21000, 23000, 24100, 24220, 24230, 24290, 25200, 25311, 25319 & 25320

MINING IN WEST AFRICA

Siccodes 21000, 23000, 24100, 24220, 24230, 24290, 25200, 25311, 25319 & 25320

May 2016

Compiled by: ALEX CONRADIE [email protected]

JOHANNESBURG OFFICE 7 STURDEE AVENUE, ROSEBANK, 2196 P O BOX 3044, RANDBURG, 2125 TEL: +27 11 280-0880

PORT ELIZABETH OFFICE 1ST FLOOR, BLOCK F, SOUTHERN LIFE GARDENS, 70 2ND AVE NEWTON PARK 6045 P O BOX 505, HUNTERS RETREAT, 6017 TEL: +27 41 394-0600

WEBSITE: WWW.WHOOWNSWHOM.CO.ZA REG NO: 1986/003014/07

DIRECTORS: MAUREEN MPHATSOE (CHAIRPERSON), MICHELLE BEETAR (EXPERIAN), PAXTON ANDERSON (EXPERIAN), ANDREW MCGREGOR (MANAGING) Mining in West Africa Contents Siccodes 21000, 23000, 24100, 24220, 24230, 24290, 25200, 25311, 25319 & 25320

CONTENTS

1. INTRODUCTION ...... 1

2. DESCRIPTION OF THE INDUSTRY ...... 1 2.1. Industry Value Chain ...... 5

3. SIZE OF THE INDUSTRY ...... 6

4. STATE OF THE INDUSTRY ...... 17 4.1. Local ...... 17 4.1.1. Corporate Actions ...... 25 4.1.2. Regulations ...... 29 4.2. Continental ...... 32 4.3. International ...... 33

5. INFLUENCING FACTORS ...... 34 5.1. Economic Environment ...... 34 5.2. Lack of Infrastructure ...... 35 5.3. Security Risks and Political Instability...... 36 5.4. Environmental Concerns ...... 38 5.5. Labour Resources ...... 38 5.6. Technology, Research and Development (R&D) and Innovation ...... 39

6. COMPETITION ...... 40 6.1. Barriers to Entry ...... 40

7. SWOT ANALYSIS ...... 41

8. OUTLOOK ...... 41

9. INDUSTRY ASSOCIATIONS ...... 42

10. REFERENCES ...... 42 10.1. Publications ...... 42 10.2. Websites ...... 43

COMPANY PROFILES ...... 45 Abosso Goldfields Ltd ...... 45 African Gold Group Inc ...... 47 Alufer Mining Ltd ...... 50 AMR Gold Ltd ...... 52 AngloGold Ashanti Ltd ...... 54

Arcelormittal Liberia Ltd ...... 60 Areva SA ...... 62 Asanko Gold Inc ...... 65 Avocet Mining Plc ...... 69 Azumah Resources Ltd ...... 73 B2Gold Corporation ...... 76 Baomahun Gold Ltd ...... 79 Bellzone Mining Plc ...... 81 Cam Iron SA ...... 84 Cameroon Alumina Ltd ...... 86 Cavalla Resources Ltd ...... 88 Centamin Plc ...... 90 Compagnie des Bauxites de Guinee ...... 94 Endeavour Mining Corporation ...... 96 ERAMET SA ...... 100 Eta-Zuma Group Ltd...... 104 First Quantum Minerals Ltd ...... 106 Glencore Plc ...... 109 Great Quest Fertilizer Ltd ...... 118 Gryphon Minerals Ltd ...... 120 Hummingbird Resources Plc ...... 124 Industries Chimiques du Senegal SA ...... 127 Keras Resources Plc ...... 130 Kogi Iron Ltd ...... 133 Komet Resources Inc ...... 136 MagIndustries Corporation ...... 138 Managem SA ...... 140 Mineral Deposits Ltd ...... 143 MNG Gold AS ...... 147 Newcrest Mining Ltd...... 149 Pan African Gold and Minerals (Pty) Ltd ...... 153 Predictive Discovery Ltd ...... 155 Randgold Resources Ltd ...... 158 Robex Resources Inc ...... 164

Royal Salt Ltd ...... 166 Sable Mining Africa Ltd ...... 167 Sarama Resources Ltd...... 170 Severstal OAO ...... 173 Shandong Iron and Steel Group Co Ltd ...... 177 Sierra Mineral Holdings 1 Ltd ...... 179 Sierra Rutile Ltd ...... 181 Societe Nationale Industrielle et Miniere SA ...... 184 Societe Nouvelle des Phosphates du Togo ...... 187 Stellar Diamonds Plc ...... 188 Taurus Gold Ltd ...... 191 Tolsa SA ...... 193 Toro Gold Ltd ...... 195 TrueGold Mining Inc ...... 198 Vedanta Resources Plc...... 201 West African Resources Ltd ...... 207

1. INTRODUCTION

This report focuses on the mining sector in West Africa. An extensive established mining industry already exists in West Africa, with the region supplying 10% of the world’s manganese ore, 9% of its gold, 8% of its bauxite and 7% of its uranium during 2014. In the light of forecasts by the International Monetary Fund (IMF) of overall growth of more than 5% per annum in West Africa over the next three years, and significant volumes of unexploited mineral resources including iron ore, gold and uranium, West Africa is viewed as an area filled with mining potential. However, risks are present in the form of political instability and conflict, and electricity shortages are commonplace.

2. DESCRIPTION OF THE INDUSTRY

According to the geopolitical definition provided by the United Nations (UN), West Africa comprises 16 countries, Benin, Burkina Faso, Côte d’Ivoire, Cape Verde, Gambia, Ghana, Guinea, Guinea-Bissau, Liberia, Mali, Mauritania, Niger, Nigeria, Senegal, Sierra Leone and Togo. However, mining companies tend to include Cameroon, Gabon, Central African Republic, Equatorial Guinea and the Republic of the Congo in this group of countries, as can be seen on the map below.

[Source: www.answersafrica.com]

Minerals produced in West Africa include bauxite, coal, copper, diamonds, gemstones, gold, iron ore, lead, manganese, phosphate rock, silver, tin, titanium, uranium and zinc. A large number of companies are involved in the region’s mining sector, including major companies like Rio Tinto, Glencore, United Company (US) Rusal, Newmont Mining, AngloGold Ashanti, Vale, ArcelorMittal and Areva. The majority of the minerals produced are exported for further processing, and in general West African countries have modern mining codes and legislation.

Burkina Faso has an established mining framework and in addition to gold, there are large deposits of copper, phosphate, zinc, manganese, bauxite, nickel, lead and silver. The country was West Africa’s largest silver and zinc producer and Africa’s sixth-largest gold producer in 2014. The mineral sector has become a significant contributor to the country’s economy with a share of 8.4% of the GDP in that year.

Cameroon has a relative abundance of natural resources, including bauxite, cobalt, diamonds, gold, and iron ore. The country reportedly has estimated bauxite reserves of more than 1 billion tonnes (t), but due to Cameroon’s poor transport infrastructure, investor interest in this commodity has been subdued. The mining industry in Cameroon is dominated by artisanal operations, but the country has significant potential, as large portions of its landmass have not been explored yet.

Mining does not play a significant role in the economy of the Central African Republic. The only minerals of economic importance are diamonds, which are exploited through artisanal methods, and, to a lesser extent, gold. Other undeveloped mineral resources include copper, titanium minerals, iron ore and manganese.

Despite its promising geology, the mining sector in Côte d’Ivoire remains underdeveloped, although significant deposits of gold, diamonds, iron ore, nickel, cobalt, copper, manganese and bauxite have been identified. The mining sector contributed 7.2% to the GDP in 2014, and as the government is actively developing the mining sector, it is aiming for the sector to contribute up to 8% of GDP within the next decade.

Gabon’s economy largely depends on exports of manganese, which is the country’s principal mineral export commodity. The country was the world’s fourth-largest producer of manganese ore in 2014, according to the British Geological Survey (BGS), while small amounts of gold were mined. In 2015, Gabon had the world’s seventh-largest manganese reserves, measuring 3.5% of the world total,

according to the United States Geological Survey (USGS). Undeveloped mineral deposits in Gabon contain iron ore, diamonds, niobium and phosphate rock.

The mining sector in Ghana is large and well-established, as the country is well-endowed with natural resources, including gold, silver, diamonds, manganese and bauxite, with the country being the second-largest gold producer in Africa, and the world’s tenth-largest in 2014, according to the BGS. There is a large small-scale gold mining sector, with artisanal miners producing 34% of gold output during 2014. According to the BGS, Ghana was also the world’s ninth-largest producer of manganese ore in 2014, and contained the world’s eighth-largest manganese reserves, measuring 2.1% of the world total, as stated by the USGS. According to Ghana Chamber of Mines statistics, the share of mineral exports of total merchandise exports amounted to 34% in 2014.

Guinea was the world’s fifth-largest producer of bauxite in 2014 and the largest in West Africa, according to the BGS. Diamonds and gold are also produced, while undeveloped mineral resources include iron ore, manganese, nickel and uranium. USGS statistics indicate that during 2015 Guinea had the world’s largest bauxite reserves, measuring 26.9% of the world total, while the Simandou deposit is one of the world’s largest unexploited iron ore resources. Guinea relies on exports of bauxite ore for 80% of its export earnings.

Liberia produces diamonds, gold and iron ore. Iron ore accounted for about 65% of total export revenue in 2014. The country’s undeveloped mineral resources include cobalt, lead, manganese, nickel, tin, titanium minerals and phosphate rock.

Mali has a well-established gold mining sector and the country was the fourth-largest gold producer in Africa in 2014. Gold is the mineral most popularly mined in the country, and comprises 95% of Mali’s mineral sector output. Other minerals produced are iron ore and phosphate rock, while undeveloped deposits host bauxite, nickel, diamonds, uranium and manganese.

Mauritania is a supplier of copper, gold and iron ore. In 2014, the country was West Africa’s second- largest producer of iron ore after Sierra Leone. The mining industry in Mauritania accounted for 19.6% of GDP in 2014, with iron ore mining being one of the largest sources of revenue for the state.

Niger was the world’s fourth-largest uranium producer in 2014, according to the BGS, while other mineral commodities produced in the country included coal, gold and silver. The country’s economy

remains reliant on the production of uranium and gold, which are exported. Niger had the world’s fifth-largest reasonably assured resources of uranium during 2014, measuring 7.1% of the world total, according to the report Uranium 2014: Resources, Production and Demand.

Nigeria is regarded as perhaps the last remaining frontier for mineral investment in West Africa, due to the wide occurrence of minerals and limited modern exploration that has taken place in the past. The country is endowed with vast resources of minerals including coal, gemstones, iron ore, tantalum, lead, zinc, tin and gold. Gemstones like sapphire, ruby, aquamarine, emerald, tourmaline, topaz, garnet, amethyst and zircon are available in large quantities. With a pro-mining government now in power there is a renewed focus on the mining sector. Targets are in place to have solid minerals contributing 10% of the GDP by 2020, while the current contribution is less than 1%. These numbers apply only to formal mining, while about 80% of current mining activity in Nigeria is artisanal and small-scale in nature. The main challenges in the sector are the regulation of mining titles, the lack of adequate road and rail infrastructure, funding of public mining institutions so as to be able to enforce provisions of the law, and access to long-term funding to finance mining projects.

The mining sector in the Republic of the Congo is underdeveloped, but there is significant potential. Artisanal miners dominate the diamond and gold mining sub-sectors, while undeveloped resources include iron ore, potash and phosphate rock.

Minerals produced in Senegal include gold, titanium minerals and phosphate rock. The country is a major producer of phosphate rock and the largest producer of titanium minerals in West Africa, while also hosting large undeveloped iron ore deposits. Despite this, the mining sector contributed only 1.9% to GDP in 2014.

Sierra Leone was the world’s tenth-largest producer of diamonds in terms of both value and volume during 2014, according to Kimberley Process statistics. During the same year the country was also West Africa’s largest iron ore producer, and the region’s second-largest producer of titanium minerals. Other commodities produced included bauxite and gold. Sierra Leone hosts known deposits of chromite, platinum, copper, nickel, molybdenum, lead and zinc.

Togo’s mineral sector is dominated by gold and phosphate rock production, while diamonds are also produced. The country was West Africa’s largest phosphate rock producer, with the mining sector

contributing 3.7% to GDP in 2014. Undeveloped mineral resources include bauxite, titanium minerals, manganese and zinc.

2.1. Industry Value Chain

The supply chain for the mining industry can be broadly divided into six sections: exploration, mine construction, ore and rock extraction, transportation, treatment, processing and refining. As illustrated in the World Bank document, Increasing Local Procurement by the Mining Industry in West Africa, the procurement of inputs varies across the various stages of mining, from resource assessment to mine closure.

[Source: Increasing Local Procurement by the Mining Industry in West Africa]

According to the World Bank report mentioned above, in general there is only limited participation in mining supply chains by companies based in West Africa. Most of the mining inputs are imported into the region, although a few countries have made some progress in developing the local supply base. For example, Ghana has some production capacity in cement, lime, explosives emulsion, plastic piping, and some steel product fabrication facilities and has a range of service providers including engineering, civil works, environmental assessments, laboratory services, spare parts provision, and

maintenance and repair. The Ghanaian government has introduced local content laws that require mining companies to submit local procurement plans in an effort to increase procurement from local suppliers.

3. SIZE OF THE INDUSTRY

Minerals and Main Producing Countries (2014) Mineral West % of World Producing Countries Country’s % of Countries Showing African Production and % of West World Growth Potential Production African Production Production Bauxite 20.8 million 8.0 Guinea: 90 7.2 Cameroon tonnes (Mt) Sierra Leone: 6 0.4 Ghana: 4 0.4 Coal 286,936t 0.004 Niger: 89 0.0 Nigeria: 11 0.0 Copper 33,079t 0.2 Mauritania: 100 0.2 Diamonds 1.2 million 0.9 Sierra Leone: 54 0.5 Cameroon, Côte carats (Mct) Ghana: 21 0.2 d’Ivoire, Togo Guinea: 14 0.1 Liberia: 6 0.1 Republic of Congo: 5 0.0 Gemstones Nigeria Gold 257,496kg 8.5 Ghana: 38 3.3 Gabon, Niger, Mali: 18 1.5 Cameroon, Burkina Faso: 14 1.2 Liberia, Republic of Togo: 8 0.7 Congo, Côte d'Ivoire: 7 0.6 Sierra Leone Guinea: 6 0.5 Mauritania: 4 0.3 Senegal: 3 0.2 Nigeria: 2 0.1 Iron ore 32.8Mt 1.0 Sierra Leone: 44 0.4 Gabon, Mali, Mauritania: 41 0.4 Nigeria, Togo, Liberia: 15 0.1 Cameroon, Côte d’Ivoire, Senegal, Guinea,

Mineral West % of World Producing Countries Country’s % of Countries Showing African Production and % of West World Growth Potential Production African Production Production Republic of Congo Lead 15,400t 0.3 Nigeria: 74 0.2 Burkina Faso: 26 0.1 Manganese 5.5Mt 10.0 Gabon: 73 7.3 Togo, Mali Ghana: 25 2.5 Côte d'Ivoire: 2 0.2 Phosphate 1.9Mt 0.8 Togo: 57 0.4 Burkina Faso, rock Senegal: 42 0.3 Gabon, Guinea- Mali: 1 0.0 Bissau, Mauritania, Republic of Congo Potash Republic of Congo Silver 64,552kg 0.2 Burkina Faso: 93 0.2 Niger Ghana: 6 0.0 Côte d'Ivoire: 1 0.0 Tin 2,490t 0.7 Nigeria: 100 0.7 Titanium 209,656t 1.7 Sierra Leone: 52 0.9 Senegal: 48 0.8 Uranium 4,156t 7.4 Niger: 100 7.4 Mauritania Zinc 74,760t 0.5 Burkina Faso: 91 0.5 Nigeria: 9 0.1

[Sources: World Mineral Production, Kimberley Process Certification Scheme Annual Global Summary: 2014]

According to the BGS World Mineral Production report, during 2014 West Africa supplied 10% of the world’s manganese ore, 8.5% of its gold, 8% of its bauxite and 7.4% of its uranium.

The following companies are the major players in West Africa’s mining sector.  Compagnie des Bauxites de Guinea (CBG) is the world’s largest exporter of bauxite and produced a record 15.2Mt in 2014.  ERAMET, through its subsidiary Comilog, is the second-largest producer of high-grade manganese ore in the world. From the Moanda mine in Gabon the company produced almost 3.5Mt in 2014.  During 2014, Areva’s share of Niger’s uranium output was 1,988t, which was 3.6% of the world’s production total.

Exploration & Development and Mining Companies Involved in West Africa Siccodes Exploration & Development and Mining Companies Country Mineral 23000 Abosso Goldfields Ltd Ghana Gold  Ghana o Damang Mine o Tarkwa Mine 23000 African Gold Group Inc Ghana Gold  Ghana Mali o Twedee Project o Moseaso Project o Manso Nkwanta and Manso Atwere Project o Assuowunu Project o Nyankumasi Concession  Mali o Kobada Project 24290 Alufer Mining Ltd Guinea Bauxite  Guinea o Bel Air Project 23000 AMR Gold Ltd Sierra Leone Diamonds 24290  Sierra Leone Gold 25200 o 3 Exploration Licenses Rare Earth Metals Tantalite Tin 23000 AngloGold Ashanti Ltd Guinea Gold  Guinea Mali o Siguiri Ghana  Mali o Morila o Sadiola  Ghana o Idupriem o Obuasi 24100 ArcelorMittal Liberia Ltd Liberia Iron Ore  Liberia o Yekepa Mine

Siccodes Exploration & Development and Mining Companies Country Mineral 23000 Areva SA Niger Uranium Ore  Niger o Somaïr o Cominak o Imouraren 23000 Asanko Gold Inc Ghana Gold  Ghana o Asanko Gold Mine and Project o Obotan Project o Asankrangwa Gold Belt Exploration Project 23000 Avocet Mining Plc Burkina Faso Gold  Belahouro Exploration Guinea o Inata Project o Soumo Project  Guinea o Tri-K Development Project o Koulekoun Prospect o Kodieran Prospect 23000 Azumah Resources Ltd Ghana Gold  Ghana o Wa Gold Project 23000 B2Gold Corporation Burkina Faso Gold  Mali Mali o Fekola Project  Burkina Faso o Kiaka Project 23000 Baomahun Gold Ltd Sierra Leone Gold  Sierra Leone o Baomahun Gold Project

Siccodes Exploration & Development and Mining Companies Country Mineral 24100 Bellzone Mining Plc Guinea Iron Ore  Guinea Exploration for: o Sadeka Prospect (Expired permit) Copper o Kalia Mine Nickel Cobalt Manganese Chrome Platinum 24100 Cam Iron SA Cameroon Iron Ore  Cameroon o Exploration Permit No. 92 (EP92) 24290 Cameroon Alumina Ltd Cameroon Bauxite  Cameroon Aluminium o Ngaoundal and Minim-Martap Prospect Oxide 23000 Cavalla Resources Ltd Liberia Iron Ore 24100  Liberia Gold o Buchanan Iron Ore Tailings Project o Goe Fantro Exploration Project o Kitoma Exploration Project o St John River South Exploration Project o Toto Range Exploration Project 23000 Centamin Plc Burkina Faso Gold  Burkina Faso Ivory Coast o Wadaradoo Prospect o Napelapera Prospect o Torkera Prospect  Ivory Coast o Four Exploration Permits 24290 Compagnie des Bauxites de Guinee Guinea Bauxite  Guinea o Bauxite Mining Concession

Siccodes Exploration & Development and Mining Companies Country Mineral 23000 Endeavour Mining Corporation Burkina Faso Gold  Burkina Faso Ivory Coast o Youga Gold Mine Ghana o Hounde Gold Project Mali  Ghana o Nzema Gold Mine  Ivory Coast o Agbaou Gold Mine  Mali o Tabakoto Gold Mine o Kofi Project 24100 ERAMET SA Gabon Heavy Mineral 24230  Senegal Senegal Concentrate o Grande Côte mineral sands operation (JV with (HMC) Mineral Deposits Ltd) Manganese  Gabon Iron Ore o Comilog SA (Moanda Mine) 21000 Eta-Zuma Group Ltd Nigeria Coal 23000  Nigeria Gold o Zuma 828 Coal Ltd: 3 coal Mining Leases (9266ML, 9182ML, 9267ML) o Energy and Metal Industries Ltd: 5 Coal Exploration Licences and a Gold Exploration Licence 23000 First Quantum Minerals Ltd Mauritania Copper 24220  Mauritania Gold o Mauritania Exploration SARL and MCM SA (Guelb Moghrein mining concession)

Siccodes Exploration & Development and Mining Companies Country Mineral 24100 Glencore Plc Burkina Faso Copper-Cobalt 24290  Burkina Faso Republic of Iron Ore o Perkoa Zinc Mine Congo Zinc  Mauritania Mauritania o Lebtheinia Project o Askaf Project o El Aouj Project 25311 Great Quest Fertilizer Ltd Mali Phosphate  Mali o Tilemsi Phosphate Project o Sanoukou Project 23000 Gryphon Minerals Ltd Burkina Faso Gold  Burkina Faso Ivory Coast o Banfora Gold Project Mauritania  Mauritania o Tijirit Gold Project  Ivory Coast o Geological studies and field programs over 4,000 square kilometres of prospective ground 23000 Hummingbird Resources Plc Liberia Gold  Liberia Mali o Dugbe Project  Mali o Yanfolila Project 25311 Industries Chimiques du Senegal SA Senegal Phosphate  Senegal o Taïba mine 24100 Keras Resources Plc Gabon Iron Ore 24230  Gabon Togo Manganese o Mebaga  Togo o Nayega Manganese Project 24100 Kogi Iron Ltd Nigeria Iron Ore  Nigeria o Agbaja Iron Ore Project

Siccodes Exploration & Development and Mining Companies Country Mineral 23000 Komet Resources Inc Burkina Faso Gold  Burkina Faso o Komet Resources Afrique SA (Guiro-Diouga Permit) 25319 MagIndustries Corporation Republic of Potash Salt  Congo: Congo o MagMinerals Potasses Congo SA (Mengo Project) 23000 Managem SA Gabon Gold  Gabon Silver o Golden Etéké Project Copper Cobalt Zinc Fluorspar 24290 Mineral Deposits Ltd Senegal Heavy Mineral  Senegal Concentrate o Grande Côte mineral sands operation (JV with (HMC) ERAMET SA) Manganese Ilmenite Zircon Rutile & Leucoxene 23000 MNG Gold AS Burkina Faso Gold  Burkina Faso Liberia o MNG Gold Burkina SARL (Balogo Project)  Liberia o Kokoya Project 23000 Newcrest Mining Ltd Ivory Coast Gold  Ivory Coast o Bonikro Mine

Siccodes Exploration & Development and Mining Companies Country Mineral 23000 Pan African Gold and Minerals (Pty) Ltd Sierra Leone Planned 24100  Sierra Leone exploration for: o Pan-African Mines Planned Exploration Aluminum Initiative Bauxite Tantalite Granite Iron Ore Platinum Rubies Rutile Sapphires Titanium Gold 23000 Predictive Discovery Ltd Burkina Faso Gold  Burkina Faso Ivory Coast o Bonsiega Exploration Project o Bassieri Exploration Project o Bangaba Exploration Project o Tyekanyebi Exploration Project  Ivory Coast o Kokumbo Exploration Project o Ferkessedougou Exploration Project o Boundiali Exploration Project o Kounahiri Exploration Project (JV with Toro Gold Ltd) 23000 Randgold Resources Ltd Ivory Coast Gold  Ivory Coast Mali o Toungon  Mali o Morila Mine o Loula Mine o Gounkoto Mine o Bakolobi Project (Development JV with Taurus Gold Ltd)

Siccodes Exploration & Development and Mining Companies Country Mineral 23000 Robex Resources Inc Mali Gold  Mali o Robex Resources Mali SARL (Five Gold Exploration Licenses, Mininko and Diangounte Permits, Nampala Project) 25320 Royal Salt Ltd Nigeria Edible Salt  Nigeria o Kirikiri Plant o Port Harcourt Plant 24100 Sable Mining Africa Ltd Guinea Iron Ore  Guinea Liberia o Nimba Iron Ore Project  Liberia o Kpo Range Concession 23000 Sarama Resources Ltd Burkina Faso Gold  Burkina Faso Mali o South Houndé Project o Karankasso JV Project  Mali o Kandiolé Sud 24100 Severstal OAO Liberia Iron Ore  Liberia o Severstal Liberia Iron Ore Ltd (Putu Iron Ore Project) 24100 Shandong Iron and Steel Group Co Ltd Sierra Leone Iron Ore  Sierra Leone o Tonkolili Iron Ore mine 24290 Sierra Mineral Holdings 1 Ltd Sierra Leone Bauxite  Sierra Leone o Sierra Minerals Mine

Siccodes Exploration & Development and Mining Companies Country Mineral 24290 Sierra Rutile Ltd Sierra Leone Rutile  Sierra Leone Ilmenite o Gangama Dry Mining Project Zircon o Lanti Dredge Mine o Sembehun Dredge Project o Lanti Dry Mine 24100 Societe Nationale Industrielle et Miniere SA Mauritania Iron Ore  Mauritania o Kédia d'Idjill Mine o M' Haoudat Mine o Guelb El Rhein Mine 25311 Societe Nouvelle des Phosphates du Togo Togo Phosphate  Togo o Togo Lake Quarries 25200 Stellar Diamonds Plc Guinea Diamonds  Guinea Sierra Leone o Baoulé Project o Droujba Kimberlite Project (On care and maintenance) o Mandala alluvial diamond mine project (On care and maintenance)  Sierra Leone o Tongo Project 23000 Taurus Gold Ltd Burkina Faso Gold  Burkina Faso Ivory Coast o Daramandougou Project Mali  Ivory Coast o Afema Project o Hana Lobo  Mali o Bakolobi Project (Development JV with Randgold Resources Ltd) 25311 Tolsa SA Senegal Attapulgite  Senegal Phosphate o Societe des Phosphates de Thies Senegal

Siccodes Exploration & Development and Mining Companies Country Mineral 23000 Toro Gold Ltd Senegal Gold  Senegal Ivory Coast o Mako Project  Ivory Coast o Kokumbo Exploration Project o Ferkessedougou Exploration Project o Boundiali Exploration Project o Kounahiri Exploration Project (JV with Predictive Discovery Ltd) 23000 TrueGold Mining Inc Burkina Faso Gold  Burkina Faso o Karma Heap Leach Mine 24100 Vedanta Resources Plc Liberia Iron Ore  Liberia Pig Iron o Western Cluster Ltd Project 23000 West African Resources Ltd Burkina Faso Gold 24220  Burkina Faso Copper o Boulsa Gold Project o Satenga Project o Mankarga 5 Project

4. STATE OF THE INDUSTRY

4.1. Local

Over the past few years the output of the global mining sector has outpaced the growth in demand for commodities. The prices of commodities consequently declined, with the pace of the decrease varying across commodities. As a result of the lower commodity prices, many mining operations in West Africa scaled back production, closed down or were sold.

Gold According to the Resources and Energy Quarterly report, the price of gold decreased for a third consecutive year in 2015, and averaged US$1,160 per ounce (oz), 8% lower than in 2014. However, the price increased to almost US$1,280/oz in March 2016, its highest level in more than a year. This was due to increased demand for gold as an investment asset, as investors were concerned about

the health of the global economy, and especially about economic developments in China and the strength of the economic recovery in the USA.

Some of the recent developments in gold-producing countries in West Africa are detailed below.  During August 2014, Amara Mining stopped production at its Kalsaka gold mine in Burkina Faso after receiving a default notice from contractor BCM International. Following the notice, Amara Mining decided to put the mine into liquidation, and spent US$3m for the rehabilitation of the Kalsaka site and the closure of its operations in the country.  In August 2015, a new US$7m gold refinery was inaugurated in Accra, Ghana. Sahara Royal Gold Refinery Ltd has the capacity to refine between 200kg and 300kg of gold daily, which is expected to be sourced mostly from the small-scale mining sector. This is the second gold refinery to start operations in Ghana. The first, Asap Vasa Company Ltd, has the capacity to refine 100kg of gold per day.  In November 2015, Gold Fields announced that it might place its Damang mine in Ghana on care and maintenance until gold prices recover from levels of around US$1,086/oz at the time. Another option, the company said, would be to spend around US$100m in order to access deeper, higher-grade ore. Gold Fields expects to have the necessary information before the end of the first quarter of 2016 to make a decision on the economic viability of accessing the higher-grade gold, which could extend the life of the mine by eight to ten years. Then, in March 2016, the company announced that the government of Ghana has agreed to reduce the corporate tax and royalty rate applicable to Gold Fields. According to the agreement, the corporate tax rate will be cut to 32.5% from 35%, while the royalty rate will be based on the gold price rather than 5% of revenue, effective from January 2017. The gold price increased to around US$1,230/oz at the beginning of May 2016.  AngloGold Ashanti announced in February 2016 that it was undertaking a feasibility study to redevelop the Obuasi mine in Ghana that was closed during 2014. The study, which involves decreasing upfront redevelopment capital, cutting operating costs, and improving recoveries, is expected to be completed by the middle of 2016. The company is also working with the Ghanaian government on an investment development agreement that will define and stabilise the fiscal conditions for the project. With those elements in place, AngloGold Ashanti would have a full investment package to offer any prospective development partner. The company is looking for a project partner following the withdrawal from a joint venture agreement by Randgold Resources in December 2015. According to the agreement entered into in September 2015, the two companies would have invested jointly in reopening Obuasi,

while Randgold Resources would have operated the mine. In March 2016, AngloGold Ashanti announced that the process to surrender about 60% of the Obuasi mine concession to the government of Ghana, has been implemented. The area in question covers some 273km2 and excludes the Obuasi mine, which is situated on land retained by the company.  Resolute Mining plans to complete a definitive feasibility study on developing an underground mine at the Syama open-pit mine in Mali around the middle of 2016. The company is expecting the feasibility study on the underground development of the Bibiani mine in Ghana to be completed at the same time. Surface mining at Bibiani was suspended in May 2013 by the previous owner, Noble Mineral Resources. A subsequent scoping study revealed underground gold resources of 574 thousand ounces (koz).  During March 2016, Mali announced an increase in its below-ground gold reserves to 800t, enough to maintain current production levels for the next 15 years. The government wants to increase the country’s gold production from the current level of 50t per annum to 60t in 2017. Revenue from gold production accounts for about 25% of Mali’s national budget.

Investment in Gold Mining  During January 2015, MNG Gold was awarded a gold mining licence for its Kokoya project in Liberia. The company is currently constructing a mine with an ore processing capacity of 1,500t per day.  Initial construction activities at B2Gold’s Fekola gold mine in Mali began in February 2015. The average annual production rate is about 276koz, with capital costs estimated to be US$433m, while the first production is scheduled for late 2017.  During January 2016, Canadian gold mining company Asanko Gold poured its first gold at its Asanko mine in Ghana. The mine has a production capacity of 190koz per year, a life of 12 years and its capital cost was US$295m.  First production was achieved at TrueGold Mining’s Karma gold mine in Burkina Faso in April 2016. The mine has a production capacity of 97koz per year and a life of 8.5 years based on current reserves, and was constructed at a cost of US$100m.  Construction of Nordgold’s 120koz per annum Bouly gold mine in Burkina Faso is on track and, as such, the company expects production to commence in the second half of 2016. The mine has a life of ten years and is being developed at a capital cost of US$155m.  Roxgold’s Yaramoko gold mine in Burkina Faso remains on target for commissioning by the second quarter of 2016, with an average annual production rate of 99.5koz. The mine’s life is 7.4 years, and it is being developed at a capital cost of US$110.8m.

 According to Perseus Mining, early works have commenced at the company’s Sissingué gold project in Côte d’Ivoire in preparation for construction. The mine will be developed at a capital cost of US$106m. A revised feasibility study completed in April 2015 found the project able to produce 385koz of gold during a 5.25-year mine life.  Aureus Mining Inc. announced in March 2016 that commercial production has been declared at its New Liberty gold mine, Liberia’s first commercial gold mine, effective 1 March 2016. The US$136m mine is expected to have an eight-year life at an annual production rate of 119koz.  Hummingbird Resources is developing the Yanfolila gold project in Mali as a high-grade, open-pit mining operation, with first production targeted for 2017. The US$79m mine is expected to produce 107koz of gold per annum.  During March 2016 Kinross Gold announced its decision to proceed with the phase 1 expansion at the Tasiast gold mine in Mauritania. The US$300m expansion was expected to increase annual output by 87%, to 409koz, from 2018 onwards. A US$620m second-phase expansion will make the mine the company’s largest and lowest-cost operation, and extend its life to 2026.  During April 2016 Endeavour Mining announced the commencement of construction of its Houndé gold mine in Burkina Faso. The mine’s average annual production rate will be 190koz over a ten-year mine life, with its capital cost estimated at US$328m.

Iron Ore According to the Resources and Energy Quarterly report, the price of iron ore averaged US$36/t in the December 2015 quarter, its lowest level since 2006. While the price for spot iron ore delivery has increased almost 23% since the beginning of the year and reached US$61/t in early May 2016, the market is still in a situation of increasing supply coupled with lower demand from China’s steel producers and some analysts believe the price of iron ore will drop again. Analyst Citigroup expects iron ore prices to average US$45/t in 2016, US$39/t in 2017 and US$38/t in 2018.

Some of the recent developments involving iron ore in West African countries are detailed below.  Exxaro Resources was granted an exploitation permit for iron ore from its Mayoko project in the Republic of the Congo in August 2013. In January 2014 the Mayoko mining convention was signed by the government, as well as an in-principle agreement on rail and port infrastructure to develop the 12Mt per annum Mayoko mine. However, the outcome of a concept study completed in June 2014, and delays in concluding further definitive

agreements for rail and port infrastructure, resulted in Exxaro impairing its investment in the project. Further investment in the project will depend on market conditions and the upgrading of rail and port infrastructure by the government.  During 2014, the government of Gabon announced a bidding process for stakes in Belinga, one of the world’s largest untapped iron ore deposits. However, the process has not been finalised, due to current conditions in the iron ore market. Comibel, a Chinese mining consortium, had secured the rights to develop the Belinga deposit in 2006, but, due to the development allegedly falling behind schedule, the consortium subsequently lost these rights in 2011. The government then announced in December 2013 that it had taken back the Belinga deposit after reaching a deal with Comibel.  The government of Senegal announced in January 2014 that it was looking for a partner to help develop the Faleme iron ore project, which has estimated reserves of about 750Mt. In 2007 ArcelorMittal signed a deal to invest US$2.2bn in the development of the mine, a new port and a 750km railway line. However, due to the economic downturn of 2008, ArcelorMittal suspended the construction indefinitely, and Senegal subsequently cancelled the contract with the company.  Timis Corporation bought the Marampa iron ore mine in Sierra Leone in November 2014 after the owner, London Mining, filed for bankruptcy. The Marampa mine is situated close to the Tonkolili iron ore mine, but Marampa did not have access to Tonkolili’s rail line to the port. At that stage Frank Timis entered into an agreement to use Tonkolili’s rail line to export Marampa’s ore, since he was the chairman of Tonkolili’s owner, African Minerals (AML), as well as the owner of Timis Corporation. Then a month later, in December 2014, Tonkolili stopped production. Shandong Iron and Steel Group (SISG), which had a 25% stake in the Tonkolili mine, then cut off a loan to AML in March 2015, precipitating the company’s bankruptcy. After that, SISG took control of the Tonkolili mine and halted Marampa’s ore shipments on Tonkolili’s rail line. Despite assurances to the contrary, SISG is yet to restart production at Tonkolili, while production at Marampa has also halted, since production is currently uneconomical when it cannot use the rail line for exports.  After acquiring the Goe Fantro iron ore project in Liberia in October 2015, Cavalla Resources is expediting metallurgical studies, density measurements, and environmental and social studies to complete a scoping study. The Goe Fantro project is scheduled to be brought into production by 2018 at a capital cost of between US$160m and US$230m, and will produce 5Mt per year of iron ore at an estimated operating cost of US$22/t over a period of 20 years.

 In November 2015, a US judge dismissed Rio Tinto's lawsuit against Vale over rights to the Simandou iron ore deposit in Guinea. According to the judge, Rio Tinto had waited too long to file the lawsuit under the USA’s Racketeer Influence and Corrupt Organisations Act, which prescribes a four-year time limit. Rio Tinto filed the lawsuit in April 2015 for billions of dollars against Vale and BSG Resources (BSGR), alleging that the two companies acquired the rights to the northern block of the deposit in December 2008 through corrupt means. Rio Tinto had held the licence for the entire deposit before the licence for the northern block was revoked by a former dictator of the country. BSGR acquired the licence for the northern portion later that year after spending US$160m exploring the property. In 2010 BSGR sold a 51% stake in its portion to Vale for US$2.5bn.

When the new Guinean government launched a review of all mining contracts awarded under previous regimes, they withdrew Vale and BSGR’s licence, accusing BSGR of obtaining its rights through corruption. This prompted the Rio Tinto lawsuit, in which the company had alleged that BSGR paid a US$200m bribe to Guinea's former government. BSGR has denied wrongdoing and filed an arbitration request in an attempt to obtain compensation from Guinea. A separate Swiss and US investigation into the corruption allegations are ongoing.

In May 2015, the Guinean government and Rio Tinto and its partners, Aluminum Corporation of China (Chalco) and the International Finance Corporation (IFC), signed a US$20bn deal for the southern section of Simandou. The agreement relates to a new 650km railway line from the project to Conakry, as well as a new deep water port at an estimated cost of US$7bn, much-needed infrastructure investments that will transform the economy of Guinea. At full production Rio Tinto's portion of the Simandou project will export up to 100Mt per year. The company has already spent more than US$3bn advancing the project. A feasibility study was due to be completed by July 2015, but it was delayed by the Ebola outbreak. At the end of 2015 Rio Tinto published an initial feasibility study and hopes to submit a comprehensive study in May 2016. During February 2016, Rio Tinto posted a net loss of US$866m, primarily due to a US$1.1bn write-down in the value of its investment in the Simandou project. Responding to the write-down, the company’s Alan Davies, president of the Simandou project, said, "Today's decision has no impact on the timing of the project."

Investment in Iron Ore Mining  During July 2014, OAO Severstal, a major Russian steelmaker, announced that an iron ore mining licence was granted by the Liberian government to the Putu Iron Ore Mining Company, a 100%-owned subsidiary of Severstal. First production of iron ore was expected by 2017, but it was reported in January 2016 that the company has shut down its operations due to the drastic reduction in the price of iron ore.

Other Minerals The manganese ore market is in a position of oversupply coupled with decreased demand, due to a decline in steel output in China and other major steel-producing countries. Prices for manganese ore consequently declined by 57% during 2015, ending the year at US$1.86/t. Unlike most commodity prices, uranium spot prices rose in 2015, by 10%, to average US$37 per pound (lb). The slowdown in global economic activity did not affect uranium consumption growth much, due to the rapid development of new nuclear power capacity over the past few years. However, uranium spot prices decreased by 19% from US$36/lb to US$29/lb between November 2015 and March 2016, as high inventories in Japan, the USA and Europe reduced demand, while uranium supplies continued to grow.

During April 2014 the UN Security Council decided to lift a ban on importing rough diamonds from Côte d’Ivoire that had been in force since 2005. The decision was made in light of progress made by the country towards the implementation of the Kimberley Process Certification Scheme (KPCS), and better governance of the diamond sector.

In June 2015 the KPCS announced that it had developed a work plan to enable the resumption of rough diamond exports from the Central African Republic. This would partially end the current sanctions on the country’s diamond exports, which had been in place since May 2013. The lifting of sanctions would only apply to compliant zones that are under sufficient government control and where there is no evidence of rebel-based or army activity that impacts the diamond trade.

During January 2016, the Wilkinson Hill Mining Company, a subsidiary of AMR Gold, was granted a licence valid for an initial period of three years by the government of Sierra Leone to develop a small- scale columbite-tantalite mine. The company has established artisanal mining cooperatives and provided technical assistance and processing equipment to beneficiaries in an effort to ensure that artisanal mining is carried out in adherence with environmental best practices.

In February 2016, Nigeria’s federal government announced plans to create a US$1bn solid minerals development fund for potential investors in the mining sector. Nigeria wants to overhaul the largely unproductive mining sector dominated by small-scale artisanal miners in order to grow this nascent sector and diversify its economy away from an over-reliance on crude oil production. Also in February 2016, the country’s Minister of State for Solid Minerals Development, Abubakar Bawa Bwari, declared that the government is targeting three areas in the transformation of the solid minerals sector, namely the acquisition of geological data to attract large players into the sector, formalising illegal mining, and the establishment of certified mining laboratories that will be globally recognised. The government is intent on formalising the large number of illegal miners so that tax revenue can be generated.

During March 2016, the governments of Guinea and Burkina Faso announced the cancellation of hundreds of mining and exploration permits that have been awarded in recent years, but are not being used. The decision was taken in order to make the permits available to other companies that are interested in carrying out exploration and mining. Guinea cancelled 142 permits covering bauxite, gold, diamonds and uranium, while Burkina Faso cancelled 356 permits.

Investment in Other Minerals  In April 2015 Source California Energy Services completed financing for a US$1.2bn open-cast coal mine and power station in Niger to produce 600MW for the national grid. The mine reportedly has coal reserves of around 69Mt. The country’s Energy and Petroleum Minister, Foumakoye Gado, said that the project would serve national energy needs and allow electricity exports to Benin and Burkina Faso.  During April 2015 Sierra Rutile commenced the construction of the US$77m Gangama dry mine in Sierre Leone. First production is targeted for the second quarter of 2016, while the mine life is 20 years and it has an annual rutile production rate of 93kt.  During July 2015 a new bauxite mine owned by Societe Miniere Boke-Winning Africa Port (SMB-WAP), a Guinean-Chinese consortium, came into production in Guinea. The consortium consists of Winning International Group, Hongqiao Group, Yantai Port Group and UMS Company, and is planning to export 5Mt of bauxite during the first year and increase it to 10Mt per annum from mid-2016. Investment in the mine totalled US$200m and included mine development and the construction of port infrastructure.

 In September 2015, Guinean bauxite mining company CBG announced a US$1bn expansion to nearly double its annual production to 28.5Mt within five years, in response to increased demand.  Stellar Diamonds announced in January 2016 that it is conducting trial mining at its Baoulé kimberlite pipe in Guinea. The trial mining process, during which the company wants to mine and process 100,000t of kimberlite, was 63% complete at that stage and is expected to be completed by the third quarter of 2016.  Alufer Mining announced that the mining convention for the company’s Bel Air bauxite mine was signed with the government of Guinea during February 2016. Construction of the US$140m mine was targeted to commence in the second quarter of 2016, with production scheduled to commence in 2017. The mine has an initial production rate of 5.5Mt per annum, increasing to 10Mt per year.  GoviEx Uranium announced in February 2016 that the mining permit application for its Madaouela I tenement area has been approved by Niger’s government. The approval of the mine permit and environmental and social impact assessment means that the project is ready for construction. According to the project development plan, 2.69Mlb per year of uranium yellowcake will be produced over the 21-year life of the US$359m mine.  MagMinerals Potash Corp. is developing a potash production plant close to Pointe-Noire in the Republic of the Congo on one of the world’s largest undeveloped potash deposits. The US$1.27bn plant will have the capacity to produce 1.2Mt per year of agricultural-grade potash fertilisers.  Avenira Ltd started mining activities at its US$15m Baobab phosphate project in Senegal during March 2016. During the first phase the mine will produce 500kt per year of phosphate concentrate, with first production expected during the second half of 2016.

4.1.1. Corporate Actions

The difficult conditions in the mining sector became apparent when London Mining went into administration in October 2014, after failing to find a buyer for the business, as it struggled with debts following a drop in iron ore prices. This was followed by AML being suspended from the London Stock Exchange a month later, as its capital dropped below the US$50m threshold. AML, after stopping output in December 2014 as funds dried up and iron ore prices fell to six-year lows, finally called in the administrators in March 2015.

Corporate actions in West Africa’s mining sector over the past two years are listed in the table below.

Acquirer/ Date Target Project(s) Location Amount Transaction Summary Partner April 2014 MNG Gold Kokoya gold Kokoya Liberia Undisclosed MNG Gold acquired Amlib project project Holdings Plc’s 90% interest in the project. June 2014 Resolute Bibiani gold Bibiani project Ghana US$15m Resolute Mining acquired Mining Ltd project the project after Noble Mineral Resources Ltd went into administration. August China Alliance Koumbia Guinea US$120m China Hongqiao holds 90% 2014 Hongqiao Mining bauxite of the target company and Group Ltd. Commoditie project Winning Logistics (Africa) s Ltd. Co. 10%. Glencore plc Stake in Perkoa zinc Burkina US$10m Blackthorn Resources Ltd Perkoa zinc mine, and the Faso sold its 27.3% stake in the mine, and Northern mine, and its exploration the Tenement licences to Glencore. Northern exploration Tenement licences exploration licences October B2Gold Papillon Fekola gold Mali US$570m The companies have 2014 Corp. Resources merged at a ratio of 0.661 Ltd B2Gold common shares for each Papillon ordinary share. November Timis Marampa Marampa Sierra ±US$6m Timis Corporation bought 2014 Corporation iron ore mine Leone the mine after the owner, mine London Mining, filed for bankruptcy. January B2Gold Mani SARL Fekola gold Mali N/A B2Gold purchased Mani’s 2015 Corp. project 10% interest in the project.

Acquirer/ Date Target Project(s) Location Amount Transaction Summary Partner February Semafo Inc. Orbis Gold Natougou, Burkina US$139m Semafo Inc. acquired Orbis 2015 Ltd Boungou and Faso Gold in a deal under which Nabanga gold Orbis Gold shareholders projects were paid A$0.713 cash per Orbis Gold share. March Shandong Tonkolili iron Tonkolili mine Sierra SISG cut off a loan to 2015 Iron and ore mine Leone African Minerals Ltd, Steel Group precipitating its (SISG) bankruptcy. SISG then took control of the mine, in which it had a 25% stake. June 2015 Akoase Akoase gold Akoase Ghana US$10m Viking Mines Ltd is selling (Announced) Resources project its Akoase gold project. Ltd September Al Rawda Stake in Askaf project Mauritania US$10m in Sphere Minerals is selling 2015 Resources Askaf iron cash, and a an 80% stake in the (Announced) ore project life-of-mine project, while retaining royalty of 10%. 2.5% on the revenue generated. October Cavalla Four iron Goe Fantro, Liberia Undisclosed Cavalla Resources bought 2015 Resources ore Kitoma, St these assets from BHP Ltd exploration John River Billiton. projects South and Toto

Acquirer/ Date Target Project(s) Location Amount Transaction Summary Partner November Endeavour La Mancha Ity gold mine Côte La Mancha Endeavour Mining 2015 Mining Holding and various d’Ivoire paid US$63m acquired La Mancha’s 55% Corporation regional in cash for interest in the mine. exploration 177,061,572 properties. new Endeavour Mining shares representing 30% of the enlarged share capital. January Star AGG Ghana Asankrangwa Ghana US$1.2m African Gold Group, Inc. is 2016 Goldfields Ltd tenements selling its 100%-owned (Announced) Ltd and the Ghanaian subsidiary. Nyankumasi concession January Aureus Three gold Liberia 6,645,070 Aureus Mining acquired 2016 Mining Inc. exploration Aureus the licences from Sarama licences common Resources Ltd. shares February MNG Gold Youga gold Youga mine Burkina US$25.3m MNG Gold bought 2016 mine Faso Endeavour Mining Corporation’s 90% interest in the mine. Randgold Kossanto Kossanto Mali Randgold Resources will Resources West gold West project fund all costs, up to the Ltd/Alecto project completion of a Minerals plc prefeasibility study, to JV earn a 65% interest in the project. February Perseus Amara Yaoure gold Côte £68.3m Amara shareholders to 2016 Mining Ltd Mining plc project and d’Ivoire receive 0.68 new Perseus (Announced) Baomahun Sierra shares and 0.34 unlisted gold project Leone warrants for every Amara share held.

Acquirer/ Date Target Project(s) Location Amount Transaction Summary Partner March Endeavour True Gold Karma gold Burkina CDN$191m Endeavour Mining is 2016 Mining Mining Inc. project Faso acquiring True Gold in an (Announced) Corporation all share transaction with each True Gold common share exchanged for 0.044 of an Endeavour Mining common share. Newcrest Three gold Côte US$332,500 Newcrest Mining is Mining Ltd exploration d’Ivoire and a 1% net acquiring the projects licences smelter from Cape Lambert royalty on Resources Ltd. gold produced March Algold Tijirit gold Tijirit, Mauritan A$4.5m plus a Algold Resources is 2016 Resources and Saboussiri and ia 14.9% interest acquiring Gryphon Ltd. Saboussiri Akjoujt in Algold Minerals Ltd’s interests in and Akjoujt projects these projects. copper/ gold projects

4.1.2. Regulations

Although there are differences in the mining legislation of the West African countries, the mining sector has been identified by most countries in the region as a potential catalyst for economic development, and there has therefore been a determined effort to attract foreign direct investment. There are a range of strategy and policy frameworks, including the African Mining Vision (AMV), which was adopted by African Union (AU) heads of State at the February 2009 AU summit and “identifies a resource-based industrialisation and development strategy for Africa based on developing downstream, upstream, and side-stream linkages.” One of the aims of the AMV is to use Africa’s mineral resources to meet the Millennium Development Goals (MDG), eradicate poverty, and achieve rapid and broad-based socio-economic development. There are attempts to harmonise mining laws in the Economic Community of West African States (ECOWAS) and the West African Economic and Monetary Union (WAEMU), and preference to suppliers from within member states is emphasised. The ongoing ECOWAS process aims to achieve unified mining legislation in the region, ultimately resulting in a common mining code.

Four of the numerous regulations applicable to the global mining sector are mentioned below.  The objective of the Extractive Industries Transparency Initiative (EITI) is to set a global standard for transparency on tax and royalty payments to governments through the verification and full publication of government revenues and company payments. Liberia was the first African country to be compliant with the EITI and big improvements have recently been observed in Burkina Faso, Togo and Mali. West African countries not compliant are Benin, Cape Verde, Gambia, Guinea-Bissau, Gabon, Equatorial Guinea and Senegal. Senegal is, however, a candidate country that is implementing the EITI requirements while the Central African Republic’s compliant status has been temporarily suspended.  In the gold sector, companies adhere to the International Cyanide Management Code for the Manufacture, Transport and Use of Cyanide in the Production of Gold (‘Cyanide Code’). This is a voluntary industry code of best practice for gold mining companies using cyanide.  The Conflict-Free Gold Standard was developed by the World Gold Council in 2012. This is designed to help mining companies operating in conflict regions to be sure that proceeds from the sales of gold are not being used to fuel conflict, fund armed groups or contribute to human rights abuses.  The Kimberley Process began when diamond-producing countries met in Kimberley, South Africa, in May 2000, to prevent the trade of “conflict diamonds”, and to ensure diamond sales were not funding rebel movements. A resolution by the United Nations General Assembly in December 2000 created the KPCS which sets out the requirements for controlling the rough diamond trade and mining. The Kimberley Process is open to all countries willing to participate and having the capacity to implement it. There are currently 55 participants representing 82 countries worldwide. Members of the Kimberley Process account for 99.8% of global diamond production.  The Joint Ore Reserves Committee (JORC) Code is an Australian standard that provides a minimum standard for the public reporting of exploration results and estimates of Mineral Resources and Ore Reserves. Compliance benefits investors as well as mining companies.

During April 2016, the Initiative for Responsible Mining Assurance (IRMA) released the second and revised draft Standard for Responsible Mining, to allow for a sixty-day period of review and public comment. The first-ever global certification programme for industrial-scale mines is planned to start in late 2016, after ten years of collaboration between the mining industry, organised labour, nongovernmental organisations, affected communities and manufacturers led to the publication of the draft standard. Growing awareness and demand for ecologically and socially-responsible

products are forcing manufacturers of jewellery, electronics and various other products to obtain assurances that the minerals they purchase were mined responsibly.

Certain aspects of legislation pertaining to mining companies operating in the different West African countries are listed below. Corporate Tax Government Most Recent Country Royalty Rate Rate Interest Mining Legislation Burkina Faso Precious metals 27.5% 10% 2015 Mining Code 3%, diamonds 7%, other metals and minerals 4% Cameroon Diamonds 8%, 38.5% 10% (+ option to 2001 Mining Code precious metals purchase 3%, base metals additional 20%) and other minerals 2.5% Côte d’Ivoire 1.5% - 6% 25% 10% 2014 Mining Code Gabon 0.5% - 5% per year 35% 10% (+ option to 2015 Mining code purchase additional 25%) Ghana 5% of the total 35% 10% 2006 Minerals and revenue Mining Act Guinea 0.075% to 5% 35% 15% (+ option to 2013 Mining code purchase additional 20%) Liberia Iron ore 4.5%, gold 25% 10% 2010 Mineral and other metals policy of Liberia 3%, diamonds 5% Mali base metals and 25% - 30% 10% (+ option to 2012 Mining Code other metals 1%, purchase diamonds and gold additional 10%) 3% Mauritania Iron ore 2.5% - 4%, 25% 10% (+ option to 2014 Mining code copper 3% - 5%, purchase gold 4% -6.5% additional 10%)

Corporate Tax Government Most Recent Country Royalty Rate Rate Interest Mining Legislation Niger 5.5% 30% 10% (+ option to 2007 Mining Code purchase additional 30%) Nigeria Gold, iron ore, 30% N/A 2007 Minerals and lead, zinc, coal and Mining Act and tin ore 3%, other 2011 Minerals and minerals 5% Mining Regulations Republic of Congo Precious metals 30% 10% 2005 Mining code and diamonds 5%, other minerals 3% Senegal * 3% 30% 10% 2003 Mining code Sierra Leone Diamonds 6.5%, 37.5% for mining N/A 2009 Mines and precious metals companies Minerals Act 5%, other minerals 3% Togo Industrial minerals 29% 10% (+ option to 2003 Mining Code other than purchase phosphates 1%, additional 20%) ferrous and non- ferrous metals 2%, precious metals 3%, diamonds and semi-precious stones 5%, other minerals 2%, phosphates 2%

*Senegal is planning to soon adopt a new mining code, amending royalty rates as follows: Iron Ore 1.5% - 3.5%; Phosphate 5% - 6.5%; Gold 5%; and Other minerals 3%. [Sources: Mining in Africa – A Legal Overview and various other sources]

4.2. Continental

According to the World Bank’s Global Economic Prospects report released in January 2016, economic activity in sub-Saharan Africa slowed to 3.4% in 2015 from 4.6% in 2014. External factors responsible for the slowdown included lower commodity prices, a decline in economic activity in major trading partners and tightening borrowing conditions, while domestic factors included political instability and

conflict, and electricity shortages. GDP growth is projected to increase to 4.2% in 2016, as commodity prices stabilise and supply constraints ease.

In East Africa the major minerals produced are gold, columbite-tantalite, tin, tungsten, copper, gypsum, kaolin, silver, coal, fluorspar, titanium minerals, zircon, diamonds, phosphate rock, bauxite, gemstones, chromite, cobalt, graphite, mica, nickel, uranium, and iron ore. According to the USGS’s Mineral Commodity Summaries, Kenya was the tenth-largest producer of fluorspar in 2015, while the country’s reserves of the mineral were the sixth-largest in the world. Kenya was also the fifth-largest producer of titanium minerals in 2015, contributing 9.6% of the world total. The country’s reserves of titanium minerals were the world’s fourth-largest during 2015, according to the same publication. Madagascar was the ninth-largest producer of cobalt during 2015, and also contained the ninth largest reserves of the mineral, according to the USGS.

Barite, gold, gypsum, iron ore, kaolin, phosphate rock, silver, coal, fluorspar, manganese ore, mica, talc, tin, titanium minerals, cobalt, copper, lead, mercury, nickel, zinc, chromite are the major minerals produced by the countries in North Africa. Morocco was the world’s second-largest producer of phosphate rock during 2015, and has the largest reserves of the mineral, according to the USGS’ Mineral Commodity Summaries. Another major producer of phosphate rock is Egypt, while Algeria has the world’s third-largest reserves of the mineral. During 2015, Morocco was also the third largest producer of barite according to the USGS.

4.3. International

Over the last decade, growth in the global mining sector was driven largely by China’s economic transformation. However, the country’s economy is in the process of moving from infrastructure investment and manufacturing-led growth to growth based on domestic consumption. The growth in demand for commodities is therefore beginning to slow, while new mines whose construction was started during the height of the commodity boom, are now the source of additional supply. Over the past few years global output of commodities has therefore outpaced the growth in consumption. Commodity prices have consequently been in a downturn since 2013, with the pace of the decrease in prices varying across commodities. As a result of the lower commodity prices, many mining operations scaled back production, closed or were sold. Some major diversified mining companies, such as Glencore and Anglo American are selling large portions of their portfolios in order to reduce debt. A number of companies filed for bankruptcy due to the financial pressure on them, such as

Arch Coal, Alpha Resources and Peabody Energy in the USA. As companies continue to incur financial losses, there is an increasing possibility that more mines will be closed or more companies will fail. In order to minimise the growing financial pressure, companies are cutting costs through reduced exploration, investment and workforces. These cost-cutting measures are generally very effective and they delay any major reduction in the supply of commodities.

5. INFLUENCING FACTORS

5.1. Economic Environment

In all mining sectors the selling price of the mineral and the rising costs of production have a direct impact on a company’s profitability. The slowdown in global commodity prices since 2013 forced several companies to shelve their expansion plans and exploration projects, or even close down mines. As mentioned, several major mining companies are facing financial constraints, and are under pressure from investors to pull out of capital-intensive projects and focus on ventures in more established, less risky regions. China is the world's largest consumer of a wide range of commodities, and the slowdown in its economy is a concern to mining companies. According to the Financial Times, turmoil in the Chinese economy resulted in an 84% drop in Chinese investment in Africa during the first half of 2015. The country has little appetite for starting capital-heavy natural resources projects during a period of economic uncertainty.

The following are examples of projects affected by the decline in commodity prices.  An agreement that will last for five years was signed in May 2014 under which Areva and the Niger government set up a joint committee to monitor market conditions and decide when to start the development of the Imouraren uranium mine. At current uranium market prices, it would not be profitable to operate the mine, so its development was postponed indefinitely.  The continued decline in the iron ore price prompted Sphere Minerals in 2014 to abandon plans to develop the US$900m Askaf project in Mauritania, which had originally been planned to start production in 2017. During September 2015, the company announced plans to sell an 80% stake in the project.  During March 2015, Glencore said that the Zanaga iron ore project in the Republic of the Congo would not be developed at existing iron ore prices. Glencore holds a 50%-plus-one share stake in the project, while Zanaga Iron Ore Company owns the balance. A bankable

feasibility study that was completed for the project in 2014 showed a capital requirement of US$2.2bn for a 12Mt per year mine, which would include the construction of a 366km pipeline to pump the ore in slurry form to the port.  During December 2015, Putu Iron Ore Mining Company halted the development of its Putu iron ore mine in Liberia, due to the drastic reduction in the price of iron ore.  The Azelik uranium mine in Niger was closed down in 2015 as a result of the decline in the uranium price. Azelik is operated by a joint partnership called SOMINA, with ownership split between the China National Nuclear Corporation (37.2%), the Niger government (33%), Chinese company ZXJOY Invest (24.8%), and Korea Resources Corporation (5%).  According to the African Development Bank’s West Africa Monitor Quarterly, ArcelorMittal curtailed investment plans that would have tripled production from its Yekepa iron ore mine in Liberia, due to lower iron ore prices.

5.2. Lack of Infrastructure

According to the IFC, West Africa has a huge infrastructure deficit, described as a potential bottleneck for mining development. Historically, the lack of rail, road and port infrastructure has resulted in a focus on high-value, low-volume commodities such as gold and diamonds, which can be produced on site, transported by air and sold. However, minerals like iron ore, manganese, bauxite, phosphate rock and coal are bulk commodities that require large investments in rail and port infrastructure. It would therefore be beneficial for mining companies to share the costs of infrastructure development.

The logistics of delivering heavy equipment and materials to build a mine in remote areas where the road systems are poor pose challenges to mining companies. Mines also need a solid connection to a reliable and affordable power source. However, given the lack of infrastructure in many West African countries, especially in the rural areas where mines are being built, a reliable power source is often difficult to obtain. As a result, the mining industry is moving towards using portable power.

During July 2015, the government of Cameroon undertook to fund 100% of the capital requirement for the rail and port infrastructure needed for the Mbalam-Nabeba iron ore project. The government was hoping to secure the estimated US$3.5bn funding via a loan from China or another country, and commenced with the process to select a contractor for the construction of the required infrastructure. However, the signing of the contract for the infrastructure construction between the

government and a Chinese company was indefinitely postponed in December 2015. The Chinese public company, China Gezhouba Group, reportedly requested for the signing to be deferred, while waiting for market conditions to improve and the government’s fundraising process to be more advanced. Sundance Resources, which is developing the project, previously indicated that the signing of the contract was a prerequisite for raising funds for the construction of the mine. The company then announced in January 2016 that, due to the delay in the signing of the contract, the company was going to implement a number of additional cost reduction measures, which included a reduction in the remuneration and size of the board, and a significant reduction in the number of employees, overheads and activities at its head office and in Cameroon.

5.3. Security Risks and Political Instability

According to analysts and company executives, mining firms operating in West Africa face mounting security challenges ranging from the Ebola virus to Islamist insurgents and social unrest triggered by the global commodity downturn.

Security Risks  Safety is high on everybody’s agenda after an Islamist attack in January 2016 on a restaurant and hotel left 28 people dead in Ouagadougou, Burkina Faso. France said in March 2016 that it will deploy a paramilitary police force in Burkina Faso to react quickly in the event of new attacks by Islamist militants in West Africa. The move comes two days after gunmen killed 18 people at a beach resort in Côte d’Ivoire. Al-Qaeda in the Islamic Maghreb claimed responsibility for the attack.  Since 2012, Mali has become a risky country to conduct mining operations. During that year a military officer seized power and ousted the president, mostly over the government's handling of a rebellion involving the Tuaregs, who want independence.  Early in 2013 French military intervention succeeded in recovering the northern part of Mali that was occupied by Tuareg rebels and jihadist groups. A peace agreement was signed in 2015 between the government and a number of rebel groups. However, despite this agreement, tensions continue to persist between armed pro-government groups and Tuareg rebels, while jihadists linked to al-Qaeda have launched a series of terrorist attacks since the beginning of 2015.  Two executives of B2Gold Corporation were staying at a hotel in Mali when it was attacked by a jihadist group in November 2015. The men were rescued and brought to safety by

Malian security forces after spending seven hours silently in their hotel room. They were in the country for a ground-breaking ceremony at the Fekola gold mine, where construction started in February 2015. About 170 hostages were taken by the militants and 19 were killed.

Social Unrest During February 2016, AngloGold Ashanti withdrew all employees performing non-essential functions from its Obuasi gold mine in Ghana following the incursion of hundreds of illegal miners inside the lease area. This was done after AngloGold Ashanti Ghana’s communications manager, John Owusu, was fatally injured after being hit by a vehicle as he and colleagues tried to flee when a group of illegal miners hurled rocks at mine employees, police and security personnel observing their activities. This incursion happened against the background of illegal mining causing considerable disruption to mining operations in Ghana for some time. In early 2013, this prompted the Ghanaian government to implement a programme to remove the illegal miners from their mining sites. The mining industry in Ghana at that stage entered into an agreement with the government to provide ongoing security to supplement the mining companies’ efforts to secure their property. However, this invasion of the Obuasi site followed the withdrawal of government military protection from the mine, after an initial incursion in January 2016. Since then, numerous meetings between AngloGold Ashanti and Ghana's government have failed to yield the return of military personnel to the site. The illegal miners, meanwhile, continue to damage the ore body and important infrastructure, raising the risk that the site will be irreparably damaged if they are allowed to carry on unchecked.

As mining companies retrench employees in response to the global commodity downturn, there is an increased risk of labour unrest and protests at mines as employees try to protect their jobs in a region where each mineworker typically has ten dependants. True Gold Mining suspended construction of its Karma gold mine in Burkina Faso in January 2015, after residents living nearby caused about US$6.1m of damage to the site and equipment, saying the project threatened their village’s existence.

Political Instability West Africa also has its share of political instability that impacts the operations of mining companies. Burkina Faso’s politics have been unstable since the popular uprising in October 2014, which swept the president from power and was followed by an attempted military coup d'état against the transitional government in September 2015. In February 2015, protestors who were convinced that Pan African Minerals’ mining licence had been obtained unlawfully overran the Tambao manganese

mine, destroying machinery and setting fire to buildings. The interim government then suspended Tambao's licence in March 2015 pending a review of how the licence had been granted by the previous government. Pan African Minerals said in December 2015 that it will seek compensation from Burkina Faso for losses incurred during the suspension. The transitional government lifted the suspension during December 2015. According to the company, it lost nearly US$10m per month during the suspension, and had retrenched its workers in October 2015. Pan African Minerals also owed around US$49m to its suppliers as well as taxes to the government.

Health Risks During March 2016, the World Health Organisation warned that Sierra Leone, Liberia and Guinea continue to be at risk of the Ebola virus after the latest flare-up was contained in February 2016 in Sierra Leone. Since March 2014, West Africa experienced the largest outbreak of Ebola in history, as it began in Guinea and spread to several countries in the region, killing more than 11,000 people.

5.4. Environmental Concerns

Mining companies recognise that exploration and mining activities impact directly and indirectly on the environment and neighbouring communities. The potential environmental and social impacts are usually managed through an integrated social and environmental management system that ensures compliance with the relevant national regulations and international best practices. Mining companies undertake in-house employee training focused on environmental issues. There are reports that illegal Chinese miners in Ghana make use of bulldozers and other heavy machinery, which has caused much environmental destruction. In general, artisanal mining in West Africa is another cause of environmental degradation.

Mining companies ensure that programmes are implemented to uplift communities through the improvement of clinics, hospitals and education, as well as the provision of potable water supplies and supporting local agriculture projects that involve establishing local industries to supply consumables directly to an exploration or mine site.

5.5. Labour Resources

The West African mining sector is being affected by labour unrest. In Ghana, a strike at Newmont Mining’s Ahafo gold mine in April 2015 lasted four days, and only ended after the intervention of the Minister of Employment and Labour Relations. The strained relations between the labour union and

the company reportedly stem from protracted salary negotiations and the collective bargaining agreement review that had lasted for almost a year. Avocet Mining suspended operations for a week at its Inata gold mine in Burkina Faso due to an illegal labour strike in December 2014, while, during the same month, operations were suspended for four days at Semafo’s Mana gold mine, also in Burkina Faso, due to an illegal strike. It was reported in August 2015 that employees of China-Union’s Bong iron ore mine in Liberia embarked on a prolonged strike that only ended following the intervention of the government and labour union groups.

Skills and Training As more exploration of West Africa’s mineral resources occurs, and since the discovery of vast oil and gas reserves, competition for the relatively small skilled and semi-skilled labour pool has intensified. However, according to someone with knowledge of the situation, the continent’s educational institutions are currently not in a position to meet the growing demand for such a broad range of skills. The African Mineral Skills Initiative (AMSI) of the UN, in partnership with AngloGold Ashanti, was launched at the United Nations Economic Commission for Africa’s (UNECA’s) eighth African Development Forum, in October 2012. Initially it consulted and communicated with African governments, universities and training institutions to identify the gaps in Africa’s mineral skills development. The ultimate aim is to “reduce Africa’s shortages in skills and human resources to enable the continent to sufficiently support, manage and leverage minerals development and growth opportunities.” The United Nations Development Programme launched the African Minerals Development Centre (AMDC) in December 2013 to help implement the AMV, which aims to ensure the extractives sector can boost social and economic development across the continent. The AMSI was subsequently integrated into the AMDC.

5.6. Technology, Research and Development (R&D) and Innovation

 It was reported in May 2015 that a study conducted in Liberia has found that a prickly, palm- like plant seems to grow only on top of kimberlite pipes. The plant, identified as Pandanus candelabrum, could become a simple and efficient tool for diamond explorers in West Africa for uncovering potential diamond-bearing deposits. It is believed that the plant has adapted to kimberlite soils, which are rich in magnesium, potassium, and phosphorus.  Lockheed Martin, the US defence contractor, is developing a hybrid airship called the LMH-1. It is a unique new aircraft which is expected to find its main application in transporting cargo and fuel to mining and oil and gas installations that have inadequate transport infrastructure.

As easily-reachable deposits are being depleted, mining and exploration is taking place in ever more remote locations. The LMH-1 will lower the construction cost of these mines by reducing the transport infrastructure needed. It is expected that the LMH-1 will enter commercial service in around three years' time.  According to the results of a recent survey conducted among mining companies in Africa, more than 75% of the respondents are using technologies linked to environmental monitoring and emissions management, tyre monitoring, scheduling and shift optimisation, fleet management and vehicle monitoring, collision avoidance and proximity detection, and predictive maintenance. Although currently used by only a small percentage of respondents, sharp increases in the use of drones, wearable technologies and real-time video training technologies are expected over the next two years.

6. COMPETITION

The industry comprises global majors, who account for more than half of West Africa’s mine supply, as well as mid-tier producers, junior miners and exploration and development companies. Competition exists between companies in the same category while the need for financing encourages joint ventures between junior exploration companies and mid-tier and major mining companies. Competition for exploration and mining licences is intense and is often dependent on the investment by mining companies into the development of regional infrastructure.

6.1. Barriers to Entry

Mining companies face multiple challenges and barriers to entry in West Africa, with the most important ones the almost complete lack of infrastructure and the vast amount of capital required to install it, the relatively small sizes of many of the companies involved, the high sovereign risks, demanding operating conditions, current low commodity prices, and assorted ownership. Many of the companies involved in the development of major deposits lack the critical mass to justify the capital risk in developing the respective assets without the assistance of a major player. Commentators have suggested that what is needed to ensure production from the iron ore deposits in particular is strong co-operation and consolidation between junior exploration and mining companies, governments, financiers and end-users. This would lead to strong infrastructure spend and development and could be the impetus for the development of the whole region.

7. SWOT ANALYSIS

Strengths Weaknesses  An extensive established mining industry  Mining companies have to operate in areas already exists in West Africa. where infrastructure is poor and conditions  Significant volumes of unexploited mineral are harsh. resources throughout the region.  Mining companies often do not work  The mining sector has been identified as a together to develop infrastructure. potential catalyst for economic development  Shortage of skills. and there has been a determined effort through the AMV to attract foreign direct investment. Opportunities Threats  Predicted growth of more than 5% per  Political instability and regulatory annum in West Africa over the next three uncertainties which could lead to years. renegotiation or cancellation of contracts  Exploration projects which point to and concessions. potentially large, high-grade deposits of iron  A further slowdown in global commodity ore, gold, uranium and other sought-after prices, which could lead to the minerals in the region. postponement of exploration and mining  Expansion through joint ventures between projects in an attempt to control costs and junior exploration companies and mid-tier improve margins. and major miners.  Increasing financial constraints of global  Many countries’, and especially Nigeria’s, majors who are under pressure from efforts to boost the mineral sector in order investors to pull away from capital-intensive to decrease reliance on oil exports. projects and focus on ventures in more established, less risky regions.  Increasing security risks and conflict in the region.

8. OUTLOOK

The slowdown in global commodity prices is having a huge impact on the mining sector, especially the iron ore mining sub-sector, in West Africa. However, the high level of exploration activity and the

many new mines that are being developed in other sub-sectors, notably gold and bauxite, indicate that foreign investment in the region’s mining sector is continuing, despite the security risks, political instability and lack of infrastructure. Many companies are investing in exploration and mine development in order to take full advantage of the next commodities boom. It is therefore expected that West Africa will experience increased foreign investment in its mining sector when commodity prices improve, due to global demand for the region’s mineral resources. If properly exploited, West Africa’s mineral resources would underpin economic development, which could transform the prospects of West African nations.

9. INDUSTRY ASSOCIATIONS

 Chamber of Mines of Burkina Faso Website: (CMB) www.chambredesminesdumali.org Website: www.chambredesmines.bf Chamber of Mines of Senegal (CMDS) Website: www.cmdsenegal.com  Côte d’Ivoire (CDMCI) Email: [email protected]  The Ghana Chamber of Mines Website: www.chambredesmines.ci Email: [email protected]  Chamber of Mines of Mali (CMM) Website: Email: [email protected] www.ghanachamberofmines.org

10. REFERENCES

10.1. Publications

 African Economic Outlook – Burkina Faso. 2015. African Development Bank, Organization for Economic Cooperation and Development and United Nations Development Programme.  African Economic Outlook – Côte d’Ivoire. 2015. African Development Bank, Organization for Economic Cooperation and Development and United Nations Development Programme.  African Economic Outlook – Mauritania. 2015. African Development Bank, Organization for Economic Cooperation and Development and United Nations Development Programme.  African Economic Outlook – Senegal. 2015. African Development Bank, Organization for Economic Cooperation and Development and United Nations Development Programme.

 African Economic Outlook – Togo. 2015. African Development Bank, Organization for Economic Cooperation and Development and United Nations Development Programme.  Annual Report 2015. 2016. Anglo American plc.  Burkina Faso Mining Tax Alert. 2015. EYGM Ltd.  Cameroon - Mining and Metals Tax Guide. 2015. EYGM Ltd.  Global Economic Prospects. 2016. World Bank.  Guide to Mining in Africa. 2015. LEX Africa.  Guinea – Conakry - Mining and Metals Tax Guide. 2015. EYGM Ltd.  Guinea – Country Mining Guide. 2014. KPMG.  Increasing Local Procurement by the Mining Industry in West Africa. 2012. World Bank.  Ivory Coast - Mining and Metals Tax Guide. 2015. EYGM Ltd.  Kimberley Process Certification Scheme Annual Global Summary: 2014. 2015. Kimberley Process Certification Scheme.  Mali - Mining and Metals Tax Guide. 2015. EYGM Ltd.  Mineral Commodity Summaries. 2016. United States Geological Survey.  Minerals Yearbook. 2013. United States Geological Survey.  Minerals Yearbook. 2014. United States Geological Survey.  Minerals Yearbook. 2016. United States Geological Survey.  Mining in Africa – A Legal Overview. 2012. DLA Piper.  Resources and Energy Quarterly, March Quarter 2016. 2016. Department of Industry and Science, Commonwealth of Australia.  Senegal's New Mining Code. 2015. DLA Piper.  Uranium 2014: Resources, Production and Demand. 2014. Organisation for Economic Co- operation and Development.  West Africa Monitor Quarterly. 2015. African Development Bank.  World Economic Outlook. April 2016. International Monetary Fund.  World Mineral Production. 2016. British Geological Survey.

10.2. Websites

 www.africaneconomicoutlook.org  www.alufermining.com  www.af.reuters.com  www.anglogoldashanti.com  www.africangoldgroup.com  www.answersafrica.com  www.allafrica.com  www.asanko.com

 www.asx.com.au  www.kimberleyprocess.com  www.aureus-mining.com  www.kimberleyprocessstatistics.org  www.b2gold.com  www.magindustries.com  www.bbc.com  www.mgafrica.com  www.bdlive.co.za  www.mineweb.com  www.bloomberg.com  www.mining.com  www.businessincameroon.com  www.miningreview.com  www.businessinsider.com  www.mining-technology.com  www.chambredesmines.bf  www.miningweekly.com  www.chambredesmines.ci  www.mnggold.com  www.chambredesminesdumali.org  www.nordgold.com  www.cmdsenegal.com  www.perseusmining.com.au  www.coface.com  www.resourcegovernance.org  www.dailytrust.com.ng  www.reuters.com  www.databox.worldbank.org  www.rml.com.au  www.diamonds.net  www.roxgold.com  www.eiti.org  www.semafo.com  www.endeavourmining.com  www.sierra-rutile.com  www.engineeringnews.co.za  www.sundanceresources.com.au  www.eramet.com  www.techtimes.com  www.ghanachamberofmines.org  www.telegraph.co.uk  www.gold.org  www.tizir.co.uk  www.graphic.com.gh  www.truegoldmining.com  www.guineemining.info  www.un.org  www.hongqiaochina.com  www.vikingmines.com  www.hummingbirdresources.co.uk  www.website.cavallaresources.com  www.iclg.co.uk  www.winninggroup.com.sg  www.insideafricalaw.com  www.worldbank.org

COMPANY PROFILES ABOSSO GOLDFIELDS LTD

Reg. Number: C38/054 Updated: 2016-02-29

Postal Address: Physical Address:

PO Box C2264, Cantonments, Accra 16 Fifth Circular Road Extension, N Labone, Accra

Tel: +233 302 770-189/90/91 Fax.: +233 302 770-187

Email: Website: www.goldfields.co.za

Shareholders Shareholder Percentage

Gold Fields Ltd 90.00

Government of Ghana 10.00

Directors

Appointment Name Designation Date

Mr Alfred Baku 2014-03-01 Executive Vice-President - West Africa

Ms Cheryl Ann Carolus Non-Executive Chairman - Group

Mr Nicholas John Holland Chief Executive Officer - Group

Mr Paul Andy Schmidt Chief Financial Officer - Group

Managers

Appointment Name Designation Date

Mr Abdel Razak Yakubu Manager - Community Affairs

History of Business

In January 2002, Gold Fields Ltd and Repadre Capital Corporation completed its acquisition of a 90% ownership of Abosso Goldfields Ltd from Ranger Minerals Ltd. Between 2002 and 2005 Damang mine produced a total of 996,000 oz of gold.

Nature of Business

Abosso Goldfields Ltd's operates the Damang mine which is located approximately 30km north of its neighbouring Tarkwa mine. It consists of four open pits, as well as surface stockpiles and a Carbon- In-Leach processing plant. The Damang plant currently processes 4.9 million tons per annum from a blend of approximately 5% oxide ore and 95% fresh ore. The ore is sourced from various open pit mining operations and existing surface stockpiles. The Damang mine's mineral reserve will be depleted in 2019.

The Tarkwa Mine operates under mining leases covering a total area of approximately 20,825 hectares. Five mining leases, dated 18 April 1997, cover the Tarkwa property, while two mining leases, dated 2 February 1988 and 18 June 1992 respectively, cover the Teberebie property. The Tarkwa concession mining leases expire in 2027 and the Teberebie property mining leases expire in 2018.

Nr. of Employees 1756 (Damang Mine)

Auditors KPMG Ghana

Turnover [2015] $ 194.80m (Damang Mine Revenue)

Profit -$22.7m (Net Loss)

Company Year End December

Corporate Governance in Relation to SED & ED

The Gold Fields Ghana Foundation provided health infrastructure including community clinics and nurses quarters for Damang and Bompieso communities. The company in collaboration with district directorate of the Ghana Health Service has trained community health facilitators in each of the nine host communities.

Production Capacity

4.9 million tons of gold p.a.

Brandnames

Abosso Goldfields, Damang, Tarkwa

AFRICAN GOLD GROUP INC

Updated: 2016-04-20

Postal Address: Physical Address:

11th Floor, Yonge & Richmond Centre, 151 Yonge 11th Floor, Yonge & Richmond Centre, 151 Yonge Street, Toronto, Ontario, M5C 2W7 Street, Toronto, Ontario, M5C 2W7

Tel: +1 647 775-8538 Fax.: +1 647 775-8301

Email: Website: www.africangoldgroup.com

Shareholders Shareholder Percentage

Mr G Cohen 18.50

Sentry Investments Corporation 5.00

Sprott Asset Management LP 4.00

TD Securities Inc 2.00

Directors

Appointment Name Designation Date

Mr David Brown Non-Executive Chairman

Mr Georges Cohen Non-Executive Director

Mr Marco Durante Executive Vice-President

Mr Declan Franzmann Executive President & Chief Executive Officer

Dr Antony (Tony) Harwood Non-Executive Director

Mr Pierre Lalande Non-Executive Director

Mr Michael Nikiforuk Executive Director

History of Business

African Gold Group Inc was incorporated in Canada on 2 October 2002.

Nature of Business

African Gold Group Inc, based in Toronto, is involved in the identification, acquisition and exploration of prospective gold projects situated along significant gold trends in Ghana, West Africa. AGG's immediate focus is to explore both surface, and in particular, sub-surface targets along two of Ghana's major gold bearing trends: the Sefwi and Asankrangwa Gold Belts.

African Gold Group’s main gold mine is the Kobada Project, an advanced gold project located approximately 125 km south west of Bamako, the capital city of Mali. The Kobada gold deposit production schedule is based on delivering 1.6 million tons of ore for processing per annum. The life of mine is approximately 8 years.

The group's projects in Ghana comprise: • Twedee • Moseaso • Manso Nkwanta and Manso Atwere • Assuowunu • Nyankumasi concession

• Measured Mineral Resource 11.0 million tons at 1.1g/t Au for 380 kilo ounces • Indicated Mineral Resource 24.4 million tons at 1.1g/t Au for 835 kilo ounces • Inferred Mineral Resource 32.8 million tons at 1.0g/t Au for 1,024 kilo ounces • Proved and Probable Reserve 12.7 million tons at 1.25g/t Au for 511 kilo ounces

Auditors BDO Dunwoody LLP

Profit -R63.57m (-$5.5m) (AFS2014) (Net Loss) (Latest Available)

Company Year End December

Transfer Secretaries

Postal Name Physical Address Tel Address

Computershare Investor 100 University Avenue, 9th Floor, Toronto, +1 800 564- Services Inc Ontario, Canada 6253

Direct Subsidiaries, Associates & Investments Company Name Percentage

AGG (Barbados) Ltd 100.00

AGG (Ghana) Ltd 100.00

AGG (Mali) SARL 100.00

Arziki Mining Ltd 100.00

Foroko Explorations SARL 95.00

Kobada Development SARL 100.00

ALUFER MINING LTD

Updated: 2016-04-26

Postal Address: Physical Address:

Trafalgar Court, Admiral Park, St Peter Port, GY1 Trafalgar Court, Admiral Park, St Peter Port, GY1 3EL 3EL

Tel: +44 20 7494-8204 Fax.:

Email: [email protected] Website: www.alufermining.com

Shareholders Shareholder Percentage

Pella Ventures Ltd 100.00

Directors

Appointment Name Designation Date

Mr Dorian Barak Non-Executive Director

Mr Andrew Ferguson Non-Executive Director

Mr Shawn McCormick Non-Executive Director

Mr Jeremy Nottingham Non-Executive Director

Mr Yves Occello Non-Executive Director

Mr Adonis Pouroulis Non-Executive Chairman

Mr Bernard Robert Pryor Chief Executive Officer

Mr Robert Sinclair Non-Executive Director

Mr Lamine Toure Executive Director - Guinea

Managers

Appointment Name Designation Date

Mr James Castiau Operations Manager

Mr Andries Cilliers Manager - Chief Technical Officer

Ms Rachel Rhodes Chief Financial Officer

History of Business

Alufer Mining Ltd was established in June 2010. Exploration in Guinea commenced in January 2011 and the Preliminary Feasibility Study (PFS) for Bel Air was completed in December 2011.

Nature of Business

Alufer Mining Ltd is an independent mineral exploration and development company with bauxite interests in the Republic of Guinea. The company is currently focused on the development of the Bel Air Project, with production expected to commence in 2017. Over 145 million tons of Joint Ore Reserves Committee (JORC) compliant resource has been identified at Bel Air.

Nr. of Employees 25 (Est)

Direct Subsidiaries, Associates & Investments Company Name Percentage

Alufer (Base Metals) Ltd 100.00

Alufer (Guinea) Ltd 100.00

Alufer Management Services Ltd 100.00

Alufer SA 100.00

Alufer Trading Ltd 100.00

AMR GOLD LTD

Updated: 2016-05-03

Postal Address: Physical Address:

5 Main Motor Road, Congo Cross, Freetown 5 Main Motor Road, Congo Cross, Freetown

Tel: +232 2 229-0017 Fax.:

Email: [email protected] Website: www.amrgold.net

Shareholders Shareholder Percentage

Avivit Minerals Company Ltd 100.00

Directors

Appointment Name Designation Date

Mr Gary Vallerius Executive Director

Managers

Appointment Name Designation Date

Mr Mohamed Daffae Chief Financial Officer

Dr Jan Ketelaar Country Manager

Other Key Personnel

Appointment Name Designation Date

Mr Salim Sillah Chief Geologist

History of Business

AMR Gold Ltd was incorporated in Sierra Leone in 2011.

Nature of Business

AMR Gold Ltd is an exploration, evaluation and mine development company active in Sierra Leone, West Africa. It has titles to 3 exploration licenses involved in concentrating work on gold, tantalite, tin, rare earth metals and diamonds.

AMR Gold's 3 exploration licences covering a total of 423 square kilometre portions of the Sanda Loko and Sella Limba Chiefdoms in the Bombali District of north west Sierra Leone.

Corporate Governance in Relation to SED & ED

AMR Gold Ltd has developed and implemented community programmes in the company’s areas of operation.

The company has supported the following local community initiatives and programmes: • Rehabilitating local public roads serving the Fiama and Sella Limba communities • Developing the educational sector in remote areas of the country. • Initiating co-operative artisanal mining groups • Introducing community agriculture projects

AMR Gold actively supported the government and local community during the Ebola outbreak and will continue its support for local community projects within its Exploration Licence areas.

Influencing Factors

Sierra Leone’s mining sector was hit during the 2015 financial year by the demise of both of its major iron ore companies, London Mining and African Minerals. In the present and medium term, given global iron ore and other mineral commodity demand, supply and pricing, it will need a combination of investors with strong support from the government to again make mining a strong contributor to the country’s economy.

ANGLOGOLD ASHANTI LTD

Reg. Number: 1944/017354/06 JSE Code: ANG VAT Number: 4010182451 BEE Rating: Not Rated Updated: 2016-05-03

Postal Address: Physical Address:

PO Box 62117, Marshalltown, Johannesburg, 76 Rahima Moosa Street, Newtown, 2107 Johannesburg, 2001

Tel: +27 11 637-6000 Fax.: +27 11 637-6624

Email: [email protected] Website: www.anglogoldashanti.com

Shareholders Shareholder Percentage

Bank of New York Mellon (The) 49.01

Investec Asset Management (Pty) Ltd 7.07

Van Eck Global 6.65

Public Investment Corporation SOC Ltd 6.40

Paulson & Co Inc 6.18

Dimensional Fund Advisors Inc 5.16

Directors

Appointment Name Designation Date

Mr Albert Garner 2015-01-01 Independent Non-Executive Director

Mr Rhidwaan Gasant 2010-08-12 Independent Non-Executive Director

Mr David Lancaster Hodgson 2014-04-25 Independent Non-Executive Director

Mr Johan Andries Holtzhausen 2014-04-25 Independent Non-Executive Director

Ms Nozipho Patricia January-Bardill 2011-10-01 Independent Non-Executive Director

Mr Michael James Kirkwood 2012-06-01 Non-Executive Director

Prof Lumkile Wiseman Nkuhlu 2009-06-14 Non-Executive Deputy Chairman

Mr Sipho Mila Pityana 2007-02-13 Non-Executive Chairman

Ms Kandimathie Christine Ramon 2014-10-01 Chief Financial Officer

Ms Maria Richter 2015-01-01 Non-Executive Director

Mr Rodney John Ruston 2012-01-01 Non-Executive Director

Mr Srinivasan (Venkat) Venkatakrishnan 2013-06-01 Chief Executive Officer

Managers

Appointment Name Designation Date

Mr Stewart Bailey Manager - Vice-President - Investor Relations

Manager - Executive Vice President - People Ms Italia Boninelli & Organisational Development

Manager - Executive Vice President - Dr Charles Edward Carter Business Strategy

Manager - Executive Vice-President - Group Mr Graham Ehm Planning & Technical

Mr Alan Fine Manager - Public Affairs Manager

Manager - Executive Vice-President - Mr Ron Largent Americas

Manager - Executive Vice President - Mr David Collen Noko 2012-06-15 Sustainable Development

Manager - Executive Vice-President - South Mr Michael Patrick (Mike) O'Hare Africa

Mr Christopher Bernard Sheppard 2015-06-01 Chief Operating Officer - South Africa

Manager - Median Liaison & Communications Mr Khosi Shongwe Officer

Manager - Senior Vice-President - Corporate Ms Yedwa Zandile Simelane 2009-11-01 Affairs

History of Business

Vaal Reefs Exploration and Mining Company Ltd was established in 1944. The gold interests of Anglo American Corporation and associated companies merged to form AngloGold Ltd, becoming a global gold operating company. In December 1998, AngloGold Ltd acquired all the gold interests of Minorco

Societe Anonyme Ltd. In April 2004, AngloGold Ltd acquired Ashanti Goldfields Company Ltd in its entirety and the name was changed from AngloGold Ltd to AngloGold Ashanti Ltd. The new company is listed on the New York, JSE, Ghanaian, London and Australian stock exchanges, as well as the Paris and Brussels bourses. In March 2009, Anglo American Plc disposed of its shares in AngloGold Ashanti Ltd. In June 2012, AngloGold Ashanti Ltd acquired the remainining 50% interest in the Serra Grande (Crixas) mine in Brazil from Kinross Gold Corporation for a cash consideration of US$220m.

On 3 August 2015, AngloGold Ashanti concluded the sale of Cripple Creek & Victor (CC&V), its sole mine in the United States, to Newmont Mining Corporation, for $819m in cash plus a net smelter return royalty.

Nature of Business

AngloGold Ashanti Ltd is currently the third largest producer of gold in the world, operating 17 mining operations on 3 continents, with an attributable ore reserve of 51.7 million ounces of gold and an attributable Mineral Resource of 207.8 million ounces.

The group’s mining operations are divided into the following regions, including its respective mines:

SOUTH AFRICA: • Vaal River: Kopanang, Moab Khotsong (including Great Noligwa) • West Wits: Mponeng, TauTona, Savuka

CONTINENTAL AFRICA: • Guinea: Siguiri (85%) • Mali: Morila (40%), Sadiola (41%) • Ghana: Iduapriem, Obuasi • DRC: Kibali (45%) • Tanzania: Geita

AUSTRALASIA: • Sunrise Dam, Tropicana (70%)

AMERICAS: • Argentina: Cerro Vanguardia (92.5%) • Brazil: Serra Grande, AGA Mineracao • Colombia: Gramalote (51%), La Colosa, Quebradona (92.4%)

Valuable by-products are generated at the same time as the gold recovery process. These by- products are: • Silver, which is associated with the gold at some AngloGold Ashanti Ltd's operations • Sulphuric acid • Uranium

The residue from the process operations are stored in designated tailings storage facilities.

Nr. of Employees 52266

Company Secretary Ms ME Sanz Perez

Banks First National Bank (a division of FirstRand Bank Ltd)

Auditors Ernst & Young Inc

Attorneys Edward Nathan Sonnenbergs Inc

Stockbrokers Deutsche Securities (Pty) Ltd; Barclays Bank Plc

Turnover [2015] R 55,741.23m ($ 4,311.00m) As Per INET Financials (2015)

Profit R594.78m ($46.00m) As Per INET Financials (2015)

Company Year End December

Transfer Secretaries

Name Physical Address Postal Address Tel

Computershare Investor The Pavilions, Bridgewater Road, +44 207 Services Plc Bristol BS99 6ZZ, England 597-4000

Computershare Investor Level 11, 172 St Georges GPO Box D182, Perth, +61 1300 Services Pty Ltd (Australia) Terrace, Perth, WA 6000 WA 6840 787-272

Martco House, Off Kwame PO Box K1A 9563, +233 302 NTHC Ltd Nkrumah Avenue, Accra, Ghana Airport Accra, Ghana 229-664

Computershare Investor 70 Marshall Street, PO Box 61051, +27 11 Services (Pty) Ltd Johannesburg, 2001 Marshalltown, 2107 370-5000

Corporate Governance in Relation to SED & ED

AngloGold Ashanti strives to contribute positively to the communities and societies the company operates in, thus contributing towards their sustainable future. This is done by: • Investing in communities • Promoting local procurement • Focusing on local employment and skills development

Community and social investment spend for the 2015 financial year totalled $15.2m, with $6.3m invested in South Africa.

Activities

Activity Percentage

Gold mining 100.00

Units Manufactured

3.9 million ounces (Gold); 0.9 million pounds (Uranium) - South Africa

Brandnames

AngloGold Ashanti

Trademarks

AngloGold Ashanti

Direct Subsidiaries, Associates & Investments Company Name Percentage

Advanced Mining Software Ltd 100.00

Agre Insurance Company Ltd 100.00

AngloGold Ashanti (Ghana) Ltd (Obuasi Mine) 100.00

AngloGold Ashanti (Iduapriem) Ltd 100.00

Anglogold Ashanti Corrego do Sitio Mineracao SA 100.00

AngloGold Ashanti Health (Pty) Ltd 100.00

Anglogold Ashanti Holdings Finance Plc 100.00

AngloGold Ashanti Holdings Plc 100.00

AngloGold Ashanti USA Inc 100.00

AngloGold Environmental Rehabilitation Trust Undisclosed

AngloGold Limited Employees' Share and Debenture Trust Undisclosed

Anglogold Namibia (Pty) Ltd 100.00

AngloGold Offshore Investments Ltd 100.00

Covalent Water Company (Pty) Ltd 100.00

Eastvaal Gold Holdings Ltd 100.00

First Uranium (Pty) Ltd 100.00

First Uranium Corporation 19.80

Gold of Africa Collection 100.00

Kibali (Jersey) Ltd 50.00

Masakhisane Investment Ltd 100.00

Morila Ltd 40.00

Nuclear Fuels Corporation of South Africa (Pty) Ltd 100.00

Oro Group (Pty) Ltd 25.00

Rand Mutual Assurance Company Ltd (The) 9.93

Rand Refinery (Pty) Ltd 42.41

Sadiola Exploration Company Ltd 40.00

Societe d'Exploitation des Mines d'Or de Sadiola SA 41.00

Vyfhoek Exploration and Mining Company Ltd 50.00

ARCELORMITTAL LIBERIA LTD

Updated: 2016-05-03

Postal Address: Physical Address:

PO Box 1275, Monrovia 15th Street, Tubman Boulevard, Sinkor, Monrovia

Tel: +231 77 018-056 Fax.: +231 77 008-264

Email: Website: www.arcelormittal.com

Shareholders Shareholder Percentage

ArcelorMittal SA 70.00

Directors

Appointment Name Designation Date

Mr Deepak Bapana 2015-05-00 Chief Financial Officer

Mr Michel Prive 2015-09-00 Chief Executive Officer

Managers

Appointment Name Designation Date

Mr Ronny Addy 2014-03-00 Country Manager

Mr Watchen Johnson Babalola 2012-06-00 Human Resources Manager

Mr Denis Foulds 2013-04-00 Manager - Retail & Port

Ms Hesta Pearson 2011-00-00 Communications Manager

Mr Prasad Sreenivas 2012-11-00 Manager - Chief Technical Officer

History of Business

Arcelormittal Liberia Ltd was established in 2006.

Nature of Business

Arcelormittal Liberia Ltd is involved in the production and marketing of steel products. It mines iron ore in Yekepa, Nimba County, and transport it to the iron ore quay in Buchanan, Grand Bassa County. Its offices are located in Yekepa; Green Hill Quarry (Bong County); Buchanan and Monrovia, Montserrado County.

The Liberian operations are divided into two phases: • Phase one (2011 to 2015): ore mined and shipped to European steel plants and to the open market in Asia. • Phase two (2015 to ± 2030): the capacity of the iron ore mine will be increased to 15 million tons per annum. A new fixed ship loader at the Buchanan port and a concentrator at the Yekepa concession to produce iron ore pellets will be invested in by the company and constructed.

Nr. of Employees 500 (Indirectly - 2,100)

Corporate Governance in Relation to SED & ED

Arcelormittal Liberia contributes towards economic development by providing jobs, building local infrastructure and creating opportunities for local businesses to supply its operations through the following:

• In 2012 the company launched the first phase of a program to supply new prosthetic limbs to amputees across Liberia. Over 250 people in Monrovia, Grand Bassa, Bong and Nimba Counties which have lost limbs through accidents, war injuries or disease received new state-of-the-art, new prosthetic devices as part of a new charity partnership. • In August of 2012 the company also launched its Advanced Academic Studies Scholarship (AASS), awarding US$200,000 in scholarship to Liberian students pursuing post-graduate studies in the sciences, procurement and logistics. • ArcelorMittal continues to build new schools, market halls, hand pumps, hospitals and much more in support of the communities in or near our concession area. • Responding to Ebola - Arcelormittal assisted in the mobilisation of an effective response to the Ebola disease, contributed medical, financial and other resources to the wider community, and worked with other private sector organisations in Liberia to press for a coordinated international response including international aid agencies.

Production Capacity

3.0 million tons p.a.(Iron Ore)

AREVA SA

Updated: 2016-05-06

Postal Address: Physical Address:

1 Place Jean Millier, Courbevoie, 92400 1 Place Jean Millier, Courbevoie, 92400

Tel: +33 1 3496-0000 Fax.: +33 1 3496-0001

[email protected]; Email: Website: www.areva.com [email protected]

Shareholders Shareholder Percentage

French Atomic Energy Commission 54.37

Kuwait Investment Authority 4.82

BPI France Participations SA 3.32

Electricite de France SA 2.24

Directors

Appointment Name Designation Date

Ms Sophie Boissard Non-Executive Director

Mr Claude Imauven Non-Executive Director

Mr Philippe Knoche Chief Executive Officer

Mr Christian Masset Non-Executive Director

Mr Denis Morin Non-Executive Director

Mr Pascal Sourisse Non-Executive Director

Mr Philippe Varin 2015-01-08 Non-Executive Chairman

Mr Daniel Verwaerde 2015-02-00 Non-Executive Deputy Chairman

Managers

Appointment Name Designation Date

Mr Remy Autebert Manager - Senior Executive VP: Asia Region

Mr Eric Chassard Manager - Senior Executive VP: Engineering

& Projects

Manager - Senior Executive VP: Operations Ms Anne-Marie Choho Support

Manager - Senior Executive VP: Back End Mr Guillaume Dureau Business Group

Chief Operating Officer - Areva NP & Senior Mr Bernard Fontana Executive VP: Reactors & Services

Mr Stephane Lhopiteau Chief Financial Officer

Manager - Senior Executive VP: Human Mr Francois Nogue Resources

Ms Magali Smets Manager - Secretary of Executive Committee

Manager - Senior Executive VP: Miing & Front Mr Olivier Wantz End Business

History of Business

Areva SA was established on 3 September 2001.

Nature of Business

Areva SA is a French multinational group specialising in nuclear power and renewable energy. Areva’s activities are divided into 5 business clusters: • The mining business group manages the exploration of uranium ore on five continents • Front End: encompasses uranium conversion and enrichment, nuclear fuel design and production • Reactors and Services: designs and builds nuclear power plants, naval propulsion reactors and research reactors • Back End: manages all operations in back end of the nuclear cycle, from used nuclear fuel recycling to the dismantling and value development of nuclear facilities • Renewable Energies: develops and manages a portfolio of operations revolving around 4 renewable energies including wind energy, bioenergy, solar power and hydrogen power.

Projects in Africa comprise: • Niger’s uranium potential is currently exploited by two Nigerien corporations, Somair and Cominak, operated by AREVA. Somair and Cominak mine the deposits in the Arlit region in the northeastern part of the country, more than 1,200 kilometres from the capital Niamey. Each mine

has its own ore processing facility. As at 2014, total production was 2,331 metric tons of uranium, as regards AREVA's consolidated financial share, in addition to AREVA'S share of 510 metric tons at Cominak.

• The Trekkopje mining project is located 70 km northeast of Swakopmund in the desert region of Erongo in Namibia. Trekkopje is a shallow, high-tonnage, low-grade, calcrete surface deposit. The principal mineralisation extends over an area approximately 14 km long and 3 km wide.

Nr. of Employees 39761 (4,463 - Mining Group)

Auditors Ernst & Young; Mazars Inc

Turnover [2015] R 70,796.60m ($ 4,562.80m)

Profit -R34361.4m (-$2214.59m) (AR2015) (Net Loss -€2.038bn)

Company Year End December

Corporate Governance in Relation to SED & ED

The AREVA corporate Foundation supports humanitarian and public-interest projects underpinning the group’s commitment to society and community involvement in countries in which it develops and conducts business.

Direct Subsidiaries, Associates & Investments Company Name Percentage

Areva Business Support SAS 100.00

Areva Energies Renouvelables SAS 100.00

Areva Mines SA 100.00

Areva NC SA 100.00

Areva NP SAS 100.00

Areva TA SA 83.58

ASANKO GOLD INC

Updated: 2016-04-25

Postal Address: Physical Address:

680-1066 West Hastings Street, Vancouver, 680-1066 West Hastings Street, Vancouver, British Colombia, V6E 3X2 British Colombia, V6E 3X2

Tel: +1 604 683-8193 Fax.: +1 604 683-8194

Email: [email protected] Website: www.asanko.com

Shareholders Shareholder Percentage

Van Eck & Market Vectors ETF Trust 8.30

Sun Valley Gold LLC 7.30

Intact Investment Management Inc 4.50

1832 Asset Management LP 4.20

Taurus Gold Ltd 3.90

Mackenzie Investments 3.50

M&G Investment Management Ltd 2.70

Beutel Goodman & Company Ltd 2.70

Sprott Asset Management LP 2.50

Oppenheimer Group Inc 1.80

Directors

Appointment Name Designation Date

Mr Peter Breese Executive President & CEO

Mr Marcel de Groot Non-Executive Director

Mr Gordon Fretwell Non-Executive Director

Mr Michael (Mike) Price Non-Executive Director

Mr Bill Smart Non-Executive Director

Mr Colin Steyn 2014-03-03 Non-Executive Chairman

Mr Shawn Wallace Non-Executive Director

Managers

Appointment Name Designation Date

Dr Ben Adoo Manager - Executive Chairman: Ghana

Mr Charles Amoah General Manager - Asanko Gold Mine

Mr Frederick Attakumah Manager - Corporate Affairs Executive

Dr Frans de Bruyn Manager - Organization Capability Executive

Mr Fausto Di Trapani Manager - Financial Executive

Mr Wayne Drier Manager - Business Development Executive

Mr Greg McCunn Chief Financial Officer

Mr Ed Munnik Manager - Metallurgical Executive

Mr Rob Slater Manager - Mining Executive

Mr Hugo Truter Manager - Projects Executive

Mr Josephat Zvaipa Manager - MD: Ghana

History of Business

Asanko Gold Inc was established on 23 September 1999.

Nature of Business

Asanko Gold Inc is in the exploration and development stage and is focused on advancing its principal project, the Asanko Gold Mine, to commercial production. The Project is being developed in phases, with Phase 1 currently being commissioned. Subsequent to 31 December 2015 the Company poured its first gold in January 2016. In addition to its principal project, Asanko holds a portfolio of other Ghanaian gold concessions in various stages of exploration.

Projects comprise: • Phase 1 - The Asanko Gold Mine is an open-pit mining operation, comprising the Nkran pit and four satellite deposits (Abore, Asuadai, Dynamite Hill and Adubiaso) and a 3 million tons per annum carbon-in-leach (CIL) processing plant facility. It is wholly-owned by Asanko, with a 10% free carried interest held by the Government of Ghana that becomes effective once commercial production is declared. It has reserves of 2.5Moz at a gold grade of 2.15g and gold production of 2.3Mozs and over 12.4 year life-of-mine.

• Phase 2 - The Phase 2 expansion will integrate the Esaase deposit with the Phase 1 Obotan project to create one large, multi-pit mine, producing an average of ±410,000 ounces of gold over a 10.5 year life-of-mine. • Exploration - The Asankrangwa Gold Belt occupies a 10 to 20 km wide zone along the axis of the Kumasi Basin, and situated between the Sefwi (to the west) and Ashanti (to the east) Belts. The Asankrangwa Gold Belt is under-explored and is emerging as a significant gold belt, with 0.6 million ounces of historic production and 4.5 million ounces of reserves in development by Asanko.

Nr. of Employees 175 (2,946 - Total Workforce Ghana)

Banks Bank of Montreal

Auditors KPMG LLP

Attorneys McMillan LLP

Profit -R128.87m (-$8.3m) (AFS2015) (Net Loss) (-U$2.91m - Ghana)

Company Year End December

Transfer Secretaries

Postal Name Physical Address Tel Address

Computershare Investor 100 University Avenue, 9th Floor, Toronto, +1 800 564- Services Inc Ontario, Canada 6253

Corporate Governance in Relation to SED & ED

Asanko Gold Inc adopted a partnership strategy that leverages expertise, funds, and an approach to local economic development that promotes sustainable community self-determined beyond the life of the Asanko Gold Mine. It partnered with the German organisation, Deutsche Gesellschaft fur Internationale Zusammenarbeit (GIZ) on its skills development programmes. Together, Asanko Gold is implementing a number of development initiatives to empower local communities and build capacity. These include financial literacy, skills development, and healthcare. GIZ will match Asanko’s funding dollar for dollar, which it hopes will double the impact of its programmes.

Direct Subsidiaries, Associates & Investments Company Name Percentage

Adansi Gold Company (Ghana) Ltd 100.00

Asanko Gold (Barbados) Inc 100.00

Asanko Gold South Africa (Pty) Ltd 100.00

Asanko International (Barbados) Inc 100.00

Keegan Resources (Ghana) Ltd 90.00

PMI Gold Corporation 100.00

AVOCET MINING PLC

Updated: 2016-05-19

Postal Address: Physical Address:

5th Floor, 15 Old Bailey, London, EC4M 7EF 5th Floor, 15 Old Bailey, London, EC4M 7EF

Tel: +44 20 3709-2570 Fax.:

Email: [email protected] Website: www.avocetmining.com

Shareholders Shareholder Percentage

Elliott International LP 13.51

UBS AG 9.65

Prelas AS 6.85

Merrill Lynch & Co Inc (New York) 4.50

Halifax Share Dealing Ltd 3.62

Hargreaves Lansdown Asset Management 3.45

TD Direct Investing Nominees (Europe) Ltd 3.28

Directors

Appointment Name Designation Date

Mr David Cather 2012-07-00 Chief Executive Officer

Mr Russell Philip Edey 2010-09-00 Non-Executive Chairman

Mr Barry Rourke 2010-07-00 Independent Non-Executive Director - Senior

Mr Gordon Wylie 2012-02-00 Non-Executive Director

Executive Financial Director & Company Mr Jim Wynn 2015-09-00 Secretary

History of Business

Avocet Mining Plc was established in 1995 as a tungsten and gold mining company with operations primarily in South East Asia. In 1999, Avocet divested its tungsten operations to focus on gold mining. In 2009, the company sold its South East Asia operations. Avocet Mining Plc listed on the London Stock Exchange in December 2011.

The Inata gold mine is an open pit gold mine located in northern Burkina Faso and has been operational since Avocet completed construction in late 2009.

Tri-K received its exploitation permit in March 2015 from the Guinea Government following the submission of a Feasibility Study in October 2013.

Nature of Business

Avocet Mining Plc is a West African-focused gold mining and exploration company. The company operates the Inata gold mine in Burkina Faso and has exploration projects in Burkina Faso and Guinea.

Operations comprise: • Burkina Faso - Avocet's exploration licences at Belahouro in Burkina Faso cover approximately 1,660 square kilometres. The Mineral Resource estimate within the Belahouro group of exploration licences, including the Inata and Souma projects, comprises 4.2 million ounces at a grade of 1.69 g/t Au, and includes an Ore Reserve of 0.24 million ounces at a grade of 1.48 g/t Au. Production in 2015 was 74,755 ounces. The Souma project, which is located approximately 20 kilometres east of the Inata processing plant, is being progressed up the development curve with the objective of submitting a Mining Licence application as soon as the Feasibility Study has been completed. • Guinea - Avocet's main project in Guinea is the Tri-K development project in eastern Guinea, located near to Kankan, Guinea's second largest city. Tri-K consists of several exploration permits covering a total of 490 square kilometres, including the Koulekoun and Kodieran gold prospects, and a mining permit. Avocet owns 100% of all exploration permits it holds in Guinea. The Feasibility Study submitted in October 2013 was based on an Ore Reserve of 480,000 ounces and showed a 7 year life of mine, producing an average of 55,000 ounces of gold per year. A new ore reserve has not yet been completed. The company also intends to review extending the mine life through the exploitation of the 2.4 million ounces of resources which remain beneath the oxide zone of the orebodies by Carbon-in-Leach (‘CIL’) or other means.

Nr. of Employees 574

Company Secretary Mr J Wynn

Banks Barclays Bank Plc; Coris Bank SA; Ecobank Burkina SA

Auditors Grant Thornton UK LLP

Attorneys Fieldfisher LLP

Stockbrokers JP Morgan Cazenove Ltd

Turnover [2015] R 1,319.43m ($ 85.03m) (AR2015) (Burkina Faso U$85.03m)

Profit -R771.21m (-$49.7m) (AR2015) (Net Loss) (Burkina Faso -U$43.51m)

Company Year End December

Transfer Secretaries

Postal Name Physical Address Tel Address

Computershare Investor The Pavilions, Bridgewater Road, Bristol +44 207 597- Services Plc BS99 6ZZ, England 4000

Corporate Governance in Relation to SED & ED

Since 2010, Avocet has used a foundation to act as the vehicle for its community based projects in Burkina Faso. The Fondation Avocet pour le Burkina (FAB) is governed by representatives of Avocet, Avocet’s local subsidiary SMB and local community leaders. Inata’s Community Relations department manages the day to day running of FAB.

Five areas in particular were identified as key development areas: • Drinking water. The foundation constructed, in conjunction with local villages, a total of 7 artisanal wells, servicing 5 villages around Inata. The villagers were trained in the repair and maintenance of these wells, which provide 2,700 villagers which live in an arid region with access to clean potable water; • Education and training. The provision of education and training was identified as critical if local communities are to develop the skills to develop own economies. Activities during 2014 in this area included the provision of books and other teaching materials, school furniture and equipment, undertaking of minor repairs and maintenance, and the construction of additional classrooms. In addition, 160 young villagers were given training in driving motorised vehicles, allowing the villagers to obtain driving licences which are important to chances of obtaining work in local mining sites as well as other sectors such as transportation, agriculture; • Healthcare. As well as providing healthcare services for the mine site, Inata’s medical teams also extended its coverage to local communities, where malaria is a particular problem. Specific activities

in this area included the distribution of malaria kits, mosquito nets, and education programmes; • Supporting local economies. Under FABs direction, it was agreed that all non-technical construction, repair, maintenance and supplies for the mine would be sourced locally; and • Sustainable energy. In conjunction with Total Burkina, FAB provided a number of local communities with access to green energy through the distribution of 1,000 solar panels.

Influencing Factors

The fall in the gold price during 2015, together with a series of operational challenges at the mine itself, meant that revenues from gold sales at Inata were lower than in 2014; however this was to some extent partly mitigated by continued cost reductions. Nevertheless, tight margins put pressure on plans to repay supplier credit balances and financial obligations, and at times required difficult negotiations with the mine’s stakeholders.

Units Manufactured

74,755 ounces (Gold) - Inata

Direct Subsidiaries, Associates & Investments Company Name Percentage

Goldbelt Resources West Africa SARL 100.00

Societe des Mines de Belahouro SA 90.00

Wega Mining Guinee SA 100.00

AZUMAH RESOURCES LTD

Reg. Number: ABN 72 112 320 251 Updated: 2016-04-25

Postal Address: Physical Address:

Suite 2, 11 Ventnor Avenue, Perth, WA 6005 Suite 2, 11 Ventnor Avenue, Perth, WA 6005

Tel: +61 8 9486-7911 Fax.: +61 8 9481-4417

Email: [email protected] Website: www.azumahresources.com.au

Shareholders Shareholder Percentage

Caitlyn Ltd 12.58

HSBC Custody Nominees (Australia) Ltd 11.25

Macquarie Bank Ltd 9.80

JP Morgan Nominees Australia Ltd 3.83

Ausdrill International Pty Ltd 2.56

Citicorp Nominees Pty Ltd 2.50

Gladstone Super Pty Ltd 1.92

Redstar Resources Ltd 1.89

BNP Paribas Nominees Pty Ltd 1.24

Mr B McCarthy 1.12

Yandal Investments Pty Ltd 1.01

Mr P Amoako-Atta 0.82

Mr S & C Yamashita 0.76

Shoredown Ltd 0.66

Mr S Yamashita 0.63

NEFCO Nominees Pty Ltd 0.52

Mr BW Hanna 0.50

Whitesman Investments Pty Ltd 0.49

National Nominees Ltd 0.45

Mr G & L Rodaughan 0.42

Directors

Appointment Name Designation Date

Mr Michael Atkins Non-Executive Chairman

Mr Geoffrey Jones Non-Executive Director

Mr William (Bill) LeClair Non-Executive Director

Mr Stephen Stone Executive Managing Director

History of Business

Azumah Resources Ltd was established in 2006. The Wa-Lawra RL (The Wa Gold Project license) was initially granted to a Ghanaian registered company, Carlie Mining Co (Carlie) on 2 March 2005 and transferred to Azumah Resources (Ghana) Ltd on 5 March 2005.

Nature of Business

Azumah Resources Ltd is a Perth-based mineral exploration company entirely focused on exploring and developing its 100%-owned Wa Gold Project in Northwest Ghana, West Africa. Licences cover 2,800km2 and encompass >150km strike of prospective Birimian terrain, the rocks that host the majority of West Africa’s major gold mines. The feasibility study was completed in February 2015. It has an open pit mining inventory of over 650,000oz including a JORC Ore Reserve of 624,000oz Au (9.1Mt at 2.14g/t Au). The study is based on +1.2 million tons per annum plant producing 90,000oz Au per year over 7-year mine life.

Nr. of Employees 3000 (Group)

Company Secretary Mr D Wilkins

Banks Barclays Bank of Ghana Ltd; National Australia Bank Ltd

Auditors BDO Audit (WA) Pty Ltd

Attorneys Gilbert & Tobin

Turnover [2015] R 0.71m ($ 0.05m)

Profit -R38.81m (-$3.19m) (AR2015) (Net Loss -AU$4.14m)

Company Year End June

Transfer Secretaries

Postal Name Physical Address Tel Address

Security Transfer Registrars 770 Canning Highway, Applecross WA +61 8 9315- Pty Ltd 6153, Australia 2233

Corporate Governance in Relation to SED & ED

Azumah Resources Ltd launched a Shea Butter Program which is a recognised Australian Partner Organisation with the Australian Volunteer Program. It supports the Australian Volunteer (AYAD) with work on the Northern Ghana Shea Butter Project. Azumah’s support takes the form of providing some assistance with in-country travel, donation of a laptop computer to the project for the Concern Universal field officer to use, and technical advice on community developmental issues.

Influencing Factors

Azumah has discovered and delineated over 2 million ounces of gold mineral resources in what is an essentially new gold province. It continues to highlight new targets within its expansive, prospective and still largely under-explored landholdings and is confident that it will continue its resource expansion.

Direct Subsidiaries, Associates & Investments Company Name Percentage

Azumah Metals (Ghana) Ltd 100.00

Azumah Resources Ghana Ltd 100.00

Phoenix Resources Ltd 100.00

B2GOLD CORPORATION

Updated: 2016-04-05

Postal Address: Physical Address:

PO Box 49143, Vancouver Suite 300, 595 Burnand Street, Vancouver

Tel: +604 681-8371 Fax.: +604 681-6209

Email: [email protected] Website: www.b2gold.com

Shareholders Shareholder Percentage

Fidelity Management & Research LLC 13.10

Van Eck Associates Corporation 11.06

M&G Investment Management Ltd 3.39

Franklin Advisers Inc 3.08

Tocqueville Asset Management LP 3.05

Royal Bank of Canada 2.82

Sentry Investments Corporation 2.50

Fiera Capital Corporation 2.48

BlackRock Investment Management (UK) Ltd 2.48

BlackRock Advisors LLC 2.36

Directors

Appointment Name Designation Date

Mr Kevin Bullock Non-Executive Director

Mr Mark Connelly Non-Executive Director

Mr Robert Cross Non-Executive Chairman

Mr Robert Joseph Gayton Non-Executive Director

Mr Clive Johnson Chief Executive Officer

Mr Jerry Korpan Non-Executive Director

Mr Bongani Mtshisi Non-Executive Director

Dr Barry Rayment Non-Executive Divisional

History of Business

B2Gold Corporation was established in February 2007. It listed on the Namibia Stock Exchange in 2012.

Nature of Business

B2Gold Corporation is a Vancouver based gold producer with three operating mines two in Nicaragua and one in the Philippines as well as a portfolio of development and exploration assets in Nicaragua, Colombia, Namibia and Uruguay. B2Gold Corporation acquired the Fekola Project in Mali in September 2014 and is expected to commence production in late 2017.

The Kiaka Project is located in south central Burkina Faso in the regional province of Boulgou and Zoundweogo, approximately 140 kilometres southeast of the capital Ouagadougou. The current exploration licence for the Kiaka Project covers an area of approximately 184 square kilometres and is 100% owned by B2Gold (indirectly through its subsidiary Kiaka Gold SARL), subject to 10% participating interest held by GAMS–Mining F&I Ltd.

Nr. of Employees 152 (Head Office) (615 - Namibia & South Africa)

Auditors PricewaterhouseCoopers LLP

Turnover [2015] R 7,158.77m ($ 553.66m) As Per INET Financials (2015)

Profit -R1876.31m (-$145.11m) As Per INET Financials (2015)

Company Year End December

Transfer Secretaries

Postal Name Physical Address Tel Address

Computershare Investor 100 University Avenue, 9th Floor, Toronto, +1 800 564- Services Inc Ontario, Canada 6253

Corporate Governance in Relation to SED & ED

B2Gold Corporation donated U$13m towards corporate social responsibility initiatives.

Units Manufactured

Production in 2015: • Otjikoto Mine - 145,723 ounces of gold • Masbate Mine - 175,803 ounces of gold

• La Libertad Mine - 119,475 ounces of gold • El Limon Mine - 52,264 ounces of gold • Fekola Project - 276,000 ounces of gold

Production Capacity

8,187,000 ounces p.a.(Gold)

Brandnames

B2Gold

Direct Subsidiaries, Associates & Investments Company Name Percentage

Auryx Gold Namibia Plc 90.00

De Sarrollo Minero de Nicaragua SA 100.00

Inversiones Geomineras SA 100.00

Kiaka Gold Sarl 100.00

Minesa Nueva Esperanza SA 100.00

Mocoa Ventures Ltd 100.00

Philippines Gold Processing & Refining Corporation 100.00

Songhoi Resources SARL 100.00

Triton Minea SA 95.00

BAOMAHUN GOLD LTD

Updated: 2016-05-19

Postal Address: Physical Address:

24 Charlotte Street, Freetown 24 Charlotte Street, Freetown

Tel: +232 07 686-2525 Fax.:

Email: Website: www.amaramining.com

Shareholders Shareholder Percentage

Amara Mining (Sierra Leone) Ltd 60.00

Winston Mining Ltd 40.00

Managers

Appointment Name Designation Date

Mr Peter Brown Manager - Group Exploration

Mr Ausine Jalloh Manager - Country Manager: Sierra Leone

Manager - Group Manager Technical Services Mr Bruce van Brunt & Business Development

History of Business

Amara Mining Plc acquired the remaining 40% stake in Baomahun Gold Ltd in August 2008 after the Government of Sierra Leone had granted the company a mining lease for 25 years.. It received an environmental permit for Baomahun Gold, Sierra Leone on 19 April 2012.

Nature of Business

Baomahun Gold Ltd is Amara Mining Plc’s flagship development project in Sierra Leone, with 2.8 million ounces of indicated mineral resources (25.6 million tons at 2.5g/t) and a further 1.2 million ounces of inferred mineral resources (9.6 million tons at 2.8g/t) defined to date.

Mine info as follows: Property area: 137 square kilometres Expected LOM annual production: 1 million ounces p.a. Probable Reserves: 1.21 million ounces

Average grade: 1.62g/t Strip ratio: 8.25:1 Mine Life: 11.5 years Measured and Indicated Resources: 2.24 million ounces Inferred Resources: 0.54 million ounces

Nr. of Employees 99 (Est)

Corporate Governance in Relation to SED & ED

In May 2014, the first new cases of Ebola in Sierra Leone were recorded, following outbreaks in Guinea and Liberia. As a result, Amara’s Baomahun Gold Project in central Sierra Leone remained in an evaluative phase throughout the year. However Amara continued to honour its commitment to the communities around Baomahun and to the government of Sierra Leone in its fight against Ebola. We provided vehicles to the government as well as funds to allow them to be converted to ambulances to carry Ebola patients comfortably. Amara donated chlorine and water basins, healthcare supplies, food to local people, as well as providing bicycles and a motorcycle so people that have been in contact with confirmed Ebola patients can be traced, in order to prevent the spread of the disease. Amara also worked alongside the Baomahun Peripheral Health Centre to support the free treatment of vulnerable group’s opportunities for care have been weakened as a result of the Ebola outbreak. Most importantly, the Sierra Leone site remains secure, with its small group of employees safe and well.

Influencing Factors

As a result of Ebola, Baomahun remained in an evaluation phase throughout the mining season. It plans to conduct further optimisation work on the existing Feasibility Study (FS) to improve the economics, given the continuing tough market conditions. Initially this will be conducted through a re-examination of existing data, including re-logging of the core, to better understand and delineate the high grade core of the deposit.

Production Capacity

1 million ounces p.a. (Gold)

BELLZONE MINING PLC

Reg. Number: 99308 Updated: 2016-04-25

Postal Address: Physical Address:

3rd Floor Standard Bank House, 47-49 La Motte 3rd Floor Standard Bank House, 47-49 La Motte Street, St Helier, JE2 4SZ Street, St Helier, JE2 4SZ

Tel: +44 1534 513-500 Fax.: +44 1534 513-502

Email: Website: www.bellzone.com

Shareholders Shareholder Percentage

Hudson Global Group Ltd 61.93

Mr N Zuks 7.00

Hargreaves Lansdown Asset Management 2.63

Halifax Share Dealing Ltd 2.58

Barclays Wealth Management Ltd 1.82

Bellzone Employee Share Plan Trust 1.49

TD Direct Investing Nominees Ltd 1.48

Talbot Group Investments Pty Ltd 1.36

HSBC Private Bank Ltd 1.22

Falcon Private Bank Ltd 1.09

Directors

Appointment Name Designation Date

Mr Simon Brickles 2014-11-18 Independent Non-Executive Director

Mr Julian Cheong 2015-10-31 Chief Financial Officer & Acting CEO

Mr Michael James Will Farrow 2007-11-21 Independent Non-Executive Chairman

Mr Antony Gardner-Hillman 2009-11-13 Independent Non-Executive Director

Ms Angel Tong 2015-01-00 Non-Executive Director

History of Business

Bellzone Mining Plc was established in 2007 and listed on the London Stock Exchange in April 2010.

Nature of Business

Bellzone Mining Plc is involved in the exploration, development and operation of iron, copper and nickel licences in Guinea. The Sadeka prospecting permit is located approximately 150km south-east of Kalia and is centred in the town of Albadaria. It covers an area of 2,086 square kilometres with the rights to explore for nickel, copper, cobalt, manganese, platinum and chromium. The permit expired after a 7 year period under the 2011 Mining Code in February 2015 and has not been renewed or replaced with a new base metals exploration permit. The Company is involved in discussion with The Government of Guinea on the conditions required to renew the permit.

Bellzone released an updated Joint Ore Reserves Committee (JORC) resource statement for Kalia iron ore mine. The report based geological work undertaken as part of the Kalia bankable feasibility study showed: • High-grade indicated and inferred mineral resources of 124.2Mt at 53.5% Fe. • High-grade oxide-style resource converted from inferred to indicated level and a Supergene Banded Iron Formation (“SBIF”) mineral resource of 72.8Mt at 53.7% Fe. • Total oxide and SBIF indicated and inferred mineral resource of 913.2Mt at 36.3% Fe. • Total oxide and SBIF indicated mineral resource of 264.6Mt grading at 39.8% Fe. • Magnetite banded iron formation resources of 4.72 billion tonnes at 29.3% Fe.

The Kalia mineral resources translate to a potential production of 1.9 billion tons of saleable iron ore.

Nr. of Employees 149

Company Secretary Consortia Secretaries Ltd

Auditors Ernst & Young LLP

Attorneys Carey Olsen LLP

Insurance Brokers HD Capital Partners Ltd

Profit -R239.84m (-$20.77m) (AR2014) (Net Loss) (Latest Available) (-U$9.41m - Kalia, -U$0.77m - Forecariah; -U$0.38m - Sadeka)

Company Year End December

Transfer Secretaries

Name Physical Address Postal Address Tel

Capita Registrars Long Hougue House, St Sampson, Long Hougue House, St Sampson, (Guernsey) Ltd Guernsey, GY2 4JN Guernsey, GY2 4JN

Corporate Governance in Relation to SED & ED

Bellzone, in co-operation with the regional Ebola coordination team of Faranah, has undertaken and continues to maintain a programme of communication and education of both staff and the populations of the village’s local to Bellzone projects. The programme has included training sessions, local radio campaigns and provision of basic preventative equipment. Bellzone has also placed significant restrictions on non-critical movement of staff, in particular between sites and villages and between Faranah and the coastal regions of the outbreak that has not yet been eliminated.

Direct Subsidiaries, Associates & Investments Company Name Percentage

Bellzone Holdings SARL 100.00

Bellzone Infrastructure Ltd 100.00

Bellzone Management Services Pty Ltd 100.00

Bellzone Mining (UK) Ltd 100.00

Bellzone Mining SARL 100.00

BZM Services Miniers Specialises SA 100.00

Coastal Iron Development Ltd 100.00

Forecariah Holdings Pte Ltd 50.00

Guinea Opes Minerals SA 100.00

Kalia Finance Company Ltd 100.00

MLMI Ltd 100.00

Opes Minerals Ltd 100.00

OTN Mining Ltd 100.00

Societe Sadeka SARL 100.00

CAM IRON SA

Updated: 2016-03-23

Postal Address: Physical Address:

PO Box 33059, Yaounde PO Box 33059, Yaounde

Tel: +237 2 201-9783 Fax.: +237 2 201-9780

Email: [email protected] Website: www.sundanceresources.com.au

Shareholders Shareholder Percentage

Sundance Resources Ltd 90.00

Directors

Appointment Name Designation Date

Mr Serge Asso'o Chief Executive Officer

Managers

Appointment Name Designation Date

Mr Bruno Pennetier Country Manager

History of Business

Cam Iron SA was established in 2005.

Nature of Business

Cam Iron SA is an iron ore company that operates Exploration Permit No 92 (EP92) in the East Province, which covers an area of 783 square kilometres. Its principal asset is the Mbalam-Nabeba Iron Ore Project, which straddles the border of Cameroon and Congo in Central Africa. The projects goals are: • The development of mines at both deposits in Cameroon and Congo; • The construction of a 510 kilometre rail line dedicated to the transport of iron ore through Cameroon; • Construction of a 70 kilometre rail spur line connecting the Nabeba mine in Congo; and • The building of a dedicated deep water port terminal at Lolabe in Cameroon, designed to be capable of taking bulk iron ore carriers of up to 300,000 deadweight tons (DWT).

This will support the production of 35 million tons per annum of high grade hematite for the first 10 to 12 years and then 35 million tons per annum of a high quality concentrate for at least a further 15 years.

Nr. of Employees 30 (Est)

Corporate Governance in Relation to SED & ED

Cam Iron SA supports and builds partnerships with the World Wildlife Fund (WWF) and the Tri- National Dja-Odzala-Minkebe (TRIDOM) which aim to reduce the rate of forest degradation and loss of biodiversity through increased local, regional and national natural resource management capacity.

Brandnames

Cam Iron

Direct Subsidiaries, Associates & Investments Company Name Percentage

CI Port Company SA 90.00

CI Rail Company SA 90.00

Mbarga Mine Company SA 90.00

CAMEROON ALUMINA LTD

Updated: 2016-05-03

Postal Address: Physical Address:

PO Box 1686, Yaounde 4th Floor Cameroon Insurance Building, Narvick Street, Yaounde

Tel: +237 22 234-843 Fax.:

Email: Website: www.cameroonalumina.com

Shareholders Shareholder Percentage

Hydromine Global Mineral GmbH Ltd 100.00

Directors

Appointment Name Designation Date

Mr Peter Briger Non-Executive Director

Mr Sringeri Chandrashekar Non-Executive Chairman

Mr Anil Mathew Non-Executive Director

Mr Krishnamurthi Natarajan Non-Executive Director

Mr Vinod Kumar Sood Non-Executive Director

Managers

Appointment Name Designation Date

Mr Suresh Kumar Manager - Acting Project

History of Business

Cameroon Alumina Ltd was established in 2008.

Nature of Business

Cameroon Alumina Ltd proposes to set up a greenfield project involving bauxite mining, a 3.0 million tons per annum alumina refinery, and associated infrastructure, based on the bauxite deposits of Ngaoundal and Minim-Martap in the Adamawa region of Cameroon.

The proposed project will comprise the following main facilities: • 8.5 million tons per annum bauxite mines at Ngaoundal and Minim-Martap • 3.0 million tons per annum alumina refinery • Steam and power plant • Red mud disposal facilities • Township • Railway and port facilities

The project will be implemented in two phases. The first phase would involve setting up facilities for a 4.25 million tons per annum bauxite mine, and a 1.5 million tons per annum alumina refinery. The estimated project cost is US$4-6bn.

Nr. of Employees 7000 (8,000 - Indirectly)

Corporate Governance in Relation to SED & ED

CAL is committed to sustainable development for the people of Cameroon in general, and of the project region in particular. CAL undertook a ‘Drinking Water for All’ initiative in the Ngaoundal and Minim-Martap areas including: • Installation of 11 water wells in three villages • Rehabilitation of Minim water reticulation

As the projects develops, the company will continue to undertake similar community development initiatives in consultation with the local government and community.

Production Capacity

8.5 million tons p.a. (Bauxite)

CAVALLA RESOURCES LTD

Updated: 2016-03-22

Postal Address: Physical Address:

Old Sophie Road, Oldest Congo Town, Monrovia Old Sophie Road, Oldest Congo Town, Monrovia

Tel: +231 880 746-489 Fax.: +231 776 800-331

Email: [email protected] Website: website.cavallaresources.com

Shareholders Shareholder Percentage

Jonah Capital (Pty) Ltd 100.00

Directors

Appointment Name Designation Date

Mr John Patrick Barton-Bridges Chief Executive Officer

Mr Rezah Cotobally Non-Executive Director

Ms Caroline Harmon Non-Executive Director

Sir Samuel Esson (Sam) Jonah Executive Chairman

Mr Fidel Jonah Chief Operating Officer

Mr David Renner Executive Director - MD: Liberia

Mr Kaviraj Rookny Non-Executive Director

History of Business

Cavalla Resources Ltd was established in 2007. In October 2015, Cavalla Resources acquired all of BHP Billiton’s iron ore interests in Liberia.

Nature of Business

Cavalla Resources Ltd operates as an iron-ore holding company in Liberia. It holds three Class B Mining Licenses as part of the Buchanan Iron Ore Tailings Project, located at the Port of Buchanan. The company also holds several exploration projects, namely; Goe Fantro, Kitoma, St John River South, and Toto Range, as well as the right of first refusal over three additional exploration areas, all held under an existing Mineral Development Agreement with the Government of Liberia. The Buchanan Project plans to produce approximately 1.2 million tons per annum 65% iron concentrate

for the next 5 to 7 years from iron ore fines above surface, adjacent to port.

Nr. of Employees 4 (Exploration Company)

Corporate Governance in Relation to SED & ED

Cavalla Resources Ltd’s operations contribute directly and indirectly to the economic growth and social development of the countries in which it operate by several sector initiatives including Health and Education.

Health initiatives comprise: • Donation of medicine to local hospitals • Donation of an ambulance and pick-up truck to Nimba County in supporting the effort against Ebola

Education initiatives comprise: • Construction of schools • School building renovations • Stationary supplies for existing schools • Supplementation of teacher’s salaries • Repairing of boreholes and hand pumps • Road construction and repairs • Sanitation facilities • Sports equipment

Brandnames

Cavalla Resources

Direct Subsidiaries, Associates & Investments Company Name Percentage

Cavalla Resources (Liberia) Inc 100.00

Jonah Capital (BVI) Liberia Ltd 100.00

Liberia Tailings Operations Inc 80.00

CENTAMIN PLC

Reg. Number: 109180 Updated: 2016-04-25

Postal Address: Physical Address:

2 Mulcaster Street, St Helier, JE2 3NJ 2 Mulcaster Street, St Helier, JE2 3NJ

Tel: +44 1534 828-700 Fax.: +44 1534 731-946

Email: [email protected] Website: www.centamin.com

Shareholders Shareholder Percentage

Van Eck Associates Corporation 13.34

BlackRock Inc 10.38

T Rowe Price Associates Inc 3.31

Aberforth Partners LLP 3.05

Franklin Advisers Inc 2.81

Dimensional Fund Advisors LP 2.65

Coronation Asset Management (Pty) Ltd 2.00

Vanguard Group Inc (The) 1.63

Majedie Asset Management Ltd 1.60

Schroder Investment Management Ltd 1.07

USAA Asset Management Company 1.06

Lemanik SA 0.90

HSBC Global Asset Management (UK) Ltd 0.85

Ruffer LLP 0.75

GLG Partners LP 0.60

OFI Global Asset Management 0.55

Legal & General Investment Management Ltd 0.39

Quantex AG 0.33

Aberdeen Asset Investments Ltd 0.33

Directors

Name Appointment Designation

Date

Mr Mark Arnesen 2011-02-24 Independent Non-Executive Director

Mr Mark Bankes 2011-02-24 Independent Non-Executive Director

Mr Josef El-Raghy 2002-08-26 Non-Executive Chairman

Independent Non-Executive Deputy Mr Edward Haslam 2011-03-23 Chairman - Senior

Mr Andrew Pardey 2015-02-01 Chief Executive Officer

Mr Trevor Schultz 2014-05-01 Non-Executive Director

Mr Kevin Tomlinson 2012-01-17 Independent Non-Executive Director

Managers

Appointment Name Designation Date

Mr Chris Boreham 2010-01-00 Manager - Underground Mine

Mr Andy Davidson 2012-08-13 Manager - Head: Investor Relations

Mr Youssef El-Raghy 2006-04-13 General Manager - Egyptian Operations

Mr Pierre Louw 2011-04-19 Chief Financial Officer

Mr Richard Osman 2014-02-03 Business Development Manager

Mr Terry Smith 2012-06-14 General Manager - Sukari

History of Business

Centamin Plc was established on 24 March 1970 and listed on the Alternative Investment Market (AIM) of the London Stock Exchange on 21 December 2001. In 2009 gold production commenced at Sukari Gold Mine in Egypt.

Nature of Business

Centamin Plc involved in mineral exploration, development and mining listed on the London and Toronto Stock Exchange. Centamin’s principal asset is the Sukari Gold Mine in Egypt which began production in 2009 with an estimated 20 year mine life and production which is rapidly increasing to an annualised rate of 450,000-500,000 ounces of gold.

Centamin re-commenced field activities in Burkina Faso and Cote d’Ivoire with reverse circulation, diamond and auger drilling, geophysical surveys, geochemical sampling and geological mapping.

Centamin’s strategy in Burkina Faso is to continue to advance resource development, aimed at providing a basis for a project development decision. It is expected that this work will continue through 2016.

1462 (1,316 – Egypt; 1 – Australia; Nr. of Employees 10 – Jersey; 3 – Ethiopia; 102 – Burkina Faso; 30 – Cote d’Ivoire)

Company Secretary Mr D Le Masurier

Auditors PricewaterhouseCoopers LLP

Turnover [2015] R 7,888.20m ($ 508.39m)

Profit R800.15m ($51.57m) (AR2015) (Net)

Company Year End December

Transfer Secretaries

Postal Name Physical Address Tel Address

Computershare Investor 100 University Avenue, 9th Floor, Toronto, +1 800 Services Inc Ontario, Canada 564-6253

Computershare Investor Queensway House, Hilgrove Street, St Helier, Services (Jersey) Ltd Jersey, JE1 1ES Channel Islands

Corporate Governance in Relation to SED & ED

Centamin Plc sponsors local events and celebrations including Orphan Day, Police Day and Environment Day. It also provides social welfare services including daily meals for the previously advantaged in Marsa Alam during the month of Ramadan as well as covering medical operations for Bedouins.

Influencing Factors

Centamin’s exploration programmes in West Africa continue to build momentum. In Burkina Faso, at the Wadaradoo, Napelapera and Torkera prostpects, drilling has indicated the presence of structurally controlled high-grade mineralised zones in addition to extensive lower-grade mineralisation.

Production Capacity

439,072 ounces of gold p.a.

Direct Subsidiaries, Associates & Investments Company Name Percentage

Ampella Mining Cote d'Ivoire 100.00

Ampella Mining Exploration CDI 100.00

Ampella Mining Gold Pty Ltd 100.00

Ampella Mining Gold SARL 100.00

Ampella Mining Ltd 100.00

Ampella Mining SARL 100.00

Ampella Resources Burkina Faso 100.00

Ampella Share Plan Ltd 100.00

Centamin Cote d'Ivoire 100.00

Centamin Egypt Ltd 100.00

Centamin Group Services Ltd 100.00

Centamin Holdings Ltd 100.00

Centamin Ltd 100.00

Centamin West Africa Holdings Ltd 100.00

Konkera SA 90.00

North African Resources NL 100.00

Pharaoh Gold Mines NL 100.00

Sheba Exploration Holdings Ltd 100.00

Sheba Exploration Ltd 100.00

Sukari Gold Mining Company 50.00

Viking Resources Ltd 100.00

West African Gold Reserve Pty Ltd 100.00

COMPAGNIE DES BAUXITES DE GUINEE

Updated: 2016-05-06

Postal Address: Physical Address:

BP 523, Conakry BP 523, Conakry

Tel: +224 321-101 Fax.: +224 411-352

Email: Website: www.cbg-guinee.com

Shareholders Shareholder Percentage

Boke Investment Company 51.00

Government of Guinea 49.00

Directors

Appointment Name Designation Date

Ms Aicha Drame Barry Executive Administration Director

Mr Sekou Berete Executive Director - Mine

Executive Director - Chief Medical Officer: Dr Fode Camara Aly Fontaine CBG Kamsar Clinic

History of Business

Construction on the Bauxite mine in Guinea began in 1973. The first export ore shipment was in 1973. In November 2005,Alcoa World Alumina LLC and Rio Tinto Alcan Inc. signed a basic agreement with the Government of Guinea that sets forth the framework for development of a 1.5 million tons per annum alumina refinery in Guinea. In 2006, the basic agreement was approved by the Guinean National Assembly and was promulgated into law. The agreement was originally set to expire in November 2008, but was extended to November 2012, and has been recently extended again until 2015. Pre-feasibility studies were completed in 2008. Additional feasibility study work was completed in 2012, and further activities are planned for 2013.

Nature of Business

The bauxite deposits within the Compagnie Des Bauxites de Guinee (CBG) lease are of two general types: 1: In-situ laterisation of Ordovician and Devonian plateau sediments locally intruded by dolerite

dikes and sills. 2: Sangaredi type deposits are derived from clastic deposition of material eroded from the Type 1 laterite deposits and possibly some of the proliths from the TYPE 1 plateaus deposits.

Mine offices, workshops, power generation and water supply for the mine and company mine city are located at Sangaredi. The main administrative offices, port control, rail-road control, workshops, power generation and water supply are located in Kamsar. Ore is crushed, dried and exported from Kamsar. CBG has company cities within both Kamsar and Sangaredi.

Alcoa World Alumina LLC (AWA LLC) has a bauxite purchase contract with CBG that expires in 2029. Before that expiration date, AWA LLC expects to negotiate an extension of the contract as CBG will have concession rights until 2038. The CBG concession can be renewed beyond 2038 by agreement of the Government of Guinea and CBG should more time be required to commercialise the remaining economic bauxite within the concession.

Compagnie des Bauxites de Guinee produced approximately 15.2 million tons of bauxite in 2014 and plans to increase its production capacity to 23.5 million tons per annum by 2018 due to increased demand.

Nr. of Employees 2500 (Est)

Turnover [2015] R 3,103.17m ($ 200.00m) (Est) (Bauxite Sales)

Corporate Governance in Relation to SED & ED

Compagnie des Bauxites de Guinee renovated a primary school at Sangaredi.

Production Capacity

15.2 million tons p.a. (Bauxite)

ENDEAVOUR MINING CORPORATION

Updated: 2016-04-18

Postal Address: Physical Address:

PO Box 49139, Vancouver, British Colombia, BC Suite 3123-595, Burrard Street, Vancouver, British V7X 1J1 Colombia, BC V7X 1J1

Tel: +1 604 685-4554 Fax.: +1 604 609-6145

Email: Website: www.endeavourmining.com

Shareholders Shareholder Percentage

Van Eck Associates Corporation 7.33

Ruffer LLP 6.08

Fidelity Select Co LLC 1.41

Industrial Alliance Investment Management Inc 0.96

OFI Global Asset Management 0.95

Earth Resource Investment Group 0.65

Connor Clark & Lunn Investment Management Ltd 0.62

IPConcept Fund Management SA 0.45

Industrial Alliance Insurance and Finance Group 0.40

BlackRock Asset Management Canada Ltd 0.27

Directors

Appointment Name Designation Date

Mr Michael Edward Beckett Non-Executive Chairman

Mr Ian David Cockerill Non-Executive Director

Mr Sebastien de Montessus 2015-11-00 Executive President

Mr Frank Giustra Non-Executive Director

Mr Ian Henderson Non-Executive Director

Mr Wayne McManus Non-Executive Director

Mr Miguel Rodriguez Non-Executive Director

Mr Naguib Sawiris Non-Executive Director

Mr Neil Woodyer Chief Executive Officer

Managers

Appointment Name Designation Date

Manager - Executive VP: Strategy & Business Mr Vincent Benoit Development

Mr Patrick Bouisset Manager - Executive VP: Exploration

Manager - Executive VP: Corporate Mr Douglas Bowlby Development

Manager - Executive VP: Corporate Finance & Mr Morgan Carroll 2008-00-00 General Counsel

Mr Gerard de Hert Manager - VP: Exploration

Mr Ota Hally 2014-00-00 Chief Financial Officer

Manager - Executive VP: Construction Mr Jeremy Langford Services & Head: Hounde Project

Mr Adriaan (Attie) Roux Chief Operating Officer

Mr Richard Thomas Manager - Executive VP: Technical Services

History of Business

Endeavour Mining Capital Corporation was established on 25 July 2002 and changed the name to Endeavour Mining Financial Corporation on 16 July 2008. On 14 September 2010, the name was changed to Endeavour Mining Corporation.

Nature of Business

Endeavour Mining Corporation is involved in the exploration, development and production of gold properties in West Africa. Its production assets include the Agbaou gold mine in Cote d’Ivoire, the Nzema gold mine in Ghana, the Tabakoto gold mine in Mali, and the Youga gold mine in Burkina Faso. Endeavour’s development assets include the Hounde gold project in Burkina Faso as well as the Kofi project in south-western Mali.

Nr. of Employees 3500 (980 - Cote d'Ivoire; 770 - Ghana; 1750 - Mali)

Sales Volume 519,812 ounces of gold

R 9,330.87m ($ 601.37m) (AFS2015) (Gold Revenue) (Agbaou Mine Cote d'Ivoire U$211.2m) (Nzema Mine Ghana U$128.34m) (Tabakoto Mine Mali Turnover [2015] U$174.68m) (Youga Mine Burkina Faso U$78.72m) (Ity Mine Cote d'Ivoire U$8.42m)

Profit R552.38m ($35.60m) (AFS2015) (Net) (Agbaou Mine Cote d'Ivoire U$90.99m) (Nzema Mine Ghana U$5.03m) (Tabakoto Mine Mali U$3.28m) (Youga Mine Burkina Faso U$6.12m) (Ity Mine Cote d'Ivoire U$0.96m)

Company Year End December

Units Manufactured

Total tons of gold milled as at December 2015 comprise: • Agbaou Mine – 2,665,000 tons • Nzema Mine – 1,783,000 tons • Tabakoto Mine – 1,588,000 tons • Youga Mine – 1,064,000 tons • Ity Mine – 102,000 tons

Total Gold sold as at December 2015 comprises: • Agbaou Mine – 182,219oz • Nzema Mine – 110,404oz • Tabakoto Mine – 151,345oz • Youga Mine – 67,927oz • Ity Mine – 7,917oz

Production Capacity

500,000 ounces of gold p.a. (Agbaou - 186,120oz) (Nzema - 108,570oz) (Tabakoto - 149,930oz) (Youga - 67,210oz)

Direct Subsidiaries, Associates & Investments Company Name Percentage

Adamus Resources Ltd 90.00

Agbaou Gold Operations SA 85.00

Avion Gold (Burkina Faso) SARL 100.00

Burkina Mining Company SA 90.00

Kofi Mining SARL 90.00

Segala Mining Co SA 80.00

Societe des Mines d'Ity SA 55.00

ERAMET SA

Reg. Number: 632 045 381 Updated: 2016-05-06

Postal Address: Physical Address:

PO Box 15, Paris, 75755 Tour Maine Montparnasse, 33 Avenue du Maine, Paris, 75755

Tel: +33 1 4538-6300 Fax.:

Email: Website: www.eramet.com

Shareholders Shareholder Percentage

Societe de Recherche et d'Applications Metallurgiques and Compagnie d'Etudes 37.06 Industrielles de Rouvray SAS

BPI France Participations SA 25.66

Carlo Tassara SpA 12.79

Societe Territoriale de Participation Industrialle SA 4.03

Bureau de Recherches Geologiques et Minieres 1.34

Directors

Appointment Name Designation Date

Mr Michel Antseleve Non-Executive Director

Mr Patrick Buffet Executive Chairman & Chief Executive Officer

Mr Georges Duval Non-Executive Director

Mr Cyrille Duval Non-Executive Director

Mr Patrick Duval Non-Executive Director

Mr Edouard Duval Non-Executive Director

Ms Marie-Axelle Gautier Non-Executive Director

Mr Jean-Yves Gilet Non-Executive Director

Ms Caroline Gregoire Sainte Marie Independent Non-Executive Director

Mr Thierry Le Henaff Independent Non-Executive Director

Mr Manoelle Lepoutre Independent Non-Executive Director

Mr Pia Olders Non-Executive Director

Mr Michel Somnolet Independent Non-Executive Director

Mr Claude Tendil Independent Non-Executive Director

Mr Frederic Tona Independent Non-Executive Director

Mr Antoine Treuille Independent Non-Executive Director

Mr Alexis Zajdenweber Non-Executive Director

Managers

Appointment Name Designation Date

Manager - Senior Executive VP: Human Mr Michel Carnec Resources, Health, Safety & Security

Mr Thomas Devedjian Chief Financial Officer

Mr Denis Hugelmann Manager - CEO: ERAMET Alloys

Manager - Senior Executive VP: Ms Catherine Tissot-Colle Communication & Sustainable Development

Manager - CEO: ERAMET Nickel & ERAMET Mr Philippe Vecten Manganese

History of Business

The first company in the Eramet Group, Societe Le Nickel (SLN), was created in 1880 to explore nickel mines in New Caledonia. Aubert & Duval was established in France in 1907, and COMILOG, la Compagnie Miniere de l’Ogooue (Ogooue Mining Company), founded in the Gabonese Republic in 1962.

Nature of Business

ERAMET SA is a French mining and metallurgical group operating internationally producing manganese and nickel for industries such as the aeronautical, energy as well as production and tooling sectors. It is made up of subsidiaries split into three business divisions namely:

• ERAMET Manganese: COMILOG operates the Moanda mine in Gabon which has a metallurgical treatment plant for ore to produce 20,000 tons of manganese metal per annum and a plant to produce 65,000 tons of silico- manganese per annum. • ERAMET Nickel extracts and upgrades nickel: Le Nickel-SLN operates five mines and one metallurgical plant in New Caledonia. The ERAMET Group is also involved in the Weda Bay Nickel project to mine a major nickel deposit in Indonesia. • ERAMET Alloys creates, produces and treats alloys: Aubert & Duval and Erasteel produce special steels and superalloys, notably for the aeronautical and energy sector.

14000 (5,171 – France; 1,345 – Europe; 665 – Americas; 854 – Asia; 2,210 Nr. of Employees – Pacific; 3,747 – Africa)

Auditors KPMG ; Ernst & Young

Turnover [2015] R 50,833.97m ($ 3,276.25m) (AFS2015) (Sales €3,015.0m)

Profit -R15258.62m (-$983.42m) (AFS2015) (Net Loss -€905.0m)

Company Year End December

Corporate Governance in Relation to SED & ED

ERAMET is committed to making an active contribution to the economic and social development of the regions of the world and its host countries. COMILOG, the company's subsidiary supported Franceville’s penitentiary authorities in the construction of two classrooms for incarcerated minors and took part in the restoration of three schools in Moanda, while other investments maintained dispensaries and housing for the seven main stations on the Transgabonais railway, renovated the Makoumba municipal kindergarten and maintained a nearby school and infirmary.

ERAMET also actively supports education and training for local populations locales, particularly young people. This involves sponsoring classes, taking part in cooperation programmes with local educational structures (creating workshops, hosting teachers) or taking in interns on its industrial and mining sites. In 2014, approximately 1,000 students or apprentices were hosted on the group’s various sites.

Direct Subsidiaries, Associates & Investments Company Name Percentage

Aubert & Duval SA 100.00

COMILOG 63.71

COMILOG Asia Ltd 80.00

ERAMET Ingenierie 100.00

ERAMET International 100.00

ERAMET Marietta 100.00

ERAMET Norway 100.00

ERAMET Research 100.00

Erasteel SAS 100.00

Eurotungstene Poudres SAS 100.00

Plant at Sandouville-Le Havre 100.00

Societe Le Nickel-SLN 56.00

Strand Minerals Pte Ltd 66.60

TiZir Titanium & Iron AS 50.00

VALDI SA 100.00

ETA-ZUMA GROUP LTD

Updated: 2016-04-13

Postal Address: Physical Address:

Zuma House, Plot 26 Sector Center C, Gudu Zuma House, Plot 26 Sector Center C, Gudu District, Abuja, FCT District, Abuja, FCT

Tel: +234 9 290-210 / +234 9 290-215 Fax.:

Email: [email protected] Website: www.etazuma.com

Shareholders Shareholder Percentage

Directors 100.00

Directors

Appointment Name Designation Date

Mr Joseph Ubaka Ayalogu 2009-00-00 Executive Director - Corporate Relations

Dr Innocent Ozoemena Ezuma 2009-00-00 Executive Chairman

History of Business

Eta-Zuma Group Ltd was established in April 2009.

Nature of Business

Eta-Zuma Group Ltd is a local conglomerate consisting of eight separate companies with exploration licenses covering diverse sectors of the Nigerian economy, including exploration and mining of solid minerals, power generation, steel production as well as real estate.

Eta-Zuma Group Ltd is currently developing an on-grid coal power plant in Itobe, Kogi State, with a 1,200mw installed capacity and having provisions for expansion to 3,000mw.

The group's mining activities in Nigeria comprise: • Zuma 828 Coal Ltd: 3 coal mining leases (9266ML, 9182ML, 9267ML) • Energy and Metal Industries Ltd: 5 coal exploration licences and a gold exploration licence

Nr. of Employees 100

Turnover [2015] R 15,515.80m ($ 1,000.00m)

Brandnames

Zuma

Direct Subsidiaries, Associates & Investments Company Name Percentage

Energy and Metal Industries Ltd 100.00

FCO Ltd 100.00

Zuma 828 Coal Ltd 100.00

Zuma Energy Nigeria Ltd 100.00

Zuma Metal and Energy Resources Ltd 100.00

Zuma Steel West Africa Ltd 100.00

FIRST QUANTUM MINERALS LTD

Updated: 2016-05-09

Postal Address: Physical Address:

PO Box 110385, Solwezi 10th Floor, 330 Bay Street, Toronto

Tel: +260 2 658-000 Fax.: +260 2 658-300

Email: [email protected] Website: www.first-quantum.com

Shareholders Shareholder Percentage

Capital Group Companies Inc (The) 15.11

BlackRock Advisors LLC 12.11

Capital Research & Management Company 9.11

BlackRock Investment Management (UK) Ltd 3.12

RS Investment Management Company LLC 2.52

Hansard Europe 2.26

M&G Investment Management Ltd 2.14

Fidelity Management and Research Company 1.79

Van Eck Associates Corporation 1.36

BlackRock Fund Managers Ltd 1.14

Directors

Appointment Name Designation Date

Mr Andrew Adams Independent Non-Executive Director

Mr Paul Brunner Independent Non-Executive Director

Mr Michael Hanley Independent Non-Executive Director

Mr Robert Harding Independent Non-Executive Director

Mr Michael Martineau Independent Non-Executive Director

Mr Clive Newall Executive President

Mr Philip Pascal Executive Chairman & Chief Executive Officer

Mr Martin Rowley Executive Business Development Director

Mr Peter St George Independent Non-Executive Director

History of Business

First Quantum Minerals Ltd was established in 1983 and listed on the Lusaka Stock Exchange in 2000. Operations in the Democratic Republic of Congo were suspended in 2010. In March 2012, the company sold all of its ownership interests in the DRC. In 2013, the company acquired Inmet Mining, a Canadian-based company with global operations producing copper and zinc.

Nature of Business

First Quantum Minerals Ltd is involved in the production of copper, nickel, gold, cobalt, platinum- group elements and acid, and related activities including exploration and development. The company has its primary listing on the Toronto Stock Exchange and a secondary listing on the London Stock Exchange.

First Quantum Minerals has operating mines located in Zambia, Australia, Finland and Mauritania. It is developing the Sentinel copper project in Zambia, and exploring the Haquira copper deposit in Peru. It currently produces LME grade equivalent copper cathode, copper in concentrate, nickel, gold and platinum group metals.

In addition to the Guelb Moghrein mining concession, the company holds five exploration concessions in Mauritania totalling 5,581 square kilometres, either directly through MCM SA or since 2011, through Mauritania Exploration SARL a wholly-owned entity.

Nr. of Employees 14600 (Group) (1,470 - Mauritania)

Auditors Pricewaterhousecoppers LLP

Attorneys Fasken Martineau DuMoulin LLP

Turnover [2015] R 34,885.14m ($ 2,698.00m) As Per INET Financials (2015)

Profit -R7887.3m (-$610m) As Per INET Financials (2015)

Company Year End December

Transfer Secretaries

Postal Name Physical Address Tel Address

Computershare Investor 100 University Avenue, 9th Floor, Toronto, +1 800 564- Services Inc Ontario, Canada 6253

Influencing Factors

The Zambian Governments passed into law amendments to the Income Tax and Mine and Minerals Development Act which effectively eliminates corporate tax on profits from certain categories of mining activities by reducing the corporate tax rate to 0%, but increasing the mineral royalty rate from 6% to 8% for underground operations and to 20% for open pit mines. The changes to Zambian tax law were substantively enacted in December 2014 and effective from January 1, 2015.

Units Manufactured

428,000 tons (Copper); 35,000 tons (Nickel); 224,000 ounces (Gold)

Direct Subsidiaries, Associates & Investments Company Name Percentage

Carlisa Investments Corporation 16.90

Kansanshi Mining Plc 80.00

GLENCORE PLC

Reg. Number: 107710 JSE Code: GLN Updated: 2016-03-02

Postal Address: Physical Address:

Baarermattstrasse 3, Baar, CH-6340 Baarermattstrasse 3, Baar, CH-6340

Tel: +41 41 709-2000 Fax.: +41 41 709-3000

Email: [email protected] Website: www.glencore.com

Shareholders Shareholder Percentage

Qatar Holding LLC 8.93

BlackRock Inc 5.58

Directors

Appointment Name Designation Date

Mr Peter Coates 2013-06-12 Non-Executive Director

Mr Leonhard Fischer 2011-04-14 Independent Non-Executive Director

Mr Ivan Glasenberg 2002-01-01 Chief Executive Officer

Mr Peter Thatcher Grauer 2013-06-11 Independent Non-Executive Director

Mr Anthony Hayward 2011-04-14 Independent Non-Executive Chairman

Mr Steven Kalmin 2005-06-01 Chief Financial Officer

Mr William Macaulay 2011-04-14 Independent Non-Executive Director

Mr John Mack 2013-06-11 Independent Non-Executive Director

Mr Patrice Merrin 2014-06-26 Independent Non-Executive Director

Managers

Appointment Name Designation Date

Mr Alex Beard Manager - Director of Oil

Mr Andrew Caplan Manager - Director of Aluminium

Mr Stuart Cutler Manager - Co-Director of Ferroalloys -

Marketing

Mr Mark Eames Manager - Co-Director of Iron Ore - Industrial

Mr Chris Eskdale Manager - Co-Director of Zinc - Industrial

Mr Peter Freyberg Manager - Co-Director of Coal - Industrial

Mr Kenny Ives Manager - Co-Director of Nickel - Marketing

Mr Peter Johnston Manager - Co-Director of Nickel - Industrial

Mr Chris Mahoney Manager - Director of Agriculture

Mr Daniel Mate Manager - Co-Director of Zinc - Marketing

Mr Telis Mistakidis Manager - Director of Copper

Manager - Co-Director of Ferroalloys - Mr Gary Nagle Industrial

Mr Tor Peterson Manager - Co-Director of Coal - Marketing

Mr Charles Watenphul Manager - Media Officer

Manager - Co-Director of Iron Ore - Mr Christian Wolfensberger Marketing

History of Business

Glencore’s business commenced in 1974 (previously known as Marc Rich + Co AG) and initially focused on the physical marketing of ferrous and non-ferrous metals and minerals and crude oil, and shortly thereafter expanded into oil products. In 1981, Glencore acquired an established Dutch grain trading company, which created the basis for its Agricultural Products business segment, and later added coal to its Energy Products business segment.

On 25 March 2002, Xstrata Plc was created through an initial public offering on the London Stock Exchange and the shares of Xstrata Plc were listed on the Official List of the FCA, admitted to trading on the London Stock Exchange’s market for listed securities and admitted to listing on the SIX. Simultaneously, Xstrata acquired the Australian and South African coal assets of Glencore, the largest shareholder in Xstrata at the time. The merger of Glencore and Xstrata was completed on 2 May 2013, following which Glencore International Plc was renamed Glencore Xstrata Plc. The company’s ordinary shares are traded on the London Stock Exchange and the Hong Kong Stock Exchange. It listed on the JSE on 13 November 2013. The company's name was changed to Glencore Plc on 20 May 2014. It traded under the new name on the JSE on 23 May 2014.

Nature of Business

Glencore Plc is an integrated producer and marketer of commodities, with worldwide activities in the marketing of metals and minerals, energy products and agricultural products and the production, refinement, processing, storage and transport of those products. The group operates globally, marketing and distributing physical commodities sourced from third party producers and its own production to industrial consumers, such as those in the automotive, steel, power generation, oil and food processing industries. It also provides financing, logistics and other services to producers and consumers of commodities.

The Group’s three business segments focus on the following commodities: • The Metals and Minerals business segment focuses on the following commodity divisions: copper, zinc, nickel, aluminium/alumina, ferroalloys and iron ore. The activities of the group’s Metals and Minerals business segment are underpinned by ownership interests in controlled and non-controlled industrial assets such as mining, smelting, refining and warehousing operations. • The Energy Products business segment focuses on coal and oil. The activities of the group’s Energy Products business segment include extensive ownership interests in controlled and non-controlled coal mining and oil production operations, as well as investments in strategic handling, storage and freight equipment and facilities. • The Agricultural Products business segment focuses on grains, oils/oilseeds, sugar and cotton. The activities of the group’s Agricultural Products business segment are supported by investments in controlled and non-controlled storage, handling and processing facilities in strategic locations.

Each business segment undertakes both industrial and marketing asset investment activities and is responsible for managing the marketing, sourcing, hedging, logistics and industrial investment activities relating to the commodities in each business segment.

Glencore's operations in West and Central Africa comprise: Burkina Faso • Perkoa Zinc Mine Mauritania • Lebtheinia Project • Askaf Project

• El Aouj Project Democratic Republic of Congo • Katanga Mining • Mutanda Mine • Sable Zinc • Zanaga Project

Nr. of Employees 181349 (35,338 - South Africa)

Company Secretary Mr J Burton

Auditors Deloitte LLP

Turnover [2015] R 2,204,526.21m ($ 170,497.00m) As Per INET Financials (2015)

Profit -R104914.02m (-$8114m) As Per INET Financials (2015)

Company Year End December

Transfer Secretaries

Name Physical Address Postal Address Tel

Computershare Investor 70 Marshall Street, Johannesburg, PO Box 61051, +27 11 Services (Pty) Ltd 2001 Marshalltown, 2107 370-5000

Computershare Investor Queensway House, Hilgrove Street, St Services (Jersey) Ltd Helier, Jersey, JE1 1ES Channel Islands

46th Floor, Hopewell Centre, 183 Computershare Hong Kong Queen's Road East, Wan Chai, Hong Investor Services Ltd Kong

Corporate Governance in Relation to SED & ED

Community investment spend for the 2014 financial year totalled R1,316.4m.

Activities

Activity Percentage

Agricultural Products 11.53

Corporate & Other 0.06

Energy Products 58.92

Metals & Minerals 29.49

Direct Subsidiaries, Associates & Investments Company Name Percentage

Allied Alumina LLC 100.00

AR Zinc Group Ltd 100.00

Asturiana de Zinc SA 100.00

Blue Falcon 221 Trading (Pty) Ltd 100.00

Britannia Refined Metals Ltd 100.00

Bulga JV 68.30

Caracal Energy Inc 100.00

Carbones del Cerrejon LLC 33.30

Century Aluminum Company 46.50

Chemoil Energy Ltd 100.00

Clermont Coal Mines Ltd 25.10

Cobar Group Ltd 100.00

Compania Minera Antamina SA 33.80

Compania Minera Antapaccay SA 100.00

Compania Minera Dona Ines de Collahuasi SCM 44.00

Compania Minera Lomas Bayas 100.00

Complejo Metalurgico Altonorte SA 100.00

Cook Resources Mining Pty Ltd 100.00

Correcta Industria e Comercio Ltdo 100.00

Cumnock JV 90.00

Cumnock No1 Colliery Pty Ltd 100.00

Earnest Henry Mining Pty Ltd 90.00

El Aouj JV 44.00

Empresa Minera Los Quenuales SA 97.60

Energia Austral JV 66.00

Enex Foydell Ltd 100.00

Enex Liddell Pty Ltd 100.00

Enex Oakbridge Pty Ltd 100.00

Enex Togara Pty Ltd 100.00

Falconbridge Dominican SA 85.30

Finges Investment BV 100.00

Firefly Investments 269 (Pty) Ltd 100.00

Foybrook JV 67.50

Glencane Bioenergia SA 100.00

Glencore (Nederland) BV 100.00

Glencore (Schweiz) AG 100.00

Glencore AG 100.00

Glencore Australia Investment Holdings (Pty) Ltd 100.00

Glencore Biofuels AG 100.00

Glencore Canada Corporation 100.00

Glencore Canada Financial Corp 100.00

Glencore Coal Operations Pty Ltd 100.00

Glencore Commodities Ltd 100.00

Glencore Consortium Undisclosed

Glencore E&P (Canada) Inc 100.00

Glencore Energy UK Ltd 100.00

Glencore Exploration (EG) Ltd 100.00

Glencore Finance (Bermuda) Ltd 100.00

Glencore Finance (Europe) SA 100.00

Glencore Funding LLC 100.00

Glencore Grain BV 100.00

Glencore International AG 100.00

Glencore Investment (Pty) Ltd 100.00

Glencore Manganese Group Ltd 100.00

Glencore Nikkelverk AS 100.00

Glencore Projects (Pty) Ltd 100.00

Glencore Queensland Ltd 100.00

Glencore Recycling Inc 100.00

Glencore Singapore Pte Ltd 100.00

Glencore UK Ltd 100.00

Jonsha Pty Ltd 100.00

Kabanga JV 50.00

Kantanga Mining Ltd 75.30

Kazzinc Ltd 69.70

Koniambo Nickel SAS 49.00

Lexshell 99 General Trading (Pty) Ltd 100.00

Liddell JV 67.50

Macquarie Coal JV 80.00

Mangoola Coal Operations Pty Ltd 100.00

McArthur River Mining Pty Ltd 100.00

Merafe Pooling and Sharing JV 79.00

Minera Altos de Punitaqui Lda 100.00

Minera Alumbrera Ltd 50.00

Mopani Copper Mines Plc 73.10

Moreno Group Ltd 100.00

Mount Isa Mines Ltd 100.00

Murrin Murrin Group Ltd 100.00

Mutanda Group Ltd 60.00

Newcastle Coal Shippers Pty Ltd 37.00

Newlands, Collinsville, Abbot Point JV 55.00

Noranda Income Fund 25.00

Nordenhammer Zinkhutte GmbH 100.00

Oaky Creek Coal JV 55.00

Oceanic Coal Australia Pty Ltd 100.00

Pacorini Group Ltd 100.00

Pannon Vegetable Oil Manufacturing LLC 100.00

Pasar Group Ltd 78.20

Pentland JV 75.00

Perkoa Group Ltd 100.00

Polymet Mining Corporation 28.60

Port Kembla Coal Terminal Ltd 33.40

Portovesme Srl 100.00

Prodeco Group Ltd 100.00

Ravensworth Operations Pty Ltd 100.00

Ravensworth Underground Mine JV 70.00

Recylex SA 32.20

Redrock JV 75.00

Renova SA 50.00

Rhovan Pooling and Sharing JV 74.00

Rolleston JV 75.00

Rosh Pinah Zinc Corporation (Pty) Ltd 80.10

Russneft Group Ltd 49.00

Sable Zinc Kabwe Ltd (Zambia) 100.00

Sagittarius Mines Inc 62.50

Sinchi Wayra Group Ltd 100.00

Sphere Minerals Ltd 88.20

ST Shipping & Transport Pte Ltd 100.00

Togara North JV 70.00

Topley Corporation Ltd 100.00

Ulan Coal Mines Ltd 90.00

Ulan Power Company Pty Ltd 100.00

Umcebo Mining (Pty) Ltd 43.66

United Colliries Pty Ltd 95.00

United JV 95.00

Usti Oilseed Group Ltd 100.00

Vasilkovskoye Gold 69.70

Viterra Group Ltd 100.00

Volcan Compania Minera SAA 7.30

Wandoan Jv 75.00

Xstrata Ltd 100.00

Zaklady Tluszozowe w Bodaczowie Spzoo 100.00

Zhairemsky GOK JSC 69.70

GREAT QUEST FERTILIZER LTD

Updated: 2016-04-26

Postal Address: Physical Address:

Suite 303, 95 King Street East, Toronto, Ontario, Suite 303, 95 King Street East, Toronto, Ontario, M5C 1G4 M5C 1G4

Tel: +1 416 849-9203 Fax.: +1 416 981-7286

Email: [email protected] Website: www.greatquest.com

Shareholders Shareholder Percentage

Mr JK Richardson 1.80

Mr JA Clarke 1.22

Mr D Shaw 0.48

Mr GR Peeling 0.04

Directors

Appointment Name Designation Date

Dr John Clarke 2009-06-17 Non-Executive Chairman

Mr Ehud Levy 2010-07-23 Independent Non-Executive Director

Mr Gordon Peeling 2011-05-16 Independent Non-Executive Director

Mr Jeddiah Kurt (Jed) Richardson 2013-05-13 Executive President & CEO

Mr David Shaw 2010-12-16 Independent Non-Executive Director

Managers

Appointment Name Designation Date

Mr Mohammed Bouhsane 2011-11-00 Chief Operating Officer

Mr Jayram Hosanee 2012-00-00 Chief Financial Officer

History of Business

Great Quest Metals Ltd was established in 1989 and subsequently changed its name to Great Quest Fertilizer Ltd. In 2010, the Company entered into an agreement to acquire the 24 square kilometres

Sanoukou gold research permit in western Mali.

Nature of Business

Great Quest Fertilizer Ltd is a Canadian-based mineral exploration company focused primarily on advancing the Tilemsi phosphate project, located in Mali. The company acquired several phosphate concessions in an area underlain by a bed of phosphate rock, in eastern Mali, and has made progress in defining a phosphate resource. Great Quest has an inferred mineral resource estimate of 50 million tons grading 24.3% P2O5.

The company also holds the Sanoukou and Dabia Ouest concessions, constituting the Sanoukou project in Mali with 8 gold deposits and over 30 million ounces of gold have been discovered.

Nr. of Employees 25 (Est)

Auditors MacKay LLP

Attorneys DuMoulin Black LLP

Profit -R33.87m (-$2.93m) (AR2014) (Net Loss CAD3.39m) (Latest Available)

Company Year End December

Transfer Secretaries

Postal Name Physical Address Tel Address

Computershare Investor 100 University Avenue, 9th Floor, Toronto, +1 800 564- Services Inc Ontario, Canada 6253

Corporate Governance in Relation to SED & ED

The company employs Malian workers and has contracted with the PDRM (Programme Pour le Developpement des Ressources Minerales), a Government agency under the Malian Ministry of Mines, for much of its drilling. Within communities in proximity to its exploration projects Great Quest extends its good will to the community by donating school supplies.

Direct Subsidiaries, Associates & Investments Company Name Percentage

Engrais Phosphates du Mali SA 94.00

Great Quest (Barbados) Ltd 100.00

Great Quest Mali SA 100.00

GRYPHON MINERALS LTD

Reg. Number: ABN 31 107 690 657 Updated: 2016-04-26

Postal Address: Physical Address:

PO Box 8225, East Subiaco, WA 6008 288 Churchill Avenue, Subiaco, WA 6008

Tel: +61 8 9287-4333 Fax.: +61 8 9287-4334

Email: [email protected] Website: www.gryphonminerals.com.au

Shareholders Shareholder Percentage

HSBC Custody Nominees (Australia) Ltd 25.89

Citicorp Nominees Pty Ltd 8.18

Merrill Lynch (Australia) Nominees Pty Ltd 8.13

JP Morgan Nominees Australia Ltd 4.72

ABN Amro Clearing Sydney Nominees Pty Ltd 1.38

Laguna Bay Capital Pty Ltd 1.00

BNP Paribas Nominees Pty Ltd 0.88

Symorgh Investments Pty Ltd 0.86

Auralandia Pty Ltd 0.75

Zero Nominees Pty Ltd 0.64

National Nominees Ltd 0.63

Mr S Parsons 0.62

J & J Bandy Nominees Ltd 0.62

Home Capital Finance Pty Ltd 0.60

Mr W & Mrs C Gilmour 0.50

Balmoral Super Pty Ltd 0.50

Mr R Kuppusamy 0.42

Mr BCM & Mrs S Seeto 0.37

Dr SG Rodwell 0.37

Jasark Super Pty Ltd 0.37

Dr RP & Mrs SS Thelander 0.36

Directors

Appointment Name Designation Date

Mr Mel Ashton Independent Non-Executive Chairman

Mr Bruce McFadzean Independent Non-Executive Director

Mr Didier Murcia Independent Non-Executive Director

Mr Stephen Parsons Executive Managing Director

Managers

Appointment Name Designation Date

Mr Michael Naylor Chief Financial Officer

Mr Steven Zaninovich Chief Operating Officer

History of Business

Gryphon Minerals Ltd was established in 2004.

Nature of Business

Gryphon Minerals Ltd is an Australian company committed to becoming a West African gold producer with an immediate focus on advancing its 100%-owned Banfora Gold Project in Burkina Faso, the Tijirit Gold Project in Mauritania and geological studies and field programs over 4,000 square kilometres of prospective ground in Cote d'Ivoire.

The Banfora Gold Project is located in the south-west of Burkina Faso, West Africa. The project includes exploration licenses covering over 1,000 square kilometres and a mining licence that covers 89 square kilometres. These licences are located in a major gold district where world class gold deposits such as Tongon (4.2 Million oz Au), Syama (5 Million oz Au mined & 6.5 Million oz Au in resources) and Morila (6.5 Million oz Au).

Nr. of Employees 4

Company Secretary Mr C Travaglini

Banks National Australia Bank Ltd

Auditors BDO Audit (WA) Pty Ltd

Attorneys K&L Gates LLP

Turnover [2015] R 20.78m ($ 1.71m)

Profit -R135.82m (-$11.18m) (AR2015) (Net Loss) (-AU$14.52m)

Company Year End June

Transfer Secretaries

Name Physical Address Postal Address Tel

Link Market Services Ltd Ground Floor, 178 St Georges Terrace, Perth, WA6000

Corporate Governance in Relation to SED & ED

Gryphon considers its active involvement in the local communities as part of its licence to operate. Significant activity occurred throughout the 2015 reporting period to strengthen community relationships in Burkina Faso, including: • Community Consultation Committee (CCC) Initiative which was established two years ago and composed of 80 representatives from several levels of government and the project-affected communities to assist in proposed buildings at Gryphon’s demonstration village. • Women’s focus groups initiative to ensure that women in the communities affected by the Banfora Gold Project have an opportunity to raise views and concerns about the project. • Blanket Drive for New Born Children initiative to raise blankets for newborn children. • Literacy Program initiative for improving levels of education in local communities of Burkina Faso.

Influencing Factors

2015 was an extremely challenging period for the offshore gold industry as gold prices continued to fall and access to capital markets remained constrained.

Direct Subsidiaries, Associates & Investments Company Name Percentage

BF Minerals Pty Ltd 100.00

Burkina Faso Minerals SARL 100.00

Espial Holdings Pty Ltd 100.00

Espial Minerals Pty Ltd 100.00

Gryphon (Shield) Mining Ltd 100.00

Gryphon Discovery Pty Ltd 100.00

Gryphon France Pty Ltd 100.00

Gryphon Mauritania Holdings Ltd 100.00

Gryphon Minerals Burkina Faso Pty Ltd 100.00

Gryphon Minerals Burkina Faso SARL 100.00

Gryphon Minerals Cote d'Ivoire SARL 100.00

Gryphon Minerals Mali Pty Ltd 100.00

Gryphon Minerals Mali SARL 100.00

Gryphon Minerals West Africa Pty Ltd 100.00

Gryphon Mining Mauritania SA 100.00

Gryphon Saboussiri Holdings Ltd 100.00

Sama Minerals SARL 100.00

Shield Saboussiri Mining Mauritania SA 60.00

Societe Miniere Gryphon SA 90.00

Tawana Resources NL 9.65

HUMMINGBIRD RESOURCES PLC

Reg. Number: 05467327 Updated: 2016-04-05

Postal Address: Physical Address:

22 Mount Row, London, W1K 3SF 22 Mount Row, London, W1K 3SF

Tel: +44 20 3416-3560 Fax.:

Email: [email protected] Website: www.hummingbirdresources.co.uk

Shareholders Shareholder Percentage

Gold Fields Ltd 25.10

Dundee Corporation 9.80

Sprott Asset Management LP 8.10

Mr M Hillery 7.20

Capital Research & Management Company Holdings 6.00

International Finance Corporation 3.80

Directors

Appointment Name Designation Date

Mr Stephen Alexander Betts Non-Executive Director

Mr Daniel Edward Betts 2005-00-00 Chief Executive Officer

Mr William Benjamin Thurston Cook 2006-00-00 Executive Operations Director

Executive Financial Director & Company Mr Thomas Hill Secretary

Mr Matthew Charles Idiens 2005-11-00 Non-Executive Director

Mr Russell John King Non-Executive Chairman

Mr David Almgren Pelham Non-Executive Director

Managers

Appointment Name Designation Date

Mr Shaun Bunn Manager - Technical Director

Mr Darren Kelly Regional Manager

Mr Robert (Bert) Monro 2011-04-00 Business Development Manager

History of Business

Hummingbird Resources Plc was established in 2005 and listed on the London Stock Exchange (AIM) in December 2010. In July 2014, the Company acquired all of Gold Field's gold assets in Mali, including the 1.8m oz Yanfolila project.

Nature of Business

Hummingbird Resources Plc is a West African gold explorer and developer with a maiden N143-101 compliant resource of 0.8 million ounces gold resource in Liberia.

Projects comprise: • Yanfolila Project in Mali which is at near-term gold production in late 2016. It produces approximately 1.8 million ounces of gold at 2.8g/t. • Dugbe Project in Liberia is a 4.2Moz gold Resource with a completed PEA showing a 20 year mine life of 125,000 ounces of gold produced per annum.

Nr. of Employees 157

Company Secretary Mr T Hill

Auditors RSM UK Audit LLP

Attorneys Gowlings WLG (UK) LLP; Brumskine & Associates

Profit -R47.22m (-$4.46m) (AR2014) (Net Loss)

Company Year End May

Transfer Secretaries

Name Physical Address Postal Address Tel

Capita Registrars Long Hougue House, St Sampson, Long Hougue House, St Sampson, (Guernsey) Ltd Guernsey, GY2 4JN Guernsey, GY2 4JN

Corporate Governance in Relation to SED & ED

Hummingbird has acquired an extensive local community development programme. This focuses on a number of priority areas including local service provision, investment in community infrastructure, and livelihood development.

Examples of projects undertaken include: • Sponsorship of teachers and nurses salaries across the Project area. • Refurbishment of classrooms at the local school. • Provision of improved water access points. • Development of market gardens. • Development of a training centre to improve trade skills of the local population. • Brick making project and enterprise development.

Production Capacity

100,000 ounces of gold p.a.

Direct Subsidiaries, Associates & Investments Company Name Percentage

Afro Minerals Inc 80.00

Golden Grebe Mining Ltd 100.00

Hummingbird Resources (Liberia) Inc 100.00

Trochilidae Resources Ltd 100.00

INDUSTRIES CHIMIQUES DU SENEGAL SA

Updated: 2016-05-03

Postal Address: Physical Address:

BP 3835, Dakar Km 18, Route de Rufisque, Dakar

Tel: +221 33 879-1000 Fax.: +221 33 834-0814 / +221 33 834-0509

Email: [email protected] Website: www.ics.sn

Shareholders Shareholder Percentage

Indorama Corporation 78.00

Government of Senegal 15.00

Indian Farmers Fertilizer Cooperative Ltd 6.78

Government of India 0.22

Directors

Appointment Name Designation Date

Dr Udai Shanker Awasthi Non-Executive Chairman

Mr Vishnu Swaroop Baldwa Non-Executive Director

Mr Alassane Diallo Chief Executive Officer

Mr Cheikh Tidiane Diop Non-Executive Director

Mr Modienne Guisse Non-Executive Director

Executive Director - Finance, Commercial & Mr Praveen Kumar Jain Central Manager

Mr Munish Jindal Non-Executive Director

Mr Amit Lohia Non-Executive Deputy Chairman

Mr Sri Prakash Lohia Non-Executive Director

Mr Manish Mundra Non-Executive Director

Mr HL Samariya Non-Executive Director

Mr BK Shrivastava Chief Operating Officer

Managers

Appointment Name Designation Date

Mr Alla Dieng SENCHIM Manager

Mr Addoulaye Drame SEFICS Manager

Mr Ibrahima Gaye Manager - Mine Plant

Mr Vinoy Kumar Commercial Manager

Mr Jean Pierre Mendy Manager - Acid Plant

Mr Omar Ndiaye Procurement Manager

Mr Elhadji Mansour Sambe Manager - Mineral Resources & Geology

Mr Naveen Sirohi Manager - Central Marketing

Mr Elhadj Ibrahima Gadjigo Sow Information Technology Manager

Mr Mame Boye Sow Manager - Fertilizer Site

History of Business

Industries Chimiques du Senegal SA was established in 1976.

Nature of Business

Industries Chimiques du Senegal SA is involved in the manufacture and marketing of phosphate, phosphoric acid, and fertilisers and pesticides. Its marketable phosphate is from the Taiba Mine, which has been in operation since 1960 in NdomorDiop and more recently in KeurMor Fall and Tobene. The mine site is located approximately 100 km from Dakar. The Taiba mine’s production capacity is currently 2 million tons of marketable phosphate per annum, with reserves estimated between 60 and 70 million tons.

The MBAO Fertiliser plant has a technical production capacity of 250,000 tons per annum.

Nr. of Employees 1982 (4,000 - Contractors)

Turnover [2015] R 5,849.40m ($ 377.00m) (As per company) (Total Income)

Profit R279.20m ($18.00m) (As per company) (Net)

Company Year End December

Corporate Governance in Relation to SED & ED

ICS has a Protecting the Environment initiative which is conducted and constantly monitored with the support of its financial partners. From Taiba to MBAO, ICS has undertaken an environmental programme involved in: • Recycling of water from the mine and chemical plants, • The introduction of a transfer system that will minimize raw material losses, • Recovery and reduction of industrial wastes at the source.

In its current phase, approximately 6 billion CFA Francs are provided for the implementation of this program for the next three years.

Production Capacity

250,000 tons p.a. (Fertiliser)

KERAS RESOURCES PLC

Reg. Number: 07353748 Updated: 2016-04-25

Postal Address: Physical Address:

Coveham House, Downside Bridge Road, Coveham House, Downside Bridge Road, Cobham, Surrey, KT11 3EP Cobham, Surrey, KT11 3EP

Tel: +44 1932 918-803 Fax.:

Email: Website: www.kerasplc.com

Shareholders Shareholder Percentage

Pershing Nominees Ltd 13.40

Mr D Reeves 10.49

WB Nominees Ltd 9.10

Jim Nominees Ltd 7.50

Hargreaves Lansdown (Nominees) Ltd 6.60

Mr R Pitchford 6.45

HSDL Nominees Ltd 6.40

TD Direct Investing Nominees Ltd 4.70

Lynchwood Nominees Ltd 3.80

Mr R Lamming 3.42

Stenham Trustees Ltd 3.38

Directors

Appointment Name Designation Date

Mr James Carter Executive Financial Director

Mr Peter Hepburn-Brown Non-Executive Director

Mr Russell Lamming Non-Executive Director

Mr Brian Moritz Non-Executive Chairman

Mr Roy Pitchford Non-Executive Director

Mr David (Dave) Reeves Executive Managing Director

Managers

Appointment Name Designation Date

Mr Mark Styles Exploration Manager

History of Business

Ferex Plc was established on 23 August 2010 and changed its name to Keras Resources Plc in December 2015.

Nature of Business

Keras Resources Plc is involved in the identification, acquisition, exploration and development of iron and manganese projects. The main areas of activity comprise Togo, Gabon and South Africa.

The Nayega Manganese Project in Togo, is being advanced as a low capex manganese mine which will generate cash flow for the company within nine months of receipt of the mining permit. Nayega, in northern Togo, is 30 km away from a main road which has >500,000 tons per annum back loading capabilities and direct access to the regionally important deepwater port of Lome 600 km away. The project has a JORC Code Compliant Measured and Indicated Resource of 11 million tons @13.1% Manganese and an internal desktop scoping study indicated low capital costs associated with establishing a 250,000 tons per annum mining operation at 38% Manganese.

Mebaga Project is a 309 square kilometre direct-shipping iron-ore (DSO) project located in the north of Gabon within an extensive iron ore province, which extends from Gabon into the Republic of Congo and Cameroon.

Nr. of Employees 12

Company Secretary Cargil Management Services Ltd

Auditors Moore Stephens LLP

Attorneys Memery Crystal LLP (UK)

Stockbrokers Beaufort Securities Ltd

Profit -R119.39m (-$8.63m) (AR2015) (Net Loss) (£5.71m) (U$4.04m - South Africa, U$3.32m - West Africa, U$1.26m - Other Operations)

Company Year End September

Direct Subsidiaries, Associates & Investments Company Name Percentage

Ferrex Australia Pty Ltd 100.00

Ferrex Iron Ltd 100.00

Ferrex Manganese Ltd 100.00

Southern Iron Ltd 100.00

KOGI IRON LTD

Reg. Number: ABN 28 001 894 033 Updated: 2016-04-26

Postal Address: Physical Address:

PO Box 1934, West Perth, WA 6872 Suite 23, Lincoln House, 4 Ventnor Avenue, West Perth, WA 6005

Tel: +61 8 9200-3456 Fax.: +61 8 9200-3455

Email: [email protected] Website: www.kogiiron.com

Shareholders Shareholder Percentage

Citicorp Nominees Pty Ltd 7.73

Dr I Burston 5.23

Noble Investment Superannuation Fund Pty Ltd 2.88

Mr K Joseph 2.74

TGP Australia Ltd 2.62

Mr GV Ariti 2.38

Mr ND Taylor 2.31

Kogi Iron EITP Pty Ltd 1.77

Mr B King 1.73

Mr D Carroll 1.70

Marilei International Ltd 1.69

IDW Pty Ltd 1.38

J & D Roberts Nominees Pty Ltd 1.32

Wobbly Investments Pty Ltd 1.18

Jacjos Investments Pty Ltd 1.17

DA & LM Carroll Superannuation Fund 1.08

1627 Investments Pty Ltd 1.03

Directors

Appointment Name Designation Date

Dr Ian Fred Burston Non-Executive Chairman

Mr Don Carroll Non-Executive Director

Mr Kevin Joseph Executive Director

Mr Brian King Non-Executive Director

History of Business

Kogi Iron Ltd was established in 1980. The Agbaja Iron Ore project was established in 2014.

Nature of Business

Kogi Iron Ltd is a Perth based company with the objective of becoming an African iron ore producer through the development of its wholly owned Agbaja iron ore project in Kogi State, Republic of Nigeria, West Africa. Agbaja Iron Ore produces approximately 5 million tons of iron ore concentrate per annum.

Nr. of Employees 2 (Exploration Company)

Company Secretary Mr P Lewis

Banks Commonwealth Bank of Australia Ltd

Auditors BDO Audit (WA) Pty Ltd

Attorneys Gilbert & Tobin

Turnover [2015] R 1.06m ($ 0.08m)

Profit -R216.77m (-$17.84m) (AR2015) (Net Loss AU$23.17m)

Company Year End June

Transfer Secretaries

Name Physical Address Postal Address Tel

Link Market Services Ltd Ground Floor, 178 St Georges Terrace, Perth, WA6000

Production Capacity

586 million tons of iron ore

Direct Subsidiaries, Associates & Investments Company Name Percentage

KCM Mining Holdings Pty Ltd 100.00

KCM Mining Ltd 100.00

KOMET RESOURCES INC

Updated: 2016-05-09

Postal Address: Physical Address:

1191, De Montigny, Quebec, G1S 3T8 1191, De Montigny, Quebec, G1S 3T8

Tel: +1 581 300-1666 Fax.:

Email: [email protected] Website: kometgold.com

Shareholders Shareholder Percentage

Mr RP Wares 24.70

Mr A Gagne 6.91

Mr R Begin 1.83

Mr M Robillard 0.86

Mr C Pelletier 0.52

Mr A Le Bel 0.46

Mr P Colas 0.11

Directors

Appointment Name Designation Date

Mr Roby Begin 2014-00-00 Independent Non-Executive Director

Mr Pierre Colas 2014-00-00 Independent Non-Executive Director

Mr Andre Gagne 2013-00-00 Chief Executive Officer & President

Mr Andre Le Bel 2015-00-00 Non-Executive Director

Mr Marcel Robillard 2013-00-00 Independent Non-Executive Director

Mr Robert Wares 2013-00-00 Non-Executive Chairman

Managers

Appointment Name Designation Date

Mr Sylvain Boily Manager - Mechanical Superintendent

Mr Pierre Lebrecque (Jnr) 2008-00-00 Chief Financial Officer

Mr Claude Pelletier Mine Manager

Manager - Chief Technical Officer & Mr Jasmin Tremblay Corporate Secretary

Mr Jacques Tremblay Manager - Mining Engineer

History of Business

Komet Resources Inc was established on 20 June 2007.

Nature of Business

Komet Resources Inc is involved in the research, exploration and production of gold mining projects in West Africa. Through its wholly owned subsidiary, Komet Resources Afrique SA, Komet own 100% of the rights on the Guiro-Diouga gold mining permit located north east of Burkina Faso within the Namenga and Seno provinces covering an area of 65 square kilometres.

Guiro was underground mined by Stremco, which produced 427kg of gold from 50,000t at 8.6g/t from 2011 to 2013. The remaining historical resource is evaluated to be 270,000t at 11g/t Au.

Nr. of Employees 100 (Est)

Auditors Brunet, Roy, Dubé, CA

Attorneys Rene Branchard Lavery

Profit -R22.74m (-$1.96m) (AFS2014) (Net Loss) (Latest Available)

Company Year End December

Transfer Secretaries

Postal Name Physical Address Tel Address

Computershare Investor 100 University Avenue, 9th Floor, Toronto, +1 800 564- Services Inc Ontario, Canada 6253

Brandnames

Komet

Direct Subsidiaries, Associates & Investments Company Name Percentage

Komet Resources Afrique SA 100.00

MAGINDUSTRIES CORPORATION

Updated: 2016-04-18

Postal Address: Physical Address:

33 Yonge Street, Suite 820, Toronto, Ontario, M5E 33 Yonge Street, Suite 820, Toronto, Ontario, M5E 1G4 1G4

Tel: +1 416 368-7911 Fax.: +1 416 368-5048

Email: [email protected] Website: www.magindustries.com

Shareholders Shareholder Percentage

Evergreen Holdings Group LLC 86.00

Directors

Appointment Name Designation Date

Mr Qiang Jiang Non-Executive Director

Mr Xiaolei (Simon) Liang 2015-09-01 Chief Executive Officer & Chairman

Managers

Appointment Name Designation Date

Dr Fuliang Wang Manager - VP: Mining Development

Mr Qingsheng Wang Manager - Chief Engineer

History of Business

MagIndustries Corporation was established on 23 October 1997 to evaluate key mineral licenses acquired in the Republic of Congo. The Mengo Mining Permit was granted on 3 April 2008 and is valid for maximum 25 years. It delisted from the Toronto Stock Exchange on 19 August 2015.

Nature of Business

MagIndustries Corporation is focused on the development of its potash salt assets in the Republic of Congo. The Mengo Project is a greenfield potash project under development in the Republic of Congo (ROC), with an initial annual capacity of 1.2 million tons per year.

Nr. of Employees 620 (400 - Congo, 11 - Toronto, 3 - Barbados, 6 - China)

Auditors Ernst & Young LLP

Turnover [2013] R 79.91m ($ 7.61m) (AFS2013) (Latest Available)

Profit -R189.19m (-$18.02m) (AFS2013) (Net Loss) (Latest Available)

Company Year End December

Production Capacity

1.2 million tons of potash salt p.a.

Direct Subsidiaries, Associates & Investments Company Name Percentage

MagForestry Corporation 100.00

MagIndustries Service Inc 100.00

MagLogistics SA 100.00

MagMinerals Potash Corporation 100.00

MANAGEM SA

Updated: 2016-01-29

Postal Address: Physical Address:

BP 5199, Casablanca Twin Center, Tour A, Angle Bd Zerktouni et Al Massira Al Khadra, Casablanca

Tel: +212 522 956-565 Fax.: +212 522 956-464

Email: [email protected] Website: www.managemgroup.com

Shareholders Shareholder Percentage

Societe Nationale d'Investissement 81.42

Caisse Interprofessionelle Marocaine de Retraits 7.25

Directors

Appointment Name Designation Date

Mr Abdelaziz Abarro Executive Chairman & Chief Executive Officer

Mr Ramses Arroub Non-Executive Director

Mr Amina Benkhadra Non-Executive Director

Mr Bassim Hokimi Non-Executive Director

Mr Hassan Ouriagli Non-Executive Director

Mr Ayman Taud Non-Executive Director

Mr Naoual Zine Executive Financial Director

History of Business

Managem SA was established on 17 November 1930 and listed on the Casablanca Stock Exchange on 11 July 2000.

Nature of Business

Managem SA is an integrated mining company in Morocco, managing a portfolio of diverse mineral resources, including precious minerals, base metals, cobalt as and fluorspar.

Mining comprises:

Morocco: • Bakoudou Mine – 1,012 Kg of gold • Bleida Mine – 17,291 tons of concentrated copper • Akka Mine – 29,795 tons of concentrated copper • Guemassa Mine – 72,970 tons of concentrated Zinc • El Hammam Mine – 74,854 tons of concentrated fluorspar • Bouazzer Mine – 1,391 million tons of Cobalt cathodes • Oumejrane Mine – 15,744 tons of conctrated copper • Imiter Mine – 185,5 million tons of Silver anodes • Boskour Copper Project • Tizert Copper Project

Gabon: • Golden Etéké Project

Democratic Republic of Congo: • DRC Pumpi Copper and Cobalt Project

Sudan: • Gold Exploration Projects

Nr. of Employees 5600

Auditors Deloitte Audit Maroc; PricewaterhouseCoopers Maroc Sarl

Turnover [2014] $ 423.80m (AR2014)

Profit $24.91m (Net)

Company Year End December

Corporate Governance in Relation to SED & ED

Managem SA renewed its commitment to the Responsible Care Charter, an initiative of the chemical industry on a global scale with the objective of improving performance in security, health and

environmental protection.

Influencing Factors

Managem witnessed significant declines in the value of precious metals and the volatility of other metals. However, it pursued its efforts of development by registering an investment of 1.26 billion MAD, with over 290 MDH (million MAD) reserved for exploration and development

Brandnames

Managem

Direct Subsidiaries, Associates & Investments Company Name Percentage

Akka Gold Mining 88.46

Cie minière d’OUMJRANE 100.00

Cie minière SAGHRO 100.00

Compagnie de Tifnout Tighanimine 99.77

Compagnie Miniere des Guemmassas 76.91

LAMIKAL 85.50

Manadist 100.00

Managem International 100.00

MANAGOLD 100.00

Manatrade 100.00

MANUB 69.42

MCM 89.00

Reminex 100.00

RGGG 75.00

Societe Anonyme d'entreprise Miniere 99.77

Societe Metallurgique D'imiter SA 80.26

Somifer 99.77

Techsub 99.87

MINERAL DEPOSITS LTD

Reg. Number: ABN 19 064 377 420 Updated: 2016-04-05

Postal Address: Physical Address:

Level 17, 530 Collins Street, Melbourne, VIC 3000 Level 17, 530 Collins Street, Melbourne, VIC 3000

Tel: +61 3 9618-2500 Fax.: +61 3 9621-1460

Email: [email protected] Website: www.mineraldeposits.com.au

Shareholders Shareholder Percentage

HSBC Custody Nominees (Australia) Ltd 25.02

JP Morgan Nominees Australia Ltd 21.00

Citicorp Nominees Pty Ltd 11.31

National Nominees Ltd 10.07

Farjoy Pty Ltd 7.09

UBS Nominees Pty Ltd 3.23

BNP Paribas Noms Pty Ltd (DRP) 1.78

Inkese Pty Ltd 1.59

RBC Investor Services Australia Nominees Pty Ltd 0.95

BNP Paribas Nominees (NZ) Ltd 0.94

Fountain Oaks Pty Ltd 0.93

Zero Nominees Pty Ltd 0.88

Mr J Hughes & Mrs L Hughes 0.68

Ajava Holdings Pty Ltd 0.68

Latsod Pty Ltd 0.62

Mr P Dostal 0.48

Mr CS King 0.35

Stone Axe Pty Ltd 0.32

ABN AMRO Clearing Sydney Pty Ltd 0.30

Directors

Name Appointment Designation

Date

Mr Martin Ackland 2003-00-00 Executive Director

Independent Non-Executive Deputy Dr Robert (Bobby) Danchin 2006-00-00 Chairman

Dr David Isles 2001-00-00 Independent Non-Executive Director

Mr Nicholas James (Nic) Limb 1994-00-00 Executive Chairman

Mr Charles Alexander (Sandy) MacDonald 2013-00-00 Independent Non-Executive Director

Dr Thomas Holland (Tom) Whiting 2011-00-00 Independent Non-Executive Director

Managers

Appointment Name Designation Date

Mr Greg Bell 2010-00-00 Chief Financial Officer

Mr Jozsef Patarica 2015-00-00 Chief Operating Officer

Mr Robert (Rob) Sennitt 2015-06-01 Chief Executive Officer

History of Business

Mineral Deposits Ltd was established in April 1994. In September 2004, MDL was selected by the Government of the Republic of Senegal to develop the Grande Cote Mineral Sands Project (GCO).

Nature of Business

Mineral Deposits Ltd (MDL) is an Australian based mining company in the business of mining, integrating and transforming mineral sands resources. MDL owns 50% of the TiZir joint venture in partnership with ERAMET of France. The TiZir joint venture comprises two integrated, operating assets – the Grande Cote mineral sands operation (GCO) in Senegal, West Africa and the TiZir Titanium & Iron ilmenite upgrading facility (TTI) in Tyssedal, Norway.

As at December 2015 production was at: • Ore Mined – 34,759kt • Heavy Mineral Concentrate (HMC) Produced – 632.9kt • Ilmenite – 427,960 tons • Zircon – 45,248 tons

• Rutile & Leucoxene – 5,311 tons

As at December 2015 sales volumes was at: • Ilmenite – 420,417 tons • Zircon – 41,855 tons • Rutile & Leucoxene – 4,611 tons

Nr. of Employees 1062

Company Secretary Dr M Evans

Banks Westpac Banking Corporation (Australia)

Auditors Deloitte Touche Tohmatsu

Attorneys Minter Ellison

Turnover [2015] R 0.00m ($ 0.00m)

Profit -R652.12m (-$42.03m) (AR2015) (Net Loss)

Company Year End December

Transfer Secretaries

Name Physical Address Postal Address Tel

Computershare Investor Services Level 11, 172 St Georges GPO Box D182, +61 1300 Pty Ltd (Australia) Terrace, Perth, WA 6000 Perth, WA 6840 787-272

Corporate Governance in Relation to SED & ED

GCO’s socio-economic development strategy is underpinned by a series of stakeholder approved plans and committees developed through ongoing community, government and NGO consultation and participation.

GCO’s financial social responsibility commitment comprises: • U$500,000 on social development programmes for local communities during pre-production • U$400,000 per annum on social development programmes for local communities in the production period • U$50,000 per annum on the training and equipment needs of the Department of Mines & Geology during production

Influencing Factors

Ilmenite prices remained under pressure throughout the year as markets remained supply driven, creating downward pressure on prices. Zircon sales continued to increase throughout 2015 as production increased. Customer feedback on product quality remained positive, illustrating the acceptance of GCO zircon in the market.

Direct Subsidiaries, Associates & Investments Company Name Percentage

HNFL (Holdings) Pty Ltd 100.00

MDL (Mining) Ltd 100.00

MDL Gold Ltd 100.00

MDML (Capital) Ltd 100.00

Mineral Deposits (Operations) Pty Ltd 100.00

Mineral Deposits International Pty Ltd 100.00

TiZir Ltd 50.00

ZTF Investments Pty Ltd 100.00

MNG GOLD AS

Updated: 2016-05-09

Postal Address: Physical Address:

Ankara Organize Sanayi Bolgesi, 5 Kisim, Nahcivan Ankara Organize Sanayi Bolgesi, 5 Kisim, Nahcivan Cad No 11, Sincan, Ankara Cad No 11, Sincan, Ankara

Tel: +90 312 267-6080 / +90 312 955-0664 Fax.: +90 312 267-6081

Email: [email protected] Website: www.mnggold.com

Shareholders Shareholder Percentage

Mr MN Gunal 100.00

Directors

Appointment Name Designation Date

Mr Mehmet Nazif Gunal Executive Director

Managers

Appointment Name Designation Date

Mr Serhan Umurhan General Manager

History of Business

MNG Gold AS was established in 1976 by Mr Mehmet Nazif Gunal and started gold mining operations in July 2013. MNG Gold's Kokyo project in Liberia was acquired in April 2014.

Nature of Business

MNG Gold AS is a gold exploration company that is planning to acquire, explore and develop advanced gold mining projects in Turkey and Western Africa with exploration assets with a target during the next 4-5 years of 200,000 ounces gold production per annum, 8 million ounces of gold in global resources and 2 million ounces of gold as reserves.

The company's projects in Africa comprise: • Balogo Project, an advanced gold exploration project situated in southern Burkina Faso and managed by MNG Gold through its subsidiary MNG Gold Burkina SARL. The project comprises 2 joint licenses covering 360 square kilometres.

• Kokoya Project is an advanced gold exploration project situated in Bong County, central Liberia. The mine is under construction with a planned ore processing capacity of 1,500 tons per day.

• The company is also constructing the Kotoka Terminal Building in Ghana, which is expected to be completed in 2017.

Nr. of Employees 20000

Corporate Governance in Relation to SED & ED

MNG Gold plans to create qualified human resources and new employment opportunities in all its locations through effective use of local human resources and by adopting new approaches to establish maximum economic and social contribution. MNG aims to develop new and qualified models by enabling all infrastructure and superstructure in terms of education, healthcare, culture, sports and recreational activities for not only its employees but also for their families.

Brandnames

MNG Gold

Direct Subsidiaries, Associates & Investments Company Name Percentage

MNG Gold Burkina SARL 100.00

MNG Gold Liberia Inc 100.00

NEWCREST MINING LTD

Updated: 2016-04-13

Postal Address: Physical Address:

Level 9, 600 St Kilda Road, Melbourne, Victoria, Level 9, 600 St Kilda Road, Melbourne, Victoria, 3004 3004

Tel: +61 39 522-5333 Fax.: +61 39 525-2996

Email: Website: www.newcrest.com.au

Shareholders Shareholder Percentage

HSBC Custody Nominees (Australia) Ltd 40.96

National Nominees Ltd 19.98

JP Morgan Nominees Australia Ltd 13.87

Citicorp Nominees Pty Ltd 10.34

BlackRock Inc 9.18

BNP Paribas Nominees Pty Ltd 1.55

AMP Life Ltd 0.30

Pacific Custodians Pty Ltd 0.21

SBN Nominees Pty Ltd 0.20

UBS Nominees Pty Ltd 0.12

ABN Amro Clearing Sydney Nominees Pty Ltd 0.11

Bond Street Custodians Ltd 0.09

Directors

Appointment Name Designation Date

Mr Philip Aiken 2013-04-00 Independent Non-Executive Director

Mr Sandeep Biswas 2014-07-04 Chief Executive Officer & Managing Director

Mr Gerard Bond 2012-01-00 Chief Financial Officer

Mr Vince Gauci 2008-12-00 Independent Non-Executive Director

Mr Peter Hay 2014-01-01 Independent Non-Executive Chairman

Dr Roger Higgins 2015-10-01 Independent Non-Executive Director

Ms Lady Winifred Kamit 2011-02-00 Independent Non-Executive Director

Mr Richard Knight 2008-02-00 Independent Non-Executive Director

Mr Rick Lee 2007-08-00 Independent Non-Executive Director

Dr Xiaoling Liu 2015-09-00 Independent Non-Executive Director

Mr John Spark 2007-09-00 Independent Non-Executive Director

Managers

Appointment Name Designation Date

Mr Craig Jones General Manager - Executive: Cadia & MMJV

Mr Michael Nossal Manager - Chief Development Officer

General Manager - Executive: Gosowong & Mr Phil Stephenson Telfer

General Manager - Executive: People & Ms Jane Thomas Community

History of Business

Newmont Mining Ltd was established in 1966 as an Australian subsidiary of Newmont Holdings Ltd, which subsequently changed its name to Newmont Australia Ltd. It listed on the Australian Stock Exchange in 1987. In 1990, Newmont Australia Ltd acquired Australmin Holdings Ltd and merged with BHP Gold Ltd. The merged entity changed its name to Newcrest Mining Ltd.

In 2008, Newcrest acquired a 50% interest in certain assets of Harmony Gold Mining Company Ltd of South Africa in the Morobe Province of Papua New Guinea.

Construction of the Bonikro Mine started in May 2007, with gold production commencing in October 2008.

Nature of Business

Newcrest Mining Ltd is involved in exploration, mine development, mine operations and the sale of gold as well as gold and copper concentrate. Bonikro Mine in the Ivory Coast, is owned and operated by LGL Mines CI SA, which is 89.89% owned by Newcrest. The Bonikro Mineral Resource is estimated

to contain 1.8 million ounces of gold, including an Ore Reserve estimated to contain 1.0 million ounces of gold.

The Lihir operation is wholly owned by Newcrest and located on the island of Niolam, 900 kilometres north-east of Port Moresby in the New Ireland Province of Papua New Guinea (PNG). Production for the year ended June 2015 was 688,714 ounces of gold. The Lihir Mineral Resource estimate contained 59 million ounces of gold, including an Ore Reserve estimate of 29 million ounces of gold.

The company's other gold, copper and silver operations in Australia and Papua New Guinea include Cadia, Telfer, Gosowaong and Hidden Valley.

Nr. of Employees 13363 (Group)

Company Secretary Ms F Lee

Banks Bank of New York Mellon

Auditors Ernst & Young

R 40,633.47m ($ 3,345.10m) (AR2015) (Sales Revenue A$4,344.0m) (West Turnover [2015] Africa U$131.67m)

Profit R5238.20m ($431.22m) (AR2015) (Net A$560.0m) (West Africa U$31.57m)

Company Year End June

Transfer Secretaries

Name Physical Address Postal Address Tel

Link Market Services Ltd Ground Floor, 178 St Georges Terrace, Perth, WA6000

Units Manufactured

119,790 ounces (Gold)

Production Capacity

2.0 million ounces p.a. (Gold)

Brandnames

Newcrest

Direct Subsidiaries, Associates & Investments Company Name Percentage

Cadia Holdings Pty Ltd 100.00

Contango Agricultural Co Pty Ltd 100.00

LGL Holdings CI SA 100.00

LGL Mines CI SA 89.89

LGL Mount Rawdon Operations Pty Ltd 100.00

LGL Services Australia Pty Ltd 100.00

Newcrest Exploration Holdings Pty Ltd 100.00

Newcrest Finance Pty Ltd 100.00

Newcrest Holdings (Investments) Pty Ltd 100.00

Newcrest International Pty Ltd 100.00

Newcrest Operations Ltd 100.00

Newgen Pty Ltd 100.00

Sulawesi Investments Pty Ltd 100.00

PAN AFRICAN GOLD AND MINERALS (PTY) LTD

Reg. Number: 2014/184091/07 Updated: 2016-05-03

Postal Address: Physical Address:

South African Gold Centre, 225 Main Street, South African Gold Centre, 225 Main Street, Johannesburg, 2193 Johannesburg, 2001

Tel: +27 81 323-9225 Fax.: +27 86 273-6009

Email: [email protected] Website: www.panafricanmineralssa.com

Shareholders Shareholder Percentage

Mr NN Mhlaba 100.00

Directors

Appointment Name Designation Date

Mr Ncumisa Mduma Non-Executive Director

Mr Nkululeko Ndobe Mhlaba 2014-09-18 Executive Chairman & Chief Executive Officer

Dr Siphumule Thwala Non-Executive Director

Managers

Appointment Name Designation Date

Manager - Chief Consulting & Compliance Ms Mapuleng Mahleza Officer

Mr S'Bongiseni Ngubane Chief Financial Officer

Mr Siphokazi Simandla Chief Operating Officer & Information Officer

History of Business

Pan African Gold and Minerals (Pty) Ltd t/a Pan African Minerals was established in 2014.

Nature of Business

Pan African Gold and Minerals (Pty) Ltd t/a Pan African Minerals is a South African mining and consulting company. Primary mining operations are contracted to local mining companies located in South Africa, Botswana, Angola, Liberia, Sierra Leone, Democratic Republic of Congo, Swaziland,

Zimbabwe and Nigeria.

Nr. of Employees 600

Banks Standard Bank of South Africa Ltd

Auditors KPMG Inc

Company Year End February

Corporate Governance in Relation to SED & ED

Pan African Gold and Minerals (Pty) Ltd t/a Pan African Minerals has four main focus points for its corporate social responsibility programme, including: • Health Care: has a focus on primary health care i.e. mobile clinics, health awareness and preventative measures to fight HIV/Aids, malaria, tuberculosis and other tropical diseases. • Education: including early childhood development. • Infrastructure: assistance in creating infrastructure projects i.e. schools, clinics, sanitation and water. • Economic Diversification: assisting women, young people and vulnerable groups in starting businesses in retail, agriculture, and artisanal mining.

PREDICTIVE DISCOVERY LTD

Reg. Number: ABN 11 127 171 877 Updated: 2016-04-05

Postal Address: Physical Address:

PO Box 1710, West Perth, WA 6005 Level 2, 33 Ord Street, West Perth, WA 6005

Tel: +61 8 9216-1000 Fax.: +61 8 9481-0411

Email: [email protected] Website: www.predictivediscovery.com

Shareholders Shareholder Percentage

Aurora Minerals Ltd 43.92

Equity Trustees Ltd 5.23

Mr WH Hernstadt 2.10

Dyspo Pty Ltd 2.05

Kitara Investments Pty Ltd 1.59

Finance Associates Pty Ltd 1.54

Pajal Pty Ltd 1.45

Hydronominees Pty Ltd 1.43

Croftbank Pty Ltd 1.14

Bond Street Custodians Ltd 1.10

Buprestid Pty Ltd 1.09

Mr MR Hodgetts 1.08

Mr N Clifford & Mrs L Duncan 1.00

Mr RT Sambucco 0.83

Mr C Wang 0.83

Sisu International Pty Ltd 0.81

Mr RAJ Morson 0.71

Blue Sky Holdings Pty Ltd 0.69

Private Equity Capital Pty Ltd 0.65

Directors

Name Appointment Designation

Date

Mr Philip Henty Non-Executive Director

Mr Phillip Jackson 2014-12-04 Non-Executive Chairman

Mr Timothy Markwell Non-Executive Director

Mr Paul Roberts 2007-00-00 Executive Managing Director

History of Business

Predictive Discovery Ltd (PDI) was established in 2007 and set up its office in Burkina Faso in 2008. PDI acquired the Bangaba project in February 2011. In mid-2013, PDI acquired two new projects in Cote d'Ivoire - Kokumbo and Ferkessedougou.

Nature of Business

Predictive Discovery Ltd is involved in the exploration of gold and uranium in West Africa and Australia. PDI is exploring for large, high value gold deposits in West Africa. The company’s project focus is on 13 gold exploration permits in Burkina Faso, West Africa, covering a total area of 1,605 square kilometres, especially the Bonsiega Project in the well mineralised Samira Hill greenstone belt. The company also has a large ground position in Cote D’Ivoire, covering 1,533 square kilometres.

Exploration projects in West Africa comprise:

Burkina Faso • Bonsiega Exploration Project • Bassieri Exploration Project • Bangaba Exploration Project • Tyekanyebi Exploration Project

Ivory Coast (JV with Toro Gold Ltd) • Kokumbo Exploration Project • Ferkessedougou Exploration Project • Boundiali Exploration Project • Kounahiri Exploration Project

Company Secretary Mr E Moore

Banks Australia & New Zealand Banking Group Ltd

Auditors Nexia ASR

Attorneys Corrs Chambers Westgarth

Profit -R66.01m (-$5.43m) (AR2015) (Net Loss -AUD7.06m) (Gold Burkina Faso: - U$4.91m; Cote d'Ivoire: -U$0.35m)

Company Year End June

Transfer Secretaries

Name Physical Address Postal Address Tel

Link Market Services Ltd Ground Floor, 178 St Georges Terrace, Perth, WA6000

Brandnames

Predictore

Trademarks

Predictore

Direct Subsidiaries, Associates & Investments Company Name Percentage

Birrimian Pty Ltd 100.00

Predictive Discovery Cote D'Ivoire Pty Ltd 100.00

Predictive Discovery Cote D'Ivoire SARL 100.00

Predictive Discovery Niger SARL 100.00

Predictive Discovery SARL 100.00

RANDGOLD RESOURCES LTD

Reg. Number: 62686 Updated: 2016-04-20

Postal Address: Physical Address:

3rd Floor, Unity Chambers, 28 Halkett Street, 3rd Floor, Unity Chambers, 28 Halkett Street, Saint Helier, JE2 4WJ Saint Helier, JE2 4WJ

Tel: +44 1534 735-333 Fax.: +44 1534 735-444

Email: Website: www.randgoldresources.com

Shareholders Shareholder Percentage

BlackRock Inc 17.00

Vontobel Holding AG 6.50

Van Eck Global 6.10

Fidelity Management & Research LLC 3.80

Legal & General Group Plc 3.20

State Street Corporation 2.70

Vanguard Group Inc (The) 2.50

T Rowe Price Associates Inc 2.20

Prudential Group Holdings Ltd 2.20

Government of Singapore 2.10

Wells Fargo & Company 2.00

First Eagle Investment Management LLC 1.50

Gamco Investors Inc 1.50

Aberdeen Group Inc 1.50

Tocqueville Asset Management LP 1.30

Government of China 1.30

Deutsche Bank AG 1.10

Prudential Financial Inc 1.10

UBS AG 1.00

Directors

Appointment Name Designation Date

Mr Safiatou Ba-N'Daw 2015-03-01 Independent Non-Executive Director

Dr Mark Bristow 1995-08-11 Chief Executive Officer

Mr Norborne (Norb) Cole (Jnr) 2006-05-03 Independent Non-Executive Director - Senior

Mr Christopher Coleman 2008-11-03 Non-Executive Chairman

Prof Kadri Dagdelen 2010-01-29 Independent Non-Executive Director

Mr Jemal-ud-din (Jamil) Kassum 2014-01-31 Independent Non-Executive Director

Ms Jeanine Mabunda Lioko 2013-01-28 Independent Non-Executive Director

Mr Andrew Quinn 2011-11-01 Independent Non-Executive Director

Mr Graham Shuttleworth 2007-07-03 Chief Financial Officer & Financial Director

Dr Karl Voltaire 2006-05-03 Independent Non-Executive Director

Managers

Appointment Name Designation Date

General Manager - Loulo-Gounkoto Mine Mr Tahirou Ballo 2015-00-00 Complex

Mr Chiaka Berthe 2015-00-00 General Manager - West Africa Operations

Mr Sebastiaan Bock General Manager - Group Finance

Mr Luiz Correia 2010-00-00 General Manager - Tongon Mine

Mr Joel Holliday 2004-00-00 General Manager - Exploration

General Manager - Central & East African Mr Willem Jacobs 2010-00-00 Operations

Mr Adama Kone 2006-00-00 General Manager - Morila Mine

Mr Mahamadou (Sam) Samake Manager - Group Regional West Africa

Mr N'golo Sanogo 2009-00-00 General Manager - Mali

Manager - Technical & Capital Projects Mr John Steele Executive

History of Business

Randgold Resources Ltd was established in 1995 and listed on the London Stock Exchange on 1 July 1997. It began trading on the NASDAQ Stock Market on 11 July 2002.

Randgold Resources Ltd financed and built the Morila mine (Mali) in October 2000. It also financed and built the Loulo (Mali) operation which started as two open pit mines in November 2005. In 2009, Randgold acquired a 45% interest in the Kibali project in the Democratic Republic of Congo (DRC).

Nature of Business

Randgold Resources Ltd and its subsidiaries together with its joint ventures carry out exploration and gold mining activities. The group currently operate five gold mines. There are three operating mines in Mali; the Morila gold mine; the Loula gold mine and the Gounkoto gold mine. Randgold also operates a fourth gold mine in Cote d’Ivoire, Toungon and a fifth gold mine in the Democratic Republic of Congo (DRC), Kibali.

Measured and indicated mineral resources at the end of 2015: • Kibali measured 139 million tons of gold • Loulo measured 52 million tons of gold • Gounkoto measured 28 million tons of gold • Morila measured 14 million tons of gold • Tongon measured 34 million tons of gold • Massawa measured 35 million tons of gold • Bakolobi Project (Development JV with Randgold Resources Ltd)

10905 (2,896 - Loulo, 1,040 - Gounkoto, 781 - Morila, 1,767, - Tongon, Nr. of Employees 4,161 - Kibali)

Banks HSBC Bank Plc

Auditors BDO LLP

Turnover [2015] R 16,979.61m ($ 1,094.33m)

Profit R3301.38m ($212.77m) (AR2015) (Net) (U$6.96m - Morila; U$17.88m - Loulo; U$92.43m - Gounkoto; U$21.33m - Tongon; U$70.45m - Kibali)

Company Year End December

Transfer Secretaries

Postal Name Physical Address Tel Address

Computershare Investor Services Queensway House, Hilgrove Street, St Helier, (Jersey) Ltd Jersey, JE1 1ES Channel Islands

Corporate Governance in Relation to SED & ED

The mine, through the education subcommittee, has completed the construction of a school at Dabara and thus achieved its ‘one village, one school’ policy in its host communities. An action plan, financed by the mine at a cost of $190 000 to improve school access and quality in the local communities, is being implemented by the World Education NGO.

Influencing Factors

Illegal mining continued to be an issue for the mine and surrounding communities. Through engagement with the community and the government, selected mining corridors for traditional mining were created by the Malian government and handed over to local authorities to reduce the pressure on Randgold’s permits.

Units Manufactured

• Loulo – Gounkoto Gold Mine in Mali 630,167 ounces (Gold) • Morila Gold Mine in Mali 122,374 ounces (Gold) • Tongon Gold Mine in Cote d’Ivoire 242,948 ounces (Gold) • Kibali Gold Mine in DRC 642,720 ounces (Gold)

Brandnames

Randgold

Direct Subsidiaries, Associates & Investments Company Name Percentage

0858065 BC Ltd 50.00

Border Energy East Africa (Pty) Ltd 50.00

Border Energy Pty Ltd 50.00

Border Resources NL 50.00

Isiro (Jersey) Ltd 51.00

Kankou Moussa SARL 75.00

KAS 1 Ltd 25.00

KGL Isiro SARL 51.00

Kibali (Jersey) Ltd 50.00

Kibali 2 (Jersey) Ltd 50.00

Kibali Cooperatief UA 50.00

Kibali Goldmines SA 45.00

Kibali Services Ltd 50.00

Mining Investments (Jersey) Ltd 100.00

Morila Ltd 50.00

Moto (Jersey) 1 Ltd 50.00

Moto (Jersey) 2 Ltd 50.00

Moto Goldmines Australia Pty Ltd 50.00

Moto Goldmines Ltd 50.00

RAL 1 Ltd 50.10

RAL 2 Ltd 50.10

Randgold Resources (Burkina) Ltd 100.00

Randgold Resources (Cote d'Ivoire) Ltd 100.00

Randgold Resources (Cote d'Ivoire) SARL 100.00

Randgold Resources (DRC) Ltd 100.00

Randgold Resources (Ghana) Ltd 100.00

Randgold Resources (Gounkoto) Ltd 100.00

Randgold Resources (Kibali) Ltd 100.00

Randgold Resources (Mali) Ltd 100.00

Randgold Resources (Secretaries) Ltd 100.00

Randgold Resources (Senegal) Ltd 100.00

Randgold Resources (Somilo) Ltd 100.00

Randgold Resources (UK) Ltd 100.00

Randgold Resources Burkina Faso SARL 100.00

Randgold Resources Congo SARL 100.00

Randgold Resources Mali SARL 100.00

Randgold Resources T1 Ltd 100.00

Randgold Resources T2 Ltd 100.00

Randgold Resources Tanzania (T) Ltd 100.00

Seven Bridges Trading 14 (Pty) Ltd 100.00

Societe des Mines de Gounkoto SA 80.00

Societe des Mines de Loulo SA 80.00

Societe des Mines de Morila SA 40.00

Societe des Mines de Tongon SA 89.00

Westmount Resources NL 50.00

ROBEX RESOURCES INC

Updated: 2016-04-04

Postal Address: Physical Address:

437, Grande Allee Est, Suite 100, Quebec, G1R 2J5 437, Grande Allee Est, Suite 100, Quebec, G1R 2J5

Tel: +1 581 741-7421 Fax.: +1 581 742-7241

Email: [email protected] Website: www.robexgold.com

Directors

Appointment Name Designation Date

Mr Julien Cohen Non-Executive Director

Mr Benjamin Cohen Non-Executive Director

Mr Georges Cohen Executive Chairman & Chief Executive Officer

Mr Michel Doyon Non-Executive Director

Mr Richard Faucher Executive Deputy Chairman

Mr Claude Goulet Non-Executive Director

Mr Christian Marti Non-Executive Director

Managers

Appointment Name Designation Date

Mr Abdel Kader Maiga Manager - Mali General Operations

Chief Financial Officer & Chief Operations Mr Augustin Rousselet Officer

History of Business

Robex Resources Inc was established on 14 June 1985. Since 30 May 2008, the company holds 100% of mining titles through the subsidiary Robex Resources Mali SARL.

Nature of Business

Robex Resources Inc is a junior Canadian exploration and mining development company, which currently holds five gold exploration licenses, all located in Mali, in West Africa. In addition to the exploration activities, the company is developing the Nampala deposit located on the Mininko

permit, for which a feasibility study was conducted and demonstrates profitability for the operation of a mine. The company is currently working on developing its dore production facilities, to achieve the level of commercial production planned.

Robex's priorities are the exploration of the Mininko and Diangounte permits as well as the Nampala deposit, with a target capacity of 600 tons per day, and a capacity of 4,000 tons per day is planned for 2016.

Auditors PricewaterhouseCoopers LLP

Profit -R1088.8m (-$94.29m) (AR2014) (Net Loss) (CAD10.92m)

Company Year End December

Transfer Secretaries

Postal Name Physical Address Tel Address

Computershare Investor The Pavilions, Bridgewater Road, Bristol +44 207 597- Services Plc BS99 6ZZ, England 4000

Production Capacity

1.04 million tons p.a. (Gold)

Brandnames

Robex

Direct Subsidiaries, Associates & Investments Company Name Percentage

Nampula SA 90.00

Robex N'Gary SA 85.00

Robex Resource Mali SARL 100.00

ROYAL SALT LTD

Updated: 2016-04-04

Postal Address: Physical Address:

Phase I, Northern Warehouse, Kirikiri Lighter Phase I, Northern Warehouse, Kirikiri Lighter Terminal, Apapa, Lagos Terminal, Apapa, Lagos

Tel: +234 811 399-9333 Fax.:

Email: Website: www.royal-salt.com

Directors

Appointment Name Designation Date

Mr Mahendra Nuthalapti 2010-00-00 Executive Managing Director

Mr Reggie Uduhiri Executive Director

Managers

Appointment Name Designation Date

Mr Rajesh Kumar General Manager

History of Business

Royal Salt Ltd was established in 1994. Its second production plant was commissioned in 2001.

Nature of Business

Royal Salt Ltd is involved in the production and distribution of edible food grade iodized salt. Its production plants in Port Harcourt and Kirikiri have a combined production capacity of 150,000 tons of salt per annum.

Nr. of Employees 1000

Turnover [2015] R 18.53m ($ 1.25m) (As per company) (Est) (Nigerian Naira 250.0m)

Production Capacity

150,000 tons p.a.(Edible Salt)

Brandnames

Mr Chef

SABLE MINING AFRICA LTD

Updated: 2016-04-18

Postal Address: Physical Address: c/o 18 Park Street, London, W1K 2HZ c/o 18 Park Street, London, W1K 2HZ

Tel: +44 20 7408-9200 Fax.:

Email: [email protected] Website: www.sablemining.com

Shareholders Shareholder Percentage

Ashendon Investments Inc 14.70

Beyond Africa Fund Ltd 9.47

JP Morgan Ltd 7.58

Audley Capital Management Ltd 5.84

US Global Investors Fund Ltd 4.17

RAB Capital Ltd 3.79

Knighthead Capital Management LLC 3.73

TT International Fund Ltd 3.71

Henderson Global Investors Ltd 3.13

Directors

Appointment Name Designation Date

Mr Andrew Burns Chief Financial Officer

Mr Jim Cochrane Non-Executive Chairman

Mr Andrew Groves Chief Executive Officer

Mr Aboubacar Sampil Non-Executive Director

History of Business

Sable Mining Africa Ltd was established in 2007. The Nimba mining license was granted in September 2013.

Nature of Business

Sable Mining Africa Ltd is a United Kingdom-based resource company. The company is focused on

the development of the Nimba Iron Ore Project in South-East Guinea. The Nimba Iron Ore Project is located in the far south-east of Guinea, in close proximity with the border of Liberia and the Ivory Coast, and approximately 800 kilometers by road to Conakry, around 80 kilometers from an existing operating railway at Tokadeh, Liberia and approximately 240 kilometers from Port Buchanan. The Nimba Iron Ore Project has a life span of 20 years and a production capacity of 205.2 million tons of iron ore.

The company also holds a portfolio of Zimbabwean coal assets in the mid Karoo Zambezi coal basin in the Hwange mining district of north-western Zimbabwe and in the adjacent Lusulu area of the Kariba coal basin. The company's portfolio also includes the Kpo Range concession, located in the West African Shield in Liberia as well as the Lubu Coal Project which covers around 19,236 hectares, and the Lubimbi Coal Project in the Gwaai area of the Kariba Coal Basin, which covers around 16,545 hectares in Zimbabwe and South Africa.

Nr. of Employees 131 (112 - Operational)

Company Secretary Mr P Enoch

Auditors Baker Tilly Uk Audit LLP

Attorneys Conyers Dill & Pearman

Stockbrokers GMP Securities Europe LLP

Turnover [2015] (AR2015) (Operating Loss -U$12.59m)

Profit -R136.41m (-$11.23m) (AR2015) (Net Loss) (Exploration -U$7.46m) (Geographical -U$3.77m)

Company Year End March

Corporate Governance in Relation to SED & ED

Sable Mining Africa Ltd is actively involved in the development and improvement of community infrastructures with the main focus on education and health of children in the community. In addition to a general effort to upgrade school buildings in villages adjacent to the project, WAE has purchased two school buses to assist children with transport to and from school. Stream water quality has been identified as a key risk to community health. A further project is to improve drinking water quality through the provision of wells and community toilets in six of the villages most at risk in the vicinity of the project.

Influencing Factors

Detailed mine scheduling has highlighted the Nimba Project’s ability to sustain the production of both high quality premium grade lump and fines products over an initial ten year life of mine, from the Plateau 2 area. With grades of 63.33% and 62.11% iron returned from the lump and fines product respectively, and the mechanical and thermal properties of the proposed premium lump proven to be pre-eminent.

Direct Subsidiaries, Associates & Investments Company Name Percentage

African Iron Ore Investments Ltd 100.00

Delta Mining Consolidated Ltd 63.50

Guinea Development Mineral Resources SA 100.00

Guinea Metaux De Base SA 80.00

Kakoulima Base metals SARL 100.00

Procana Lda 94.00

Red Rock Mining Ltd 80.00

Sable Aircraft Company (Pty) Ltd 100.00

Salmec Resources Ltd 60.00

Someden Investments (Pvt) Ltd 100.00

Southern Cross Investments Ltd 100.00

Tanaka Investments Ltd 100.00

West Africa Exploration Logistics 100.00

West Africa Exploration SAU 80.00

SARAMA RESOURCES LTD

Updated: 2016-05-03

Postal Address: Physical Address:

PO Box 575, Subiaco, WA 6904 Suite 8, 245 Churchill Avenue, Subiaco, WA 6008

Tel: +61 8 9363-7600 Fax.: +61 8 9382-4309

Email: [email protected] Website: www.saramaresources.com

Shareholders Shareholder Percentage

Sun Valley Gold LLC 14.46

JP Morgan Asset Management (UK) Ltd 5.70

Mackenzie Investments 3.29

Konwave AG 2.18

Dr Kohlhase Vermogensverwalt GmbH 1.81

JP Morgan Asset Management (Korea) Co Ltd 1.10

IG Investment Management Ltd 0.74

China International Fund Ltd 0.02

Directors

Appointment Name Designation Date

Mr Andrew Dinning Executive President & CEO

Mr Dave Groves Non-Executive Director

Mr Sean Harvey Non-Executive Chairman

Mr Simon Jackson Non-Executive Director

Dr Glen Masterman Non-Executive Director

Managers

Appointment Name Designation Date

Mr John (Jack) Hamilton Manager - VP: Exploration

Mr Nicholas (Nick) Longmire Chief Financial Officer

Mr John Mpamije Manager - Exploration: Liberia

Mr Guy Scherrer Manager - Exploration: Mali

Mr Paul Schmiede Manager - VP: Corporate Development

History of Business

Sarama Resources Ltd was established on 8 April 2010.

Nature of Business

Sarama Resources Ltd is a West African gold explorer and developer with its principal focus in Burkina Faso, which has significant exploration success with the definition of 2.1 million ounces of gold at the South Houndé Project and 0.67 million ounces of gold at the neighbouring Karankasso JV. The company and its JV partners are currently advancing both projects.

The South Houndé Project covers 814 square kilometres and hosts an Inferred mineral resource of 43 million tons at 1.5 g/t for 2.1 million ounces of gold at a 0.3-2.2 g/t cut-off and over 1.1 million ounces of gold at 2.7 g/t at a 1.6 g/t cut-off (mineral resource estimate effective at 8 February 2016). The Karankasso Project hosts a maiden inferred mineral resource of 9.16 million tons at 2.28 g/t for 0.67 million ounces of gold at a 0.5g/t cut-off (mineral resource estimate effective at 7 October 2015), and is situated adjacent to the South Houndé Project.

The company has a principal gold exploration permit in Mali, Kandiolé Sud which is located just 10km from Papillon Resources’ Fekola deposit and IAMGOLD’s / Merrex Gold’s Siribaya Project.

Nr. of Employees 25 (Est)

Auditors PricewaterhouseCoopers LLP; HLB Mann Judd

Turnover [2015] R 1.40m ($ 0.09m)

Profit -R22.2m (-$1.43m) (AFS2015) (Net Loss)

Company Year End December

Transfer Secretaries

Postal Name Physical Address Tel Address

TMX Equity Transfer 1185 West Georgia, Suite 1620, Vancouver, British Services Colombia, Canada

Corporate Governance in Relation to SED & ED

In early 2013, Sarama commenced the construction of three new classrooms for the children of Ecole Primaire de Norkama (Norkama Primary School) in Norkama, a village situated on Sarama's Tankoro permit in Burkina Faso. Sarama financed the CFA 16.2m investment, employing local labour to build a facility that would house 150 local students.

Direct Subsidiaries, Associates & Investments Company Name Percentage

Burkina Faso Holdings Ltd 100.00

Karankasso Project Joint Venture 50.00

Pedsam Mining Ltd 100.00

Sarama Faso SARL 100.00

Sarama Investments (No 2) Ltd 100.00

Sarama Investments Liberia Ltd 100.00

Sarama Investments Liberia No 2 Ltd 100.00

Sarama Investments Ltd 100.00

Sarama Investments Mali Ltd 100.00

Sarama Mining Burkina SARL 100.00

Sarama Mining Liberia Ltd 100.00

Sarama Mining Mali SARL 100.00

SEVERSTAL OAO

Updated: 2016-04-21

Postal Address: Physical Address:

2K Tsetkin Street, Moscow, 127299 30 Mira Street, Cherepovets, Vologda Region, 162608

Tel: +7 495 926-7766 Fax.: +7 495 926-7761

Email: Website: www.severstal.com

Divisions

Division Area Head Tel

Severstal Resources Russia

Severstal Russian Steel Russia

Shareholders Shareholder Percentage

Mr A Mordashov 79.20

Severstal OAO Treasury Shares 3.23

Vanguard Group Inc (The) 0.49

BlackRock Fund Advisors 0.39

APG Asset Management NV 0.26

Alfred Berg Kapitalforvaltning AB 0.21

Norges Bank Investment Management (Oslo) 0.14

Pictet Asset Management Ltd 0.10

Directors

Appointment Name Designation Date

Dr Alexander Auzan 2015-00-00 Independent Non-Executive Director

Mr Alun Bowen 2014-00-00 Independent Non-Executive Director

Mr Philip John Dayer 2014-00-00 Independent Non-Executive Director

Mr Alexey Kulichenko 2009-00-00 Chief Financial Officer

Mr Vadim Larin 2013-00-00 Chief Executive Officer

Executive Director - Senior VP: Legal Affairs & Mr Vladimir Lukin General Counsel

Mr Vladimir Mau Independent Non-Executive Director

Mr Alexey Mordashov 1988-00-00 Non-Executive Chairman

Mr Mikhail Noskov 1997-00-00 Non-Executive Director

Mr Sakari Tamminen 2015-00-00 Independent Non-Executive Director - Senior

Managers

Appointment Name Designation Date

Mr Audrey Belyshev Human Resources Manager

Manager - Senior VP: Communications & Mr Alexey Egorov Government Relations

Mr Anatoly Frishman Manager - CEO: Severstal-Metiz

Mr Sergey Gnilitsky Manager - CEO: Olcon

Mr Dmitry Goroshkov Manager - Marketing Director

Mr Nigel Kieser Manager - MD: Severstal Liberia Iron Ore

Mr Vladimir Kozlov Manager - Senior VP: Security

Ms Agnes Ritter Manager - Director: Production & Technology

Mr Audrey Ryzhov Manager - Director: Economics

Mr Vadim Shablakov Manager - CEO: Vorkutaugol

Manager - Director: Sales of Raw Materials, Mr Sergei Starodubtsev Strategic Procurement

Mr Sergey Toropov Manager - CEO: Severstal Russian Steel

Mr Maxim Vorobyev Manager - CEO: Karelsky Okatysh

History of Business

Severstal OAO was established on 24 August 1955 and completed the development of an integrated iron and steel mill in Cherepovets during February 1959. On 24 September 1993, Severstal was registered as an Open Joint Stock Company (OAO) and privatised.

Severstal Resources division was formed by acquisitions made over the last 12 years.

Nature of Business

Severstal OAO is a vertically integrated steel and steel-related mining company with major assets in Russia as well as investments in other locations including Liberia. It operates through two divisions comprising Severstal Resources which operates Severstal Liberia Iron Ore's Putu Iron Ore Project in Liberia. The other division is Severstal Russian Steel which is involved in steel production and high- grade automotive galvanising in Cherepovets, operating a rolling mill 5000 and large-diameter pipe mill in Kolpino. As at 2015 steel production was at 11.45 million tons.

Nr. of Employees 50000 (Group)

Auditors KPMG ZAO

Turnover [2015] R 98,103.18m ($ 6,332.76m) (AFS2015) (Severstal Resources U$622.14m)

Profit R9362.07m ($603.38m) (AFS2015) (Net) (Severstal Resources U$12.57m)

Company Year End December

Corporate Governance in Relation to SED & ED

Severstal OAO donated a total amount of U$53.2 million on social investments and charity initiatives during 2015.

Production Capacity

11.45 million tons p.a. (Steel)

Direct Subsidiaries, Associates & Investments Company Name Percentage

Aircompany Severstal Ltd 100.00

AS Latvijas Metals 100.00

Baracom Ltd 100.00

CJSC Izhora Pipe Mill 100.00

CJSC Severgal 100.00

CJSC Severstal Steel Solutions 100.00

GSI Lucchini SpA 34.10

JSC Arhangelski Vtormet 75.00

JSC Dneprometiz 98.70

JSC Domnaremont 65.50

JSC Metallurgremont 75.00

JSC Murmanskvtormet 74.60

JSC Neva-Metall 100.00

JSC RC Group 100.00

JSC Rostovmetall 100.00

JSC Severstal-Metiz 100.00

JSC Severstallat 100.00

JSC Vtorchermet 85.60

Lucchini Holland BV 49.20

Lucchini SpA 49.20

PPTK-1 LLC 100.00

Redaelli Tecna SpA 100.00

Servola SpA 49.20

Severstal Export GmbH 99.80

Severstal SMC-Kolpino LLC 100.00

Severstal TPZ-Sheksna LLC 100.00

Severstal-Promservice LLC 99.90

Severstal-Ukraine LLC 100.00

Sideris Steel SAS 49.20

SSM-Tyazhmash LLC 100.00

UniFence LLC 100.00

Upcroft Ltd 100.00

Victory Industries Inc 99.90

ZAO Air Liquide Severstal 25.00

ZAO North Steel Co 99.90

ZAO Rospromresursy 100.00

ZAO Severstal LPM Balakovo 100.00

ZAO SeverStalBel 100.00

ZAO Trade House Severstal-Invest 100.00

SHANDONG IRON AND STEEL GROUP CO LTD

Updated: 2016-05-09

Postal Address: Physical Address:

No 4 Block Shuntai Plaza, 2000 Shunhua Road, No 4 Block Shuntai Plaza, 2000 Shunhua Road, High-New District, Jinan, 250101 High-New District, Jinan, 250101

Tel: +86 531 6760-6760 Fax.: +86 531 6760-6881

Email: Website: www.sdsteel.cc

Shareholders Shareholder Percentage

Shandong State-Owned Asset Supervision and Administration Commission 76.60

China Securities Finance Corporation 0.13

Directors

Appointment Name Designation Date

Mr Zhao Chao Bi 2012-00-00 Non-Executive Director

Dr Xiang Yang Chen 2012-00-00 Non-Executive Director

Mr Qi Xiang Chen 2012-00-00 Chief Executive Officer & General Manager

Mr Xiu Yuan Liu 2012-00-00 Executive Director

Mr Xiao Feng Ping 2009-00-00 Independent Non-Executive Director

Mr Hao Ren 2012-00-00 Non-Executive Chairman

Mr Bin Su 2012-00-00 Non-Executive Director

Mr Ke Ning Tian Non-Executive Director

Mr Xian Gang Wan Chief Financial Officer

Dr Ai Guo Wang 2012-00-00 Independent Non-Executive Director

History of Business

Shandong Iron and Steel Group Co Ltd was established on 26 December 2000.

Nature of Business

Shandong Iron and Steel Group Co Ltd is involved in the smelting, processing and distribution of iron and steel. Its main products include iron sheets, steel billets, cold and hot rolled steel products,

coking products and burning power.

The company operates the Tonkolili Iron Ore mine in Sierra Leone.

Nr. of Employees 31880

Turnover [2015] R 88,577.15m ($ 5,708.81m)

Profit -R160098.2m (-$10318.35m) (As per company) (Net Loss -CNY67,020.0m)

Company Year End December

Direct Subsidiaries, Associates & Investments Company Name Percentage

African Minerals Ltd - Tonkolili Project 25.00

SIERRA MINERAL HOLDINGS 1 LTD

Updated: 2016-05-03

Postal Address: Physical Address:

PO Box 59, Freetown 37 Wellington Street, Freetown

Tel: +232 7 888-3463 Fax.:

bauxite.vimetco.com; Email: [email protected] Website: www.vimetco.com

Shareholders Shareholder Percentage

Global Aluminium Ltd 100.00

Directors

Appointment Name Designation Date

Mr Roman Bulat Executive Director

Ms Steluta Despa Executive Director

Mr Pavel Machitski Executive Director

History of Business

Sierra Mineral Holdings 1 Ltd was established in November 2005. Vimetco NV acquired the company in July 2008.

Nature of Business

Sierra Minerals Holdings 1 Ltd operates the only bauxite mine in Sierra Leone and is the second largest mining employer in the country. The mine has a resource base of approximately 31 million tons of bauxite and currently produces around 1.2 million tons per annum for export.

Nr. of Employees 25 (Est)

Auditors Ernst & Young

Turnover [2015] (U$320m - Vimetco NV AR2015 Romanian Segmental sales)

Company Year End December

Production Capacity

1.7 million tons p.a. (Bauxite)

SIERRA RUTILE LTD

Updated: 2016-04-04

Postal Address: Physical Address:

PO Box 59, Freetown 2nd Floor, Access Bank Building, 30 Siaka Stevens Street, Freetown

Email: [email protected] Website: www.sierra-rutile.com

Shareholders Shareholder Percentage

Pala Minerals Ltd 53.63

M&G Investment Management Ltd 19.29

JP Morgan Asset Management (UK) Ltd 8.71

Neon Liberty Capital Management LLC 6.33

Investec Asset Management Ltd 4.92

Directors

Appointment Name Designation Date

Mr Phillip Day Non-Executive Director

Mr Robert Edwards 2015-00-00 Non-Executive Chairman

Mr Charles Entrekin 2010-12-10 Non-Executive Director

Mr Stephen Gill 2014-11-18 Non-Executive Director

Mr Alex Kamara 2008-03-10 Non-Executive Director

Mr Richard Lister 2012-03-20 Independent Non-Executive Director - Senior

Mr John Bonoh Sisay 2009-02-03 Chief Executive Officer

Managers

Appointment Name Designation Date

Mr Derek Folmer Manager - Chief Marketing Officer

Mr Matthew Hird Chief Financial Officer

Mr Wayne Venter 2015-08-00 Chief Operating Officer

Mr Desmond Gordon Williams 2011-00-00 General Manager

History of Business

Titanium Fields Resources Ltd was established in December 1971. In February 2011 the company's name was changed to Sierra Rutile Ltd.

Nature of Business

Sierra Rutile Ltd is involved in exploring for, producing and marketing industrial minerals, primarily rutile, in Sierra Leone. It owns mining, mineral processing and associated infrastructure in Sierra Leone. The company produces titanium feedstock industrial minerals (primarily rutile, with some associated ilmenite), as well as smaller quantities of zircon. Sierra Rutile's mines, located in the south west of Sierra Leone, with a Joint Ore Reserves Committee (JORC) compliant mineral resource for measured, indicated and inferred resources for the Sierra Rutile mine of over 867 million tons as at 30 September 2015.

The company's mining operations comprise: • Gangama Dry Mining Project • Lanti Dredge Mine • Sembehun Dredge Project • Lanti Dry Mine

Nr. of Employees 1467

Auditors Deloitte LLP

Attorneys Olswang LLP

Turnover [2015] R 1,640.95m ($ 105.76m)

Profit -R204.79m (-$13.19m) (AFS2015) (Net Loss)

Company Year End December

Transfer Secretaries

Name Physical Address Postal Address Tel

Computershare Investor Services 31 Pier Road, St Helier, PO Box 83, St Helier, (Channel Islands) Ltd Channel Islands Channel Islands

Corporate Governance in Relation to SED & ED

Sierra Rutile Ltd contributed US$150,000 to the Sierra Rutile Foundation in 2014 (2013: US$150,000), which was set up in 2006 to finance sustainable community development initiatives in the areas surrounding the group’s operations. The Foundation is managed by an independent board of trustees. During 2014, the group continued to support the Jackson and Devon Anderson Technical and Vocational Institute and Ruby Rose Educational Centre. The institute provides relevant technical and engineering courses for young people in the communities around the mine site and currently offers diploma and certificate level courses in civil, electrical, mechanical and automobile engineering, business studies and information technology.

Influencing Factors

Sierra Rutile continued its focus on improving unit cost performance. Cost saving initiatives, leveraging the challenging marketplace for suppliers to the mining sector and lower fuel prices, helped Sierra Rutile achieve a 5% reduction in unit production cash cost, notwithstanding the declining grade at the dredge which required additional ore volumes to be processed.

Units Manufactured

• 126,021 tons - Rutile • 37,633 tons - Ilmenite • 1,389 tons - Zircon

Production Capacity

1.2 million tons p.a. (Bauxite)

SOCIETE NATIONALE INDUSTRIELLE ET MINIERE SA

Updated: 2016-05-09

Postal Address: Physical Address:

PO Box 42, Nouadhibou PO Box 42, Nouadhibou

Tel: +222 574-1021 Fax.: +222 574-5396

Email: [email protected] Website: www.snim.com

Shareholders Shareholder Percentage

Islamic Republic of Mauritania 78.35

Industrial Bank of Kuwait KSC 7.17

Arab Mining Company 5.66

IRAK Fund 4.59

National des Hydrocarbures et des Mines 2.30

Islamic Development Bank 1.79

Directors

Appointment Name Designation Date

Mr Moulaye Sidi Mohamed Abass Non-Executive Director

Mr Jewad Al-Qallaf Non-Executive Deputy Chairman

Mr Sidi Mohamed Ould Bakha Non-Executive Director

Mr Ahmed Benali Non-Executive Director

Mr Amedi Camara Non-Executive Director

Mr Mohamed Cherif Non-Executive Chairman

Mr Brahim Mohamed El Moctar 2016-04-01 Chief Executive Officer

Mr Ahmed Mashaqbah Non-Executive Director

Mr Abdellah Mouttaqi Non-Executive Director

Mr Cheikh El Kebir O'Chbih Non-Executive Director

Mr Hussien Mohsen Obied Non-Executive Director

Mr Brahim Ould Abdellahi Ould Rave Non-Executive Director

History of Business

Societe Nationale Industrielle et Miniere SA was established in 1974.

Nature of Business

Societe Nationale Industrielle et Miniere SA (SNIM) is involved in the extraction and sale of iron ore as well as the promotion of research and exploitation of mineral resources. SNIM mines two types of deposits in the region of Tiris in northern Mauritania: hematite and magnetite.

The hematite deposits are mainly located at Kedia d’Idjill and M’Haoudat. Kedia d'Idjill is a mountainous massif extending over approximately 30km around Zouerate. M' Haoudat is a 14km ridge located 60 km from Zouerate.

On 17 November 2015, SNIM had inaugurated the new Guelb El Rhein mine and Guelbs processing plant in Zouerate, a mining complex for the production of 4 million tons of concentrated iron ore.

Nr. of Employees 4500

Corporate Governance in Relation to SED & ED

SNIM contributes widely to the fight against poverty and unemployment and to the economic development of the country through GDP, exports and the budget.

SNIM also provides the populations of the Nouadhibou-Zouerate corridor with several basic social services, including: • Water and electricity for Zouerate and F Dérick • Water distribution along the railway • Electricity for the populations settled near the railway bases • Railway transport of persons and goods • Medical care • Annual budgetary support for municipalities in the corridor

Production Capacity

13 million tons p.a. (Iron Ore)

Direct Subsidiaries, Associates & Investments Company Name Percentage

Construction Mecanique de I'Atlantique SA 94.36

Damane Assurances SA 100.00

Granites et Marbres de Mauriranie SA 81.30

Mauritanienne d'Eau et de l'Electricite SA 100.00

SAFA SA 100.00

Societe Arabe des Industries Metallurgiques SA 100.00

Societe d'Acconage et de Manutention en Mauritanie SA 100.00

Societe d'Assainissement de Travaux de Transport et de Maintenance SA 100.00

Societe de Gestion des Installations Petrolieres SA 100.00

Societe Mauritanienne de Services et de Tourisme SA 100.00

SOCIETE NOUVELLE DES PHOSPHATES DU TOGO

Updated: 2016-05-09

Postal Address: Physical Address:

BP 379, Kpeme, Lome Immeuble DG, Porto No 30, Siege Social de, Kpeme, Lome

Tel: +228 2 331-8012 Fax.: +228 2 331-8013

Email: [email protected] Website: www.snptogo.net

Shareholders Shareholder Percentage

Government of Togo 100.00

Directors

Appointment Name Designation Date

Mr Michel Kezie Executive Director - Director General

History of Business

Societe Nouvelle des Phosphates du Togo was established in May 2007 by predecessor companies. It became fully operational on 1 August 2008.

Nature of Business

Societe Nouvelle des Phosphates du Togo is a state-owned company involved in the extraction, processing and marketing of phosphate in Togo.

Nr. of Employees 2000

Production Capacity

1 million tons p.a. (Phosphate)

STELLAR DIAMONDS PLC

Reg. Number: 5424214 Updated: 2016-04-05

Postal Address: Physical Address:

1st Floor Burleigh House, 355-359 Strand, 1st Floor Burleigh House, 355-359 Strand, London, WC2R 0HS London, WC2R 0HS

Tel: +44 20 7010-7686 Fax.: +44 20 7010-7699

Email: [email protected] Website: www.stellar-diamonds.com

Shareholders Shareholder Percentage

Deutsche Balaton AG 29.00

Foradex Invest Srl 15.72

UBS Deutschland AG 10.61

Hottinger Capital Corp 3.89

Aureus Mining Inc 2.58

BlackRock Investment Management (UK) Ltd 2.28

Directors

Appointment Name Designation Date

Mr Luis Guilherme Cabrita da Silva Non-Executive Director

Mr Peter Daresbury Non-Executive Chairman

Mr Hansjorg Plaggemars 2014-00-00 Non-Executive Director

Mr Steven Poulton Non-Executive Director

Mr Karl Smithson 2007-01-01 Chief Executive Officer

Managers

Appointment Name Designation Date

Mr Fode Camara 2008-00-00 Manager - Mandala Project

Mr Rowan Carr Chief Operating Officer

Mr Abdoulaye Diallo Manager - Senior Geologist: Droujba Project

Mr Philip Knowles 2011-00-00 Chief Financial Officer

Mr Kassim Mansaray Manager - Senior Geologist: Sierra Leone

Mr Graham Radburnd 2008-00-00 Manager - Tongo, Sierra Leone Project

Mr Suliman Swaray Manager - Project Geologist: Tongo Project

Mr Alkaly Yansane Manager - Country Representative: Guinea

History of Business

Stellar Diamonds Plc was established on 2 May 2007. Stellar’s Mandala project in south east Guinea began bulk sampling in April 2009.

Nature of Business

Stellar Diamonds Plc is an African-focused diamond company with a portfolio of development projects in the prolific diamond regions of Guinea and Sierra Leone in West Africa. The company is involved in the acquisition, exploration, development and production of diamond properties in Sierra Leone and Guinea. The company has a combined production capacity of 130 rough diamonds per annum.

Mining projects in West Africa comprise:

Guinea: • Baoulé Project • Droujba Kimberlite Project (On care and maintenance) • Mandala alluvial diamond mine project (On care and maintenance)

Sierra Leone: • Tongo Project

At Tongo, Stellar has completed an independent Preliminary Economic Assessment over the 1.45 million carat Dyke-1 resource. Trial mining has commenced at the 5 hectare Baoulé kimberlite project with the objective of producing up to 2,000 carats per month for 2016.

Nr. of Employees 163

Auditors Deloitte & Touche

Attorneys Gowlings Lafleur Henderson

Insurance Brokers Daniel Stewart & Company Plc

Turnover [2015] R 7.46m ($ 0.61m) (AFS2015) (Baoulé Segment) (U$0.61m)

Profit -R37.07m (-$3.05m) (AFS2015) (Net Loss)

Company Year End June

Transfer Secretaries

Postal Name Physical Address Tel Address

Computershare Investor Heron House, Corrig Road, Sandyford +353 1 447 Services (Ireland) Ltd Industrial Estate, Dublin 18, Ireland 5566

Corporate Governance in Relation to SED & ED

Stellar endeavours to elevate awareness amongst workers, local communities and civic leaders of the threat and prevention of the Ebola virus. Extensive education and awareness programmes have been implemented by the Company and this has been supported by in the introduction of a number of precautionary initiatives to mitigate the potential risk the virus could potentially pose. Furthermore, donations of cash, food and sanitation equipment have been made at the Government, community and staff levels to contribute to the fight against Ebola.

Influencing Factors

Diamond Prices have declined around 15% since the start of 2015 with the potential for further price depreciation in the short term. Major producers have taken steps to cut production and limit supply to support prices and this should have a positive effect as the overhang of polished inventory is reduced.

Production Capacity

130 million carats p.a. (Rough Diamonds)

Direct Subsidiaries, Associates & Investments Company Name Percentage

Stellar Diamonds Ltd 100.00

TAURUS GOLD LTD

Updated: 2016-05-04

Postal Address: Physical Address:

PO Box 71, Road Town, Tortola, VG 1110 Craigmuir Chambers, Road Town, Tortola, VG 1110

Tel: +1 284 494-2233 Fax.: +1 284 494-3547

[email protected]; Email: Website: www.taurusgoldlimited.com [email protected]

Shareholders Shareholder Percentage

Eurasian Natural Resources Corporation Plc 35.00

Tau Capital Group 28.00

BlackRock International Ltd 15.00

Directors

Appointment Name Designation Date

Mr Jan Rottiers Non-Executive Director

Mr Jonathan Schneider Executive Chairman

Mr Gordon Thompson Chief Executive Officer

Mr Tuomas Toiviainen Non-Executive Director

Mr Roger Alyn Williams Non-Executive Director

Managers

Appointment Name Designation Date

Ms Michelle Jenkins Chief Financial Officer

Ms Helen Pein Manager - Group Exploration

Mr Walter Shamu Chief Operating Officer

History of Business

Taurus Gold Ltd was established in 1998 and signed into existence in December 2010 following the

merger of two West African companies.

Nature of Business

Taurus Gold Ltd is a West African private gold exploration and mining company, focused on delivering value for both shareholders and other stakeholders, in the countries in which it operates. Its landholding includes seven permits which cover 1,524 square kilometres of Birimian Greenstone Belt across Cote d'Ivoire, Mali and Burkina Faso.

Projects comprise: • Afema – Cote d’Ivoire with a production of 40,000 ounces of gold per annum mining development to commence in Q4 2016 • Bakolobi – Mali is a JV agreement development with Randgold Resources with contiguous and along strike with Papillon’s Fekola 5.15 million ounces of gold discovery • Hana Lobo – Cote d’Ivoire has 1,120 square kilometres of license with significant artisanal workings historically sampling over 100,000 soil samples and 2,200m of auger drilling • Daramandougou Project - Burkina Faso, located at about 30km north east of the town of Banfora, Comoe Province in South Western Burkina Faso and consists of three separate permits.

Nr. of Employees 300 (129 - Permanent)

Corporate Governance in Relation to SED & ED

In line with Taurus Gold Ltd's corporate social responsibility policy, the company may support projects that directly contribute positively to economic development of the communities in which it operates and the country in general. The company seeks to work together with local communities to improve education and health and work towards eradicating poverty. This stems from an awareness that sustainable success relies on the development of the local environment and its communities.

Direct Subsidiaries, Associates & Investments Company Name Percentage

Asanko Gold Inc 3.90

Taurus Gold Burkina Faso SARL 100.00

Taurus Gold Cote d'Ivoire Ltd 100.00

Taurus Gold Mali SA 100.00

TOLSA SA

Updated: 2016-05-09

Postal Address: Physical Address:

Parque Empresarial de las Mercedes, Campezo 1, Parque Empresarial de las Mercedes, Campezo 1, Building 4, 2nd Floor, Madrid, 28022 Building 4, 2nd Floor, Madrid, 28022

Tel: +34 91 322-0100 Fax.: +34 91 322-0101

Email: [email protected] Website: www.tolsa.com

Shareholders Shareholder Percentage de Larrea Family 100.00

Directors

Appointment Name Designation Date

Ms Maria del Mar Martinez Zarate Executive Human Resources Director

Mr Javier Pau Gamarra 2003-11-00 Executive Director - Industrial Business Unit

Ms Cristina Pascual Horas Executive Financial Director

Mr Juan Manuel Fernandez Ruiz Executive Director - Supply Chain

Managers

Appointment Name Designation Date

Mr Gonzalo Garcia Garcia Manager - Country Business

Mr Enrique Gomez Navarro General Manager

Mr Pedro Penzol Manager - Global Sales & Marketing

History of Business

Tolsa SA was established in 1957. Tolsa SA acquired Societe des Phosphates de Thies Senegal in 1947.

Nature of Business

Tolsa SA is involved in the research, development, manufacture and marketing of mineral products for domestic and industrial consumption in Spain, Germany, the United Kingdom, France, the

Netherlands, Italy, Morocco, Senegal, Argentina, Turkey, the United States, and other countries. In addition, it has over 20 mining operations involved in the production of sepiolite, bentonite, atapulgite, phosphates, peat, and marble, which generate over 100 million tons of raw materials.

Societe des Phosphates de Thies Senegal is a specialist based attapulgite and phosphate producer which offers local and international clients a diverse range of products including animal feed.

Nr. of Employees 850

Corporate Governance in Relation to SED & ED

Tolsa SA has a human resources policy which encourages communication and development of all of the professionals in the Tolsa Group, guaranteeing work conditions that conform to the established legal frameworks, and that promote equal opportunity, non-discrimination, and that focus especially on guaranteeing that no child labour is used.

Production Capacity

100 million tons of raw materials p.a.

Direct Subsidiaries, Associates & Investments Company Name Percentage

Minas de Torrejon SA 100.00

Societe Senegalaise de Phosphates de Thies 100.00

Tolsa Deutschland GmbH 100.00

Tolsa Nederland BV 100.00

Tolsa UK Ltd 100.00

Tolsa USA Inc 100.00

TORO GOLD LTD

Reg. Number: 50076 Updated: 2016-04-26

Postal Address: Physical Address:

Trafalgar Court, Admiral Park, Guernsey, GY1 3EL Trafalgar Court, Admiral Park, Guernsey, GY1 3EL

Email: Website: www.torogold.com

Shareholders Shareholder Percentage

Resource Capital Fund VLP 21.10

Tembo Capital Mining Fund LP 18.10

Macquarie Bank Ltd 14.00

African Lion 3 Ltd 9.90

Laurium LLC 5.30

Sprott Global Resource Investments Ltd 4.80

Galena Special Sits Master Fund 3.10

Kansala Resources SA 2.50

Westward Investments Ltd 2.50

Directors

Appointment Name Designation Date

Executive Director & Group Exploration Mr Howard Bills Manager

Mr Mark Connelly 2014-02-14 Non-Executive Chairman

Mr Martin Horgan Chief Executive Officer

Mr Adonis Pouroulis Non-Executive Director

Mr Martin Reed 2014-02-14 Non-Executive Director

Executive Director & International Business Mr Boubacar Thera Development Manager

Managers

Name Appointment Designation

Date

Manager - Senior Environmental & Social Performance Advisor

Manager - Environmental & Social Performance

Chief Financial Officer

Project Manager 2014-00-00

History of Business

Toro Gold Ltd was established in 2009. The Mako Project in Senegal commenced drilling operations in early 2013.

Nature of Business

Toro Gold Ltd is a gold exploration and development company. Its main project is the Mako Project situated in eastern Senegal within the prolific Kenieba Window geological unit that hosts multiple world class gold mining operations, including the Sabodala mine in Senegal about 40km from the project area. The Mako exploration permit licence covers approximately 150 square kilometres. Successive drilling campaigns from 2011 to 2015 completed some 52,000m of core drilling.

In March 2015 Toro Gold entered in to a joint venture agreement with Predictive Discovery Ltd (PDI) whereby Toro Gold is earning in to PDI’s Ivory Coast subsidiary company, Predictive Discovery Côte D’Ivoire SARL (JVCo). JVCo holds three large exploration permits and a joint venture for a fourth permit covering highly prospective Birimian terrane: • Kokoumbo Permit (JV with Ivoire Négoce) (400km2) • Boundiali Permit (400km2) • Ferkessedougou Permit (387km2) • Kounahiri Permit (347km2)

Nr. of Employees 25 (Est)

Auditors BDO LLP

Profit -R68.75m (-$5.95m) (AR2014) (Net Loss) (Latest Available)

Company Year End December

Corporate Governance in Relation to SED & ED

Toro Gold Ltd is committed to share the benefit of its activities with its host communities through responsible Project design and development, including social investment. Social investment will

commence once a project has moved into exploration stage and has established a physical footprint within the community. The company will generally commit 1% of the annual exploration budget to social investment activities.

Key achievements under the Mako Project Social Investment Programme since its commencement in early 2013 have included: • Establishment of irrigated vegetable market gardens, providing a significant source of cash income to the direct benefit of over 85 producers and their families; • Installation of groundwater boreholes providing a secure source of potable water for over 750 persons; • Reinstatement of community health services to the benefit of over 3,000 persons in partnership with regional health authorities; • Distribution of learning materials to elementary and secondary schools, including the initiation of a literacy program; • Refurbishment of a motorised cereal mill to alleviate the work requirement for women to process cereal crops.

Influencing Factors

Building on the work completed in 2014, an optimisation study of the Mako PFS was completed in late 2014 which indicated the ability to enhance the project across a number of areas. This resulted in a more robust project with a lower risk profile that will enable the project to withstand lower gold price environments while still remaining a viable development opportunity.

Brandnames

Toro Gold

Direct Subsidiaries, Associates & Investments Company Name Percentage

Bambuk Minerals Ltd 100.00

Mako Exploration Company SA 100.00

Toro Gold Gabon Ltd 70.00

Toro Gold Gabon SARL 70.00

Toro Technical Services Ltd 100.00

TRUEGOLD MINING INC

Updated: 2016-04-20

Postal Address: Physical Address:

Suite 1900 - 1055 West Hastings, Vancouver, Suite 1900 - 1055 West Hastings, Vancouver, British Colombia, V6E 2E9 British Colombia, V6E 2E9

Tel: +1 604 801-5020 Fax.:

Email: [email protected] Website: www.truegoldmining.com

Shareholders Shareholder Percentage

Teck Resources Ltd 11.40

M&G Investment Management Ltd 3.59

Mr MG O'Dea 2.55

RBC Global Asset Management Inc 2.41

Invesco Canada Ltd 1.79

Uram SA 1.02

Mr DA McInnes 0.66

Konwave AG 0.41

Mr RJ Bailes 0.38

Mr C Milau 0.27

Directors

Appointment Name Designation Date

Mr Rick Bailes 1996-00-00 Independent Non-Executive Director

Ms Maryse Belanger 2015-00-00 Non-Executive Director

Mr Donald McInnes 2012-00-00 Independent Non-Executive Director

Mr Robin Merrifield 2012-00-00 Independent Non-Executive Director

Mr Christian Milau 2015-00-00 Chief Executive Officer

Dr Mark O'Dea 2012-00-00 Executive Chairman

Mr Mark Tomek Non-Executive Director

Mr Nolan Watson 2012-00-00 Independent Non-Executive Director

Managers

Appointment Name Designation Date

Mr Peter Hardie Chief Financial Officer

Mr Scott Heffernan Manager - VP: Exploration

Mr Alex Holmes Manager - VP: Business Development

Mr David Laing Chief Operating Officer

History of Business

TrueGold Mining Inc was incorporated in British Colombia in October 1987 and was transitioned under the Business Corporations Act in May 2004.

Nature of Business

TrueGold Mining Inc is a development stage business involved in the development of the company's Karma Project as well as the acquisition and exploration of other mineral properties in Burkina Faso, West Africa. Production at Karma Heap Leach Mine is expected to be between 110,000 and 120,000 ounces of gold. TrueGold's Karma Mine has a fleet of 785 haul trucks.

Nr. of Employees 250 (Karma)

Company Secretary Mr M Zajtmann

Auditors Davidson & Co LLP

Profit -R74.01m (-$4.77m) (AR2015) (Net Loss)

Company Year End December

Corporate Governance in Relation to SED & ED

By contributing to the economic growth of Burkina Faso through direct business investment and taxes, TrueGold make significant contributions in social investments to local partner communities. These investments aim to foster economic growth in the region with a significant focus on health, education and economic development programs and partnerships.

Brandnames

TrueGold

Direct Subsidiaries, Associates & Investments Company Name Percentage

Bissa HoldCo SARL 100.00

Blue Gold Mining Inc 100.00

Golden Star Exploration Burkina SA 100.00

Liguidi HoldCo SARL 100.00

Liguidi Malguem Joint Venture SARL 80.00

Riverstone Karma SA 90.00

Riverstone Resources Burkina SARL 100.00

TGM Finance Corporation 100.00

West Africa Energy SARL 100.00

Yatenga Holdings Ltd 100.00

General Comment

The company is in the development stage and accordingly, has no reportable segment revenues.

VEDANTA RESOURCES PLC

Reg. Number: 4740415 Updated: 2016-04-06

Postal Address: Physical Address:

5th Floor, 16 Berkeley Street, London, W1J 3DZ 5th Floor, 16 Berkeley Street, London, W1J 3DZ

Tel: +44 20 7499-5900 Fax.: +44 20 7491-8440

Email: Website: www.vedantaresources.com

Shareholders Shareholder Percentage

Volcan Investments Ltd 69.76

Standard Life Investments (Holdings) Ltd 8.02

Directors

Appointment Name Designation Date

Mr Anil Agarwal 2005-03-00 Executive Chairman

Mr Navin Agarwal 2005-06-00 Executive Deputy Chairman

Mr Thomas (Tom) Albanese 2014-04-00 Chief Executive Officer

Mr Geoffrey Green 2012-08-00 Non-Executive Director

Mr Euan Macdonald 2005-03-00 Non-Executive Director

Mr Aman Mehta 2004-11-00 Independent Non-Executive Director - Senior

Mr Deepak Parekh 2013-06-00 Non-Executive Director

Ms Ekaterina (Katya) Zotova 2014-08-00 Non-Executive Director

Managers

Appointment Name Designation Date

Mr Rajagopal Kishore (Kishore) Kumar 2015-02-00 Manager - CEO: Iron Ore

History of Business

Vedanta Resources Plc was established in 1986 and listed on the London Stock Exchange (AIM) in 2003.

Nature of Business

Vedanta Resources Plc is a global natural resources major company incorporated and domiciled in the United Kingdom. The Vedanta Group produces aluminium, copper, zinc, lead, silver, iron ore, oil & gas and commercial power. Vedanta has operations in India, Zambia, Namibia, South Africa, Ireland, Liberia, Australia, UAE and Sri Lanka.

Vedanta Resources has a Liberia Iron Ore project and iron ore mines in India comprising the Karnataka and GOA mines. Production at Karnataka amounted to 0.6 million tons and 605 kilotons of pig iron. Production at Karnataka mine was suspended until February 2015. It usually produces approximately 2.29 million tons of iron per annum. GOA mine was suspended for the full 2015 financial year.

The company's iron ore business in Liberia comprises Western Cluster Ltd (WCL), which has iron assets and is wholly owned . WCL's assets include development rights to Western Cluster. Life of mine of the Liberia project is expected to be approximately 20 years.

Nr. of Employees 82000 (16,000 - Africa)

Company Secretary Mr D Kumar

Auditors Deloitte LLP

Attorneys Ashurst LLP; Latham & Watkins LLP

Turnover [2015] R 156,341.00m ($ 12,878.70m)

Profit -R45980.9m (-$3787.7m) (AR2015) (Net Loss)

Company Year End March

Transfer Secretaries

Postal Name Physical Address Tel Address

Computershare Investor The Pavilions, Bridgewater Road, Bristol +44 207 597- Services Plc BS99 6ZZ, England 4000

Corporate Governance in Relation to SED & ED

In Liberia Vedanta Resources conducted screenings for Ebola and supported employees and communities with aid parcels. A further 87 sites became OHSAS 18001 certified (FY2014: 85%) for

occupational health and safety management.

Influencing Factors

The Project in Liberia is at the exploratory stage and the Group has considered the suspension of exploration in Liberia due to the Ebola epidemic and falling iron ore prices as an indication for impairment. The Group expects to start mining activities at iron ore mines in Liberia during fiscal 2020, after receipt of all regulatory clearances and approval of mining leases.

Units Manufactured

605 kilotons (Pig Iron) (Karnataka)

Production Capacity

2.29 million tons (Iron) p.a.

Brandnames

Vedanta

Direct Subsidiaries, Associates & Investments Company Name Percentage

Amica Guesthouse (Pty) Ltd 58.02

Bharat Aluminium Company Ltd ( 29.59

Black Mountain Mining (Pty) Ltd 42.94

Bloom Fountain Ltd 55.13

Cairn Energy Asia Pty Ltd 49.76

Cairn Energy Australia Pty 49.76

Cairn Energy Cambay BV 49.76

Cairn Energy Cambay Holding BV 49.76

Cairn Energy Discovery Ltd 49.76

Cairn Energy Group Holdings BV 49.76

Cairn Energy Gujarat Block 1 Ltd 49.76

Cairn Energy Gujarat BV 49.76

Cairn Energy Gujarat Holding BV 49.76

Cairn Energy Holdings Ltd 49.76

Cairn Energy Hydrocarbons Ltd 49.76

Cairn Energy India Holdings BV 49.76

Cairn Energy India Pty Ltd 49.76

Cairn Energy India West B 49.76

Cairn Energy India West Holding BV 49.76

Cairn Energy Investments Australia Pty Ltd 49.76

Cairn Energy Netherlands Holdings BV 49.76

Cairn Exploration (No 2) 49.76

Cairn Exploration (No 7) Ltd 49.76

Cairn Exploration (No4) Ltd 49.76

Cairn Exploration (No6) Ltd 49.76

Cairn India Holdings Ltd 49.76

Cairn India Ltd 49.76

Cairn Lanka (Pvt) Ltd 49.76

Cairn Petroleum India Ltd 49.76

Cairn South Africa Pty Ltd 49.76

CEH Australia Ltd 49.76

CEH Australia Pty Ltd 49.76

CIG Mauritius Holdings Private Ltd 49.76

CIG Mauritius Private Ltd 49.76

Copper Mines Of Tasmania Pty Ltd ( 58.02

Ekaterina Ltd ( 100.00

Finsider International Company Ltd 100.00

Fujairah Gold 58.02

Goa Energy Private Ltd 55.13

Hindustan Zinc Ltd ( 37.66

Killoran Lisheen Finance Ltd 58.02

Killoran Lisheen Mining Ltd 58.02

Konkola Copper Mines Plc 79.40

Konkola Copper Mines PLC ( 79.40

Konkola Resources plc 100.00

Lakomasko BV 58.02

Lisheen Milling Ltd 58.02

Lisheen Mine Partnership 58.02

Madras Aluminium Company Ltd (The) 94.81

Monte Cello BV ( 58.02

Monte Cello Corporation NV ( 100.00

Namzinc (Pty) Ltd 58.02

Paradip Multi Cargo Berth Private Ltd 42.94

Pecvest 17 (Pty) Ltd 58.02

Richter Holding Ltd ( 100.00

Rosh Pinah Health Care (Pty) Ltd 37.13

Sesa Goa Ltd ( 55.13

Sesa Mining Corporation Private Ltd 55.13

Sesa Resources Ltd 55.13

SesaSterlite US Corporation1 100.00

SesaSterlite US LLC1 100.00

Skorpion Mining Company (Pty) Ltd ( 58.02

Skorpion Zinc (Pty) Ltd 58.02

Sterlite (USA) Inc 58.02

Sterlite Energy Ltd ( 58.02

Sterlite Industries (India) Ltd ( 58.02

Sterlite Infra Ltd ( 58.02

Sterlite Infraventures Ltd 58.02

Sterlite Ports Ltd 58.02

Sydney Oil Company Pty Ltd 49.76

Talwandi Sabo Power Ltd 58.02

Thalanga Copper Mines Pty Ltd ( 58.02

THL Zinc Holding BV 58.02

THL Zinc Ltd 58.02

THL Zinc Namibia Holdings (Pty) Ltd ( 58.02

THL Zinc Ventures Ltd 58.02

Twin Star Energy Holdings Ltd 100.00

Twin Star Holdings Ltd 100.00

Twin Star Mauritius Holdings Ltd ( 100.00

Valliant (Jersey) Ltd1 100.00

Vedanta Aluminium Ltd 87.61

Vedanta Finance (Jersey) Ltd ( 100.00

Vedanta Jersey Investments Ltd 100.00

Vedanta Lisheen Holdings Ltd ( 58.02

Vedanta Lisheen Mining Ltd 58.02

Vedanta Resources Cyprus Ltd ( 100.00

Vedanta Resources Finance Ltd ( 100.00

Vedanta Resources Holding Ltd 100.00

Vedanta Resources Investments Ltd ( 100.00

Vedanta Resources Jersey II 100.00

Vedanta Resources Jersey Ltd ( 100.00

Vizag General Cargo Berth Private Ltd 42.94

Welter Trading Ltd ( 100.00

Wessington Investments Pty Ltd 49.76

Western Cluster Ltd 55.13

Westglobe Ltd 100.00

WEST AFRICAN RESOURCES LTD

Reg. Number: ABN70121539375 Updated: 2016-04-18

Postal Address: Physical Address:

PO Box 1412, Subiaco, WA 6904 14 Southbourne Street, Scarborough, WA 6019

Tel: +61 8 9481-7344 Fax.: +61 8 9481-7355

Email: [email protected] Website: www.westafricanresources.com

Shareholders Shareholder Percentage

CDS & Co 10.56

Boston First Capital Pty Ltd 6.63

Mr FRH Harper 4.95

Lujeta Pty Ltd (The Margaret Account) 3.85

Aloha Investments Pty Ltd 3.16

JP Morgan Nominees Australia Ltd 3.01

Mr R Hyde 2.77

Hopeview Investments Pty Ltd 2.02

Barrijag Investments Pty Ltd 2.01

Willstreet Pty Ltd 1.94

Mr GJ Haines 1.84

Mr W Booth 1.81

CEDE & Co 1.69

Mr M Morawa 1.61

Mr JM Wilson 1.48

Mr M Munkailah 1.20

Mr B Foye 1.07

Citicorp Nominees Pty Ltd 0.99

Ms PM Comazzetto 0.95

Directors

Name Appointment Designation

Date

Mr Mark Connelly 2015-06-23 Non-Executive Chairman

Mr Richard Hyde Executive Managing Director

Mr Simon Storm Non-Executive Director & Company Secretary

History of Business

West African Resources Ltd was established in 2006 and listed on the Australian Securities Exchange in June 2010 and the Toronto Stock Exchange Venture Exchange in January 2014. On 5 March 2014, West African Resources Ltd through Channel Resources Ltd and its group subsidiary, Channel Resources (Cayman II) Ltd, entered into an agreement to acquire the remaining 10% of the Tanlouka Permit, part of the Boulsa Project, Burkina Faso.

Nature of Business

West African Resources Ltd is involved in the mineral exploration and feasibility study work focusing primarily on the Boulsa Gold Project in Burkina Faso. It also operates the Sartenga copper-gold- molybdenum project, a large tonnage porphyry system which is in the Biriman rocks of West Africa. The inferred mineral resources contain 174,000 tons of copper and 651,000 ounces of gold. The Mankarga 5 Project is estimated to have an average annual gold production of 59,400 ounces for first three years.

Company Secretary Mr S Storm

Auditors HLB Mann Judd

Attorneys Allion Legal

Profit -R71.94m (-$5.3m) (AR2015) (Net Loss) (-AU$7.69m)

Company Year End June

Transfer Secretaries

Name Physical Address Postal Address Tel

Computershare Investor Services Level 11, 172 St Georges Terrace, GPO Box D182, +61 1300 Pty Ltd (Australia) Perth, WA 6000 Perth, WA 6840 787-272

Computershare Investor Services 100 University Avenue, 9th Floor, +1 800 Inc Toronto, Ontario, Canada 564-6253

Corporate Governance in Relation to SED & ED

West African Resources subsidiary, Wura Resources is a supporter of (Vie Positive), an association that takes care of orphans and vulnerable children, located in Ouagadougou, Burkina Faso. Wura also donates to (Cuore Grande), a non-profit organisation that supports vulnerable children with education, health, clothing and food. The organisation is based in Koudougou, a town approximately 100km from Ouaga.

Direct Subsidiaries, Associates & Investments Company Name Percentage

Channel Resources Ltd 100.00

Hawthorn Resources SARL 100.00

Swan Resources SARL 100.00

West African Resources Development SARL 100.00

West African Resources Exploration SARL 100.00

Wura Resources SARL 100.00

Wura Uranium Resources Pty Ltd 100.00