESOURCE
EXPLORATION UPSIDE

• Globally significant Mineral Resource of 8.3Moz of gold (June 2016)
• Exploration results category contains about 4-6Moz from satellite ore bodies to operating
  mines (SRK 2013)
• Near mine targets at Mazowe Mine, How Mine, Shamva Hill & Redwing Shallow mine
• All four mines have open-ended mineralisation at depth and are under-explored across
  strike extensions
• Conceptual target sizes of:
 • Mazowe Mine: 2.5 - 3Moz
 • Redwing Mine: 5 - 8Moz

• Rich quartz veins offer huge
  exploration upside potential

                                                                                              STRATEGY
                                                                                         PAGE            19
AFRICAN EXPANSION
EXPLORATION & DEVELOPMENT

Focus on additional gold development
sites and exploration projects
• Tanzania
    • currently securing advanced
      development projects in
      brownfield sites in prolific
      greenstone belts with target
      to commence gold production
      in 2019
    • focusing on open-pit and shallow
      underground mines
    • looking at numerous strategic
      options at projects located near

                                            STRATEGY
      Lake Victoria gold fields
• Democratic Republic of Congo
    • four exploration properties being
      secured in Maniema province
      near Bukavu

                                          PAGE         20
BECOME A MID-TIER PRODUCER
IN THE NEXT FIVE YEARS

     PRODUCTION          EXPLORATION              COSTS

      Plan to be       Target exploration
  500,000oz/pa          opportunities in     Focus on further
  producer over next      Zimbabwe,         reduction of costs

                                                                   STRATEGY
      five years       Tanzania and DRC

                                                                 PAGE         21
ZIMBABWE
SUPPORTIVE MINING JURISDICTION
                                                                                Country snapshot
•   Zimbabwean gold mining industry operated for over 100 years
                                                                         General
    and has well-established base of mining skills, expertise and
                                                                         Population          15.6m (World Bank, 2015)
    local suppliers
                                                                         Capital             Harare
•   Zimbabwean Government expects mining sector to be key
                                                                         Major religions     Christianity & Indigenous
    driver of growth in near term and to attract most foreign direct
                                                                         Economy
    investment into country
                                                                         GDP                 $14.4bn (World Bank, 2015)
•   Metallon is largest gold miner in Zimbabwe and a key
                                                                         Annual GDP growth   1.1% (World Bank, 2015)
    contributor to the sector
                                                                         GDP / capita        $924 (World Bank, 2015)
•   Metallon employs over 3,500 people and additional contractors
                                                                         Inflation           1.1% (World Bank, 2015)
•   The Government has implemented favourable policies for               Main currency       US$ / Zim Bond Note
    mining companies to incentivise investment in the sector             Mining as % GDP     20% (CoM Zim)
    including:
     • reduction in royalty rate from 7% to 5% of revenue in
                                                                       Companies operating in Zimbabwe
       October 2014
     • exploration, development and capital costs can be offset

                                                                                                                           STRATEGY
       against profit in the year incurred or capitalised over LoM
•   Exemptions on customs duty and import taxes on capital items
    during exploration and development phases
•   Government is considering further policy review to assist
    mining companies during times of declining commodity prices

                                                                                                                         PAGE         22
CSR
WORKING WITH LOCAL COMMUNITIES

• Supports its employees & local communities
     • Metallon is good corporate citizen and committed to maintaining its social licence to
       operate
     • long-established track record of social delivery to employees and local communities in
       education, health, housing, other services
     • 2017 CSR programme underway with targeted projects which will bring sustained
       socio-economic development in communities where we operate
• Indigenisation
     • indigenisation proposal submitted and approved by Zimbabwe Government
     • new approved indigenisation structure involves 75% spend on local content

                                                                                          STRATEGY
               Construction of Mazowe School Block and Shamva Mortuary, Nov 2016        PAGE         23
METALLON CORPORATION
A GOLDEN OPPORTUNITY

• World-class Zimbabwean assets
  with exciting prospects
• Quality mining operations
    • skilled labour force
    • good infrastructure
    • 8.3Moz high grade resource
    • low cost mining
• Massive expansion upside
    • at current operations
    • near surface deposits
• Good working relationship with

                                     OUTLOOK
  employees, local communities
  and Government of Zimbabwe

                                   PAGE        24
APPENDIX

 ABOUT US   KEY DATA   ASSETS   PERFORMANCE   STRATEGY   OUTLOOK

                                                           PAGE   25
ABOUT US
BOARD OF DIRECTORS

Mzi Khumalo              Mzilikazi Khumalo founded Metallon in 2001 and is the main shareholder of the Company. He purchased the
                         assets in Zimbabwe from Lonmin in 2002. He has held the position of chairman at various companies including
Non-Executive Chairman   JCI Limited, Capital Alliance Holdings Limited and Point Waterfront Corporation, as well as having been Non-
                         Executive Director at Mintek, Telkom, McCarthy Retail Limited, Ridge Mining and Anglo American Corporation.
                         He holds a Bachelor of Commerce degree from UNISA.

Dr Tomas Salomão         Dr Tomaz Salomão joined the Board of Metallon in December 2014. He is the former Executive Secretary of
                         the Southern African Development Community (SADC) and served from 2005 - 2013. Dr Salomão has made
Independent Non-         significant contributions to the development of Mozambique and the Region in senior positions for 22 years.
Executive Director       During this period, he also served as Governor for Mozambique at the African Development Bank, IMF and
                         World Bank. Dr Salomão is qualified as Certified Public Accountant, has Bachelor of Arts and Master of Arts
                         Degrees in Economics. He is currently the Chairman of the Board of Directors of the Standard Bank,
                         Mozambique (non executive), and a visiting Research Fellow at the Wits School of Governance at the
                         University of Witwatersrand in Johannesburg.

Andile Reve              Andile Reve joined Metallon in 2002 as Chief Executive and became a Non-Executive Director in August 2010.
                         He was an analyst at Kwazulu Finance and Investment Corporation from 1987 to 1991 and a Commercial
Non-Executive Director   Manager at Eskom from 1991 to 1996. He joined the Rennies Group as an Executive Director in 1996 and in
                         1998 he moved to the Industrial Development Corporation as Executive Vice President – industrial finance. He
                         holds an MBA from Rutgers University, State of New Jersey, USA, B .Com (Hons), UNISA and B.Com,
                         Kwazulu-Natal.

Kwaku Akosah-            Kwaku Akosah-Bempah joined the Board of Metallon in August 2010. He was previously the Chief Financial

                                                                                                                                          ABOUT US
                         Officer of AngloGold Ashanti Limited’s West Africa Region, having previously served as General Manager:
Bempah                   corporate finance at Ashanti Goldfields Company Limited. He has also held several senior roles as finance
Non-Executive Director   director at Freda-Rebecca mine in Zimbabwe. He holds a Bachelor of Commerce (Hons) Degree and a
                         Diploma in Education from the University of Cape Coast, Ghana, and an MBA from the Columbia Business
                         School, USA. He is also a chartered accountant and member of the Institute of Taxation, Ghana

                                                                                                                                        PAGE         26
CONTACT US

          Address:
          78 Pall Mall                   www.metcorp.co.uk
          London
          SW1y 5ES

                         Zimbabwe's
                           biggest
  Tel:                   gold producer
  +44(0) 203 178 7431

                                                               CONTACT US
                                                             PAGE           27
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