sedibelo platinum mines mineral resources and reserves as

Sedibelo Platinum Mines

Mineral Resources and Reserves as at Dec 2019

The mineral resources for Platinum Group Minerals (PGMs) and Chromite were

estimated and classified in accordance with the SAMREC Code of 31 December 2019.

Various Competent Persons, as defined by the SAMREC code, have contributed to the

estimation and summary of the mineral resource and mineral reserve figures quoted in

this report.

The Exploration Manager, Jan van der Merwe, PrSciNat registration No. 400144/09, a

full-time employee of Sedibelo Platinum Mines, assumes responsibility for mineral

resource estimates for the company. He also assumes responsibility for the collation of

the combined mineral resource and mineral reserve statement. The Competent Person

has over 30 years’ geological, exploration and mineral resource management

experience in PGM-bearing deposits.

Mineral resources account for estimated geological losses and are reported as in situ,

and are reported inclusive of the mineral reserves. Mineral reserves include allowances

for mining dilution and mining related ore losses.

The mineral resources and reserves were updated and validated by SRK Consulting

(South Africa), effective 31 December 2019.

The updated Mineral Resources and Reserves for Sedibelo Platinum Mines as at 31

December 2019 are tabulated below.

The Western Bushveld Mineral Resources comprises the following areas:

West Pit (Mining Right): Tuschenkomst 135 JP and portions of Wilgespruit 2 JQ and

Rooderand 46 JQ.

Ruighoek 169 JP: portions Re,1,2,3,4,6,9,13,15 (part of PPM Mining and Prospecting

Rights).

Witkleifontein 136 JP: portions 1 & Re (part of PPM Mining Right)

Rooderand 46 JQ: portion 3 (part of PPM Mining Right).

Sedibelo/IBMR (Mining Right): Wilgespruit 2 JQ, portion of portion 1 of Rooderand 46

JQ, a portion of Legkraal 45 JQ & a portion of Koedoesfontein 42 JQ.

Magazynskraal 3 JQ (Prospecting Right).

Kruidfontein (Prospecting Right): Kruidfontein 40 JQ, portions 1, 2 & Re of Middelkuil 8

JQ & portions 1, 2 & Re of Modderkuil 39 JQ.

The Eastern Bushveld Mineral Resources comprises only the Mphahlele project area

(Mining Right): farm “Locatie van M'Phatlele 457 KS”.

The combined total mineral resource for the West Bushveld properties is 74.7 Moz

(499Mt at 4.65g/t 4E), of which 30% (22Mt) are Measured and Indicated.

The combined total mineral resource for the East Bushveld is 15.3 Moz (121.5Mt at

3.93g/t 4E).

3PGE+Au

3PGE+Au Pt Pd Rh Au Mil Oz Ni Cu Ni Cu

West Pit UG2 1.78 4.83 2.93 1.31 0.56 0.02 0.3 0.014 0.003 0.24 0.05

Magazynskraal/Sedibelo East UG2 11.68 5.58 3.37 1.52 0.68 0.02 2.1 0.015 0.004 1.80 0.42

13.46 5.48 3.31 1.49 0.66 0.02 2.4 0.015 0.003 2.05 0.47

Silicates 17.80 2.24 1.36 0.68 0.10 0.10 1.3 0.16 0.03 27.58 5.49

UG2 6.25 3.92 2.33 1.11 0.46 0.02 0.8 0.02 0.00 1.12 0.29

Total 24.05 2.67 1.61 0.79 0.20 0.08 2.1 0.12 0.02 28.70 5.79

Silicates 16.40 1.70 1.00 0.52 0.08 0.09 0.9 0.15 0.03 23.93 4.18

UG2 7.20 5.12 3.03 1.46 0.62 0.02 1.2 0.02 0.01 1.05 0.28

Total 23.60 2.73 1.62 0.81 0.25 0.07 2.1 0.11 0.02 24.98 4.46

Merensky 3.30 3.45 2.21 0.94 0.15 0.15 0.370 0.11 0.04 3.79 1.18

UPR 2.20 1.76 1.09 0.52 0.08 0.07 0.1 0.12 0.02 2.57 0.45

LPR 2.97 1.96 1.20 0.60 0.05 0.11 0.2 0.12 0.02 3.59 0.64

UG2 3.54 4.45 2.75 1.18 0.50 0.02 0.5 ‐ ‐ ‐ ‐

12.00 3.07 1.91 0.85 0.22 0.09 1.2 0.08 0.02 9.94 2.28

UG2 22.6 6.21 3.78 1.78 0.65 0.01 4.5 0.017 0.004 3.83 1.00

UG2 FW 3.1 2.53 1.62 0.64 0.25 0.02 0.3 0.025 0.012 0.80 0.38

Total 25.7 5.77 3.52 1.64 0.60 0.01 4.8 0.018 0.005 4.63 1.38

UG2 0.3 5.10 3.04 1.48 0.57 0.02 0.1 0.02 0.01 0.05 0.02

UG2 FW 1.0 2.00 1.20 0.59 0.11 0.10 0.1 0.14 0.03 1.41 0.29

Total 1.3 2.72 1.62 0.80 0.22 0.08 0.1 0.11 0.02 1.46 0.31

MR CONTACT 13.3 2.74 1.79 0.69 0.14 0.11 1.2 0.08 0.04 10.1 5.7

MR PUP 10.7 6.05 3.79 1.73 0.32 0.22 2.1 0.20 0.08 21.7 8.5

UPR 14.2 2.26 1.34 0.71 0.12 0.09 1.0 0.15 0.03 21.0 3.8

UG2 33.4 4.94 3.01 1.33 0.58 0.02 5.3 0.01 0.00 4.9 1.2

Total 71.7 4.17 2.57 1.15 0.37 0.08 9.6 0.08 0.03 57.6 19.2

158.36 3.89 2.38 1.10 0.35 0.07 19.8 0.080 0.021 127.4 33.4

Magazynskraal/ Sedibelo East

TOTAL INDICATED

Sedibelo Central Crown Pillar

Measured Mineral Resource

TOTAL MEASURED

Indicated Mineral Resource

West Pit

East Pit

Ruighoek

Total

Sedibelo Central Underground

PGM Mineral Resources: West Bushveld 31 December 2019

Resource Area ReefTonnes Millions

PGE Grade (g/t) Ni & Cu Grade

(%)Contained Metal

(kt)

3PGE+Au


Silicates 0.08 2.89 1.77 0.85 0.14 0.13 0.01 0.15 0.03 0.12 0.03

UG2 0.01 4.24 2.51 1.23 0.52 0.02 0.00 0.02 0.00 0.00 0.00

Total 0.09 2.76 1.67 0.82 0.17 0.11 0.01 0.02 0.03 0.01 0.03

TSF Tailings 35.1 0.70 0.8

DMS Discard 0.7 0.57 0.0

35.8 0.70 0.8

Silicates 5.5 1.50 0.90 0.46 0.07 0.08 0.3 0.15 0.02 8.1 1.3

UG2 0.4 5.33 3.16 1.52 0.64 0.02 0.1 0.02 0.00 0.04 0.00

Total 5.9 1.72 1.02 0.52 0.11 0.07 0.3 0.14 0.02 8.1 1.3

Merensky 4.92 5.09 3.32 1.35 0.22 0.20 0.8 0.16 0.07 7.8 3.3

UPR 1.96 3.53 2.15 1.09 0.17 0.12 0.2 0.15 0.04 3.0 0.7

LPR 3.78 2.92 1.77 0.89 0.12 0.14 0.4 0.14 0.03 5.2 1.3

UG2 7.04 4.77 2.96 1.28 0.51 0.02 1.1 ‐ ‐ ‐ ‐

17.71 4.33 2.72 1.20 0.31 0.11 2.5 0.09 0.03 15.9 5.3

Merensky 3.51 6.03 3.92 1.62 0.29 0.21 0.7 0.16 0.08 5.5 2.7

UPR 1.99 3.80 2.37 1.15 0.15 0.13 0.2 0.17 0.04 3.4 0.8

LPR 2.90 3.47 2.01 1.12 0.12 0.22 0.3 ‐ ‐ ‐ ‐

UG2 7.94 4.76 2.84 1.39 0.51 0.02 1.2 ‐ ‐ ‐ ‐

16.33 4.69 2.86 1.36 0.35 0.11 2.5 0.05 0.02 8.9 3.6

Merensky 1.16 4.57 3.03 1.14 0.20 0.20 0.2 0.12 0.08 1.4 0.9

UPR 0.95 3.52 2.23 1.03 0.13 0.13 0.1 0.13 0.05 1.3 0.5

LPR 1.06 2.80 1.62 0.89 0.12 0.17 0.1 ‐ ‐ ‐ ‐

UG2 1.96 6.52 3.83 2.03 0.62 0.04 0.4 ‐ ‐ ‐ ‐

5.13 4.76 2.90 1.41 0.33 0.12 0.8 0.05 0.03 2.6 1.4

Rooderand Portion 3

Total

Total

Inferred Mineral Resource

West Pit

WEST PIT: Low‐grade stockpiles

Total

East Pit

Ruighoek

Total

Witkleifontein




(%)Contained Metal

(kt)

3PGE+Au


MR CONTACT 12.00 2.72 1.83 0.65 0.15 0.09 1.0 0.09 0.04 10.4 5.3

MR PUP 19.62 6.59 4.23 1.80 0.33 0.23 4.2 0.22 0.08 44.0 15.1

UPR 10.82 1.87 1.11 0.60 0.10 0.07 0.7 0.15 0.02 16.2 2.4

UG2 55.44 4.78 2.89 1.32 0.55 0.02 8.5 0.02 0.00 8.4 2.0

97.87 4.57 2.83 1.26 0.41 0.08 14.4 0.08 0.03 78.9 24.8

Merensky 58.4 8.12 5.22 2.21 0.43 0.25 15.2 0.24 0.08 139.5 45.5

UG2 90.4 5.52 3.40 1.41 0.64 0.07 16.0 0.06 0.00 57.6 2.6

148.8 6.54 4.11 1.72 0.56 0.14 31.3 0.13 0.03 197.1 48.1

327.58 4.90 3.07 1.32 0.42 0.10 52.5 0.10 0.03 311.55 84.55

Kruidfontein

Total

TOTAL INFERRED

Inferred Mineral Resource (continued)

Magazynskraal/ Sedibelo East

Total




(%)Contained Metal

(kt)

3PGE+Au


Merensky 18.34 3.10 1.70 1.04 0.08 0.28 1.8 0.19 0.13 34.0 23.3

UG2 31.20 4.81 2.50 1.78 0.43 0.09 4.8 0.11 0.06 34.3 20.1

49.54 4.17 2.20 1.51 0.30 0.16 6.7 0.14 0.09 68.3 43.4

Merensky 28.82 3.18 1.73 1.08 0.08 0.28 2.94 0.17 0.14 48.4 40.2

UG2 43.10 4.14 2.12 1.58 0.36 0.08 5.73 0.10 0.07 43.2 28.3

71.92 3.76 1.97 1.38 0.25 0.16 8.67 0.13 0.10 91.6 68.5


PGM Mineral Resources: East Bushveld 31 December 2019Contained Metal

(kt)

TOTAL INFERRED

Mphahlele

Mphahlele



(%)

TOTAL INDICATED

Inferred Mineral Resource

3PGE+Au

3PGE+Au Pt Pd Rh Au Mil Oz Ni Cu Ni CuSPM Measured Resources 13.46 5.48 3.31 1.49 0.66 0.02 2.4 0.015 0.003 2.0 0.5

SPM Indicated Resources 207.90 3.96 2.34 1.20 0.34 0.09 26.5 0.094 0.037 195.7 76.8

SPM Inferred Resources 399.49 4.70 2.87 1.33 0.39 0.11 61.1 0.101 0.038 403.2 153.1

620.84 4.47 2.70 1.29 0.38 0.10 90.0 0.097 0.037 600.9 230.3

PGM Mineral Resources: TOTAL SPM 31 December 2019

Total

All Reefs



(%)Contained Metal

(kt)

Cr2O3

GradeCr2O3

Content% kt

West Pit UG2 8.02 15.0 1 207

Magazynskraal/Sedibelo East UG2 34.40 29.4 10 108

42.42 26.7 11 315

West Pit UG2 0.01 14.7 1.4

East Pit UG2 7.60 26.1 1 983

Sedibelo Central Underground UG2 22.90 30.7 7 020

Magazynskraal/Sedibelo East UG2 66.20 29.4 19 437

96.71 29.4 28 441

Chrome Mineral Resources: West Bushveld 31 December 2019


Inferred Mineral ResourceTotal Indicated

Total Inferred


Mineral Resource and Mining Areas on PPM – Wilgespruit – Magazynskraal – Kruidfontein

West Pit Mineral Resource Areas

1.1 Reef Variations and Occurrences

PGM mineralisation in the project areas is concentrated in various reef horizons, namely

the Merensky Reef, Upper Pseudo Reef, Pseudo Reef Harzburgite, Lower Pseudo Reef

and UG2 Chromitite. The UG2 occurs consistently over the resource areas, but the

other zones are variable and differs from area to area.

West and East Pits: The Mineral Resource comprises the UG2 Chromitite and the

Silicate package (S2), which is a combination of the Upper and Lower Pseudo Reefs, the

Pseudo Reef Harzburgite, and portions of the Merensky Reef.

Ruighoek, Witkleifontein & Rooderand: The resources are based on Open Pit mining

methods, but using narrow selective mining cuts. Resource have been declared for the

Merensky Reef (MR), Upper Pseudo Reef (UPR), Lower Pseudo Reef (LPR) and the UG2.

Sedibelo Central Underground: Only UG2 is included in the Mineral Resource. The UPR

is generally below the cut‐off grade and Potholed Merensky (PUP) was not defined

separately in the Barrick resource model.

Magazynskraal/ Sedibelo East: The resource comprises the UG2, UPR and Potholed

Merensky (PUP).

Kruidfontein: The Merensky Reef type consists almost exclusively PUP reef throughout

the Kruidfontein area, apart from a small area in the extreme south‐west where

“normal” Merensky Main Reef was intersected. The resource consists of UG2 and PUP

reefs

Mphahlele: The resource consists of UG2 and “normal” Merensky Reef.

Composite stratigraphic section comparing conventional Critical Zone stratigraphy to the

local stratigraphy at SPMs Pilanesberg and Mphahlele Properties

Upper Critical Zone stratigraphy between the Merensky Reef and UG1 on SPMs

Pilanesberg Properties

1.2 Mineral Reserves as at 31 December 2019

The Mineral Reserves as at 31 December 2019 were prepared by Sound Mining

Solutions (SMS) and reviewed by SRK. The reserves are reported as Run-of-Mine

(RoM) ore that accounts for dilution and losses during mining operations.

PGM Mineral Reserves for SPM as at 31 December 2019

Chrome Mineral Reserves for SPM as at 31 December 2019

3PGE+Au3PGE+Au Pt Pd Rh Au Mil Oz

Silicates 15.5 1.70 1.04 0.51 0.08 0.08 0.85

UG2 7.4 2.69 1.63 0.73 0.31 0.01 0.64

22.9 2.02 1.23 0.58 0.15 0.06 1.494E Prill Split 60.8% 28.7% 7.6% 2.8%

Silicates 13.3 1.30 0.77 0.39 0.07 0.07 0.56

UG2 5.7 3.70 2.19 1.06 0.45 0.01 0.68

19.0 2.02 1.20 0.59 0.18 0.05 1.234E Prill Split 59.1% 29.2% 9.1% 2.6%

Merensky 3.8 2.61 1.63 0.75 0.12 0.10 0.32

UG2 1.3 4.61 2.86 1.24 0.49 0.02 0.19

5.1 3.11 1.94 0.87 0.21 0.08 0.514E Prill Split 62.4% 28.1% 6.9% 2.6%

Sedibelo Central Underground UG2 19.4 4.83 2.86 1.40 0.50 0.07 3.01

19.4 4.83 2.86 1.40 0.50 0.07 3.014E Prill Split 59.2% 29.0% 10.4% 1.4%

PUP 6.3 5.69 3.47 1.56 0.60 0.06 1.15

UG2 22.2 4.85 2.96 1.33 0.51 0.06 3.46

28.5 5.04 3.07 1.38 0.53 0.06 4.614E Prill Split 60.9% 27.4% 10.5% 1.2%

94.9 3.56 2.15 1.01 0.35 0.06 10.864E Prill Split 60.3% 28.3% 9.7% 1.7%

Merensky 7.2 2.82 1.54 0.95 0.07 0.26 0.65

UG2 20.0 4.82 2.51 1.80 0.42 0.08 3.10

27.2 4.28 2.25 1.58 0.33 0.13 3.754E Prill Split 52.6% 36.8% 7.6% 3.0%

122.1 3.72 2.17 1.13 0.34 0.08 14.614E Prill Split 58.3% 30.4% 9.2% 2.0%

Probable Mineral Reserve


TOTAL PROBABLE ‐ WEST BUSHVELD

Reserve Area ReefTonnes Millions

PGE Grade (g/t)

WEST BUSHVELD

EAST BUSHVELD

SPM: TOTAL PROBABLE

West Pit

Probable: West Pit

Probable: Sed Central Underground

Magazynskraal / Sed East

Probable: Magazynskraal/Sed East

Mphahlele

Total Probable: Mphahlele

East Pit

Probable: East Pit

Ruighoek

Probable: Sed Central Underground

WEST & EAST BUSHVELD

Cr2O3

GradeCr2O3

Content% kt

West Pit UG2 7.40 24.8 1 829

Magazynskraal UG2 20.60 24.9 5 141

28.00 24.9 6 970


Total Probable


sedibelo platinum mines mineral resources and reserves as

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