Ann: Huge upgrade in Mineral Resource Estimate, page-35

Updates on process route, pre feasibility study by WOOD and preliminary offtake discussions with Chinese customers. Site visit by Chinese delegation, analysts and European IR consultants next month.

Pensana has been operating in the country since 2013 and has established mutually respectful working relationships with the Ministry of Mineral Resources and Petroleum and our state-owned partner Ferrangol. We are actively engaged with the local communities and administrations of the city of Huambo and the town of Longonjo.

Major shareholders Management ~ 12% Top 50 ~ 58% Top 100 ~ 74%

DYOR