COBRE LIMITED — Investor Presentation 2021

Jun 15, 2021

This presentation has been approved by the Board of Cobre Limited

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The Beginning of… …The Copper Super Cycle

121 Mining Conference, June 2021

ASX: CBE

June 2021

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Disclaimer

Not for release to US wire services or distribution in the United States.

This investor presentation has been prepared by Cobre Limited (ACN 626 241 067).

This presentation is for information purposes only. This presentation is not a prospectus nor an offer for securities in any jurisdiction nor a securities recommendation. The information in this presentation is an overview and in summary form, has not been independently verified and does not contain all information necessary for investment decisions. This presentation does not constitute investment advice and has been prepared without taking into account the recipient’s investment objectives, financial circumstances or particular needs and the opinions and recommendations in this presentation are not intended to represent recommendations of particular investments to particular persons.

The information contained in this presentation has been prepared in good faith by Cobre Limited, however no representation or warranty expressed or implied is made as to the accuracy, correctness, completeness or adequacy of any statements, estimates, opinions or other information contained in this presentation. Cobre Limited is not responsible for providing updated information and assumes no responsibility to do so. Recipients should conduct their own investigations, perform their own analysis and consult their own legal, business and/or financial advisers in order to satisfy themselves as to the accuracy and completeness of the information, statements and opinions contained in this presentation.

To the maximum extent permitted by law, Cobre Limited, its related bodies corporate, and each of their directors, officers, employees, and advisers disclaim all liabilities (however caused, including negligence) for any loss or damage which may be suffered by any person through the use or reliance on anything contained in or omitted in this presentation.

Certain information in this presentation refers to the intentions of Cobre Limited, but these are not intended to be forecasts, forward looking statements or statements about future matters for the purposes of the corporations act or any other applicable law. The occurrence of events in the future are subject to risks, uncertainties and other factors that may cause Cobre Limited’s actual results, performance or achievements to differ from those referred to in this presentation. Accordingly, Cobre Limited, its related bodies corporate, and each of their ~~its~~ directors, officers, employees, agents and advisers do not give any assurance or guarantee that the occurrence of the events referred to in the presentation will actually occur as contemplated.

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Cobre Capital Structure

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Share Price
(As of 10 June 2021)	21 cps
Shares on issue	156,649,877
Market capitalisation	$32.896m
Cash at bank as at 23 April*	$8.647m
Options on Issue –exercise price 20cps	13,249,000
Options on Issue – exercise price 30cps	2,000,000
Options on Issue – exercise price 33.5cps	11,500,000
Fully diluted shares	183,398,877

• Cobre is still yet to receive $1.4m from Metal Tiger Plc which is not included in the cash balance. The $1.4m is subject to EGM approval to be held second half of 2021 and is comprised of the second tranche of a recent A$6.7m placement

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Board of Directors – Strong Leadership

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Martin C Holland

Michael McNeilly Non-Executive Director

Andrew Sissian

Executive Chairman & Managing Director

Finance Director

Mr Sissian has experience in corporate finance as a technology and finance executive, advisor and investor. He has worked with Wilson’s and the National Australia Bank, in both Australia and Shanghai, focused on institutional banking and acquisition finance. Mr Sissian is currently the CEO of ‘Internet of Things’, Procon Telematics Pty Ltd. Mr Sissian is a CPA and holds a Masters of Accounting and a Bachelor of Commerce

Mr McNeily is an experienced corporate financier having advised several private, Main Market listed, AIM quoted and ISDX listed during his tenure at Arden Partners (AIM:ARDN) and Allenby Capital respectively.

Mr Holland is a mining executive with over 12 years experience in M&A and corporate finance. Mr Holland was the founder and CEO of Lithium Power International (LPI:ASX) from 2015 to 2018. During this period, Mr Holland raised in excess of A$70m of new equity to progress LPI’s projects from acquisition and further exploration to Definitive Feasibility Study (DFS).

• Currently CEO of Metal Tiger Plc.

• Nominee Non-Executive Director appointed by Metal Tiger.

Mr Holland is an executive Director of OzAurum Resources Limited (ASX: OZM) and is the Chairman of Sydney based investment company Holland International Pty Ltd, which has strong working relationships with leading institutions and banks across the globe.

• Non-Executive Director - Connemara Mining Company plc (2018)

• Non-Executive Director of MOD Resources Limited (2018)

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Michael Addison Non-Executive Director

Mr Addison has a long history of involvement in the Australian and international mining industry, having been instrumental in the founding of two former ASX-listed Australian mining companies: Endocoal Limited (formerly Atlas Coal Limited) and Carabella Resources Limited.

Most recently he was the founding director of ASXlisted Genex Power Limited, a company focused on electricity generation and storage solutions

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Diversified 29 Cu Focused Explorer
Cu
Copper High quality exploration and development pipeline to underpin Copper’s
63.546 future growth in the electric vehicle and renewable energy sector
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• Clear Growth Strategy

• Strong Fundamentals

• Set for Growth

• Experienced Board & Management Team

• Strategic Land Package

• 3 Exploration Projects with Potential to Deliver Significant Copper Rich Resources

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Copper’s Path to $15,000/t

Annual consumption growth estimated at 1.8% and has averaged 2.5% over last 40 years

5 Mt deficit projected

Copper to trade up to $15,000/t by mid-decade to mitigate depletion risks Historical and forecast Copper price

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Why Copper is the New Oil

• No Decarbonization without copper (Cu)

• The green transition will support a surge in Cu demand

• The copper market is unprepared for this critical role

• Sticky supply threatens to deplete Cu stocks by mid-decade

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Copper will Power the Next Generation of Clean Tech

EV Contain Substantially More Copper Than Traditional ICEs

3 Key Drivers

Copper content by Type of Vehicle (Kg)

ELECTRIC VEHICLES

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15 39
60
83
370
89
Conventional Cars
Hybrid electric vehicles
Plug in Hybrid electric vehicles
Battery electric vehicles
Hybrid electric bus
Battery electric bus
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• EV rely on copper for the cabling and the motor coil that drives the engine

• Total demand in 2030: 2.6mn mt and 3.2mn mt in the hyper adoption case

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SOLAR TECHNOLOGY

• There are approximately 4.56t per MW of Copper in solar power systems

• Total demand in 2030: 1.6mn mt and 3.3mn mt in the hyper adoption case

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WIND FARMS

• A 3 megawatts (MV) wind turbine contains up to 4.7t of Cu

• Total demand in 2030: 1.3mn mt and 2.1mn mt in the hyper adoption case

Source: Goldman Sachs Commodity Research – 13 April, 2021

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EV the most significant green boost to copper demand

• Of the 3 drivers of green copper demand in the coming decade, electric vehicles (EVs) will be the item most salient to households.

• Electric vehicles have more than 5 times the copper of ICE vehicles and by the end of decade they will account for around 40% of the green copper demand.

• Additionally, the cabling for charging stations of EV will be another source of copper usage.

CHARGING STATION

CABLES BATTERY MOTOR

Source: Goldman Sachs Commodity Research – 13 April, 2021

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Unlocking The Prolific Kalahari Copper Belt In Botswana…

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Botswana: Kalahari Metals Ltd JV

• The Kalahari Copper Belt (KCB) is regarded as one of the world’s most prospective areas for yet-to-be-discovered sediment-hosted copper deposits by the US Geological Survey[1]

JOINT VENTURE

• With shareholder’s approval, in April 2021 Cobre and Metal Tiger plc have commenced operating KML as a JV, approving 7,000m of drilling to commence the JV’s exploration in Botswana

• KML’s landholdings are along strike, and adjacent to, two major development projects: Cupric Canyon’s high-grade Zone 5 Cu-Ag deposit and Sandfire’s (ASX: SFR) T3 Motheo Cu-Ag deposit

• Strong investment from both the business sector (in mine development) and government (in power infrastructure) aimed at opening up the KCB area of Botswana

• Diamond and RC drilling is underway on KML’s Kitlanya East project area

• As detailed in 24 August 2020 announcement to the ASX available at https://www.asx.com.au/asxpdf/20200824/pdf/44ltblw7zp5711.pdf

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The Future of the KCB

Could there be a tier-one discovery left to be found?

Belt still largely under-explored, KCB remains immature in terms of discovered metal endowment. Most deposit types are traditional limb hosted on the main redox contact – with T3/A4 presenting a newer category not traditional limb hosted deposits Advancements in geophysical techniques and geological understanding and particularly structural interpretation could be the key to unlocking the full metal endowment of the Kalahari Copper Belt

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Kalahari Metals Overview

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▪ KML, together with its subsidiaries Kitlanya (Proprietary) Limited (Kitlanya) (100%) and Triprop Holdings (Proprietary) Limited (51%) hold 8,100 km[2] in proximity to, and along strike from, known deposits in the Kalahari Copper Belt, Botswana.

2[nd] BIGGEST LICENSE HOLDER IN THE DISTRICT AFTER SANDFIRE (ASX: SFR)

KML Kalahari Copper Belt Tenure Position and significant deposits

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Kalahari Metals Overview

2021 approved exploration

• KML is targeting sediment hosted copper–silver deposits similar to those being developed by neighbours Sandfire and Cupric Canyon Capital

EXPLORATION TARGET May-21 Jun-21 Jul-21 Aug-21 Sep-21 Oct-21 PROGRESSION

• Tenure consists of four Project Areas: Okavango (2,720 km[2] ), Kitlanya East (2,750 km[2] ) , Kitlanya West (1,900 km[2] ), and Ngami (720 km[2] )

Kitlanya East

Endurance Target RC Drilling RC Drilling RC Drilling Perseverance Target[Diamond ] Diamond RC Drilling Drilling Drilling Kitlanya West Diamond North Dome Target RC Drilling Drilling Diamond Diamond South Dome Target RC Drilling Drilling Drilling Diamond Diamond Fold Targets RC Drilling Drilling Drilling

• Total exploration spend to date circa A$4.7m on geophysical surveys, soil sampling, drill target development, successful proof of concept drilling, and development of current drill programmes

• Stratigraphic drilling, Airborne Electromagnetic Survey (AEM), and soil sampling programmes have recently been completed at Kitlanya East

• The exploration programme for 2021 focusses on drill testing targets, with the priority being fold and dome related targets on the Kitlanya East and Kitlanya West project areas

Notes:

1. Precise locations and targets for RC Drilling scheduled for August to October will be based on earlier Diamond Drilling results

Sandfire’s A4 drilling is an example of the types of intercepts we hope our fold & dome related targets could deliver

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1. Refer to Sandfire Resources Ltd ASX announcement dated 1 December 2020 for further details

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Mineralisation Models: Prioritise folds

• Historically, exploration has focused on redox contact mineralisation on fold limbs; these are easier to find using magnetic, AEM and soil sampling but can end up being deep and not suited to lower cost open pit mining

• Recent exploration is focused on fold related anticline hinge zones and structurally controlled trap sites higher in the stratigraphy above the traditional redox contact; recently published drill intersections at Sandfire’s A4 deposit demonstrates the significant Cu-Ag grades achievable for this style of mineralisation at depths suited to open pit mining

Historical anticline limb targets

Fold hinge and structurally controlled mineralisation

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NE Fold
A4
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(top modified after Hall, W.S., 20172 & bottom after Sandfire 20203)

NE KCB deposit setting (modified after Hall, W.S., 2013)1

Carbonaceous siltstone (AEM marker) Cu-Ag mineralisation Kalahari Group sediments D’Kar Formation Interpreted lower D’Kar Formation Ngwako Pan Formation Kgwebe volcanics

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Footnotes: 1, 2 & 3 refer to References on slide 31

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Exploration: Kitlanya East

Recently completed 2020 exploration programme includes:

• 1,709m stratigraphic drilling and re-logging of historical core confirms prospective stratigraphy, alteration and presence of mineralisation in the North Target;

• 3,027 soil sample programme confirms Cu-Zn anomalies in the North Target and highlights a broad anomalous Cu-Zn zone in the core of the South Target;

• Detailed airborne magnetic and electromagnetic (AEM) surveys identify conductors in the core of the South Target with local folding evident in both datasets potentially providing trap-sites for mineralisation

• Structural setting review highlights similarities with neighbouring T3/A4 deposits

2021 programme involves 4,000m of RC & 1,000m of Diamond Drilling of the Endurance & Perseverance fold/shear targets

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Section Line A
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A
Endurance Target
Perseverance Target
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Exploration: Kitlanya East Drilling Underway

Combination of diamond (1,000m) and reverse circulation (RC) drilling (4,000m)

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Endurance Target
Perseverance Target
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• Both Endurance & Perseverance Targets display characteristics of an imbricate fold-shear system with potential for mineralisation in local fold trap-sites and structures analogous to the neighbouring A4 deposit

• AEM modelling in combination with magnetic data has identified a number of potential trap-sites often supported by anomalous soil results

• Drill testing will use a combination of diamond holes to establish prospective stratigraphy and RC drilling to maximise the number of targets tested

Kitlanya East proposed and past drill locations on geology with magnetics underlay

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Exploration: Kitlanya West Drilling Underway

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• Target drilling of folded AEM ‘domes’ similar to T3 and A4

• Past exploration limited to soil surveys and historic AEM (GeoTem)

• Reprocessing of historic GeoTem AEM data highlights two potential dome areas with similarity to the A4 deposit area

• Zinc & Copper in soils indicates mineralised system

Kitlanya West designed diamond core drill locations on geology

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Exploration: Kitlanya West

Reprocessing of historic GeoTem AEM data highlights two potential dome areas with similarity to the A4 deposit area; these are priority 1 drill targets Priority #1 Priority #1

Kitlanya West to A4 (Sandfire Resources) AEM comparison

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Priority #1
Additional potential
fold targets
Priority #1
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3D view illustrating proposed target holes, inverted GeoTEM data and interpreted lithology from magnetics

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Why the Kalahari Copper Belt?

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• Sediment-hosted copper deposits account for 15% of world mine copper production

• Deposits are often giants - more than 1/3 of the known sediment-hosted copper deposits contain over 500,000t of contained copper with grades over >1%

• KCB ranked as one of the world’s most prospective areas for undiscovered sediment-hosted copper deposits by the USGS[1]

• Advances in geological understanding and geophysical technology have yielded an exponential increase in exploration success

• A significant portion of the KCB is hosted in Botswana: a country consistently ranked in the top few African countries for mining investment attractiveness by the Fraser Institute[2]

• Development projects include: ▪ Sandfire’s T3 deposit (60.2mt @ 1% Cu and 14 g/t Ag)[3]

• ▪ Cupric Canyons Zone 5 deposit (91mt @ 2.13% Cu and 22 g/t Ag)[4 ]

• Exploration successes: ▪ 502mt @ 1.35% Cu and 17 g/t Ag total resources quoted for deposits in the Khoemacau/ Boseto district3, and

• ▪ Recent success at Sandfire’s A4 prospect (incl. 36m @ 7.1% Cu and 116 g/t Ag)[5]

Exploration discoveries 1960 – 2020

Footnotes: 1, 2, 3, 4 & 5 refer to References on slide 31

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Technical Team – Botswana

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KML’s technical team includes sediment-hosted copper specialists with significant operational experience

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Adam Wooldridge BSc Hons Pr. Sci. Nat.

Adam Wooldridge is a geophysicist and geologist with over 20 years’ experience in Africa and Europe. In addition to several project generation initiatives, he has worked as a consultant on a variety of commodity-types specialising in large-scale multi-disciplinary target generation. He was a founding partner and executive director for Kalahari Metals and has managed exploration activities to present.

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Dr Ross McGowan PhD

Dr Ross McGowan is the founder of the Resource Exploration & Development Group, and has been involved corporately, technically and academically with the mining industry in Africa for over 20 years. He was a member of the original Kamoa (DRC) discovery team, with Ivanhoe Mines, and is a co-recipient of the 2015 PDAC Thayer Lindsley Award for an international Mineral Discovery. He conducted his PhD research on the sediment-hosted copper deposits of the Zambian Copperbelt.

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David Catterall MSc Pr. Sci. Nat.

Dave Catterall is a geologist with over 36 years’ operational and field-based experience in mineral exploration throughout Africa and Europe in a wide range of commodities but specialising in structurally controlled precious and base metals deposits. He has worked extensively on the Copperbelt and Kalahari Copper Belt, both in Namibia and Botswana having gained first-hand experience on several of the known deposits of Boseto and Zone 5 along with belt-scale expertise.

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Thomas Rogers BSc Hons MSAIMM

Thomas Rogers is the lead generative geologist for the Resource Exploration & Development Group with over 20 years’ of operational multi-commodity experience across Africa. He was also part of the team that generated the Kitlanya East and West project areas prior to their acquisition by Kalahari Metals. He was a member of the original Kamoa (DRC) discovery team, with Ivanhoe Mines, and is a corecipient of the 2015 PDAC Thayer Lindsley Award for an international Mineral Discovery.

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Dr Wesley Hall PhD

Dr. Wesley Hall brings nearly 15 years of mineral exploration experience that spans several commodities and deposit classes across the globe. He specializes in basin-hosted mineral systems with emphasis on tectonics and basin development, basin analysis and sequence stratigraphy, and geophysical data interpretation. He is considered an expert on the sedimentary rock-hosted copper-silver deposits of the Kalahari Copperbelt in Botswana and Namibia having completed M.Sc. and Ph.D. studies and publishing several papers related to the metallogenic belt.

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Strategic money in the ground JV budget

2020

Exploration Budget Breakdown

• Completed stratigraphic drilling and soil sampling on South anticline target KIT-E North anticline target

• Completed soil sampling, AEM and magnetic survey

2021

• Completed stratigraphic drilling and soil sampling on South anticline target KIT-E North anticline target

• Completed soil sampling, AEM and magnetic survey

2021 News Flow

• Drill results from KIT-E (Endurance & Perseverance)

• Results from drilling testing of priority targets in KIT-W

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High grade VHMS deposit in Western Australia

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Why Western Australia? A World Leader

• WA ranks among the top 5 global producers for cobalt (4% global share), rare earths (10%) and nickel (7%) in 2019, & with explorers recently turning focus to copper WA could be well on the way to being a leader in copper production as well.

• WA is famous for its massive ore bodies and huge mining operations, but with much of the state under deep regolith

cover , geologists are using new research technologies to discover the next generation of deposits.

• Cobre’s property on under-explored greenstone belt with potential for VHMS deposits; historical exploration focus was on gold and iron ore

The Resources Sector accounts for nearly 1/3 of the Western $248 B Australian Gross State Product (GSP).

For , WA (on 10 yrs average) has produced 2X the amount of gold relative to the rest of Australia.

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Perrinvale VHMS Project

• Located 290km NW of Kalgoorlie, covering 408km[2 ] across 10 under explored tenements

Exploration success to date:

• 2019: second hole into Schwabe 5m at 9.75% Cu, 3.1% Zn,

• 3.2g/t Au, 34g/t Ag from 50m[1] VHMS[a] mineralisation

• 2020: drilling better defines Schwabe mineralisation and first drilling on a number of prospects confirms broader VHMS base metals

• 2020: mapping indicates potential for a thicker volcanostratigraphic pile including previously unrecognised felsic volcanics > suggests more time for mineralisation

• 2020: recognition of iron formation association to VHMS opens up potential of many conductive & magnetic anomalies within the company’s 2019 AEM[b] survey

• 2021: Schwabe optimisation study shows positive results assuming third party ore treatment

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a. Volcanic hosted massive sulphide b. AEM = Airborne Electromagnetic

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1 Reported under JORC 2012 in section 5 of the Cobre Prospectus: http://www.cobre.com.au/prospectus

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Perrinvale VHMS Project

2021 the search expands:

• Apart from Ponchiera North, Costa del Islas & Piega del West, 2020 drilling was limited to areas with past base metal results, with all but three drill holes on a single central tenement > large areas of the project remain untested

• Areas north and south of the 2019 AEM survey had not been considered & the limited historic exploration in the east, on the Illaara Greenstone Belt, shows positive copper & arsenic in past lag sampling plus a series of gravity highs

• Systematic AEM Line By Line review identified 227 conductors , highlighted five priority follow up areas, & 3 IP effect areas (possible disseminated sulphides) in areas not masked by conductive overburden. Also notes the subtle nature of Schwabe response highlights the importance of not disregarding weak geophysical responses > many responses aligned with magnetic highs associated with Iron Formation rocks

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Schwabe
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• Drawing analogy the Quinns District VHMS shows these iron formations represent a hiatus in volcanic eruption and with continued hydrothermal activity can act as caps or hosts for accumulation of base metal mineralisation

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Perrinvale VHMS Project

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2021 the search expands with boots on the ground: ▪ An extensive programme of field exploration is now underway to quantify the potential of the full project area ▪ Surface sampling is the first stage of the programme, combined with ground truthing conductors picked from the AEM survey ▪ While the 2019 AEM survey is limited to ~30% of the project, magnetics highlight location of potential iron formation rocks for field assessment ▪ With reasonable areas of sub-crop and outcrop whole rock geochemistry & petrology will be used to identify areas with a positive base metal signature ▪ Positive results are expected to justify a combination of ground geophysics and first pass drill testing of new prospect areas

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Schwabe
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Sandiman Project

First earn-in completed shows Mississippi Valley Type base metal potential & secures Cobre 51% of the project

• 202km[2] tenement located 200km east of Carnarvon

• Earn-in and JV Agreement with private company GTTS Generations Pty Ltd (GTTS)

• Extensive barite veining combined with the rifted basin margin geological setting indicated significant prospectivity for base metals

• Rock chip sampling, ground gravity survey, plus Areomagnetic & Radiometric survey completed and integrated

• Rock chips confirm presence of Ag, Pb & Zn within barite veining and calcareous outcrop

• Targeting a non-magnetic or weakly magnetic gravity high within a prospective sedimentary lithology, is considered a viable vector in targeting MVT mineralisation. Several such targets were identified in the geophysical interpretation

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6.34 g/t Ag,
>1.0% Pb,
0.3% Zn,
133ppm Cu
and 0.61% S
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Active investment in: Belt-scale project focused on magmatic Ni-Cu discovery in Gabon

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Armada Overview

• Portfolio of belt-scale projects covering an area of ~3000km2 focused on Ni-Cu discovery

• First mover advantage targeting untested Ni-Cu (Co-PGM) sulphides in Gabon

• Strong land holding (100%-ownership), with >5-year validity, in a stable country with solid mining code

• Exploration and management team with discovery track record and experience in Africa, including members of the team awarded the 2015 PDAC Thayer Lindsley Award for an international Mineral Discovery (Kamoa)

• Drill ready targets - key surface and sub-surface indicators of magmatic Ni-Cu ore formation

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• Belt-scale, multi project opportunity in stable jurisdiction with solid extractive industry

• Minimum $3.0m exploration program for 2021 to delineate initial magmatic NiCu sulphide mineralisation

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Armada’s Company Structure

▪ Private in Mauritius a Gabon which company registered owning subsidiary in turn holds a 100% interest in the exploration licences

▪ Major shareholders:

Shareholder	%
Resource Exploration & Development Group	28.6%
Cobre Limited	18.5%
Metal Tiger	18.5%
RCF Funds	18.5%
Other Directors	5.6%
LHC Mine Finance	3.2%
Others	7.1%
TOTAL	100

▪ Armada is expected to list on the ASX later in 2021

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Armada Exploration Limited
(Mauritius)
100%
Armada Exploration (Gabon) SARL
(Gabon)
100%
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Two Exploration Licences[1] G5-150 G5-555

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References

Slides
10	1. Announcement to the ASX dated 24 August 2020 available at https://www2.asx.com.au/markets/trade-our-cash-market/announcements.cbe
13	1. Sandfire Resources Ltd announcement to the ASX dated 1 December 2020 available at https://www.sandfire.com.au/site/PDF/1f8b7d3c-6779- 4c0a-aac2-cd23fd9a9761/HighGradeCopperSilverIntersectionsinLatestA4Drilling
14	1. Hall, W.S., 2013. Geology and paragenesis of the Boseto copper deposits, Kalahari Copperbelt, northwest Botswana. Unpublished M.Sc. thesis, Golden, USA, Colorado School of Mines, p22 2. Hall, W. S. 2017. GEOCHRONOLOGY, MAGNETIC LITHOSTRATIGRAPHY, AND THE TECTONOSTRATIGRAPHIC EVOLUTION OF THE LATE MESO- TO NEOPROTEROZOIC GHANZI BASIN IN BOTSWANA AND NAMIBIA, AND IMPLICATIONS FOR COPPER-SILVER MINERALIZATION IN THE KALAHARI COPPERBELT, PhD. SC. thesis, Golden, USA, Colorado School of Mines, p88 3. A4 mineralisation image announced to ASX 24 January 2020 available at https://www.sandfire.com.au/site/PDF/5f8fc931-ef67-4d16-ad0e- ba9881433ca1/TshukuduExplorationUpdate
19	1. Qualitative assessment of selected areas of the world for undiscovered sediment-hosted strata bound copper deposits: U.S. Geological Survey Scientific Investigations Report 2010–5090–Y, 143 p., and spatial data available athttp://dx.doi.org/10.3133/sir20105090 2. Fraser Institute rankings https://www.miningreview.com/topstories/botswanaminingfraserinstitute/#:~:text=The%20annual%20Fraser%20Institute%20%E2%80%93%20S urvey,of%2083)%20in%202018%E2%80%9D https://www.fraserinstitute.org/sites/default/files/annual-survey-of-mining-companies-2019.pdf 3. T3 Deposit Sandfire Resources Ltd website https://www.sandfire.com.au/site/Business/sandfire-emea/Tshukudu-Operations 4. Zone 5 Deposit Cupric Canyon Capital website 5. https:A4 drill intercept details announced to ASX 1 December 2020

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