Prospective investors should be aware that the acquisition of the Securities may have tax consequences both in the United States and in Canada. Such consequences for investors who are resident in, or citizens of, the United States or who are resident in Canada may not be described fully in the Prospectus or the Prospectus Supplement. Prospective investors should read the tax discussion contained in the Prospectus Supplement and consult their own tax advisors with respect to their own particular circumstances. CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS This presentation, the Prospectus and the Prospectus Supplement, and the documents incorporated by reference therein, contain forward looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 and forward looking information within the meaning of applicable Canadian securities legislation (collectively, Forward Looking Statements). All statements, other than statements of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will, may, could or might occur in the future are Forward Looking Statements. The words expect, anticipate, estimate, may, could, might, will, would, should, intend, believe, target, budget, plan, strategy, goals, objectives, projection or the negative of any of these words and similar expressions are intended to identify Forward Looking Statements, although these words may not be present in all Forward Looking Statements. Forward Looking Statements included or incorporated by reference in this presentation, the Prospectus, the Prospectus Supplement, and the documents incorporated by reference therein, as applicable, include, without limitation, statements with respect to: the receipt and realization of proceeds from the Share Transaction component of the Maseve Sale Transaction; the timely completion of additional required financings and the potential terms thereof; the Companys submission of a plan to the NYSE American to regain compliance with the continued listing criteria, the NYSE Americans acceptance thereof, the Company regaining compliance with the continued listed criteria, and the potential of the NYSE American initiating delisting procedures; the repayment and compliance with the terms of indebtedness; any potential exercise by Implats of the Purchase and Development Option; the successful closing of the HCI Private Placement, the use of proceeds therefrom and any board appointments or participations in this Offering or future offerings of the Company by HCI; any potential exercise of the Over-Allotment Option by the Underwriters and the use of proceeds from the Offering by the Company; the completion of the DFS and filing of a mining right application for, and other developments related to, the Waterberg Project; the adequacy of capital, financing needs and the availability of and potential for obtaining further capital; revenue, cash flow and cost estimates and assumptions; future events or future performance; governmental and securities exchange laws, rules, regulations, orders, consents, decrees, provisions, charters, frameworks, schemes and regimes, including interpretations of and compliance with the same; developments in South African politics and laws relating to the mining industry; anticipated exploration, development, construction, production, permitting and other activities on the Companys properties; project economics; future metal prices and exchange rates; mineral reserve and mineral resource estimates; and potential changes in the ownership structures of the Companys projects. Forward Looking Statements reflect the current expectations or beliefs of the Company based on information currently available to the Company. Forward Looking Statements in respect of capital costs, operating costs, production rate, grade per tonne and concentrator and smelter recovery are based upon the estimates in the technical report referred to in this presentation, the Prospectus, the Prospectus Supplement and in the documents incorporated by reference therein and ongoing cost estimation work, and the Forward Looking Statements in respect of metal prices and exchange rates are based upon the three year trailing average prices and the assumptions contained in such technical report and ongoing estimates. Cautionary Statements