Exhibit 99.2

Gold Produ c er with Ind u str y - L e a d ing Growth Tran s forming into a Mult i - Ass e t Operati o n M arch 2024

D i scla i mer 1 Info rma ti o n Subj ec t to C h a nge T h e i n f o r m a t i o n , i n c l u d i n g f i na n c i a l i n f o r m a t i on , c on t a i n e d h e r e i n ha s n o t bee n f i n a l i z e d an d i s s ub j e c t to c ha n g e (t og e t h e r w i th o r a l s t a t e m e n ts m ad e i n c onne c t i o n t he r e w i t h , t h i s “P r e s en t a t i on ” ) . T h i s Pr e s en t a t i o n i s p r o v i de d f o r i n f o r m a t i ona l p u r po s e s onl y an d ha s bee n p r e p a r e d to a ss i s t i n t e r e s t e d pa r t ie s i n m a k i n g t hei r o w n e v a l ua t i o n w i th r e s pe ct to a bu s i ne s s c o m b i na t i o n (t h e "B u s i ne s s C o m b i n a t i on " ) be t w een , a m on g o t he r s , R i g e l Re s ou rce Ac qu i s i t i o n Co rp (" R i g e l " ) , RR AC Ne w co (" Ne w c o ", e x pe ct e d to b e r e na m e d to "A u r ou s Re s ou rc e s " ) , B l y v o o r G ol d Re s ou rc e s Pr o p r i e t a r y Li m i t e d (" B l y v o o r Re s ou rc e s ") an d B l y v o o r G o l d O p e r a t i on s P r op r i e t a ry L i m i t e d (" T a i l i ng s" , t oge t h e r w i th B l y v oo r Re s ou rc e s , t h e " T a r g e t C o m pa n ie s ") . A n y f u rt h e r d i s t r i b u t i o n o r r e p r odu c t i o n o f t h i s p r e s en t a t i o n , i n w ho l e o r i n pa r t, o r t h e d i v u l gen ce o f an y o f i ts c o n t en t s , i s u nau t h o r i z ed . B y a c c ep t i n g t h e p r e s en t a t i o n , ea ch r e c i p i e n t a g r ee s to m a i n t a i n t h e c o n f i d e n t i a l i ty o f t h e i n f o r m a t i o n c o n t a i n e d he r e i n . To t h e f u l l e s t e x t e n t pe r m i t t e d b y l a w , i n n o c i rc u m s t an c e s w il l t h e T a r g e t C o m pan i e s , Ne w co o r Rige l o r an y o f t h e i r r e s pe c t i v e s ub s i d i a r ie s , s t o ck h o l de r s , a ff i l ia t e s , r ep r e s en t a t i v e s , pa rt n e r s , d i r e c t o r s , o ff i c e r s , e m p l o y ee s , a d v i s e rs o r a g en ts b e r e s pon s i b l e o r li a b l e f o r an y d i r e c t, indi r e c t o r c on s equen t i a l l o s s o r l o s s o f p r o f i t a r i s i n g fr o m t h e u s e o f t h i s p r e s en t a t i on , i ts c on t e n t s , i ts o m i ss i on s , r e l ian ce o n t h e i n f o r m a t i o n c on t a i ne d w i t h i n i t o r o n o p i n i o n s c o m m u n i c a t e d i n r e l a t i o n t h e r e to o r o t h e r w i s e a r i s i n g i n c onn e ct i o n t h e r e w i t h . T h e i n f o r m a t i o n c o n t a i ne d h e r e i n i s o n l y p r e l i m ina ry an d i ndi c a t i v e a n d doe s no t p u r po r t to c o n t a i n an y i n f o r m a t i o n t ha t w ou l d b e r eq u i r e d to e v a l ua t e R i g e l , Ne w c o , an d t h e T a r ge t C o m pa n i e s , t h e i r r e s pe ct i v e f i n an c i a l po s i t i on , t h e B u s i ne s s C o m b i n a t i o n an d / o r an y i n v e s t m en t d e c i s i o n . In f u r n i s h i n g t h i s p r e s en t a t i o n , ea ch o f t h e T a r ge t C o m pa n i e s , Ne w c o , an d R i g e l e x p r e ss l y d i s c l ai m s an y o b l i ga t i o n to upda t e a n y i n f o r m a t i o n c on t a i ne d he r e i n o r to c o rr e c t an y o m i ss i on s , i na cc u r a c i e s o r e r r o r s . In a ddi t ion , t h i s p r e s en t a t i o n doe s n o t p u r p o rt t o b e a l l - i n c l u s i v e o r to c o n t a i n al l o f t h e i n f o r m a t i o n t ha t m a y b e r e q ui r e d to m a ke a f u l l an a l y s i s o f t h e T a r g e t C o m p a n i e s o r t h e B u s i ne s s C o m b i na t i o n , an d non e o f R i g e l , Ne w c o , t h e T a r g e t C o m pa n i e s o r t hei r r e s pe c t i v e a ff ilia t e s o r r e p r e s en t a t i v e s m a k e s an y r ep r e s en t a t io n o r wa rr a n t y , e x p r e s s o r i m p li e d , a s to t h e a cc u r a c y , c o m p l e t e n e s s o r r el i a b i l i t y o f t h e i n f o r m a t i o n c o n t a i n e d i n t h i s p r e s en t a t i on , an d t h e r e c i p i e n t d i s c l ai m s an y s u ch r e p r e s en t a t i o n o r w a rr an t y . V i e w e rs o f t h i s p r e s en t a t i o n s hou l d ea ch m a ke t hei r o w n e v a l ua t i o n o f t h e T a r g e t C o m pa n i e s a n d o f t h e r e l e v a n ce an d adequ a cy o f t h e i n f o r m a t i o n a n d s hou l d m a ke s u ch o t he r i n v e s t iga t ion s a s t he y dee m ne c e ss a r y . B y r e v i e w i n g o r r ead i n g t h i s Pr e s en t a t i on , y o u w il l b e dee m e d to ha v e ag r ee d to t h e ob li ga t i on s an d r e s tr i ct i on s s e t ou t be l o w . N o Off e r or S oli c it a t io n T h i s p r e s en t a t i o n doe s no t c on s t i t u t e a s o l i c i t a t i o n o f a p r o x y , c on s en t o r au t ho r i z a t i o n w i t h r e s pe ct to a n y s e c u r i t i e s o r i n r e s pe ct o f t h e B u s i ne s s Co m b i n a t i on , an d a n y s u ch s o li c i t a t i o n w i l l b e c ondu c t e d o n l y p u r s uan t to a p r o x y s t a t e m e n t o r r e g i s tr a t i o n s t a t e m en t f i l e d b y R i g el , Ne w c o , t h e T a r g e t C o m pan i e s and / o r t hei r r e s pe ct i v e a ff i l i a t e s w i th t h e S e c u r i t i e s an d E x c han g e C o mm i ss i on , a s r e q u i r e d b y l a w . In addi t ion , t h i s p r e s en t a t i o n d oe s no t c o n s t i t u te a n o ff e r to s el l , a s ol i c i t a t i o n o f a n o ff e r t o bu y , o r a r e c o mm e nda t i o n to p u rc ha s e an y s e c u r i t y o f R i g e l , Ne w c o , t h e T a r ge t C o m pa n i e s o r a n y o f t h ei r r e s p e ct i v e a ff il i a t e s , no r s hal l t he r e b e a n y s a l e o f s e c u r i t i e s i n a n y j u r i s d i c t i o n i n w h i ch s u ch o ff e r, s o li c i t a t i o n o r s a l e w oul d b e un l a w f u l p r i o r to r e g i s tr a t i o n o r quali f i c a t i o n unde r t h e s e c u r i t i e s l a w s o f an y s u ch ju r i s d i c t i o n . Y o u s hou l d no t c on s tr u e t h e c o n t e n ts o f t h i s p r e s en t a t i o n a s l eg a l , t a x, a cc ou n t i n g o r i n v e s t m en t a d v i ce o r a r e c o mm end a t ion . Y o u s hou l d c on s ul t y o u r o w n c oun s e l an d t a x an d f inan c i a l ad v i s o rs a s to l ega l an d r e l a t e d m a tt e rs c on c e r n i n g t h e m a tt e r s de s cr i be d he r e i n , and , b y a cc ep t i n g t h i s p r e s en t a t i on , y o u c on f i rm t ha t y o u a re no t r e l y i n g upo n t h e i n f o rm a t i o n c on t a i ne d he r e i n to m a ke an y de c i s i on . T h i s p r e s en t a t i o n i s no t a p r o s pe ct u s an d i n v e s t o r s s hou l d no t s ub s cr i b e f o r o r pu rc ha s e an y s e c u r i t i e s s o l e l y o n t h e ba s i s o f t h i s p r e s en t a t i o n an d be f o re y o u i n v e s t y o u s hou l d unde rt a ke y ou r o w n d ili gen ce r ega r d i n g R i ge l , Ne w c o , t h e T a r ge t Co m pan i e s an d t h e B u s i ne s s Co m b i na t ion . T h i s p r e s en t a t i o n doe s n o t c on s t i t u te o r f o r m p a rt o f a n d s hou l d n o t b e c on s tr ue d a s an y o ff e r o r i n v i t a t i o n to s e l l o r i ss ue , o r an y s ol i c i t a t i o n o f a n y o ff e r to pu rc h a s e o r s ub s cr i b e f o r , a n y s ha r e s , n o r s ha l l an y pa r t o f i t n o r t h e f a c t o f i ts d i s t r i bu t i o n f o r m pa r t o f o r b e r el i e d o n i n c onne c t i o n w i th an y c on t r a c t o r i n v e s t m en t de c i s i o n r e l a t i n g t he r e t o , no r doe s i t c on s t i t u te a r e c o m m enda t i o n r ega r d i n g t h e s e c u r i t i e s . T h i s p r e s en t a t i o n i s s upp li e d to y o u s o l e l y f o r y ou r i n f o rm a t ion . No t h i n g c on t a i ne d i n t h e p r e s en t a t i on , no r t h e f a ct o f i ts d i s tr i bu t i on , s ha l l f o rm t h e ba s i s o f an y c on tr a ct o r c o m m i t m en t w ha t s oe v e r . In p a r t i c u l a r , i n S o u th A f r i c a , t h i s p r e s en t a t i o n i s o n l y f o r d i s tr i b u t i o n to p e r s on s f a l l i n g w i t h i n t h e e x e m p t i on s s e t ou t i n s e c t i o n 9 6 ( 1 ) ( a ) o r ( b ) o f t h e S ou th A f r i c a n Co m pa n i e s Ac t No . 7 1 o f 200 8 ( a s a m ended ) ( t h e "S o u t h A f r i c a n C o m pa n i e s Act " ) an d to w ho m t h i s p r e s en t a t io n w il l b e s pe c i f i c a l l y ad d r e ss e d (t h e "S ou th A f r i c a n Q ua l i f y i n g I n v e s t o r s " ) . A s s u c h , i n S ou t h A f r i c a , t h i s Pr e s en t a t i o n doe s n o t c on s t i t u t e a n o f f e r f o r t h e s a l e o f o r s ub s cr i p t i o n f o r , o r t h e s o li c i t a t i o n o f a n o ff e r to bu y a n d / o r to s ub s cr i b e f o r t h e s ha r e s t o t h e pu b l i c a s d e f i ne d i n t h e S ou th A f r i c a n C o m pa n i e s Ac t an d w i l l no t b e d i s t r i bu t e d t o a n y pe r s o n i n S ou th A f r i ca i n a n y m ann e r w h i ch c ou l d be c on s tr ue d a s a n o ff e r to t h e pub li c i n t e r m s o f t h e S ou th A f r i c a n Co m pan i e s Ac t . S hou l d an y pe r s o n i n S o u th A f r i ca w h o i s no t a S o u th A f r i c a n Q u a l i f y i n g I n v e s t o r r e c e i v e t h i s p r e s en t a t i o n , t he y s hou l d no t an d w i l l no t b e e n t i t l e d to a c qui re an y s ha r e s o r o t he r w i s e a ct t h e r eo n . T h i s p r e s en t a t i o n do e s no t, no r i s i t i n t ende d t o , c on s t i t u te a p r o s pe ct u s p r e pa r e d an d r e g i s t e r e d und e r t h e S ou th A f r i c a n C o m pa n i e s Ac t . A c c o r d i ng l y , t h i s p r e s en t a t i o n d o e s no t c o m p l y w i th t h e s ub s t an ce an d f o r m r eq u i r e m e n ts f o r p r o s pe ct u s e s s e t ou t i n t h e S ou th A f r i c a n C o m pa n i e s Ac t an d t h e S o u th A fr i c a n C o m pa n i e s A c t Regu l a t i on s o f 201 1 ( a s a m ende d ) an d ha s n o t bee n ap p r o v e d b y , an d / o r r eg i s te r e d w i t h , t h e S out h A f r i c a n C o m pa n i e s an d I n t e l l e ct u a l P r op e r t y Co mm i ss i on , o r an y o t he r S ou th A f r i c a n au t ho r i ty . A n y o ff e r o r s a l e o f t h e an y s e c u r i t i e s s ha l l b e s ub j e ct to c o m p li an ce w i th S ou th A f r i c a n e x c hang e c on tr o l r egu l a t i on s a s m a y b e app li c ab l e to t h e r e l e v an t S ou th A f r i c a n Q ua li fy in g I n v e s t o r s . T h e i n f o r m a t i o n c o n t a i ne d i n t h i s p r e s en t a t i o n c on s t i t u t e s f a c t u a l i n f o r m a t i o n a s c on t e m pla t e d i n s e ct i o n 1 ( 3 ) ( a ) o f t h e S o u th A f r i c a n F i nan c i a l A d v i s o ry an d I n t e r m e d ia ry S e r v i c e s Ac t N o . 3 7 o f 200 2 ( a s a m en d ed ) ( t h e " FA I S Act " ) an d doe s no t c on s t i t u te t h e f u r n i s h i n g o f, an y " ad v i c e " a s d e f i ne d i n s e ct i o n 1 ( 1 ) o f t h e FAIS A c t . T h e p r e s en t e rs an d t h e i r r e s pe c t i v e e n t i t i e s w h i ch t he y r e p r e s en t a re n o t F inan c ia l S e r v i c e s Pr o v i d e rs ( a s d e f i ne d i n t h e FAIS Act) a n d a re nei t h e r l i c en s e d no r r e g i s t e r e d a s s u ch unde r t h e FAIS A c t . T h e i n f o r m a t i o n c o n t aine d i n t h i s p r e s en t a t i o n s hou l d no t b e c on s tr u e d a s a n e x p r e s s o r i m pl i e d r e c o mm e n da t i o n , guidan ce o r p r o p o s a l t h a t an y pa r t i c u l a r tr an s a c t i o n i s app r o p r i a te to t h e pa r t i c u l a r i n v e s t m e n t o b j e c t i v e s , f i na n c i a l s i t u a t i on s o r n eed s o f a p r o s pe c t i v e i n v e s t o r, an d n o t h i n g i n t h i s p r e s en t a t i o n s hou l d b e c o n s tr ue d a s c on s t i t u t i n g t h e c a n v a ss i n g f o r, o r m a rk e t i n g o r a d v e r t i s i n g o f, f i nan c i a l s e r v i c e s i n S o u th A fr i c a . I f y o u r equi re f i nan c i a l an d / o r i n v e s t m e n t a d v i c e , p l e a s e e n gag e t h e s e r v i c e s o f a n i ndependen t f i nan c i a l ad v i s e r . Fo r w ar d - Loo k in g St a t eme nts Ce rt a i n s t a t e m en ts i n t h i s p r e s en t a t i o n m a y b e c on s i d e r e d " f o r w a r d - l oo k i n g s t a t e m en t s " w i t h i n t h e m ea n i n g o f t h e " s a f e h a r b o r " p r o v i s i on s o f t h e Uni t e d St a t e s P r i v a te S e c u r i t i e s Li t i g a t i o n R e f o r m A c t o f 1 9 95 . F o r w a r d - l oo k i n g s t a t e m e n ts gen e r al l y r e l a te to f u t u re e v e n ts o r R i g e l ' s , Ne w c o’ s o r t h e T a r ge t C o m panie s ’ f u t u re f i n a n c i a l or ope r a t i n g pe r f o r m an c e . In s o m e c a s e s , y o u c a n i de n t i f y f o r w a r d - l o o k i n g s t a t e m e n ts b y t e r m i n o l og y s u ch a s “m a y,” “ s hould , ” “ e x pe c t , ” “ i n t en d ,” “ w il l ,” “ e s t i m a t e ,” “ a n t i c ipa t e , ” “ b e li e v e , ” “ p r e d i c t , ” “ p o t en t i a l ” o r “ c on t i nu e ,” o r t h e neg a t i v e s o f t he s e t e r m s o r v a r i a t i o n s o f t h e m o r s i m i la r t e r m ino l o g y . S u ch f o r w a r d - l o o k i n g s t a t e m e n ts a re s ub j e c t to r i s k s , un c e r t a i n t i e s , an d o t he r f a c t o r s , w h i ch c o u l d c a u s e a ct ua l r e s ul ts to di ff e r m a t e r i al l y fr o m t ho s e e x p r e s s e d o r i m p li e d b y s u ch f o r w a rd l oo k i n g s t a t e m en t s . T h e s e s t a t e m en ts a re ba s e d o n v a r i ou s a ss u m p t i on s an d o n t h e c u r r e n t e x p e ct a t i o n s o f R i gel , Ne w c o , o r t h e T a r ge t C o m pa n i e s , a s appl i c a b l e , an d a re no t p r e d i c t i o n s o f a c t u a l pe r f o r m a n c e . T he s e f o r w a r d - l oo k i n g s t a t e m en ts a re p r o v ide d f o r il l u s tr a t i v e pu r p o s e s on l y an d a re n o t i n t ende d to s e r v e a s , an d m u s t n o t b e r e li e d o n b y an y i n v e s t o r o r o t he r p e r s o n a s , a gu a r a n t ee , a n a ss u r an c e , a p r e d i c t i o n o r a d e f i n i t i v e s t a t e m en t o f f a c t o r p r oba b i l i t y . A c t u a l e v e n ts an d c i rc u m s t an c e s a re di ff i c u l t o r i m po ss i b l e t o p r e d i ct an d w il l d i f f e r f r o m a ss u m p t i on s . T he s e f o r w a r d - l oo k i n g s t a t e m en ts a re ba s e d upo n e s t im a t e s a n d a ss u m pt i on s t h at , w h i l e c on s i de r e d r ea s onab l e b y R i g e l an d i ts m anag e m ent , an d t h e T a r ge t C o m p an i e s an d the i r m ana ge m e n t, a s t h e c a s e m a y be , a re i nhe r ent l y un c e r ta i n . F a ct o rs t h a t m a y c au s e a c t u a l r e s u l ts to d i ff e r m a t e r i a l l y fr o m c u rr e n t e x pe c t at i on s i n c lude , bu t a re no t l i m i t e d t o : ( 1 ) t h e o cc u rr e n ce o f a n y e v e n t, c hang e o r o t he r c i rc u m s t a n c e s t h a t c o u l d g i v e r i s e to t h e t e r m i n a t i o n o f t h e B u s i ne s s Co m b i na t i o n ; ( 2 ) t h e ou tc o me o f a n y l eg a l p r o c ee d i ng s t h a t m a y b e i n s t i t u t e d ag a i n s t Rigel , Ne w c o , t h e T a r g e t C o m pa n i e s o r o t h e rs f ol l o w i n g t h e announ c e m e n t o f t h e B u s i ne s s Co m b i n a t i o n a n d an y de f i n i t i v e ag r e e m en ts w i th r e s pe ct t h e r e t o ; ( 3 ) t h e inabil i ty to c o m p l e te t h e B u s i ne s s C o m bina t i o n du e to t h e f a il u re to ob t a i n app r o v a l o f t h e s ha r eho l d e rs o f R i g e l , Ne w c o , o r t h e T a r ge t C o m pa n i e s , to o b t a i n f inan c i n g to c o m p l e t e t h e B u s i ne s s C o m b i n a t i o n o r to s a t i s f y o t he r c o ndi t i o n s t o c l o s i ng ; ( 4 ) c h ange s t o t h e p r opo s e d s tr u ct u re o f t h e B u s i ne ss C o m b i n a t i o n t h a t m a y b e r eq u i r e d o r ap p r op r i a te a s a r e s u l t o f a p pl i c a b l e l a w s o r r egu l a t i on s o r a s a c ondi t i o n to ob t a i n i n g r egula t o ry ap p r o v a l o f t h e B u s i ne s s Co m b ina t i o n ; ( 5 ) t h e a b i li ty to m e e t t h e l i s t i n g s t anda r d s o f t h e Ne w Y o rk St o ck Exc hang e o r N AS D AQ f o l l o w i n g t h e c on s u mm a t i o n o f t h e B u s i ne s s Co m b i n a t i on ; ( 6 ) t h e r i s k t ha t t h e B u s i ne ss Co m b i n a t i o n d i s r up ts c u rr e n t p l an s an d ope r a t i on s o f t h e T a r g e t C o m pa n i e s a s a r e s ul t o f t h e an n oun c e m e n t a n d c on s u mm a t i o n o f t h e B u s i ne s s Co m bina t i o n ; ( 7 ) t h e a b i l i ty to r e c o gn i ze t h e a n t i c i p a t e d ben e f i ts o f t h e B u s i ne s s Co m b i na t i o n , w h i ch m a y b e a ff e c t e d b y, a m on g o t h e r t hing s , c o m pe t i t i o n , t h e abil i ty o f t h e T a r g e t C o m pan i e s to g r o w an d m anag e g r o w th p r o f i t a b l y , m a in t a i n r e l a t i on s h i p s w i th c u s t o m e rs an d s upp l ie rs an d r e t a i n t h e i r m anag e m e n t a n d k e y e m p l o y ee s ; ( 8 ) c o s ts r e la t e d to t h e B u s i ne s s C o m b i na t i o n ; ( 9 ) c h a nge s i n ap p li c ab l e law s o r r eg u l a t i on s ; ( 1 0 ) t h e po ss i b i li ty t h a t t h e T a r ge t C o m pan i e s m a y b e a d v e r s e l y a ff e c t e d b y o t h e r e c on o m i c, bu s i ne ss and / o r c o m pe t i t i v e f a c t o r s ; ( 1 1 ) t h e T a r g e t Co m pa n i e s ’ e s t i m a t e s o f t h e i r f inan c i a l pe r f o r m an c e ; ( 1 2 ) t h e po ss i bi l i ty t h a t t h e a ss u m p t ion s an d e s t i m a t e s u s e d i n t h e S - K 130 0 T e c hni c a l Repo r ts m a y b e d i ff e r en t t ha n t h e a ct u a l r e s u l t s ; a n d ( 13 ) o t h e r r i s ks an d u n c e rt a i n t i e s s e t f o r th i n t h e s e c t i on s en t i t l e d " R i s k F a c t o r s " a n d " Cau t i ona ry No te Reg a r d i n g F o r w a r d - Loo k i n g St a t e m e n ts an d R i s k F a ct o r S u mm a ry" i n R i g e l 's Pr o s pe ct u s da t e d N o v e m be r 4 , 202 1 f i l e d w i th t h e S e c u r i t i e s an d E x c hang e C o mm i ss i o n o n N o v e m b e r 8 , 202 1 , t h e s e ct i o n e n t i t le d " R i s k F a ct o r s " i n R i g e l 's A nnua l Repo r t o n F o r m 10 - K f o r t h e f i s c a l y ea r ende d De c e m b e r 31 , 202 1 , f o r t h e f i s c a l y ea r ende d De c e m be r 3 1 , 202 2 , a n d i n R i g e l 's Q ua r t e r l y Repo r t o n F o r m 10 - Q f o r t h e qu a rt e r l y pe r i o d ende d N o v e m be r 3 0 , 202 3 a s w e l l a s an y f u r t he r r i s ks an d un c e rt a i n t i e s to b e c o n t a i ne d i n t h e Re g i s tr a t i o n S t a t e m e n t ( a s d e f i n e d b e l o w ) f i l e d a ft e r t h e d a te he r e o f . In ad d i t i o n , f o r w a r d - l o o k i n g s t a t e m e n ts r e f le ct t h e T a r g e t C o m pan i e s ', R i ge l ’ s , o r Ne w c o ’ s e x pe c t a t i on s , p l an s o r f o r e c a s ts o f f u t u re e v e n ts an d v ie w s a s o f t h e d a te o f t h i s p r e s en t a t ion . T h e T a r g e t C o m p a n i e s , Ne w co an d R i g e l a n t i c i p a t e t h a t s ub s equen t e v en ts an d d e v e l o p m e n ts w il l c au s e t he s e a ss e s s m e n ts to c hang e . Ho we v e r, w h i l e t h e T a r ge t C o m pan i e s an d / o r R i g e l an d / o r Ne w co m a y e l e c t t o upda te t he s e f o r w a r d - l o o k i n g s t a t e m e n ts a t s o m e p o i n t i n t h e f u t u r e , ea ch o f t h e T a r g e t C o m p a n i e s , Ne w c o , an d Ri g e l s pe c i f i c a ll y d i s c l a i m an y o b l i ga t i o n t o d o s o . T he s e f o r w a r d - l oo k i n g s t a t e m e n ts s hou l d no t b e r el i e d upo n a s r ep r e s en t i n g t h e T a r ge t C o m pa n i e s ', Ne w c o ’ s , no r R ige l 's a ss e s s m e n ts a s o f an y d a te s ub s equen t to t h e d a te o f t h i s p r e s en t a t i on .

D i scla i mer 2 No t h i n g i n t h i s p r e s en t a t i o n s hou l d b e r e ga r de d a s a r e p r e s en t a t i o n b y an y pe r s o n t h a t t h e f o r w a r d - l o o k i n g s t a t e m e n ts s e t f o r th he r e i n w i l l b e a c h i e v e d o r t h a t a n y o f t h e c o n t e m p l a t e d r e s ul ts o f s u ch f o r w a r d - loo k i n g s t a t e m en ts w il l b e a c h i e v e d . Y o u s hou l d n o t p l a ce undu e r el i a n ce o n f o r w a r d - loo k i n g s t a t e m e n t s , w h i ch s pea k o n l y a s o f t h e da te t he y a re m ade . Ne i t he r R i ge l , Ne w c o , no r t h e T a r ge t Co m pan i e s unde rt a ke an y du ty to upda te t he s e f o r w a r d - l oo k in g s t a t e m en t s . Us e of P r oj ec tions T h i s p r e s en t a t i o n c on t a i n s p r o j e c t e d f inan c i a l i n f o r m a t i o n w i th r e s pe ct to t h e T a r ge t C o m pa n i e s o r R i g e l . S u ch p r o j e ct e d f i nan c i a l i n f o r m a t i o n c on s t i t u t e s f o r w a r d - l oo k in g i n f o r m a t i o n , a n d i s f o r i l lu s tr a t i v e pu r po s e s on l y an d s hou l d no t b e r el i e d upo n a s ne c e ss a r i l y b e i n g i n d i c a t i ve o f f u t u re r e s ul t s . T h e T a r ge t C o m p an i e s ' i nde p enden t aud i t o rs h a v e n o t au d i t ed , r e v ie w ed , c o m p il e d o r pe r f o r m e d a n y p r o c ed u r e s w i th r e s pe ct to t h e p r o j e c t i on s f o r t h e p u r p o s e o f t h e i r i n c l u s i o n i n t h i s p r e s en t a t i on , an d a cc o r d i n g l y, t h e y d i d n o t e x p r e s s a n o p i nio n o r p r o v id e an y o t h e r f o r m o f a ss u r an ce w i t h r e s pe ct t he r e to f o r t h e p u r po s e o f t h i s p r e s en t a t i on . T h e a ss u m p t i on s an d e s t i m a t e s u n de r l y i n g s u ch f i nan c i a l f o r e c a s t i n f o r m a t i o n a re inhe r e n t l y un c e rt a i n an d a re s ub j e c t to a w i d e v a r i e ty o f s i g n i f i c a n t b u s i ne s s , e c on o m i c , c o m pe t i t i v e an d o t he r r i s ks an d u n c e rt a i n t i e s . A c t u a l r e s ul ts m a y d i ff e r m a t e r i a ll y fr o m t h e r e s u l ts c on t e m p l a t e d b y t h e f i nan c i a l f o r e c a s t i n f o rm a t i o n c on t a i ne d i n t h i s p r e s en t a t i on , an d t h e i n c l u s i o n o f s u ch i n f o rm a t io n i n t h i s p r e s en t a t i o n i s no t i n t ended , an d s hou l d no t b e r ega r ded , a s a r ep r e s en t a t i o n b y an y pe r s o n t ha t t h e r e s u l ts r e f l e ct e d i n s u ch f o r e c a s ts w il l b e a c h i e v ed . S e e "F o r w a r d - Loo k i n g St a t e m en t s " abo v e . H i s to r i ca l Fin a n c i a l Info rma ti on ; N on - G AA P or non - I F R S Fin a n c i a l M eas u res ; P C A OB A udit In c o nne c t i o n w i th t h e p r e p a r a t i o n o f t h e Re g i s tr a t i o n S t a t e m en t ( a s d e f i ne d be l o w ) r e l a t e d to t h e B u s i ne s s C o m b i n a t i on , t h e T a r ge t C o m p an i e s w i l l r e - au d i t t h e i r f i nan c i a l s t a t e m e n ts f o r t h e t w o y ea rs ende d F eb r u a ry 28 , 2 0 2 3 an d 202 4 i n a c c o r dan c e w i th t h e s t anda r d s e s t ab li s he d b y th e P u b l i c C o m pan y A c c ou n t i n g O v e r s i g h t B o a rd ("P C AOB " ) an d t h e I n t e r n a t i o n a l F i nan c i a l Repo r t in g S t anda r d s ( " I F R S" ) , a s r eq u i r e d b y t h e r u l e s an d r eg u l a t ion s o f t h e SEC . S u ch r e - a udi t m a y r e s ul t i n r e v i s i on s and / o r c hange s to t h e T a r g e t C o m pan i e s ’ f i nan c i a l s t a t e m en t s , a s c o m p a r e d to t h e T a r g e t C o m panie s ’ c u rr en t f i nan c i a l s t a t e m en ts p r e s en t e d h e r e i n w h i ch h a v e bee n aud i t e d pu r s uan t to c o m p l ian ce w i th t h e app li c ab l e r equ i r e m en t s o f t h e Co m pan i e s Ac t o f S ou th A f r i c a , w h i ch c hange s an d r e v i s i on s c anno t b e quan t i f ie d a t t h i s t i m e an d w h i ch m a y b e m a t e r i al . Acc o r d i ng l y, y o u s hou l d no t p l a ce undu e r e li an ce o n t h e h i s t o r i c a l f i nan c i a l i n f o r m a t io n c on t a i ne d i n t h i s p r e s en t a t i on . T h i s p r e s en t a t i o n i n c l ude s c e rt a i n h i s t o r i c a l an d f o r e c a s t e d non - GAAP a n d n o n - I F R S f i na n c i a l m ea s u r e s , i n c lud i n g , i n t e r al i a , E B I T D A, E B I T, L OM EB I T D A . R i ge l an d t h e T a r g e t C o m pa n i e s bel i e v e t ha t t h e s e non - G A AP an d n on - I F R S m ea s u r e s p r o v id e u s e f u l i n f o r m a t i o n to m anag e m en t an d i n v e s t o rs r ega r d i n g c e r t a i n f in a n c i a l a n d bu s i ne ss tr e nd s r e l a t i n g to R i g e l an d t h e T a r g e t C o m p a n i e s ' f i nan c i a l c ondi t i o n an d r e s ul ts o f op e r a t i on s . T he s e no n - GAAP o r n o n - I F R S f i n a n c i a l m ea s u r e s a re s ub j e ct to i nhe r en t l i m i t a t i on s a s t he y r e f l e c t t h e e x e r c i s e o f jud g m e n ts b y m a n ag e m e n t abo u t w h i ch e x pen s e an d i n c o m e a re e xc l u d e d o r in c l u de d i n d e t e r m in i n g t he s e n o n - GAAP o r no n - I F R S f inan c i a l m ea s u r e s . R i g e l an d T a r g e t C o m pan i e s ' m anag e m e n t d o no t c on s i de r t h e s e non - GAAP an d non - I F R S m ea s u r e s i n i s o l a t i o n o r a s a n al t e r n a t i ve to f inan c i a l m e a s u r e s de t e r m i n e d i n a c c o r dan c e w i th GAAP o r I F R S . O t h e r c o m pa n i e s m a y c a l c u l a te non - G AAP an d non - I F R S m ea s u r e s di ff e r e n t l y, an d t h e r e f o re t h e non GAAP an d no n - I F R S m ea s u r e s o f t h e T a r ge t C o m pa n ie s i n c l ude d i n t h i s p r e s en t a t i o n m a y no t b e d i r e c t l y c o m pa r a b l e to s i m i l a r l y t i t l e d m ea s u r e s o f o t he r c o m panie s . R i ge l an d t h e T a r ge t C o m pa n i e s a re un a b l e to q u a n t i fy c e r t a i n a m ou n ts t h a t w ou l d b e r eq u i r e d to b e i n c lude d i n t h e m o s t d i r e c t l y c o m p a r abl e GAAP o r I F R S f inan c i a l m ea s u r e s w i t hou t u n r ea s onab l e e ff o r t . Con s equen t l y, n o d i s c l o s u re o f e s t i m a t e d c o m pa r a b l e GAAP o r I F R S m ea s u r e s i s i n c l ude d an d n o r e c on c i l i a t i o n o f f o r w a r d - loo k i n g no n - GAAP o r n on - I F R S f i n a n c i a l m ea s u r e s i s in c l ude d . Ce r t a i n m on e t a ry a m ou n t s , p e rc e n t age s an d o t he r f i g u r e s i n c l ude d i n t h i s p r e s en t a t i o n h a v e bee n s ub j e c t to r ound i n g ad j u s t m en t s . Ce rt a i n o t he r a m oun ts t ha t appea r i n t h i s p r e s en t a t i o n m a y no t s u m du e to r ound i ng . Ca utio n ar y N ote Re g ar ding Min era l Res ou rce s a nd Reser v es E s t i m a t e s o f " m ea s u r ed " , " i ndi c a t e d " an d " i n f e rr e d " m i n e r a l r e s ou rc e s s ho w n i n t h i s p r e s en t a t i o n w i th r eg a rd to t h e p r ope r t i e s o f t h e T a r g e t C o m pa n i e s a re d e f ine d i n S ubpa rt 130 0 o f Reg u l a t i o n S - K p r o m u l g a t e d b y t h e U . S . S e c u r i t i e s an d E x c hang e C o mm i ss i o n ( "S - K 1300 " ) . T h e e s t i m a t i o n o f m ea s u r e d r e s ou r c e s an d i n d i c a t e d r e s ou rc e s i n v o l v e s g r e a t e r un c e rt a i n ty a s to t hei r e x i s t en ce an d e c on o m i c f ea s i b i l i t y t ha n t h e e s t i m a t i o n o f p r o v e n an d p r obab l e m i ne r a l r e s e r v e s . T h e e s t i m a t i o n o f i n f e rr e d r e s ou rc e s i n v o l v e s f a r g r e a t e r un c e rt a i n ty a s to t h e i r e x i s t e n ce an d e c on o m i c v ia b i l i t y t ha n t h e e s t i m a t i o n o f o t h e r c a t eg o r i e s o f r e s ou rc e s . I n v e s t o rs a re c a u t i on e d n o t to a s s u me t ha t an y o r a l l o f t h e m i ne r a l r e s ou rc e s a re e c ono m i c a l l y o r l ega ll y m i neabl e o r t ha t t he s e m i ne r a l r e s ou rc e s w il l e v e r b e c on v e r t e d i n to m i ne r a l r e s e r v e s . Ind us t r y a nd M a r ke t Da t a ; T r a d ema r k s a nd T r a de Names I ndu s try an d m a r k e t da t a u s e d i n t h i s p r e s en t a t i o n h a ve bee n o b t a i ne d f r o m t h i r d - p a rty i n d u s try p ubl i c a t i on s a n d s ou rc e s a s w e l l a s f r o m r e s ea rch r ep o rts p r e pa r e d f o r o t he r pu r p o s e s . Ne i t h e r t h e T a r ge t C o m pan i e s n o r R i ge l h a v e i n depende n t l y v e r i f ie d t h e d a ta ob t a i ne d fr o m t he s e s ou rc e s an d c ann o t a ss u re y o u o f t h e d a t a 's a cc u r a cy or c o m p l e t ene ss . T h i s da ta i s s ub j e ct to c hang e . T h i s p r e s en t a t i o n c on t a i n s tr ade m a r k s , s e r v i ce m a rk s , tr ad e na m e s an d c op yr i gh ts o f R i ge l , t h e T a r ge t Co m pan i e s an d o t he r c o m pan i e s w h i ch a re t h e p r ope rty o f t he i r r e s pe ct i v e o w ne r s . A dditio n a l Info rma tion a bout the B u s in es s C o m bin a t i o n a nd W h er e to Find It In c onn e c t i o n w i th t h e B u s i ne s s Co m b i na t i o n , Ne w c o , a w ho ll y - o w ne d s ub s i d i a ry o f R i g e l , i n t end s to f il e w i th t h e U . S . S e c u r i t i e s an d E x c h a ng e C o mm i ss i o n (t h e "S E C ") a r e g i s tr a t i o n s t a t e m en t o n F o r m F - 4 (t h e " Re g i s tr a t i o n S t a t e m e n t" ) , w h i ch w i l l i n c l ud e a p r e li m i na r y p r o x y s t a t e m e n t o f R i g e l an d a p r e l i m ina ry p r o s pe ct u s o f N ew co a n d t h e T a r ge t C o m pa n i e s , an d a ft e r t h e Reg i s t r a t i o n S t a t e m en t i s de c l a r e d e ff e c t i v e , R i g e l w i l l m ai l t h e de f i ni t i v e p r o x y s t a t e m e n t / p r o s pe ct u s r e l a t i n g to t h e B u s i ne s s C o m b i n a t i o n to i ts s ha r eho l d e rs an d pu b l i c w a rr an t h o l de r s a s o f t h e r e s pe c t i v e r e c o rd d a te to b e e s t abl i s he d f o r v o t in g a t t h e m ee t i n g o f i ts s ha r eholde rs ( t h e " R i g e l S h a r eho l d e rs M ee t i n g ") t o b e he l d i n c onn e c t i o n w i th t h e B u s i ne s s C o m bina t i on . T h e Re g i s tr a t io n S t a t e m e n t, i n c l u d i n g t h e d e f i n i t i v e p r o x y s t a t e m e n t / p r o s pe ct u s c on t a i ne d t he r e i n , w i l l c o n t a i n i m po r t a n t i n f o r m a t i o n ab o u t t h e B u s i ne s s C o m b i n a t i o n an d t h e o t h e r m a tt e rs to b e v o t e d up o n a t t h e R i g e l S ha r eh o l d e rs M e e t i ng . T h i s c o mm u n i c a t i o n doe s not c on t a i n a l l t h e i n f o r m a t i o n t h a t s hou l d b e c on s i d e r e d c on c e r n i n g t h e B u s i ne s s Co m b i n a t i o n a n d o t he r m a t t e rs an d i s n o t i n t ende d to p r o v id e t h e ba s i s f o r an y i n v e s tm en t de c i s i o n o r an y o t he r de c i s i o n i n r e s pe ct o f s u ch m a t t e r s . R i g e l , Ne w co an d t h e T a r ge t C o m pa n i e s m a y a l s o f i l e o t he r do c u m e n ts w i th t h e SE C r ega r d i n g t h e B u s i ne ss C o m b i n a t i on . R i g e l ’ s s ha r eho l de r s , publ i c w a rr an t ho l d e rs an d o t he r i n t e r e s t e d pe r s on s a re a d v i s e d t o r ead , whe n a v a il a b l e , t h e Re g i s tr a t i o n St a t e m en t , i n c l u d i n g t h e p r e l i m ina ry p r o xy s t a t e m e n t / p r o s pe ct u s c o n t a i n e d t he r e i n , t h e a m en d m en ts t h e r e to an d t h e d e f i n i t i v e p r o xy s t a t e m e n t / p r o s pe ct u s an d o t h e r d o c u m e n ts f il e d i n c onn e ct i o n w i t h t h e B u s i ne s s Co m b i n a t i o n , a s t he s e m a t e r i a l s w i l l c o n t a i n i m p o r t an t i n f o r m a t i o n abo u t Rigel , Ne w c o , t h e T a r ge t C o m pa n i e s an d t h e B u s i ne s s Co m b i na t i o n . S t o ck h o l d e rs w il l a l s o b e a b l e to o b t a i n c o p i e s o f t h e p r e l i m ina ry p r o x y s t a t e m e n t, t h e d e f i ni t i v e p r o x y s t a t e m en t an d o t he r do c u m e n ts f i l e d w i th t h e SE C , w i t h ou t c ha r g e , o n ce a v a il a b l e , a t t h e SE C 's w eb s i te a t www . s e c . go v . T h i r d P ar ty Da ta R i ge l ha s c o mm i ss i one d AM E M i n e r a l E c on o m i cs P ty L td ( AME ) to p r o v i d e c e r t a i n i n f o r m a t i o n f o r i n c l u s i o n i n t h i s do c u m e n t . I n f o r m a t i o n p r o v i de d b y A ME i s r e f e r r e d to i n t h i s do c u m e n t a s ' AME' . T h i s do c u m en t u s e s m a r k e t d a t a , s t at i s t i cs an d t h i r d - pa r ty e s t i m a t e s , p r o j e c t i on s an d f o r e c a s ts r e l a t i n g to t h e i n du s tr i e s , s e g m en ts an d e n d m a rk e ts i n w h i ch R i g e l an d t h e T a r ge t C o m p an i e s op e r a t e . S u ch i n f o r m a t i o n i n c l ude s , b u t i s n o t l i m i t e d to s t a t e m e n t s , s t a t i s t i cs an d d a ta r e l a t i n g to p r o du ct s e g m e n t an d m a rk e t s ha r e , e s t i m a t e d h i s t o r i c a l an d f o r e c a s t m a rk e t g r o w t h , m a rk e t s i z e s an d tr end s , an d R i g e l an d t h e T a r g e t C o m pa n i e s ' e s t i m a t e d m a rk e t s ha re an d i ts indu s try po s i t i o n . R i g e l an d t h e T a r ge t C o m pan i e s h a v e o b t a i n e d s i gni f i c an t po r t i on s o f t h e m a rk e t d a t a , s t a t i s t i cs an d o t he r i n f o r m a t io n fr o m da t aba s e s an d r e s ea rch p r ep a r e d b y t h i rd pa r t i e s , in c l u d i n g r e p o r ts an d i n f o r m a t i o n p r e pa r e d b y t h e A ME an d o t he r t h i rd p a r t i e s , an d o t h e r s ou rc e s . A ME ha s a d v i s e d t h a t ( i ) i n f o r m a t i o n i n t h ei r d a t aba s e s is de r i v e d fr o m t hei r e s t i m a t e s , s ub j e c t i v e j udg e m en t s , a n d t h i r d - pa r ty s ou rc e s , ( i i ) t h e i n f o r m a t i o n i n t h e da t ab a s e s o f o t he r c oa l indu s try da ta c ol l e c t i o n age n c i e s w i l l d i ff e r fr o m t h e i n f o r m a t i o n i n t hei r d a t aba s e s , ( i i i ) t h a t f o r e c a s t i n f o r m a t io n i s h i g h l y s pe c u l a t i v e an d n o r el i a n ce m a y b e p l a c e d o n t h i s da t a . In t h e c o m pi l a t i o n o f t h e AME s t a t i s t i c a l an d g r ap h i c a l i n f o r m a t i o n w il l b e u n r e li a b l e , i n a cc u r a te an d w i l l c o n t a i n e rr o rs o f f a c t an d j udg e m en t . I t i s s ub j e ct to f u l l v a l i da t i o n an d t h e p r o v i s i o n o f s u ch i n f o r m a t io n r equi r e s i n v e s t o rs to m a ke ap p r op r i a te f u r t h e r enqu i r i e s . I n v e s t o rs s hou l d no t e t ha t m a rk e t d a ta an d s t a t i s t i cs a re i nh e r e n t l y p r ed i c t i v e , s ub j e c t to u n c e r t a i n ty an d not ne c e ss a r il y r e f l e c t i v e o f a c t ua l m a rk e t c o n di t i o n s . T he re i s n o a ss u r an ce t h a t an y o f t h e t h i r d - pa r ty e s t i m a t e s o r p r o j e c t i on s c on t a i ne d i n t h i s i n f o r m a t i o n , i n c l ud i n g i n f o r m a t i o n p r o v ide d b y AM E , w i l l b e a c h i e v e d . R i g e l an d t h e T a r g e t C o m pan i e s h a v e no t i n depende n t l y v e r i f i e d a n d c anno t g i v e an y a ss u r an c e s to t h e a cc u r a cy o r c o m p le t ene s s o f , t he s e m a rk e t an d t h i r d - pa rty e s t i m a t e s an d p r o j e ct i on s . E s t i m a t e s i n v ol ve r i s ks an d un c e rt a i n t ie s an d a re s ub j e ct to c hang e ba s e d o n v a r i ou s k no w n an d un k no w n r i s k s , un c e rt a i n t ie s , an d o t he r f a ct o r s . T h e d a ta an d i n f o r m a t i o n p r o v ide d b y W oo d M a c k en z i e s hou l d no t b e i n t e r p r e t e d a s a d v i ce an d y o u s hou l d no t r e l y o n i t f o r a n y pu r po s e . Y o u m a y no t c op y o r u s e t h i s da ta an d i n f o r m a t i o n e x c e p t a s e x p r e ss l y pe r m i tt e d b y W oo d M a ck en z i e i n w r i t i n g . To t h e f ul l e s t e x t en t p e r m i t t e d b y l a w , W oo d M a ck e n z i e a cc ep ts n o r e s pon s i b i l i ty f o r y ou r u s e o f t h i s da ta an d i n f o r m a t io n e x c ep t a s s pe c i f i e d i n a w r i tt e n ag r ee m en t y o u m a y ha v e en t e r e d i n to w i th W oo d M a ck en z i e f o r t h e p r o v i s i o n o f s u ch da ta an d i n f o rm a t i o n .

A u rous R e sources & R i gel Te a ms Iz a k M arais Chief O perations O ffi c er • Previously se r ved as COO at Gold One for 9+ years and as C E O at fluorspar m iner S all i es for 5+ years • Also se r ved as M anager Bench m a r king for Goldfields, and as Oper ations M anager for the ult r a - deep Kloof Gold M ine Jon Lamb Chief Executive O ffi c er • Cu rr en t Po r tf o li o M anage r a t Or i on , w i t h ex t ens i v e i nves t m en t e x per i en c e a c ro s s pre ci ou s / ba s e m eta l s • P r ev i ous l y wo r ke d a s a n I nves t m en t M anage r a t Re d K i t e an d a t Deu t sch e Ban k i n m e t a l s & m i n i n g adv i so r y A l a n Smith Executive Chairman • 27 + yea r s w i t h Ang l o / DeBee r s , i nc l ud i n g se r v i n g a s G ene r a l M anage r a t th e F i n sc h d i a m on d m i n e i n S out h A fr ic a • T he r ea ft e r , j o i ne d Ang l o G o l d S A a s CE O , l ead i n g t h e en t i t y du r i n g i t s t i m e a s t h e l a r ges t p r oduc t i o n un i t o f Ang l o G o l d R ichard Flo y d Founder and Chief Executive O ffi c er • Prior to Au r ous, spent 6+ years at gold m ining ope r ations associated with East Daggafo n t e in and Galaxy Gold • Also se r ved as Director at Raven M ining and Galaxy Gold S t r at ocorp Inv e st m e n t s Nate A bebe President • F ounde d i ndus t r i a l s - f ocuse d i nves t m en t f i r m Rockpo i n t C ap i t a l i n 2018 , s er vi n g a s M anag i n g Partne r • P r ev i ous l y wo r ke d a s a n I nves t m en t M anage r a t Or i o n Resou r c e Pa r t ne r s an d i n co m m od i t i e s t r ad i n g a t Leh m a n an d Ba r c l ay s Osk a r Le w n o w s ki Chairman • F ounde r an d Ch i e f I nves t m en t O ff i ce r o f Or i o n R esou r c e Pa r t ne r s , a n $8bn + AU M m e t a l s an d m i n i n g p r i va t e equ i t y f i r m • P r ev i ous l y f ounde d Re d K i t e Gr oup , on e o f t h e wo r l d ’ s l ead i n g hedg e f und s i n t h e m e t a l s spac e 3

A u rous R e sources S n aps h ot P ro v e n , lo w - co st go ld p ro du cer in the fir s t qu ar t ile o f the c o st c u r v e (1) w ith a st r on g t r ac k - r e c o rd T op - t i er p ro du ct i o n g ro w th a n d a g o ld r e s ou r c e that r a n ks in the top - 20 g lo b all y (2) A pp roxim a t e l y U S $1. 0 b n r e p l a ceme n t v alue for the exi s t i n g mine a n d inf r ast r u cture to d ay ES G a n d H S E - foc u sed m a n a g eme n t t e am U p side thr oug h cl e ar o rga n ic g ro w t h a n d po t e n t i al r e g io n al c on s o li d at i o n S our c e s: C ap it a lI Q , W oo d M a c ken z ie No te s: (1 ) T h e f orego ing in for m a ti o n w a s ob t a in e d f r o m Me t a ls Cost Cu r v e s , a produ ct o f W oo d Ma ck en z ie. (2 ) B a s e d o n c on t a in e d re s er ve an d re s our ce ( incl u sive) si z e . E x clu de s m in e s w ith <2 5 k o z p a produ cti o n be t w ee n 202 3 - 2025. 4

Ga u ta G o ld Pr o ject ( D e v el o p m e n t) – 10 0 % O w n ed ( 2 , 3 ) A u rous is a Proven Gold Produc e r Transfor m i n g into a M u l t i - Ass e t Operati o n B l y v oo r G o ld M i n e (P r odu ci ng ) – 74% O w n ed ( 1 , 2 ) S our c e s: S - K 130 0 T e c h n ic a l R eport s o n th e Blyv o o r Go ld M i n e an d Gaut a T a ili ng s, date d S epte m be r 2023 . No te s: (1 ) A urou s o w n s 74 % o f t h e Blyvo o r G o ld M in e ; ho w e v er , fi gure s s ho w n o n a 100 % ba sis. (2 ) Lon g t er m Z AR/USD o f 17 . 6 5 p e r S - K 130 0 repor ts. Ass u m e d lo n g t er m go ld pr ice o f $1 , 750 / o z . (3 ) BEE par t ner s h ip no t requ i re d f o r G au ta G o ld P ro jec t . ( 4 ) S ho w n o n a 100 % ba sis. M in era l re s our c e s incl u sive o f m in era l re s er v e s. (5 ) Calc u la te d a s t h e o v era ll re s our ce grad e f o r t o t a l m in era l re s our c e s ( m ea s ure d , in d ica te d an d in ferred ) incl u sive o f m in era l re s er v e s. (6 ) Co n sists o f ~US $80 m p la n t in fra st r u ct ur e c o s t s, ~US $17 m m ini n g c o sts an d ~US $2 m s pen t o n o t he r in fra st r u ct u r e Lo w - c o st, pro d u c ing m i ne with s u b s ta n tial n e a r - term grow t h A h e a v ily d e - r i s k ed s o urce of in c remental org a nic pro d u c tion N PV 5 % of U S $1 , 310 m ~ 150k oz ave r a ge a nnual go l d produc t ion ~ U S $140 m ave r a ge a nnual E B I T D A >30 - yea r r e m a ining mine l i f e 5 . 3 M o z (4) of c ont a ined go l d r ese r ve s ( @ 5 . 5 g/t A u) a nd 22 . 6 M o z (4) of c ont a ined go l d r es ource ( @ 5 . 4 g/t A u (5) ) ~ U S $621 m of LOM t o ta l ca pex ~ U S $815 /oz ave r a ge a nnual a ll - in - s us t a ining c ost N PV 5 % of U S $80 m ~ 30k oz ave r a ge a nnual go l d produc t ion ~ U S $22 m ave r a ge a nnual E B I T D A 15 - yea r mine l i f e ~ U S $99 m (6) of pr e - produc t ion ca pex ~ 1 . 3 M oz of c ont a ined go l d r ese r ve s a nd r es ourc e s ( @ 0 . 3 g/t A u) ~ U S $1 , 000 /oz ave r a ge a nnual a ll - in - s us t a ining c ost ~ U S $85 m ave r a ge a nnual f r e e cas h f l ow ~ U S $10 m ave r a ge a nnual f r e e cas h f l ow 5 s pend .

2 . 0 4 . 0 6 . 0 8 . 0 1 0 .0 0 50 1 0 0 1 5 0 2 0 0 2 5 0 Y1 Y 4 Y 7 Y 1 0 G o ld P rodu cti o n ( k o z ) Y 1 3 Y 1 6 Y 1 9 Y 2 2 Rec o v ere d G r ad e (g / t ) Y 2 5 Y 2 8 Y 3 1 Y 3 4 Av erag e G r ad e (g / t ) 4 , 00 0 3 , 50 0 3 , 00 0 2 , 50 0 2 , 00 0 1 , 50 0 1 , 00 0 500 0 ▪ Es t ab li she d unde r g r o u nd mine w it h a p r o v en ope r a ti ng tr ack r eco r d − Pr odu ce d f i r st gold in 1942 and has a 75+ y ear ope r a t i n g his t o r y w i t h >50 mil l ion ounc e s of his t o r ic a l gold p r od u c t i o n − Res t a rt ed p r od u c t i o n in f is c al y ear 2022 ▪ Pl ann e d cap it a l spen d i n g ( ~US$6 21 m o v er LO M ) i s f ocus e d and l e v e r ag e s ex i s ti n g i n fr as tr uc t u r e − Rece n t in v es tm e nt t o r e - op e n t he Pe t er Skeat Sha f t ( p r e v io u s l y kno w n as t he No. 5 Sha ft ) − PIPE p r oce ed s and cash r emaini n g in t he SPAC tr ust accou n t e x pec t ed t o be used t o r e f u r bish und e r g r oun d and su r f ace in f r as tr u c t u r e as w ell as in c r ease mill t h r ou ghou t ▪ Benc h m a r ks ex trem e l y w e l l v e r sus o t her go l d p r odu ce r s − Plots in t he f i r st qua rt i l e of t he glo b a l gold cost cu r v e − Pr odu c t i o n g r o w t h t h r ou g h nea r - t e rm ram p - u p e x ceed s nea r ly a ll pee r s ▪ Exc e p ti ona ll y h i g h - g r a d e r esou r c e base of 5 . 4g / t A u ( 1) o ff e r s m a t e ri al ups i d e − Curr ent mine plan assum e s ju s t 24 % ( 2) of t o t al con t a i ne d r ese r v es and r esou r c e s is r eco v e r ed o v er t he l i f e of mine O v er v iew B l yvoor is a Wel l - Invested Produci n g Gold Mine w i th a F i rst Qua r tile Cost Position G o ld Pr odu cti o n Co st Cu r v e b y Co m p a n y ( 3 ) ( AISC U S$/oz Au) (4) Bl y v oo r G o ld M ine (U S $815 / o z ) (5) Spot G old Price: US$2,087 / oz A u 18 , 00 0 36 , 00 0 P a id Go ld ( k o z A u ) 54 , 00 0 72 , 00 0 S our c e s: S - K 130 0 T e c h n ic a l R eport s o n th e Blyv o o r Go ld M i n e an d Gaut a T a ili ng s, date d S epte m be r 2023 . F a c t S et . M ar k e t dat a a s o f 1 st M ar ch 2024 . No te s: A urou s’ fisc a l y ea r end s o n 2 8 F eb . (1 ) S ho w n o n a 100 % ba sis. Calc u la te d o n 22 . 6Mo z o f c on t a in e d go ld re s our c e . M in era l re s our c e s incl u sive o f m in era l re s er v e s. (2 ) B a s e d o n m in era l re s er v e s a s a propor ti o n o f t o t a l incl u sive m in era l re s our c e s. B a s e d o n a 5 km rad ius m ini n g area . (3 ) T h e f orego ing c har t w a s ob t a in e d f r o m Me t a ls Cost Cu r v e s , a produ ct o f W oo d M a ck en z ie. (4 ) Net o f b y - produ ct c red its. (5 ) L OM All in S u st a ini n g Cos t . Total go ld re c o v ere d > 5 .0 m illi o n oun c e s P rodu cti o n ( k o z ) Rec o v ere d G r ad e (g / t ) S - K 13 0 0 L if e - o f - M in e Pr o du cti o n Pr o file A I SC ( US$ / o z A u ) A v erage Reco v ered G rade: 5.2 g/t 6

0 10 20 30 40 50 60 1937 1946 1951 1956 1961 1966 1971 1976 1981 1986 1991 1996 2001 2006 2011 2016 2021 P a id G o ld ( m illi o n oun c e s) Bl y v oo r an d G au ta T a ilin g s P ro ject S - K 130 0 repor ts c o m p le te d Un dergroun d m ini n g opera ti on s re st ar t e d f r o m th e P ete r S k ea t S ha ft c o mm en c e d ra m p ing u p Up da t e d t e c hn ical repor t o n Bl y v oo r an d t h e G au ta T a ilin g s P ro ject E n vi ron m en t a l au t hor isa t ion gran t e d f o r bo th Bl y v o o r an d th e G au ta T a ilin g s P ro ject A urou s Res our c e s pur c ha s e d Bl y v o o r an d th e G au ta T a ilin g s P ro ject V M R w en t in t o ban k rup tcy du e to broade r fi nan cial d iffic u lty – Bl y v oo r m o t hba ll e d Bl y v oo r s o ld to Villa g e M a in R ee f L i m it e d (“ V M R ” ) P ur c ha se o f Bl y v oo r b y DRDGO L D F i r st produ cti o n a t Bl y v ooru it z icht G o ld M ine (“ Bl y v oor ” ) C u m u lati v e H ist o r ical P r odu cti o n E x t en s i v e O pe r a t i ona l T r a c k Re c o r d 194 2 199 7 20 1 1 201 3 2014 - 201 6 2020 S our c e s: S - K 130 0 T e c h n ic a l R eport s o n th e Blyv o o r Go ld M i n e an d Gaut a T a ili ng s, date d S epte m be r 2023 . Blyv o o r C orporat e P re s e n t at i o n Q 1 2023 . 2022 2021 2023 ✓ T he Bl y v o o r Go l d Mi ne h a s b e en h i s tor i c a l l y pro f i ta bl e ✓ Ho w e v er, Vill a g e M ai n Ree f ’ s ( V MR ’ s ) m arg i n a l m i n e s d i d n ot f are w e l l d u r i ng t h e g o l d p r i c e d o w nt u rn i n 2 0 1 2 a nd resu l ted i n the s to p p a ge of a l l i ts m i n e s , i nc l u di ng Bl y v o o r ✓ T h i s pro vi d e d a u n i q u e o p p o rtu ni ty f or A urous Reso u r c es to acq ui re t he Bl y v o o r Go l d Mi ne a n d Gauta Go l d P roject a n d prepare a hi g hl y - eco n o m i c , l o n g - term b u s i n e s s p l a n , w i th o ut as s u m i ng c erta i n l e g acy li a bili t i es ✓ T he cur r ent A u r ous management te a m has succ e s s fully r epositioned the mine in t o a to p - tier a s s e t and has e s tablished a s t r ong o p e r ational t r a c k r e c o r d o v er the past few y e ar s The B l y v oor G old M i ne has produced o v er 50 M oz of go l d his t or i ca l l y 7

11 1 10 1 9 8 5 4 4 6 4 4 3 6 3 4 N a v a c h a b ( K u lczyk) O b usi ( A G A ) V a a l Riv e r ( H ar m o n y ) C a m & M o t o r ( R ioZi m ) B u c k r e e f ( TRX) B u r n s t o n e ( Si b a n y e ) O b u a si ( A G A) Kib a li (A G A ) Sy a m a ( R es o lut e ) L o u lo ( B a r r ick) F r e e St a te ( H ar m o n y) 3 4 (8) 3 4 K o u r o u s s a ( H u m m i n g b i r d ) E v a nd e r ( P a n A f r ic a n ) S o u th De e p ( G o ld F i e ld s ) F a r West ( D RD G O L D) B u c k r e e f ( T RX) T r a n sv a a l ( Th e t a ) 2022 - 2 0 2 6 Production C A GR ( % , Capital IQ) (5) 67% 5 2 % 43 % 23 % 19 % 19 % 18 % 15 % 11 % 11 % B o m b o re ( O r e z o n e ) Bibi a n i ( A s an t e ) T wa n giza (B a iyin) K lo o f ( S i b a n ye) D r ie f o n t e in ( Si b a n y e ) 6 1 3 4 2 6 2 6 25 2 3 1 8 1 4 1 4 1 4 S o u th De e p ( G o ld F i e ld s ) Ev a nd e r (P a n A f ric a n) Klo o f ( Si b a n y e ) M p o ne n g ( H ar m o n y) O b u a si ( H ar m o n y) 1 , 32 1 1 , 10 2 1 , 27 0 1,562 1 , 11 5 81 5 (6) 1 , 05 1 1 , 23 5 1 , 10 3 1 , 19 2 Large, Hig h - G r ade R e source B a se & S u peri o r G r o w th vs. P e ers Th e B l y v oo r G o ld M i n e ( 1 ) R a n ks in t h e To p 5 A cr o ss A ll G o ld M i n e s in A frica w i t h Fu rt h er Up si d e fr o m Ga u ta S ources: S - K 1300 T echn i cal Reports on the B lyvoor Gold M i ne and Gauta Ta i l i ngs, dated S eptember 2023, Cap i talIQ, W ood Macken z i e (Q4, 2023). S creen based on Cap i talIQ database (cr i ter i a pr i mary commod i ty gold assets, act i ve status, preproduct i on / operat i ng / e x pans i on stage). Notes: (1) B lyvoor Gold M i ne standalone f i gures based on S - K 1300 report. (2) E x cludes m i nes w i th < 25ko z pa product i on between 202 3 - 2025. (3) Calculated as conta i ned gold reserves d i v i ded by 2023E gold p roduct i on. (4) A I S C for peers based on W ood Macken z i e def i ned TC P S (Total Cash + S usta i n i ng Cost), used as a pro x y for A I S C. T he forego i ng i nformat i o n was obta i ned from Metals Cost Curve s , a product of W ood Macken z i e. (5) A urous product i on f i gures based on f i scal years end i ng 28 F eb. F i scal year 2022 product i on has been annual i sed, based on 9 months of product i on. 2026 p roduct i on f i gure from S - K 1300. (6) LOM A ll i n S usta i n i ng Costs. (7) Inclus i ve reserve and resource for B lyvoor Gold M i ne on 100% bas i s. (8) A urous m i ne l i fe based on S - K 1300 report. C o n t ained Gold Re s er v e & Re s ource Ba s e (2 ) ( M oz A u, Capital IQ) 2023 E A ISC (4) Re s er v e Lif e (2)(3 ) ( Y ears, Capital IQ) 1 s t i n A f r i ca 1 s t Gl oba l l y 6 t h i n A f r i ca 17 t h Gl oba l l y 9 t h i n A f r i ca (2) 22 n d Gl oba l l y (2) (1) (1) (1) ( US $ / o z) (7) 8

Heavi ly - Invested Infrastructure A l ready in P l ace B r o w n f i e l d S i t e E n a b l e s Q u i c k P r odu c t i o n R am p U p ▪ Past - p r o duc i n g ope r a t i o n o ff e r ed sig n i f ic an t i n - p l a c e in f r as tr u c t u r e upon Au r ous Reso u r c e s’ acqu i si t i o n of t he Bl y v oor G o ld M ine in c lu d i n g t he Pe t er Skeat Sha f t ( f o rm e r ly No. 5 Sha ft ) and Gau t a T ai l i ng s Proje c t - Ov er ~US$1 35 m has been in v es t ed by cu rr ent o w ne r s ( in c lu d i n g Or i on) into su r f ace and und e r g r o un d in f r a s tr u c t u r e o v er t he past 4 y ea r s - M ost sig n i f ic an t in v es tm e n t s sin c e 2015 ha v e been on t he tr ea tm e n t pla n t , Eskom y a r d, r e f u r b i s h me n t of No . 5 Sha f t in f r as tr u c t u r e , and f i v e v e rt ical sha f t w inde r s ▪ Rem a i n i n g in f r as tr u c t u r e t o be bui l t in c lu d e s v a r io u s und e r g r oun d w o r kin g s and mill and p r ocessi n g upg r ade s ▪ Si t e is f ed by t w o in d e penden t 132 kV o v e r he a d l i nes ( Eskom) and 40 M VA subs t a t i o n w i t h f ull r edun danc y ( e . g. s t and b y die s el gen e r a t i o n capa b i l i t y und e r cons tr uc t i on ) ▪ A 3 r d pa rt y , w i t h w hich Au r ous has en t e r e d into a lo n g - t e rm po w er pu r ch a se ag r e e me n t , has sig n e d an ag reeme n t w i t h Au r ous t o bui l d a 40 M W solar gen e r a t i o n p r oje c t on Au r ous la n d - O n ce bui lt , t his is e x pec t ed t o r educe ene r g y cos t s f or t he Au r ous ope r a t i on s by ~9% or ~US$1 1 / o z ( 1) O v er v iew o f Und er g r oun d M i n e I n frastr u c t u re 1 OF 4 UNDERGROUND W I NDER CHA M BERS CL O SE UP V I EW OF 1 OF 4 UNDERGROUND W I NDERS I NS T A LL ED NEW M AN AND M A T ER I A L S CAGE BE I NG I NS T A LL ED I N T HE PE T ER SKEAT SU B - VER T I CAL SHA F T $ 2 $ 1 $ 2 $1 4 $4 9 $3 2 $2 8 $ 4 $ 4 $ 3 201 5 201 6 201 7 201 8 201 9 202 0 202 1 202 2 202 3 2024 I n v estme n t T imeli n e o f Cu rre n t O w n e rs ( U S$m ) ( 2 ) Total in v ested: ~U S $140 m (3) S our c e s: C o m pan y i nfor m at i on , C o m pan y C orporat e P re s e ntat i o n Q 1 202 3, C o m pan y A ud it e d F i nan ci a l S tate m ent s . No te : (1) Usi n g Blyvo or ’ s a ct ua l e lec tr icity c on s u m p ti o n f o r Oc tobe r 202 2 to S ep t e m be r 2023 , an d a ss u m ing a n e x c hang e ra te o f ZAR1 8 /US $ , annua lis e d produ cti o n o f 30 k o z an d 25 % da yli gh t hour s. (2) F iscal y ea r ba sis, fisc a l y ear s end ing 2 8 F eb . 202 3 an d 202 4 fi nan cials no t aud it e d y e t. (3 ) I n clu de s c ap it a lis e d e x pen s e s. 9

D etails o f N ear T erm C a p ital R e qu ireme n ts at B l y v oo r G o ld M i n e ( 1 ) C l ear Cap i tal Dep l oy m ent P l an to En a ble Produc t ion G r owth S our c e s: C o m pan y i nfor m at i o n an d S - K 130 0 T e c h n ic a l R epor t o n th e Blyv o o r Go ld M i ne , date d S epte m be r 2023 . No te s: F in an cials s ho w n o n fisc a l y ea r ba sis. F iscal y ea r end ing 2 8 F eb . (1 ) T o t a l c ape x in li n e w ith c ape x ou tlin e d in S - K 130 0 T e c hn ical Re por ts o n t h e Blyvo o r G o ld M in e . Ca tegor isa t ion v ar ies a s c o m pare d to t h e S - K 130 0 repor t, an d is pur s uan t to t h e Co m pan y ’ s in terna l a cc oun ti ng . (2 ) P ea k c ape x o f US $27 m to b e f unde d f r o m PIPE pro c eed s an d re m a in de r to b e f unde d via opera ti n g c a sh fl o w s. (3 ) Co n sists o f ~US $80 m p la n t in fra st r u ct u r e c o sts, ~US $17 m m ini n g c o sts an d ~US $2 m s pen t o n o t he r in f r a st r u ct u r e s pend . (4 ) T o t a l G au ta c ap it a l s pen d in Y2 ▪ Actual re s ults m ay differ ba s ed on a c tual a m ounts of funding re c ei v ed, as w ell as t im ing of c on s u mm at i on of de - SPAC tran s a c t i ons ▪ PIPE pro c eeds are e x pe c ted to be u s ed to fund the e x pan s ion of the Bl yv oor M ine and a s so c iated pro c e ss ing plant ▪ A port i on of the funding for this e x pan s ion is e x pe c ted to al s o c o m e from e x i s t i ng operat i ons ▪ Aurous is al s o in ad v an c ed di sc u ss i o ns regarding a debt fa c ility w hi c h it e x pe c ts to be able to draw on, as needed ▪ O CF of US$11.6m and US$44.3m e x pe c ted to be generated in Y 1 and Y 2, re s pe c t i v ely (per SK1300 te c hni c al report s ) - As s u m es gold pri c es of US$1,839/oz and $1,851/o z , re s pe c t i v ely ▪ P re - produ c t i on c apex of US$99 m (3) required (~ $ 73 m (4) to be s pent in Y 2) - Debt f i nan c ing ant ic ipated for G auta 10 o f ~US $88 m , incl ude s ~US $15 m o f c on ti ngen cy c ap it a l. (5 ) E x pan sio n , st a y in bu sin e ss an d c on ti ngen cy c ap it a l. (6 ) E x clu d ing H ist or ical Ca pe x S pen t To t al LO M (6) ( US$m) To t al Y 1 & Y 2 ( US$m) Y 2 as per S - K 1300 ( US$m) Y 1 as per S - K 1300 ( US $ m ) H i stor i cal Capex Spent ( F Y 15 - F Y 24) Pro j ect 177.6 50 . 8 20 . 0 30 . 8 1 2 4.8 Undergro un d Expans i on 27 . 8 13 . 8 5 . 1 8 . 7 3 1 .6 O pen i ng - Up and Deve l op m ent 28 . 6 10 . 7 5 . 5 5 . 2 2 4 .5 Es t ab l ish i ng P r oduction Faces 24 . 4 5 . 9 2 . 5 3 . 4 2 3 .6 Eng i neering and Equ i pp i ng 44 . 8 7 . 0 0 . 9 6 . 0 18.7 Sha f t I n fr as tr uc t ure 19 . 1 7 . 6 3 . 7 3 . 9 1 1 .1 Technical Ser v ices -- -- -- -- 1 5 .3 Sur f ace Asse t s 32 . 9 5 . 9 2 . 3 3 . 6 -- Con t ingency 377.6 6 . 1 4 . 5 1 . 6 -- Undergro un d “S t ay i n Bus i ness” 65 . 9 9 . 1 7 . 0 2 . 1 1 5 .1 Process i ng P l ant Cape x (5) ( expansion + con t ingenc y ) 621.1 66 . 0 31 . 5 34 . 5 (2) 139 .9 To t al Cap i t al Requi r ement

$35 $31 $28 $41 $35 $33 $20 $15 $9 $5 $14 $14 St r ong Resulting Nea r - Term C a sh F l ow Profile f r om A ssets EB I T D A (2) ( US $m) Y 2 Y3 P a y a b l e Go l d P ro d u c t i on ( k oz A u) S our c e s: No te s: S - K 130 0 T e c h n ic a l R eport s o n th e Blyv o o r Go ld M i n e an d Gaut a T a ili ng s, date d S epte m be r 2023 . F in an cials s ho w n o n fisc a l y ea r ba sis. F iscal y ea r end ing 2 8 F eb . (1 ) Blyvo o r M ine s ho w n o n 100 % ba sis. (2 ) T h is is a non - I F RS m ea s ure . B l y v oo r M i ne ( 1 ) Fu ll Year F Y2024 – F Y2035 ( U S$m) U n l e v ered F C F (2) ( US $m) 11 C a p ex ( US $m) $10 $44 $93 $152 $162 $180 $154 $131 $144 $136 $164 $150 ($23) $13 $64 $105 $89 $102 $93 $81 $93 $91 $103 $95 29koz 57koz 96koz 144koz 163koz 181koz 164koz 149koz 158koz 154koz 171koz 163koz Y1 Y4 Y5 Y6 Y7 Y8 Y9 Y10 Y11 Y12

B l yvoor Maintains St r ong Re l ationsh i ps w i th Key S t akeholders B l ack E c onomic E m p o w e rme n t ( BEE) • U n i q ue o w n e rsh i p opp o rtu n i ty f or com m u n i ty a n d emp l o y e e s to be d i rect e q u i ty p a rt i c i p a nts throu g h the bro a d - b a s e d BE E st r u c tu r e • E mp l o y ee a n d com m u n i ty trusts set up to d i rectly b e n e f i t the l oc a l com m u n i t i es a n d emp l o y e e s throu g h the BE E structu r e • BE E 2 6 % o w n e rsh i p of the B l yv o o r Go l d M i ne i s sp li t as f o ll o w s: - 2 0 % Bl yv o o r W o r k e r s T ru s t ( 1) - 3% B l yv o o r C om m u n i ty T rust - 3% SPV - f oc u sed on b l ack e n tre p re n e u rs Union R e latio ns hi p s • E mp l o y e e s f or m ed a n e w u n i on i n 2018 ca ll ed the B l yv o o r W o r ke r s U n i on ( B W U ) ( 2) • T h i s u n i on i s n o t a f f ili ated w i th l ar g er u n i o n s such as N ati o n a l U n i on of M i n e w or k ers ( NU M ) or A ssoc i ati o n of M i n e w or k ers a n d C o n structi o n U n i on ( A M CU ), n o r i s i t a f f ili ated w i th a n y tra d e u n i on f e d era ti on • Hi g h l y co ll a b orat i v e ma n a g emen t/ u n i on re l ati o ns h i p, w i th w a g e i n cre a ses a n d other matte r s of mutu a l i nterest n e g ot i ated a n n u a ll y • U n i on members b e n e f i t f rom B l yv o o r W o r ke r s T rust d i str i b u t i o n s • A ntic i p a te n e w ta ili n g s emp l o y e e s to be h i red u n d e r s i m il ar u n i o n i sed w or k f orce structu r e S our c e s: C o m pan y M anage m e nt . No te s: (1 ) In A pr il 202 3 , Blyvo o r m ad e a fi r st pa y m en t to t h e w or kf or ce a s par t o f pro fi t - s har ing arrange m e n t . (2 ) Labou r re la t io n s a ct a ll o w s f o r a clos e d s ho p agree m en t – in e f fe ct t h e Cl o s e d S ho p A gree m en t a t t h e Blyvo o r G o ld M ine pro vid e s f o r a ll e m p loy ee s to b e par t o f t h e Blyvo o r W or k er s Uni o n an d c o m pe ls a ll ne w e m p lo yee s joi n ing t h e c o m pan y to join t h is un io n . T h e un ion repre s en t a ll e m p loy ee s a t Blyvo o r e x c ep t s en ior m anag e m e nt . 12

S our c e s: C o m pan y M anage m en t . A urou s R e s o ur c e s C ap it a l E n vi ron m enta l P o licy. No te s: (1 ) E n vi ron m en t a l A u t hor isa t ion w a s ob t a in e d f o ll o w ing s ub m issi o n o f t h e E M PR an d t h e EIA b y t h e Co m pan y. B o th t h e undergroun d o p era ti o n an d its t r ea t m e n t p la n t ar e f u lly per m itt e d , an d t h e t a ilin g s opera ti o n ha s en vi ron m en t a l au t hor isa t ion to bu ild th e t a ilin g s t r ea t m e n t p la n t, m ine T SF no .7 an d depo sit re si d ue s on to T SF No. 6 . T h e t a ilin g s opera ti o n w ill requ i r e add itio na l per m itti n g to a ll o w fo r depo sition o n t h e f oo t pr int o f T SF No . 7 . T h is au t hor isa t ion pro c e ss w ill c o mm en ce on ce t h e pro ject i m p le m en t a ti o n pha se c o mm en c e s . (2 ) A urou s w or ks clos e ly w ith Aurous has an ES G - Foc u sed Management Te a m En v i r on m en t al Assess m ent gran t ed in Februa r y 2020 f or Bl yv oor G o l d Mine and for G au t a Tailings P r o j ect (1) E n v ir on m en t a l C o m p li anc e Water Qu a li t y O ngoing m oni t o r ing of su r face and g r ound w a t e r (2 ) as w e l l as an ons i t e p l ant t o t r eat se w age R e n e w a b le E n e rgy Agree m ent signed w i t h 3 rd par t y t o bu i ld a 40 M W so l ar gene r a t ion p l ant on Aurous land and en t er in t o a lon g - t erm po w er purchase agree m ent L o c a l E mplo y ment US$26m in v es t ed v ia e m p l o y m ent in t he local econo m y o v er t he 5 - y ear period end i ng Februa r y 2023 S trong Go v ern a n c e Ma j ority independent board p l anned; s t r ingent co m p l iance con tr o l s in p l ace across t he organisa t ion Mining R e h a b ilita ti on Cos t s assessed and insurance in p l ace; 10 y ear period t o i m p l e m ent f u l l closure cost f und i ng 13 Ha r m on y G o ld o n w a t e r issu e s; t h e s ur f a ce an d ground w a t e r m on it or ing progra m s ar e c urren tly m anage d b y Ha r m on y G o ld.

S our c e s : C o m pan y i nfor m at i o n . No te s : ( 1 ) Calc u la te d a s : nu m be r o f L T I ’ s / t o t a l hour s w or k e d x 1 , 000 , 00 0 hour s . A Lo st T i m e I n ju r y (“L T I ” ) is a n inj ur y to a n e m p loy e e w h ich c au s e s t h e e m p loy e e no t to b e ab le to repor t to w or k o n t h e da y f o ll o w ing t h e inj ur y . T h e c a lcul a ti o n f o r t h e st a tistic d ivi de s t h e nu m be r o f L T Is w h ich o cc u r in on e m on th b y t h e nu m be r o f m anhour s w or k e d in t ha t m on th an d t he n m u ltiplies t h e re s u lt b y 1 , 000 , 00 0 m a n hour s . I n itia t i v es to Im p r o v e Safety ✓ Leadin g b y e x a m pl e i n c o m m i t m en t t o heal t h an d s a f e t y an d pu rs uin g ha r m - f r e e m inin g ✓ I m p l e m e n ta ti on of I S O 4 5 0 0 1 (O cc u p at i o n al Hea l th a n d S a f et y ) i s u n d e r w ay to c o n t i n u a l l y i m p r o v e hea l th an d s a f e ty a t t h e m i n e ✓ A djust m e n ts to m i n i ng se q u e nce a n d s u p p o rt c h a racter i s t i c s to re d uce the p o te n c y of s e i s m i c i nc i d e nts ✓ Focus on i m pro vi ng pr e - c o n d i t i o ni ng of m i n i ng f aces a n d f ace s h a p e s to re d uce s e i s m i c i ty ✓ C l o s e r scr u t i n y an d m o re vi go r ou s i n v e st i ga t i o n i n to s e i s m i c i n c i den ts ✓ E s ta bli s h e d a m es s a gi ng li ne f or re p ort i ng i nc i d e nts a n d a t - r i s k s i tu a t i o n s Lo s t T i m e I n j ur y F r e qu e n c y R at e p e r 1 M i lli o n Hou r s ( LT I FR ) ( 1 ) T ot a l Injuri e s Deep Com m it m ent t o I m proving Sa f ety Track Record 12 - Mont h Movin g A v e r age 3 14 2 3 0 5 1 4 8 0 1 3 3 5 6 1 1 5 7 .3 7.0 6.3 5.9 6.6 6.6 7 .0 8.5 8.1 8.2 8.3 8.5 8.9 9.8 9 .2 9 .4 9.5 Se p - 22 O c t - 2 2 No v - 22 De c - 22 J a n - 23 Fe b - 23 M ar - 23 Apr - 2 3 M a y - 2 3 J u n - 23 J u l - 23 Au g - 23 Se p - 23 Oct - 2 3 No v - 23 De c - 23 J a n - 24

Ta ili n g s Off e r a H eav i l y D e - r i sk e d Sou r c e o f Or gani c P r odu c t io n Lo ca t ed in C l o se Pr o ximity to t h e B l y v oo r G o ld M i n e S - K 1300 L ife - o f - M in e Pr odu cti o n Pr o file S our c e s: S - K 130 0 T e c h n ic a l R eport s o n th e Blyv o o r Go ld M i n e an d Gaut a T a ili ng s, date d S epte m be r 2023 . No te s: (1 ) Lega cy en tity G o ld f iel d s S ou th Af r ica ( G F SA ) . (2 ) Cu m u la t ive Res er v e s an d Res our c e s fi gur e f o r a ll T S F s. 100 % ba s is. (3 ) W a t e r u se lic en se ha s e x p i red ; t h e Co m pan y is rene w ing t h e lic en s e . (4 ) Lon g t er m Z AR/USD e x c hang e ra te o f 17 . 6 5 pe r S - K 130 0 repor ts. (5 ) Co n sists o f ~US $80 m p la n t in fra st r u ct u r e c o sts, ~US $17 m m ini n g c o sts an d ~US $2 m s pen t o n o t he r in fra st r u ct u r e s pend . O v er v iew ▪ G au t a represen t s a na t ura l , nearby source of go l d f or re t rea t ment − Aurous w ho l l y - o w ns G au t a w h i ch o w ns t he six t a i lings deposi t s c r ea t ed f r om his t o r ical Bl yv oo r ui t z icht ( Rand M ines L t d) and Doo r nfon t ein ( G o l d f ie l ds L t d (1) ) m ine produc t ion ( T S F 6 is cur r en t ly in use) − I ncre m en t al ~ 30 k oz of a v erage annual go l d produc t ion at an es t i m a t ed a ll - i n - sus t a i n i n g - cost of ~ US$1 , 000/oz Au o v er t he li f e - o f - m i n e − 1 . 3Moz of con t a i ned r eser v es and r esources (2) − Ad j acent t o f ur t her t a i lings deposi t s f r om t he Sa v u k a m ine ( Harmon y ) and Drie f on t e i n m ine ( Siban y e) ▪ D e - r i sked pa t h t o prod u ct i on pro vi des l o w - c o st organic gro w t h − Key per m i tt ing in p l ace f or p l ant cons tr uc t ion and subsequent r e - m in i n g / processin g (3) − F i r st produc t ion expected in 3 y ears, w i t h t a i lings con v er t ed in t o slur r y t hrough h i g h - pressu r e w a t er m on i t oring be f ore be i ng t r anspo r t ed v ia p i pe l ine t o a new processing p l ant − T y pical plant flo w sheet w i t h t hic k ening, leaching and ca r bon t r ea t m ent ▪ H i gh l y econom i c project w i t h an NPV5% of US$80m − P r e - produc t ion capex is ~ US$99 m (4)(5 ) and t here is po t en t ial f or ups i de f r om bo t h in f er r ed r esource con v ersion, if pro v en t o be econo m ica l ly v iab l e, and acquisi t ion of ad j acent T S Fs − F l ex i b i li t y in m ine p l an a l lo w s f or t a i lings t o be processed in a m anner such t hat economics a r e m axi m ised P rodu cti o n ( k o z ) Recove r ed G r ade ( g/ t ) B l y v oor T SF 1 D o o r n f on te in T SF 1 D o o r n f on te in T SF 2 D o o r n f on te in T SF 3 B l y v oor T SF 6 B l y v oor T SF 7 B l y v oor Gold Pl a nt 5 k m P ete r S kea t Sha f t 0 . 0 0 . 1 0 . 2 0 . 3 0 . 4 50 40 30 20 10 0 Y3 Y5 Y 7 Y9 G old Prod u c t i on ( k o z ) Y 1 1 Y13 Y15 Re c o v e red Gra d e 15 Y17

25 6 18 8 15 7 12 2 10 5 6 1 45 4 3 4 2 3 8 A u s t r a lia S o u th A frica C a n a d a R u ssia USA I n d o n e sia B r a zil M e xico PNG C h ile Pr o lific G o ld Pr odu cti o n R e g i o n ▪ S ou t h A fr ic a con t ain s t h e 2 n d la r ges t gol d r esou r c e bas e i n t h e w o r l d an d t h e Wi t w a t e r s r an d i s on e o f t h e mos t p r oli f i c r egion s − Aurous is lo c ated w ithin the Car l eton v ille G oldf i eld, one of the m o s t s ignif ic ant hi s tori c al gold depo s its that c ontains s o m e of the large s t underground m ines in the w orld − W i th an i m pro v ed gold pri c e out l oo k , s o m e of the region’s hi s tori c al underground operat i ons ha v e re c ei v ed a new lea s e on life − W i t w ater s ra n d has produ c ed ~ 5 0m oun c es of gold s in c e 1995 and repre s ents ~ 2 - 3% of global gold produ c t i on today ▪ Plenty of hig h - quality assets indicati v e of consolidation potential − Notable gold m ines lo c ated in c lo s e pro x i m ity i n c lude Ku s a s alethu and M poneng (Har m on y ) and Driefontein (Siban y e) S our c e s: S - K 130 0 T e c h n ic a l R eport s o n th e Blyv o o r Go ld M i n e an d Gaut a T a ili ng s, date d S epte m be r 2023 . A M E. W oo d M a c ken z i e . No te s: (1 ) T h e f orego ing c har t w a s ob t a in e d f r o m Gl oba l G o ld M ine S upp ly S u mm ar y , a produ ct o f W oo d M a ck en z ie. (2 ) B a s e d o n la te st W oo d Ma ck en z ie da ta f o r y ea r en d 2021 . Aurous S i ts i n One of the Most Prol i fic Gold Min i ng Ju r isd i c t ions To p Coun t ri e s b y Con ta i n e d G o l d R es ou r ce s ( 1 ) Con t a i n e d go l d r e s ou rc e b y c oun t r y t oda y (2) , Mo z A u N W e s t Ran d T a ili ng s W i l w a t e r s r an d B a s i n Joha n nesb u r g Coo ke Dr i e font e in C on s ol id a t e d W e s t W i ts S u r f a ce Leeudoor n South Dee p Bl y v oo r K l oo f Con s o li da t e d Mpo n e n g K u sasa l e thu Deve lop m e nt S ta ge Operat i ng Deve l op i ng / E x p l orat i on A u r ou s Lo cated am ong st Wo rld - C lass G o ld M i n e s 16

Tra n saction Det a ils

7% 10% 48% 34% 1% E xisti n g B l y vo o r S h a r eh o ld e rs E xisti n g Ga u ta S h a re h ol d e r s RR A C P u blic S ha r e h ol d e r s RR A C F o u n der S h a r e s ( Ori o n) P I P E I n ve s to r s Ill u st r ative Transaction Overvi e w Pro Fo rma Val u ati o n & O w n e rs h ip at C l o s e ( 3 )( 4 ) Ill u str a t i v e S ou rces & U ses Redemptions ( % ) (6) Total Sources $683 $544 $433 N otes: (1) E q uates to A urous R esources’ e xi st i ng 74% ownersh i p of the B l y voor M i ne. (2) Includes A urous R esources’ e xi st i ng net debt as at end of F i s c al Y ear 2023 (end i ng 28 Feb 2023), adju s ted for transact i on i mpact s . P r o - forma debt i s U S $5.5m. (3) A ssumes no redempt i ons by RR A C publ i c shareholders. (4) P ro forma valuat i on and pro forma ownersh i p at $10.00 per share. E x c l udes the d i lut i ve i mpact of SPA C publ i c warrants and S ponsor warrants w i th an $11.50 e x erc i se pr i ce. E x cludes the i mpact of the new, t o - be - establ i shed e q u i ty i ncent i ve plan, sel l er and management e a rnout, and deferred share cons i derat i on. (5) Represents an effect i ve net purchase pr i ce of $6.67 per share. (6) A ssumed redempt i ons for i l l ustrat i ve purposes. (7) E x cludes appro xi mately U S $1m of shares transferred to comm i tted P I P E i nvestors. (8) A ssumes a redempt i on pr i ce of $11.30 per share at close. No n - redeem i ng publ i c shareholders to rece i ve a cash cons i derat i on to the e x tent cash i n trust at close e x ceeds $10.00 per share. K ey Eleme n ts o f t h e Pr opo sed Co m b i n ati o n ✓ The tr an s a c t ion v alu e s Au r ous Res ou r c es at a p r e - money equi t y v alue of US$362m ( US$350 m (1) for Au r ou s ’ owne r s hip in t he Bl y v oor Mine and US$12m for G a u t a Tai l in gs ) ✓ The tr an s a c t ion c on t emplates r aising a m ini m um US$50m P I PE of which US$7 . 5m has al r eady been c omm i t t ed f r om le a ding in s t i t u t io n al and s tr a t egic in v e s t o r s ✓ Net p r o c eeds wi l l be u s ed t o a cc elera t e p r odu c t ion g r ow t h ✓ E x is t ing t a r get s ha r ehold e r s en t i t led t o a p r odu c t io n - l i n k ed ea r n - out o v er t he 2 y ea r s po s t tr an s a c t ion c lo s e ✓ Or i on c u rr en t ly owns ~20% of Au r ous Res ou r c e s ’ 74% owne r s hip of t he Bl y v oor Mine (5) 90% 50% 0% Sources (US$m) $28 $139 $278 R R AC Ca s h in T ru s t 50 50 50 T hird Party PIPE Pro c eeds 349 349 349 Bl yv oor Equity Ro l lo v e r (7) 6 6 6 G auta Equity Ro l lo v er U ses ( U S$m) $52 $150 $273 Ca s h to Balan c e Sheet 6 6 6 Ca s h Pro c eeds to G auta 3 16 32 Ca s h Pro c eeds to No n - Redee m ing Shareholder s (8) 349 349 349 Bl yv oor Equity Ro l lo v er 6 6 6 G auta Equity Ro l lo v er 17 17 17 I l lu s trat i v e Fees & E x pen s es $433 $544 $683 Total Uses (US$m) $10.00 I l lu s trat i v e Share Pri c e 72.7 ( x ) Pro For m a Shares O ut s tanding $727 Pro Forma Equity Value (273) ( - ) Pro For m a Ca s h (2) 6 (+) Pro For m a Deb t (2) $460 Pro Forma Enterprise Value

7 9 26 3 25 9 25 7 25 6 25 1 21 8 20 8 16 8 16 3 13 2 12 4 10 5 10 2 10 0 9 3 7 9 7 6 7 5 7 2 5 5 52 1 38 9 36 4 36 3 34 1 31 1 31 1 29 2 2 , 62 0 1 , 24 9 1 , 02 1 1 , 01 8 -- -- We s t go ld Ra mel i u s We s d o m e K a ror a Ca li br e E n dea v ou r B 2 G o l d Tie t to Ne w G o ld S h an t a G o ld S il v e r La ke I A M G O L D Hu m m in gb ird G Mi n ing G o ld Fields P e r s eu s Cen t a m in A s an te G o ld A u r a Mi nera ls A s c o t O r e z on e H ar mony Re s o l u t e Ca le don ia G a li an o O s ino Re s ou r c e s We s t A f r i c a n A r gonau t DR D G o ld O r e C o r p A r i s Mi n ing P a n A f r i c a n M c E w e n S t B arba r a Har mo n y G o ld Fields Ti e t to G a li an o O r eCo r p We s d o m e Cen t a m in We s t go ld Ra mel i u s G Mi n ing P a n A f r i c a n S il v e r La ke Ne w G o ld P e r s eu s E n dea v ou r Ca li br e K a ror a I A M G OL D B 2 G o l d Re s o l u t e S h an t a G o ld O s ino Re s ou r c e s We s t A f r i c a n Ca le don ia A s c o t Hu m m in gb ird A s an te G o ld M c E w e n A u r a Mi nera ls S t B arba r a O r e z on e A r i s Mi n ing A r gonau t DR D Go ld (1) 0 . 3 x 1 . 7 x 1 . 6 x 1 . 0 x 1 . 0 x 1 . 0 x 0 . 9 x 0 . 9 x 0 . 9 x 0 . 8 x 0 . 8 x 0 . 0 x 0 . 8 x 0 . 7 x 0 . 7 x 0 . 7 x 0 . 7 x 0 . 6 x 0 . 6 x 0 . 6 x 0 . 6 x 0 . 6 x 0 . 6 x 0 . 5 x 0 . 5 x 0 . 4 x 0 . 4 x 0 . 3 x 0 . 3 x 0 . 3 x 1 . 4 x 1 . 1 x 1 . 1 x 0 . 2 x 0 . 2 x EV / A tt r i bu ta b le R eser v es ($ / o z) Att r active l y Priced Transacti o n vs. P ub l ic Gold Produc e rs Price / N A V ( B r o ker Con se n s u s) (x) S our c e s: F a c t S et , SNL C ap it a lI Q , c o m pan y f ili ng s, SK 130 0 T e c h n ic a l R eport s o n th e Blyv o o r Go ld M i n e an d Gaut a T a ili ng s P ro j e c t , date d S epte m be r 202 3 . M ar k e t dat a a s o f 1 M ar ch 2024 . R e s e r v e s an d Res our c e s da ta f o r Blyvo o r G o ld M ine an d G au ta T a ilin g s P ro ject a s o f 2 8 F ebruar y 2023 , f o r o t he r c o m pan ies in c o m po site Res er v e s an d Res our c e s da ta a s o f Nov e m be r 2023 . No te s: Re pre s en ts s e lect Af r ican an d Gl oba l produ c er s on ly. (1 ) B a s e d o n NAV a t 5 % d isco un t ra t e . Calc u la te d a s US $362 m pr e - m one y equ ity v a lue d ivi de d b y a t tr ib u t ab le NAV o f US $1 , 038 m ( s u m o f 74 % o f US $1 , 310 m in Blyvo o r an d 100 % o f US $80 m in G au ta ad jus te d f o r ne t deb t a t Blyvo o r G o ld M ine ( US $5 . 5 m ) an d G au ta T a ilin g s ( US $6 m ) . Net deb t a s a t en d o f F iscal Y ea r 202 3 (end ing 2 8 F e b 2023 ). S ou t h A f ri ca n M e d i a n : $104 / o z A f ri ca n M u l t i - A sse t M e d i a n : $263 / o z A f ri ca n Si ng l e - A sse t M e d i a n : $134 / o z Gl ob a l M u lti - A ss e t M e d ia n : $311/ o z S ou t h A f ri ca n M e d i a n : 1 . 3 x A f ri ca n M u l t i - A sse t M e d i a n : 0 . 6 x A f ri ca n Si ng l e - A sse t M e d i a n : 0 . 8 x G l ob a l M u l t i - A ss e t M e d i a n : 0 . 7 x G l ob a l G o ld De v e l op e rs M e d i a n : 0 . 7 x G l ob a l G o ld De v e l op e rs M e d i a n : $134 / o z

P o s t - D eal Or g a n iza t i o n al Str u ct u re Pr e - & Pos t - Transacti o n O r ga n iz a tional Structures Pre - D eal Or g a n izat ion a l Str u ct u re N ote s: (1 ) Ri ge l w ill b e rena m e d a s A urou s R e s o ur c e s po st tran s a c t i on . O r i on M i ne Fi nan c e F und I I L.P. ( Be r muda) Av a y a ( Mauriti u s ) St r ato c o r p B l y v oor G o l d Bl y v oo r Res ou r c e s Bl y v oo r Ope r ati on s ( T a il i ng s ) B l a c k Econom i c Empo w e r ment Pa r tne r s Bl y v oo r Go l d Cap ita l & S ubsid i a ri e s Mi n i n g R ight s SPAC Shareho l ders SPAC ( Ca y man I sland s ) 40% 60% 19.95% 80.05% 100% 100% 74% 26% PIPE In v estors SP A C Shareholders SP A C Sponsor ( O rion) A urous Shareholders G auta Shareholders Au r ous Resou r ces (1) G aut a T a ili ng s ( Bl y v oo r Ope r ati on s ( T a il i ng s P r o j e c t ) B l a c k Econom i c Empo w e r ment Pa r tne r s Bl y v oo r Go l d Cap ita l & S ubsid i a r i e s Mi n i n g R ight s 26% 74% 100% A u r ou s Go l d

C o mbinati o n B e nefits f or Investors U S - listed v ehicle H i ghly attractive l i sting jur i sdiction enabl i n g f u t u re consol i d a ti o n and gro w th Ba c ked by Orion, a l e ading, global metals & mining alternati v e in v estment f irm Or i on m anages over US$8bn and has ext e nsive South Afr i can and precious m et a ls exper i e n ce A t t racti v e v aluati o n T ransaction i m pl i es an Aurous P/N A V of 0. 3 x Low cost, high margin operations 1 s t quart i le cost positio n (2 ) w ith Blyvoor m ine al l - i n - sust a ini n g cost of ~ US$815/ o z $ ESG - f o cused management Zero w orkforce str i kes in t h e last year & m anage m ent t e am lase r - f o cused on i m proving saf e ty T op prod u ction gro w th 67 % producti o n gro w th bet w e e n FY 2 02 2 - FY 2 02 6 ( 1 ) ( i nclu d ing est a bl i sh m e n t of G a ut a ) He a v ily d e - ri s ked Si m ple operatio n s & ful l y per m itt e d, w ith a p proxi m ately US$1. 0 b n w orth of infrastructure in place t o day ( i n t e r m s of replac e m ent valu e ) S our c e s: S - K 130 0 T e c h n ic a l R eport s o n th e Blyv o o r Go ld M i n e an d Gaut a T a ili ng s, date d S epte m be r 2023 . C ap it a lI Q . W oo d M a c ken z i e . No te s: (1 ) As pe r S - K 1300 . F iscal y ea r end ing 2 8 F eb . F iscal y ea r 202 2 produ cti o n ha s bee n annua lis ed , ba s e d o n 9 m on t h s o f produ cti on . 202 6 produ cti o n fi gur e f r o m S - K 1300 . (2 ) T h e f orego ing in for m a ti o n w a s ob t a in e d f r o m Me t a ls Cost Cu r v e s , a produ ct o f W oo d Ma ck en z ie.

Ap p e n dix 1 – Rig e l I n for m at i on

O r i o n & R i gel R e source Ac q u i sition C o rp N ote : (1 ) T ota l pro c e ed s o f $306 m ra is e d i n cl ud i n g Green s h o e an d pr iv at e p l a c e m ent . (2 ) As o f M ar ch 2024. (Platreef) R i g el M a n a g eme n t T eam K ey Fo c u s A reas & Select Ori o n I n v estme n ts P r ec i ou s M e t a ls “ G r ee n ” M e t a ls • “ G reen” ba s e m etals ( c opper, ni ck el, z in c ) • O ther battery m etals (lithiu m , c obalt, v anadiu m ) • “ G reen” pre c ious / P G M s Oskar Le w no w sk i Cha i rm an ▪ F ounder and CEO of O r i on Res our c e Pa r tne r s ▪ F ound i ng Pa r tner of the Red K ite G r oup and the Ch ief I n v e s tme n t O ff i c er o f the Mine Finance busin e s s ▪ P r e v i o u s l y Di r e c t o r for Co r porate Dev e l o pm en t at Va r omet, a meta l s p r o c e ss or and me r c ha nt f i r m of >$1bn r e v enu e s ▪ Po r tfol i o Manager at O r i on ▪ P r ior to O r ion, I n v e s tm e nt Manager for Red K ite’ s M i ne Fi nan c e bu s i n e s s ▪ P r e v i o u s l y w o r k ed i n Deut s c he Ban k 's Meta l s & M i n i ng I n v e s tme n t Ban k i n g g r oup ▪ F ounder and Manag i ng Pa r tner of Rock p o i nt Cap ital ▪ P r e v i o u s l y w o r k ed as an I n v e s tme n t Manager at O r i on ▪ P r e v i o u s l y a commod i t i e s tr ad i ng ana l y s t at Lehman B r o s , Ba r c l a y s Cap ital and LAMCO J o n L amb CEO Na t e A b e b e P r esid en t • “High v alue” m etals in c luding gold, s il v er, palladiu m , rhodiu m , etc. Sou th A fri c a E x po s u re O v er v iew ▪ Rigel Resou r ce Acquisi t ion Co r p is a SPAC spon s o r ed by Or ion Resou r ce Par t ners (“ O r ion” ) , t hat lis t ed on t he N Y SE in a $300 m m I PO in Nov 202 1 (1) ▪ The SPAC r ece i v ed shareho l der appro v al f or an ex t ens i on t o i t ’s bus i ness co m b i na t ion deadline in August 2023, r esu l t ing in an ex t ens i on t o August 2024 and is t r ans i t ion i ng t o a lis t ing on t he NASDAQ ▪ O r ion w as f ounded in 2012 and is a g l oba l , asset m anage m ent f i r m w i t h an AUM of o v er $8b n (2 ) t hat f ocuses on in v es t m en t s in and financ i al so l u t ions f or m e t a l s and mineral co m pan i es ▪ O r ion opera t es f i v e co m p l e m en t ary bus i ness lines: ❖ O r i on M i ne Finance: La t e - s t age p r i v a t e equ i t y pro v id i ng cap i t al t o base and p r ec i ous m e t a m in i ng co m pan i es ❖ O r i on M i neral Roya lt y Fund: Ro y a l t ies on lo w e r - cost m ines in geopo l i t ica l ly s t ab l e r eg i ons ❖ O r i on Commodi ti es Fun d : Sec t o r - spec if ic hedge f und e m p l o y ing a disc r e t iona r y in v es t m ent s t y le ❖ O r i on Merchant Serv i ces: Trad i ng, hedging, insuring and deli v ering ph y sical m e t a l s w orld w ide ❖ O r i on I ndus t r i al Ven t ures: Ven t ure cap i t al f ocused on t echnology co m pan i es t hat a im t o decarbon i z e indust r y and enable t he econo m ic supp l y of t he m inerals and ene r gy r equ i r ed f or sus t a i nab l e gro wt h ▪ Por tf ol i o Companies / I nvestmen t s: 60+ ▪ Emp l o y ees: 70 ▪ O ff i ces: New Y ork ( H Q ) , Den v er, London & S y dney

O r i o n ’ s E x pertise in Gold & S o uth Af r ica Co mmitme n t to A u r ou s ▪ O r ion holds a 19.95 % s ta k e in th e Bl y v oor G o ld Mi n e th r oug h i ts Mi n e Finan c e Fu n d II L P ▪ O r ion ha s bee n a c o mm i t te d pa r tner to A u r ou s s ince A ugu s t 201 8 a s th e p r incip al inve s tor in re s ta r ting th e Bl y v oor Mi ne, whe n O r ion a c quir e d a pa r ti c ip a tion th r oug h a s t r ea m an d a n offta k e ( for U S $37 m ) an d a n equ i ty s ta k e ( for a s ub sc r iptio n p ri c e of U S $23 m ) ▪ A dd i t io n a ll y , O r ion ha s de m on s t r ate d c ontin u e d s uppo r t of A u r ou s du r ing th e r a m p - u p of th e Bl y v oor Mi n e b y inve s ting a fu r ther U S $5 m in Q4 202 1 to e x pan d p r odu c tion at th e m ine ▪ O r ion ha s s ig ni f i c ant e x pe r ie n c e pa r tne r ing w i t h, inve s ting in an d s uppo r ting m inin g ope r atio n s in S outh Af ri c a ▪ In J uly 2022, O r io n in v este d U S$ 1 00 m in Se d ibelo Re s ou r c e s to e x pan d produ c tion at S edibelo’s Pilan s ber g Platinu m Mi ne s locate d in S outh Af ri c a ▪ In De c e m ber 2020, O r ion inve s te d U S $65 m in B u s h v eld Mi ne r als to e x pan d p r odu c tion of B u s h v eld’s V a m et c o Mi n e locate d in S outh Af ri c a ▪ In Oct ober 2019 , O r ion inve s te d in A llied G o ld Co r p ( TS X : AA UC) to s uppo r t Allie d ’s a c qu i s i t ion of th e A gbao u G old Mi n e locate d in C ote d’Ivoi r e f r o m En d ea v our Mi nin g ▪ In De c e m ber 2016 , O r ion inve s te d in Alufer Mi ning to s uppo r t th e c on s t r u c tion an d c o mm en c e p r odu c tion of th e B e l Air Mine in G u in e a US $153 m Loan , E qu it y , W arran ts an d O f f ta k e Vic tor ia Go ld C or p Apr i l 2018 Loan , S trea m , E qu ity an d O f f ta k e Allied G o ld M ini n g p lc Octobe r 2019 US $225 m P repa y , St r ea m , E qu ity an d O f f ta k e Lund in G o ld I n c. May 2 0 17 Select Ot h er Preci ou s M et a ls I n v estme n ts b y Ori o n US $268 m E qu ity No m a d Ro y a lty Co m pan y May 2 0 20 ▪ P u bli c l y - l i s ted pre c i o u s m et al s ro y a l t y c o m p a ny f or m erly li s ted on t h e T S X (b e f ore S a n dstorm acq ui s i t i o n ) ▪ O w ne d 1 2 p r e c i ou s m e t a l s r o y a l t i e s, i nc l u di ng o n e on t h e Bl y v o o r M i ne Prec i ous M eta l s Ro y a lt i es ▪ P r i v at el y o w n e d g o l d p ro d ucer go i ng throu g h gro w th p h ase ▪ O w ns a n u m b e r of produc i ng a n d d e v e l o p m e n t as s ets i n W est A f r i c a A f r i can G old Producer ▪ P ub li c l y - l i st e d go l d e x p l o r a t i o n an d product i on c o m p a ny ▪ O w ns t h e E a gl e Go l d Mi ne i n Can a da th a t Or i on h el p e d f i n a nce i nto product i on G old Producer ▪ O w ns t h e Fruta d e l Norte g ol d m i ne i n E c u a d o r ▪ C o mm en c e d ope r a t i on s i n 201 9 a s o n e of the h i g h est - grade g ol d m i n e s i n t he w orld G old Producer

R i gel R e source Ac q u i sition C o rp Management & B o ard of D irectors S our c e s: Ri ge l co m pan y w eb si t e - http s :// w ww .r i g e l re s o u r c e . c om/ te am . Timothy Keating Independent Dire c tor Kel v in Dushnisky Independent Dire c tor Christine Coignard Independent Dire c tor Peter O ’Hagan Independent Dire c tor Jeff Feeley Ch i ef F i nan c ial Off ic er Nathaneal A bebe Pre s ident Jonath a n Lamb Ch i ef Exe c ut iv e O ffi c er O skar Le w no w s k i Chair m an • M o st re c en tly s er v e d a s t h e Hea d o f M ini n g I n v e st m en t P r i va te E qu ity a t t h e O m a n I n v e st m en t A u t hor ity • E x t en si v e m e t a ls an d m ini n g e x per ie n ce ga in e d a t Af r i c a n N i c k e l L t d , A ng lo A m er i c a n an d I n v e st e c B an k • M o st re c en tly s er v e d a s Ch ief E x e c u ti v e Offi c e r an d a n E x e c u ti v e D ir e ct o r o f A ng lo Go ld As han ti • P r ior to A ng lo Go ld As han ti, ha d a 1 6 - y ea r c aree r w ith B arr i c k G o ld, u lti m a t e ly s er v ing a s P re sid en t an d a m e m be r o f its B oar d o f D ir e ct or s • Se n i o r Ad v is o r in m e t a ls an d m ini n g s e ct o r • E x t en si v e ban kin g , in v e stin g , m anage m en t an d boar d e x per ie n ce bu ilt dur ing a c aree r a t t h e Ro y a l B an k o f Canada , S o ciété G énéra le, an d C iti • P re v io u sly w or k e d f o r Nor ilsk N i c k e l, on e o f t h e w or ld’s la r ge st produ c er s o f pa ll ad ium • 3 0 y ear s e x per ie n ce in c o m m od ities an d na t ura l re s our c e s in v e sting an d opera tio n s • Fo r m e r hea d o f Gol d m a n S a c h s’ Glo ba l C o mm od ities bu sin e ss • Fo u nd ing CEO o f GS B an k USA • Fo r m e r M D at C ar l y le G rou p • Fo r m e r Op era ting A d v i s o r a t KKR • C h i e f Fi nan ci a l Offi c e r a t O r ion Re s our ce P ar t ner s • Fo r m e r D ir e ct o r o f Fin an ce f o r t h e Gl oba l E qu ities d i v i s ion o f C it ade l LLC • P r ior to C it ade l, s pen t o v e r 1 3 y ear s a s a Con t ro ll e r a t G o ld m a n S a c h s • F ounde r an d M anag ing P ar t ne r o f Ro ck po int Cap it a l, a n in v e st m en t v eh i c le v ia t h e s ear ch f un d m ode l • Fo r m er ly a n I n v e st m en t M anage r a t O r ion Re s our ce P ar t ner s • S pen t ti m e a s a Co mm od ities ana l y st a t Leh m a n B ro t her s, B ar cla y s Cap it a l, an d L A M C O • Po r tf o lio M anage r a t O r ion Re s our ce P ar t ner s • Fo r m er ly a n I n v e st m en t M anage r f o r t h e Re d Kite G r oup ’s M ine Fin an ce bu sin e ss • Al s o w or k e d f o r Deu tsc h e B an k in t he ir M e t a ls & M ini n g grou p • F ounde r an d C h i e f I n v e st m en t Offi c e r o f O r ion Re s our ce P ar t ner s, a pr i va te equ ity firm w it h in t h e m e t a ls an d m ini n g s e ct o r w ith o v e r $8b n in A U M • Fo u nd ing P ar t ne r o f t h e Re d Kite G r oup , on e o f t h e w or ld’s le ad ing hedg e f und s in t h e m e t a ls s pa ce • S pen t ti m e a t Cred it S u i s se an d V aro m e t

Ap p e n dix 2 – Furt h er Aur o us Det a il

A u rous R e sources Management Te a m S our c e s: Blyv o o r C orporat e P re s e ntat i o n Q 1 2023 , C o m pan y M anage m e n t . S t r atoco r p I nv est m e n ts M otsu m i Tl h api Chief Safety Off ic er João M ahumana M ine M anager Pieter du Preez Ch i ef F i nan c ial O ffi c er I z ak M arais Ch i ef O perat i ng O ffi c er A lan Smith Exe c ut iv e Chair m an Ri c hard Fl o y d Ch i ef Exe c ut iv e O ffi c er • S a f e ty P ra ctitio ne r w ith o v e r 2 8 y ear s e x per ie n ce • P r ior e x per ie n ce inclu de s: C SO o f Lan x e ss Chro m e M ine Ru st enburg , M a s e v e Platin u m M ine Ru st enbur g an d S a m an c o r L i m pop o • M e m be r o f t h e S ou th Af r i c a n I n stit u te o f Occ upa tio na l S a f e ty A n d Hea lth ( SAIOSH) • M ini n g E ng in ee r w ith o v e r 3 5 y ear s e x per ie n ce • P r ior e x per ie n ce inclu de s opera tio n s m anage r a t B ea t r i x , B urn st on e t ra ckless m ini n g an d Bl y v ooru it z i c h t M in e , pro jects m anage r f o r DRD G OL D c orpora te o ffi c e , Undergroun d M anage r a t Dr ief on t e in, Ela nd s ran d an d Na t a l s pru it in t h e F r e e St a te • Corpora te fin an ce e x e c u ti v e w ith o v e r 2 5 y ear s o f e x per i en ce • P r ior e x per ie n ce inclu de s be ing C FO o f Ta u n g G o ld, G r ou p Ec ono m i s t a t G o ld Fields an d Corpora te Fin an ce E x e c u ti v e a t To u c h st on e Cap it a l an d S a sfin Cap it a l w her e h e w or k e d o n c ap it a l ra i s in g s, m erger s an d a c qu i s itio n s an d dea l or i g i na ti o n • C FA Char t erho ld e r • M ini n g eng in ee r w ith o v e r 3 0 y ear s o f e x per ie n ce • P r ior e x per ie n ce inclu de s be ing C EO o f flu or s pa r - m in e r S a llies ( JSE ) , C OO o f G o ld O n e G r ou p ( AS X /JSE ) , B en c h m ar king M anage r f o r G o ld Fields an d O pera tio n s M anage r f o r t h e u lt r a - dee p Klo o f G o ld M ine • M ini n g eng in ee r w ith o v e r 4 5 y ear s e x per ie n ce • P r ior e x per ie n ce inclu de s be ing C EO o f A ng lo Go ld As han ti S ou th Af r i c a , C EO o f F ree G o ld L td an d GM o f D e B eer s’ Cen t ra l M in e s ( Ki m ber le y , Finsch an d K o ffief on t e in) • M e m be r o f t h e Ass o ciation o f M ine M anager s S ou th Af r i c a • Co f ounde r an d s hareho ld e r re s pon sible f o r A urou s’ re v i v a l • S u cc e ssf u lly ra i s e d c. $100 m to bu ild ne w inf ra st ru ct ur e an d ra m p ing u p produ ction • P r ior de c ad e a s go ld m ini n g e x e c a t G a la x y /G a la n e G o ld ( TS X ) , E a st Dagga f on t e in M in e s L td (e x A ng lo ) , Ra v e n M ini n g Zi m bab w e • M e m be r o f t h e Ass o ciation o f M ine M anager s S ou th Af r i c a

Total Res er v es 28% Total M &I Res our ce ( E x clusive) 14% I n ferre d Res our ce 58% B l y v oo r G o ld M i n e M i n er a l R& R (100 % ) P l a n M a p o f Und e r g r oun d B l y v oo r G o l d M i n e O r e bod y Large, Hi g h - G r ade Mine R e source to R eserve C o nversion P o tential Ga u ta G o ld Pr o ject M i n er a l R& R (100 % ) R eser v e & R es ou rce B ase Co m po siti o n B l y v o o r Gold Mine Ga u ta Gold P ro j e c t Total R e s er v es 61% I n f erre d Res our ce 39% S our c e s: S - K 130 0 T e c h n ic a l R eport s o n th e Blyv o o r Go ld M i n e an d Gaut a T a ili ng s, date d S epte m be r 2023 . Contained G old ( M oz A u) G r ade (g/t A u) T onnes ( M t) Classification 1.6 5.6 9.0 Pro v en 3.7 5.5 21.0 Probable 5.3 5.5 30.1 Total Reser v es 2.2 4.8 14.6 M ea s ured (e x c lu s i v e) 0.4 3.5 3.6 Indi c ated (e x c lu s i v e) 2.6 4.5 18.2 Total M &I (exclusi v e) 11.2 4.4 79.5 Total Infer r ed Contained G old ( M oz A u) G r ade (g/t A u) T onnes ( M t) Cla s sification 0.8 0.3 84.3 Probable ( T SF 6 & 7) 0.8 0.3 84.3 Total Reser v es 0.5 0.3 58.3 Total Infer r ed

B l yvoor Gold Mine Empl o ys a S i mple & H i gh l y Effective Mini n g Method M i nin g M et ho d Em p l o y ed ▪ M i n i ng s trat e gy i s to extract b o th the q u art z - p e b bl e M i d d e lv l ei Reef (M V ) a n d the c arbon a c e o us, g ol d - r i c h Carb o n L e a d e r Reef (CL) ore u tili z i ng the P et e r S k e a t S h a f t (1) - Con v e n t i o n al s to pi ng m et h od i m p l e m e n ted at No.5 sh a f t us i ng h a n d - h el d h y dro - p o w ered dri l l s to c l e a r ore to ex i s t i ng ore p a ss es ▪ No d e w at e r i ng re q u i red at pre s e n t as a l l m i n i ng w il l ta k e p l ace a b o v e w at e r l e v e l o v e r th e ne xt f iv e y ea r s (2) - Pl a n n e d d e w at e r i ng e f f orts w il l a l l ow f or i ncre m e n tal m i n i ng i n y e a rs b e y o n d ▪ Si g ni f i c a n t p ot e nt i al e f f i c i e n c y u p s i de sh o u l d se l ect iv e b l ast m i n i ng be e m p l o y ed - Ha lv es the ore h a u l ed f or s a m e g ol d p ro d uct i on a n d i ncre a s es f e e d grade K ey A d v a n ta g es o f Selecti v e B last M i nin g S our c e s: Blyv o o r C orporat e P re s e ntat i o n Q 1 2023 , C o m pan y i nfor m at i on . No te s: (1 ) T h e Ca r bo n Leade r Re e f is loc a t e d abo ve t h e M id de lvl e i ree f, loc a t e d ~8 0 m apar t v er tic a lly. (2 ) T h e w a t e r lev e l is ~2 ,370 m b e low s ur f a c e . T h e lo w e st opera ti n g lev e l c urren tly is loc a t e d 2 , 291 m be low s ur f a c e . P o te n tial Up si d e Th r oug h Selecti v e B last M i nin g ✓ Re d uced di l ution of reef ض ض ض ض Bett e r w ork i ng con d it i o ns I m pro v ed v entilation controls and lo w er v entilation costs Re d uced seismic i ty I m pro v ed m et a l reco v ery v s. m ine pla n ni n g esti m ate (mine call f actor)

Mine Ass u mes a C o nvent i on a l Process i ng F l o w sheet Pr o cessing O v er v iew ▪ T he p l a n t h a s a cur r e n t ru n - o f - mi ne ( R O M ) f e e d ca p ac i ty of 40 k tpm a n d an e x p a n s i on to 80 k tpm i s in pro c e s s to a ll ow f or the p l a n n e d i ncrease i n pro d ucti o n ▪ T he p l a n t emp l o y s a co n v e n t i o n al f l o w sh e et, co n s i st i ng o f : - C rus h ed ore f rom the m i ne p a sses i nto e i th e r of t w o m ill s, to a carbon i n pu l p ( C I P ) c i rcu i t w i th t he o p t i on of g ra v i ty co n ce n trati o n pri o r to the l e a ch circu i t - L o a d ed carbon f rom the C IP c i rcu i t i s f ed i nto the e l uti o n circu i t to str i p the g o l d o f f the carbon - O n - s i te sme l t i ng to produce d o re b a rs of a p pro x i mate l y 8 5 % p u r i ty on a v era g e f or d e li v ery to R a n d R e f i n e ry (the w orl d ’ s l ar g est g o l d re f i n e r y ) f or f ur t h e r re f i n i ng ▪ T he m i ne p l an co n temp l ates a process i ng p l a n t f e e d g ra d e of b e t w e e n 4 g /t A u and 7 g /t A u d e p e n d i ng on the m i n i ng m i x ▪ T a ili n g s are d e p o s i ted o n to the e x i st i ng N o. 6 ta ili n g s stora g e f ac ili ty ( T S F) - W il l p o te n t i a ll y f orm p a rt of ta ili n g s ret r e a tm e n t f e e dstock as p a rt of Gauta T a ili ngs Proje c t Pr o cess F l o w S h eet S our c e s: Blyv o o r C orporat e P re s e ntat i o n Q 1 2023 . F i n e S u r f a ce S ou rce RoM Coa r s e S u r f a ce S ou rce Ro M S il o C r u s he d Ore S il o Ore M illi n g Ore C r u s h i n g C l a ss i f i c a t i o n Gr a v i t y Con c en tr a t i o n I n t en s i v e C IL Cond i t i on i n g an d Lea ch C IP E l u t i o n an d EW S m e l t i n g De t o x T h i ck en i n g TSF Do re

C u r r ent & F uture U n derground Infrastructure 31 Le v el 3 3 M id Sha f t Loading 33 Le v el 256 6 t o Sur fac e 3 3 Le v e l Da ms No. 1A Sub - v ertical Shaft O repass S y stem 3 O r epasses (17 to 33 L e v el) 43 Le v el 1 x Operational Loading Station 2 x Non operational 47 Le v el Shaft Bottom - 3462.8 2 9 Le v e l D a m s s No. 2A Sub - v ertical Shaft – Not to be used Le v el Closed - FOG Surface 15 Le v el 17 Le v el 19 Le v el 21 Le v el 25 Le v el 27 Le v el 29 Le v el No. 5 A Sub - ve r t i ca l Sh af t 1677 m t o Sur fac e 1 4 Le v e l Da ms New De w atering Column 889m No. 5 Shaft N o . 1 A Sub - v ertical Shaft – Emergency Secondary Escape 15 Le v el 9 Le v el Old Bl y v oo r uit z icht Sect. 1 Le v el 6 Le v el 12 Le v el A 5 Incline 16 Le v el 19 Le v el 24 Le v el B5 Incline ry a B5 Incline ound B B5A Incline 34 Le v el D oo r n f on tein Sect. Ne w Or e pa s s S y ste m 27 .5 M id Sha f t Loading 23 Le v el Ne w De w ate ring C olumn S our c e s: S - K 130 0 T e c h n ic a l R eport s o n th e Blyv o o r Go ld M i n e an d Gaut a T a ili ng s, date d S epte m be r 2023 . E x isting Dev e lo p m en t an d I n f r a st r u c tu r e New Dev e lo p m en t E x isting T ra v e li n g W a y s N e w D e w ater i n g Col u m n E x isting O r e pa ss e s L egend: C urr e nt M ining A r e a

V i ew of P e ter Skeat S haft S urface I nfrastructure S our c e s: S - K 130 0 T e c h n ic a l R eport s o n th e Blyv o o r Go ld M i n e an d Gaut a T a ili ng s, date d S epte m be r 2023 . L e g e n d P e t e r S k ea t S ha ft La m proo m an d C ru sh P e t e r S k ea t S ha ft O f fic e s an d A d m in Block P e t e r S k ea t S ha ft S ur f a ce W i nderhou se P e t e r S k ea t S ha ft Dist r ib u ti o n S ub st a ti o n P e t e r S k ea t S ha ft E ng in eer ing an d I n f r a st r u c t u r e B a t ter y L i m it P e t e r S k ea t S ha ft He adgea r an d S ha ft Bl y v oo r I n t a k e Y ard , S u b an d P F C E qu ip m en t Es k o m S ub st a ti o n E x p losiv e s B a y P ro c e ss Pla n t B a t ter y L i m it S e w ag e Pla n t S ha ft P ar k ing A re a S ha ft Silo F ee d Co n v e y o r S ur f a ce Co m pre ss o r an d Co o li n g T o w er s S ur f a ce St or e S ur f a ce V en tila t ion F an s S ur f a ce W or k s ho p

Proven Gauta T a i l i n gs R e t r eatment Process Ga u ta M i n i n g & Pr o cessing O v er v i e w ▪ T he mi ni ng meth o d p l a n n e d to be u s ed f or the re c l am a t i on of the T S F N o . 6 a n d T S F N o . 7 i s h y dro - m i n i n g , w h i ch us e s h i g h - pressure w ater mo n i tors ( w ater j ets) to erode the T S F - M i n i ng w il l com m e n ce w i th t ar g eti n g the h i g h - g ra d e areas l oc a ted at the u p p e r p o rt i on of T S F N o. 6 a n d t h e n mo v e to T S F N o. 7 - A urous w il l se e k to su b se q u e ntly m i ne the other T S Fs ▪ T he p l a n n e d m i n i ng st r ate g y i n v o l v es a 12 - mo n th ramp up to 5 0 0 k tpm ste a dy state - p r o d uc ti on o v er a p e r i od of 15 y e a rs ▪ Ore s l ur r y w il l th e n be tra n sp o rted to the process i ng p l a n t v i a p i p e li n e , w h e re 500 k tpm w il l be tre a ted throu g h t w o i d e n t i cal c i rcu i ts - S u b se q u e ntl y , a w e l l - tested a n d w i d e l y us e d C arbon - I n - L e ach ( C IL) process w il l be us e d to rec o v er the g o l d - A n o x i d a t i on step w il l be uti li sed b e f ore c y a n i d a t i on to i mpro v e l e a ch i ng k i n e t i cs a n d l o w er the c y a n i de co n sumpt i on - A v era g e producti o n of ~30 k o z pa A u i s e x p e cted f rom the ta ili n g s ret r e a t m e n t pro j ect ▪ Oth e r o p erat i o n s th a t tre a t s i m il ar sur f ace stoc k p il es i nc o rp o rate a g r i n d i ng step pri o r to pr e - o x i d a t i on a n d l e a ch i ng - L o w er g ra d e d o es n o t w ar r a n t the a d d i t i o n al e x p e ns i v e g r i n d i ng step i mpro v i ng cost e f f i c i e n c i es a n d e x p e cted pro f i ta b ili ty Pla nn ed Ga u ta Pr o cessing F l o w S h eet S our c e s: S - K 130 0 T e c h n ic a l R eport s o n th e Blyv o o r Go ld M i n e an d Gaut a T a ili ng s, date d S epte m be r 2023 . SMBS C y an i d e O x y ge n L i m e Tr a s h Re m o v a l F ee d T h i ck en i n g Pre - O x i d a t io n Ca r bon - i n - Lea ch De t o x T a ili ng s T h i c k en i n g Pr o c e s s W a t e r St o r ag e Ac i d W a s h E l u t i o n E l e ctr o w i nn i n g S m e l t i n g Ca r bo n Regene r a t i o n W a t e r HCI Fr e s h Ca r bo n Cau s t i c Do ré O l d TSF Ne w TSF Re c l a i m e d T a ili ng s Str i ppe d Ca r bo n Loaded Ca r bo n

Gauta T a i l i n gs R e t r eatment P l ant and M ethod S our c e s: C o m pan y i nfor m at i o n No te s: (1 ) Illus tra ti on s f r o m o t he r si m il a r e x isting t a ilin g s re t r ea t m e n t opera ti on s o n t h e W it w a t er s ran d B a sin. Ga u ta T aili ng s R etreatme n t Pla n t T hree Di me n s i o n al O v er vi ew H i g h Press u re W ater M on i t o r in g A ntic i p a ted M ethod on T S F s ( 1)

S - K 1300 Pr o ject Ec ono mics H i gh l y Att r active Ec o nomic Profile for B lyvo o r & Gauta S our c e s: S - K 130 0 T e c h n ic a l R eport s o n th e Blyv o o r Go ld M i n e an d Gaut a T a ili ng s, date d S epte m be r 2023 . No te s: F in an cials s ho w n o n fisc a l y ea r ba sis. F iscal y ea r end ing 2 8 F eb . (1 ) Long - t e r m go ld pr ice o f US $1 , 750 / o z . (2 ) Hist or ic T S F ’ s ar e no t de fi ne d a s a m in era l re s our ce in t h e M PRDA an d hen ce t h e go ld produ c e d f r o m t he se is no t s ub ject to t h e pro visi on s o f t h e Roy a lty Act. Bl y v oor Gold M ine C as h F l o w P r o j ect i on s a s p e r S - K 130 0 T ec hn ica l R e po r t s ▪ NPV der i ve d f ro m po st go v ern m en t ro y a lties an d t a x , pr e - deb t rea l c a sh flo w s, an d m a c r o - e c ono m ic pro jectio n s ▪ I n c orpora t e s go ld ro y a lty he ld b y S and st or m ▪ C orpora te t a x ~ 2 9 - 31 % w ith c ap it a l e x pend it ur e re li e f ▪ I n clu de s go v ern m en t ro y a lty G a u t a Gold Pro j ect ▪ NPV der i ve d f ro m po st t a x , pre - deb t rea l c a sh flo w s, an d m a c r o - e c ono m ic pro jectio n s ▪ A v erag e t a x ra te ~ 2 9 - 31 % w ith c ap it a l e x pend it ur e re li e f ▪ E x clu de s go v ern m en t ro y a lt y (2) US $ m T a i l i ng s p re - p r odu ct i o n ca p i t a l o f ~US $99 m c on sist s o f ~US $80 m p la n t i n f r ast r u ct u r e c o sts , ~US $17 m mi n i n g c o st s a n d ~US $2 m s p e n t o n o t h e r i n f r ast r u ct u re s p e n d US $ m 1 4 0 1 2 0 1 0 0 80 60 40 20 0 - 2 0 - 4 0 Y1 Y4 Y7 Y 1 0 Y 1 3 FCF (US$ m ) Y 1 6 Y 1 9 Y 2 2 Y 2 5 Y 2 8 Cap e x (US m ) Y 3 1 Y 3 4 1 5 0 1 2 5 1 0 0 75 50 25 0 ( 2 5 ) ( 5 0 ) ( 7 5 ) ( 1 0 0 ) Y2 Y 4 Y6 FCF (US$ m ) Y 8 Y 1 0 Y 1 2 Y 1 4 Y 1 6 Y 1 8 Cu m ul a t i v e FCF (US$ m ) Cap e x (US m ) M ine Valu e (1) N PV ( U S$m, 100 % B as i s ) D i sc ount R at e 1 , 31 0 5% Tailings Valu e (1) N PV (U S $ m ) D i sc ount Rat e 80 5%

B l yvoor Gold Mine Model ( F i rst 15 Ye a r s ) (Per S - K 130 0 ) S our c e s: S - K 130 0 T e c h n ic a l R eport s o n th e Blyv o o r Go ld M i n e an d Gaut a T a ili ng s, date d S epte m be r 2023 . No te s: F in an cials s ho w n o n fisc a l y ea r ba sis. F iscal y ea r end ing 2 8 F eb . (1 ) Net re v enu e c a lcul a ti o n incl ude s do w n w ar d ad jus t m en t o f st r ea m agree m en t w ith S and st or m G o ld Roy a lties. A verage Y 16 - Y 34 Y 15 Y 14 Y 13 Y 12 Y 11 Y 10 Y9 Y8 Y7 Y6 Y5 Y4 Y3 Y2 Y1 LOM U N I T S IN P UT C A S H FLOW S U MM A RY 156.6 137.8 124.1 152.4 163.4 170.7 153.8 158.3 149.1 164.5 180.9 163.1 144.0 96.2 57.4 29.2 5,020 koz P A Y A BLE GOLD 1,750 1,750 1,750 1,750 1,750 1,750 1,750 1,750 1,750 1,750 1,750 1,750 1,750 1,750 1,851 1,839 1,756 U S $/oz GOLD P RICE ( A T M A R K E T) 268.8 224.4 202.2 248.2 266.3 278.6 250.5 257.9 242.9 268.2 295.9 265.9 234.6 156.7 98.8 49.8 8,448 U S $m N E T R E VE N UE ( 1 ) (101.9) (101.4) (100.5) (101.9) (102.1) (99.5) (101.1) (100.2) (99.6) (100.3) (100.9) (90.2) (76.4) (62.4) (53.3) (38.9) (3,265) U S $m DIR E CT C AS H CO S TS (13.8) (10.6) (8.8) (12.6) (14.1) (14.8) (13.4) (13.7) (12.3) (13.9) (15.3) (13.4) (6.7) (1.6) (1.2) (0.6) (415) U S $m G & A / O T H E R A LLOC A T E D CO S TS 153.1 112.4 92.9 133.7 150.1 164.4 136.0 143.9 131.1 154.0 179.8 162.3 151.5 92.7 44.3 10.3 4,768 U S $m E B I T DA (42.2) (29.4) (23.3) (36.4) (41.6) (46.4) (40.3) (41.4) (35.3) (40.9) (45.0) (38.9) (4.7) - - - (1,225) U S $m T AXA TION (0.1) (0.3) 0.8 0.3 0.4 (0.7) 0.2 (0.2) 0.4 0.5 0.3 0.5 (0.4) (0.5) 0.1 1.2 1 U S $m W O R K ING C A P I T A L C HA NG E S (15.7) (14.6) (14.2) (14.2) (14.3) (14.1) (4.9) (9.3) (15.1) (20.4) (32.5) (34.6) (41.1) (27.8) (31.5) (34.5) (621) U S $m C A PE X 95.2 68.0 56.1 83.4 94.6 103.3 91.0 93.0 81.1 93.2 102.5 89.3 105.3 64.4 12.9 (22.9) 2,924 U S $m U N L EVE R E D FR E E C A S H FLOWS 5.0% % D I S COU N T R A T E 1,310 U S $m P O S T - T A X N P V (100% Basis)

Gauta Gold Pro j ect L if e - o f - Mine Model (Per S - K 130 0 ) S our c e s: S - K 130 0 T e c h n ic a l R eport s o n th e Blyv o o r Go ld M i n e an d Gaut a T a ili ng s, date d S epte m be r 202 3 . No te s: F in an cials s ho w n o n fisc a l y ea r ba sis. F iscal y ea r end ing 2 8 F eb . Y 17 Y 16 Y 15 Y 14 Y 13 Y 12 Y 11 Y 10 Y9 Y8 Y7 Y6 Y5 Y4 Y3 Y2 Y1 LOM U N I T S IN P UT C A S H FLOW S U MM A RY 10.5 18.3 23.0 18.8 38.3 29.7 27.2 34.0 31.7 32.2 33.4 38.9 40.5 38.1 22.2 - - 437 koz P A Y A BLE GOLD 1,750 1,750 1,750 1,750 1,750 1,750 1,750 1,750 1,750 1,750 1,750 1,750 1,750 1,750 1,750 1,750 U S $/oz GOLD P RICE ( A T M A R K E T) 18.5 32.1 40.2 32.8 67.0 52.0 47.6 59.5 55.5 56.3 58.5 68.1 70.9 66.7 38.8 - - 764 U S $m N E T R EVE NU E (17.8) (29.0) (28.9) (28.9) (27.7) (29.4) (29.5) (29.6) (29.7) (29.8) (30.9) (30.1) (30.1) (30.4) (20.0) (0.6) - (422) U S $m DIR E CT C AS H CO S TS (0.6) (0.9) (0.9) (0.9) (0.9) (0.9) (0.9) (0.9) (0.9) (0.9) (0.9) (0.9) (0.9) (0.9) (0.9) - - (13) U S $m G & A / O T H E R A LLOC A T E D CO S TS 0.0 2.2 10.4 3.0 38.4 21.7 17.3 29.0 24.9 25.6 26.7 37.1 39.9 35.4 18.0 (0.6) - 329 U S $m E B I T DA - - (2.6) (0.2) (11.7) (6.2) (4.8) (8.6) (7.3) (7.5) (7.6) (2.6) - - - - - (59) U S $m T AXA TION (0.4) 0.2 (0.1) 0.8 (0.4) (0.1) 0.2 (0.1) 0.0 (0.0) 0.2 0.1 (0.1) 0.2 0.2 - - (0) U S $m W O R K I N G C AP IT A L C HA NG E S (0.5) (0.8) (0.8) (0.8) (0.7) (0.8) (0.8) (0.8) (0.8) (0.8) (1.4) (7.1) (9.1) (9.6) (5.0) (87.8) - (128) U S $m C A PE X (0.8) 1.6 6.9 2.8 25.6 14.6 11.9 19.6 16.9 17.3 18.0 27.4 30.7 26.0 13.2 (88.4) - 143 U S $m U N L EVE R E D FR E E C A S H FLOWS 5.0% % D I S COU N T R A T E 80 U S $m P O S T - T A X N P V

Ap p e n dix 3 – Risk Factors

R i sk Factors FOR W A R D - LOOK I NG S T A T E M E N T S C erta i n s tate m ents conta i ned i n th i s docu m e nt, other than s tate m ents of h i st o r i cal fac t , i n c l ud i ng, w i thout l i m i tat i on, those concern i ng t he P roposed C o m b i nat i on, R i gel R esource A cqu i s i t i on C orp . ’ s ( “ R i ge l ” ) and the Target C o m pan i es’ ab il ity to consu mm ate the transac t ion, the benef i ts of the transac t i on and the Target C o m pan i es’ future f i nan c i al perf o r m ance fo ll o w i ng the t ransact i on, as w e l l as the econo m i c ou t l ook for the go l d m i n i ng i ndus t ry, e x pe c tat i ons regar d i ng g o l d p r i ces, produc t i on, t o t al cash cost s , a l l - i n sust a i n i ng cost s , a l l - i n c osts, cost sav i ngs and o ther operat i ng res u l t s , return o n equ i t y , product i v i ty i m prov e m ents, gro w th prospects and o u t l ook of the opera t i ons of t he T a rget Co m pan i es, i nd i v i dual l y o r i n the aggregate, i nc l ud i ng the ach i eve m ent of pro j ect m il estones, co mm enc e m ent and co m p l e ti on of c o mm erc i al oper a t i ons of cert a i n o f the Tar g et Co m p a n i es’ e x p l orat i on and produc t i on pr o j ects and the co m p l et i on o f acqu i s i t i ons, d i s pos i t i ons or j o i nt venture transac t i ons, the T arget Co m p a n i es’ li qu i d i ty and capital resou r ces and capital e x pend i tures, and the outc om e and consequences of any poten t i al o r pend i ng l i t i ga t i on or regu l a tory procee d i ngs or en v i r o n m enta l , hea l th and saf e ty i ssues, a re f o rward - l ook i ng state m ents regard i ng the Target C o m pan i es’ operat i ons, econo m i c perfor m a nce and f i nan c i al con d i t i o n . These for w ard - l ook i ng state m ents, i nc l ud i ng state m ents that descr i b e the Target Co m pan i es’ and R i ge l ’s o b j ect i ves, p l ans, goa l s , or foreca s ts i nvo l ve kno w n and unkn o w n r i sks, uncerta i n t i es and other fa c tors that m ay cause the Target C o m pan i es’ a ctual resu l t s , pe r for m ance or ach i ev e m ents t o d i f fer m ater i a ll y f rom the ant i c i pated resu l t s , perfo rm ance or ach i eve m e nts e x pressed or i m p li ed i n these for w ard - l ook i ng s tate m ents . A l though the Target Co m p a n i es and R i gel be li eve t h at the e x pectat i ons r e f l e c ted i n such for w ard - l ook i ng state m ents and foreca s ts are reasonab l e, no assurance can be g i ven that such e x pectat i ons w il l prove to have been correc t . A ccord i ng l y , resu l ts co u l d differ m ater i al l y f rom those set out i n the for w ard - l ook i ng state m ents as a resu l t o f , a m ong other factors, changes i n econo m i c, soc i a l , pol i t i cal and m arket cond i t i ons, i n c l ud i ng re l ated to i nf l a t i on o r i nterna t i onal confl i ct s , the success of bu s i ness and opera t i ng i n i t i a t i ves, changes i n the reg u l atory env i ron m ent and other govern m ent act i ons, i n c l ud i ng environ m ental approva l s, f l uctua t i ons i n go l d p r i ces a nd e x chan g e rates, the outco m e of pend i ng or f u tu r e l it i ga t i on proceed i ngs, any supp l y cha i n d i sr u pt i ons, any pu b li c he a l th c r i ses, pand e m i cs or ep i de m i cs, and other bus i ness and opera t ional r i sks and other factor s , i n c l ud i ng m i n i ng acc i dents . For a su mm ary of such r i sk fact o rs, r e fer to the Target C o m pan i es’ and R i ge l’ s R i sk Factors p a ragraph be l o w . These factors are not necessar il y a l l o f the i m portant factors t h at cou l d cause the T a rget Co m p an i es’ actual resu l ts to differ m ater i al l y f rom those e x pre s sed i n any for w ar d - l ook i ng state m ents . Other unkn o w n or unpred i ctab l e factors co u l d a l so have m ater i al adverse e f fects on future res u l t s . Consequent l y, readers are ca u t i oned not to p l a c e undue re li ance on for w ard - l ook i ng state m e nt s . The T a rget Co m pan i es or R i gel underta k e no ob li gat i on to update pub li c l y or re l ease any rev i s i ons to these for w ard - l ook i ng st a te m ents to ref l ect events or c i rcu m stances after the date hereof or to ref l ect the occurrence of unant i c i pated events, e x cept to the e x tent requ i red by app li cab l e l a w . R I S K F A C T O R S Th i s sect i on su m m ar i ses m any of the r i sks t h at cou l d a f fect the opera t i ons of the Target C o m pan i es or R i ge l . There m ay, h o w ever, be add i t i onal r i sks unkno w n to the Target Co m p an i es or R i gel and other r i sks, curren t l y bel i e ved to be i m m ater i a l , th a t cou l d turn out to be m ater i al . A dd i t i onal r i sks m ay ar i se or beco m e m ater i al subsequent to the date of th i s docu m ent . These r i sks, e i ther i nd i v i dua ll y or s i m u l taneous l y, cou l d s i gn i f i cant l y affect the Target Co m pan i es’ or R i ge l ’s bus i ness, operat i onal and f i nanc i al resu l ts and the pr i ce of the i r secur i t i e s . 1. Risks Related to t h e T a r get Co m pa n ies’ I n d u st r y M i n i ng co m pan i es are i ncreas i ng l y e x pected to operate i n a susta i na b l e m an n er and to p r ov i de benef i ts and m i t i gate adverse i m pacts to affe c ted co mm un i t i es. Fai l ure to do so can resu l t i n l egal suits, add i t i onal costs to add r ess soc i al or env i ron m ental i m pacts of operat i ons, i nvestor d i vest m ent, adverse reputat i onal i m pacts and l oss of “soc i al li cence to operate”, and cou l d adverse l y i m pact the Target Co m pan i es’ f i nanc i al cond i t i o n . M i n i ng c o m pan i es are su b j ect to m any r i sks re l ated to the deve l op m ent of e x i st i ng and n e w m i n i ng pr o j ects that m ay adverse l y affect the i r res u l ts o f operat i ons and pro f i ta b i l i t y . Resource e x p l orat i on and deve l o p m ent i s a s p ecu l at i ve bus i ness and i nv o l ves a h i gh degree of r i sk. M i n i ng c o m pan i es are su b j ect to e x tens i ve and rap i d l y chang i ng environ m enta l , hea l th and safety l a w s and regu l at i on s . F a il ure to co m p l y w i th these requ i re m ents cou l d resu l t i n enforce m ent proceed i ngs, c l a i m s, suspens i on o f operat i on s , co mm un i ty protest and / o r add i t i onal cap i tal or operat i ng e x pend i tures that cou l d adverse l y i m pact the Target Co m pan i es’ f i nanc i al cond i t i on or reputat i o n . C o m p li ance w i th t a i l i ngs m anag e m ent requ i r e m ents and standards, and pote n t i a l li abi l it i e s i n the event of a f a il ure to t i m e l y co m p l y w i th these requ i re m ents or an i n c i dent i nvo l v i n g a t a i l i ngs storage faci l ity, cou l d advers e l y i m pact the T a rget Co m pan i es’ f i nanc i al cond i t i on, resu l ts of operat i ons and reputat i o n . The Target C o m pan i es’ ab ili ty to re p l ace th e ir m i neral resources and reserves i s sub j ect to uncerta i nty and r i sks i nherent i n e x p l orat i o n, techn i c a l and econo m i c pre - feas i bi l ity and feas i bi l ity s tud i es and other pro j ect eva l uat i o n act i v i t i es, as w e l l as co m pet i t i on w i th i n the i ndustry for attract i ve m i n i ng propert i es. M i n i ng i s i nherent l y hazardous and the r e l at e d r i sks o f events that cause d i s rupt i ons to the Target Co m pan i es’ m i n i ng operat i ons m ay a d verse l y i m pact the env i ron m ent or the hea l t h , safety or secu r i ty of the co m pan y ’s w orkers or the l oc a l co mm un i ty, produc t i on, cash f l o w s and overa l l prof i tab ili t y . M i n i ng operat i ons and pro j ects are vu l nerable to supp l y cha i n d i s rup t i ons such that opera t i ons and deve l o p m ent pr o j ects cou l d be adverse l y a f fected by shortages o f, as w e l l as e x tended l ead t i m es to de li ver, s trate g i c spares, c r i t i cal consu m ab l es, m i n i ng equ i p m ent or m eta ll urg i cal p l ant. M i n i ng operat i ons and pro j ects are vu l nerab l e to i nfrastructure constra i nts, as w e l l as m i n i ng, geotechn i cal and process i ng r i sks. M i neral reserve and resource est i m ates are e x press i ons of j udg e m ent based on kno w l edge, e x per i ence and i ndus t ry prac t i ce. E s t i m a t es m ay change or beco m e uncerta i n w hen n e w i nfor m at i on beco m es ava il ab l e on the te n e m ents through ad d i t i onal e x p l orat i on, i nvest i gat i ons, research, test i ng or eng i neer i ng over the li fe of a pro j ect. M i n i ng co m pan i es face strong co m pet i t i on and i ndustry conso li dat i o n . 2. Risks Related to t h e T a r get Co m pa n ies’ O p e r ati o n s a n d B u si n ess The T a rget C o m pan i es’ operat i ons are vu l nerab l e to i n f rastru c ture constr a i nt s , i n c l ud i ng i n cage ho i st i ng and p l ant capac i ty. D e l ays or fa i l ures i n de w ater i ng of f l ooded underground w ork i ng areas w il l i m pact negat i ve l y on the acces s i b i l i t y , as w e l l as the re - equ i pp i n g and re - estab li sh m ent of the w ork i ngs. The t i m e and costs assoc i ated w i th access i ng w ork i ng p l aces i s based on assu m pt i ons and cou l d have been under - est i m ated. The Target C o m pan i es’ operat i ons are vu l n e rab l e to m i n i ng r i sk, i n c l ud i ng not ach i ev i ng p l anned face advance, de l ays i n produ c t i on as a result of se i s m i c i ty, under - perf o r m i ng a ga i nst the m i ne p l an, not ach i e v i ng p l anned se l ect i ve b l ast m i n i ng eff i c i enc i es w i th regards to face advance, go l d l oss and d il ut i on, and not ach i ev i ng p l anned product i on ra m p - up and not m a i nta i n i ng steady - state product i o n . The Target Co m pan i es’ operat i ons are vu l nerab l e to process i ng r i sk, i nc l ud i ng not ach i ev i ng p l anned product i on throughput and recover i es, as w e l l as i nsuff i c i ent ta ili ngs storage fac ili ty capac i ty. The Target Co m pan i es’ operat i ons are v u l ne r ab l e to f i nanc i al and l egal r i sks, w h i ch m ay l ead to d i srup t i on or suspens i on of the Target C o m p a n i es’ operat i ons and / or i m pos i t i on of f i nes. There can be no assurance that there w il l be su f f i c i ent ca p i t a l pro v i s i on o r that operat i ng costs w il l not e x ceed budgeted costs. The Target Co m pan i es’ i nab ili ty to reta i n i ts sen i or m anage m ent m ay have an adverse effect on the i r bus i ness.

R i sk Factors C ont’d The Target Co m pan i es c o m p ete w i th m i n i ng and other co m p a n i es for key hu m an resources w i th cr i t i cal ski l l s and i ts i nabi l i ty to r e ta i n k e y personnel or s u f f i c i ent “H i st o r i c a ll y D i sadvantaged S outh A fr i cans” (H DSA ) representat i o n i n m anag e m ent pos i t i ons cou l d have an adverse effect on the i r bus i ness. Increased l abour costs cou l d have a m ater i al adverse effect on the Target Co m pan i es’ resu l ts of operat i ons and f i nanc i al cond i t i o n . The use of contractors at certa i n of the Target Co m pan i es’ operat i ons m ay e x pose the Target Co m pan i es to de l ays or suspens i ons i n m i n i ng act i v i t i es and i ncreased m i n i ng costs. A rt i sanal and ill egal m i n i ng m ay occur on the Target Co m pan i es’ propert i es, w h i ch can d i srupt the Target Co m pan i es’ bus i ness, have adverse env i ron m enta l , hea l th, safety and secur i ty i m pacts, and e x pose the Target Co m pan i es to li ab ili t y . The T a rget Co m p a n i es have been e x posed t o secur i ty r i sks, i n c l ud i ng the f t of g o l d and gold - bear i ng m ater i a l , and m ay cont i nue to be e x posed i n the future. Increased secu r i ty - re l a t ed e x p end i tures or m ater i a li za t i on of secu r i ty r i sks m ay l ead to i ncreased operat i onal e x penses and have a m ater i al adverse effect on the Target Co m pan i es’ resu l ts of operat i ons and f i nanc i al cond i t i o n . G i ven the nature of m i n i ng and the type of m i nes w e operate, w e face a m ater i al r i sk of li ab ili ty, de l ays and i ncreased cash costs of product i on from env i ron m ental and i ndustr i al acc i dents and po ll ut i on co m p li ance breaches. Fa il ure to m odern i se operat i ons m ay have a m ater i al adverse effect on the Target Co m pan i es’ bus i ness. T i t l e to the Target Co m pan i es’ propert i es, w h il st current l y secured i n l a w , m ay be sub j ect to cha ll eng e . The out b reak of the CO V ID - 19 pande m i c and the preva l ence o f HI V / A IDS has had and m ay cont i nue to have a m ater i al adverse effe c t on the Target Co m p a n i es’ bus i ness, f i nanc i a l cond i t i on, and res u l ts of operat i on s . A ny fut u re ep i de m i cs m ay a l so have s i m il ar, or m ore severe, effects on g l obal econo m i c act i v i ty and on the i r bus i ness, resu l ts of operat i ons or f i nanc i al cond i t i o n . The Target Co m pan i es’ operat i ons are sub j ect to var i ous c li m ate change - re l ated phys i cal r i sks w h i ch m ay adverse l y i m pact i ts product i on act i v i t i es, m i ne s i tes and personnel and/or resu l t i n resource shortages or env i ron m ental da m ages. The Target Co m pan i es’ operat i ons are reg i ona ll y concentrated, d i srupt i ons i n these reg i ons cou l d have a m ater i al adverse i m pact on the operat i ons and f i nanc i al cond i t i on of the bus i nes s . M any of the f i nanc i a l and operat i onal f i gures i nc l uded i n th i s present a t i on re l ate s o l e l y to t he ta i l i ngs bus i ness of Gauta Tai l i ngs and t h e m i n i ng bus i ness of B l yvoor Go l d and m ay not be ref l e c t i ve o f the f i nanc i al and operat i o nal pro j ect i ons of the Targ e t C o m pan i es overa ll . 3. Risks Related to t h e T a r get Co m pa n ies’ O p e r ati o n s a n d B u si n ess The Target Co m pan i es have at present and e x pect to have s i gn i f i cant f i nanc i ng requ i re m ents from t i m e to t i m e and m ay i ncur substant i al add i t i onal i ndebtedness i n the future, w h i ch cou l d adverse l y i m pact the i r bus i ness. S a l es of l arge quantit i es of the Targ e t Co m p an i es ord i n a ry shares or s i m il ar secu r i t i es, o r the percep t i on th a t these sa l es m ay occur or other di l u t i on of the Target C o m pan i es’ equ i ty, cou l d adverse l y affe c t the prev a i l i ng m arket p r i ce o f the Target Co m pan i es’ secur i t i es. The Target Co m pan i es m ay not pay d i v i dends or m ake s i m il ar pay m ents to shareho l ders i n the future. There can be no assurance that the Target C o m p a n i es w il l be ab l e to support the carr y ing a m ount of the i r prope r ty, p l ant and equ i pm ent, i ntang i b l e assets and good w il l on the ba l ance sheet. I f the ca r ry i ng a m ount of their assets i s n o t recoverab l e , the Targ e t Co m pan i es m ay be requ i red to recogn i se an i m pa i r m ent charge, w h i ch cou l d be m ater i a l . W e are sub j ect to the i m pos i t i on of var i ous regu l atory costs, such as m i n i ng ta x es and roya l t i es, changes to w h i ch m ay have a m ater i al adverse effect on our operat i ons and prof i ts. A ny do w ngrade of cred i t rat i ngs ass i gned to the Target Co m pan i es’ debt secur i t i es cou l d i ncrease future i nterest costs and adverse l y affect the ava il ab ili ty of new debt f i nanc i n g . A ny acqu i s i t i on or acqu i s i t i ons that the Target Co m pan i es m ay co m p l ete m ay e x pose them to new geograph i c, po li t i ca l , l ega l , soc i a l , operat i ng, f i nanc i al and geo l og i cal r i sks. The occu r rence o f events for w h i ch the Targ e t Co m pan i es are not i nsured or f o r w h i ch th e ir i nsurance i s i nadequate m ay adverse l y a ff e ct cash f l o w s and overa l l pr o fitabi l ity. There c an be no assurance that the T a rget C o m pan i es’ i nsurance coverage w il l adequately sat i sfy a l l potent i al c l a i m s i n the future. 4. M a r ket Risks The pr i ce of go l d, the Target Co m pan i es’ pr i nc i pal product, and other co mm od i ty m arket pr i ce f l uctuat i ons cou l d adverse l y affect the prof i tab ili t y of operat i ons. The prof i tab ili ty of m i n i ng co m pan i es’ operat i ons and the cash f l o w s generated by these operat i ons are s i gn i f i cant l y affected by f l uctuat i ons i n i nput product i on pr i ces, so m e of w h i ch are li nked to the pr i ces of o i l and stee l . G l obal po li t i cal and econo m i c cond i t i ons cou l d adverse l y affect the Target Co m pan i es’ prof i tab ili ty of operat i ons. Inf l at i on m ay have a m ater i al adverse effect on resu l ts of operat i ons. 5. Ot h er Re g u lato r y a n d Legal Risks Fai l ure to co m p l y w i th l a w s, regu l a t i ons, s t a ndards and contractual ob li g a t i ons, breaches i n governance processes or fraud, b r i bery a nd corrupt i on m ay l ead to regu l atory pena l t ie s , l oss o f li cences or per m i ts, negat i ve e ff e cts on the Targ e t C o m pan i es’ reported f i nanc i al resu l ts, and adverse l y affect the i r reputat i o n . The m i neral r i ghts are sub j ect to l eg i s l a t i on, wh i ch cou l d i m pose s i gn i f i ca n t costs and bu r dens and w h i ch i m pose certa i n o w n ersh i p r e qu i re m ents, the i nter p reta t i on of w h i ch i s the sub j ect of d i sput e . Changes to th i s l eg i s l a t ion cou l d adverse l y i m pact the Target Co m pan i es’ resu l ts of operat i ons and f i nanc i al cond i t i o n . The Target Co m pan i es have been, are curr e nt l y, and m ay fr o m t i m e to t i m e be i nvo l ved i n l ega l , tax or regu l a tory proceed i ngs o r d i s p utes and to he i g h tened r i sk of c l a i m s aga i nst the m , w h i ch cou l d have an adverse i m pact on the T a rget Co m p a n i es’ reputat i on, prof i tab ili ty and conso li dated f i nanc i al pos i t i on and l ead to i ncreased l egal e x penses and a w ards aga i nst the Target Co m pan i e s . Co m p li ance w i th e m erg i ng c li m ate change - re l ated requ i re m ents cou l d resu l t i n add i t i onal costs and e x pose the Target Co m pan i es to add i t i onal li ab ili ties. Increas i ng s c rut i ny and chang i ng e x pectat i o n s from the Target C o m pan i es’ stakeho l ders, inc l ud i ng co mm un i t i es, govern m ents and NGOs as w e l l as i nvest o rs, l enders and other m arket pa r t i c i pants, w i th respect to the Target C o m p a n i es’ E nv i ro n m enta l , S oc i al and Governance perfor m ance and po li c i es m ay i m pact the Target Co m pan i es’ reputat i on, resu l t i n add i t i onal costs to m eet the e x pectat i ons of stakeho l ders, h i nder access to cap i tal or e x pose the Target Co m pan i es to add i t i onal r i sks, i nc l ud i ng d i s i nvest m ent and li t i gat i o n .

R i sk Factors C ont’d B reaches i n cybersecur i ty and v i o l at i ons of data protect i on l a w s m ay adverse l y i m pact or d i srupt the Target Co m pan i es’ bus i ness . U . S . secur i t i es l a w s do not requ i re the Tar g et C o m pan i es to d i s c l ose as m uch i nfor m at i on to i nvestors as a U . S . i s s u e r i s req u i red to d i s c l os e , and i nvestors m ay rece i ve l ess infor m at i on about the Target C o m p an i es than they m i ght other w i se rece i ve from a co m parab l e U . S . co m pany . The scope of due d i l i gence R i gel has cond u cted i n con j unct i on w i th the P roposed C o m b i nat i on m ay be d i fferent than w ou l d typ i ca ll y be conducted i n the event the Target Co m p a n i es pursued an under w r i tten pub li c off e r i ng, and you m ay be l ess protected as an i nvestor from any m ater i al i ssues w i th respect to the Target Co m pan i es’ bus i ness. 6. Risks Related to S o u th A f r ica The Target Co m pan i es’ m i neral depos i ts, m i neral resources and reserve s , and m i n i ng operat i ons are l ocated i n a country w here po li t i cal, tax and econ o m i c la w s and po li c i es m ay ch a nge rap i d l y and unpred i c tab l y and such changes and po li c i es, i n c l ud i ng w i th respect to f i nanc i al prov i s i on i ng for rehab ili tat i on, m ay adverse l y affect both the ter m s of the i r m i n i ng r i ghts and concess i ons, as w e l l as the i r ab ili ty to conduct operat i ons. The T a rget Co m pan i es’ operat i ons are su b j e ct to w ater use li cences . A lthough the Target C o m p a n i es are operat i ng i n accordance w i th gover n m ent depar t m ental rec o mm endat i ons and has app li ed for a new water use li cense, they are curren t l y operat i ng w i thout a va li d w ater use l i cense, w h i ch cou l d res u l t i n f i nes, sanct i ons and penalt i es f rom the co m petent autho r i t i es or suspen s i on of the Targ e t Co m pan i es’ operat i ons and have a m ater i al adverse e ffect on the Targ e t Co m pan i es’ b u s i ness, oper a t i ng results and f i nanc i al cond i t i o n . The Target C o m pan i es’ m i neral resources a n d reserves, depo s i ts and m i n i ng opera t i ons a r e l ocated i n a coun t ry that faces i n s tabi l ity, p u b li c he a l th and secu r i ty r i sks that m ay adverse l y a f fect b o th the ter m s of their m i n i ng r i ghts and concess i ons, as w e l l as the i r abi l ity to conduct operat i ons. The preva l ence of occupat i onal hea l th d i seases and other d i seases and the potent i al costs and li ab ili t i es re l ated thereto m ay have an adverse effect on the bus i ness and resu l ts of operat i ons of the Target C o m pan i es . S i nce the Target Co m pan i es’ l abour force h a s substan t i al t rade un i on pa r t i c i pat i o n , they f a ce i ncreased r i sk o f d i srup t i on from l abour d i s putes and a m en d m ents to S outh A f r i can l ab o ur l a w s. Labour unrest, u n i on ac t i vity, ac t i v i s m and d i srupt i ons ( i n c l ud i ng protra c ted stoppages) have had and cou l d have a m ater i al adverse effect on the Target Co m pan i es’ resu l ts of operat i ons and f i nanc i al cond i t i o n . The Target Co m pan i es’ m i neral r i ghts i n S outh A fr i ca cou l d be a l tered, suspended or cance ll ed for a var i ety of reasons, i nc l ud i ng breaches i n the i r ob li gat i ons i n respect of such m i n i ng r i ghts . Fore i gn e x change f l uctuat i ons and S outh A fr i can control e x change regu l at i ons m ay constra i n the Target Co m pan i es’ f i nanc i al f l e x i b ili ty, w h i ch cou l d have a m ater i al adverse effect on the Target Co m pan i es’ resu l ts of operat i ons and f i nanc i al cond i t i o n . Fa il ure to co m p l y w i th the requ i re m ents of the B roa d - based S oc i o - econo m i c E m po w er m e nt Charter 2018 cou l d have an adverse effect on the Target Co m pan i es’ bus i ness, operat i ng resu l ts and f i nanc i al cond i t i on of the i r operat i ons. The tax fra m e work i n S outh A fr i ca i s co m p le x w i th respect to m i neral a c t i v i t i es, i n c l ud i ng i n w i th reference to m i n i ng royalt i es, r i ng - fen c i n g of unredee m ed cap i tal e x pend i ture, re - ass e s s m ent of unredee m ed cap i tal e x pend i ture by the SA R S , and poten t i al tax ref o rm or draft a m end m ents to the I T A , w h i ch cou l d have an adverse effect on the bus i ness, operat i ng resu l ts and f i nanc i al cond i t i on of the Target Co m pan i es’ operat i ons. F l uctuat i ons i n the e x change rate of the S outh A fr i can currency m ay reduce the m arket va l ue of the Target Co m pan i es’ secur i t i es, as w e l l as the m arket va l ue of any d i v i dends or d i str i but i ons pa i d by the Target Co m pan i es. E nergy cost i ncreases, and po w er f l uctuat i ons and stoppages cou l d adverse l y i m pact the Target Co m pan i es’ resu l ts of operat i ons and f i nanc i al cond i t i o n . A further do w ngrade of S outh A fr i ca’s cred i t rat i ng m ay have an adverse effect on the Target Co m pan i es’ ab ili ty to secure f i nanc i n g . 7. R isks R elated to t h e Pr oposed C o m bi n ation E vents, changes and c i rcu m stances w h i ch are or m ay be beyond the control of the Target Co m pan i es’ and R i gel Resource A cqu i s i t i on Corp m ay g i ve r i se to the ter m i nat i on of negot i at i ons and subsequent def i n i t i ve agree m ents re l ated to the P roposed Co m b i nat i o n . The consu mm at i on of the P roposed Co m b in at i on i s e x pected to be sub j ect to a nu m ber of cond i t i ons, so m e of wh i ch w il l beyond the control of the Targ e t Co m p a n i es and R i gel Resource A cqu i s i t i on Corp, i nc l ud i ng the a p proval of the sh a reho l ders and v a r i ous regu l atory author i t i es. If those cond i t i ons are not m et or w a i ved, the P roposed Co m b i nat i on m ay not occu r . The Target Co m pan i es’ operat i ons m ay be restr i cted dur i ng the pendency of the P roposed Co m b i nat i on pursuant to ter m s of the B us i ness Co m b i nat i on A gree m ent . A n aff i l i ate of R i g e l ’s sponsor m a i nta i ns i nte r ests re l ated to a subs i d i ary of A urous Resources, i n c l ud i ng a non - control l i ng shareho l d i n g i nteres t . In case of a con f li c t of i n terest be t ween the sponsor and A urous Res o urces, the sponsor m ay g i ve pr i or i ty to i ts o w n i nterests, w h i ch m ay i n turn i m pact the f i nanc i al cond i t i on, operat i ons and prof i tab ili t y of A urous Resources and i ts subs i d i ar i e s . S o m e of R i ge l ’s e x ecut i ve o f f i cers and direc t ors m ay have conf li c ts of i n terest that m ay i n f l uence or have i n f l uenced them to support o r approve the P roposed Co m b i nat i on w i thout regard to i nvestors’ i n terests or i n deter m i n i ng w hether the Target C o m pan i es are appropr i ate targets for R i ge l ’s i n i t i al bus i ness co m b i nat i o n . B oth R i gel and the Target Co m pan i es w il l i ncur s i gn i f i cant transact i on costs i n connect i on w i th the P roposed Co m b i nat i o n . There can be no assurance as to the t i m i ng of the co mm ence m ent or co m p l et i on of the SE C rev i ew of the pro x y state m ent/prospectus re l at i ng to the P roposed Co m b i nat i on, w h i ch i n turn w il l deter m i ne the t i m i ng of the c l os i ng of the P roposed Co m b i nat i o n . The l egal arch i tecture of the P roposed C o m b i nat i on m ay g i ve r i se to unant i c i pated or adverse tax consequences, i nc l ud i ng to R i gel R esource A cqu i s i t i on C orp’s shareho l ders . The ab ili ty of R i ge l ’s pub li c shareho l ders to e x erc i se rede m pt i on r i ghts w i th respect to a s i gn i f i cant port i on of i ts C l ass A shares cou l d i ncrease the probab ili ty that the P roposed Co m b i nat i on w il l be unsuccessfu l . B ecause R i gel i s, and the resu l t i ng pub li c ent i ty w il l be, i ncorporated under the l a w s of the Cay m an Is l ands i nvestors m ay face d i ff i cu l ties i n protect i ng the i r i nterests, and the i r ab ili ty to protect the i r r i ghts through the U . S . federal courts m ay be li m i ted. S ecur i t i es of co m pan i es for m ed through bus i ness co m b i nat i ons such as the resu l t i ng pub li c ent i ty m ay e x per i ence a m ater i al dec li ne i n pr i ce re l at i ve to the share pr i ce of the i r pub li c shares pr i or to the bus i ness co m b i nat i o n . If R i gel i s dee m ed to be an i nve s t m ent c o m p any for p u rposes of the Invest m ent C o m p any A ct, i t w ou l d be requ i red to i n s titute burdens om e c o m p li ance requ i re m ents and i ts a c t i v i t i es w ou l d be severe l y res t r i c ted and, as a resu l t , i t m ay be requ i red to w i nd up, redeem and li qu i dat e .

R i sk Factors C ont’d 8. Risks Related to Bei n g a P u blic Co m pa n y The T a rget C o m pan i es’ appo i n t m ent of a n e w reg i stered i ndependent account i ng firm cou l d resu l t i n add i t i onal costs and dif f i cu l t i es i n co m p l y i ng w i th regu l at i ons govern i ng pub l i c c o m pany corporate governance i nc l ud i ng repor t i ng de l ays i n the fi li ng of i ts reports w i th the SE C, and the Target Co m pan i es’ reg i stered i ndependent account i ng f i rm m ay i nterpret account i ng ru l es d i fferent l y from i ts for m er f i r m , w h i ch cou l d adverse l y i m pact i ts bus i ness. Fai l ure to co m p l y w i th requ i re m ents to des i gn, i m p le m ent and m a i nta i n effe c t i ve i ntern a l control over f i nan c i al repo r t i n g , i n c l ud i ng S ect i o n 404(a) of the S arbanes - O x l ey A ct, cou l d h a ve a m ater i al adverse effe c t on the result i ng pub li c en t i ty’s bus i ness and stock pri c e and i nvestors’ conf i dence on the re li ab ili ty of i ts f i nanc i al state m ents. N Y S E m ay de li st R i ge l ’s o r the resu l t i ng pub l ic en t i ty’s sec u rit i es f rom trad i ng on its e x cha n ge, w h i ch cou l d l i m i t i nve s tors’ abi l i ty to m ake t ransact i ons i n R i ge l ’s or the result i ng publ i c ent i ty’s securit i es and sub j ect R i gel or the re s u l t i ng publ i c e n tity to add i t i onal t rad i n g restr i ct i ons. A n act i ve trad i ng m arket for the equ i ty secur i t i es m ay not deve l op or m ay not be susta i ned to prov i de adequate li qu i d i t y . The resu l t i ng pub li c ent i ty cou l d be the sub j ect of secur i t i es c l ass act i on li t i gat i on due to future stock pr i ce vo l at ili ty, w h i ch cou l d d i vert m anage m ent’s attent i on and m ater i a ll y and adverse l y affect our bus i ness, f i nanc i al pos i t i on, resu l ts of operat i ons and cash f l o w s. Future sa l es of equ i ty secur i t i es by e x i st i ng shareho l ders or by the resu l t i ng pub li c ent i ty, or future d il ut i ve i ssuances of equ i ty secur i t i es by the group, cou l d adverse l y affect preva ili ng m arket pr i ces for the equ i ty secur i t i es. The quarter l y resu l ts of operat i ons m ay f l uctuate and as a resu l t, the group m ay fa i l to m eet or e x ceed the e x pectat i ons of i nvestors or secur i t i es ana l ysts, w h i ch cou l d cause the share pr i ce to dec li n e . Fol l o w i ng the cons u m m at i on of the P ropos e d C o m b i nat i on, the resu l t i ng publ i c en t i ty w il l i ncur s i gnif i cant i n c reased e x penses and a d m i n i strat i ve burdens as a publ i c co m pany, wh i ch cou l d have an adverse e ffe c t on its bu s iness, f i nanc i al con d i t i on and results of operat i ons. Concentrat i on of o w nersh i p of the result i ng pub li c entity a m ong m e m bers of the Target C o m pan i es’ and R i ge l ’s sen i or m a n ag e m ent, e x i st i ng directors and p r i nc i p a l s tockho l ders m ay prevent new i nvestors from i nf l uenc i ng s i gn i f i cant corporate dec i s i ons and their i nterests m ay be d i fferent fro m , or i n add i t i on to, i nvestors’ i nterests. R i gel i s , and the result i ng publ i c en t i ty w i ll be, an “e m erg i ng gro w th c o m pany” and a “fore i gn pr i vate i ssuer” and, as a resu l t of the reduced d i sc l osure and governance requ i re m ents app li cab l e to such co m pan i es, i ts secu r i t i es m ay be l ess attrac t i ve to i nvestors and it m ay be m ore d i ff i cu l t to co m pare the resu l t i ng pub li c ent i ty’s perfor m ance to the perfor m ance of other pub li c co m pan i e s . T h e r isks desc r i b e d ab o v e a r e n ot t h e o n ly r isks fac e d by t h e Ta r get Co m pa n ies a n d Rige l . Y ou s h o u l d al s o ca r ef u lly r e v iew t h e sect i o n s e n ti t l e d “Ris k F a c t o r s ” a n d “Ca u t i o n a r y Note Re g a r di n g F o r wa r d - L oo k i n g S t a t e m e n t s ” in t h e f i li n gs t h at Rig e l h as m ade a n d will m ake a n d ot h er fili n gs t h at will be m ade with t h e U . S . S ec ur ities a n d E xc h a n ge Co mm issi o n .