----

----

| 1. | To the best of my knowledge, information and belief, the Report contains all scientific and technical information required to be disclosed to make the Report not misleading. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2. | The facts presented in the Report are correct to the best of my knowledge. |
|----|----------------------------------------------------------------------------|

| 3. | The analyses and conclusions are limited only by the reported forecasts and conditions. |
|----|-----------------------------------------------------------------------------------------|

| 4. | I have no present or prospective interest in the subject property or asset. |
|----|-----------------------------------------------------------------------------|

| 5. | My compensation, employment or contractual relationship with the Commissioning Entity is not contingent on any aspect of the Report. |
|----|--------------------------------------------------------------------------------------------------------------------------------------|

| 6. | I have no bias with respect to the assets that are the subject of the Report, or to the parties involved with the assignment. |
|----|-------------------------------------------------------------------------------------------------------------------------------|

| Yours faithfully,                                                               |   |
|---------------------------------------------------------------------------------|--------|
|                                                                                 |   |
| D v HEERDENB.Eng (Mining), M.Comm. (Bus. Admin.)Pr. Eng., FSAIMM, AMMSADIRECTOR |   |

----

----

----

----

----

| Item 1 | – Executive Summary                                                        | 1                                                                                  |
|--------|----------------------------------------------------------------------------------|------------------------------------------------------------------------------------|
|   | Item 1 (a)                                                                       |     – Property Description                                    | 1 |
|   | Item 1 (b)                                                                       |     – Ownership of the Property                               | 2 |
|   | Item 1 (c)                                                                       |     - Geology and Mineral Deposit                                   | 2 |
|   | Item 1 (d)                                                                       |     - Overview of the Project Geology                          | 3 |
|   | Item 1 (e)                                                                       |     - Local Property Geology                                        | 4 |
|   | Item 1 (f)                                                                       |     – Status of Exploration                                   | 6 |
|   | Item 1 (g)                                                                       |     – Mineral Resource and Mineral Reserve Estimates          | 6 |
|   | Item 1 (h)                                                                       |     – Development and Operations                              | 7 |
|   | Item 1 (i)                                                                       |     - Market Valuation                                              | 7 |
|   | Item 1 (j)                                                                       |     – Qualified Person's Conclusions and Recommendations      | 10 |
| Item 2 | – Introduction                                                             | 15                                                                                 |
|   | Item 2 (a)                                                                       |     – Issuer Receiving the Report                             | 15 |
|   | Item 2 (b)                                                                       |     – Terms of Reference and Purpose of the Report            | 15 |
|   | Item 2 (c)                                                                       |     – Sources of Information and Data Contained in the Report | 15 |
|   | Item 2 (d)                                                                       |     – Qualified Persons' Personal Inspection of the Property  | 15 |
|   | Item 2 (e)                                                                       |     – Forward-Looking Statement                               | 16 |
| Item 3 | – Reliance on Other Experts                                                | 17                                                                                 |
| Item 4 | – Property Description and Location                                   | 18                                                                                 |
|   | Item 4 (a)                                                                       |     – Area of the Property                                    | 18 |
|   | Item 4 (b)                                                                       |     – Location of the Property                                | 18 |
|   | Item 4 (c)                                                                       |     – Mineral Deposit Tenure                                  | 18 |
|   | Item 4 (d)                                                                       |     – Issuer's Title to/Interest in the Property              | 21 |
|   | Item 4 (e)                                                                       |     – Royalties and Payments                                  | 22 |
|   | Item 4 (f)                                                                       |     – Environmental Liabilities                               | 22 |
|   | Item 4 (g)                                                                       |     – Permits to Conduct Work                                 | 22 |
|   | Item 4 (h)                                                                       |     – Other Significant Factors and Risks                     | 22 |
| Item 5 | – Accessibility, Climate, Local Resources, Infrastructure and Physiography | 23                                                                                 |
|   | Item 5 (a)                                                                       |     – Topography, Elevation and Vegetation                    | 23 |
|   | Item 5 (b)                                                                       |     – Access to the Property                                  | 23 |
|   | Item 5 (c)                                                                       |     – Proximity to Population Centres and Nature of Transport | 23 |
|   | Item 5 (d)                                                                       |     – Climate and Length of Operating Season                  | 23 |
|   | Item 5 (e)                                                                       |     – Infrastructure                                     | 25 |
| Item 6 | – History                                                                  | 26                                                                                 |
|   | Item 6 (a)                                                                       |     – Prior Ownership and Ownership Changes                   | 26 |
|   | Item 6 (b)                                                                       |     – Historical Exploration and Development                  | 26 |
|   | Item 6 (c)                                                                       |     – Historical Mineral Resource Estimates                   | 26 |
|   | Item 6 (d)                                                                       |     – Historical Mineral Reserve Estimates                    | 26 |
|   | Item 6 (e)                                                                       |     – Historical Production                                   | 26 |
| Item 7 | – Geological Setting and Mineralisation                                    | 28                                                                                 |
|   | Item 7 (a)                                                                       |     - Regional Geology                                              | 28 |
|   | Item 7 (b)                                                                       |     - Local Geology                                                 | 29 |
|   | Item 7 (c)                                                                       |     - Project Geology                                               | 30 |
|   | Item 7 (d)                                                                       |     - Blanket Mine Mineral Deposits                                 | 32 |
| Item 8 | – Deposit Types                                                            | 34                                                                                 |
|   | Item 8 (a)                                                                       |     - Disseminated Sulphide Replacement Reefs                       | 34 |
|   | Item 8 (b)                                                                       |     - Quartz-Filled Reefs and Shears                                | 34 |
|   | Item 8 (c)                                                                       |     - Mineralisation                                                | 35 |

----

| Item 9  | – Exploration                                     | 36                                                                                                           |
|---------|---------------------------------------------------------|--------------------------------------------------------------------------------------------------------------|
|    | Item 9 (a)                                              |     – Survey Procedures and Parameters                                                  | 37 |
|    | Item 9 (b)                                              |     - Sampling Methods and Sample Quality                                                     | 37 |
|    | Item 9 (c)                                              |     – Sample Data                                                                       | 38 |
|    | Item 9 (d)                                              |     – Results and Interpretation of Exploration Information                             | 38 |
| Item 10 | – Drilling                                        | 40                                                                                                           |
|    | Item 10 (a)                                             |     – Type and Extent of Drilling                                                       | 40 |
|    | Item 10 (b)                                             |     – Factors Influencing the Accuracy of Results                                       | 43 |
|    | Item 10 (c)                                             |     – Exploration Properties – Drill Hole Details                                 | 44 |
| Item 11 |  – Sample Preparation, Analyses and Security | 47                                                                                                           |
|    | Item 11 (a)                                             |     – Sample Handling Prior to Dispatch                                                 | 47 |
|    | Item 11 (b)                                             |      – Sample Preparation and Analysis Procedures                                  | 47 |
|    | Item 11 (c)                                             |     – Quality Assurance and Quality Control                                             | 48 |
|    | Item 11 (d)                                             |     – Adequacy of Sample Preparation                                                    | 48 |
|         | Item 12                                                 | – Data Verification                                                                                    | 49 |
|    | Item 12 (a)                                             |     – Data Verification Procedures                                                      | 49 |
|    | Item 12 (b)                                             |     – Limitations on/Failure to Conduct Data Verification                               | 51 |
|    | Item 12 (c)                                             |     – Adequacy of Data                                                                  | 51 |
| Item 13 | – Mineral Processing and Metallurgical Testing    | 52                                                                                                           |
|    | Item 13 (a)                                             |     – Nature and Extent of Testing and Analytical Procedures                            | 52 |
|    | Item 13 (b)                                             |     – Basis of Assumptions Regarding Recovery Estimates                                 | 52 |
|    | Item 13 (c)                                             |     – Representativeness of Samples                                                     | 52 |
|    | Item 13 (d)                                             |     – Deleterious Elements for Extraction                                               | 52 |
| Item 14 | – Mineral Resource Estimates                      | 53                                                                                                           |
|    | Item 14 (a)                                             |     – Assumptions, Parameters and Methods Used for Resource Estimates                   | 53 |
|    | Item 14 (b)                                             |     – Disclosure Requirements for Resources                                             | 55 |
|    | Item 14 (c)                                             |     – Individual Grade of Metals                                                        | 56 |
|    | Item 14 (d)                                             |     – Factors Affecting Resource Estimates                                              | 56 |
| Item 15 | – Mineral Reserve Estimates                       | 57                                                                                                           |
|    | Item 15 (a)                                             |     - Key Assumptions, Parameters and Methods                                                 | 57 |
|    | Item 15 (b)                                             |     - Mineral Reserve Reconciliation - Compliance with Disclosure Requirements                | 57 |
|    | Item 15 (c)                                             |     - Multiple Commodity Reserve (Prill Ratio)                                                | 58 |
|    | Item 15 (d)                                             |     - Factors Affecting Mineral Reserve Estimation                                       | 58 |
| Item 16 | – Mining Methods                                  | 59                                                                                                           |
|    | Item 16 (a)                                             |     – Parameters Relevant to Mine Design                                                | 59 |
|    | Item 16 (b)                                             |     – Production Rates, Expected Mine Life, Mining Unit Dimensions, and Mining Dilution | 61 |
|    | Item 16 (c)                                             |     – Requirements for Stripping, Underground Development and Backfilling               | 62 |
|    | Item 16 (d)                                             |     – Required Mining Fleet and Machinery                                               | 62 |
| Item 17 | - Recovery Methods                                      | 63                                                                                                           |
|    | Item 17 (a)                                             |     - Flow Sheets and Process Recovery Methods                                                | 63 |
|    | Item 17 (b)                                             |     - Operating Results Relating to Gold Recovery                                             | 66 |
|    | Item 17 (c)                                             |     - Plant Design and Equipment Characteristics                                              | 67 |
|    | Item 17 (a)                                             |     – Current Requirements for Reagents and labour                                      | 70 |
| Item 18 | – Project Infrastructure                          | 72                                                                                                           |
|    | Item 18 (a)                                             |     - Mine Layout and Operations                                                              | 72 |
|    | Item 18 (b)                                             |      - Infrastructure                                                                    | 73 |
|    | Item 18 (c)                                             |      - Services                                                                          | 73 |
| Item 19 | – Market Studies and Contracts                    | 75                                                                                                           |
|    | Item 19 (a)                                             | – Market Studies and Commodity Market Assessment                                                       | 75 |
|    | Item 19 (b)                                             | – Contracts                                                                                            | 86 |

----

| Item 20 | – Environmental Studies, Permitting and Social or Community Impact | 87                                                                                         |
|---------|--------------------------------------------------------------------------|--------------------------------------------------------------------------------------------|
|    | Item 20 (a)                                                              |     – Relevant Environmental Issues and Results of Studies Done       | 87 |
|    | Item 20 (b)                                                              |     – Waste Disposal, Site Monitoring and Water Management            | 87 |
|    | Item 20 (c)                                                              |     - Permit Requirements                                                   | 88 |
|    | Item 20 (d)                                                              |     – Social and Community-Related Requirements                  | 88 |
|    | Item 20 (e)                                                              |     – Mine Closure Costs and Requirements                             | 88 |
| Item 21 | – Capital and Operating Costs                                      | 89                                                                                         |
|    | Item 21 (a)                                                              |    – Capital Costs                                                         | 89 |
|    | Item 21 (b)                                                              |     – Operating Cost                                                  | 89 |
| Item 22 | – Economic Analysis                                                | 96                                                                                         |
|    | Item 22 (a)                                                              |     - Principal Assumptions                                                 | 96 |
|    | Item 22 (b)                                                              |     - Cash Flow Forecast                                                    | 98 |
|    | Item 22 (c)                                                              |     - Net Present Value                                                     | 102 |
|    | Item 22 (d)                                                              |     - Regulatory Items                                                      | 102 |
|    | Item 22 (e)                                                              |     - Sensitivity Analysis                                                  | 103 |
| Item 23 | - Adjacent Properties                                                    | 105                                                                                        |
|    | Item 23 (a)                                                              |     – Public Domain Information                                       | 105 |
|    | Item 23 (b)                                                              |     – Sources of Information                                          | 105 |
|    | Item 23 (c)                                                              |     – Verification of Information                                     | 106 |
|    | Item 23 (d)                                                              |     – Applicability of Adjacent Property's Mineral Deposit to Project | 106 |
|    | Item 23 (e)                                                              |     – Historical Estimates of Mineral Resources or Mineral Reserves   | 106 |
| Item 24 | – Other Relevant Data and Information                              | 107                                                                                        |
|    | Item 24 (a)                                                              | -     Upside Potential                                                 | 107 |
| Item 25 | – Interpretation and Conclusions                                   | 116                                                                                        |
| Item 26 | – Recommendations                                                  | 119                                                                                        |
|         | Item 27                                                                  | – References                                                                         | 121 |
|    | Glossary of Terms                                                        | 123                                                                                        |
|    | Appendix                                                                 | 128                                                                                        |

|       |                                                                                                 |   |
|------------|------------------------------------------------------------------------------------------------------|--------|
| Figure 1:  | General Location of Blanket Mine                                                                     | 18     |
| Figure 2:  | Location of Blanket Mineral Rights                                                                   | 20     |
| Figure 3:  |  Blanket Mine Ownership Structure                                                               | 21     |
| Figure 4:  | Gwanda Average Temperatures                                                                          | 24     |
| Figure 5:  | Gwanda Average Monthly Precipitation                                                                 | 24     |
| Figure 6:  | General Location and Infrastructure                                                                  | 25     |
| Figure 7:  | Historical Production Statistics                                                                     | 27     |
| Figure 8:  | Blanket Historical Production                                                                        | 27     |
| Figure 9:  | Zimbabwe Craton                                                                                      | 28     |
| Figure 10: | Regional Geology of the Gwanda Greenstone Belt                                                       | 29     |
| Figure 11: | Stratigraphic Column of the Blanket Mine Area                                                        | 30     |
| Figure 12: | Local Geology of Blanket Mine                                                                        | 31     |
| Figure 13: | Blanket Mine Longitudinal Section Showing Production Areas                                           | 31     |
| Figure 14: | Location of GG and Mascot Exploration Shafts                                                         | 36     |
| Figure 15: | GG Exploration Shaft                                                                                 | 36     |
| Figure 16: | Chip Sampling and Sludge Sampling and Evaluation Holes at Eroica                                     | 38     |
| Figure 17: | An Example of a Vertical Projection Using the Chip Sampling to Delineate the Payable Mineral Deposit | 39     |

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| Figure 18: |  GG Project Area Indicating Mineral Deposits Relative to Surface Drilling                                | 40 |
|------------|---------------------------------------------------------------------------------------------------------------|----|
| Figure 19: | Typical Style of Drilling in Haulages                                                                         | 41 |
| Figure 20: | Deep Drilling from Underground                                                                                | 42 |
| Figure 21: |  Assay Plan                                                                                              | 43 |
| Figure 22: |  Section through GG Exploration Shaft with Resource Blocks, Development Sampling and Drilling            | 44 |
| Figure 23: | Mascot Main Reef Resource Blocks as Defined by Historical Development Sampling and Current Drilling           | 45 |
| Figure 24: |  Mascot South Parallel Reef Projection Indicating Resource Blocks as Defined by Drill Hole Intersections | 46 |
| Figure 25: | Development Assay Plan                                                                                        | 49 |
| Figure 26: | Resource Block Evaluation Sheet                                                                               | 50 |
| Figure 27: |  Resource Block Summary (note that Sample Width has m and not cm units – affects other units)      | 50 |
| Figure 28: | Underhand Stoping Method                                                                                      | 59 |
| Figure 29: | Long Hole Stoping                                                                                             | 60 |
| Figure 30: |  Blanket Mine Total Production                                                                           | 62 |
| Figure 31: | Process Flow Schematic – Comminution Circuits                                                           | 64 |
| Figure 32: | Process Flow Schematic – CIL and Elution Circuits                                                       | 65 |
| Figure 33: | Historic Milled Tonnes and Head Grade from January 2013 to July 2014                                          | 66 |
| Figure 34: | Historic Recoveries and Gold Production from January 2013 to July 2014                                        | 67 |
| Figure 35: | Cone Crusher Feed Stockpile                                                                                   | 67 |
| Figure 36: | Cone Crushers                                                                                                 | 68 |
| Figure 37: | Rod Mills                                                                                                     | 68 |
| Figure 38: | CIL Circuit                                                                                                   | 69 |
| Figure 39: | Elution and Electrowinning Vessels                                                                            | 70 |
| Figure 40: | General Location and Infrastructure                                                                           | 72 |
| Figure 41: | No 4 Shaft Headgear and Winder Room                                                                           | 72 |
| Figure 42: | Surface Infrastructure Arrangement                                                                            | 73 |
| Figure 43: | Diesel Genset Unit and Genset Shed                                                                            | 74 |
| Figure 44: | Nominal Spot Gold Price and Price in Real Current Day Terms                                                   | 75 |
| Figure 45: | Top 10 Countries by Total Resource Ounces                                                                     | 77 |
| Figure 46: | Gold Supply                                                                                                   | 78 |
| Figure 47: | Recycled Gold and Price Relationship                                                                          | 79 |
| Figure 48: |  Global Demand for Gold                                                                                  | 80 |
| Figure 49: | Central Bank Annual Net Sales and Purchases                                                                   | 81 |
| Figure 50: | Gold Price vs. USD/Euro                                                                                       | 83 |
| Figure 51: | Gold Price vs. Real US Rate                                                                                   | 84 |
| Figure 52: | Gold Price vs. Real US Rate                                                                                   | 84 |
| Figure 53: | Gold Yearly Prices                                                                                            | 85 |
| Figure 54: | Real Gold Price Ranges                                                                                        | 86 |
| Figure 55: | Capital Schedule Based on Reserves                                                                            | 89 |
| Figure 56: | Actual vs. Planned Operating Expenditure                                                                      | 90 |
| Figure 57: |  Actual vs. Planned Operating Expenditure and Milled Tonnes                                              | 90 |
| Figure 58: | Labour Split                                                                                                  | 91 |
| Figure 59: | Actual vs. Forecast Unit Costs                                                                                | 93 |
| Figure 60: | Production Cost per Milled Tonne vs. Tonnes Milled                                                            | 95 |
| Figure 61: | Fully-Allocated Costs vs. Gold Price                                                                          | 95 |
| Figure 62: | Junior and Major Indices and Caledonia (CAL) Measured against the S&P 500                                 | 98 |
| Figure 63: | Saleable Product                                                                                              | 98 |

----

| Figure 64: | Annual and Cumulative Cash Flow          | 99  |
|------------|------------------------------------------|-----|
| Figure 65: | Actual Profit vs. Forecasted Profit      | 100 |
| Figure 66: | Project Sensitivity (NPV8.36%)           | 103 |
| Figure 67: | Adjacent Properties                      | 105 |
| Figure 68: | Below 750 m Level - Blanket Mine         | 108 |
| Figure 69: | Blanket PEA Production Profiles          | 108 |
| Figure 70: | Saleable Product                         | 109 |
| Figure 71: | PEA Expansion Project Capital Scheduling | 110 |
| Figure 72: | PEA Study Capital Schedule               | 111 |
| Figure 73: | Monte Carlo LoM Summary Report           | 113 |
| Figure 74: | Annual and Cumulative Cash Flow          | 114 |
| Figure 75: | Project Sensitivity (NPV8.36%)           | 114 |

| Table 1:  | August 2013 and August 2014 Blanket Mine Mineral Resource Reconciliation (as tabulated by Blanket Mine) | 54  |
|-----------|---------------------------------------------------------------------------------------------------------|-----|
| Table 2:  | August 2014 Mineral Resource as Verified by Minxcon                                                     | 55  |
| Table 3:  | August 2014 Mineral Resource for GG as Verified by Minxcon                                              | 55  |
| Table 4:  | August 2014 Mineral Resource for Mascot as Verified by Minxcon                                          | 55  |
| Table 5:  | Mine Design Criteria - Stoping                                                                          | 57  |
| Table 6:  | Mineral Reserve Statement (October 2014)                                                                | 57  |
| Table 7:  | Mineral Reserve Reconciliation                                                                          | 58  |
| Table 8:  | MCF History                                                                                             | 61  |
| Table 9:  | Historic Production from 2013 to July 2014.                                                             | 66  |
| Table 10: | Labour Complement for the Plant                                                                         | 70  |
| Table 11: |  Reagent and Consumable Consumptions                                                               | 71  |
| Table 12: | Geographical Gold Deposits                                                                              | 76  |
| Table 13: | Country Listing of Gold Reserves                                                                        | 77  |
| Table 14: | Top 20 Gold Mining Countries                                                                            | 78  |
| Table 15: | Top 40 Reported Official Gold Holdings (As at March 2014)                                               | 82  |
| Table 16: | Gold Price Forecast (Nominal Terms)                                                                     | 86  |
| Table 17: | Fixed and Variable Mining Operating Cost                                                                | 92  |
| Table 18: | Historic Plant Operating Costs between 2012 and July 2014                                               | 92  |
| Table 19: | Expected Plant Operating Cost at Steady State                                                           | 93  |
| Table 20: | OPEX Summary                                                                                            | 94  |
| Table 21: | Gold Forecast                                                                                           | 96  |
| Table 22: | Recovery Percentage                                                                                     | 97  |
| Table 23: | Nominal Discount Rate Calculation                                                                       | 97  |
| Table 24: | Production Breakdown in LoM                                                                             | 99  |
| Table 25: | Real Cash Flow                                                                                          | 101 |
| Table 26: | Project Valuation Summary – Real Terms                                                            | 102 |
| Table 27: | Profitability Ratios                                                                                    | 102 |
| Table 28: | Input Ranges                                                                                            | 102 |
| Table 29: | Range of Values                                                                                         | 102 |
| Table 30: | Sensitivity Analysis of Gold Price and Grade to NPV8.36% (USDm)                                         | 104 |
| Table 31: | Sensitivity Analysis of Production Costs and Sustaining Capital to NPV8.36% (USDm)                      | 104 |
| Table 32: | PEA Production Breakdown in LoM                                                                         | 109 |
| Table 33: | Expansion Project Capital Estimation                                                                    | 110 |

----

| Table 34: | Total Capital Estimation                                                | 110 |
|-----------|-------------------------------------------------------------------------|-----|
| Table 35: | PEA OPEX Summary                                                        | 111 |
| Table 36: | PEA Fully-Allocated Costs vs. Gold Price                                | 112 |
| Table 37: | PEA Valuation Summary – Real Terms                                | 112 |
| Table 38: | PEA Profitability Ratios                                                | 112 |
| Table 39: | Monte Carlo Input Ranges                                                | 113 |
| Table 40: | Sensitivity Analysis of Gold Price and Grade to NPV8.36% (USDm)         | 115 |
| Table 41: | Sensitivity Analysis of Production Costs and Capital to NPV8.36% (USDm) | 115 |
| Table 42: |  Glossary of Terms                                                 | 123 |

| Appendix 1: | Qualified Persons' Certificates | 128 |
|-------------|---------------------------------|-----|
| Appendix 2: | Blanket Operating Claims        | 133 |
| Appendix 3: | Blanket Non-Operating Claims    | 137 |
| Appendix 4: | Blanket Exploration Claims      | 138 |

----

| ITEM 1 | – EXECUTIVE SUMMARY |
|--------|---------------------------|

----

| Item 1 (a) | – Property Description |
|------------|------------------------------|

|   |                              |
|--------|------------------------------|
|   | Location of the Blanket Mine |

----

| Item 1 (b) | – Ownership of the Property |
|------------|-----------------------------------|

|  | · | 16% was sold to the National Indigenisation and Economic Empowerment Fund; |
|--|--------|----------------------------------------------------------------------------|

|  | · | 10% was sold to a Management and Employee Trust for the benefit of the present and future managers and employees of Blanket; |
|--|--------|------------------------------------------------------------------------------------------------------------------------------|

|  | · | 15% was sold to identified Indigenous Zimbabweans; and |
|--|--------|--------------------------------------------------------|

|  | · | 10% was donated to the Gwanda Community Share Ownership Trust. Blanket also made a non-refundable donation of USD1 million to the Trust as soon as it was established and paid advance dividends of USD4 million before the end of April 2013. |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |                     |
|--------|---------------------|
|   | Ownership Structure |

| Item 1 (c) | - Geology and Mineral Deposit |
|------------|-------------------------------|

----

|  | · | Older greenstones called the Sebakwian Group, which are mostly metamorphosed to amphibolite facies. They comprise komatiitic and basaltic volcanic rocks, some banded iron formation ("BIF"), as well as clastic sediments. |
|--|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | The Lower Bulawayan Group, which comprises basalts, high-Mg basalts, felsic volcanic rocks and mixed chemical and clastic sediments. The Lower Bulawayan Group forms the Belingwe (Mberengwa) greenstones. |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | The Upper Bulawayan (upper greenstones) and Shamvaian groups, which comprise a succession of sedimentary and komatiitic to tholeiitic to calc-alkaline rocks. |
|--|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | Archaean Limpopo Mobile Belt to the south; |
|--|--------|--------------------------------------------|

|  | · | Magondi Mobile Belt on the north-western margin of the Craton; and |
|--|--------|--------------------------------------------------------------------|

|  | · | Zambezi Mobile Belt to the north and northeast of the Zimbabwe Craton. |
|--|--------|------------------------------------------------------------------------|

|   |                                               |
|--------|-----------------------------------------------|
|   | The Zimbabwe Craton Relative to Other Cratons |

----

| Item 1 (d) | - Overview of the Project Geology |
|------------|-----------------------------------|

| Item 1 (e) | - Local Property Geology |
|------------|--------------------------|

|   |                                                            |
|--------|------------------------------------------------------------|
|   | Blanket Mine Longitudinal Section Showing Production Areas |

----

|   |                                |
|--------|--------------------------------|
|   | Lithology of Blanket Mine Area |

----

|   |                              |
|--------|------------------------------|
|   | Stratigraphy of Blanket Mine |

| Item 1 (f) | – Status of Exploration |
|------------|-------------------------------|

|  | · | 47 are registered as precious metal (gold) blocks covering 415 ha. Gold or precious metal claims measure 10 ha x 1 ha (10 ha) and; |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------|

|  | · | 31 claims were pegged and are registered as base metal (Cu, Ni, As) blocks, covering an area of 2,085 ha. Base-metal claims are larger than precious metal blocks. |
|--|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Item 1 (g) | – Mineral Resource and Mineral Reserve Estimates |
|------------|--------------------------------------------------------|

----

| Mineral Resource Category    | Tonnage   | Au   | Au Content | Ounces  |
|------------------------------|-----------|------|------------|---------|
|                         | t         | g/t  | kg         | oz.     |
| Measured Resource            | 1,572,733 | 3.91 | 6,146      | 197,606 |
| Indicated Resource           | 2,478,902 | 3.77 | 9,340      | 300,288 |
| Total Measured and Indicated | 4,051,635 | 3.82 | 15,486     | 497,895 |
| Inferred Resource            | 3,344,831 | 5.11 | 17,106     | 549,963 |

|  | 1. | Tonnes are in situ. |
|--|----|---------------------|

|  | 2. | All figures are in metric tonnes. |
|--|----|-----------------------------------|

|  | 3. | Mineral Reserves are included in the Mineral Resource. |
|--|----|--------------------------------------------------------|

|  | 4. | Mineral Resources are stated at a 1.96 g/t cut-off. |
|--|----|-----------------------------------------------------|

|  | 5. | No geological losses were applied to the tonnage. |
|--|----|---------------------------------------------------|

|  | 6. | Tonnage and grade have been rounded and this may result in minor adding discrepancies. |
|--|----|----------------------------------------------------------------------------------------|

|  | 7. | The tonnages are stated at a relative density of 2.86 t/m3. |
|--|----|-------------------------------------------------------------|

|  | 8. | Conversion from kg to oz.: 1:32.15076. |
|--|----|----------------------------------------|

| Mineral Reserve Category | Tonnage   | Au   | Au Content | Ounces  |
|--------------------------|-----------|------|------------|---------|
| t                        | g/t       | kg   | oz.        |
| Proven                   | 856,005   | 3.40 | 2,912      | 93,638  |
| Probable                 | 2,077,828 | 3.78 | 7,862      | 252,758 |
| Total Mineral Reserves   | 2,933,833 | 3.67 | 10,774     | 346,396 |

|  | 1. | Tonnages refer to tonnes delivered to the metallurgical plant. |
|--|----|----------------------------------------------------------------|

|  | 2. | All figures are in metric tonnes. |
|--|----|-----------------------------------|

|  | 3. | 1kg = 32.15076 oz. |
|--|----|--------------------|

|  | 4. | Pay limit Blanket Mine 2.03 g/t. |
|--|----|----------------------------------|

|  | 5. | Pay Limit calculated: USD/oz. = 1250; Direct Cash Cost (C1) – 71 USD/t milled. |
|--|----|--------------------------------------------------------------------------------------|

|  | 6. | The reduction in ounces is mainly attributed to the exclusion of previously stated Proven and Probable Reserves below 750 m Level. (These ounces are accounted for as Measured and Indicated Resources.) |
|--|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Item 1 (h) | – Development and Operations |
|------------|------------------------------------|

| Item 1 (i) | - Market Valuation |
|------------|--------------------|

----

| Item                                            | Unit             | Amount  | Unit         | Amount |
|-------------------------------------------------|------------------|---------|--------------|--------|
| Net Turnover                                    | USD/Milled tonne | 138     | USD/Gold oz. | 1,250  |
| Mine Cost                                       | USD/Milled tonne | 49      | USD/Gold oz. | 446    |
| Plant Costs                                     | USD/Milled tonne | 17      | USD/Gold oz. | 153    |
| Other Costs                                     | USD/Milled tonne | 5       | USD/Gold oz. | 41     |
| Direct Cash Costs (C1)                          | USD/Milled tonne | 71      | USD/Gold oz. | 641    |
| Capex                                           | USD/Milled tonne | 5       | USD/Gold oz. | 45     |
| Production Costs (C2)                           | USD/Milled tonne | 76      | USD/Gold oz. | 685    |
| Royalties                                       | USD/Milled tonne | 7       | USD/Gold oz. | 63     |
| Other Cash Costs                                | USD/Milled tonne | 13      | USD/Gold oz. | 116    |
| Fully Allocated Costs/ Notional Costs (C3) | USD/Milled tonne | 95      | USD/Gold oz. | 864    |
| NCE Margin                                      | %                | 31%     | %            | 31%    |
| EBITDA*                                         | USD/Milled tonne | 48      | USD/Gold oz. | 431    |
| EBITDA Margin                                   | %                | 34%     |         |   |
| Gold Recovered                                  | oz.              | 323,881 |         |   |

|  | 1. | * EBITDA excludes capital expenditure. |
|--|----|----------------------------------------|

|  | 2. | Numbers may not add up due to rounding. |
|--|----|-----------------------------------------|

----

| Item              | Unit | Value                                                                                                                                                                                                                                                                |
|-------------------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Real NPV @ 0.00%  | USDm |                                            87 |
| Real NPV @ 5.00%  | USDm |                                            70 |
| Real NPV @ 8.36%  | USDm |                                            66 |
| Real NPV @ 10.00% | USDm |                                            57 |
| Real NPV @ 15.00% | USDm |                                            47 |
| Item                               | Unit    | Profitability Ratios |
|------------------------------------|---------|----------------------|
| Total ounces in Reserve LoM plan   | oz.     | 346,397              |
| In Situ Mining Inventory Valuation | USD/oz. | 190                  |
| Production LoM                     | Years   | 8                    |
| Present Value of Income Flow       | USDm    | 106                  |
| Break Even Milled Grade            | g/t     | 2.54                 |
| Incentive Gold Price               | USD/oz. | 864                  |

----

| Item 1 (j) | – Qualified Person's Conclusions and Recommendations |
|------------|------------------------------------------------------------|

|  | · | The Mineral Resources and Reserves tabulated on the operation are not aligned with best practises and reporting formats. These spread sheets should be revised. |
|--|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | The manual mineral resource estimation methodology is deemed satisfactory, but a digital database would have advantages in terms of 3D visualisation and understanding the data. |
|--|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | The QA/QC practices are not up to standard and need to be revised and implemented. |
|--|--------|------------------------------------------------------------------------------------|

|  | · | The "deep" drilling and exploration drilling QA/QC needs to be improved. |
|--|--------|--------------------------------------------------------------------------|

|  | · | Drilling for the depth extensions should be increased to increase the confidence of the resource for the deepening of the project. |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------|

|  | · | The Reserve LoM plan is based on the depletion of Mineral Resource blocks following a study of mine plans. |
|--|--------|------------------------------------------------------------------------------------------------------------|

|  | · | The developments required to access the mine's Measured and Indicated Mineral Resources have been completed. |
|--|--------|--------------------------------------------------------------------------------------------------------------|

|  | · | Historic production volumes have been on the increase since Jan 2012, moving closer to 35 ktpm. The mine plan will require production to maintain a slow but steady increase up to 40 ktpm in 2018. |
|--|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | Rock conditions are fairly competent and roof support is rarely required. |
|--|--------|---------------------------------------------------------------------------|

|  | · | Existing infrastructure at the Blanket Mine is sufficient to sustain the current production profile. |
|--|--------|------------------------------------------------------------------------------------------------------|

|  | · | The plant is well-maintained and equipped to crush and mill up to 40 kt per month. |
|--|--------|------------------------------------------------------------------------------------|

|  | · | The CIL circuit has adequate capacity to treat up to 120 kt of milled material per month. |
|--|--------|-------------------------------------------------------------------------------------------|

|  | · | The plant is adequately staffed considering that most of the plant is manually controlled. |
|--|--------|--------------------------------------------------------------------------------------------|

|  | · | Overall gold recoveries have been consistent on a monthly basis. |
|--|--------|------------------------------------------------------------------|

|  | · | The high free gold recovery of approximately 50% contributes to the overall high gold recovery. |
|--|--------|-------------------------------------------------------------------------------------------------|

|  | · | The incorporation of a central process control system can improve recoveries and reduce costs. |
|--|--------|------------------------------------------------------------------------------------------------|

|  | · | Opportunities exist to reduce costs by optimising power measurement and reagent consumption. |
|--|--------|----------------------------------------------------------------------------------------------|

----

|  | · | The Project investigated is financially feasible at an 8.36% real discount rate. |
|--|--------|----------------------------------------------------------------------------------|

|  | · | The best-estimated value of the Project was calculated at USD66 million. |
|--|--------|--------------------------------------------------------------------------|

|  | · | The Blanket Mine has an NCE margin of 31% that is slightly higher when benchmarked against other mines. |
|--|--------|---------------------------------------------------------------------------------------------------------|

|  | · | The Project is most sensitive to gold price and grade. |
|--|--------|--------------------------------------------------------|

|  | · | Direct Cash cost for the Project is USD71/milled tonne that equates to USD641/oz., which is below the reported average global gold cash cost of USD767/oz. |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | Fully-allocated cost for the Project is USD95/milled tonne that equates to USD864/oz. |
|--|--------|---------------------------------------------------------------------------------------|

|  | · | The Mineral Resource confidence is concept level because the resources below 750 m Level are predominantly in the Inferred category. The following figure illustrates the red area included in the PEA Study:- |
|--|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |                                                       |
|--------|-------------------------------------------------------|
|   | Blanket Project Area Split, Below 750 m (Red Portion) |

|  | · | The PEA Study, design, schedule and OPEX estimation is better than concept level and is based on current actual performance. |
|--|--------|------------------------------------------------------------------------------------------------------------------------------|

|  | · | The capital estimation was estimated at a very high level of confidence based on engineering designs, drawings and firm quotes and is at least at a definitive level of confidence. |
|--|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  | · | The PEA includes only the Inferred Mineral Resources from the Below 750 m Level area. |
|--|--------|---------------------------------------------------------------------------------------|

|  | · | The existing infrastructure at the Blanket mine will be utilised in parallel with new infrastructure which is specifically aimed at targeting the Below 750 m Level mining areas. |
|--|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | The extensions will entail the sinking of a new vertical shaft from surface as well as the completion of the No 6 Winze deepening project. |
|--|--------|--------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | Capital for the various key expansion project items amounts to USD43 million. |
|--|--------|-------------------------------------------------------------------------------|

|  | · | The historic metallurgical recoveries of 93.5% are not expected to change with the increased tonnes from the Blanket Mine. |
|--|--------|----------------------------------------------------------------------------------------------------------------------------|

|  | · | The tonnage profile for the PEA is based on the replacement tonnages (Inferred Resources) to be mined through the existing shaft and the new central shaft situated in-between AR Main and AR South. |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | The average grade is expected to be 4.36 g/t. |
|--|--------|-----------------------------------------------|

|  | · | The infrastructure extensions as defined in the PEA contain approximately 385 koz of gold in situ. |
|--|--------|----------------------------------------------------------------------------------------------------|

|  | · | The PEA Study excludes the Exploration Target areas below AR Main, AR South, Lima and Eroica. The PEA project will provide access to these Exploration target areas and to future exploration areas below 1120 level that will potentially extend the LoM. |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | The best-estimated value of the PEA was calculated at USD65 million at a real discount rate of 8.36%. The IRR was calculated at 42% |
|--|--------|-------------------------------------------------------------------------------------------------------------------------------------|

|  | · | By using the Monte Carlo model for the PEA, the value range of the Blanket operation plots between USD44 million and USD84 million. |
|--|--------|-------------------------------------------------------------------------------------------------------------------------------------|

|  | · | The PEA is most sensitive to gold price and grade. |
|--|--------|----------------------------------------------------|

|  | · | The PEA has a break-even gold price of USD789/oz., including capital. |
|--|--------|-----------------------------------------------------------------------|

|  | · | Direct Cash cost for the PEA is USD67/milled t that equates to USD513/oz., which is below the average global gold cash cost of USD767/oz. |
|--|--------|-------------------------------------------------------------------------------------------------------------------------------------------|

| · | Fully-allocated cost for the PEA is USD86/milled t that equates to USD789/oz.; noticeably lower than similar gold mining operations. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------|

----

|  | · | Minxcon recommends that the Mineral Resources are stated as inclusive of Mineral Reserves and that the Measured and Indicated Resources be declared separate from the Inferred Resources. |
|--|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | The manual data should be captured digitally to reduce human error and assist in the 3D visualisation of the Mineral Deposit and potentially find hidden ore resource blocks. |
|--|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | Geostatistical analysis of the data could possibly help to increase the mineral resources. |
|--|--------|--------------------------------------------------------------------------------------------|

|  | · | Best practice QA/QC must be implemented on the operation, especially for the deep drilling and other exploration drilling as these sample points are single points and have greater influence than the day-to-day evaluation samples. |
|--|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | Currently, the block evaluation does not correct for dip, which leads to under evaluation of the volume and content per resource block. |
|--|--------|-----------------------------------------------------------------------------------------------------------------------------------------|

|  | · | Short deflections must be drilled when drilling the "deep" drill holes and exploration drill holes to understand variability and improve the confidence of the intersections for the Indicated and Inferred Resources. |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | Long inclined boreholes ("LIB") or directional drilling should be investigated as an option to drill more and deeper intersections in the "pay shoots" without increasing the cross-cut development. This could help convert the Inferred mineral resource to an Indicated mineral resource. |
|--|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | To assist in the LoM plan audit, a LoM design must be completed using one of the available software packages. This will be illustrated in the mining sequence and development. |
|--|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | The incorporation of additional process control systems should be pursued to improve gold recoveries and reduce costs. |
|--|--------|------------------------------------------------------------------------------------------------------------------------|

|  | · | Metering of power consumption to the main process units should be installed so that power utilisation can be controlled; this will lower operating costs. |
|--|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | The mill feed bin should be upgraded in size to increase the retention time to allow the crushers to operate during the day only. |
|--|--------|-----------------------------------------------------------------------------------------------------------------------------------|

|  | · | Reagent consumption (cyanide, and carbon) should be optimised further. |
|--|--------|------------------------------------------------------------------------|

|  | · | It is recommended that laboratory costs be captured centrally and allocated to the mining, geology and metallurgical department on a cost per sample basis. |
|--|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | To fully de-risk the PEA expansion project, it is recommended to do exploration drilling as illustrated in the figure below, to increase the level of confidence of the Mineral Resources to Indicated. |
|--|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |                  |
|--------|------------------|
|   | Below 750 m Area |

----

|  | · | Best practice QA/QC must be implemented on the operation, especially for deep drilling and other exploration drilling as these sample points are single points and have greater influence than the day-to-day evaluation samples. |
|--|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | Short deflections must be drilled when drilling the "deep" drill holes and exploration drill holes to understand variability and improve the confidence of the intersections for the Indicated and Inferred resources. |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | Long inclined boreholes or directional drilling should be investigated as an option to drill more and deeper intersections in the "pay shoots" without increasing the cross-cut development. This could help to convert the Inferred Mineral Resources to Indicated Mineral Resources. |
|--|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | The incorporation of additional process control systems should be pursued to improve gold recoveries and reduce costs. |
|--|--------|------------------------------------------------------------------------------------------------------------------------|

|  | · | Metering of power consumptions to the main process units should be installed so that plant power utilisation can be controlled. |
|--|--------|---------------------------------------------------------------------------------------------------------------------------------|

|  | · | Although the Gemini tables operate effectively at the moment, installation of Acacia reactors should be considered for upgrading of Knelson concentrates. |
|--|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| ITEM 2 | – INTRODUCTION |
|--------|----------------------|

----

| Item 2 (a) | – Issuer Receiving the Report |
|------------|-------------------------------------|

| Item 2 (b) | – Terms of Reference and Purpose of the Report |
|------------|------------------------------------------------------|

|  | · | The Caledonia offices in Johannesburg were visited to collect information pertaining to the financial, legal and environmental aspects of the Project. |
|--|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | Various technical and environmental reports prepared by various independent consultants were studied. |
|--|--------|-------------------------------------------------------------------------------------------------------|

|  | · | Geological data and Mineral Resources were reviewed. |
|--|--------|------------------------------------------------------|

|  | · | The Reserve LoM plan, Mineral Reserves and processing methodology were reviewed. |
|--|--------|----------------------------------------------------------------------------------|

|  | · | A Discounted Cash Flow ("DCF") analysis was completed. |
|--|--------|--------------------------------------------------------|

| Item 2 (c) | – Sources of Information and Data Contained in the Report |
|------------|-----------------------------------------------------------------|

|  | · | Technical reports and technical information from the Blanket Mine. |
|--|--------|--------------------------------------------------------------------|

|  | · | Historical Technical Reports, press releases and other public documents posted on SEDAR. |
|--|--------|------------------------------------------------------------------------------------------|

|  | · | Market research information from various websites, literature and other published articles. |
|--|--------|---------------------------------------------------------------------------------------------|

|  | · | Personal Communication with the COO of Caledonia, Mr. Dana Roets. |
|--|--------|-------------------------------------------------------------------|

|  | · | Personal Communication with the Vice President, Exploration of Caledonia, Dr. Trevor Pearton. |
|--|--------|-----------------------------------------------------------------------------------------------|

| Item 2 (d) | – Qualified Persons' Personal Inspection of the Property |
|------------|----------------------------------------------------------------|

----

| Item 2 (e) | – Forward-Looking Statement |
|------------|-----------------------------------|

----

| ITEM 3 | – RELIANCE ON OTHER EXPERTS |
|--------|-----------------------------------|

----

----

| ITEM 4 | - PROPERTY DESCRIPTION AND LOCATION |
|--------|-------------------------------------|

----

| Item 4 (a) | – Area of the Property |
|------------|------------------------------|

| Item 4 (b) | – Location of the Property |
|------------|----------------------------------|

|   |                              |
|--------|------------------------------|
|   | Location of the Blanket Mine |

| Item 4 (c) | – Mineral Deposit Tenure |
|------------|--------------------------------|

----

----

|   |                       |
|--------|-----------------------|
|   | Blanket Mine Boundary |

----

| Item 4 (d) | – Issuer's Title to/Interest in the Property |
|------------|----------------------------------------------------|

|  | · | 16% was sold to the National Indigenisation and Economic Empowerment Fund; |
|--|--------|----------------------------------------------------------------------------|

|  | · | 10% was sold to a Management and Employee Trust for the benefit of the present and future managers and employees of Blanket Mine; |
|--|--------|-----------------------------------------------------------------------------------------------------------------------------------|

|  | · | 15% was sold to identified indigenous Zimbabweans; and |
|--|--------|--------------------------------------------------------|

|  | · | 10% was donated to the Gwanda Community Share Ownership Trust. Blanket also made a non-refundable donation of USD1 million to the Trust as soon as it was established and paid advance dividends of USD4 million before the end of April 2013. |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |                     |
|--------|---------------------|
|   | Ownership Structure |

----

| Item 4 (e) | – Royalties and Payments |
|------------|--------------------------------|

| Item 4 (f) | – Environmental Liabilities |
|------------|-----------------------------------|

| Item 4 (g) | – Permits to Conduct Work |
|------------|---------------------------------|

| Item 4 (h) | – Other Significant Factors and Risks |
|------------|---------------------------------------------|

----

|  | ITEM 5 | – ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE AND PHYSIOGRAPHY |
|--|--------|----------------------------------------------------------------------------------|

----

| Item 5 (a) | – Topography, Elevation and Vegetation |
|------------|----------------------------------------------|

| Item 5 (b) | – Access to the Property |
|------------|--------------------------------|

| Item 5 (c) | – Proximity to Population Centres and Nature of Transport |
|------------|-----------------------------------------------------------------|

| Item 5 (d) | – Climate and Length of Operating Season |
|------------|------------------------------------------------|

----

|   |                             |
|--------|-----------------------------|
|   | Gwanda Average Temperatures |
|   |                              |
|--------|------------------------------|
|   | Gwanda Average Precipitation |

----

| Item 5 (e) | – Infrastructure |
|------------|------------------------|

|   |                                     |
|--------|-------------------------------------|
|   | General Location and Infrastructure |

----

|  | ITEM 6 | – HISTORY |
|--|--------|-----------------|

----

| Item 6 (a) | – Prior Ownership and Ownership Changes |
|------------|-----------------------------------------------|

| Item 6 (b) | – Historical Exploration and Development |
|------------|------------------------------------------------|

| Item 6 (c) | – Historical Mineral Resource Estimates |
|------------|-----------------------------------------------|

| Item 6 (d) | – Historical Mineral Reserve Estimates |
|------------|----------------------------------------------|

| Item 6 (e) | – Historical Production |
|------------|-------------------------------|

----

|   |                                                              |
|--------|--------------------------------------------------------------|
|   | Blanket Mine Historical Production Statistics (1906 to 2013) |

----

| ITEM 7 | – GEOLOGICAL SETTING AND MINERALISATION |
|--------|-----------------------------------------------|

----

| Item 7 (a) | - Regional Geology |
|------------|--------------------|

|   |                                               |
|--------|-----------------------------------------------|
|   | The Zimbabwe Craton Relative to Other Cratons |

|  | · | Older greenstones called the Sebakwian Group, which are mostly metamorphosed to amphibolite facies. They comprise komatiitic and basaltic volcanic rocks, some BIF, as well as clastic sediments. |
|--|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | The Lower Bulawayan Group, which comprises basalts, high-Mg basalts, felsic volcanic rocks and mixed chemical and clastic sediments. The Lower Bulawayan Group forms the Belingwe (Mberengwa) greenstones. |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | The Upper Bulawayan (upper greenstones) and Shamvaian groups, which comprise a succession of sedimentary and komatiitic to tholeiitic to calc-alkaline rocks. |
|--|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | The Archaean Limpopo Mobile Belt, which trends east-northeast and separates the Zimbabwe Craton from the Kaapvaal Craton to the south. High-grade metamorphic and igneous rocks, which include amphibolites, gneisses and granulites, characterise the Limpopo Mobile Belt. |
|--|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  | · | The Magondi Mobile Belt on the north-western margin of the Craton, which formed as a result of deformation and metamorphism of the Palaeoproterozoic Magondi Supergroup. The Dewaras Group (volcano-sedimentary deposits), the Lomagundi Group (sedimentary deposits) and the Piriwiri Group (sedimentary deposits) form the Magondi Supergroup. |
|--|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | The Zambezi Mobile Belt (comprising Neoproterozoic to Cambrian rocks) to the north and northeast of the Zimbabwe Craton, consisting of high grade and intensely deformed metasediments with intercalated basement gneisses. |
|--|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Item 7 (b) | - Local Geology |
|------------|-----------------|

|   |                                                |
|--------|------------------------------------------------|
|   | Regional Geology of the Gwanda Greenstone Belt |

----

| Item 7 (c) | - Project Geology |
|------------|-------------------|

|   |                              |
|--------|------------------------------|
|   | Stratigraphy of Blanket Mine |

----

|   |                                |
|--------|--------------------------------|
|   | Lithology of Blanket Mine Area |
|   |                                                            |
|--------|------------------------------------------------------------|
|   | Blanket Mine Longitudinal Section Showing Production Areas |

----

| Item 7 (d) | - Blanket Mine Mineral Deposits |
|------------|---------------------------------|

----

----

|  | ITEM 8 | – DEPOSIT TYPES |
|--|--------|-----------------------|

----

|  | · | Silver (Ag) rich deposits, in which the concentration of silver exceeds that of gold. |
|--|--------|---------------------------------------------------------------------------------------|

|  | · | Gold (Au) rich deposits, in which the concentration of gold exceeds that of silver. The gold and silver concentrations of both types are at the ppm level. |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Item 8 (a) | - Disseminated Sulphide Replacement Reefs |
|------------|-------------------------------------------|

| Item 8 (b) | - Quartz-Filled Reefs and Shears |
|------------|----------------------------------|

----

| Item 8 (c) | - Mineralisation |
|------------|------------------|

|  | · | depths of between 6 km and 12 km; |
|--|--------|-----------------------------------|

|  | · | pressures between 1 and 3 kilobars; and |
|--|--------|-----------------------------------------|

|  | · | temperatures between 200o C and 400o C. |
|--|--------|---------------------------------------------------|

----

|  | ITEM 9 | – EXPLORATION |
|--|--------|---------------------|

----

|   |                                                              |
|--------|--------------------------------------------------------------|
|   | Blanket Mine Current Mining Operation and Exploration Shafts |
|   |                      |
|--------|----------------------|
|   | GG Exploration Shaft |

----

|  | Item 9 (a) | – Survey Procedures and Parameters |
|--|------------|------------------------------------------|

|  | · | Mineralised zones are explored by means of development drives mined along the strike of the shear zones. Evaluation drill holes are drilled from these drives every 7.5 m from cubbies to assist in the delineation of the Mineral Deposits. The delineation of the mineralised zone is based on the geology and the grade above 1.96 g/t. |
|--|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | The main survey plans are the main level plans and 15 m sub-level plans. Survey pegs are installed at about 30 m intervals to guide the development. All core drilling is indicated on these plans. |
|--|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | There are assay plans which display the development with the chip sampling, sludge sampling and evaluation drilling sampling (Figure 16). |
|--|--------|-------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | Stope assay plans capture the stoping and the stope assaying. |
|--|--------|---------------------------------------------------------------|

|  | · | Geological plans to help delineate the Mineral Deposits. |
|--|--------|----------------------------------------------------------|

|  | · | Due to the vertical nature of the Mineral Deposits there are also longitudinal projection assay plans. |
|--|--------|--------------------------------------------------------------------------------------------------------|

|  | Item 9 (b) | - Sampling Methods and Sample Quality |
|--|------------|---------------------------------------|

|  | · | underground core; |
|--|--------|-------------------|

|  | · | channel (chip) sampling; |
|--|--------|--------------------------|

|  | · | percussion drilling; |
|--|--------|----------------------|

|  | · | sludge sampling; |
|--|--------|------------------|

|  | · | evaluation drilling; and |
|--|--------|--------------------------|

|  | · | some deep diamond cored holes drilled from surface or underground platforms. |
|--|--------|------------------------------------------------------------------------------|

----

|  | Item 9 (c) | – Sample Data |
|--|------------|---------------------|

|   |                                                                                               |
|--------|-----------------------------------------------------------------------------------------------|
|   | Chip Sampling, Sludge Sampling and Evaluation Drill Holes on a Portion of 645 Level at Eroica |

|  | Item 9 (d) | – Results and Interpretation of Exploration Information |
|--|------------|---------------------------------------------------------------|

----

|   |                                                                                                 |
|--------|-------------------------------------------------------------------------------------------------|
|   | An Example of a Projection Using the Chip Sampling to Delineate the Mineralised Mineral Deposit |

----

|  | ITEM 10 | – DRILLING |
|--|---------|------------------|

----

| Item 10 (a) | – Type and Extent of Drilling |
|-------------|-------------------------------------|

|   |                                                                            |
|--------|----------------------------------------------------------------------------|
|   | GG Exploration Shaft with Associated Mineral Deposits and Surface Drilling |

----

|   |                                                      |
|--------|------------------------------------------------------|
|   | Horizontal Core Drilling in Haulages at Blanket Mine |

----

|   |                           |
|--------|---------------------------|
|   | Deep Borehole Underground |

----

|   |                                    |
|--------|------------------------------------|
|   | Typical Assay Plan at Blanket Mine |

----

|  | Item 10 (b) | – Factors Influencing the Accuracy of Results |
|--|-------------|-----------------------------------------------------|

|  | Item 10 (c) | – Exploration Properties – Drill Hole Details |
|--|-------------|-----------------------------------------------------------|

|   |                               |
|--------|-------------------------------|
|   | GG North Main Resource Blocks |

----

|   |                                             |
|--------|---------------------------------------------|
|   | Mascot Surface Drilling and Resource Blocks |

----

|   |                                                                              |
|--------|------------------------------------------------------------------------------|
|   | Mascot South Parallel Reef with Resource Blocks and Drill Hole Intersections |

----

|  | ITEM 11 | – SAMPLE PREPARATION, ANALYSES AND SECURITY |
|--|---------|---------------------------------------------------|

----

|  | Item 11 (a) | – Sample Handling Prior to Dispatch |
|--|-------------|-------------------------------------------|

|  | · | Ensures that all core is sequentially laid down in core boxes which are kept secure and guarded against possible mixing. |
|--|--------|--------------------------------------------------------------------------------------------------------------------------|

|  | · | Checks the drillers to ensure core obtained attains a recovery of at least 95%. |
|--|--------|---------------------------------------------------------------------------------|

|  | · | Ensures that all core boxes are collected at the end of the drilling shift. The core boxes are secured and transported to the core yard where they are entered into a log book, logged and sampled within 3 days. |
|--|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | Places the boxes containing the core in the correct sequence and identifies the mineralised zones. |
|--|--------|----------------------------------------------------------------------------------------------------|

|  | · | Marks samples at 0.6 m intervals in nearly homogeneous mineralised zones. Selective sampling intervals are employed on mineralised units with unique features e.g. colour, concentration of mineralisation, alteration, and mineralogy. |
|--|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | Splits the core into two halves (after completing marking) and then breaks at the marked intervals. |
|--|--------|-----------------------------------------------------------------------------------------------------|

|  | · | Inserts blank samples (dolerite dyke material) at a minimum rate of 1 blank sample after every 20 samples and with duplicates inserted randomly in every batch of samples to the laboratory. |
|--|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | Cloth sample bags (for sludge sampling) to allow for effective decanting of water while retaining the sample. Since more than one sample is taken from the sludge hole, the hole is flushed thoroughly with water before drilling and collecting the next sample. |
|--|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | Plastic sample bags are used in continuous chip and grab sampling. |
|--|--------|--------------------------------------------------------------------|

|  | · | Paper bags are used for sampling on-site core. The above bags are used once and discarded to minimise contamination. A ticket tagging system is used with sketches drawn at the face showing the ticket numbers corresponding to the samples taken. On receipt from the laboratory, results are plotted on the assay plan against the corresponding ticket numbers. |
|--|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | Item 11 (b) | – Sample Preparation and Analysis Procedures |
|--|-------------|----------------------------------------------------|

----

|  | Item 11 (c) | – Quality Assurance and Quality Control |
|--|-------------|-----------------------------------------------|

|  | Item 11 (d) | – Adequacy of Sample Preparation |
|--|-------------|----------------------------------------|

----

|  | ITEM 12 | – DATA VERIFICATION |
|--|---------|---------------------------|

----

|  | Item 12 (a) | – Data Verification Procedures |
|--|-------------|--------------------------------------|

|   |                                                                           |
|--------|---------------------------------------------------------------------------|
|   | Various Sampling Points Utilised in the Evaluation of the Block Summaries |

----

|   |                                                             |
|--------|-------------------------------------------------------------|
|   | Resource Block Evaluation Sheet on AR South Mineral Deposit |
|   |                                              |
|--------|----------------------------------------------|
|   | Block Summary for the Resource Block Listing |

----

|  | Item 12 (b) | – Limitations on/Failure to Conduct Data Verification |
|--|-------------|-------------------------------------------------------------|

|  | Item 12 (c) | – Adequacy of Data |
|--|-------------|--------------------------|

----

|  | ITEM 13 | – MINERAL PROCESSING AND METALLURGICAL TESTING |
|--|---------|------------------------------------------------------|

----

| Item 13 (a) | – Nature and Extent of Testing and Analytical Procedures |
|-------------|----------------------------------------------------------------|

| Item 13 (b) | – Basis of Assumptions Regarding Recovery Estimates |
|-------------|-----------------------------------------------------------|

| Item 13 (c) | – Representativeness of Samples |
|-------------|---------------------------------------|

| Item 13 (d) | – Deleterious Elements for Extraction |
|-------------|---------------------------------------------|

----

|  | ITEM 14 | – MINERAL RESOURCE ESTIMATES |
|--|---------|------------------------------------|

----

|  | Item 14 (a) | – Assumptions, Parameters and Methods Used for Resource Estimates |
|--|-------------|-------------------------------------------------------------------------|

|  | · | Manual weighted averages of sampling data. |
|--|--------|--------------------------------------------|

|  | · | No kriging or digital estimation process. |
|--|--------|-------------------------------------------|

|  | · | The individual sample points are top cut to the 90th percentile. |
|--|--------|------------------------------------------------------------------|

|  | · | Mineralised widths are determined by the combination of geology and the mineral resource cut-off of 1.96 g/t (based on a gold price of $ 1 300/oz. and a cost of $ 70.44/t). |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | A historical SG of 2,86 is standard for all reefs. |
|--|--------|----------------------------------------------------|

|  | · | For narrow reefs a minimum mining width of 1.2 m is used. |
|--|--------|-----------------------------------------------------------|

|  | · | Ore resource blocks are based on the geology and the geometry of mined-out areas. |
|--|--------|-----------------------------------------------------------------------------------|

|  | · | Ore resource blocks are not corrected for dip. |
|--|--------|------------------------------------------------|

|  | · | The block model is the combination of the mineral resource blocks. |
|--|--------|--------------------------------------------------------------------|

|  | · | Depletions are determined by the mine survey department. |
|--|--------|----------------------------------------------------------|

|  | · | The resources are classified into Measured, Indicated and Inferred Mineral Resources (classification criteria are described in the following section as per the mine's definition). |
|--|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | 60 m on strike; and |
|--|--------|---------------------|

|  | · | 120 m on dip. |
|--|--------|---------------|

|  | · | Where the 60 m limit exceeds the strike confines of the pay shoot defined by existing up-dip mining limits. |
|--|--------|-------------------------------------------------------------------------------------------------------------|

|  | · | Where peripheral intersections suggest a significant thinning of the mineralised zone. |
|--|--------|----------------------------------------------------------------------------------------|

|  | · | Where un-mineralised holes indicate termination of the mineralised zone. In this instance the boundary is taken halfway between the mineralised and non-mineralised intercepts, with the restrictions of pay shoot boundary-taking precedence. |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | Where projected geological features (e.g. dykes and faults) are likely to affect the mineralised zone. |
|--|--------|--------------------------------------------------------------------------------------------------------|

----

|  | · | 30 m on strike; and |
|--|--------|---------------------|

|  | · | 60 m on dip. |
|--|--------|--------------|

|  | · | Where the 30 m limit exceeds the strike confines of the ore shoot defined by the up-dip mining limits. |
|--|--------|--------------------------------------------------------------------------------------------------------|

|  | · | Where peripheral intersections suggest a significant thinning of the mineralised zone. |
|--|--------|----------------------------------------------------------------------------------------|

|  | · | Where un-mineralised holes indicate termination of the mineralised zone. In this instance the boundary is taken halfway between the mineralised and non-mineralised intercepts, with the restrictions of pay shoot boundary taking precedence. |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | Where projected geological features (e.g. dykes and faults) are likely to affect the mineralised zone. |
|--|--------|--------------------------------------------------------------------------------------------------------|

|  | · | 7.5 m on strike; and |
|--|--------|----------------------|

|  | · | 7.5 m on dip. |
|--|--------|---------------|

|                  | 2013            | 2014               |
|-----------------------|-----------------|--------------------|
| Category              | EstimatedTonnes | Est MillHead Grade | % | Ounces | EstimatedTonnes | Est MillHead Grade | % | Ounces |
| t                     | g/t             | oz.                | t | g/t | oz. |
| Proven *              | 966,733         | 3.72               | 13.48 | 115,517 | 895,194 | 3.37 | 11.78 | 96,943 |
| Total Available       | 966,733         | 3.72               | 13.48 | 115,517 | 895,194 | 3.37 | 11.78 | 96,943 |
| Probable*             | 2,121,373       | 3.56               | 29.57 | 243,143 | 1,888,805 | 3.58 | 24.85 | 217,591 |
| Probable Pillars*     | 765,337         | 4.13               | 10.67 | 101,740 | 772,143 | 4.05 | 10.16 | 100,522 |
| Total Reserves*       | 3,853,442       | 3.72               | 53.72 | 460,400 | 3,556,142 | 3.63 | 46.79 | 415,055 |
| Indicated Resources** | 448,364         | 3.81               | 6.25 | 54,940 | 698,963 | 3.66 | 9.20 | 82,177 |
| Inferred Resources**  | 2,871,099       | 5.02               | 40.03 | 462,944 | 3,344,831 | 5.11 | 44.01 | 549,963 |

|  | 1. | * Reserve tonnages are fully diluted (factor of 7.5%). |
|--|----|--------------------------------------------------------|

|  | 2. | ** Resource tonnages are in situ i.e. no modifying factors have been applied. |
|--|----|-------------------------------------------------------------------------------|

|  | 3. | 2013 gold price = USD1,400/oz. |
|--|----|--------------------------------|

|  | 4. | 2013 pay limit = 1.95 g/t. |
|--|----|----------------------------|

|  | 5. | 2014 gold price = USD1,300/oz. |
|--|----|--------------------------------|

|  | 6. | 2014 pay limit = 1.96 g/t. |
|--|----|----------------------------|

|  | 7. | Conversion from g to troy oz. = 32.15076. |
|--|----|-------------------------------------------|

----

| Mineral Resource Category    | Tonnage   | Au   | Au Content | Ounces  |
|------------------------------|-----------|------|------------|---------|
|                         | t         | g/t  | kg         | oz.     |
| Measured Resource            | 1,572,733 | 3.91 | 6,146      | 197,606 |
| Indicated Resource           | 2,478,902 | 3.77 | 9,340      | 300,288 |
| Total Measured and Indicated | 4,051,635 | 3.82 | 15,486     | 497,895 |
| Inferred Resource            | 3,344,831 | 5.11 | 17,106     | 549,963 |

|  | 1. | Tonnes are in situ. |
|--|----|---------------------|

|  | 2. | All figures are in metric tonnes. |
|--|----|-----------------------------------|

|  | 3. | Mineral Reserves are included in the Mineral Resource. |
|--|----|--------------------------------------------------------|

|  | 4. | Mineral Resources are stated at a 1.96 g/t cut-off. |
|--|----|-----------------------------------------------------|

|  | 5. | No geological losses were applied to the tonnage. |
|--|----|---------------------------------------------------|

|  | 6. | Tonnage and grade have been rounded and this may result in minor adding discrepancies. |
|--|----|----------------------------------------------------------------------------------------|

|  | 7. | The tonnages are stated at a relative density of 2.86 t/m3. |
|--|----|-------------------------------------------------------------|

|  | 8. | Conversion from kg to oz.: 1:32.15076. |
|--|----|----------------------------------------|

| Resource Category                 | Tonnage | Width | Au   | Au Content | Ounces |
|-----------------------------------|---------|-------|------|------------|--------|
|                              | t       | m     | g/t  | kg         | oz.    |
| Measured Resource                 | 127,178 | 4.53  | 3.79 | 482        | 15,486 |
| Indicated Resource                | 55,123  | 2.45  | 5.86 | 323        | 10,386 |
| Measured & Indicated Resource | 182,301 | 3.90  | 4.41 | 805        | 25,872 |
| Inferred Resource                 | 110,242 | 2.73  | 2.87 | 316        | 10,173 |

|  | 1. | Tonnes are in situ. |
|--|----|---------------------|

|  | 2. | All figures are in metric tonnes. |
|--|----|-----------------------------------|

|  | 3. | Mineral Resources are stated at a 1.96 g/t cut-off. |
|--|----|-----------------------------------------------------|

|  | 4. | No geological losses were applied to the tonnage. |
|--|----|---------------------------------------------------|

|  | 5. | Tonnage and grade have been rounded and this may result in minor adding discrepancies. |
|--|----|----------------------------------------------------------------------------------------|

|  | 6. | The tonnages are stated at a relative density of 2.86 t/m3. |
|--|----|-------------------------------------------------------------|

|  | 7. | Conversion from kg to oz.: 1:32.15076. |
|--|----|----------------------------------------|

| Resource Category                 | Tonnage | Width | Au   | Au Content | Ounces |
|-----------------------------------|---------|-------|------|------------|--------|
|                              | t       | m     | g/t  | kg         | oz.    |
| Measured Resource                 | 66,532  | 1.75  | 2.60 | 173        | 5,571  |
| Indicated Resource                | 69,006  | 3.18  | 4.83 | 333        | 10,716 |
| Measured & Indicated Resource | 135,538 | 2.48  | 3.74 | 507        | 16,288 |
| Inferred Resource                 | 69,587  | 2.53  | 8.23 | 573        | 18,416 |

|  | 1. | Tonnes are in situ. |
|--|----|---------------------|

|  | 2. | All figures are in metric tonnes. |
|--|----|-----------------------------------|

|  | 3. | Mineral Resources are stated at a 1.96 g/t cut-off. |
|--|----|-----------------------------------------------------|

|  | 4. | No geological losses were applied to the tonnage. |
|--|----|---------------------------------------------------|

|  | 5. | Tonnage and grade have been rounded and this may result in minor adding discrepancies. |
|--|----|----------------------------------------------------------------------------------------|

|  | 6. | The tonnages are stated at a relative density of 2.86 t/m3. |
|--|----|-------------------------------------------------------------|

|  | 7. | Conversion from kg to oz.: 1:32.15076. |
|--|----|----------------------------------------|

----

|  | Item 14 (b) | – Disclosure Requirements for Resources |
|--|-------------|-----------------------------------------------|

|  | Item 14 (c) | – Individual Grade of Metals |
|--|-------------|------------------------------------|

|  | Item 14 (d) | – Factors Affecting Resource Estimates |
|--|-------------|----------------------------------------------|

----

| ITEM 15 | – MINERAL RESERVE ESTIMATES |
|---------|-----------------------------------|

----

| Item 15 (a) | - Key Assumptions, Parameters and Methods |
|-------------|-------------------------------------------|

|  | · | It is assumed that the planned production will be achieved. |
|--|--------|-------------------------------------------------------------|

|  | · | The modifying factors applied over the LoM were derived from historical production figures that are assumed to be untampered and correct. |
|--|--------|-------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | All the Mineral Resources included in the Reserve LoM plan will be extracted mainly though the existing infrastructure. Production rates applied are inclusive of required on-reef development, such as raises, ore passes, travelling ways, etc. the cost of the on reef development are included in the mining costs. |
|--|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | The mining rate was applied as a rate per day, supported by achieved actual rates. |
|--|--------|------------------------------------------------------------------------------------|

|  | · | Stoping rates were planned between 50 tpd in some areas and up to 500 tpd in others. |
|--|--------|--------------------------------------------------------------------------------------|

|  | · | The rates were based on shaft hoisting capacity constraints and further reduced to accommodate other capital development activities that is required beyond the scope of the NI 43-101 report. These are discussed in Item 24 (a). |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Description                         | Unit   | Value                                                                                                                                                   |
|-------------------------------------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------|
| Stope Preparation                   | Months |                          2 |
| Above 750 level Blanket Production  | t/day  |                        50            |
| Above 750 level AR Main Production  | t/day  |                      400                       |
| Above 750 level AR South Production | t/day  |                      500                       |
| Above 750 level Eroica Production   | t/day  |                      200                       |
| Above 750 level Lima Production     | t/day  |                        50            |

| Item 15 (b) | - Mineral Reserve Reconciliation - Compliance with Disclosure Requirements |
|-------------|----------------------------------------------------------------------------|

| Mineral Reserve Category | Tonnage                                     | Au   | Au Content                                                  | Ounces                                           |
|--------------------------|---------------------------------------------|------|-------------------------------------------------------------|--------------------------------------------------|
| t                        | g/t                                         | kg   | oz.                                                         |
| Proven                   |       856,005 | 3.40 |          2,912 |        93,638 |
| Probable                 |    2,077,828                 | 3.78 |          7,862 |      252,758            |
| Total Mineral Reserves   |    2,933,833                 | 3.67 |        10,774            |      346,396            |

|  | 1. | Tonnages refer to tonnes delivered to the metallurgical plant. |
|--|----|----------------------------------------------------------------|

|  | 2. | All figures are in metric tonnes. |
|--|----|-----------------------------------|

|  | 3. | 1kg = 32.15076 oz. |
|--|----|--------------------|

|  | 4. | Pay limit Blanket Mine 2.03 g/t. |
|--|----|----------------------------------|

|  | 5. | Pay Limit calculated: USD/oz. = 1,250; Direct Cash Cost (C1) – 71 USD/t milled. |
|--|----|---------------------------------------------------------------------------------------|

|  | 6. | Production profile cut end 2021. |
|--|----|----------------------------------|

----

|                   | 2013       | 2014      | Difference |
|------------------------|------------|-----------|------------|
| Category               | Estimated  | Est. Mill | Ounces     | Estimated | Est. Mill | Ounces | Estimated | Est. Mill | Ounces |
| Tonnes                 | Head Grade | Tonnes    | Head Grade | Tonnes | Head Grade |
| Mt                     | g/t        | Moz.      | Mt         | g/t | Moz. | Mt | g/t | Moz. |
| Proven                 | 1,349,000  | 3.84      | 166,600    | 856,005 | 3.40 | 93,638 | -492,995 | -0.44 | -72,962 |
| Probable               | 2,121,000  | 3.56      | 243,000    | 2,077,828 | 3.78 | 252,758 | -43,172 | 0.22 | 9,758 |
| Total Mineral Reserves | 3,470,000  | 3.67      | 409,400    | 2,933,833 | 3.67 | 346,396 | -536,167 | 0.00 | -63,004 |

|  | 1. | Tonnages refer to tonnes delivered to the metallurgical plant. |
|--|----|----------------------------------------------------------------|

|  | 2. | All figures are in metric tonnes. |
|--|----|-----------------------------------|

|  | 3. | 1kg = 32.15076 oz. |
|--|----|--------------------|

|  | 4. | The reduction in ounces is mainly attributed to the exclusion of previously stated Proven and Probable Reserves below 750 m Level. (These ounces are accounted for as Measured and Indicated Resources) |
|--|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 5. | 2013 Probable Reserves include Probable and Probable Pillars. |
|--|----|---------------------------------------------------------------|

| Item 15 (c) | - Multiple Commodity Reserve (Prill Ratio) |
|-------------|--------------------------------------------|

| Item 15 (d) | - Factors Affecting Mineral Reserve Estimation |
|-------------|------------------------------------------------|

----

| ITEM 16 | – MINING METHODS |
|---------|------------------------|

----

| Item 16 (a) | – Parameters Relevant to Mine Design |
|-------------|--------------------------------------------|

|  | · | Underhand stoping in the narrow Mineral Deposits. |
|--|--------|---------------------------------------------------|

|  | · | Long hole stoping in the wider Mineral Deposits. |
|--|--------|--------------------------------------------------|

|   |                          |
|--------|--------------------------|
|   | Underhand Stoping Method |

----

|   |                   |
|--------|-------------------|
|   | Long Hole Stoping |

|  | · | Extraction rate – A 100% extraction rate was applied to the Measured and Indicate Mineral Resources. The indicated pillars are resources that were left behind as pillars either for shaft stability, cones or crown pillars. After the extraction of the above ore and/or the decommissioning of the shaft, these resources can be extracted with an expected 70% extraction ratio. |
|--|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | Dilution – Waste dilution was applied based on a 10 cm over break into the hanging wall and 10 cm into the footwall. |
|--|--------|----------------------------------------------------------------------------------------------------------------------------|

|  | · | Mine Call Factor ("MCF") – By applying an MCF, the differences between shaft head grade and Reserve grades that are supported by historical measurements, will be accounted for. These differences typically occur due to gold losses in fines. The MCF only affects the gold grade; it has no impact on the plant feed tonnes. An MCF of 100% was applied for the Blanket Mine based on historical recordings. The MCF history is illustrated in Table 8. |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Year    | Milled Tonnes | Gold Recovered | Gold in Tails | Gold Accounted For | Total Mined Tonnes | Mined Grade | Gold Called For | MCF  |
|---------|---------------|----------------|---------------|--------------------|--------------------|-------------|-----------------|------|
| t       | oz.           | oz.            | oz.           | t                  | g/t                | oz.         | %               |
| 1998    | 215,580       | 24,194         | 3,604         | 27,798             | 216,330            | 4.56        | 31,716          | 88%  |
| 1999    | 205,330       | 22,838         | 2,839         | 25,677             | 199,787            | 4.27        | 27,428          | 94%  |
| 2000    | 193,300       | 23,725         | 2,859         | 26,584             | 187,466            | 4.34        | 26,158          | 102% |
| 2001    | 195,400       | 24,748         | 3,204         | 27,952             | 176,625            | 4.71        | 26,746          | 105% |
| 2002    | 179,891       | 26,773         | 3,236         | 30,009             | 178,329            | 5.19        | 29,756          | 101% |
| 2003    | 173,700       | 24,525         | 2,234         | 26,759             | 165,887            | 4.80        | 25,600          | 105% |
| 2004    | 178,896       | 24,119         | 2,416         | 26,535             | 185,302            | 4.60        | 27,405          | 97%  |
| 2005    | 212,319       | 24,783         | 2,867         | 27,650             | 212,176            | 4.05        | 27,628          | 100% |
| 2006    | 99,361        | 11,685         | 1,342         | 13,027             | 94,824             | 4.08        | 12,439          | 105% |
| 2007    | 100,082       | 9,885          | 1,098         | 10,983             | 100,082            | 3.70        | 11,906          | 92%  |
| 2008    | 81,987        | 7,687          | 760           | 8,447              | 81,987             | 3.75        | 9,885           | 85%  |
| 2009    | 103,445       | 11,295         | 1,117         | 12,412             | 103,445            | 3.54        | 11,773          | 105% |
| 2010    | 153,501       | 17,707         | 1,540         | 19,247             | 153,501            | 3.75        | 18,507          | 104% |
| 2011    | 299,257       | 35,826         | 2,738         | 38,564             | 299,257            | 3.85        | 37,042          | 104% |
| 2012    | 363,725       | 45,464         | 3,057         | 48,521             | 363,725            | 3.83        | 44,788          | 108% |
| 2013    | 392,320       | 45,527         | 3,269         | 48,796             | 392,320            | 3.99        | 50,328          | 97%  |
| Tot/Ave | 3,148,094     | 380,781        | 38,181        | 418,962            | 3,111,043          | 4.19        | 419,104         | 100% |

----

| Item 16 (b) | – Production Rates, Expected Mine Life, Mining Unit Dimensions, and Mining Dilution |
|-------------|-------------------------------------------------------------------------------------------|

----

| Item 16 (c) | – Requirements for Stripping, Underground Development and Backfilling |
|-------------|-----------------------------------------------------------------------------|

| Item 16 (d) | – Required Mining Fleet and Machinery |
|-------------|---------------------------------------------|

----

| ITEM 17 | - RECOVERY METHODS |
|---------|--------------------|

----

|  | Item 17 (a) | - Flow Sheets and Process Recovery Methods |
|--|-------------|--------------------------------------------|

|  | · | jaw crushing; |
|--|--------|---------------|

|  | · | cone crushing in closed circuit with a screen; |
|--|--------|------------------------------------------------|

|  | · | primary rod mill in open circuit; |
|--|--------|-----------------------------------|

|  | · | ball mill in closed circuit with cyclones; |
|--|--------|--------------------------------------------|

|  | · | gravity circuit; |
|--|--------|------------------|

|  | · | dewatering cyclones; |
|--|--------|----------------------|

|  | · | CIL; |
|--|--------|------|

|  | · | combined elution and electrowinning; |
|--|--------|--------------------------------------|

|  | · | smelt house; |
|--|--------|--------------|

|  | · | carbon re-activation in a kiln; |
|--|--------|---------------------------------|

|  | · | reagent make-up and dosing circuits; and |
|--|--------|------------------------------------------|

|  | · | water recycling and storage. |
|--|--------|------------------------------|

----

|   |                                                     |
|--------|-----------------------------------------------------|
|   | Process Flow Schematic – Comminution Circuits |

----

|   |                                                         |
|--------|---------------------------------------------------------|
|   | Process Flow Schematic – CIL and Elution Circuits |

----

|  | Item 17 (b) | - Operating Results Relating to Gold Recovery |
|--|-------------|-----------------------------------------------|

| Item             | Source     | Unit | Average per Month 2013 | Jan-14 | Feb-14 | Mar-14 | Apr-14 | May-14 | Jun-14 | Jul-14 |
|------------------|------------|------|------------------------|--------|--------|--------|--------|--------|--------|--------|
| Milled tonnes    | Blanket    | ktpm | 32.69                  | 28.33  | 32.10  | 32.42  | 35.29  | 30.11  | 33.83  | 35.53  |
| Head             | Blanket    | g/t  | 3.87                   | 3.63   | 3.67   | 3.70   | 3.54   | 3.82   | 3.89   | 3.57   |
| Head             | Calculated | kg   | 126.65                 | 102.97 | 117.88 | 119.98 | 124.85 | 115.12 | 131.59 | 126.83 |
| Gravity Recovery | Blanket    | %    | 49.28                  | 46.68  | 51.85  | 49.53  | 49.46  | 52.51  | 54.50  | 52.14  |
| CIL Recovery     | Blanket    | %    | 87.63                  | 86.56  | 87.10  | 87.56  | 87.32  | 87.82  | 86.60  | 86.50  |
| Overall Recovery | Blanket    | %    | 93.30                  | 93.10  | 93.80  | 93.90  | 94.00  | 94.40  | 93.72  | 93.37  |
| Production       | Calculated | kg   | 118.17                 | 95.86  | 110.57 | 112.66 | 117.36 | 108.68 | 123.33 | 118.41 |
| Residue          | Calculated | g/t  | 0.26                   | 0.25   | 0.23   | 0.23   | 0.21   | 0.21   | 0.24   | 0.24   |
| Residue          | Calculated | kg   | 8.49                   | 7.10   | 7.31   | 7.32   | 7.49   | 6.45   | 8.27   | 8.41   |

----

|  | Item 17 (c) | - Plant Design and Equipment Characteristics |
|--|-------------|----------------------------------------------|

|   |                             |
|--------|-----------------------------|
|   | Cone Crusher Feed Stockpile |

----

|   |               |
|--------|---------------|
|   | Cone Crushers |
|   |           |
|--------|-----------|
|   | Rod Mills |

----

|   |             |
|--------|-------------|
|   | CIL Circuit |

----

|   |                                    |
|--------|------------------------------------|
|   | Elution and Electrowinning Vessels |

|  | Item 17 (a) | – Current Requirements for Reagents and labour |
|--|-------------|------------------------------------------------------|

| Section                                  | Position                  | Number |
|------------------------------------------|---------------------------|--------|
| Plant Senior Staff                       | Mill Superintendent       | 1      |
| Asst. Mill Superintendent                | 1                         |
| Plant Staff                              | Plant Metallurgist        | 1      |
| Senior Assayer                           | 1                         |
| Plant Foreman                            | 1                         |
| Metallurgical Technician                 | 1                         |
| Plant Operators                          | 3                         |
| Mill Clerk                               | 1                         |
| Elution Supervisor                       | 1                         |
| Senior Smelting Assistant                | 1                         |
| Senior Lab. Assistant                    | 1                         |
| Primary Crusher                          | Senior Crusher Attendants | 2      |
| Crusher Attendants                       | 13                        |
| Secondary Crusher                        | Senior Crusher Attendants | 1      |
| Crusher Attendants                       | 5                         |
| Crusher Attendants                       | 1                         |
| Gravity &Smelting Assistants         | 3                         |
| Milling                                  | Mill Attendants           | 4      |
| Mill Attendants                          | 10                        |
| Elution                                  | Senior Elution Assistant  | 1      |
| Elution Assistants                       | 2                         |
| Elution Attendants                       | 3                         |
| Tailings                                 | Supervisor                | 1      |
| Slimes Dam Attendants                    | 3                         |
| Pump Attendants                          | 3                         |
| CIL                                      | CIL Attendants            | 4      |
| CIL Attendants                           | 6                         |
| CIL Attendants                           | 1                         |
| Water                                    | Water Works Attendant     | 1      |
| Water Works Attendant                    | 2                         |
| Water Works Attendant                    | 1                         |
| Metallurgical Lab and Sample preparation | Laboratory Assistants     | 2      |
| Laboratory Assistants                    | 4                         |
| Fusion Furnaces                          | Supervisor                | 1      |
| Laboratory Assistant                     | 1                         |
| Wet Assay                                | Supervisor                | 1      |
| Lab Assistants                           | 1                         |
| Sub Total                                |                      | 90     |
| Engineering                              | Mechanical Engineer       | 1      |
| Foreman                                  | 1                         |
| Fitter                                   | 5                         |
| B/Maker                                  | 4                         |
| Plumber                                  | 1                         |
| Rubber Liner                             | 1                         |
| Assistant Fitter                         | 5                         |
| B/maker Assistant                        | 4                         |
| Lubricator                               | 1                         |
| R/Liner Assistant                        | 1                         |
| Plumber's Assistant                      | 1                         |
| Electrician                              | 1                         |
| Assistant Electricians                   | 1                         |
| Sub Total                                |                      | 27     |
| Total                                    |                      | 117    |

----

| Item                            | Unit   | Average 2014                                                                                        |
|---------------------------------|--------|-----------------------------------------------------------------------------------------------------|
| Grinding Media and CIL reagents |   |                                                                                                |
| Rods                            | kg/t   |                 0.7 |
| Balls- 40mm                     | kg/t   |                 0.9 |
| Total Steel Media               | kg/t   |                 1.5 |
| Lime                            | kg/t   |                 1.7 |
| Carbon                          | kg/t   |                 0.1 |
| Sodium Cyanide                  | kg/t   |                 0.8 |
| Liquid Oxygen                   | kg/t   |                 0.2 |
| Elution Consumables             |   |                                                                                                |
| Steel wool                      | kg/tC  |                 0.3 |
| Caustic Soda                    | kg/tC  |               52.8            |

----

| ITEM 18 | – PROJECT INFRASTRUCTURE |
|---------|--------------------------------|

----

|   |                                     |
|--------|-------------------------------------|
|   | General Location and Infrastructure |

| Item 18 (a) | - Mine Layout and Operations |
|-------------|------------------------------|

|   |                                     |  |
|--------|-------------------------------------|--|
|   | No 4 Shaft Headgear and Winder Room |

----

| Item 18 (b) | - Infrastructure |
|-------------|------------------|

|   |                                    |
|--------|------------------------------------|
|   | Surface Infrastructure Arrangement |

| Item 18 (c) | - Services |
|-------------|------------|

----

|   |                                    |  |
|--------|------------------------------------|--|
|   | Diesel Genset Unit and Genset Shed |

|  | · | Two 4,400 cfm ER8 Atlas Copco Compressors at Blanket; |
|--|--------|-------------------------------------------------------|

|  | · | Two 2,000 cfm GA160 Atlas Copco Rotary Screw Compressor at Blanket; |
|--|--------|---------------------------------------------------------------------|

|  | · | One 1,000 cfm GA160 Atlas Copco Rotary Screw Compressor at Lima; and |
|--|--------|----------------------------------------------------------------------|

|  | · | Two 3,000 cfm GA250 Atlas Copco Rotary Screw Compressor at Lima. |
|--|--------|------------------------------------------------------------------|

----

| ITEM 19 | – MARKET STUDIES AND CONTRACTS |
|---------|--------------------------------------|

----

| Item 19 (a) | – Market Studies and Commodity Market Assessment |
|-------------|--------------------------------------------------------|

----

|  | · | In a period where global financial markets are unstable and the global economy is in recession, investors are less trusting of financial markets as reliable investments and look at alternative investment avenues that act as a bulwark against any downturn. The gold market, one of such alternatives, operates as a type of insurance against extreme movements in the value of traditional assets during unstable financial markets. |
|--|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | The devaluation of the US dollar versus other currencies, and international inflation with high oil prices are reasons why big companies use gold as a hedge against fluctuations in the US dollar. |
|--|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | Mine production, increased mining costs, decreased exploration and difficulties in finding new deposits. |
|--|--------|----------------------------------------------------------------------------------------------------------------------|

|  | · | Institutional and retail investment has rational expectations when markets are uncertain. They therefore keep gold in their investment portfolios as it is more liquid or marketable in unstable financial markets. |
|--|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | Investing in gold is becoming easier via gold Exchange Traded Funds ("ETFs") compared to other finance markets. Gold ETFs have stimulated the demand side of gold because it has become as easy to trade as any stock or share. |
|--|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Continent     | Resources | Number of Deposits | Average Grade |
|---------------|-----------|--------------------|---------------|
| Moz.          | g/t       |
| North America | 1,131     | 199                | 0.71          |
| Africa        | 842       | 109                | 2.87          |
| Asia          | 717       | 87                 | 1.11          |
| South America | 543       | 90                 | 0.83          |
| Australasia   | 381       | 68                 | 0.98          |
| Europe        | 104       | 27                 | 1.00          |
| World total   | 3,717     | 580                | 1.01          |

----

|                  | Reserves |
|-----------------------|----------|
| Mt                    |
| Australia             | 9,900    |
| South Africa          | 6,000    |
| Russia                | 5,000    |
| Chile                 | 3,900    |
| United States         | 3,000    |
| Indonesia             | 3,000    |
| Brazil                | 2,400    |
| Ghana                 | 2,000    |
| Peru                  | 1,900    |
| China                 | 1,900    |
| Uzbekistan            | 1,700    |
| Mexico                | 1,400    |
| Papua New Guinea      | 1,200    |
| Canada                | 920      |
| Other countries       | 10,000   |
| World total (rounded) | 54,220   |

|  | · | Global gold mine production has grown at a Compounded Annual Growth rate ("CAGR") of only 1.12% per annum over the past 17 years, mainly due to significant declines in the South African industry. Production, however, accelerated to 2.11% per annum during the last 10 years following the rise in the gold price. |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | In turn, recycling has grown by a steady 4.52% per annum over the 17 years from only 631 tonnes in 1997 to 1,280 in 2013. |
|--|--------|---------------------------------------------------------------------------------------------------------------------------|

|  | · | Producer de-hedging was estimated at 48 tonnes for 2013, leaving the outstanding delta-adjusted hedge book at just 73 tonnes. |
|--|--------|-------------------------------------------------------------------------------------------------------------------------------|

|  | · | Globally, the average total cash increased by 4% in 2013, to USD767/oz. as producers made efforts to contain costs. Total production cost was USD989/oz. |
|--|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | Excluding write downs (extraordinary costs), all-in costs averaged USD1,206/oz. These two figures give a sense of short-term and long-term support levels. |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  | · | A large number of operations have reported higher year-on-year production over the last couple of quarters. In some cases it reflects a return towards "normal" levels of output following periods of low production due to political issues, geotechnical problems and mine sequencing. |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | Supply from new operations has made an important contribution towards the increase in global production. |
|--|--------|----------------------------------------------------------------------------------------------------------|

|  | · | Major producers focused on reducing non-essential capital expenditure, and more generally moved away from expansions and acquisitions as seen previously. |
|--|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------|

| Country       | Mine Production (t)                                                          | Change %                                                         |
|---------------|------------------------------------------------------------------------------|------------------------------------------------------------------|
| 2012          | 2013                                                                         | y-o-y                                                            |
| China         |           413.1            |         438.2            | 6% |
| Australia     |           251.4            |         266.1            | 6% |
| Russia        |           230.1            |         248.8            | 8% |
| United States |           231.3            |         228.9            | -1% |
| Peru          |           180.4            |         181.6            | 1% |
| South Africa  |           177.3            |         174.2            | -2% |
| Canada        |           108.0            |         133.1            | 19% |
| Ghana         |             95.8 |         107.9            | 11% |
| Mexico        |           102.8            |         103.8            | 1% |
| Indonesia     |             89.0 |           99.2 | 10% |
| Brazil        |             67.3 |           79.9 | 16% |
| Uzbekistan    |             73.3 |           77.4 | 5% |
| PNG           |             57.2 |           63.3 | 10% |
| Argentina     |             54.6 |           50.1 | -9% |
| Chile         |             48.6 |           48.6 | 0% |
| Mali          |             50.3 |           47.1 | -7% |
| Tanzania      |             49.1 |           46.6 | -5% |
| Kazakhstan    |             40.0 |           42.4 | 6% |
| Philippines   |             41.0 |           40.6 | -1% |
| Colombia      |             39.1 |           40.4 | 3% |
| Rest of World |           464.3            |         504.0            | 8% |
| World Total   | 2,864.0                                                                      | 3,022.1                                                          | 5% |

----

|  | · | Jewellery fabrication contracted by a CAGR of 2.06% of the past 17 years but jumped by 13% to a five-year high of 2,198 tonnes in 2013 following the downturn in price. |
|--|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | Industrial fabrication remained flat. |
|--|--------|---------------------------------------|

|  | · | Central banks turned from net sellers to net buyers but overall were net sellers of 773 tonnes over the past 10 years. |
|--|--------|------------------------------------------------------------------------------------------------------------------------|

|  | · | World investment demand surged by a CAGR of almost 20% over the past 10 years. |
|--|--------|--------------------------------------------------------------------------------|

----

----

|  | · | Russia (77 tonnes); |
|--|--------|---------------------|

|  | · | Kazakhstan (28 tonnes); |
|--|--------|-------------------------|

|  | · | Azerbaijan (20 tonnes); and |
|--|--------|-----------------------------|

|  | · | Korea (20 tonnes). |
|--|--------|--------------------|

----

| Rank | Country        | Tonnes                                                            |   | Rank         | Country                                                          | Tonnes |
|------|----------------|-------------------------------------------------------------------|--------|--------------|------------------------------------------------------------------|--------|
| 1    | United States  |        8,133.5                 | 21     | Austria      |         280.0            |
| 2    | Germany        |        3,386.4                 | 22     | Belgium      |         227.4            |
| 3    | IMF            |        2,814.0                 | 23     | Philippines  |         193.2            |
| 4    | Italy          |        2,451.8                 | 24     | Algeria      |         173.6            |
| 5    | France         |        2,435.4                 | 25     | Thailand     |         152.4            |
| 6    | China          |        1,054.1                 | 26     | Kazakhstan   |         148.7            |
| 7    | Russia         |        1,040.7                 | 27     | Singapore    |         127.4            |
| 8    | Switzerland    |        1,041.1                 | 28     | Sweden       |         125.7            |
| 9    | Japan          |           765.2 | 29     | South Africa |         125.1            |
| 10   | Netherlands    |           612.5 | 30     | Mexico       |         122.8            |
| 11   | India          |           557.7 | 31     | Libya        |         116.6            |
| 12   | ECB            |           503.2 | 32     | BIS          |         115.0            |
| 13   | Turkey         |           483.5 | 33     | Greece       |         112.2            |
| 14   | Taiwan         |           423.6 | 34     | Korea        |         104.4            |
| 15   | Portugal       |           382.5 | 35     | Romania      |         103.7            |
| 16   | Venezuela      |           367.6 | 36     | Poland       |         102.9            |
| 17   | Saudi Arabia   |           322.9 | 37     | Australia    |           79.9 |
| 18   | United Kingdom |           310.3 | 38     | Kuwait       |           79.0 |
| 19   | Lebanon        |           286.8 | 39     | Indonesia    |           78.1 |
| 20   | Spain          |           281.6 | 40     | Egypt        |           75.6 |

----

|  | 1. | Correlation: 0.670002946. |
|--|----|---------------------------|

----

----

----

|   | Unit    | 2014  | 2015  | 2016  | 2017  | 2018  | Long-Term (Constant) |
|--------|---------|-------|-------|-------|-------|-------|----------------------|
| Gold   | USD/oz. | 1,238 | 1,234 | 1,287 | 1,257 | 1,280 | 1,181                |

| Item 19 (b) | – Contracts |
|-------------|-------------------|

----

| ITEM 20 | – ENVIRONMENTAL STUDIES, PERMITTING AND SOCIAL OR COMMUNITY IMPACT |
|---------|--------------------------------------------------------------------------|

----

| Item 20 (a) | – Relevant Environmental Issues and Results of Studies Done |
|-------------|-------------------------------------------------------------------|

| Item 20 (b) | – Waste Disposal, Site Monitoring and Water Management |
|-------------|--------------------------------------------------------------|

|  | 1. | Oxygen absorbed to be removed from the sampling parameters because it has limited relevance to ground water. |
|--|----|--------------------------------------------------------------------------------------------------------------|

|  | 2. | The TDS Limit Value increased to ≤2500 blue band to reflect the naturally occurring ground water. |
|--|----|---------------------------------------------------------------------------------------------------------|

|  | 3. | In response to EMA suggesting the sewage pond outflows be used to irrigate the tailings dam vegetation which is being done; the sewage outflow should be removed from the sampling parameters as the "end of pipe" will reflect in the tailings dam unsaturated zone monitoring ("uzm"). |
|--|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | A number of the findings and recommendations identified in the 2007 audit report have not been addressed. |
|--|--------|-----------------------------------------------------------------------------------------------------------|

|  | · | The level of reporting and documentation of the operational data pertaining to the tailings dam has declined significantly since the last audit. |
|--|--------|--------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  | · | An updated comprehensive survey must be carried out on the entire tailings dam facility, including the dam basins, position of drains, penstock outlets and piezometers. |
|--|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | Appropriate monitoring data sheets and report templates must be implemented for the collection, documentation and report of the various monitoring aspects pertaining to the tailings dam. |
|--|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | A minimum vertical freeboard of 1.5 m for Dam A and B must be maintained at all times. |
|--|--------|----------------------------------------------------------------------------------------|

|  | · | Piezometers must be checked by carrying out Upset Tests to confirm that they are fully operational. |
|--|--------|-----------------------------------------------------------------------------------------------------|

|  | · | Drains must be rodded and flushed to confirm that they are fully operational and not blocked. |
|--|--------|-----------------------------------------------------------------------------------------------|

|  | · | A comprehensive slope stability assessment must be undertaken. |
|--|--------|----------------------------------------------------------------|

|  | · | The height discrepancy between Dam A and B must be gradually phased out. |
|--|--------|--------------------------------------------------------------------------|

| Item 20 (c) | - Permit Requirements |
|-------------|-----------------------|

| Item 20 (d) | – Social and Community-Related Requirements |
|-------------|---------------------------------------------------|

| Item 20 (e) | – Mine Closure Costs and Requirements |
|-------------|---------------------------------------------|

----

| ITEM 21 | – CAPITAL AND OPERATING COSTS |
|---------|-------------------------------------|

----

| Item 21 (a) | – Capital Costs |
|-------------|-----------------------|

| Item 21 (b) | – Operating Cost |
|-------------|------------------------|

----

----

|   |              |
|--------|--------------|
|   | Labour Split |

----

| Direct Mining Expenses              | Unit      | Amount per Year                                                                                                                                                                                                             |
|-------------------------------------|-----------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Fixed Direct Mining Expenses        |      | At Steady State                                                                                                                                                                                                             |
| Mechanical engineering              | USD       |                        2,355,919                                                                         |
| Mining                              | USD       |                            699,433                                                   |
| Electrical engineering              | USD       |                            946,566                                                   |
| Other                               | USD       |                        2,227,064                                                                         |
| ZESA Power                          | USD       |                        4,978,240                                                                         |
| Diesel cost                         | USD       |                            245,280                                                   |
| Total non-management payroll Mining | USD       |                        7,103,228                                                                         |
| Management payroll Mining           | USD       |                        1,105,192                                                                         |
| Other on-mine costs                 | USD       |                        1,854,000                                                                         |
| Variable Direct Mining Expenses     |      |                                                                                                                                                                                                                        |
| Explosives Cost                     | USD/RoM t |                                     3.2 |
| Mining Steel Cost                   | USD/RoM t |                                     1.3 |
| Total Direct Mining Expenses        | USD       |                      23,558,393                                                                                    |
| Total Direct Mining Expenses        | USD/RoM t |                                   51.1            |
| Non-Direct Mining Expenses          | Unit      | Amount per Year                                                                                                                                                                                                             |
| Fixed Non-Direct Mining Expenses    |      |                                                                                                                                                                                                                        |
| Other income/(expense)              | USD       |                              65,976                                        |
| Exploration EPO fees                | USD       |                            422,004                                                   |
| Caledonia Management fee            | USD       |                        4,680,000                                                                         |
| Total Non-Direct Mining Expenses    | USD       |                        5.167.980                                                                         |
| Total Non-Direct Mining Expenses    | USD/RoM t |                                   11.2            |
| Total Combined Mining Expenses      | USD/RoM t |                                   62.3            |
| Item                          | Unit    | Monthly Average 2012 | Monthly Average 2013 | Jan-14 | Feb-14 | Mar-14 | Apr-14 | May-14 | Jun-14 | Jul-14 | Avg    |
|-------------------------------|---------|----------------------|----------------------|--------|--------|--------|--------|--------|--------|--------|--------|
| Milled Tonnes                 | ktpm    | 30.31                | 32.69                | 28.33  | 32.10  | 32.42  | 35.29  | 30.11  | 33.83  | 35.53  | 31.73  |
| Fixed  Plant Expenses    | USD'000 | 181.68               | 193.30               | 157.57 | 151.72 | 158.48 | 168.22 | 156.51 | 162.94 | 156.10 | 181.01 |
| Milling Fixed Consumables     | USD'000 | 59.18                | 52.97                | 25.74  | 13.76  | 16.19  | 21.65  | 15.48  | 23.25  | 24.55  | 47.95  |
| Non-Management                | USD'000 | 100.02               | 112.64               | 104.14 | 110.27 | 114.60 | 118.88 | 113.34 | 112.00 | 110.57 | 107.60 |
| Management                    | USD'000 | 22.48                | 27.69                | 27.69  | 27.69  | 27.69  | 27.69  | 27.69  | 27.69  | 20.99  | 25.46  |
| Variable  Plant Expenses | USD/t   | 14.79                | 13.60                | 15.98  | 13.82  | 12.96  | 11.70  | 14.65  | 12.41  | 11.44  | 13.94  |
| ZESA Power                    | USD/t   | 5.97                 | 5.76                 | 7.09   | 6.27   | 5.40   | 4.96   | 6.37   | 6.16   | 5.80   | 5.89   |
| Diesel Power                  | USD/t   | 0.27                 | 0.29                 | 0.47   | 0.50   | 0.74   | 0.07   | 1.32   | 0.17   | 0.13   | 0.32   |
| Cyanide                       | USD/t   | 3.36                 | 3.01                 | 3.47   | 3.02   | 2.48   | 2.12   | 2.65   | 1.98   | 2.17   | 3.02   |
| Steel                         | USD/t   | 3.80                 | 3.21                 | 3.28   | 2.46   | 2.89   | 2.58   | 2.71   | 2.78   | 2.21   | 3.31   |
| Other Consumables             | USD/t   | 1.39                 | 1.33                 | 1.67   | 1.57   | 1.45   | 1.97   | 1.61   | 1.31   | 1.13   | 1.40   |
| Total  Plant Expenses    | USD'000 | 629.91               | 638.02               | 610.22 | 595.25 | 578.79 | 580.99 | 597.63 | 582.63 | 562.37 | 623.32 |
| Total  Plant Expenses    | USD/t   | 20.78                | 19.52                | 21.54  | 18.55  | 17.85  | 16.46  | 19.85  | 17.22  | 15.83  | 19.64  |

|  | · | the installation of the cyanide analyser and controller has contributed to lower cyanide consumptions; and |
|--|--------|------------------------------------------------------------------------------------------------------------|

|  | · | the addition of oxygen has contributed to the lower cyanide consumptions. |
|--|--------|---------------------------------------------------------------------------|

----

| Item                          | Unit                  | Monthly Averages                                                                                                                                                                                | Yearly Averages                                                                                                                                                                                 |
|-------------------------------|-----------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| between 2015 and 2019         | between 2015 and 2019 |
| Milled Tonnes                 | kt                    |                        38.43                                                 |                      461.18                                                            |
| Fixed  Plant Expenses    | USD'000               |                              176.11            |                           2,113.36                            |
| Milling Fixed Consumables     | USD'000               |                        21.49                                                 |                      257.83                                                            |
| Non-Management                | USD'000               |                      133.81                                                            |                   1,605.70                                                                            |
| Management                    | USD'000               |                        20.82                                                 |                      249.83                                                            |
| Variable  Plant Expenses | USD/t                 |                                12.04 |                                12.04 |
| ZESA Power                    | USD/t                 |                          6.34                                      |                          6.34                                      |
| Diesel Power                  | USD/t                 |                          0.20                                      |                          0.20                                      |
| Cyanide                       | USD/t                 |                          2.38                                      |                          2.38                                      |
| Steel                         | USD/t                 |                          1.53                                      |                          1.53                                      |
| Other Consumables             | USD/t                 |                          1.60                                      |                          1.60                                      |
| Total  Plant Expenses    | USD'000               |                              638.81            |                           7,665.72                            |
| Total  Plant Expenses    | USD/t                 |                                16.62 |                                16.62 |

----

|  | · | Mining, ore freight and milling costs; |
|--|--------|----------------------------------------|

|  | · | Ore purchase and freight costs from third parties in the case of custom smelters or mills; |
|--|--------|--------------------------------------------------------------------------------------------|

|  | · | Mine-site administration and general expenses; |
|--|--------|------------------------------------------------|

|  | · | Concentrate freight, smelting and smelter general and administrative costs; |
|--|--------|-----------------------------------------------------------------------------|

|  | · | Matte freight, refining and refinery general and administrative costs; and |
|--|--------|----------------------------------------------------------------------------|

|  | · | Marketing costs (freight and selling). |
|--|--------|----------------------------------------|

|  | · | The portion of corporate and divisional overhead costs attributable to the operation; |
|--|--------|---------------------------------------------------------------------------------------|

|  | · | Research and exploration attributable to the operation; |
|--|--------|---------------------------------------------------------|

|  | · | Royalties and "front-end" taxes (excluding income and profit-related taxes); |
|--|--------|------------------------------------------------------------------------------|

|  | · | Extraordinary costs i.e. those incurred as a result of strikes, unexpected shutdowns etc.; and |
|--|--------|------------------------------------------------------------------------------------------------|

|  | · | Interest charges including all interest paid, both directly attributable to the operation and any corporate allocation (net of any interest received) on short-term loans, long-term loans, corporate bonds, bank overdrafts etc. |
|--|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Item                                            | Unit             | Amount  | Unit         | Amount |
|-------------------------------------------------|------------------|---------|--------------|--------|
| Net Turnover                                    | USD/Milled tonne | 138     | USD/Gold oz. | 1,250  |
| Mine Cost                                       | USD/Milled tonne | 49      | USD/Gold oz. | 446    |
| Plant Costs                                     | USD/Milled tonne | 17      | USD/Gold oz. | 153    |
| Other Costs                                     | USD/Milled tonne | 5       | USD/Gold oz. | 41     |
| Direct Cash Costs (C1)                          | USD/Milled tonne | 71      | USD/Gold oz. | 641    |
| Capex                                           | USD/Milled tonne | 5       | USD/Gold oz. | 45     |
| Production Costs (C2)                           | USD/Milled tonne | 76      | USD/Gold oz. | 685    |
| Royalties                                       | USD/Milled tonne | 7       | USD/Gold oz. | 63     |
| Other Cash Costs                                | USD/Milled tonne | 13      | USD/Gold oz. | 116    |
| Fully Allocated Costs/ Notional Costs (C3) | USD/Milled tonne | 95      | USD/Gold oz. | 864    |
| NCE Margin                                      | %                | 31%     | %            | 31%    |
| EBITDA*                                         | USD/Milled tonne | 48      | USD/Gold oz. | 431    |
| EBITDA Margin                                   | %                | 34%     |         |   |
| Gold Recovered                                  | oz.              | 323,881 |         |   |

|  | 1. | * EBITDA excludes capital expenditure. |
|--|----|----------------------------------------|

|  | 2. | Numbers may not add up due to rounding. |
|--|----|-----------------------------------------|

----

----

| ITEM 22 | – ECONOMIC ANALYSIS |
|---------|---------------------------|

----

| Item 22 (a) | - Principal Assumptions |
|-------------|-------------------------|

|  | · | This Report details the optimised cash flow model with economic input parameters. |
|--|--------|-----------------------------------------------------------------------------------|

|  | · | The cash flow model is in constant money terms and done in USD. |
|--|--------|-----------------------------------------------------------------|

|  | · | A hurdle rate of 8.36% (in real terms) was calculated for the discount factor. |
|--|--------|--------------------------------------------------------------------------------|

|  | · | The impact of the Mineral Royalties Act as per the Zimbabwean Mining Regulation. |
|--|--------|----------------------------------------------------------------------------------|

|  | · | Sensitivity analyses were performed to ascertain the impact of discount factors, commodity prices, grade, working costs and capital expenditure. |
|--|--------|--------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | The full value of the operation was reported for Blanket Mine – no attributable values were calculated. |
|--|--------|---------------------------------------------------------------------------------------------------------------|

|  | · | The model was set up in calendar years with year 2014 only including October to December. |
|--|--------|-------------------------------------------------------------------------------------------|

|  | · | Blanket's financial years are based on calendar years from January to December. |
|--|--------|---------------------------------------------------------------------------------|

----

| Item | Unit    | 2014   |
|------|---------|--------|
| Gold | USD/oz. | 1,250  |
| Gold | USD/kg  | 40,188 |
| Item                          | Percentage |
|-------------------------------|------------|
| Plant Recovery % Blanket Mine | 93.5%      |

|  | · | The US Risk Free Rate (30 years) at 3.33% was considered an acceptable risk-free rate at the time of the valuation. |
|--|--------|---------------------------------------------------------------------------------------------------------------------|

|  | · | The market risk premium of 5.0%, a rate generally considered as being the investor's expectation for investing in equity rather than a risk-free government bond. |
|--|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | The beta of a stock is used to reflect the stock price's volatility over and above other general equity investments in the country of listing – the Beta was calculated at 1.50 as described below. |
|--|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Cost of Equity                | Discount Rate |
|-------------------------------|---------------|
| US Risk free rate             | 3.33%         |
| Risk premium of market        | 5.0%          |
| Operational Risk (Base Beta)  | 1.50          |
| Nominal Cost of equity (CAPM) | 10.83%        |
| Real Cost of equity (CAPM)    | 8.36%         |

|  | 1. | The first decision concerns the length of the estimation period. Most estimates of betas, including those by Value Line and Standard and Poor's 500 ("S&P 500"), use five years of data, while Bloomberg uses two years of data. |
|--|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 2. | The second decision concerns the use of daily or intra-day returns, which will increase the number of observations in the regression, but it exposes the estimation process to a significant bias in beta estimates related to non-trading, in particular small stocks. |
|--|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  | · | GDX (Juniors) - 0.93741627; |
|--|--------|-----------------------------|

|  | · | GDX (Majors) 0.258442589 – this is very much aligned with current Betas of individual mines; and |
|--|--------|--------------------------------------------------------------------------------------------------------|

|  | · | Caledonia (Toronto price) – 0.81. |
|--|--------|-----------------------------------------|

| Item 22 (b) | - Cash Flow Forecast |
|-------------|----------------------|

----

| Item                         | Project       | Blanket Mine LoM |
|------------------------------|---------------|------------------|
| Ore Tonnes Mined             | Tonnes ('000) | 2,934            |
| Average Mined Grade          | g/t           | 3.67             |
| Total Oz in Reserve LoM Plan | oz.           | 346,397          |
| Grade Delivered to Plant     | g/t           | 3.67             |
| Metal Recovered              |          |             |
| Recovered grade              | g/t           | 3.43             |
| Yield/Recovery               | %             | 93.5%            |
| Total Oz Recovered           | oz.           | 323,881          |

----

----

----

| Item 22 (c) | - Net Present Value |
|-------------|---------------------|

| Item              | Unit | Value |
|-------------------|------|-------|
| Real NPV @ 0.00%  | USDm | 87    |
| Real NPV @ 5.00%  | USDm | 70    |
| Real NPV @ 8.36%  | USDm | 66    |
| Real NPV @ 10.00% | USDm | 57    |
| Real NPV @ 15.00% | USDm | 47    |
| Item                               | Unit    | Profitability Ratios |
|------------------------------------|---------|----------------------|
| Total ounces in Reserve LoM plan   | oz.     | 346,397              |
| In Situ Mining Inventory Valuation | USD/oz. | 190                  |
| Production LoM                     | Years   | 8                    |
| Present Value of Income flow       | USDm    | 106                  |
| Break Even Milled Grade            | g/t     | 2.54                 |
| Incentive Gold Price               | USD/oz. | 864                  |

|  | · | Commodity Price (USD/Au oz.); |
|--|--------|-------------------------------|

|  | · | Grade (g/t); |
|--|--------|--------------|

|  | · | Fixed Cost; |
|--|--------|-------------|

|  | · | Variable Cost; and |
|--|--------|--------------------|

|  | · | Sustaining Capex. |
|--|--------|-------------------|

|                    | Min | Max  | Current | Min   | Max   |
|-------------------------|-----|------|---------|-------|-------|
| Gold Price (USD/oz.)    | 80% | 120% | 1,250   | 1,100 | 1,500 |
| Grade (g/t)             | 90% | 110% | 3.7     | 3.3   | 4.0   |
| Fixed Costs (USD/t)     | 95% | 110% | 61      | 58    | 67    |
| Variable Cost (USD/t)   | 95% | 110% | 10      | 9     | 11    |
| Sustaining Capex (USDm) | 95% | 110% | 14      | 14    | 16    |
| Valuation Method     | Lower Value | Best Estimated Value | Higher Value |
|----------------------|-------------|----------------------|--------------|
| USDm                 | USDm        | USDm                 |
| Discounted Cash Flow | 43          | 66                   | 96           |

| Item 22 (d) | - Regulatory Items |
|-------------|--------------------|

|  | · | Corporate Income tax at 25%. |
|--|--------|------------------------------|

----

|  | · | Exploration, development and capital costs can be expensed against profit in the year incurred or carried forward to be expensed against the first year of production. |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | Exemptions on customs duty and import taxes on capital items during exploration and development phases. |
|--|--------|---------------------------------------------------------------------------------------------------------|

|  | · | Withholding tax on dividend payments to non-Zimbabweans and on services provided by foreign suppliers at a rate of 5% to 15% depending on the location of the payee. |
|--|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Item 22 (e) | - Sensitivity Analysis |
|-------------|------------------------|

----

|     | Grade    | 3.12  | 3.21  | 3.31  | 3.40  | 3.49  | 3.58  | 3.67   | 3.76   | 3.86   | 3.95   | 4.00   | 4.13   | 4.22   |
|----------|----------|-------|-------|-------|-------|-------|-------|--------|--------|--------|--------|--------|--------|--------|
| Au Price | Change % | 70.0% | 75.0% | 80.0% | 85.0% | 90.0% | 95.0% | 100.0% | 105.0% | 110.0% | 115.0% | 120.0% | 112.5% | 115.0% |
| 1,063    | 85.0%    | 6     | 11    | 15    | 20    | 25    | 29    | 34     | 38     | 43     | 47     | 50     | 56     | 61     |
| 1,094    | 87.5%    | 11    | 15    | 20    | 25    | 30    | 34    | 39     | 44     | 48     | 53     | 56     | 62     | 67     |
| 1,125    | 90.0%    | 15    | 20    | 25    | 30    | 35    | 39    | 44     | 49     | 54     | 59     | 62     | 68     | 73     |
| 1,156    | 92.5%    | 20    | 25    | 30    | 35    | 40    | 45    | 50     | 55     | 60     | 64     | 67     | 74     | 79     |
| 1,188    | 95.0%    | 25    | 30    | 35    | 40    | 45    | 50    | 55     | 60     | 65     | 70     | 73     | 80     | 85     |
| 1,219    | 97.5%    | 29    | 34    | 39    | 45    | 50    | 55    | 60     | 66     | 71     | 76     | 79     | 86     | 92     |
| 1,250    | 100.0%   | 34    | 39    | 44    | 50    | 55    | 60    | 66     | 71     | 76     | 82     | 85     | 92     | 98     |
| 1,313    | 105.0%   | 38    | 44    | 49    | 55    | 60    | 66    | 71     | 77     | 82     | 87     | 91     | 98     | 104    |
| 1,375    | 110.0%   | 43    | 48    | 54    | 60    | 65    | 71    | 76     | 82     | 88     | 93     | 97     | 104    | 110    |
| 1,438    | 115.0%   | 47    | 53    | 59    | 64    | 70    | 76    | 82     | 87     | 93     | 99     | 102    | 110    | 116    |
| 1,500    | 120.0%   | 50    | 56    | 62    | 67    | 73    | 79    | 85     | 91     | 97     | 102    | 106    | 114    | 120    |
| 1,563    | 125.0%   | 56    | 62    | 68    | 74    | 80    | 86    | 92     | 98     | 104    | 110    | 114    | 122    | 129    |
| 1,625    | 130.0%   | 61    | 67    | 73    | 79    | 85    | 92    | 98     | 104    | 110    | 116    | 120    | 129    | 135    |
| 1,688    | 135.0%   | 70    | 76    | 83    | 89    | 96    | 102   | 108    | 115    | 121    | 128    | 132    | 141    | 147    |
|                          | Capex    | 12.3  | 12.6  | 13.0  | 13.3  | 13.7  | 14.1  | 14.4   | 14.8   | 15.1   | 15.5   | 15.7   | 16.2   | 16.6   |
|-------------------------------|----------|-------|-------|-------|-------|-------|-------|--------|--------|--------|--------|--------|--------|--------|
| Production  Cost (USD/t) | Change % | 85.0% | 87.5% | 90.0% | 92.5% | 95.0% | 97.5% | 100.0% | 102.5% | 105.0% | 107.5% | 109.0% | 112.5% | 115.0% |
| 92                            | 130.0%   | 30    | 30    | 30    | 30    | 30    | 30    | 30     | 30     | 30     | 30     | 30     | 30     | 30     |
| 88                            | 125.0%   | 36    | 36    | 36    | 36    | 36    | 36    | 36     | 36     | 36     | 36     | 36     | 36     | 36     |
| 85                            | 120.0%   | 42    | 42    | 42    | 42    | 42    | 42    | 42     | 42     | 42     | 42     | 42     | 42     | 42     |
| 81                            | 115.0%   | 48    | 48    | 48    | 48    | 48    | 48    | 48     | 48     | 48     | 48     | 48     | 48     | 48     |
| 78                            | 110.0%   | 54    | 54    | 54    | 54    | 54    | 54    | 54     | 54     | 54     | 54     | 54     | 54     | 54     |
| 74                            | 105.0%   | 60    | 60    | 60    | 60    | 60    | 60    | 60     | 60     | 60     | 60     | 60     | 60     | 60     |
| 71                            | 100.0%   | 66    | 66    | 66    | 66    | 66    | 66    | 66     | 66     | 66     | 66     | 66     | 66     | 66     |
| 67                            | 95.0%    | 72    | 72    | 72    | 72    | 72    | 72    | 72     | 72     | 72     | 72     | 72     | 72     | 72     |
| 64                            | 90.0%    | 77    | 77    | 77    | 77    | 77    | 77    | 77     | 77     | 77     | 77     | 77     | 77     | 77     |
| 60                            | 85.0%    | 83    | 83    | 83    | 83    | 83    | 83    | 83     | 83     | 83     | 83     | 83     | 83     | 83     |
| 57                            | 80.0%    | 89    | 89    | 89    | 89    | 89    | 89    | 89     | 89     | 89     | 89     | 89     | 89     | 89     |
| 53                            | 75.0%    | 95    | 95    | 95    | 95    | 95    | 95    | 95     | 95     | 95     | 95     | 95     | 95     | 95     |
| 50                            | 70.0%    | 101   | 101   | 101   | 101   | 101   | 101   | 101    | 101    | 101    | 101    | 101    | 101    | 101    |

----

| ITEM 23 | - ADJACENT PROPERTIES |
|---------|-----------------------|

----

| Item 23 (a) | – Public Domain Information |
|-------------|-----------------------------------|

|   |                                  |
|--------|----------------------------------|
|   | Blanket Mine Adjacent Properties |

| Item 23 (b) | – Sources of Information |
|-------------|--------------------------------|

|  | · | Spilpunt. Mineral Commodities and Africa. Available from: http://spilpunt.blogspot.com/2007/04/zimbabwe.html. Viewed: 29 October 2014. |
|--|--------|----------------------------------------------------------------------------------------------------------------------------------------|

|  | · | A Technical Report dated 28 June 2011, by the MSA Group (Pty) titled "Technical Report on the Blanket Gold Mine Zimbabwe". |
|--|--------|----------------------------------------------------------------------------------------------------------------------------|

----

| Item 23 (c) | – Verification of Information |
|-------------|-------------------------------------|

| Item 23 (d) | – Applicability of Adjacent Property's Mineral Deposit to Project |
|-------------|-------------------------------------------------------------------------|

| Item 23 (e) | – Historical Estimates of Mineral Resources or Mineral Reserves |
|-------------|-----------------------------------------------------------------------|

----

| ITEM 24 | – OTHER RELEVANT DATA AND INFORMATION |
|---------|---------------------------------------------|

----

| Item 24 (a) | - Upside Potential |
|-------------|--------------------|

|  | · | Development of a new Tramming loop on 750 mL; |
|--|--------|-----------------------------------------------|

|  | · | Complete the sink to deepen No 6 Winze; and |
|--|--------|---------------------------------------------|

|  | · | Sinking of a new central shaft positioned in-between AR Main and AR South mineral deposits. |
|--|--------|---------------------------------------------------------------------------------------------|

|  | 1. | a mining strategy was discussed; |
|--|----|----------------------------------|

|  | 2. | mining areas were targeted; |
|--|----|-----------------------------|

|  | 3. | capital and operating cost was calculated; |
|--|----|--------------------------------------------|

|  | 4. | metallurgical test work was evaluated; |
|--|----|----------------------------------------|

|  | 5. | processing design criteria were identified and costs were calculated; and |
|--|----|---------------------------------------------------------------------------|

|  | 6. | a financial evaluation was conducted in the form of a DCF based predominantly on Inferred Resources. |
|--|----|------------------------------------------------------------------------------------------------------|

----

|   |                                                       |
|--------|-------------------------------------------------------|
|   | Blanket Project Area Split, Below 750 m (Red Portion) |

----

| Item                     | Project       | Blanket Mine LoM |
|--------------------------|---------------|------------------|
| Ore Tonnes Mined         | Tonnes ('000) | 2,938            |
| Average Mined Grade      | g/t           | 4.36             |
| Total Oz. in PEA Study   | oz.           | 411,862          |
| Grade Delivered to Plant | g/t           | 4.36             |
| Metal Recovered          |          |             |
| Recovered grade          | g/t           | 4.08             |
| Yield/Recovery           | %             | 93.5%            |
| Total Oz. Recovered      | oz.           | 385,091          |

----

|  | · | Extension of the jaw crusher product stockpile. |
|--|--------|-------------------------------------------------|

|  | · | Additional primary and regrind mills with auxiliary equipment such as feed weightometers and slurry pumping. |
|--|--------|--------------------------------------------------------------------------------------------------------------|

|  | · | Addition of a Knelson Concentrator. |
|--|--------|-------------------------------------|

|  | · | Although the installation will only be considered at a later date, provision has been made for the installation of Acacia reactors for upgrading of Knelson concentrates. The Gemini tables will be used initially with some modifications as these units operate effectively at present. |
|--|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Item Description                    | Total Cost                                                            |
|-------------------------------------|-----------------------------------------------------------------------|
| USD                                 |
|  New Central Shaft *           |        22,303,316                  |
|  Haulage Development           |           7,040,000 |
|  Metallurgical Plant           | 5,589,644                                                             |
|  No 6 Winze                    |           1,000,000 |
|  Blanket Deep Drilling Project |           6,800,000 |
|  Total                         | 42,732,690                                                            |
| Item Description   | Total            |
|--------------------|------------------|
| Sustaining Capital | 12,085,547       |
| Project Capital    |  42,732,690 |
| Total              | 54,818,507       |

----

| Item                                            | Unit             | Amount  | Unit         | Amount |
|-------------------------------------------------|------------------|---------|--------------|--------|
| Net Turnover                                    | USD/Milled tonne | 164     | USD/Gold oz. | 1,250  |
| Mine Cost                                       | USD/Milled tonne | 47      | USD/Gold oz. | 358    |
| Plant Costs                                     | USD/Milled tonne | 17      | USD/Gold oz. | 127    |
| Other Costs                                     | USD/Milled tonne | 4       | USD/Gold oz. | 28     |
| Direct Cash Costs (C1)                          | USD/Milled tonne | 67      | USD/Gold oz. | 513    |
| Capex                                           | USD/Milled tonne | 19      | USD/Gold oz. | 142    |
| Production Costs (C2)                           | USD/Milled tonne | 86      | USD/Gold oz. | 656    |
| Royalties                                       | USD/Milled tonne | 8       | USD/Gold oz. | 63     |
| Other Cash Costs                                | USD/Milled tonne | 9       | USD/Gold oz. | 71     |
| Fully Allocated Costs/ Notional Costs (C3) | USD/Milled tonne | 103     | USD/Gold oz. | 789    |
| NCE Margin                                      | %                | 37%     | %            | 37%    |
| EBITDA*                                         | USD/Milled tonne | 79      | USD/Gold oz. | 603    |
| EBITDA Margin                                   | %                | 48%     |         |   |
| Gold Recovered                                  | oz.              | 385,091 |         |   |

|  | 1. | * EBITDA excludes capital expenditure. |
|--|----|----------------------------------------|

|  | 2. | Numbers may not add up due to rounding. |
|--|----|-----------------------------------------|

----

| Item                          | Unit | Value |
|-------------------------------|------|-------|
| Real NPV @ 0.00%              | USDm | 127   |
| Real NPV @ 5.00%              | USDm | 81    |
| Real NPV @ 8.36%              | USDm | 65    |
| Real NPV @ 10.00%             | USDm | 52    |
| Real NPV @ 15.00%             | USDm | 33    |
| Internal Rate of Return (IRR) | %    | 42%   |
| Item                                              | Unit    | Profitability Ratios |
|---------------------------------------------------|---------|----------------------|
| Total ounces in PEA Study                         | oz.     | 411,862              |
| In situ Mining Inventory Valuation                | USD/oz. | 157                  |
| Production LoM                                    | Years   | 8.5                  |
| Project LoM                                       | Years   | 10.3                 |
| Present Value of Income flow                      | USDm    | 136                  |
| Present Value of Investment                       | USDm    | 36                   |
| Benefit-Cost Ratio                                | Ratio   | 3.8                  |
| Return on Investment                              | %       | 281%                 |
| Average Payback Period (From start of production) | Years   | 3.7                  |
| Peak Funding Requirement                          | USDm    | -25                  |
| Peak Funding Year                                 | Year    | 2016                 |
| Break Even Milled Grade (Including Capex)         | g/t     | 2.75                 |
| Incentive Gold Price (Including Capex)            | USD/oz. | 789                  |

----

| Input                 | Min | Max  | Current | Min   | Max   |
|-----------------------|-----|------|---------|-------|-------|
| Gold Price (USD/oz.)  | 80% | 120% | 1,250   | 1,000 | 1,500 |
| Grade (g/t)           | 90% | 110% | 4.3     | 3.9   | 4.8   |
| Fixed Costs (USD/t)   | 95% | 105% | 57      | 54    | 60    |
| Variable Cost (USD/t) | 95% | 105% | 10      | 9     | 10    |
| Mining Capex (USD)    | 95% | 110% | 49      | 47    | 54    |
| Plant Capex (USD)     | 95% | 105% | 6       | 5     | 6     |

----

----

|     | Grade delivered to plant | 3.71  | 3.82  | 3.92  | 4.03  | 4.14  | 4.25  | 4.36   | 4.47   | 4.58   | 4.69   | 4.75   | 4.91   | 5.02   |
|----------|--------------------------|-------|-------|-------|-------|-------|-------|--------|--------|--------|--------|--------|--------|--------|
| AU Price | Change %                 | 85.0% | 87.5% | 90.0% | 92.5% | 95.0% | 97.5% | 100.0% | 102.5% | 105.0% | 107.5% | 109.0% | 112.5% | 115.0% |
| 1,063    | 85.0%                    | 10    | 15    | 19    | 23    | 27    | 32    | 36     | 40     | 44     | 48     | 51     | 56     | 60     |
| 1,094    | 87.5%                    | 15    | 19    | 23    | 28    | 32    | 36    | 41     | 45     | 49     | 53     | 56     | 62     | 66     |
| 1,125    | 90.0%                    | 19    | 23    | 28    | 32    | 37    | 41    | 45     | 50     | 54     | 59     | 61     | 67     | 72     |
| 1,156    | 92.5%                    | 23    | 28    | 32    | 37    | 41    | 46    | 50     | 55     | 59     | 64     | 66     | 73     | 77     |
| 1,188    | 95.0%                    | 27    | 32    | 37    | 41    | 46    | 51    | 55     | 60     | 64     | 69     | 72     | 78     | 83     |
| 1,219    | 97.5%                    | 32    | 36    | 41    | 46    | 51    | 55    | 60     | 65     | 69     | 74     | 77     | 84     | 88     |
| 1,250    | 100.0%                   | 36    | 41    | 45    | 50    | 55    | 60    | 65     | 70     | 75     | 79     | 82     | 89     | 94     |
| 1,281    | 102.5%                   | 40    | 45    | 50    | 55    | 60    | 65    | 70     | 75     | 80     | 85     | 88     | 95     | 99     |
| 1,313    | 105.0%                   | 44    | 49    | 54    | 59    | 64    | 69    | 75     | 80     | 85     | 90     | 93     | 100    | 105    |
| 1,344    | 107.5%                   | 48    | 53    | 59    | 64    | 69    | 74    | 79     | 85     | 90     | 95     | 98     | 105    | 111    |
| 1,363    | 109.0%                   | 51    | 56    | 61    | 66    | 72    | 77    | 82     | 88     | 93     | 98     | 101    | 109    | 114    |
| 1,406    | 112.5%                   | 56    | 62    | 67    | 73    | 78    | 84    | 89     | 95     | 100    | 105    | 109    | 116    | 122    |
| 1,438    | 115.0%                   | 60    | 66    | 72    | 77    | 83    | 88    | 94     | 99     | 105    | 111    | 114    | 122    | 127    |
| 1,500    | 120.0%                   | 69    | 75    | 80    | 86    | 92    | 98    | 104    | 109    | 115    | 121    | 124    | 133    | 138    |
|                    | Total Capex | 46.6  | 48.0  | 49.3  | 50.7  | 52.1  | 53.4  | 54.8   | 56.2   | 57.6   | 58.9   | 59.8   | 61.7   | 63.0   |
|-------------------------|-------------|-------|-------|-------|-------|-------|-------|--------|--------|--------|--------|--------|--------|--------|
| Production Cost (USD/t) | Change %    | 85.0% | 87.5% | 90.0% | 92.5% | 95.0% | 97.5% | 100.0% | 102.5% | 105.0% | 107.5% | 109.0% | 112.5% | 115.0% |
| 87                      | 130.0%      | 44    | 43    | 42    | 42    | 41    | 40    | 40     | 39     | 38     | 37     | 37     | 36     | 35     |
| 84                      | 125.0%      | 48    | 47    | 47    | 46    | 45    | 45    | 44     | 43     | 42     | 42     | 41     | 40     | 40     |
| 81                      | 120.0%      | 52    | 52    | 51    | 50    | 50    | 49    | 48     | 47     | 47     | 46     | 46     | 45     | 44     |
| 77                      | 115.0%      | 57    | 56    | 55    | 54    | 54    | 53    | 52     | 52     | 51     | 50     | 50     | 49     | 48     |
| 74                      | 110.0%      | 61    | 60    | 59    | 59    | 58    | 57    | 56     | 56     | 55     | 54     | 54     | 53     | 52     |
| 71                      | 105.0%      | 65    | 64    | 64    | 63    | 62    | 61    | 61     | 60     | 59     | 59     | 58     | 57     | 56     |
| 67                      | 100.0%      | 69    | 68    | 68    | 67    | 66    | 66    | 65     | 64     | 63     | 63     | 62     | 61     | 61     |
| 64                      | 95.0%       | 73    | 73    | 72    | 71    | 70    | 70    | 69     | 68     | 68     | 67     | 66     | 65     | 65     |
| 61                      | 90.0%       | 77    | 77    | 76    | 75    | 75    | 74    | 73     | 73     | 72     | 71     | 71     | 70     | 69     |
| 57                      | 85.0%       | 82    | 81    | 80    | 80    | 79    | 78    | 77     | 77     | 76     | 75     | 75     | 74     | 73     |
| 54                      | 80.0%       | 86    | 85    | 84    | 84    | 83    | 82    | 82     | 81     | 80     | 79     | 79     | 78     | 77     |
| 50                      | 75.0%       | 90    | 89    | 89    | 88    | 87    | 87    | 86     | 85     | 84     | 84     | 83     | 82     | 82     |
| 47                      | 70.0%       | 94    | 93    | 93    | 92    | 91    | 91    | 90     | 89     | 89     | 88     | 87     | 86     | 86     |

----

| ITEM 25 | – INTERPRETATION AND CONCLUSIONS |
|---------|----------------------------------------|

----

|  | · | The Mineral Resources and Reserves tabulated on the operation are not aligned with best practises and reporting formats. These spread sheets should be revised. |
|--|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | The manual mineral resource estimation methodology is deemed satisfactory, but a digital database would have advantages in terms of 3D visualisation and understanding the data. |
|--|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | The QA/QC practices are not up to standard and need to be revised and implemented. |
|--|--------|------------------------------------------------------------------------------------|

|  | · | The "deep" drilling and exploration drilling QA/QC needs to be improved. |
|--|--------|--------------------------------------------------------------------------|

|  | · | Drilling for the depth extensions should be increased to increase the confidence of the resource for the deepening of the Project. |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------|

|  | · | The Reserve LoM plan is based on the depletion of Mineral Resource blocks following a study of mine plans. |
|--|--------|------------------------------------------------------------------------------------------------------------|

|  | · | The developments required to access and mine the Measured and Indicated Mineral Resources have been completed. |
|--|--------|----------------------------------------------------------------------------------------------------------------|

|  | · | Historic production volumes are on the increase since Jan 2012 moving closer to 35 ktpm line. The Reserve LoM plan will require production to keep increasing to just below 40 ktpm. |
|--|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | Rock conditions are fairly competent and roof support is seldom required. |
|--|--------|---------------------------------------------------------------------------|

|  | · | Existing infrastructure at the Blanket Mine is sufficient to sustain the current production profile. |
|--|--------|------------------------------------------------------------------------------------------------------|

|  | · | The plant is well-maintained and equipped to crush and mill up to 40 kt per month. |
|--|--------|------------------------------------------------------------------------------------|

|  | · | The CIL circuit has adequate capacity to treat up to 120 kt of milled material per month. |
|--|--------|-------------------------------------------------------------------------------------------|

|  | · | The plant is adequately staffed considering that most of the plant is manually controlled. |
|--|--------|--------------------------------------------------------------------------------------------|

|  | · | Overall gold recoveries have been consistent on a monthly basis. |
|--|--------|------------------------------------------------------------------|

|  | · | The high free gold recovery of approximately 50% contributes to the overall high gold recovery. |
|--|--------|-------------------------------------------------------------------------------------------------|

|  | · | The incorporation of a central process control system can improve recoveries and reduce costs. |
|--|--------|------------------------------------------------------------------------------------------------|

|  | · | Opportunities exist to reduce costs by optimising power measurement and reagent consumption. |
|--|--------|----------------------------------------------------------------------------------------------|

|  | · | The Project investigated is financially feasible at an 8.36% real discount rate. |
|--|--------|----------------------------------------------------------------------------------|

|  | · | The best-estimated value of the Project was calculated at USD66 million with at a real discount rate of 8.36%. |
|--|--------|----------------------------------------------------------------------------------------------------------------|

|  | · | The Blanket Mine has an NCE margin of 31% that is slightly higher than that of other mines. |
|--|--------|---------------------------------------------------------------------------------------------|

|  | · | The Project is most sensitive to gold price and grade. |
|--|--------|--------------------------------------------------------|

|  | · | Direct Cash cost for the Project is USD71/milled tonne that equates to USD641/oz., which is below the average global gold cash cost of USD767/oz. |
|--|--------|---------------------------------------------------------------------------------------------------------------------------------------------------|
|  | · | Fully-allocated cost for the Project is USD95/milled tonne that equates to USD864/oz. |
|--|--------|---------------------------------------------------------------------------------------|

----

|  | · | The Mineral Resource confidence is concept level because the resources below 750 m Level are predominantly in the Inferred Resource category. The following figure illustrates the red area included in the PEA Study:- |
|--|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |                                                       |
|--------|-------------------------------------------------------|
|   | Blanket Project Area Split, Below 750 m (Red Portion) |

|  | · | The PEA Study, design, schedule and OPEX estimation is better than concept level and is based on current actual performance. |
|--|--------|------------------------------------------------------------------------------------------------------------------------------|

|  | · | The capital estimation was estimated at a very high level of confidence based on engineering designs, drawings and firm quotations and is at least at a definitive level of confidence. |
|--|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | The PEA includes the Inferred Mineral Resources from the Below 750 m Level area. |
|--|--------|----------------------------------------------------------------------------------|

----

|  | · | The existing infrastructure at the Blanket mine will be utilised in parallel with new infrastructure which is specifically aimed at targeting the Below 750 m Level mining areas. |
|--|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | The extensions will entail the sinking of a new vertical shaft from surface as well as the completion of the No 6 Winze deepening project. |
|--|--------|--------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | Capital for the various key expansion project items amounts to USD43 million. |
|--|--------|-------------------------------------------------------------------------------|

|  | · | The historic metallurgical recoveries of 93.5% are not expected to change with the increased tonnes from the Blanket Mine. |
|--|--------|----------------------------------------------------------------------------------------------------------------------------|

|  | · | The tonnage profile for the PEA Study is based on the replacement tonnages (Inferred Resources) to be mined through the existing shaft and the new central shaft situated in-between AR Main and AR South. |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | The average grade is expected to be 4.36 g/t. |
|--|--------|-----------------------------------------------|

|  | · | The infrastructure extensions as defined in the PEA adds approximately 385 koz. |
|--|--------|---------------------------------------------------------------------------------|

|  | · | The PEA Study excludes the Exploration Target areas below AR Main, AR South, Lima and Eroica. The PEA project will provide access to these Exploration target areas and to future exploration areas below 1120 level that will potentially extend the LoM. |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | The best-estimated value of the PEA was calculated at USD65 million at a real discount rate of 8.36%. The IRR was calculated at 42% |
|--|--------|-------------------------------------------------------------------------------------------------------------------------------------|

|  | · | By using the Monte Carlo model for the PEA, the value range of the Blanket operation plots between USD44 million and USD84 million. |
|--|--------|-------------------------------------------------------------------------------------------------------------------------------------|

|  | · | The PEA is most sensitive to gold price and grade. |
|--|--------|----------------------------------------------------|

|  | · | The PEA has a break-even gold price of USD789/oz., including capital. |
|--|--------|-----------------------------------------------------------------------|

|  | · | Direct Cash cost for the PEA is USD67/milled t that equates to USD513/oz., which is below the average global gold cash cost of USD767/oz. |
|--|--------|-------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | Fully-allocated cost for the PEA is USD86/milled t that equates to USD789/oz.; noticeably lower than similar gold mining operations. |
|--|--------|--------------------------------------------------------------------------------------------------------------------------------------|

----

| ITEM 26 | – RECOMMENDATIONS |
|---------|-------------------------|

----

|  | · | Minxcon recommends that the Mineral Resources are stated as inclusive of Mineral Reserves and that the Measured and Indicated Resources be declared separate from the Inferred Resources. |
|--|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | The manual data should be captured digitally to reduce human error and assist in the 3D visualisation of the Mineral Deposit and potentially find hidden ore resource blocks. |
|--|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | Geostatistical analysis of the data could possibly help to increase the mineral resources. |
|--|--------|--------------------------------------------------------------------------------------------|

|  | · | Best practice QA/QC must be implemented on the operation, especially for the deep drilling and other exploration drilling as these sample points are single points and have greater influence than the day-to-day evaluation samples. |
|--|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | Currently, the block evaluation does not correct for dip, which leads to under evaluation of the volume and content per resource block. |
|--|--------|-----------------------------------------------------------------------------------------------------------------------------------------|

|  | · | Short deflections must be drilled when drilling the "deep" drill holes and exploration drill holes to understand variability and improve the confidence of the intersections for the Indicated and Inferred Resources. |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | Long inclined boreholes or directional drilling should be investigated as an option to drill more and deeper intersections in the "pay shoots" without increasing the cross-cut development. This could help convert the Inferred mineral resource category to the Indicated mineral resource category. |
|--|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | To assist in the LoM plan audit, a LoM design must be completed using one of the available software packages. This will be illustrated graphically in the mining sequence and development. |
|--|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | The incorporation of additional process control systems should be pursued to improve gold recoveries and reduce costs. |
|--|--------|------------------------------------------------------------------------------------------------------------------------|

|  | · | Metering of power consumption to the main process units should be installed so that power utilisation can be controlled; this will contribute to lower operating costs. |
|--|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | The mill feed bin should be upgraded in size to increase the retention time to allow the crushers to operate during the day only. |
|--|--------|-----------------------------------------------------------------------------------------------------------------------------------|

|  | · | Reagent consumption (cyanide, and carbon) should be optimised further. |
|--|--------|------------------------------------------------------------------------|

|  | · | It is recommended that laboratory costs be captured centrally and allocated to the mining, geology and metallurgical department on a cost per sample basis. |
|--|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | To fully de-risk the PEA expansion project, it is recommended to do exploration drilling as illustrated in the figure below, to increase the level of confidence of the Mineral Resources to Indicated. |
|--|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   |                  |
|--------|------------------|
|   | Below 750 m Area |

|  | · | Best practice QA/QC must be implemented on the operation, especially for deep drilling and other exploration drilling as these sample points are single points and have greater influence than the day-to-day evaluation samples. |
|--|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | Short deflections must be drilled when drilling the "deep" drill holes and exploration drill holes to understand variability and improve the confidence of the intersections for the Indicated and Inferred resources. |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | Long inclined boreholes or directional drilling should be investigated as an option to drill more and deeper intersections in the "pay shoots" without increasing the cross-cut development. This could help to convert the Inferred Mineral Resources to Indicated Mineral Resources. |
|--|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | The incorporation of additional process control systems should be pursued to improve gold recoveries and reduce costs. |
|--|--------|------------------------------------------------------------------------------------------------------------------------|

|  | · | Metering of power consumptions to the main process units should be installed so that plant power utilisation can be controlled. |
|--|--------|---------------------------------------------------------------------------------------------------------------------------------|

|  | · | Although the Gemini tables operate effectively at the moment, installation of Acacia reactors should be considered for upgrading of Knelson concentrates. |
|--|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| ITEM 27 | – REFERENCES |
|---------|--------------------|

----

|  | · | AngloGold Ashanti. 2014. Home | Operational profiles 2012 | AngloGold Ashanti. [ONLINE] Available at: http://www.aga-reports.com/12/op. [Accessed 01 February 2014]. |
|--|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | Anon. The Geology of Mali South (Southern Mali). |
|--|--------|--------------------------------------------------|

|  | · | Applied Geological Services (AGS), July 2006, Independent Qualified Person's Report Blanket Mine, Zimbabwe. |
|--|--------|-------------------------------------------------------------------------------------------------------------|

|  | · | Appropriate Process Technologies, 2014, Quotation ARM-D13-DG02, Caledonia Alluvial Plant. |
|--|--------|-------------------------------------------------------------------------------------------|

|  | · | Consolidated Main Reef. 2014. Downloads | Investors. [ONLINE] Available at: http://demo.crgsa.com/wpcontent/uploads/CRG%20%202012%20Annual%20Report_FINAL.pdf [Accessed 01 February 2014]. |
|--|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | Contrarian Investors' Journal. Pricing of Gold Forward Rate. 8 April 2009. [ONLINE] Available at:  http://contrarianinvestorsjournal.com/?p=491#. [Accessed 14 March 2014]. |
|--|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | Caledonia Ventures Inc. Caledonia's Mali exploration program delivers excellent grades Update on Drill Results at the Blanket Mine Project, Mali. Released 15 January 2013. |
|--|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | Caledonia Ventures Inc. Drilling on the First of Six Gold Hosting Mineralised Zones on Caledonia's Farabantourou Permit Yields Better than Anticipated Results. Released 23 April 2013. |
|--|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | Caledonia Ventures Inc. Presentation, February 2012. |
|--|--------|------------------------------------------------------|

|  | · | Caledonia Mining Corporation, Annual Information Form for the year ending December 31, 2013. |
|--|--------|----------------------------------------------------------------------------------------------|

|  | · | Diner, JA., 2010, Geology and Exploration Potential - Sanoukou Claim. |
|--|--------|-----------------------------------------------------------------------|

|  | · | Dunbar, P. & Sangaré, S. A Technical Review of the Yanfolila Gold Concession, Mali, West Africa for Compass Gold Corporation. Watts, Griffis and McQuat: 15 January 2010. |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | Energy & Metals Consensus Forecasts. 20 October 2014. Philip M. Hubbard. 53 Upper Brook Street, London, United Kingdom. |
|--|--------|-----------------------------------------------------------------------------------------------------------------------------|

|  | · | Filing Statement, November 2011, Filing Statement of Caledonia Ventures Inc. Concerning The Proposed Acquisition Of 100% of the Outstanding Shares of Transafrika Belgique S.A. |
|--|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | Gold Fields - Quarterly Financial Reports. Thompson Reuters. 2014. Gold Fields - Quarterly Financial Reports. [ONLINE] Available at: http://www.goldfields.co.za/inv_rep_quarterly.php. [Accessed 01 February 2014]. |
|--|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | GoldOne. 2014. Downloads | Investors. [ONLINE] Available at: http://www.gold1.co.za/index.php?option=com_docman&Itemid=134. [Accessed 01 February 2014]. |
|--|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | Great Basin Gold. 2014. Investors | Financials. [ONLINE] Available at: http://www.grtbasin.com/c_investorcentre/Financials/FY2012/2Q/GBG_Jun2012QuarterliesPresentation.pdf [Accessed 31 January 2014]. |
|--|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | http://jgs.lyellcollection.org/content/170/2/353/F1.large.jpg |
|--|--------|---------------------------------------------------------------|

----

|  | · | Harmony FY2013. 2014. Harmony Quarterly Results FY2013. [ONLINE] Available at: http://www.harmony.co.za/investors/reporting/quarterly-results/fy2013. [Accessed 01 February 2014]. |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | IAMGOLD Operations. Sadiola Gold Mine. Available from: http://www.iamgold.com/English/Operations/Operating-Mines/Sadiola-Gold-Mine/default.aspx Accessed: 21 August 2014. |
|--|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | Kimberly Amadeo. US Economy. U.S. Inflation Rate. 2014. [ONLINE] Available at: http://useconomy.about.com/od/inflationfaq/a/US-Inflation-Rate.htm. [Accessed 22 May 2014]. |
|--|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | Kitco Historical Gold Charts and Data - 2014. Historical Gold Charts and Data - London Fix. [ONLINE] Available at: http://www.kitco.com/charts/historicalgold.html. [Accessed 03 February 2014]. |
|--|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | Minxcon Projects SA, August 2014, Preliminary Economic Assessment – Blanket Mine. |
|--|--------|-----------------------------------------------------------------------------------------|

|  | · | MSA, June 2011,  NI 43−101 Technical Report on the Blanket Gold Mine, Zimbabwe. |
|--|--------|--------------------------------------------------------------------------------------------|

|  | · | Natural Resource Holdings. Global Gold Mine and Deposit Rankings 2013. [ONLINE] Available at: http://www.visualcapitalist.com/global-gold-mine-and-deposit-rankings-2013. [Accessed 12 February 2014]. |
|--|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | Ndiaye, PM., et al., 2014, Polycyclic Evolution of Paleoproterozoïc Rocks in the Southwestern Part of the Mako Group (Eastern Senegal, West Africa), International Journal of Geosciences, 5, 739-748. |
|--|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | Pan African. 2014. Financial Reports » Pan African. [ONLINE] Available at: http://www.panafricanresources.com/investors/financial-reports/. [Accessed 01 February 2014]. |
|--|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | Peacocke Simpson, 2014, Report Number PSA/33/14, 2014, Gravity Concentration and Cyanide Leaching Pilot Testing Upon Rubble Sample Submitted By Caledonia Plc. |
|--|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | RandGold Resources. Loulo-Gounkoto Complex. Available from:  http://www.randgoldresources.com/randgold/content/en/randgold-loulo-gounkoto-complex Accessed: 21 August 2014. |
|--|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | SGS SA, 2013, Report number 1112/283, Gold deportment Study on Borehole Samples from Blanket Mine. |
|--|--------|----------------------------------------------------------------------------------------------------|

|  | · | Sibanye Gold. 2014. Downloads | Quarterly Reports | Financial Reports. [ONLINE] Available at: http://www.sibanyegold.co.za/index.php/2012-12-30-10-07-54/2013-05-27-09-34-20/quarterly-reports. [Accessed 01 February 2014]. |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | The London Bullion Market Association. GOFO (Gold Forward Offered Rates) and Libor Means 2013. [ONLINE] Available at: http://www.lbma.org.uk/pages/?page_id=55&title=gold_forwards&show=2013. [Accessed 17 March 2014]. |
|--|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | Thomson Reuters. Gold Fields Mineral Services. Gold Survey 2013 Update 2. Thomson Reuters Building. 30 South Colonade, London, United Kingdom. Published: February 2014. [ONLINE] Available at: https://thomsonreuterseikon.com/markets/metal-trading/. [Accessed 12 February 2014]. |
|--|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | Transafrika Resources Limited. Caledonia Acquires Transafrika Belgique. December 2011. |
|--|--------|----------------------------------------------------------------------------------------|

|  | · | U.S. Geological Survey. Mineral Commodity Summaries 2014. Manuscript approved for publication February 28, 2014. U.S. Geological Survey, Reston, Virginia: 2014. |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | · | Village | Report for the Quarter Ended 30 September 2013, 30 October 2013. 2014. Press release [ONLINE] Available at: http://www.villagemainreef.co.za/news/press-2013/VMR-press-30Oct2013.htm. [Accessed 03 February 2014]. |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | World Gold Council. Gold Demand Trends, Full Year 2013. Thomson Reuters Gold Fields Mineral Services. 10 Old Bailey, London, United Kingdom. Published: February 2014. |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | World Gold Council. Gold Investor. Risk management and capital preservation Volume 4. 10 Old Bailey, London, United Kingdom. Published: October 2013. |
|--|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| Term                               | Definition                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Alluvial                           | The product of sedimentary processes in rivers, resulting in the deposition of alluvium (soil deposited by a river).                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| Arenite                            | A sedimentary rock composed mainly of quartz minerals.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| Argillite                          | A sedimentary rock composed mainly of clay minerals.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| Assay laboratory                   | A facility in which the proportions of metal in ores or concentrates are determined using analytical techniques.                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| Auriferous                         | A synonym for gold-bearing.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| Beneficial Interest                | The ultimate interest accruing or due to a party in a project. Depending on the circumstances, the beneficial interest may differ from participation, contributory or share subscription interests.                                                                                                                                                                                                                                                                                                                                                                           |
| Capital Asset Pricing Model (CAPM) | A model that describes the relationship between risk and expected return.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| Carbon-In-Leach (CIL)              | A process similar to CIP (described below) except that the ore slurries are not leached with cyanide prior to carbon loading. Instead, the leaching and carbon loading occur simultaneously.                                                                                                                                                                                                                                                                                                                                                                                  |
| Carbon-In-Pulp (CIP)               | A common process used to extract gold from cyanide leach slurries. The process consists of carbon granules suspended in the slurry and flowing counter-current to the process slurry in multiple-staged agitated tanks. The process slurry, which has been leached with cyanide prior to the CIP process, contains solubilised gold. The solubilised gold is absorbed onto the carbon granules, which are subsequently separated from the slurry by screening. The gold is then recovered from the carbon by electrowinning onto steel wool cathodes or by a similar process. |
| Comminution                        | Action of reducing material, normally ore, to minute particles or fragments.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| Conglomerate                       | A sedimentary rock containing rounded fragments (clasts) derived from the erosion and abrasion of older rocks. Conglomerates are usually formed through the action of water in rivers and beaches. The interstitial spaces between the clasts are filled with finer grained sediment.                                                                                                                                                                                                                                                                                         |
| Contributory interest              | In general, a contributory interest is the amount required to be contributed towards the exploration and development costs of a project by a party in order for that party to earn its participation interest in the project. If that party does not contribute its share of the funding then its participating interest will be diluted. The precise definition of this term can differ between agreements.                                                                                                                                                                  |
| Cut-off grade                      | Cut-off grade is any grade that, for any specific reason, is used to separate two courses of action, e.g. to mine or to leave, to mill or to dump.                                                                                                                                                                                                                                                                                                                                                                                                                            |
| Development                        | Activities related to preparation for mining activities to take place and reach the required level of production.                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| Diamond drilling                   | An exploration drilling method, where the rock is cut with a diamond drilling bit, usually to extract core samples.                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| Dilution                           | Waste which is mixed with ore in the mining process.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| Dip                                | The angle that a structural surface, i.e. a bedding or fault plane, makes with the horizontal. It is measured perpendicular to the strike of the structure.                                                                                                                                                                                                                                                                                                                                                                                                                   |
| Discount rate                      | The interest rate used in discounted cash flow analysis to determine the present value of future cash flows. The discount rate takes into account the time value of money (the idea that money available now is worth more than the same amount of money available in the future because it could be earning interest) and the risk or uncertainty of the anticipated future cash flows (which might be less than expected).                                                                                                                                                  |
| Discounted Cash Flow (DCF)         | In finance, discounted cash flow analysis is a method of valuing a project, company, or asset using the concepts of the time value of money. All future cash flows are estimated and discounted to give their present values (PVs) – the sum of all future cash flows, both incoming and outgoing, is the net present value (NPV), which is taken as the value or price of the cash flows in question.                                                                                                                                                                  |
| Electro-winning                    | The process of removing gold from solution by the action of electric currents.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| EMPR                               | Environmental Management Programme Report.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
| Exploration                        | Prospecting, sampling, mapping, diamond drilling and other work involved in the search for mineralisation.                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
| Facies                             | The features that characterise rock as having been emplaced, metamorphosed or deposited in a sedimentary fashion, under specific condition. In the case of sediment host deposits, this infers deposition within a particular depositional environment.                                                                                                                                                                                                                                                                                                                       |

----

| Term | Definition |
|------|------------|
| Faulting                      | The process of fracturing that produces a displacement within, of across lithologies.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|-------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Fair Value                    | The estimated price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between knowledgeable and willing parties at the measurement date (an exit price) [IFRS], other than in a liquidation sale [US GAAP, FAS 157].                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| Feasibility study             | A definitive engineering estimate of all costs, revenues, equipment requirements and production levels likely to be achieved if a mine is developed. The study is used to define the economic viability of a project and to support the search for project financing.                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| Fluvial                       | River environments.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| Footwall                      | The underlying side of a fault, Mineral Deposit or stope.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| Forward sales                 | The sale of a commodity for delivery at a specified future date and price.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| Grade                         | The quantity of metal per unit mass of ore expressed as a percentage or, for gold, as grams per tonne of ore.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| Hanging wall                  | The overlying side of a fault, Mineral Deposit or stope.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| Heap leaching                 | A low-cost technique for extracting metals from ore by percolating leaching solutions through heaps of ore placed on impervious pads. Generally used on low-grade ores.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
| In situ                       | In place, i.e. within unbroken rock.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| Indicated Mineral Resource    | An "Indicated Mineral Resource" is that part of a Mineral Resource for which quantity, grade or quality, densities, shape and physical characteristics, can be estimated with a level of confidence sufficient to allow the appropriate application of technical and economic parameters, to support mine planning and evaluation of the economic viability of the deposit. The estimate is based on detailed and reliable exploration and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes that are spaced closely enough for geological and grade continuity to be reasonably assumed (NI43-101 definition).                        |
| Inferred Mineral Resource     | An "Inferred Mineral Resource‟ is that part of a Mineral Resource for which quantity and grade or quality can be estimated on the basis of geological evidence and limited sampling and reasonably assumed, but not verified, geological and grade continuity. The estimate is based on limited information and sampling gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes.                                                                                                                                                                                                                                                                          |
| Internal Rate of return (IRR) | The internal rate of return on an investment or project is the "annualised effective compounded return rate" or "rate of return" that makes the net present value of all cash flows (both positive and negative) from a particular investment equal to zero. It can also be defined as the discount rate at which the present value of all future cash flow is equal to the initial investment or in other words the rate at which an investment breaks even.                                                                                                                                                                                                                                                              |
| Intrinsic Value               | The amount considered, on the basis of an evaluation of available facts, to be the "true", "real" or "underlying" worth of an item.  Thus it is a long-term, Non-Market Value concept that smooths short term price fluctuations. In the case of real estate, this would be the value of the property taking into account the structure, size, location etc., as opposed to taking into account the current state of the market. In mining, the intrinsic value refers to the fundamental value based on the technical inputs, and a cash flow projection that creates a Net Present Value. Few of these inputs are market related, except possibly for metal price, benchmarked costs and the discount rate applied. |
| Kriging                       | An estimation method that minimises the estimation error between data points in determining mineral resources. Kriging is the best linear unbiased estimator of a mineral resource.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| Level                         | The workings or tunnels of an underground mine which are on the same horizontal plane.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| Lithology                     | The general compositional characteristics of rocks.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| Marginal  mine           | A mine which has a relatively small cash operating margin (cash operating costs including capital expenditures in relation to gross gold sales) at the current gold price.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| Market Value                  | The estimated amount for which an asset or liability should exchange on the valuation date between a willing buyer and a willing seller in an arm's length transaction after proper marketing wherein the parties had each acted knowledgeably, prudently, and without compulsion [IVSC, IFRS].                                                                                                                                                                                                                                                                                                                                                                                                                            |
| Measured mineral resource     | "Measured Mineral Resource‟ is that part of a Mineral Resource for which quantity, grade or quality, densities, shape, and physical characteristics are so well established that they can be estimated with confidence sufficient to allow the appropriate application of technical and economic parameters, to support production planning and evaluation of the economic viability of the deposit. The estimate is based on detailed and reliable exploration, sampling and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes that are spaced closely enough to confirm both geological and grade continuity.                  |

----

| Term | Definition |
|------|------------|
| Metallurgical plant        | Process plant erected to treat ore and extract the contained gold.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|----------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Metallurgical recovery     | Proportion of metal in mill feed which is recovered by a metallurgical process or processes.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
| Metallurgy                 | The science of extracting metals from ores and preparing them for sale.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
| Milling/Crush              | The comminution of the ore, although the term has come to cover the broad range of machinery inside the treatment plant where the gold is separated from the ore prior to leaching or flotation processes.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| Mine call factor (MCF)     | The ratio of the grade of material recovered at the mill (plus residue) to the grade of ore calculated by sampling in stopes.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| Mine recovery factor (MRF) | The MRF is equal to the mine call factor multiplied by the plant recovery factor.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| Mineable                   | That portion of a mineral resource for which extraction is technically and economically feasible.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| Mineral Reserve            | A Mineral Reserve is the economically mineable part of a Measured or Indicated Mineral Resource demonstrated by at least a Preliminary Feasibility Study. Adequate information on mining, processing, metallurgical, economic and other relevant factors that demonstrate, at the time of reporting, that economic extraction can be justified. A Mineral Reserve includes diluting materials and allowances for losses that may occur when the material is mined. (NI43-101 definition). Mineral reserves are reported as general indicators of the life of mineral deposits. Changes in reserves generally reflect:i.   development of additional reserves;ii.  depletion of existing reserves through production;iii. actual mining experience;  andiv. price forecasts.Grades of mineral reserve actually processed from time to time may be different from stated reserve grades because of geologic variation in different areas mined, mining dilution, losses in processing and other factors. Neither reserves nor projections of future operations should be interpreted as assurances of the economic life of mineral deposits or of the profitability of future operations. |
| Mineral Resource           | A Mineral Resource is a concentration or occurrence of diamonds, natural solid inorganic material, or natural solid fossilised organic material including base and precious metals, coal, and industrial minerals in or on the Earth's crust in such form and quantity and of such a grade or quality that it has reasonable prospects for economic extraction. The location, quantity, grade, geological characteristics and continuity of a Mineral Resource are known, estimated or interpreted from specific geological evidence and knowledge.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| Mineralisation             | The presence of a target mineral in a mass of host rock.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| Mineralised area           | Any mass of host rock in which minerals of potential commercial value occur.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
| Net Present Value (NPV)    | The difference between the present value of cash inflows and the present value of cash outflows. NPV is used in capital budgeting to analyse the profitability of an investment or project.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| Notional Cost              | All in cost which includes total cash costs (net of by-product credits), capital spending, general and administrative expenses, and exploration expenses.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| Ore                        | A mixture of valuable and worthless minerals from which at least one of the minerals can be mined and processed at an economic profit.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| Mineral Deposit            | A continuous well defined mass of material of sufficient ore content to make extraction economically feasible.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| Outcrop                    | The exposure of rock on surface.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| Participation interest     | The interest that a party holds in any benefits arising from the development or sale of a project. In order to earn this interest the party may, or may not, be required to contribute towards the exploration and development costs. The definition of this term may differ between agreements.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| Pay limit                  | The breakeven grade at which the Mineral Deposit can be mined without profit or loss and is calculated using the gold price, the working cost and recovery factors.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| PEA Study                  | The Life of Mine plan that was done as part of the Preliminary Economic Assessment of the area that includes "Above 750 m Level" areas and "Below 750 m Level" areas. The PEA Study are inclusive of the Reserve LoM plan and Inferred Mineral Resources.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| Placer                     | A sedimentary deposit containing economic quantities of valuable minerals mainly formed in alluvial and eluvial environments.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| Plant recovery factor      | The gold recovered after treatment processes in a metallurgical plant. It is expressed as a percentage of gold produced (in mass) over the mass of gold fed into the front of the plant (i.e. into the milling circuit).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| Probable Mineral Reserve   | "Probable Mineral Reserve" is the economically mineable part of an Indicated and, in some circumstances, a Measured Mineral Resource demonstrated by at least a Preliminary Feasibility Study. This Study must include adequate information on mining, processing, metallurgical, economic, and other relevant factors that demonstrate, at the time of reporting, that economic extraction can be justified. (NI43-101 definition).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |

----

| Term | Definition |
|------|------------|
| Proven Mineral Reserve              | A "Proven Mineral Reserve" is the economically mineable part of a Measured Mineral Resource demonstrated by at least a Preliminary Feasibility Study. This Study must include adequate information on mining, processing, metallurgical, economic, and other relevant factors that demonstrate, at the time of reporting, that economic extraction is justified. (NI43-101 definition). |
|-------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Recovered grade                     | The actual grade of ore realised or produced after the mining and treatment processes.                                                                                                                                                                                                                                                                                                  |
| Reef                                | A narrow gold-bearing lithology, normally a conglomerate in the Witwatersrand Basin that may contain economic concentrates of gold and uranium.                                                                                                                                                                                                                                         |
| Refining                            | The final stage of metal production in which final impurities are removed from the molten metal by introducing air and fluxes. The impurities are removed as gases or slag.                                                                                                                                                                                                             |
| Reserve LoM Plan                    | The Life of Mine that are based only on Measured and Indicated Mineral Resources and only for the area "Above 750 m Level". The Reserve LoM plan will be used to state Mineral Reserves.                                                                                                                                                                                                |
| Rehabilitation                      | The process of restoring mined land to a condition approximating to a greater or lesser degree its original state.  Reclamation standards are determined by the South African Department of Mineral and Energy Affairs and address ground and surface water, topsoil, final slope gradients, waste handling and re-vegetation issues.                                              |
| Sampling                            | Taking small pieces of rock at intervals along exposed mineralisation for assay (to determine the mineral content).                                                                                                                                                                                                                                                                     |
| Sedimentary                         | Formed by the deposition of solid fragmental material that originates from weathering of rocks and is transported from a source to a site of deposition.                                                                                                                                                                                                                                |
| Semi-Autogenous Grinding (SAG) mill | A piece of machinery used to crush and grind ore, which uses a mixture of steel balls, and the ore itself to achieve communition.                                                                                                                                                                                                                                                       |
| Semi-variogram                      | A graph that describes the expected difference in value between pairs of samples as a function of sample spacing.                                                                                                                                                                                                                                                                       |
| Share Subscription Right            | The right which a party has to subscribe for shares in any company set up to develop the mineral rights. The precise definition can differ between agreements.                                                                                                                                                                                                                          |
| Slimes                              | The finer fraction of tailings discharged from a processing plant after the valuable minerals have been recovered.                                                                                                                                                                                                                                                                      |
| Slurry                              | A fluid comprising fine solids suspended in a solution (generally water containing additives).                                                                                                                                                                                                                                                                                          |
| Smelting                            | Thermal processing whereby molten metal is liberated from beneficiated ore or concentrate with impurities separating as lighter slag.                                                                                                                                                                                                                                                   |
| Spot price                          | The current price of a metal for immediate delivery.                                                                                                                                                                                                                                                                                                                                    |
| Stockpile                           | A store of unprocessed ore or marginal grade material.                                                                                                                                                                                                                                                                                                                                  |
| Stope                               | Excavation within the Mineral Deposit where the main production takes place.                                                                                                                                                                                                                                                                                                            |
| Stratigraphic                       | A term describing the chronological sequence in which bedded rocks occur that can usually be correlated between different localities.                                                                                                                                                                                                                                                   |
| Strike length                       | Horizontal distance along the direction that a structural surface takes as it intersects the horizontal.                                                                                                                                                                                                                                                                                |
| Stripping                           | The process of removing overburden to expose ore.                                                                                                                                                                                                                                                                                                                                       |
| Sulphide                            | A mineral characterised by the linkages of sulphur with a metal or semi-metal, such as pyrite (iron sulphide). Also a zone in which sulphide minerals occur.                                                                                                                                                                                                                            |
| Sweepings                           | The clean-up of residual broken ore in stopes.                                                                                                                                                                                                                                                                                                                                          |
| Syncline                            | A basin shaped fold.                                                                                                                                                                                                                                                                                                                                                                    |
| Syndepositional                     | A process that took place at the same time as sedimentary deposition.                                                                                                                                                                                                                                                                                                                   |
| Tailings                            | Finely ground rock from which valuable minerals have been extracted by milling.                                                                                                                                                                                                                                                                                                         |
| Tailings dam                        | Dams or dumps created to store waste material (tailings) from processed ore after the economically recoverable gold has been extracted.                                                                                                                                                                                                                                                 |
| Tonnage                             | Quantities where the tonne is an appropriate unit of measure. Typically used to measure reserves of gold-bearing material in situ or quantities of ore and waste material mined, transported or milled.                                                                                                                                                                                 |
| Total cost per ounce                | A measure of the average cost of producing an ounce of gold, calculated by dividing the total operating costs in a period by the total gold production over the same period.                                                                                                                                                                                                            |
| Transgress                          | Systematic inundation of an erosional surface by sedimentary deposition.                                                                                                                                                                                                                                                                                                                |
| Unconformity                        | A surface within a package of sedimentary rocks which may be parallel to or at an angle with overlying or underlying rocks, and which represents a period of erosion or non-deposition, or both.                                                                                                                                                                                        |
| Vamping                             | The final clean-up of gold bearing rock and mud from track ballast and/or accumulations in gullies and along transportation routes.                                                                                                                                                                                                                                                     |
| Waste rock                          | Rock with an insufficient gold content to justify processing.                                                                                                                                                                                                                                                                                                                           |

----

| Term | Definition |
|------|------------|
| Weighted average Cost of Capital | A company's assets are financed by either debt or equity. WACC is the average of the costs of these sources of financing, each of which is weighted by its respective use in the given situation. |
|----------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Working costs                    | Working costs represent production costs directly associated with the processing of gold and selling, administration and general charges related to the operation.                                |
| Zinc precipitation               | A chemical reaction using zinc dust that converts gold solution to a solid form for smelting into unrefined gold bars.                                                                            |

----

----

| 1. | I am a Director of Minxcon Consulting (Pty) Ltd |
|----|-------------------------------------------------|

| 2. | I graduated with a BSc (Hons.) Geology from the University of the Witwatersrand in 1991. |
|----|------------------------------------------------------------------------------------------|

| 3. | I have more than 17 years' experience in the mining and exploration industry. This includes 8 years as an Ore Resource Manager at the Randfontein Estates Gold Mines on the West Rand. I have completed a number of assessments and technical reports pertaining to various commodities, including gold, using approaches described by the Canadian Code for reporting of Resources and Reserves – National Instrument 43-101 (Standards of Disclosure for Mineral Projects). |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4. | I am affiliated with the following professional associations: |
|----|---------------------------------------------------------------|

| Class  | Professional Society                                                                        |   |
|--------|---------------------------------------------------------------------------------------------|--------|
| Member | Geological Society of South Africa (Reg. No. 966310)                                        | 2010   |
| Member | South African Council for Natural Scientific Professions (Pr. Sci. Nat. Reg. No. 400058/08) | 2008   |

| 5. | I am responsible for Items 1-3, 6-14, 23-27 of the Qualified Person's Report titled "A Technical Report on the Blanket Mine, Gwanda Area, Zimbabwe", effective 29 August 2014. |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6. | I have read the definition of "Qualified Person" set out in the Canadian Code for reporting of Resources and Reserves – National Instrument 43-101 (Standards of Disclosure for Mineral Projects), Form 43-101F1 and the Companion Policy Document 43-101CP ("NI 43-101") and certify that by reason of my education, affiliation with professional associations and past relevant work experience, I fulfil the requirements to be a Qualified Person for the purposes of this Qualified Persons' Report. |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7. | I have read the NI43-101 and this Report has been prepared in compliance with it. |
|----|-----------------------------------------------------------------------------------|

| 8. | As of the effective date, to the best of my knowledge, information and belief, the Report contains all scientific and technical information required to be disclosed to make the Report not misleading. |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 9. | The facts presented in the Report are, to the best of my knowledge, correct. |
|----|------------------------------------------------------------------------------|

|  | 10. | The analyses and conclusions presented in the Report are limited only by the reported forecasts and conditions. |
|--|-----|-----------------------------------------------------------------------------------------------------------------|

|  | 11. | I have no present or prospective interest in the subject property or asset and have no bias with respect to the assets that are the subject of the Report, or to the parties involved with the assignment. |
|--|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 12. | My compensation, employment or contractual relationship with the Commissioning Entity is not contingent on any aspect of the Report. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------|

| 13. | I have had no prior involvement with the property that is the subject of this Report. |
|-----|---------------------------------------------------------------------------------------|

| 14. | I did not undertake a personal inspection of the property. |
|-----|------------------------------------------------------------|

----

----

| 1. | I am a Director of Minxcon Consulting (Pty) Ltd |
|----|-------------------------------------------------|

| 2. | I graduated with a B.Eng. (Mining) degree from the University of Pretoria in 1985 and an M.Comm. (Business Administration) degree from the Rand Afrikaans University in 1993. In addition, I obtained diplomas in Data Metrics from the University of South Africa and Advanced Development Programme from London Business School in 1989 and 1995, respectively. In 1989 I was awarded with a Mine Managers Certificate from the Department of Mineral and Energy Affairs. |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3. | I have worked as a Mining Engineer for more than 28 years with my specialisation lying within Mineral Reserve and mine management. I have completed a number of Mineral Reserve estimations and mine plans for various commodities, including gold, using approaches described by the Canadian Code for reporting of Resources and Reserves – National Instrument 43-101 (Standards of Disclosure for Mineral Projects). |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4. | I am a member/fellow of the following professional associations, which meet all the attributes of a Professional Association or a Self-Regulatory Professional Association, as applicable (as those terms are defined in NI43-101):- |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Class                 | Professional Society                                             | Year of Registration |
|-----------------------|------------------------------------------------------------------|----------------------|
| Member                | Association of Mine Managers of SA                               | 1989                 |
| Fellow                | South African Institute of Mining and Metallurgy                 | 1985                 |
| Professional Engineer | Engineering Council of South Africa (ECSA)                       | 2005                 |
| Member                | Engineering Council of South Africa (Pr. Eng. Reg. No. 20050318) | 2005                 |

| 5. | I am responsible for Items 1-3, 15-16, 18, 21, 23-27 of the Qualified Person's Report titled "A Technical Report on the Blanket Mine, Gwanda Area, Zimbabwe", effective 29 August 2014. |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6. | I have read the definition of "Qualified Person" set out in the Canadian Code for reporting of Resources and Reserves – National Instrument 43-101 (Standards of Disclosure for Mineral Projects), Form 43-101F1 and the Companion Policy Document 43-101CP ("NI 43-101") and certify that by reason of my education, affiliation with professional associations and past relevant work experience, I fulfil the requirements to be a Qualified Person for the purposes of this Qualified Persons' Report. |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7. | I have read the NI43-101 and this Report has been prepared in compliance with it. |
|----|-----------------------------------------------------------------------------------|

| 8. | As of the effective date, to the best of my knowledge, information and belief, the Report contains all scientific and technical information required to be disclosed to make the Report not misleading. |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 9. | The facts presented in the Report are, to the best of my knowledge, correct. |
|----|------------------------------------------------------------------------------|

| 10. | The analyses and conclusions presented in the Report are limited only by the reported forecasts and conditions. |
|-----|-----------------------------------------------------------------------------------------------------------------|

| 11. | I have no present or prospective interest in the subject property or asset. I have no bias with respect to the assets that are the subject of the Report, or to the parties involved with the assignment. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 12. | I have read this technical Report and NI43-101 Standards of Disclosure for Mineral Projects and this Report has been prepared in compliance with NI43-101. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 13. | My compensation, employment or contractual relationship with the Commissioning Entity is not contingent on any aspect of the Report. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------|

| 14. | I did not undertake a personal inspection of the property. |
|-----|------------------------------------------------------------|

| 15. | I have had no prior involvement with the property that is the subject of this Report. |
|-----|---------------------------------------------------------------------------------------|

----

----

| 1. | I am a Director of Minxcon Consulting (Pty) Ltd |
|----|-------------------------------------------------|

| 2. | I graduated with an HND (Ext. Met.) from the University of the Witwatersrand in 1976. In addition, I have completed the Business Leadership Development Programme at (WBS) |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3. | I have more than 37 years' experience in the mining and metallurgical industry. This includes 15 years as a metallurgical manager and consultant as well as four years in mine management. I have completed various technical reports on metallurgical operations and have been co-author of a technical paper presented overseas. I have completed a number of assessments and technical reports pertaining to various commodities, including gold, using approaches described by the Canadian Code for reporting of Resources and Reserves – National Instrument 43-101 (Standards of Disclosure for Mineral Projects). |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4. | I am a member/fellow of the following professional associations, which meet all the attributes of a Professional Association or a Self-Regulatory Professional Association, as applicable (as those terms are defined in NI43-101):- |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Class  | Professional Society                                                         | Year of Registration |
|--------|------------------------------------------------------------------------------|----------------------|
| Fellow | South African Institute of Mining and Metallurgy (FSAIMM Reg. No. 701139)    | 1995                 |
| Member | Mine Metallurgical Managers Association of South Africa (MMMA) No. (M000948) | 1988                 |

| 5. | I am responsible for Items 1-3, 17-18, 23-27 of the Qualified Person's Report titled "A Technical Report on the Blanket Mine, Gwanda Area, Zimbabwe", effective 29 August 2014. |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6. | I have read the definition of "Qualified Person" set out in the Canadian Code for reporting of Resources and Reserves – National Instrument 43-101 (Standards of Disclosure for Mineral Projects), Form 43-101F1 and the Companion Policy Document 43-101CP ("NI 43-101") and certify that by reason of my education, affiliation with professional associations and past relevant work experience, I fulfil the requirements to be a Qualified Person for the purposes of this Qualified Persons' Report. |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7. | I have read the NI43-101 and this Report has been prepared in compliance with it. |
|----|-----------------------------------------------------------------------------------|

| 8. | As of the effective date, to the best of my knowledge, information and belief, the Report contains all scientific and technical information required to be disclosed to make the Report not misleading. |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 9. | The facts presented in the Report are, to the best of my knowledge, correct. |
|----|------------------------------------------------------------------------------|

| 10. | The analyses and conclusions presented in the Report are limited only by the reported forecasts and conditions. |
|-----|-----------------------------------------------------------------------------------------------------------------|

| 11. | I have no present or prospective interest in the subject property or asset and have no bias with respect to the assets that are the subject of the Report, or to the parties involved with the assignment. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 12. | I have read this technical Report and NI43-101 Standards of Disclosure for Mineral Projects and this Report has been prepared in compliance with NI43-101. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 13. | My compensation, employment or contractual relationship with the Commissioning Entity is not contingent on any aspect of the Report. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------|

| 14. | I did not undertake a personal inspection of the property. |
|-----|------------------------------------------------------------|

| 15. | I have had no prior involvement with the property that is the subject of this Report. |
|-----|---------------------------------------------------------------------------------------|

----

----

| 1. | I am a Director of Minxcon Consulting (Pty) Ltd |
|----|-------------------------------------------------|

| 2. | I graduated with a BSc (Geol.) degree from the Rand Afrikaans University in 1985. In addition, I have obtained a BSc (Hons.) (Mineral Economics) from the Rand Afrikaans University in 1986 and an MSc (Min. Eng.) from the University of the Witwatersrand in 1992. |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3. | I have worked as a Geoscientist for more than 25 years. As a former employee of Merrill Lynch, I was actively involved in advising mining companies and investment bankers on corporate-related issues, analysing platinum and gold companies. I completed a number of valuations on various commodities including gold, using the valuation approaches described by the Standards and Guidelines for Valuation of Mineral Properties recommended by the Special Committee of the Canadian Institute of Mining, Metallurgy and Petroleum or Valuation of Mineral Properties (CIMVAL). |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4. | I am a member/fellow of the following professional associations, which meet all the attributes of a Professional Association or a Self-Regulatory Professional Association, as applicable (as those terms are defined in CIMVAL):- |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Class  | Professional Society                                                                        | Year of Registration |
|--------|---------------------------------------------------------------------------------------------|----------------------|
| Member | Geological Society of South Africa (MGSSA No. 965119)                                       | 2003                 |
| Fellow | South African Institute of Mining and Metallurgy (FSAIMM Reg. No. 702615)                   | 2003                 |
| Member | Australasian Institute of Mining and Metallurgy (MAusIMM Reg. No. 220813)                   | 2003                 |
| Member | South African Council for Natural Scientific Professions (Pr. Sci. Nat. Reg. No. 400024/04) | 2003                 |

| 5. | I am responsible for Items 1-6, 19-27 of the Qualified Person's Report titled "A Technical Report on the Blanket Mine, Gwanda Area, Zimbabwe", effective 29 August 2014. |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6. | I have read the definition of "Qualified Person" set out in the Canadian Code for reporting of Resources and Reserves – National Instrument 43-101 (Standards of Disclosure for Mineral Projects), Form 43-101F1 and the Companion Policy Document 43-101CP ("NI 43-101") and certify that by reason of my education, affiliation with professional associations and past relevant work experience, I fulfil the requirements to be a Qualified Person for the purposes of this Qualified Persons' Report. |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7. | I am a Qualified Valuator as the terms are defined in CIMVAL for the purpose of the valuation and the Valuation Report. |
|----|-------------------------------------------------------------------------------------------------------------------------|

| 8. | I have read the NI43-101 and this Report has been prepared in compliance with it. |
|----|-----------------------------------------------------------------------------------|

| 9. | As of the effective date, to the best of my knowledge, information and belief, the Report contains all scientific and technical information required to be disclosed to make the Report not misleading. |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10. | The facts presented in the Report are, to the best of my knowledge, correct. |
|-----|------------------------------------------------------------------------------|

| 11. | The analyses and conclusions presented in the Report are limited only by the reported forecasts and conditions. |
|-----|-----------------------------------------------------------------------------------------------------------------|

| 12. | I have no present or prospective interest in the subject property or asset and have no bias with respect to the assets that are the subject of the Report, or to the parties involved with the assignment. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 13. | My compensation, employment or contractual relationship with the Commissioning Entity is not contingent on any aspect of the Report. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------|

| 14. | I did not undertake a personal inspection of the property. |
|-----|------------------------------------------------------------|

| 15. | I have had no prior involvement with the property that is the subject of this Report. |
|-----|---------------------------------------------------------------------------------------|

| Yours faithfully, |   |
|-------------------|--------|

----

| 1. | I am an employee of Minxcon Consulting (Pty) Ltd |
|----|--------------------------------------------------|

| 2. | I graduated with a B.Eng. Mining degree from the University of Pretoria in 2009. In addition, I have obtained a Mine Managers' Certificate in 2012. I completed a post graduate diploma in Financial Management through UNISA in 2011 and am currently a 2014 CFA Level 1 Candidate. |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3. | I have worked as a Mining Engineer for more than 5 years. As a former employee of Anglo Platinum I was involved in the mining production activities and was in charge of supervising various underground operations. I have been employed by Minxcon for the past two years as a valuator and completed a number of valuations on various commodities, including gold, using the valuation approaches described by the Standards and Guidelines for Valuation of Mineral Properties recommended by the Special Committee of the Canadian Institute of Mining, Metallurgy and Petroleum or Valuation of Mineral Properties (CIMVAL). |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4. | I am a member/fellow of the following professional associations, which meet all the attributes of a Professional Association or a Self-Regulatory Professional Association, as applicable (as those terms are defined in CIMVAL):- |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Class        | Professional Society                                                | Year of Registration |
|--------------|---------------------------------------------------------------------|----------------------|
| Professional | Engineering Council of South Africa (Registration Number: 20130533) | 2013                 |
| Member       | South African Institute of Mining and Metallurgy (Number: 705773)   | 2012                 |

| 5. | I am responsible for Items 1-6, 19-27 of the Qualified Person's Report titled "A Technical Report on the Blanket Mine, Gwanda Area, Zimbabwe", effective 1 October 2014. |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6. | I have read the definition of "Qualified Person" set out in the Canadian Code for reporting of Resources and Reserves – National Instrument 43-101 (Standards of Disclosure for Mineral Projects), Form 43-101F1 and the Companion Policy Document 43-101CP ("NI 43-101") and certify that by reason of my education, affiliation with professional associations and past relevant work experience, I fulfil the requirements to be a Qualified Person for the purposes of this Qualified Persons' Report. |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7. | I am a Qualified Valuator as the terms are defined in CIMVAL for the purpose of the valuation and the Valuation Report. |
|----|-------------------------------------------------------------------------------------------------------------------------|

| 8. | I have read the NI43-101 and this Report has been prepared in compliance with it. |
|----|-----------------------------------------------------------------------------------|

| 9. | As of the effective date, to the best of my knowledge, information and belief, the Report contains all scientific and technical information required to be disclosed to make the Report not misleading. |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10. | The facts presented in the Report are, to the best of my knowledge, correct. |
|-----|------------------------------------------------------------------------------|

| 11. | The analyses and conclusions presented in the Report are limited only by the reported forecasts and conditions. |
|-----|-----------------------------------------------------------------------------------------------------------------|

| 12. | I have no present or prospective interest in the subject property or asset and have no bias with respect to the assets that are the subject of the Report, or to the parties involved with the assignment. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 13. | My compensation, employment or contractual relationship with the Commissioning Entity is not contingent on any aspect of the Report. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------|

| 14. | I did not undertake a personal inspection of the property. |
|-----|------------------------------------------------------------|

| 15. | I have had no prior involvement with the property that is the subject of this Report. |
|-----|---------------------------------------------------------------------------------------|

| J BURGERPr Eng. (Mining)ECSA, MSAIMMVALUATOR |   |
|----------------------------------------------|--------|

----

| Name         | Reg No. | Area | No. of Claims | No. of Blocks | Type |
|--------------|---------|------|---------------|---------------|------|
| Blanket      | 1817    | Gda  | 13            | 1             | Au   |
| Blanket 2    | 3958    | Gda  | 8             | 1             | Au   |
| Blanket      | 5030    | Gda  | 7             | 1             | Au   |
| Blanket 9    | 31202   | Gda  | 7             | 1             | Au   |
| Blanket A    | GA247   | Gda  | 9             | 1             | Au   |
| Blanket B    | GA248   | Gda  | 10            | 1             | Au   |
| Blanket D    | GA349   | Gda  | 4             | 1             | Au   |
| Blanket F    | GA512   | Gda  | 6             | 1             | Au   |
| Blanket J    | GA547   | Gda  | 2             | 1             | Au   |
| Blanket K    | 6874BM  | Gda  | 25            | 1             | Tu   |
| Blanket L    | 9627BM  | Gda  | 23            | 1             | Cu   |
| D T          | 21775   | Gda  | 10            | 1             | Au   |
| Feudal 2     | 10051BM | Gda  | 25            | 1             | Tu   |
| Feudal 3     | 31190   | Gda  | 6             | 1             | Au   |
| Feudal 3     | 19918   | Gda  | 9             | 1             | Au   |
| Feudal D B E | 21065   | Gda  | 8             | 1             | Au   |
| Feudal South | GA446   | Gda  | 4             | 1             | Au   |
| Feudal West  | 10358BM | Gda  | 25            | 1             | As   |
| Harvard      | 5576BM  | Gda  | 25            | 1             | Tu   |
| Jethro       | 19923   | Gda  | 9             | 1             | Au   |
| Lima 17      | 36066   | Gda  | 2.7           | 1             | Au   |
| Lima 18      | 36067   | Gda  | 9.8           | 1             | Au   |
| Lima 19      | 36068   | Gda  | 9.7           | 1             | Au   |
| Lima 20      | 36069   | Gda  | 9.6           | 1             | Au   |
| Lima 21      | 36070   | Gda  | 9.5           | 1             | Au   |
| Lima 22      | 36071   | Gda  | 9.1           | 1             | Au   |
| Lima 23      | 36072   | Gda  | 8.3           | 1             | Au   |
| Lima 24      | 36073   | Gda  | 10            | 1             | Au   |
| Lima 25      | 36074   | Gda  | 10            | 1             | Au   |
| Lima 26      | 36075   | Gda  | 10            | 1             | Au   |
| Lima 27      | 36076   | Gda  | 10            | 1             | Au   |
| Lima 28      | 36077   | Gda  | 10            | 1             | Au   |
| Lima 29      | 36078   | Gda  | 10            | 1             | Au   |
| Lima 30      | 36079   | Gda  | 10            | 1             | Au   |
| Lima 31      | 36080   | Gda  | 10            | 1             | Au   |
| Lima 32      | 36081   | Gda  | 4             | 1             | Au   |
| Lima 33      | 36082   | Gda  | 7             | 1             | Au   |
| Lima 34      | 36083   | Gda  | 10            | 1             | Au   |
| Lima 35      | 36084   | Gda  | 10            | 1             | Au   |
| Lima 36      | 36085   | Gda  | 10            | 1             | Au   |
| Lima 37      | 36086   | Gda  | 10            | 1             | Au   |
| Lima 38      | 36087   | Gda  | 10            | 1             | Au   |
| Lima 39      | 36088   | Gda  | 2.04          | 1             | Au   |
| Lima 40      | 36089   | Gda  | 3.25          | 1             | Au   |
| Lima 41      | 36090   | Gda  | 3.25          | 1             | Au   |
| Lima 42      | 36091   | Gda  | 9             | 1             | Au   |
| Lima 43      | 36092   | Gda  | 10            | 1             | Au   |
| Lima 44      | 36093   | Gda  | 10            | 1             | Au   |
| Lima 45      | 39094   | Gda  | 10            | 1             | Au   |
| Lima 46      | 36095   | Gda  | 10            | 1             | Au   |
| Lima 47      | 36096   | Gda  | 8.1           | 1             | Au   |
| Lima 48      | 36097   | Gda  | 3             | 1             | Au   |
| Lima 49      | 36098   | Gda  | 7.95          | 1             | Au   |
| Lima 50      | 36099   | Gda  | 5.8           | 1             | Au   |
| Lima 51      | 36100   | Gda  | 3.04          | 1             | Au   |
| Lima 52      | 36101   | Gda  | 9.25          | 1             | Au   |
| Lima 53      | 36102   | Gda  | 8.3           | 1             | Au   |
| Lima 54      | 36103   | Gda  | 2.18          | 1             | Au   |
| Lima 55      | 36104   | Gda  | 7.36          | 1             | Au   |
| Lima 56      | 36105   | Gda  | 6.3           | 1             | Au   |
| Lima 57      | 36106   | Gda  | 10            | 1             | Au   |
| Lima 58      | 36107   | Gda  | 10            | 1             | Au   |
| Lima 59      | 36108   | Gda  | 10            | 1             | Au   |
| Lima 60      | 36109   | Gda  | 10            | 1             | Au   |

----

| Lima 61          | 36110   | Gda | 10   | 1 | Au |
|------------------|---------|-----|------|---|----|
| Lima 62          | 36111   | Gda | 10   | 1 | Au |
| Lima 63          | 36112   | Gda | 10   | 1 | Au |
| Lima 64          | 36113   | Gda | 10   | 1 | Au |
| Lima 65          | 36114   | Gda | 10   | 1 | Au |
| Lima 66          | 36115   | Gda | 10   | 1 | Au |
| Lima 67          | 36116   | Gda | 10   | 1 | Au |
| Lima 68          | 36117   | Gda | 10   | 1 | Au |
| Lima H           | 10925BM | Gda | 93   | 1 | As |
| Lima I           | 34052   | Gda | 10   | 1 | Au |
| Lima J           | 34053   | Gda | 10   | 1 | Au |
| Lima K           | 34054   | Gda | 10   | 1 | Au |
| Lima L           | 34055   | Gda | 10   | 1 | Au |
| Lima M           | 30456   | Gda | 10   | 1 | Au |
| Lima N           | 34057   | Gda | 10   | 1 | Au |
| Lima O           | 34058   | Gda | 10   | 1 | Au |
| Lima P           | 34059   | Gda | 5    | 1 | Au |
| Lima Q           | 34060   | Gda | 5    | 1 | Au |
| Lima R           | 34061   | Gda | 10   | 1 | Au |
| Lima S           | 34062   | Gda | 10   | 1 | Au |
| Lima T           | 34063   | Gda | 10   | 1 | Au |
| Lima U           | 34064   | Gda | 10   | 1 | Au |
| Lima V           | 34065   | Gda | 10   | 1 | Au |
| Lima W           | 34066   | Gda | 10   | 1 | Au |
| Lima X           | 34067   | Gda | 10   | 1 | Au |
| Lima1            | 35753   | Gda | 8    | 1 | Au |
| Lima10           | 35762   | Gda | 10   | 1 | Au |
| Lima11           | 35763   | Gda | 10   | 1 | Au |
| Lima12           | 35764   | Gda | 10   | 1 | Au |
| Lima13           | 35765   | Gda | 10   | 1 | Au |
| Lima14           | 35766   | Gda | 10   | 1 | Au |
| Lima15           | 35767   | Gda | 10   | 1 | Au |
| Lima16           | 35768   | Gda | 5    | 1 | Au |
| Lima2            | 35754   | Gda | 8    | 1 | Au |
| Lima3            | 35755   | Gda | 10   | 1 | Au |
| Lima4            | 35756   | Gda | 10   | 1 | Au |
| Lima5            | 35757   | Gda | 10   | 1 | Au |
| Lima6            | 35758   | Gda | 10   | 1 | Au |
| Lima7            | 35759   | Gda | 10   | 1 | Au |
| Lima8            | 35760   | Gda | 6    | 1 | Au |
| Lima9            | 35761   | Gda | 10   | 1 | Au |
| Mbudzane Rock A  | 36160   | Gda | 10   | 1 | Au |
| Mbudzane Rock A1 | 36176   | Gda | 9.7  | 1 | Au |
| Mbudzane Rock A2 | 36177   | Gda | 10   | 1 | Au |
| Mbudzane Rock A3 | 36178   | Gda | 10   | 1 | Au |
| Mbudzane Rock A4 | 36179   | Gda | 10   | 1 | Au |
| Mbudzane Rock A5 | 36180   | Gda | 10   | 1 | Au |
| Mbudzane Rock A6 | 36181   | Gda | 3.5  | 1 | Au |
| Mbudzane Rock B  | 36161   | Gda | 10   | 1 | Au |
| Mbudzane Rock B1 | 36182   | Gda | 2.25 | 1 | Au |
| Mbudzane Rock B2 | 36183   | Gda | 6.5  | 1 | Au |
| Mbudzane Rock B3 | 36184   | Gda | 10   | 1 | Au |
| Mbudzane Rock B4 | 36185   | Gda | 10   | 1 | Au |
| Mbudzane Rock B5 | 36186   | Gda | 10   | 1 | Au |
| Mbudzane Rock B6 | 36187   | Gda | 10   | 1 | Au |
| Mbudzane Rock B7 | 36188   | Gda | 10   | 1 | Au |
| Mbudzane Rock B8 | 36189   | Gda | 3.2  | 1 | Au |
| Mbudzane Rock B9 | 36190   | Gda | 6.5  | 1 | Au |
| Mbudzane Rock C  | 36162   | Gda | 10   | 1 | Au |
| Mbudzane Rock C1 | 36191   | Gda | 10   | 1 | Au |
| Mbudzane Rock C2 | 36192   | Gda | 10   | 1 | Au |
| Mbudzane Rock C3 | 36193   | Gda | 10   | 1 | Au |
| Mbudzane Rock C4 | 36194   | Gda | 10   | 1 | Au |
| Mbudzane Rock C5 | 36195   | Gda | 10   | 1 | Au |
| Mbudzane Rock C6 | 36196   | Gda | 2.25 | 1 | Au |

----

| Mbudzane Rock C7 | 36197   | Gda | 6    | 1 | Au |
|------------------|---------|-----|------|---|----|
| Mbudzane Rock C8 | 36198   | Gda | 9.4  | 1 | Au |
| Mbudzane Rock C9 | 36199   | Gda | 9.4  | 1 | Au |
| Mbudzane Rock D  | 36163   | Gda | 6.13 | 1 | Au |
| Mbudzane Rock D1 | 36200   | Gda | 9.4  | 1 | Au |
| Mbudzane Rock D2 | 36201   | Gda | 9.4  | 1 | Au |
| Mbudzane Rock D3 | 36202   | Gda | 9.17 | 1 | Au |
| Mbudzane Rock E  | 36164   | Gda | 10   | 1 | Au |
| Mbudzane Rock F  | 36165   | Gda | 10   | 1 | Au |
| Mbudzane Rock G  | 36166   | Gda | 10   | 1 | Au |
| Mbudzane Rock H  | 36167   | Gda | 5.83 | 1 | Au |
| Mbudzane Rock I  | 36168   | Gda | 2.5  | 1 | Au |
| Mbudzane Rock J  | 36169   | Gda | 3.45 | 1 | Au |
| Mbudzane Rock K  | 36170   | Gda | 5.1  | 1 | Au |
| Mbudzane Rock L  | 36171   | Gda | 8    | 1 | Au |
| Mbudzane Rock M  | 36172   | Gda | 10   | 1 | Au |
| Mbudzane Rock N  | 36173   | Gda | 10   | 1 | Au |
| Mbudzane Rock O  | 36174   | Gda | 10   | 1 | Au |
| Mbudzane Rock P  | 36175   | Gda | 6.23 | 1 | Au |
| OQUEIL           | 35928   | Gda | 1    | 1 | Au |
| OQUEIL 1         | 35929   | Gda | 2.5  | 1 | Au |
| OQUEIL 10        | 35938   | Gda | 10   | 1 | Au |
| OQUEIL 11        | 35939   | Gda | 6    | 1 | Au |
| OQUEIL 12        | 35940   | Gda | 10   | 1 | Au |
| OQUEIL 13        | 35941   | Gda | 10   | 1 | Au |
| OQUEIL 14        | 35942   | Gda | 9    | 1 | Au |
| OQUEIL 15        | 35943   | Gda | 3    | 1 | Au |
| OQUEIL 16        | 35944   | Gda | 9    | 1 | Au |
| OQUEIL 17        | 35945   | Gda | 10   | 1 | Au |
| OQUEIL 18        | 35946   | Gda | 10   | 1 | Au |
| OQUEIL 19        | 35947   | Gda | 2.5  | 1 | Au |
| OQUEIL 2         | 35930   | Gda | 5    | 1 | Au |
| OQUEIL 20        | 35948   | Gda | 10   | 1 | Au |
| OQUEIL 21        | 35949   | Gda | 10   | 1 | Au |
| OQUEIL 22        | 35950   | Gda | 8    | 1 | Au |
| OQUEIL 23        | 35951   | Gda | 3    | 1 | Au |
| OQUEIL 24        | 35952   | Gda | 8    | 1 | Au |
| OQUEIL 25        | 35953   | Gda | 10   | 1 | Au |
| OQUEIL 26        | 35954   | Gda | 7    | 1 | Au |
| OQUEIL 27        | 35955   | Gda | 4    | 1 | Au |
| OQUEIL 28        | 35956   | Gda | 10   | 1 | Au |
| OQUEIL 29        | 35957   | Gda | 8    | 1 | Au |
| OQUEIL 3         | 35931   | Gda | 3    | 1 | Au |
| OQUEIL 30        | 35958   | Gda | 7    | 1 | Au |
| OQUEIL 31        | 35959   | Gda | 10   | 1 | Au |
| OQUEIL 32        | 35960   | Gda | 7    | 1 | Au |
| OQUEIL 33        | 35961   | Gda | 6    | 1 | Au |
| OQUEIL 34        | 35962   | Gda | 8    | 1 | Au |
| OQUEIL 35        | 35963   | Gda | 4    | 1 | Au |
| OQUEIL 4         | 35932   | Gda | 9    | 1 | Au |
| OQUEIL 5         | 35933   | Gda | 10   | 1 | Au |
| OQUEIL 6         | 35934   | Gda | 10   | 1 | Au |
| OQUEIL 7         | 35935   | Gda | 10   | 1 | Au |
| OQUEIL 8         | 35936   | Gda | 10   | 1 | Au |
| OQUEIL 9         | 35937   | Gda | 10   | 1 | Au |
| Sabiwa 10        | 10894BM | Gda | 136  | 1 | As |
| Sabiwa 11        | 10895BM | Gda | 99   | 1 | As |
| Sabiwa 12        | 10896BM | Gda | 115  | 1 | As |
| Sabiwa 13        | 10922BM | Gda | 68   | 1 | As |
| Sabiwa 14        | 10923BM | Gda | 93   | 1 | As |
| Sabiwa 2         | GA513   | Gda | 5    | 1 | Au |
| Sabiwa 3         | 9628BM  | Gda | 15   | 1 | Cu |
| Sabiwa 4         | 10049BM | Gda | 20   | 1 | Cu |
| Sabiwa D B       | GA281   | Gda | 10   | 1 | Au |
| Sabiwa East      | 10050BM | Gda | 20   | 1 | Cu |

----

| Sabiwa North 1/2 | 25610   | Gda    | 7        | 1   | Au     |
|------------------|---------|--------|----------|-----|--------|
| Sabiwa South 1/2 | 1978    | Gda    | 6        | 1   | Au     |
| Sheet            | 35628   | Gda    | 10       | 1   | Au     |
| Sheet            | 34747   | Gda    | 9.2      | 1   | Au     |
| Sheet 1          | 35629   | Gda    | 10       | 1   | Au     |
| Sheet 10         | 35638   | Gda    | 10       | 1   | Au     |
| Sheet 11         | 35639   | Gda    | 5        | 1   | Au     |
| Sheet 2          | 35630   | Gda    | 10       | 1   | Au     |
| Sheet 2          | GA341   | Gda    | 9        | 1   | Au     |
| Sheet 3          | 35631   | Gda    | 10       | 1   | Au     |
| Sheet 3          | 9629BM  | Gda    | 14       | 1   | Cu     |
| Sheet 4          | 35632   | Gda    | 10       | 1   | Au     |
| Sheet 5          | 35633   | Gda    | 10       | 1   | Au     |
| Sheet 6          | 35634   | Gda    | 10       | 1   | Au     |
| Sheet 7          | 35635   | Gda    | 10       | 1   | Au     |
| Sheet 8          | 35636   | Gda    | 10       | 1   | Au     |
| Sheet 9          | 35637   | Gda    | 10       | 1   | Au     |
| Sheet A          | 34744   | Gda    | 7.5      | 1   | Au     |
| Sheet B          | 34751   | Gda    | 1        | 1   | Au     |
| Sheet North A    | 34748   | Gda    | 9.2      | 1   | Au     |
| Sheet North B    | 34749   | Gda    | 9.2      | 1   | Au     |
| Sheet North C    | 34750   | Gda    | 2.99     | 1   | Au     |
| Sheet North D    | 34856   | Gda    | 2.45     | 1   | Au     |
| Valentine 37     | GA2767B | Gda    | 7.6      | 1   | Au     |
| Valentine 38     | GA2768  | Gda    | 8        | 1   | Au     |
| Valentine 39     | GA2769  | Gda    | 10       | 1   | Au     |
| Valentine 40     | GA2770  | Gda    | 10       | 1   | Au     |
| Valentine 41     | GA2771  | Gda    | 10       | 1   | Au     |
| Valentine 42     | GA2772  | Gda    | 7        | 1   | Au     |
| Valentine 43     | GA2773  | Gda    | 4        | 1   | Au     |
| Valentine 44     | GA2774  | Gda    | 10       | 1   | Au     |
| Valentine 45     | GA2775  | Gda    | 10       | 1   | Au     |
| Valentine 46     | GA2776  | Gda    | 10       | 1   | Au     |
| Valentine 47     | GA2777  | Gda    | 10       | 1   | Au     |
| Valentine 48     | GA2778  | Gda    | 10       | 1   | Au     |
| Valentine 49     | GA2779  | Gda    | 10       | 1   | Au     |
| Valentine 50     | GA2780  | Gda    | 10       | 1   | Au     |
| Valentine 51     | GA2781  | Gda    | 10       | 1   | Au     |
| Valentine 52     | GA2782  | Gda    | 10       | 1   | Au     |
| Valentine 53     | GA2783  | Gda    | 10       | 1   | Au     |
| Valentine 54     | GA2784  | Gda    | 10       | 1   | Au     |
| Valentine 55     | GA2785  | Gda    | 10       | 1   | Au     |
| Valentine 56     | GA2786  | Gda    | 10       | 1   | Au     |
| Valentine 57     | GA2787  | Gda    | 10       | 1   | Au     |
| Valentine 58     | GA2788  | Gda    | 10       | 1   | Au     |
| Valentine 59     | GA2789  | Gda    | 10       | 1   | Au     |
| Valentine 60     | GA2790  | Gda    | 10       | 1   | Au     |
| Valentine 61     | GA2791  | Gda    | 10       | 1   | Au     |
| Valentine 62     | GA2792  | Gda    | 4        | 1   | Au     |
| Valentine 63     | GA2994  | Gda    | 10       | 1   | Au     |
| Valentine 64     | GA2995  | Gda    | 10       | 1   | Au     |
| Valentine 65     | GA2996  | Gda    | 10       | 1   | Au     |
| Smiler Gold Dump | 32939   | Gda    | 10       | 1   | Au     |
| Site Cemetry     | 577     | Gda    | 2        | 1   | Site   |
| Site Compound    | 701     | Gda    | 10       | 1   | Site   |
| Site Compound    | 575     | Gda    | 17       | 1   | Site   |
| Site Compound    | 574     | Gda    | 7        | 1   | Site   |
| Site Dump        | 646     | Gda    | 18       | 1   | Site   |
| Site Housing     | 573     | Gda    | 23       | 1   | Site   |
| Site Housing     | 645     | Gda    | 8        | 1   | Site   |
| Site Magazine    | 578     | Gda    | 29       | 1   | Site   |
| Site Slimes      | 613     | Gda    | 28       | 1   | Site   |
| Total            |    |   | 2,883.57 | 256 |   |

----

| Name              | Reg No. | Area   | No. of Claims | No. of Blocks | Type      |
|-------------------|---------|--------|---------------|---------------|-----------|
| Abercorn 11       | 11269BM | Gda    | 66            | 1             | Arsenic   |
| Abercorn          | 33251   | Gda    | 10            | 1             | Gold Dump |
| Great Abercorn    | 10602BM | Gda    | 150           | 1             | Tungsten  |
| Annette 10        | GA3259  | Gda    | 8             | 1             | Gold Reef |
| Annette 11        | GA3260  | Gda    | 8             | 1             | Gold Reef |
| Annette 9         | GA3258  | Gda    | 8             | 1             | Gold Reef |
| Banshee J         | 11093BM | Gda    | 135           | 1             | Arsenic   |
| Bunny's Luck      | 10443BM | Gda    | 25            | 1             | Copper    |
| Bunny's Luck E1   | 10445BM | Gda    | 25            | 1             | Copper    |
| Bunny's Luck E2   | 10446BM | Gda    | 25            | 1             | Copper    |
| Bunny's Luck E3   | 10447BM | Gda    | 25            | 1             | Copper    |
| Bunny's Luck E4   | 10448BM | Gda    | 25            | 1             | Copper    |
| Bunny's Luck East | 10444BM | Gda    | 25            | 1             | Copper    |
| Cinderella        | 11122BM | Gda    | 4             | 1             | Arsenic   |
| Cinderella B      | 10824BM | Gda    | 128           | 1             | Arsenic   |
| Cinderella C      | 10825BM | Gda    | 137           | 1             | Arsenic   |
| Cinderella D      | 10826BM | Gda    | 146           | 1             | Arsenic   |
| Cinderella E      | 11123BM | Gda    | 13            | 1             | Arsenic   |
| Dan's Luck East   | GA537BM | Gda    | 88            | 1             | Arsenic   |
| Dan's Luck N2     | GA3769B | Gda    | 8             | 1             | Gold Reef |
| Dan's Luck North  | 11268BM | Gda    | 27            | 1             | Arsenic   |
| Dan's Luck South  | GA538BM | Gda    | 20            | 1             | Arsenic   |
| Gum 1             | GA3060  | Gda    | 6             | 1             | Gold reef |
| Gum 2             | GA3061  | Gda    | 6             | 1             | Gold reef |
| Lincoln           | 30548   | Gda    | 10            | 1             | Gold Reef |
| Rubicon           | 34519   | Gda    | 10            | 1             | Gold Reef |
| Rubicon 7         | 34520   | Gda    | 10            | 1             | Gold Reef |
| Rubicon C         | 34795   | Gda    | 10            | 1             | Gold Reef |
| Rubicon D         | 34796   | Gda    | 10            | 1             | Gold Reef |
| Rubicon E         | 34797   | Gda    | 10            | 1             | Gold Reef |
| Rubicon F         | 34798   | Gda    | 10            | 1             | Gold Reef |
| Rubicon G         | 34799   | Gda    | 10            | 1             | Gold Reef |
| Rubicon H         | 34800   | Gda    | 10            | 1             | Gold Reef |
| Rubicon I         | 34801   | Gda    | 10            | 1             | Gold Reef |
| Rubicon J         | 34802   | Gda    | 10            | 1             | Gold Reef |
| Rubicon K         | 34803   | Gda    | 10            | 1             | Gold Reef |
| Rubicon L         | 34804   | Gda    | 10            | 1             | Gold Reef |
| Rubicon M         | 34805   | Gda    | 10            | 1             | Gold Reef |
| Rubicon N         | 34806   | Gda    | 10            | 1             | Gold Reef |
| Rubicon O         | 34913   | Gda    | 10            | 1             | Gold Reef |
| Rubicon P         | 34914   | Gda    | 9             | 1             | Gold Reef |
| Rubicon Q         | 34915   | Gda    | 8             | 1             | Gold Reef |
| Rubicon R         | 34916   | Gda    | 10            | 1             | Gold Reef |
| Rubicon S         | 34917   | Gda    | 10            | 1             | Gold Reef |
| Rubicon T         | 34918   | Gda    | 7             | 1             | Gold Reef |
| Rubicon U         | 34919   | Gda    | 10            | 1             | Gold Reef |
| Rubicon V         | 34920   | Gda    | 10            | 1             | Gold Reef |
| Rubicon W         | 34921   | Gda    | 6             | 1             | Gold Reef |
| Shakeshake        | 10625BM | Gda    | 108           | 1             | Nickel    |
| Shakeshake 2      | 10626BM | Gda    | 108           | 1             | Nickel    |
| Shakeshake 3      | 10627BM | Gda    | 72            | 1             | Nickel    |
| Spruit            | 10623BM | Gda    | 81            | 1             | Nickel    |
| Spruit 2          | 10624BM | Gda    | 81            | 1             | Nickel    |
| Spruit 4          | GA532BM | Gda    | 50            | 1             | Nickel    |
| Spruit 5          | GA533BM | Gda    | 110           | 1             | Nickel    |
| Spruit 6          | GA534BM | Gda    | 66            | 1             | Nickel    |
| Surprise          | 10628BM | Gda    | 95            | 1             | Nickel    |
| Surprise 2        | 10629BM | Gda    | 101           | 1             | Nickel    |
| Mazeppa           | 32769   | Gda    | 3             | 1             | Gold Dump |
| Dan's Luck        | 32776   | Gda    | 10            | 1             | Gold Dump |
| Will South        | 33143   | Gda    | 5             | 1             | Gold Dump |
| Total             |    |   | 2,238.00      | 61            |      |

----

| Name              | Reg No. | Area   | No. of Claims | No. of Blocks | Type          |
|-------------------|---------|--------|---------------|---------------|---------------|
| GG                | GA651   | Gda    | 10            | 1             | Gold Reef     |
| GG 10             | GA3772  | Gda    | 4.9           | 1             | Gold Reef     |
| GG 11             | GA3773  | Gda    | 10            | 1             | Gold Reef     |
| GG 12             | GA3774  | Gda    | 8             | 1             | Gold Reef     |
| GG 13             | GA3775  | Gda    | 4             | 1             | Gold Reef     |
| GG 7              | GA3769  | Gda    | 10            | 1             | Gold Reef     |
| GG 8              | GA3770  | Gda    | 7             | 1             | Gold Reef     |
| GG 9              | GA3771  | Gda    | 9             | 1             | Gold Reef     |
| GG2               | GA942   | Gda    | 10            | 1             | Gold Reef     |
| GG3               | GA943   | Gda    | 10            | 1             | Gold Reef     |
| GG4               | GA944   | Gda    | 10            | 1             | Gold Reef     |
| GG5               | GA945   | Gda    | 10            | 1             | Gold Reef     |
| GG6               | GA946   | Gda    | 10            | 1             | Gold Reef     |
| GGA               | GA947   | Gda    | 10            | 1             | Gold Reef     |
| GGB               | GA948   | Gda    | 10            | 1             | Gold Reef     |
| GGC               | GA949   | Gda    | 10            | 1             | Gold Reef     |
| GGD               | GA950   | Gda    | 10            | 1             | Gold Reef     |
| GGE               | GA951   | Gda    | 10            | 1             | Gold Reef     |
| Mascot            | GA 583  | Gda    | 10            | 1             | Gold Reef     |
| Mascot 2          | 29657   | Gda    | 10            | 1             | Gold Reef     |
| Mascot 5          | 32756   | Gda    | 10            | 1             | Gold Reef     |
| Penzance North    | 11264BM | Gda    | 40            | 1             | Arsenic       |
| Penzance S2       | 11265BM | Gda    | 35            | 1             | Arsenic       |
| Penzance South    | 8838BM  | Gda    | 24            | 1             | Copper        |
| Eagle 16          | 11266BM | Gda    | 51            | 1             | Arsenic       |
| Eagle Hawk        | 30544   | Gda    | 10            | 1             | Gold reef     |
| Vulture           | 5031    | Gda    | 10            | 1             | Gold Reef     |
| Vulture Dble Bank | 8106    | Gda    | 10            | 1             | Gold Reef     |
| Site              | 649     | Gda    | 4             | 1             | W/shop, water |
| Site              | 512     | Gda    | 1             | 1             | Water         |
| Site              | 607     | Gda    | 1             | 1             | Water         |
| Site              | 608     | Gda    | 1             | 1             | Water         |
| Site              | 609     | Gda    | 1             | 1             | Water         |
| Site              | 610     | Gda    | 1             | 1             | Water         |
| Total             |    |   | 381.90        | 34            |          |

----