Siyanda Bakgatla Platinum Mine (SBPM)

Union mine possesses several highly attractive characteristics:

• Sizable PGM resources of 43.06 4E Moz (incl. reserve).
• UG2 prill split offers comparatively higher rhodium exposure which adds significant value given current pricing.
• A wide UG2 reef (155cm) and high reserve grade (4.46g/t): Results in one of the most favourable revenue per tonne mined metrics in the industry.
• Narrow distance between reefs: At Union the UG2 reef can be accessed using pre-existing Merensky infrastructure without incurring additional development expenditure.
• Good quality standalone infrastructure which requires low capital over LOM.