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Liger

The Liger Project (formerly reported on as the Leeuwkop and Tigerpoort projects) is located 23 kilometres to the east of the town of Lebowakgomo, immediately to the west and along strike of Anooraq’s Bokoni Mine. The project covers approximately 1 100 hectares and comprises two contiguous prospecting rights.

Drilling at this project is targeting between 2.20 and 6.49 million PGM ounces (4E), encompassing both Merensky and UG2 Reefs.

The company is fast-tracking the Liger Project as it holds the potential to be brought to production swiftly. Focus will be on upgrading the targeted resources to an inferred resource of some one million ounces in the short term, through drilling and the auditing of previous results.

The Leeuwkop portion of Liger is a near-surface PGM target covering approximately 600 hectares at the north-western end of the Eastern Limb of the Bushveld Complex, immediately west of the Lebowa Platinum Mine of Anooraq Resources Corporation and Anglo Platinum, and the Bakgaga project of Aquarius Platinum South Africa Limited (AQPSA).

Exploration data comprising regional surface mapping, airborne magnetics and radiometrics as well as historical drilling data indicates an exploration target over both the Merensky and UG2 Reefs of up to 2.90 million ounces on the farm Leeuwkop 426KS, attributable to Platfields. The Tigerpoort portion extends and enhances Leeuwkop as it forms a natural extension to the mineralisation area.

Leeuwkop

Resource category (1)	Tonnage (Mt)	Grade 4E (g/t)	Content (Moz)
Inferred	9.552	4.75	1.459
Exploration target	14 to 18	3 to 5	1.4 to 2.9

Tigerpoort ⁽²⁾

Resource category (1)	Tonnage (Mt)	Grade 4E (g/t)	Content (Moz)
Exploration target (3)	9 to 13	3 to 5	0.8 to 2.1

⁽¹⁾ All resources comprise combined Merensky Reef and UG2.

⁽²⁾ Tigerpoort right has been granted but not executed as yet.

⁽³⁾ Target subject to change due to area extent conflict.