Cape Town Presentation, page-2

Summary

Emerging Tier 1 project

In last 12 months gone from 170 vertical metres down to 500 vertical metres going to test down to 800m, believes M1 will keep going

Internal Work.... looks to improve from 150koz per year in the first 3 years......looking more like 200koz with open pit and UG mining

Updated FS to be completed in mid year (June 2018)
Changing from single stage SAG mill to a two stage milling circuit (mining permit and environmental upgrades required)

Large CIL project
Project finance before end of the year, break ground early next year and pouring gold 2020

New gold district OreZone about ~10km away....5Moz at about 1g/t, B2Gold Toega and Kiaka deposits 5Moz nearby.

WAF's Sanbrado gold project likely to be first mine developed due to compelling economics.

Resources treated in two ways, open pit and UG using different cut-offs....high grade domain has hard boundaries, they think its been done conservatively (independent consultants)

Currently about 750,000oz at M1 (open pit and UG)

Lot's of oxide on M5, can build 2Mt/annum plant and feed the high grade preferentially and back fill with the oxide. Infilling high grade into the resource at the moment.

Combined grade is over 1.7g/t. Grade well north of 3-4g/t in the first years of the project. Increasing CapEx from last Feb but it will be a good increase

Going to continue regional exploration, lot's of potential.

Going to keep drilling while producing FS so more ozs will come. Esh