DFS Key parameters

• Extraction Method – Conventional Open Pit

• Life of Mine – 7 years

• Total Ore Tonnes Processed – 3.3 Mt (42 ktmp)

• Total Ounces Produced – 215 koz ( ̴ 31 kozpm)

• Recovered Grade – 2.62 g/t

• Gold Price – US$1,262 per oz Project Payback – 2 years

• IRR – 41.1 %

• NPV – US$42 million (@8.4% discount rate)

• Capex Expenditure – US$43.68 million

• Direct Cash Cost – US$556/oz

• All inclusive sustainable cost (breakeven) – US$862/oz

Manica Key Features

• 1.262 moz SAMREC compliant Au Resources (782koz measured and indicated)

• Low cost, near-term ready-to-build production

• Metallurgical risk solved by fine grinding and pressure oxidation

• Additional nearby prospects for further exploration success, namely: Guy Fawkes, Boa Esperanza, Dot’s Luck, all have declared resources

• Publically released information outlines a mine plan based on Fair Bride only producing approx. 215Koz over 7 years

• Further optimisation is possible and ongoing

Main deposit – Fair Bride

• Situated in the Odzi-Mutare-Manica Greenstone Belt of Mozambique

• 1.262moz SAMREC compliant Au Resources (782koz measured and indicated)

• Well drilled - a total of 229 drill holes (31,662m) has been completed on the Fair Bride deposit accounting for 60% of the total drilling on the Manica project. A total of 137 holes comprise the resource

* Xtract Resources PLC. An Independent Technical Report on the Mineral Resources of the Fair Bride Gold Deposit on the 3990C Mining Concession, Manica Province, Mozambique, Minxcon, 04 March 2016

Fair Bride Base Case

• Gold price USD 1262/oz

• 480,000 of ore tonnes per annum mined

• 7 years of mine life

• Average grade 2.72 g/t mined

• Stripping Ratio 7.6:1

• All up break even cost USD 862/oz

• Capital USD43.68 million

• NPV at 8.4% discount USD42 million

Other projects within the Manica license

Drilling has targeted the below resources:

Guy Fawkes (1350m strike, 120m depth)

• 98 drill holes for 14000m, of which 54 holes comprise the resource

• Bounded by a fault in the west open to the east and on dip

Dots Luck (750m strike, 100m depth)

• 43 drill holes for 5000m, of which 38 holes comprise the resource

• Bounded by faults on the west and east, but open on dip (off-set of the Northern shear zone)

Boa Esperanza (100m Strike)

• 12 drill holes for 1000m, of which 4 holes comprise the resource

• Limited extensional exploration on strike has taken place

Regional Exploration Potential

• Mainly pre-drilling targeting has taken place along the southern and northern share zone between Dot’s Luck and Fair Bride and further East (14km) and between Guy Fawkes and Boa Esperanza (10km) respectively

• Numerous artisanal workings occur along the share zones

• The Southern share zone is considered refractory, whereas the Northern share zone including Dots luck is non-refractory

PROJECTS & OPERATIONS   Manica Alluvials > Manica Gold Project At a Glance > Manica Alluvials > What are Alluvial Deposits?

Board of Directors

Colin Bird
Executive Chairman

Colin Bird is a chartered mining engineer with multi commodity mine management experience in Africa, Spain, Latin America and in the Middle East. He has been the prime mover in a number of public listings in the UK, Canada and South African and is currently Chief Executive Officer of Tiger Resource Finance PLC, AIM quoted Galileo Resources PLCA and Non-Executive Chairman of Jubilee Platinum PLC.

He has been responsible for founding a number of PLC’s which have achieved mid-cap status and was the founder of Kiwara PLC which discovered the large copper project Kalumbila currently being developed by First Quantum Minerals Ltd. a US$ 11 billion quoted company.

Colin was appointed Executive Chairman during August 2016.

Peter Moir
Non-executive Director

Peter’s qualifications include B.Sc. Civil Engineering and M.Eng. Petroleum Engineering.

He is a Chartered Engineer in the UK and has more than 30 years experience in technical, operational and commercial aspects of the Exploration and Production business.

Joel Silberstein
Finance Director

Joel joined the Company as Chief Financial Officer in June 2013.  Prior to this Joel held the position of Group Controller and Vice President Finance of Toronto Stock Exchange quoted European Goldfields Limited, where he supported the executive team in growing a mining concern from exploration through development phases until the Company was taken over by Eldorado Gold Corporation. He has Honours Bachelor of Accounting Science degree from the University Of South Africa and qualified as a chartered accountant with Mazars, Cape Town in 2002.

Shareholders

Class of share

Total no. of shares in issue

No. of voting rights per share

Total no. of voting rights per class of share

Ordinary shares of 0.02p per share
(as at 04 May 2018)

350,560,684

1

350,560,684

Significant shareholdings

As at 04 May 2018 the Company is aware of the following significant holdings (over 3%) of voting rights in its share capital:

Name of holder

No. of ordinary shares

%age of voting rights in issued capital

Hargreaves Landsdown Asset Mgt

64,404,650

18.37

Interactive Investor Sharedealing

46,101,619

13.15

Halifax Share Dealing

36,630,560

10.45

Barclays Wealth and Investment Management (UK)

26,219,857

7.48

SimplyStockbroking

17,621,654

5.03

Mr Alex Terry

16,500,000

4.71

Jarvis Investment Management

15,664,176

4.47

HSBC Private Bank (UK)

14,250,759

4.07

A J Bell Securities

12,812,788

3.65

Mr C Stewart

12,000,000

3.42

Redmayne-Bentley Stockbrokers

11,342,877

3.24

Trading/Market Maker Account

11,559,018

3.30

Directors interests as at 04 May 2018:

Name of holder

No. of ordinary Shares

Mr Peter Moir

40,000

Mr Colin Bird

2,418,231

For the purposes of the AIM Rules, in so far as the Company is aware, the number of shares not in public hands as at 04 May 2018 was 0.701%.

Company Advisers

Nominated Adviser and Joint Broker:
Beaumont Cornish Limited
2nd Floor
Bowman House
29 Wilson Street
London, EC2M 2SJ

Tel: +44 (0) 20 7628 3396
Fax: +44 (0) 20 7628 3393
Website: http://www.beaumontcornish.com/
E-mail: [email protected]

Joint Broker:
NOVUM Securities Limited
8-10 Grosvenor Gardens
London, SW1W 0DH

Tel: +44 (0) 20 7399 9400
Website: https://novumsecurities.com/
E-mail: [email protected]

Solicitors:
Fladgate LLP
16 Great Queen Street
London
WC2B 5DG

T: +44 (0) 20 3036 7000
F: +44 (0) 20 3036 7600
E: [email protected]
W: www.fladgate.com

Auditors:
Chapman Davis LLP
2 Chapel Court
London
SE1 1HH 

T: + 44 (0) 20 357 6008
F: + 44 (0) 20 357 6159
E: [email protected]

Registrar:
Link Asset Services
65 Gresham Street
London
EC2V 7NQ 

E: [email protected]
W: https://www.linkassetservices.com/

Bankers:
NatWest
2nd Floor
180 Brompton Road
Knightsbridge
London
SW3 1HL