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Gold Recovery & Primary Mining Corporate Presentation April 2018 DISCLAIMER These presentation materials and all other information (whether in writing or otherwise) which may be made available: a. May not be copied, reproduced, further


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Corporate Presentation

April 2018

Gold Recovery & Primary Mining

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DISCLAIMER

These presentation materials and all other information (whether in writing or otherwise) which may be made available:

  • a. May not be copied, reproduced, further distributed to any other person or published, in whole or in part, for any purpose.
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to be distributed or transmitted into a jurisdiction which by law restricts or prohibits the same or to any national, citizen or resident thereof or any corporation, partnership or other entity created or organised under the laws thereof. The Company has not taken any action to permit the distribution or transmission of this document in any jurisdiction. This document and all other information (whether in writing or otherwise) which may be made available or part thereof does not:

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a. assets and liabilities, financial position and performance, profits and losses and prospects of the Company; and

b. rights and liabilities attaching to the Company's securities.

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Corporate Presentation - April 2018

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PRIMARY MINING

Environmental solution to dispose of by- products from mining activities

Corporate Presentation - April 2018

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GOLDPLAT AT A GLANCE

‘Green’ Gold Profitable

EBITDA for FY 2017 of

£3.8m

Growing

Price target of 15.3p* – a

107% premium to

the current share price

GOLD RECOVERY

*Price target by WH Ireland as at 26.02.18

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Corporate Presentation - April 2018

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KEY DATA

Market AIM Ticker GDP Share price* 7.4p Shares in issue 167 million Market Cap* £12.6 million NOMAD Grant Thornton Broker WH Ireland Financial PR St Brides Partners Major Shareholders (top 5) % Holding Martin Ooi 10.00 Fidelity Investments (held by Chase Nominees Limited) 8.91 HSDL Nominees Limited 8.02 TD Direct Investing Nominees (Europe) Limited 6.30 Fitel Nominees Limited 6.01 Directors / Key Management 2.06 Board Matthew Robinson Non-Executive Chairman Gerard Kisbey-Green Chief Executive Officer Hansie van Vreden Chief Operating Officer Werner Klingenberg Financial Director Ian Visagie Executive Director Nigel Wyatt Non-Executive Director Sango Ntsaluba Non-Executive Director

*As at market close 23.04.18

4 4.5 5 5.5 6 6.5 7 7.5 8 8.5

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Corporate Presentation - April 2018

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INVESTMENT CASE

Cash generative and profitable with a clear development path to build production Niche recovery business with an experienced management team and global opportunities being targeted for growth Primary mining operation in Kenya with 670,000oz Resource and growing production Undervalued relative to peers with a price target of 15.3p Targeting 50,000oz Au p.a from gold recovery and 50,000oz Au p.a from primary mining in next 2-3 years Underleveraged with a capacity to raise non-dilutionary capital for growth projects

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Two market leading gold recovery operations in South Africa and Ghana, recovering gold from by-products of the mining process:

GOLD RECOVERY: GOLD PRODUCTION WITH A DIFFERENCE

Corporate Presentation - April 2018

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  • Africa
  • South America
  • North America

Gold Recovery Ghana Limited

GHANA

Produced 10,031 oz Au FY 2017 (FY 2016: 6,883oz Au)

Goldplat Recovery (Pty) Limited SA

SOUTH AFRICA

Produced 29,418 oz Au FY 2017 (FY 2016: 28,778oz Au)

SOURCING MATERIALS FROM:

  • AFRICA
  • SOUTH AMERICA
  • NORTH AMERICA
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Corporate Presentation - April 2018

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GOLD RECOVERY: THE VALUE PROCESS

CLIENTS

  • Blue chip gold

producers

  • Platinum group

metal producers

  • Other refiners
  • Artisanal mining

clean-ups

PROCESSES

Goldplat process the material through various processing circuits to maximise recovery:

  • Carbon-in-Leach circuits
  • Wash Plants
  • Spiral Circuits
  • Incinerators
  • Shot Blasting
  • Rotary Kilns
  • Flotation Circuits
  • Elution Circuits

PRODUCTION

Revenues generated out of:

  • Gold doré
  • Silver doré
  • Platinum Group Metal

concentrates

  • Other ash and concentrates

MATERIALS

Includes:

  • fine carbon
  • mill liners
  • wood chips
  • grease
  • Plant clean-ups
  • Tailings

Mill liners Rotary Kiln Wood chips Wash Plant Elution Column

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Corporate Presentation - April 2018

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GOLD RECOVERY: GREEN GOLD PRODUCER

Environmental solution for by- products from mines:

  • Extracting metals

from by-products

  • Removal of

harmful elements

  • Environmentally

friendly deposition

Artisanal Tailings/ Mining Clean-Up

  • Re-processing

artisanal tailings

  • Pilot plant being

commissioned in Ghana to remove hazardous mercury and cyanide

  • Appointed to clean-up

a decommissioned gold operation in South Africa

“Responsible Gold” Accreditation

  • GPL & GRG

certified

  • Ensures responsible

supply chain of all sourced material

  • Adheres to the

London Bullion Market Association's 'Responsible Gold Guidance' and the World Gold Council certification of 'Conflict-Free' gold

A partner of the United Nations Environment Programme’s Global Mercury Partnership (Minamata Convention)

  • Working together to

reduce the harmful impact of mercury pollution

Low Energy Footprint

  • Research underway

into pyrolysis to further reduce energy consumption

  • Lower energy usage

per gold production

  • unce
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  • Trial project underway for

Platinum Group Metals

  • By-products being sourced from

elsewhere in Africa

  • Metallurgical test work being

undertaken on TSF JORC compliant resource of 81,959oz Au, 216,094oz Ag and 193,276 lb uranium oxide

  • Looking to secure an old disused
  • pen-pit for tailings deposition
  • Q2 FY 2018 started the

refurbishment and configuration

  • f flotation circuit for pilot plant

test work programme - first results expected in Q3 FY 2018 Corporate Presentation - April 2018

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GOLD RECOVERY PTY LTD, SOUTH AFRICA (‘GPL’)

MAINTAINING MATURE MARKET POSITION: RETAIN PRODUCTION AT ~29,000oz p.a

  • Focused on sourcing sufficient

quantity of quality material – particularly for the Carbon-in- Leach (‘CIL’) circuit

  • New contract to clean-up a

decommissioned gold operation for a large South African gold mining producer - due to be completed by the end of FY 2018

  • By-product contract renewals for

the major South African gold producers are currently underway

MONETISE TAILINGS STORAGE FACILITY RESOURCE DIVERSIFY

In February 2018 the dispute between Rand Refinery and GPL was concluded, with all legal agreements completed and Rand Refinery paying an undisclosed amount to GPL. Business between the two parties has since resumed.

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  • Mining “clean-up” – steering

committee set up to manage discussions underway with Ghanaian government to clean up artisanal mining tailings

  • Process harmful contaminants

including mercury and cyanide – test work underway

  • Wider Africa: contracts already

secured in West Africa elsewhere in Africa, and further discussions underway

  • South America: regular and

sustainable shipments are now being received from three different South American producers

  • North America: exploring
  • pportunities

Corporate Presentation - April 2018

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GOLD RECOVERY GHANA LTD, GHANA (‘GRG’)

TARGETING VOLUME GROWTH TO BECOME A HUB FOR GLOBAL RECOVERY EXPANSION TARGETING ~20,000oz p.a

  • Intention to double production
  • utput from current ~10,000oz Au

to ~20,000oz Au within 2-3 years

  • Elution plant and ancillary

infrastructure completed Q3 - allows further beneficiation of a lot of the material to Dore bars with first gold pour completed

  • Additional Fluidised Bed

Incinerator to be installed to increase incinerator throughput by circa 33%

INTERNATIONAL EXPANSION EXPAND ENVIRONMENTAL SERVICES

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Building profitability and scale as a primary gold miner

PRIMARY GOLD PRODUCTION

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Assessing a number of producing / near term production projects Kilimapesa Gold, Kenya: JORC resource of 671,446oz Au

  • Targeted production of

5,800oz Au in 2018 (2017: 3,408oz Au)

  • Two gold processing plants
  • Plant 2 installed and

commissioned in 2017

  • Mining licence and

exploration permit

Kilimapesa Gold Mine KENYA

Produced 3,408 oz Au FY 2017 (FY 2016: 2,005oz Au)

  • Production for Q3 below plan due to lower than expected grades

from the underground mine as well as problems with the crushing circuit at Plant 2

  • Cost optimisation is ongoing and plans underway to install grid

power at Plant 2, the underground mine and Teng Teng

  • Kempe drill is now operational at Kilimapesa Hill underground mine –

this should assist in the forward planning of mining layouts with a consequent improvement of grades and costs

  • Further optimisation of the metallurgical recovery is underway
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Corporate Presentation - April 2018

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  • Increase production to 50,000 ounces in two-three

years

  • Brownfield growth at Kilimapesa
  • Focussed on acquiring production or near-production
  • unces

PRIMARY MINING EXPANSION STRATEGY

RAPIDLY GROW PRIMARY MINING PRODUCTION:

Kilimapesa Gold Mine New gold mines

50,000oz Au p.a

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  • Overall production at GPL was

slightly below plan but overall targets for the year remain on track

  • Sourcing of material for GRG

was slower than anticipated, however several batches

  • f

new material are in the final stages of contract completion

  • Production at Kilimapesa for

the Quarter was below plan due to lower than expected grades from the underground mine as well as problems experienced with the crushing circuit at Plant 2

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GOLD PRODUCTION AND SALES

Corporate Presentation - April 2018

Gold Equivalent Ounces for the (month period ending 31 March 2018) Goldplat Plc - Group 3rd Qtr Actual Mar-18 Equivalent Gold

  • z

9 Months Actual Mar-18 Equivalent Gold

  • z

9 Months Actual Mar-17 Equivalent Gold

  • z

Year ending 12 Months Previous Jun-17 Equivalent Gold

  • z

Gold Equivalent Production Goldplat Recovery (Pty) Ltd

4,533 18,501

17,518 29,418 Gold Recovery Ghana Ltd

1,192 4,789

8,391 10,031 Kilimapesa Gold (Pty) Ltd

1,241 3,922

2,154 3,408 Total

6,966 27,212

28,063 42,857 Gold Equivalent Sold Goldplat Recovery (Pty) Ltd

3,852 15,272

12,732 22,570 Gold Recovery Ghana Ltd

339 5,032

7,909 8,327 Kilimapesa Gold (Pty) Ltd

1,380 4,100

1,993 3,215 Total

5,571 24,404

22,634 34,112 Gold Equivalent Transferred Goldplat Recovery (Pty) Ltd 1,180 4,130 5,080 6,173 Total 1,180 4,130 5,080 6,173 Gold Equivalent Sold and Transferred Goldplat Recovery (Pty) Ltd

5,032 19,402

17,812 28,743 Gold Recovery Ghana Ltd

339 5,032

7,909 8,327 Kilimapesa Gold (Pty) Ltd

1,380 4,100

1,993 3,215 Total

6,751 28,534

27,714 40,285

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  • 5.0

10.0 15.0 20.0 25.0 30.0 35.0 40.0 45.0 2016A 2017A 2018E 2019E 2020E

Corporate Presentation - April 2018

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FINANCIAL TRENDS DATA FOR YEAR ENDED 30 JUNE

REVENUE

Source: Company filings and WH Ireland forecasts

GROSS PROFIT EV/EBITDA EPS

6.1 2.6 1.9 1.1 0.3

  • 1.0

2.0 3.0 4.0 5.0 6.0 7.0 2016A 2017A 2018E 2019E 2020E

EBITDA (£m)

0.80 0.60 0.80 1.80 2.00 0.00 0.50 1.00 1.50 2.00 2.50 2016A 2017A 2018E 2019E 2020E

EPS

20.0 31.7 36.3 38.2 40.1

Revenue

3008 5196 5449 5735 6019 1000 2000 3000 4000 5000 6000 7000 2016A 2017A 2018E 2019E 2020E

Gross Profit (£000)

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Corporate Presentation - April 2018

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GROWING GOLD PRODUCTION DATA FOR YEAR ENDED 30 JUNE

GOLD AND GOLD EQUIVALENTS PRODUCED

Source: Company filings, WH Ireland Note: Forward forecasts based on broker research by WH Ireland

GPL, South Africa Ghana Minister of Mines at GRG Kilimapesa Gold Mine, Kenya

10,000 20,000 30,000 40,000 50,000 60,000

2013a 2014a 2015a 2016a 2017a 2018e 2019e 2020e

Gold equivalent production oz

South Africa Ghana Kilimapesa

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Corporate Presentation - April 2018

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GOLDPLAT IS UNDERVALUED – EV/EBITDA

2 4 6 8 10 12 14 16

London-listed support services Tailings/dump peers AIM gold producers

Average: 5.7

3.7 Source: Company filings and WH Ireland forecasts

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Corporate Presentation - April 2018

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INVESTMENT CASE

Cash generative and profitable with a clear development path to build production Global import and material diversification opportunities being targeted for gold recovery Primary mining to be expanded organically and via strategic acquisitions / corporate deals Undervalued relative to peers with a price target of 15.3p Targeting 50,000oz Au p.a from gold recovery and 50,000oz Au p.a from primary mining in next 2- 3 years Underleveraged with a capacity to raise non-dilutionary capital for growth projects

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Gerard Kisbey-Green, CEO Email: gkisbeygreen@goldplat.com Tel: +27 (071) 8915775

Corporate Presentation - April 2018

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CONTACT US

PUBLIC RELATIONS St Brides Partners Ltd Charlotte Page / Susie Geliher

  • t. +44 (0) 20 7236 1177

BROKER WH Ireland Limited James Joyce / Jessica Cave

  • t. +44 (0) 207 220 1666

NOMAD Grant Thornton UK LLP Colin Aaronson / Jen Clarke t: +44 (0) 20 7383 5100

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WWW.GOLDPLAT.COM