ZIMBABWE: SG 4571 Licence Renewed for Further 3 year term

Geo Associates (Pvt) Ltd (Geo Associates), the Company’s 80% owned subsidiary and holder of
Special Grant 4571 has received notification that its application to extend the tenure of the SG
4571 licence for a further three years has been approved by the Mining Affairs Board. This will
be followed by publication in the Government Gazette.

The exploration licence for the third period for SG 4571 runs to June 2027. The Company plans
to undertake a comprehensive work program for the third three-year exploration period
including 3D seismic acquisition and additional exploration/appraisal drilling.

The Company is able to apply for a production special grant licence at any stage.