Peter Steenkamp, CEO,

HARMONY

"The announcement by the President to lift the cap on self-generation of power is also positive and I believe that this will help address not only the existing electric challenges, but will also to help us achieve our ESG targets while lowering our costs."

What are your plans for tailings retreatment of Mine Waste Solutions which was acquired from AngloGold Ashanti?

Mine Waste Solution on its own can recover approximately 100,000 ounces per year. We believe that by opening another circuit, we can recover more. We have a vast amount of tailings facilities and will undoubtedly expand our tailings retreatment capabilities. Converting a plant into a tailings retreatment facility is a phenomenal financial investment. In addition, the high volume nature of this business has drastically improved our emissions, water and electricity intensities and reduced the overall risk profile of our asset portfolio.

What exploration activities are in the pipeline for Harmony in South Africa?

An exploration program is underway to confirm the geological model of Target North and further define a potential block of well mineralized Ventersdorp Contact Reef. The surface exploration drilling program completed one borehole, reaching a depth of 3,022 meters and intersecting a well-developed reef. Deflection drilling has begun and will be ramped up in 2022. We also have a large tenement at Kalgold mine, and drilling is currently underway to determine the viability of expanding this open-pit operation.

How would you describe the overall health of the South African mining industry?

The culture surrounding mining is much more upbeat than it has been in the past. We believe that we are on the right track to facilitate the rise of the industry again. It is essential for the Mining Charter to remain stable as constant changes deter investment. Stability clauses are imperative. The announcement by the President to lift the cap on self-generation of power is also positive and I believe that this will help address not only the existing electric challenges, but will also to help us achieve our ESG targets while lowering our costs.

Cobus Loots, CEO,

PAN AFRICAN RESOURCES

"We have seen significant ROI from cash flows due to the stronger gold price and paid down debt significantly, while also paying dividends to our shareholders."

Can you elaborate on Pan African Resources’ growth pipeline and the recently discovered ore body at New Consort gold mine?

Over the last two years, we increased our underground exploration efforts at the New Consort gold mine, where we discovered one particularly rich zone within the existing gold-bearing orebody, containing mineral reserves of 5,000 tonnes, at an average grade of 25 g/t gold, demonstrating the high potential that still exists at an old asset such as Barberton mines when systematic and new exploration techniques are implemented.

We also have a very attractive external growth pipeline. We are in the process of completing a pre-feasibility study on the last remaining Witwatersrand gold tailings retreatment resources in South Africa, being the Mintails assets. We expect to complete the pre-feasibility study by July 2021, with a final feasibility study to be concluded by the first quarter of 2022. This project has the potential to give us another 50,000 ounces of high margin gold production per annum for a minimum of 10 years.

Can you elaborate on Pan African Resources’ overall balance sheet structure and how the company manages to minimize costs?

We are fortunate to have the flexibility provided by our surface operations, with much lower costs and therefore higher profit margins than underground mining. We had also taken on some debt onto our balance sheet to fund the construction of the “Elikhulu” project, but we have seen significant ROI from cash flows due to the stronger gold price in the past and paid down debt significantly, while also paying dividends to our shareholders.