WEST WITS MINING LIMITED — Capital/Financing Update 2021

Jul 22, 2021

ASX Announcement and Media Release 23 July 2021

ASX Announcement and Media Release

Friday, 23 July 2021

Restated JORC Resource of 3.55Moz at 4.26g/t Au for the Granted Mining Right at the WBP

West Wits Mining Limited (ASX: WWI, “ West Wits ” or “ the Company ”) provides this restated Mineral Resource Estimate (“MRE”) to reflect the reduction in surface footprint provided for in the recently granted mining right at the Company’s Witwatersrand Basin Project (“WBP”), South Africa. As previously disclosed[2] the mining right footprint was constrained relative to the prospecting right area to minimise the impact of the mine on interested and affected parties. The areas not included in the reduced mining right area were non-core and do not affect the mine plan. The Company has lodged applications to re-secure certain sections of the old prospecting right area and thereby reintroduce additional resources to the MRE. The Company anticipates that, subject to the acceptance of the new prospecting right (Figure 1), a significant portion of the old resource would be recaptured.

HIGHLIGHTS

• ➢ West Wits’ Mining Right grant[1] paves the way for completion of the Definitive Feasibility Study (“DFS”) on the flagship Witwatersrand Basin Project which will facilitate declaration of the maiden Ore Reserve in August 2021.

• ➢ The global JORC MRE for the Mining Right area restated at 25.91Mt @ 4.26g/t for 3.55Moz Au (2g/t cut-off)

• ➢ 2.25Moz Au at 3.98g/t of the restated MRE is in Measured and Indicated Mineral Resource categories (63%) being the pre cursor categories for possible conversion to Ore Reserves

West Wits Managing Director Mr Jac van Heerden said, “The granting of the mining right was the last major hurdle for development of the Witwatersrand Basin Project. The restated Mineral Resource of 3.55Moz @ 4.26g/t is sizeable and provides the resource base to sustain a long life mine to underpin the growth of the Company. The WWI team have been busy finalising the DFS with Bara Consulting on the Qala Shallows, first stage of the project, which is due for release in August. The Company is looking forward to commencement of project execution with site establishment expected to commence in September and underground mine development to follow shortly after.”

TABLE 1: UPDATED GLOBAL MRE FOR THE WITWATERSRAND BASIN PROJECT AT 2.0G/T CUT-OFF

MRE Category	Tonnes (M)	Grade (g/t Au)	Ounces
Measured	4.91	4.33	683,000
Indicated	12.70	3.84	1,570,000
Measured & Indicated	17.61	3.98	2,253,000
Inferred	8.31	4.86	1,298,000
Total	25.91	4.26	3,551,000

Notes: Global MRE set at a 2.0g/t Au cut-off. Reported in accordance with the JORC Code of 2012. Number differences may occur due to rounding errors.

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ASX Announcement and Media Release 23 July 2021

Overview

West Wits mining right (GP 30/5/1/2/2/10073 MR) (Figure 1: black boundary), recently granted by the Department of Mineral Resources and Energy[1] , replaces the Company’s previous Prospecting Right (GP 30/5/1/1/2/183 (10035) PR) (Figure 1: red boundary) over the Witwatersrand Basin Project. Through consultation with the DMRE, other stakeholders and mining specialists the Company reduced the MR footprint to facilitate the granting of the MR and remove areas which were deemed to not meet economic requirements.

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Figure 1 : The Witwatersrand Basin Project’s granted mining right boundary (black line) replaces the previous prospecting right boundary (red line). The company has applied for a new prospecting right (blue line) to re-introduce areas of long-term interest.

The restated Global MRE for the mining right area results in a 918,000oz Au reduction compared to the previous Global MRE[2] . As previously stated[2] , the areas impacted were deemed to be non-core and reduction in ounces has no impact in the mine schedule, or life of mine, in the Qala Shallows definitive DFS which is due to be completed in August 2021 or the Scoping Study over the entire WBP which was completed in 2020[3] .

Importantly, WBP’s Measured & Indicated MRE categories contain 17.61Mt @ 3.98g/t for 2.25Moz Au (2g/t cut-off) or 63% of the global MRE. The higher degree of confidence is fundamental in declaring a maiden Ore Reserve on successful completion of the DFS.

Witwatersrand Basin Project Geology

The WBP deposit forms part of the Central Rand Goldfield hosted by the Witwatersrand Supergroup strata. The Central Rand Goldfield is situated immediately to the south of Johannesburg and has been host to one of the most extensive gold reserves in the world. The reefs have been mined continuously on strike for approximately 55km in an east/west direction, bordered by DRD in the west, and downdip, to the south, for about 6km from its outcrop position to depths of approximately 3km. The reef horizons are channelised conglomerates and the major orebodies mined in the Central Rand Goldfield are the Main Reef, Main Reef Leader, South Reef, Bird reefs and Kimberley reefs.

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ASX Announcement and Media Release 23 July 2021

Updated Mineral Resource Statement for WBP’s Mining Right area

The resource modelling was carried out by Shango Solutions, a South African based geological consultancy with significant experience in this region. The previous MRE dataset covering the Main, Leader, Bird, South & VCR reefs[4] and the K9A & K9B reefs[2] was updated for the new mining right boundary. The estimate was carried out after a detailed data capturing and validation process that included historic underground mining data as well as surface diamond drilling completed by WWI in 2009 and 2021[2] .

The Competent Person validated the databases that served as input for geological modelling and resource estimation. The mining right polygon, which was developed by a certified Land Surveyor, has been used by Shango to calculate the MR resource within the polygon.

The new Mineral Resource estimation utilises advanced geostatistical estimation methods, which includes simple and Ordinary Kriging. To ensure a complete result, both previously mined and unmined areas of the reefs were estimated and then the mined areas were subtracted from the modelling result.

Sampling

Samples from the recently concluded infill drilling campaign[2] included 2cm waste from the footwall and hangingwall of the reef. Samples were on average 20 – 25cm in length with a minimum of 10cm. Samples of the footwall and hangingwall waste were also taken with a 20cm sample nearest to the reef followed by two more samples of 40 – 50cm in length.

Samples were assayed by fire assay using 25g charges, applying discounts for silver-by-silver discount chart. The standard practice of fire assaying in the Witwatersrand Goldfield was deemed appropriate and representative for the samples. The laboratory inserted suitable certified reference samples for calibration purposes and also participated in round robin exercises with other laboratories to determine precision and reproducibility.

The historical sampling data used in the MRE comes solely from the underground workings. Diamond drilling was extensively utilised during previous mining history of the area but its use was confined to defining the spatial location of the reefs and the down hole assays were not included in the resource calculations.

Extensive underground sampling was conducted over the course of the mining. All underground samples were sampled from bottom to top over the full exposure of the reef in question and included 2cm footwall and hangingwall waste so as to ensure high grades typically associated with the bottom and top contacts were included. All sample locations were spatially recorded with reference to the surveyed underground mine plans and transferred onto master plans which were subsequently used in formulating the resource statement.[4]

Estimation Methodology & Mineral Resource Classification

K9A & K9B Reefs, sample grades are capped per estimation domain, the dataset consisted of underground chip samples and stretch composite samples with various lengths and boreholes. Samples and estimation domains were unfolded to a planar surface. Simple and Ordinary Kriging was performed into 50m x 50m parent cells for all regions, with Ordinary Macro Kriging performed into 500m x 500m parent cells estimating channel probability in the K9B Reef and the western region of the K9A Reef. In the eastern region of the K9A Reef a sequential indicator simulation was performed for channel probability into 10m x 10m parent cells for the Inferred Mineral Resource beyond estimation range. Grade and tonnage above cut-off in the Mineral Resource was calculated from the block variance between 50m blocks considering the cm.g/t variogram. Global channel grade and

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ASX Announcement and Media Release 23 July 2021

fraction above cut-off was calculated from the estimated global mean of the channel and the calculated block variance.

The estimation results were classified according to the observed relationship between Kriging Efficiency and sample spacing into Measured, Indicated, and Inferred Mineral Resource categories, which were manually modified according to interpretation for expected geological continuity. Drill data spacing varied with some well-informed areas closer than 25m and in other areas the drill spacing was in the order of 100 – 150m. Geostatistical modelling confirmed drillhole spacing to be suitable to upgrade previous areas of Inferred Mineral Resource to Indicated Mineral Resources with the number of samples present in the areas influencing the estimation parameters. Full geostatistical estimation methods were applied to the study.

Measured, Indicated and Inferred Mineral Resource blocks for the Main, Leader, Bird, South & VCR reefs[4] were estimated using lognormal third parameter ordinary kriging (OK) utilising a minimum of five samples and a maximum of 40 samples within each defined pass. The estimation was completed in Datamine 5 utilising 15x15, 30x30 and 50x50 metre regularised data respectively. The orebody was classified into geozones with similar grade characteristics by its macro features for each reef. Kriging was conducted within these defined geozones;

Cut-Off Grade

The cut-off grade applied was 2g/t over a minimum stoping width of 100cm, based on similar practises to those applied at other Witwatersrand Gold mines.

Mining and Metallurgical Methods and Parameters / Other Material Modifying Factors

Mining methods were based on traditional Witwatersrand conventional hand-held drilling and scraper cleaning operations, except for the steep Kimberley reefs where overhand shrinkage methods were employed. Mining dilution was based on reef width with a minimum thickness of 100cm. Plans that featured steeply dipping reef were projected vertically instead of horizontally, thus the position of the steeply dipping unmined areas was determined in 3D space in Leapfrog Geo. Gold extraction was based on traditional Carbon-In-Leach methods (CIL).

Exploration – Next Steps

Shango’s recent report identified significant potential to increase the current MRE with additional drilldefined MRE generation which could be achieved by decreasing the drillhole spacing, implementing infill drilling, through strike extension drilling and by extending the drillhole depths. Shango further notes that most of the recently performed infill-drilling on the Kimberley East project area did not extend below a depth of 300m, though high-grade mineralisation is historically known to extend to depths in excess of 1,500m.

Underground sampling and infill drilling will form part of the West Wits Exploration Team’s on-going activities upon commencement of underground mine development and production. Such activities will inform ongoing mine planning and improve the confidence level of resources beyond the near to midterm production plan.

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ASX Announcement and Media Release 23 July 2021

Approved for release by the Company’s Managing Director,

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Jac van Heerden Managing Director West Wits Mining Limited

For further information contact:

Ryan Batros Investor Relations info@westwitsmining.com

ABOUT WEST WITS MINING LIMITED

West Wits Mining Limited (ASX: WWI) is focused on the exploration, development and production of high value precious and base metals for the benefit of shareholders, communities and environments in which it operates. Witwatersrand Basin Project, located in the proven gold region of Central Rand Goldfield of South Africa boasts a 3.55Moz gold project at 4.26g/t and the Company’s development strategy is to produce 60,000oz per annum over a 20+ year mine life. The Witwatersrand Basin is a largely underground geological formation which surfaces in the Witwatersrand. It holds the world's largest known gold reserves and has produced over 1.5 billion ounces (over 40,000 metric tons), which represents about 22% of all the gold accounted for above the surface[4] . In Western Australia, WWI is exploring for gold and copper at the Mt Cecilia Project in a district that supports several world-class projects such as Woodie Woodie manganese mine, Nifty copper and Telfer gold/copper/silver mines.

• 1 ASX Release: 20th July 2021 “Mining Right Granted at Witwatersrand Basin Project”

• 2 ASX Release: 5th July 2021 “Infill-drill Program Grows JORC Resource at WBP to 4.47Moz”

• 3 ASX Release: 30th July 2020 “Positive Scoping Study to Advance Development”

• 4 ASX Release: 22nd January 2016 “Updated Mineral Resource Estimate for the Soweto Cluster”

• 5 Norman, N.; Whitfield, G. (2006) Geological Journeys. pp. 38–49, 60–61. Cape Town: Struik Publishers

Competent Person

The information in this report that relates to Mineral Resources and Exploration Results for the Witwatersrand Basin Project is based on and fairly represents information compiled by Mr Hermanus Berhardus Swart. Mr Swart is a Competent Person who is a Professional Natural Scientist registered with the South African Council for Natural Scientific Professions (No. 400101/00) and a Fellow of the Geological Society of South Africa, each of which is a “Recognised Professional Organisation” (RPO). Mr Hermanus Berhardus Swart has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr Hermanus Berhardus Swart consents to the release of the report and the information contained here within.

Mr Swart is not employed by or related to any employees, representatives or directors of West Wits Mining. In addition, neither Shango nor its employees have or have had any personal interest in this project resulting in a conflict of interest. Mr Hermanus Berhardus Swart is a full-time employee of Shango Solutions. Shango Solutions (hereafter referred to as Shango), registered as Dunrose Trading 186 (Pty) Ltd and established in April 2004, provides a diverse range of services to the mineral and mining sectors.

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JORC TABLE 1 Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections)

Criteria		JORC Code Explanation		Practices During 2020/21 Drilling Campaign
Sampling Techniques	•	Nature and quality of sampling (e.g. cut channels,	•	The core was split and the one half submitted for assays. The samples included
		random chips, or specific specialised industry		2 cm waste on the footwall and hangingwall of the reef. Samples were on
		standard measurement tools appropriate to the		average 20 to 25 cm in length with a minimum of 10 cm. Samples of the footwall
		minerals under investigation, such as down hole		and hangingwall waste were also taken with a 20 cm sample nearest to the reef
		gamma sondes, or handheld XRF instruments,		followed by two more samples of 40 to 50 cm in length.
		etc.). These examples should not be taken as
		limiting the broad meaning of sampling.
	•	Include reference to measures taken to ensure
		sample representivity and the appropriate
		calibration of any measurement tools or systems
		used.
	•	Aspects of the determination of mineralisation that
		are Material to the Public Report.
	•	In cases where ‘industry standard’ work has been
		done this would be relatively simple (e.g. ‘reverse
		circulation drilling was used to obtain 1 m samples
		from which 3 kg was pulverised to produce a 30 g
		charge for fire assay’). In other cases more
		explanation may be required, such as where there
		is coarse gold that has inherent sampling
		problems. Unusual commodities or mineralisation
		types (e.g. submarine nodules) may warrant
		disclosure of detailed information.
Drilling Techniques	•	Drill type (e.g. core, reverse circulation, open-hole	•	Diamond drilling was conducted.
		hammer, rotary air blast, auger, Bangka, sonic,
		etc.) and details (e.g. core diameter, triple or
		standard tube, depth of diamond tails, face-
		sampling bit or other type, whether core is oriented
		_and if so, by what method, etc.). _
Drill	•	Method of recording and assessing core and chip	•	A minimum of 95% core recovery was required, otherwise holes were redrilled.
Sample Recovery		sample recoveries and results assessed.		Core was fitted and measured against drill meters provided by driller.
	•	Measures taken to maximise sample recovery and
		ensure representative nature of the samples.

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	•	Whether a relationship exists between sample
		recovery and grade and whether sample bias may
		have occurred due to preferential loss/gain of
		fine/coarse material.
Logging	•	Whether core and chip samples have been	•	Diamond core was sampled and logged geologically and geotechnically to a
		geologically and geotechnically logged to a level of		detail that supported appropriate Mineral Resource estimations, mining studies
		detail to support appropriate Mineral Resource		and metallurgical studies.
		estimation, mining studies and metallurgical	•	Core logging was qualitative in nature. Core trays were separately
		studies.		photographed after the core was fitted and orientated both, dry and wet. Once
	•	Whether logging is qualitative or quantitative in		reef sections were cut, sampled and marked, photos were once again taken of
		nature. Core (or costean, channel, etc.)		the final product.
		photography.	•	The total length of the relevant core intersections was 100% logged.
	•	The total length and percentage of the relevant
		intersections logged.
Sub-sampling	•	If core, whether cut or sawn and whether quarter,	•	Core was cut and half samples were taken.
Techniques and		half or all core taken.	•	Individual samples were placed in separate sample bags with two unique
Sample Preparation	•	If non-core, whether riffled, tube sampled, rotary		number labels of which one was placed inside the bag and the other one stapled
		split, etc. and whether sampled wet or dry.		to the outside of the bag, after which the bags were sealed. Each batch of
	•	For all sample types, the nature, quality and		samples was placed in a large sample bag and the borehole number and
		appropriateness of the sample preparation		sample numbers marked on the outside of the bag.
		technique.	•	Waste and reef samples were taken separately. Reef samples were further split
	•	Quality control procedures adopted for all sub-		based on lithology and mineralisation.
		sampling stages to maximise representivity of	•	Samples were accompanied by blanks and standards. A blank was inserted
		samples.		every time before and after reef intersections. Each reef intersection was
	•	Measures taken to ensure that the sampling is		accompanied by certified reference material appropriate to the expected grade
		representative of the in situ material collected,		range i.e. low or high grade. Selected returned pulps were resubmitted under a
		including for instance results for field		new number for each batch to serve as a duplicate field sample.
		duplicate/second-half sampling.	•	Sampling was typical of standard practices in the Witwatersrand Goldfield and
	•	Whether sample sizes are appropriate to the grain		was deemed appropriate and representative for the grain size.
		size of the material being sampled.
Quality of Assay Data	•	The nature, quality and appropriateness of the	•	Samples were assayed by fire assay using 25 g charges, applying discounts
and Laboratory Tests		assaying and laboratory procedures used and		for silver by silver discount chart. The standard practice of fire assaying in the
		whether the technique is considered partial or total.		Witwatersrand Goldfield was deemed appropriate and representative for the
	•	For geophysical tools, spectrometers, handheld		samples.
		XRF instruments, etc., the parameters used in	•	Industry standard fire assays were applied.
		determining the analysis including instrument	•	The laboratory inserted suitable certified reference samples for calibration
		make and model, reading times, calibrations		purposes and also participated in round robin exercises with other laboratories
		factors applied and their derivation, etc.		to determine precision and reproducibility. The laboratory is SANAS accredited
	•	Nature of quality control procedures adopted (e.g.		and is audited on a regular basis in order to comply with accreditation
		standards, blanks, duplicates, external laboratory		regulations.
		checks) and whether acceptable levels of accuracy

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		(i.e. lack of bias) and precision have been
		established.
Verification of Sampling	•	The verification of significant intersections by	•	10% of pulp samples are analysed at an independent umpire laboratory.
and Assaying		either independent or alternative company	•	Twinned holes were not utilised.
		personnel.	•	Data was captured into Microsoft Excel and then imported into a Datamine
	•	The use of twinned holes.		Fusion Database.
	•	Documentation of primary data, data entry	•	No assays were adjusted except for capping and cutting during the Mineral
		procedures, data verification, data storage		Resource estimation stage.
		(physical and electronic) protocols.
	•	Discuss any adjustment to assay data.
Location of Data Points	•	Accuracy and quality of surveys used to locate drill	•	Collars were surveyed by a qualified surveyor utilising differential GPS.
		holes (collar and down-hole surveys), trenches,	•	The WG27 coordinate system (World Geographic Datum) was applied.
		mine workings and other locations used in Mineral	•	Topographic control was achieved utilising differential GPS in the WG27
		Resource estimation.		coordinate system.
	•	Specification of the grid system used.
	•	Quality and adequacy of topographic control.
Data	•	Data spacing for reporting of Exploration Results.	•	Drillhole spacing was suitable to upgrade the previous Inferred Mineral
Spacing and Distribution		Whether the data spacing and distribution is		Resource to Indicated Mineral Resources. Amount of samples present in the
		sufficient to establish the degree of geological and		areas influenced the estimation parameters. Kriging efficiency was calculated
		grade continuity appropriate for the Mineral		during the estimation process which is an indication of the estimates ability to
		Resource and Ore Reserve estimation		represent the data which was considered for resource categories.
		procedure(s) and classifications applied.	•	Each sample section was composited to represent the total reef intersection.
	•	Whether sample compositing has been applied.
Orientation of	•	Whether the orientation of sampling achieves	•	Structures have no known influence on the mineralisation of the Witwatersrand
Data in Relation to		unbiased sampling of possible structures and the		placer type reefs, other than displacements. No known sampling bias is
Geological Structure		extent to which this is known, considering the deposit type.	•	present. A 3D model of the reef was established in Leapfrog Geo which also
	•	If the relationship between the drilling orientation		incorporates structures, predominantly faults and dykes. These structures are
		and the orientation of key mineralised structures is		defined at high confidence levels due to their locations being precisely defined
		considered to have introduced a sampling bias,		by historical mining and being detailed on mining plans. Structures have no
		this should be assessed and reported if material.		known influence on the mineralisation of the Witwatersrand placer type reefs,
				other than displacements.
Sample Security	•	The measures taken to ensure sample security.	•	Line of custody procedures was applied.
Audits or Reviews	•	The results of any audits or reviews of sampling	•	Stringent internal audit by the Competent Person and QA/QC procedures were
		techniques and data.		applied. This especially considered the validation of the databases that served
				as input for geological modelling and resource estimation.

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Section 2 Reporting of Exploration Results

Criteria			JORC Code Explanation	JORC Code Explanation	JORC Code Explanation					Practices During 2020/21 Drilling Campaign
Mineral tenement and land tenure	•	Type, reference		name/number, location and ownership					•	The Prospecting Right GP 30/5/1/1/2/183 (10035) PR was originally held by
status		including	agreements or material issues with				third			Durban Roodepoort Deep (Pty) Ltd. In 2012 West Wits signed a contractual
		parties such as joint ventures, partnerships, overriding								agreement with the Prospecting Right holder allowing the prospecting of
		royalties,	native title interests,			historical	sites,			underground resources. On the 1stof February 2018 the application for consent
		wilderness or national park and environmental settings.								in terms of Section 11 (1) of the Mineral and Petroleum Resources Development
	•	The security of the tenure held at the				time of reporting				Act, Act 28 of 2002 to cede the renewed Prospecting Right GP 30/5/1/1/2/183
		along with any		known impediments to obtaining				a		(10035) PR to West Wits MLI (Pty) Ltd (WWI) was accepted. West Wits holds
		licence to	operate in the area.							66.6% in the company with the remaining 33.6% being held by Lalitha (Pty) Ltd
										a black empowered (“BEE”) entity ensuring compliance with South African laws.
										The Prospecting Right was renewed for 3 years in April 2016.
									•	A Mining Right Application GP 30/5/1/2/2/10073 MR, was submitted in April
										2018. West Wits is proposing to establish a mining operation in an area located
										south of Roodepoort and to the north of Soweto in the City of Johannesburg
										Metropolitan Municipality, Gauteng. The Department of Mineral Resources and
										Energy (DMRE) granted the West Wits application for a mining right for gold,
										uranium and silver on 16thJuly 2021 over various portions of the farms
										Roodepoort 236 IQ, Roodepoort 237 IQ (excluding a portion of the remainder of
										portion 14 and a portion of portion 408), Tshekisho 710 IQ (previously known as
										portions 402 and 445 of the farm Roodepoort 237 IQ and portion 95 of the farm
										Vlakfontein 238 IQ), Uitval 677 IQ (previously known as portion 91 of the farm
										Vogelstruisfontein 233 IQ and portion 47 of the Farm Vlakfontein 238 IQ),
										Vlakfontein 238 IQ, Vogelstruisfontein 231 IQ, Vogelstruisfontein 233 IQ,
										Witpoortjie 245 IQ (excluding a portion of portion 1) and Glenlea 228 IQ in the
										Magisterial District of Roodepoort and Krugersdorp.
									•	The DMRE formally accepted WWI’s Scoping Report including the Plan of Study
										for Environmental Impact Assessment during 2019. The DMR thereafter granted
										the Environmental Authorisation (EA) authorisation on the 24thof June 2020.
										South Africa’s Minister of Forestry, Fisheries and the Environment has through
										a detailed written appeal decision dismissed all three appeals lodged against the
										DMR EA approval. The Minister’s decision reinstated the DMRE’s EA approval,
										initially granted 24thJune 2020.
Exploration done by other parties	•	Acknowledgment and appraisal of exploration by					other		•	Since the MSA drilling in 2009, no other parties have performed exploration in
		parties.								the KimberleyEastproject area.
Geology	•	Deposit	type,	geological	setting	and style		of	•	The deposit forms part of the Central Rand Goldfield hosted by the
		mineralisation.								Witwatersrand Supergroup strata. The Central Rand Goldfield is situated
										immediately to the south of Johannesburg and has been host to one of the most
										extensive gold reserves in the world. The reefs have been mined continuously
										on strike for approximately 55 km in an east/west direction, bordered by DRD in
										the west,and down-dip,to the south,for about 6 km from its outcrop position,to

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						depths of approximately 3 km. Between 1897 and 1984, approximately 247
						million ounces of gold were extracted from the Central Rand Goldfield. The reef
						horizons are channelised conglomerates. The major orebodies mined in the
						Central Rand Goldfield are the Main Reef, Main Reef Leader, South Reef, Bird
						reefs and Kimberley reefs. The Kimberley East project area targets the K8, K9B
						and K9A Kimberleyreefs.
•	Drill hole Information	•	A summary of all information material to the		•	Appendix 1
			understanding of the exploration results including a
			tabulation of the following information for all Material
			drill holes:
			o easting and northing of the drill hole
			collar
			o elevation or RL (Reduced Level –
			elevation above sea level in metres) of the
			drill hole collar
			o dip and azimuth of the hole
			o down hole length and interception depth
			hole length.
		•	If the exclusion of this information is justified on the
			basis that the information is not Material and this
			exclusion does not detract from the understanding of
			the report, the Competent Person should clearly explain
			why this is the case.
Data aggregation methods		•	In reporting Exploration Results, weighting averaging		•	Compositing was conducted against relative sample lengths due to no
			techniques, maximum and/or minimum grade			differences in waste and ore bulk densities. Minimum grades were dependent
			truncations (e.g. cutting of high grades) and cut-off			on laboratory detection limits. Cutting of low and high-grade samples were
			grades are usually Material and should be stated.			applied in the Mineral Resource estimation process.
		•	Where aggregate intercepts incorporate short lengths		•	Samples were on average 20 to 25 cm in length with a minimum of 10 cm. Waste
			of high grade results and longer lengths of low grade			and reef samples were taken separately. Reef samples were further split based
			results, the procedure used for such aggregation should			on lithology and mineralisation.
			be stated and some typical examples of such		•	Metal equivalent values were not applicable.
			aggregations should be shown in detail.
		•	The assumptions used for any reporting of metal
			equivalent values should be clearly stated.
Relationship		•	These relationships are particularly important in the	•		All downhole lengths were converted to true widths by correcting for the dip of
between mineralisation widths			reporting of Exploration Results.			the strata.
and	intercept lengths	•	If the geometry of the mineralisation with respect to the
			drill hole angle is known, its nature should be reported.
		•	If it is not known and only the down hole lengths are
			reported, there should be a clear statement to this effect
			(e.g.‘down hole length, true width not known’).

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Diagrams	•	Appropriate maps and sections (with scales) and	•	Appendix 2
		tabulations of intercepts should be included for any
		significant discovery being reported These should
		include, but not be limited to a plan view of drill hole
		_collar locations and appropriate sectional views. _
Balanced reporting	•	Where comprehensive reporting of all Exploration	•	Appendix 3
		Results is not practicable, representative reporting of
		both low and high grades and/or widths should be
		practiced to avoid misleading reporting of Exploration
		Results.
Other substantive exploration data	•	Other exploration data, if meaningful and material,	•	Geology of reef intercepts was noted in detail on standardised logging sheets.
		should be reported including (but not limited to):	•	Geophysical and geochemical surveys were not conducted.
		geological observations; geophysical survey results;	•	Bulk samples were not taken.
		geochemical survey results; bulk samples – size and	•	Bulk density was measured applying the Archimedes technique by three
		method of treatment; metallurgical test results; bulk		repeats each for hangingwall and footwall waste as well as for the reef.
		density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating	• •	Groundwater intersections and flow rate was measured in litres per hour. Geotechnical and rock characteristics were noted for selected boreholes to
		substances.		modern geotechnical parameters such as Rock Quality Determination (RQD)
				and Rock Mass Rating (RMR), etc. The hole was then repeated by drilling a
				deflection 18 m above the reef in order to obtain undisturbed core for logging
				and sampling purposes.
			•	Deleterious or contaminating substances such as methane were tested for by
				drill operators utilisingappropriate sensors.
Further work	•	The nature and scale of planned further work (e.g. tests	•	No further work is planned, other than mine planning on the final block model.
		for lateral extensions or depth extensions or large-scale
		step-out drilling).
	•	Diagrams clearly highlighting the areas of possible
		extensions, including the main geological
		interpretations and future drilling areas, provided this
		_information is not commercially sensitive. _

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Section 3 Estimation and Reporting of Mineral Resources

(Criteria listed in section 1, and where relevant in section 2, also apply to this section)

Criteria				JORC Code Explanation		Practices During 2020/21 Drilling Campaign
Database Integrity		•		Measures taken to ensure that data has not been corrupted by,	•	Sample values received from the laboratory were captured into Microsoft Excel,
				for example, transcription or keying errors, between its initial		and then imported into a Datamine Fusion Database. QA/QC was performed by
				collection and its use for Mineral Resource estimation purposes.		the Chief Geologist of West Wits. Final independent QA/QC was performed by
		•		Data validation procedures used.		the team represented by the Competent Person.
					•	FullQA/QC wasperformed utilisingvariousgraphicalpresentations.
Site Visits		•		Comment on any site visits undertaken by the Competent	•	The Mineral Resources were reported by the Competent Person, the former
				Person and the outcome of those visits.		Mineral Resource Manager of DRD and who has relevant experience and
		•		If no site visits have been undertaken indicate why this is the		qualifies as a Competent Person in South Africa and internationally according to
				case.		the requirements as stipulated by JORC (2012). The Competent Person also
						audited the exploration conducted byWest Wits.
Geological	•		Confidence in (or conversely, the uncertainty of) the geological		•	The previous geological model was updated with the latest drilling. Resource
Interpretation			interpretation of the mineral deposit.			blocks were generated in Datamine Studio RM.
	•		Nature of the data used and of any assumptions made.		•	The previous wireframing was updated in Leapfrog Geo utilising the latest drilling.
	•		The effect, if any, of alternative interpretations on Mineral		•	Analysis of grade continuity was undertaken for the total dataset, that was
			Resource estimation.			updated with the latest drilling, from which homoscedastic geodomains were
	•		The use of geology in guiding and controlling Mineral Resource			derived exhibiting stationarity with respect to gold accumulation and channel
			estimation.			width.
	•		_The factors affecting continuity both ofgrade andgeology. _
Dimensions	•		The extent and variability of the Mineral Resource expressed as		•	The reefs are part of the world-famous Witwatersrand Basin, and are renowned
			length (along strike or otherwise), plan width, and depth below			for their regional lateral (hundreds of kilometres) and down dip (tens of kilometres)
			surface to the upper and lower limits of the Mineral Resource.			continuity.
					•	The K8, K9B and K9A reefs were reported down to 2.2 km below surface, the
						strike length totalling4.8 km.
Estimation			•	The nature and appropriateness of the estimation	•	Sample grades were capped per estimation domain.
and				technique(s) applied and key assumptions, including	•	The capped estimation dataset consisted of underground chip samples and
Modelling Techniques				treatment of extreme grade values, domaining, interpolation		stretch composite samples with various lengths and boreholes. After inspection of
				parameters and maximum distance of extrapolation from data		distribution characteristics it was identified that the distribution attributes of these
				points. If a computer assisted estimation method was chosen		three data types overlap sufficiently for them to be considered part of the same
				include a description of computer software and parameters		distribution.
				used.	•	Samples and estimation domains were unfolded to a planar surface.
			•	The availability of check estimates, previous estimates and/or	•	A regional grade trend was observed within the K9A Reef producing a lower grade
				mine production records and whether the Mineral Resource		expectation towards the east of the project. The K9A dataset was spatially divided
				estimate takes appropriate account of such data.		into east and west regions and these subsets were treated separately. Log
			•	The assumptions made regarding recovery of by-products.		probability plots were generated for cm.g/t which displayed potential mixed
			•	Estimation of deleterious elements or other non-grade		populations within the three datasets as inflections within the log probability-grade
				variables of economic significance (e.g. sulphur for acid mine		function. Population was split on these inflections which produced a channel and
				drainage characterisation.		overbank data subset,which aligns with the channel and overbank depositional

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		• In the case of block model interpolation, the block size in		model for Kimberly reefs. Orientation of regional continuity for channelisation was
		relation to the average sample spacing and the search		graphically determined and considered for the orientation of anisotropy for an
		employed.		estimate of channel probability. A binary reclassification of channel probability was
		• Any assumptions behind modelling of selective mining units.		performed to generate estimation domains.
		• Any assumptions about correlation between variables.	•	Simple and Ordinary Kriging was performed into 50 x 50 m parent cells for all
		• Description of how the geological interpretation was used to		regions, with Ordinary Macro Kriging into 500 x 500 m parent cells estimating
		control the resource estimates.		channel probability in the K9B Reef and the west region of the K9A Reef. In the
		• Discussion of basis for using or not using grade cutting or capping. • The process of validation, the checking process used, the comparison of model data to drill hole data, and use of reconciliation data if available.		eastern region of the K9A Reef a sequential indicator simulation was performed for channel probability into 10 x 10 m parent cells for the inferred resource beyond estimation range. Grade and tonnage above cut-off in the resource was calculated from the block variance between 50 m blocks considering the cm.g/t variogram. Global channel grade and fraction above cut-off was calculated from the
				estimated global mean of the channel and the calculated block variance.
			•	Historically no by-products were recovered, hence no quantification or estimation.
			•	Although the presence of pyrite resulted in severe acid mine water, sulphide was
				not quantified and estimated.
			•	Selective mining units were considered to be the estimation parent cells of 50 x
				50 m, which is slightly larger than the area of the general mining panel length of
				30 m multiplied byhalf of the inter-raise distance of 120 m.
Moisture	•	Whether the tonnages are estimated on a dry basis or with natural	•	Tonnages were estimated on a dry basis.
		moisture, and the method of determination of the moisture content.
Cut-off Parameters	•	The basis of the adopted cut-off grade(s) or quality parameters	•	The cut-off was based on similar practises to those applied at other
		applied.		Witwatersrand Gold mines. The cut-off grade applied was 2 g/t over a minimum
				stopingwidth of 100 cm.
Mining Factors	•	Assumptions made regarding possible mining methods, minimum	•	Mining methods were based on traditional Witwatersrand conventional hand-held
or Assumptions		mining dimensions and internal (or, if applicable, external) mining		drilling and scraper cleaning operations, except for the steep Kimberley reefs
		dilution. It is always necessary as part of the process of		where overhand shrinkage methods were employed. Mining dilution was based
		determining reasonable prospects for eventual economic		on reef width with a minimum thickness of 100 cm.
		extraction to consider potential mining methods, but the	•	Plans that featured steeply dipping reef were projected vertically instead of
		assumptions made regarding mining methods and parameters		horizontally on plans. Thus the position of the steeply dipping unmined areas
		when estimating Mineral Resources may not always be rigorous.		was determined in 3D space in Leapfrog Geo.
		Where this is the case, this should be reported with an explanation
		of the basis of the mining assumptions made.
Metallurgical	•	The basis for assumptions or predictions regarding metallurgical	•	Gold extraction was based on traditional Carbon In Leach methods (CIL).
Factors Applied		amenability. It is always necessary as part of the process
		of determining reasonable prospects for eventual economic
		extraction to consider potential metallurgical methods, but the
		assumptions regarding metallurgical treatment processes and
		parameters made when reporting Mineral Resources may not
		always be rigorous. Where this is the case, this should be reported

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		with an explanation of the basis of the metallurgical assumptions
		made.
Environmental Factors	•	Assumptions made regarding possible waste and process residue	•	Residues would be deposited on environmentally approved tailings storage
or Assumptions		disposal options. It is always necessary as part of the process of		facilities. No detailed environmental or logistical designs were considered.
		determining reasonable prospects for eventual economic
		extraction to consider the potential environmental impacts of the
		mining and processing operation. While at this stage the
		determination of potential environmental impacts, particularly for a
		greenfields project, may not always be well advanced, the status
		of early consideration of these potential environmental impacts
		should be reported. Where these aspects have not been
		considered this should be reported with an explanation of the
		environmental assumptions made.
Bulk Density	•	Whether assumed or determined. If assumed, the basis for the	•	Bulk density was accepted as the standard industry norm for pyritic conglomerate
		assumptions. If determined, the method used, whether wet or dry,		i.e. 2.73 g/cm3and this was performed on a dry basis.
		the frequency of the measurements, the nature, size and	•	Bulk density for the new drillholes was measured by utilising the Archimedes
		representativeness of the samples.		principle.
	•	The bulk density for bulk material must have been measured by	•	The same bulk density was multiplied with the respective volumes for all reefs in
		methods that adequately account for void spaces (vugs, porosity,		order to obtain tonnages.
		etc.), moisture and differences between rock and alteration zones
		within the deposit.
	•	Discuss assumptions for bulk density estimate used in the
		evaluationprocess of the different materials.
Classification	•	The basis for the classification of the Mineral Resources into	•	The estimation results were classified according to the observed relationship
		varying confidence categories.		between Kriging Efficiency and sample spacing into Measured, Indicated and
	•	Whether appropriate account has been taken of all relevant factors		Inferred categories, which were manually modified according to interpretation for
		(i.e. relative confidence in tonnage/grade estimations, reliability of		expected geological continuity.
		input data, confidence in continuity of geology and metal values,	•	Appropriate account was taken of all relevant factors.
		quality, quantity and distribution of the data).	•	The results appropriately reflect the Competent Person’s view of the deposit.
	•	Whether the result appropriately reflects the Competent Person’s
		view of the deposit.
Audits or Reviews	•	The results of any audits or reviews of Mineral Resource	•	The Competent Person audited the latest exploration work.
		estimates.
Discussion of Relative	•	Where appropriate a statement of the relative accuracy	•	Estimate to model reconciliation was performed for blocks containing samples
Accuracy/	•	And confidence level in the Mineral Resource estimate using an		which provided a model to regularised data correlation coefficient of 0.7. This is
Confidence		approach or procedure deemed appropriate by the Competent		appropriate for a gold estimate within a Witwatersrand style deposit.
		Person. For example, the application of statistical or geostatistical
		procedures to quantify the relative accuracy of the resource within
		stated confidence limits, or, if such an approach is not deemed
		appropriate, a qualitative discussion of the factors that could affect
		the relative accuracy and confidence of the estimate.
	•	The statement should specify whether it relates to global or local

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•	estimates, and, if local, state the relevant tonnages, which should
	be relevant to technical and economic evaluation. Documentation
	should include assumptions made and the procedures used.
•	These statements of relative accuracy and confidence of the
	estimate should be compared with production data, where
	available.

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Appendix 1

						Interception Depths	Interception Depths	Interception Depths	Interception Depths	Interception Depths	Interception Depths	Interception Depths	Interception Depths
						K9A		K9B		K8		K7
Ac tual Bh ID	Y	X	Z	AZIMUT H_DEG	Dip	From	To	From	To	From	To	From	To
RLKPDRE-22	-90320.197	2900104.497	1681.044	7.9	-62.48	266.53	268.63	275.69	277.47	277.82	281.10	281.27	291.99
RLKPDRE-23	-90165.686	2899905.457	1685.956	29.8	-61.96	177.65	177.29	189.97	191.65	191.95	193.59	195.39	205.09
RLKPDRE-24	-90494.251	2900093.224	1670.620	0.0	-60.44	199.95	202.57	210.81	211.11	212.88	214.76	215.16	226.19
RLKPDRE-31	-89678.724	2899808.809	1725.859	3.5	-62.10	284.36	284.58	293.99	295.50	296.13	296.84	297.41	320.20
RLKDRE-39	-90342.004	2899956.510	1672.382	31.8	-58.31	153.32	155.03	162.05	163.10	163.65	164.15	165.39	174.75
RLKDD-40	-90173.558	2899719.227	1688.404	352.7	-70.25	88.54	93.53	98.32	101.23	102.60	104.83	105.07	107.21
RLKDD-41	-90442.916	2899878.549	1669.371	32.9	-58.88	73.30	78.54	83.19	83.96	86.41	88.09	88.77	89.20
RLKDRE-42	-90585.653	2899977.471	1656.930	47.7	-60.20	95.40	98.91	104.31	106.60	108.06	109.06
RLKDD-43	-90227.271	2899795.539	1682.984	36.8	61.50
RLKDD-44	-90318.875	2899883.109	1677.388	27.1	-57.74	113.9	118.24	123.73	125.39	126.55	127.74	127.74	129.08

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Appendix 2

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Appendix 3

	Interception Grades	Interception Grades	Interception Grades	Interception Grades	Interception Grades	Interception Grades	Interception Grades	Interception Grades	Interception Grades	Interception Grades	Interception Grades	Interception Grades	Interception Grades	Interception Grades	Interception Grades	Interception Grades
	K9A				K9B				K8				K7
Ac tual Bh ID	From	To	Width(cm)	Grade(g/t)	From	To	**Width(cm) **	Grade(g/t)	From	To	**Width(cm) **	Grade(g/t)	From	To	**Width(cm) **	Grade(g/t)
RLKPDRE-22	266.12	268.57	2.45	1.56	275.33	277.36	2.03	2.05	277.82	281.10			281.27	291.99
	267.23	268.35	1.12	2.80	275.95	276.83	0.88	2.92	278.87	279.32	0.45	2.04
									279.07	279.32	0.25	3.18
RLKPDRE-23	177.39	181.29	3.90	0.20	189.79	191.55	1.76	1.58	192.49	194.40	1.91	0.67	195.39	205.21
	179.26	179.47	0.21	0.89	189.79	190.45	0.66	2.40	192.96	193.89	0.93	0.93	195.11	195.53	0.42	0.44
RLKPDRE-24	199.94	202.57	2.63	0.75	210.78	211.84	1.06	2.40	212.88	214.76			215.16	226.19
	201.51	201.97	0.46	2.45	211.62	211.84	0.22	4.16
RLKPDRE-31	284.34	286.68	2.34	0.12	293.98	295.53	1.55	0.17	296.13	296.84			297.41	320.20
RLKDRE-39	153.72	155.47	1.75	1.15	162.22	163.34	1.12	1.12	165.50	166.15	0.65	1.84	165.39	174.75
	155.19	155.47	0.28	4.92	162.46	163.34	0.88	1.37					166.31	167.20	0.89	0.26
RLKDD-40	88.51	94.91	6.40	0.50	98.29	101.23	2.94	0.50	102.60	104.83	2.08	0.93	105.07	112.25
	89.22	91.42	2.20	1.11	98.29	99.85	1.56	0.65	102.77	103.70	0.93	1.69	105.00	105.97	0.97	0.18
	90.42	91.42	1.00	1.54
RLKDD-41	73.28	78.66	5.38	0.47	83.16	84.00	0.84	1.25	86.37	88.11	1.74	1.07	88.76	89.14	0.38	0.43
	73.75	74.43	0.68	1.10					86.37	87.28	0.91	1.94
	75.09	75.92	0.83	1.45
RLKDRE-42	96.38	99.05	2.67	0.11	104.58	106.49	1.91	1.04	108.84	110.57	1.73	0.27	110.57	111.66	1.09	0.78
					104.58	105.31	0.73	1.74
RLKDD-43
RLKDD-44	113.87	118.36	4.49	0.85	123.71	125.39	1.68	5.81	126.53	127.74	1.21	1.38	127.74	129.63
	113.87	114.98	1.11	2.68	124.41	125.39	0.98	9.07	126.53	127.14	0.61	1.82	127.74	128.86	1.12	0.58

3