Platreef

OPERATOR: Ivanhoe Mines (64%) BEE Partners (26%), Japanese Consortium Led by Itochu (10%)

ACQUISITION DATE: December 8, 2021

TOTAL ACQUISITION PRICE: $75 Million

• Tranche 1: $18.75 Million
• Tranche 2: $56.25 Million

STREAM OVERVIEW:

37.5% of gold produced from Platreef until 131,250 ounces have been delivered, 30% of gold produced from Platreef until an aggregate 256,980 ounces of gold are delivered to Nomad, and 5% thereafter. The gold stream will be based on all recovered gold from Platreef, subject to a fixed payability of 80%. Transfer price of $100/oz until 256,980 ounces of gold are delivered, and 80% of the spot gold price for each ounce of gold delivered thereafter.

PROJECT OVERVIEW:

The Platreef project is located on the northern limb of the Bushveld Complex in South Africa, approximately 280 km northeast of Johannesburg in the Limpopo province.

Production is expected to start in 2024 with 770 ktpa in phase 1. 3.0 mtpa in phase 2 and 5.2 mtpa in phase 3, which is expected to achieve full plant ramp-up by 2031.

The Platreef project’s orebody (Flatreef) is up to 60 meters thick in places, and 26 meters on average. Platreef’s orebody thickness allows for low cost, bulk tonnage, skilled and safe mining methods, with significantly higher productivity.

Platreef is working on building a zero-emission mining operation with an electric fleet ordered for start of development in 2022.