History

The Group has completed a phased and low risk development at the Tharisa Mine.

The Group owns the Tharisa Mine through Tharisa Minerals, a subsidiary of the Company. The majority of the prospecting rights relating to the Tharisa Mine were originally granted to Thari Resources in February 2006 and March 2007 and subsequently transferred to Tharisa Minerals (at that time a wholly-owned subsidiary of Thari Resources). The Company acquired 74% of the equity capital of Tharisa Minerals in March 2009. The remaining 26% of Tharisa Minerals is held by BEE partners.

Key milestones in the development of the Group are as follows:

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