Stonewall Resources

We are developing the fully permitted TGME gold project near the towns of Pilgrims Rest and Sabie in Mpumalanga Province, 370km northeast of Johannesburg. Our current focus is on shallow open-cut opportunities at Theta Hill and Vaalhoek, where we are aiming to report maiden reserves later this year. The fields are adjacent to the existing processing plant so we expect the development and operating costs at Theta Hill to be low. A second focus is on the Rietfontein mine in the southern part of TGME, near Sabie, which contains a JORC resource of 2.9Mt @ 8.7g/t for 780koz of gold (31% indicated). The TGME project has a total of 43 historical mines across the vast prospective area of 62,000 hectares that contain a current resource of 34.7Mt @ 4.6g/t Au for 5.15Moz (27% indicated, 70% underground resources). The mines are easily accessible through existing shallow-angle haulages and adits or in the case of Vaalhoek and Theta Hill, potential new open-cut mines. To facilitate production, we will refurbish the processing plant. The plant, which has not produced commercial quantities of gold since 2015, remains connected to the national electricity grid. Our preparations for production including engineering cost estimates, approvals facilitation and ongoing consultation with stakeholders, including the local community.