Ken Mekani, CEO Designate

Denver Gold Forum – Zurich, April 2015

Metallon Corporation

2

Corporate Overview

• Five underground mines in Zimbabwe, with exploration assets in Zimbabwe, Tanzania & DRC

• Mineral Resource of 9.7Moz of gold (JORC compliant) and exploration targets of 4-6Moz

• Gold production of 99,000oz in 2014 and target of 150,000 ounces in 2015

• Low cost producer – all-in-costs of US$946/oz in 2014 and US$883oz expected in 2015

• Revenue of US$115m and net profit of US$10m in 2014

• Rising free cashflows - from expansion plans to become 500,000oz pa producer by 2019

3

Our Operations in Zimbabwe

• Operating mines

– How Mine – flagship operation

– Shamva Mine

– Mazowe Mine

– Arcturus Mine

• Mining to recommence Q3 2015

– Redwing Mine

• Development potential

– Motapa

– Midwinter

Zambia

Mozambique

South Africa

Botswana

4

11.83

4.74 4.57 3.74 3.67 3.60 3.58 3.38

2.81 2.67 2.24 2.24 2.01

1.65 1.62 1.56 1.35 1.35 1.20 1.11 0.89 0.85 0.40

-

4

8

12

Re

se

rve

gra

de

(g/t)

38.89

32.18 30.28

28.63

21.61

14.62 12.01 11.21 10.26 9.80 9.66 8.64 8.49

6.49 5.57 5.01 4.48 2.88 2.53

1.09 1.07

-

10

20

30

40

Re

so

urc

e M

oz

Leading assets amongst our peers

High reserve grade of 3.7g/t

World class resource of 9.7Moz

Source: CapitalIQ, SNL Metals & Mining, Broker research, Company estimates

5

Caledonia

Randgold Shanta

Acacia

Avocet

Mwana

Centamin

Pan African

Metallon

IAMGOLD

SEMAFO

Endeavour

Golden Star

Teranga

Harmony

DRDGold

Sibanye

Perseus

Resolute

Aureus

600

700

800

900

1,000

1,100

1,200

1,300

1,400

0 1 2 3 4 5 6

20

15

E A

ISC

(U

S$

/o

z)

Reserves grade (g/t Au)

Lowest cost producer amongst our peers

Company Reservegrade (g/t)

2015EAIC ($/oz)

2015EProd (koz)

SEMAFO 2.81 695 257 Aureus 3.38 789 55 Randgold 3.60 802 1,084Shanta 4.57 855 85

Metallon 3.74 883 150 Avocet 2.01 923 129 Endeavour 2.24 932 487 Teranga 1.35 938 238 Caledonia 3.67 972 42 Acacia 4.74 982 802 Centamin 1.11 988 420 Pan African 3.58 1,006 198 Golden Star 2.24 1,065 279 Sibanye 1.65 1,110 1,480 IAMGOLD 1.35 1,124 897 Resolute 1.56 1,169 315 Harmony 0.85 1,250 1,310 DRDGold 0.40 1,250 155 Mwana 2.67 1,304 65 Perseus 1.20 1,318 226

One of the lowest cost African gold producers

Source: CapitalIQ, SNL Metals & Mining, Broker research, Company estimates

6

Gold production

– 99,000oz in 2014

– ~30% of Zimbabwe’s total production

– 150,000oz in 2015E

• All production sold to Zimbabwean Reserve Bank subsidiary, Fidelity Printers and Refiners

• Contribution to fiscus

– 25% corporate tax

– 5% gold royalty

– Government’s reduction from 7%, effective 1 October 2014 welcomed

• strong incentive for gold sector growth

7

Future gold production growth & costs

Targeting gold production of > 500,000oz pa by 2019

200

300

400

500

600

700

800

900

1000

-

100,000

200,000

300,000

400,000

500,000

600,000

2014 2015 2016 2017 2018 2019

Co

sts

(US

$)

Go

ld P

rod

uct

ion

(o

z)

How Arcturus Shamva Redwing Mazowe C1 cost (US$) All-in-costs (US$)

98,845oz

150,242oz

238,857oz

473,145oz

556,0821oz

336,422oz

8

Growth strategy 2015 – 2019

HOW

• 16NY shaft deepening• How South raise-bore sliping• How South Exploration• Plant expansion to 80ktpm

1.475Moz US$69mIncrease production to100,000oz/an

SHAMVA

• Shaft upgrade• Sands retreatment project • Surface exploration - Shamva Hill • Plant expansion to 140,000tpm

2.788Moz US$54mIncrease production to96,000oz/an

MAZOWE

• Shaft upgrade and deepening• Sands retreatment project with 80ktpm plant• Underground development & exploration • Plant expansion

1.975Moz US$52mIncrease production to141,000oz/an

REDWING• Mine decline to 6 Level• Shaft sinking & mechanised mining• Development & exploration

2.471Moz US$73mIncrease production to111,000oz/an

ARCTURUS• Shaft upgrade• Shaft sinking• Development & exploration

1.046Moz US$46mIncrease production to108,000oz/an

TOTAL 9.755Moz US$294m ~556,000oz/an

MINE ACTIVITY RESOURCE CAPEXIMPACT BY

2019

9

Financial information modelled on expansion plans 2015 - 2019

For the year ended 31 Dec

Unaudited2014 2015E 2016E 2017E 2018E 2019E

Total gold production (oz) 98,845 150,242 238,857 336,422 473,145 556,082

Capital expenditure approx. (US$m) 5 78 82 64 42 31

Revenue (US$m) 115 178 283 399 561 659

Operating profit (US$m) 38 79 130 202 331 393

EBITDA (US$m) 26 53 101 164 282 339

Net profits (US$m) 10 22 59 109 233 277

Free cash flow (US$m) 12 (36) (6) 45 203 262

C1 cost (US$/oz) 776 658 641 584 487 479

All-in-costs (US$/oz) 946 883 794 715 600 584

• All expansion plans and CAPEX requirements still require detailed feasibility studies

• Most capital expenditure will be funded by operating profit. 2015 – 2019 total capital expenditure is US$297m

• The gold price used in forward-looking assumptions is US$1,200/oz

10

Metallon: a golden opportunity

• World-class assets with exciting prospects

• Quality mining operations

– low cost & high grade

– skilled labour force

– good infrastructure

• Huge expansion potential

– mining, on- and near-mine

– tailings retreatment

• Free cash flows

• Supportive local communities & Government

• Focused M&A activities across Africa

11

Positioning for growth

• A golden opportunity

– 9.7Moz world class resource

– established infrastructure

– skilled labour

Expansion projects at existing operations

More investment in Zimbabwe

More jobs, revenue

Future exploration projects

Focused M&A activities

GOLD PRODUCER

+500,000oz/pa