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5-Feb-2024

Jewel of the East: Bengwenyama Scoping Study released:

To say that the results of the Bengwenyama Scoping Study surprised us is somewhat of an understatement. Production forecasts are significantly higher than we’d thought, capital lower and opex significantly lower. This is largely attributable to an impressive 7E mineable grade of 6.55g/t, the highest UG2 grade on the Eastern Limb with the bulk of the mining inventory under 500m vertical depth. Using relatively conservative commodity prices, project economics are impressive, with an NPV8 of just under US$700m (100% basis, after tax) and an IRR of 21%. This is a special project – in our view the best greenfield PGM project globally - and one which deserves far more attention than the market is currently paying.