Completion of a Competent Persons Report WESIZWE PLATINUM LIMITED Incorporated in the Republic of South Africa) (Registration number 2003//02016106) Share Code: WEZ ISIN: ZAE000075859 (“the Company” or “Wesizwe”) COMPLETION OF A COMPETENT PERSONS REPORT The Wesizwe Bakubung Mine project commenced in 2011 after securing project funding and equity injection from a major Chinese consortium CAJIL. The BPM project development and construction for the first stage 1mtpa is in the final stages with commissioning of the process plant planned to commence in December 2021 and steady state production from March 2022. The mine will be scaled up to the nameplate capacity of 3mtpa from 2025 and reach full production in 2027. The Competent Persons Report-CPR for the BPM Project was last done during the original Bank Feasibility Study in 2009. It became necessary to update the CPR as the SAMREC codes governing the compiling of this document were reviewed and adopted in 2017. Ukwazi Mining Consulting Services was appointed to update the CPR to include the SAMREC code requirements as well as to include the latest mine development and construction philosophy and the prevailing mine design and layouts. This work commenced in 2020 and was completed in August 2021. The Wesizwe-Bakubung Platinum Mine started first by updating the Definitive Feasibility Study-DFS in April 2020 through an independent specialist consulting company Woods Plc. The report for which was completed in October 2020. The CPR compilation was also commenced few weeks later to run in parallel and it was put through several iterations until this final revision which was then sent to the JSE readers panel. The comments from the reader’s panes were updated into the final document. The competent person used the information provided by the company’s Mineral Resources department to do a new geological block model. Statistical analysis was completed on the composite data grouped by facies type. Each intersection was composited for platinum, palladium, rhodium, gold, copper and nickel concentrations by utilizing the weighting by thicknesses and densities. The assumptions and conclusions were arrived at and clarified with the mine’s technical services department. A two-dimensional grade estimate was generated for the Merensky reef and Upper Group 2 Chromitite layer. The facies boundaries were treated as soft boundaries as the facies were observed to be transitional. The Mineral Resource estimation was completed using ordinary kriging for each variable. Geological losses were determined for each facies type based on the number of intersections that were available and the number of intersections which were affected by disruptive geological features. The Mineral Resource estimate is reported in accordance with the guidelines of the SAMREC Code (2016 Edition). The Competent Person responsible for the Mineral Resource estimation and classification is Mr. Ken Lomberg (Pr.Sci.Nat.). He is a Director of Pivot Mining Consultants (Pty) Ltd – South Africa, was appointed by Bakubung Minerals (Pty) Ltd to be the Competent Person: Mineral Resources in accordance with The SAMREC Code, 2016 edition and was responsible for preparing or supervising the preparation of this report in respect of the material assets of the Bakubung Platinum Mine. Mr. Lomberg is independent and holds no interests in Wesizwe or any of its subsidiaries. He has also approved the information below in writing signed off the section containing this information. A summary of the Mineral Resource estimate as at 1 August 2020 is shown in the table below. CPR 2021 4E Reef Mt 4E g/t Moz Measured 6.53 6.52 1.37 Mineral Indicated 21.92 5.28 3.72 MR Resource Inferred 14.1 4.36 1.97 Total 42.55 5.16 7.06 Measured 0 0 0 Mineral Indicated 34.84 4.66 5.21 UG 2 Resource Inferred 10.14 4.63 1.51 Total 44.98 4.65 6.72 Measured 6.53 6.52 1.37 Mineral Indicated MR + UG 56.75 4.90 8.93 Resource Inferred 2 24.24 4.47 3.48 Total 87.52 4.90 13.79 Table 1: Resources statement summary-CPR 2021 The new resources statement was then converted to a reserve statement through modifying factors from then a valuation of the project was conducted. The financial impact of the Competent Persons Report (CPR) mine plan can best be expressed in the movement of Net Present Value (NPV). The CPR independently performs a valuation and reports a NPV of R 18.27bn for the BPM project using a Weighted Average Capital Cost (WACC) of 8%. It is to be noted that the CPR valuation also uses different price assumptions. Valuation (ZAR million) Approach Basis Low Base High Discounted cash 16 121 18 266 24 486 69.5 million tonnes Mineral Reserve, 17.6 million flow net present tonnes Inferred Mineral Resources, 35 year life value model of mine, discount rates applied 8% Comparable 2 130 2 662 3 195 Mineral c and Mineral Reserve valuations per transactions troy ounce of contained metal, 13.8 million troy ounces contained in Mineral Resources When applying the CPR mine plan to Wesizwe ’s Financial Model, the NPV is significantly less at R11.29bn as a result of using a WACC of 10.84% and using different forecast prices. The WACC of 10.84% is consistent with that used in December 2020 and the WACC used when testing the project for impairment. Johannesburg 7 October 2021 Sponsor PSG Capital Date: 07-10-2021 10:15:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 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