1 Corpor Corporate over overview ew Strong news flow during 2018, - PowerPoint PPT Presentation

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Corpor Corporate over overview ew Strong news flow during 2018, aiming to demonstrate the potential project economics of the Rietfontein Mine and Project Bentley ‐ the recently announced open cut mining targets Capital structure 2 0.035 Share price (A$/share) $0.017 0.03 Ordinary shares (m) 2,250 0.025 Listed Options (SWJO), 3 years expiration $0.03 exercise 147 (m) 0.02 Unlisted Options and Convertible Notes (m) 1 695 0.015 Market capitalisation (A$m) (undiluted) 38 Non Secured Loan from Director’s related entity(A$m) 2 5.0 0.01 Enterprise value (A$m) (undiluted) 43 JORC (2012) Resource (Moz Au) Over 85% of register owned by Top 20 4 Tasman Funds 1 (Sydney fund manager, related to Director) 14.5% 3.5 High Gift Investments Ltd (Family office) 10.2% 3 BWW (Hong Kong institution) 8.7% J P Morgan Nominees Australia Ltd 8.6% 2.5 Khan International Ltd (Fund) 6.9% Dec'16 Mar'17 Jun'17 1 Refer to Annual Report 30 June 2017 (ASX Announcement on 30 October 2017); Tasman Funds (Eric Zhang) ‐ A$1.65m Convertible Notes at $0.9c per share; 2 Lind Partners ‐ Balance of A$1m, conversion price 1.9c per share (refer to ASX Announcement on 18/01/17). 2 APCIG A$5M capped loan, controlled by HanHong New Energy a related entity of Simon Liu.

Key Drivers for 2018  High Grade Shallow Gold: Follow ‐ up drilling of high grade drilling results (with implied reef grades up to 55g/t identified) with diamond/RC drilling  Maiden Open Cut Resources: Aim to delineate shallow, high grade resources amenable to open ‐ cut mining (most intercepts are 10 ‐ 30m deep with grades of 10 ‐ 20g/t common in flat ‐ lying reefs intercepted)  Resource Growth: Resource increase in 2016 (2.9Moz), in 2017 Stonewall added an additional 700koz to increase the resource base to 3.7Moz. Targeting further increases at similar rate in 2018  Maiden Reserves: Sampling program at Rietfontein to be followed by diamond drilling with the aim of declaring reserves as part of the PFS work underway  Mine Plans: Plan to submit mine plans on both Rietfontein and Project Bentley Open Cut in 2018, with a view to development and production in 2019  Low Capital Development: Delineate and articulate a low ‐ capital, early ‐ start up option based on near ‐ surface oxide feed to the CIL plant. Targeting plant refurbishment to treat oxide material. 3

Inve vest stment nt hig ighlig lights 1  Global Resources of 26.6 Mt at 4.34g/t Au for 3.7 Moz Au as of March Significant 2017 (JORC) 1 resource base  Initial Exploration Target established at Theta Hill of 3.4Mt to 5.6Mt 2 including the Lower Theta seam with 1.0Mt to 1.7Mt @ 16.6g/t to High grade 26.6g /t Au 2 exploration upside  Aiming to increase Global Resources in 2018.  Existing CIL Plant : milling, CIL, elution circuit and gold room 3 Existing  Approved tailings dam , water license (processing and mining), and infrastructure grid power with all weather road access & existing entry to all mines  Project Bentley – Drilling out shallow open cut resources 4  Rietfontein PFS commenced, with reserve definition drilling program planned for Q2 2018 Near term Strategy  Engineering study for CIL Plant – To define refurbishment costs  Continuous data acquisition in progress to enhance geological model 5  Rietfontein is a high grade, potential low cost asset (2.6Mt at 11g/t) Low cost  Rietfontein Mine NPV of US$166m with C1 cash cost estimate of <US$500/oz, and low capex US$29m peak funding requirement 1 1 Refer to ASX Announcement 16 May 2017 for Scoping Study for Rietfontein / Beta Mine 4 2 Refer to ASX Announcement on 6 September 2017. The potential exploration target ranges are conceptual in nature and there is insufficient exploration data to estimate a Mineral Resource and it is uncertain if further exploration will result in the estimation of a Mineral Resource. Exploration for resources will be conducted in accordance with JORC Code (2012).

Pr Project Ben Bentley –The –The Open Open Cut Cut Game Game Chang Changer er • High grade (10 ‐ 20g/t Au in some areas) open ‐ cut targets 1 • Short distance from existing CIL plant • Target oxide, CIL amenable resources where possible • High grade feed could dramatically change the production profile (potential to mine Rietfontein and open cuts simultaneously) • Potential to lower overall cost profile 1 Refer to ASX Announcement on 6 September 2017. The potential exploration target ranges are conceptual in nature and there is insufficient exploration data 5 to estimate a Mineral Resource and it is uncertain if further exploration will result in the estimation of a Mineral Resource. Exploration for resources will be conducted in accordance with JORC Code (2012).

Pr Project Ben Bentley –The –Theta Hill ill –Phase –Phase 1 Drillin illing 2017 2017 • 2m @ 16.5g/t Au from 25m in RCBH14 (inc . 1m @ 21.8g/t Au from 25m); • 2m @ 4.2g/t Au from 22m in RCBH15; • 16m @ 2.0g/t Au from 22m in RCBH24; Theta / Browns Hill description • 5m @ 6.0g/t Au from 11m in RCBH6 (including 2m @ 8.9g/t Au from 12m ) Assay results from the 11 hole program (average depth of drill hole 55.7m) have confirmed high ‐ grade, gold ‐ bearing reef at shallow depth 1 Refer to ASX announcement 21 December 2017,. The potential exploration target ranges are conceptual in nature and there is insufficient exploration data to estimate a 6 Mineral Resource and it is uncertain if further exploration will result in the estimation of a Mineral Resource. Exploration for resources will be conducted in accordance with JORC Code (2012).

Pr Project Ben Bentley –The –Theta Hill ill ‐ 2017 2017 Drillin illing Theta / Browns Hill description Geological cross section schematic 1 Refer to ASX announcement 21 December 2017,. The potential exploration target ranges are conceptual in nature and there is insufficient exploration data to estimate a 7 Mineral Resource and it is uncertain if further exploration will result in the estimation of a Mineral Resource. Exploration for resources will be conducted in accordance with JORC Code (2012).

Pr Project Ben Bentley ‐ Col Columbia ia Hill ill  A total of 12 holes for 496m have been completed at Columbia Hill  High grade reef ( up to 33g/t reef grade ) intersected at shallow depth from preliminary results  Results of 10 ‐ 20g/t Au confirmed over 1m flat lying intervals indicates high grade, shallow gold reefs present (10 ‐ 30m below surface typically)  Last mined in 1950’s via small scale open ‐ cut mining, prior to that underground mining historically.  Historical grades at this location were high, with numerous targets to be followed up with drilling and sampling 8

Pr Project Ben Bentley ‐ Col Columbia ia Hill ill ‐ Phase Phase 1 drillin illing co comp mplete te 9

Pr Project Ben Bentley ‐ Col Columbia ia Hill ill  High grade gold confirmed in Phase 1 drilling  Results include 1m @ 9.61g/t from 11m , and 2m @ 4.95g/t from 22m (CHRC9)  8m @ 4.34g/t Au from 23m, including 1m @ 20.4g/t Au from 27m (CHRC9b).  Awaiting assays from further holes in the program  Rho reef (0.6m) interpreted 0 15m grade up to 33g/t Au identified  Aiming for follow ‐ up drilling to Geological schematic showing preliminary interpretation of CHRC9 and CHRC9b. define maiden resources Note the drillholes are approximately 43m apart, however appear closer together on this E ‐ W section due to projection. 10

Gol Gold in in South South Af Afri rica Improving conditions and 100 + years of mining  South Africa has produced more gold than any other country, estimated at 1.8B oz  The mining industry employs over 500,000 people and contributes 10% of GDP  New pro ‐ mining leader elected in South Africa as head of the ANC, Mr Cyril Ramaphosa.  Rand strengthened by 10% against major currencies since the election in December 2017  South Africa is a low cost mining destination compared to most developed countries  Whilst considered high cost due to the proliferation of very deep mines at modest grades, all projects Stonewall is pursuing are shallow underground (adit entry not shaft) or open ‐ cut opportunities  TGME was incorporated in 1895 and remains the oldest gold company in South Africa  Figure Source: Approximate gold production by country, 1848 to 2010 (Mudd et al, Gold Peak Minerals 11 Case Study, Oct 2012)