Slide 1: Bauba Resources – Kookfontein Site Visit
BAUBA RESOURCES Kookfontein Site Visit – 13 June 2024 www.raubex.com
Slide 2: Presentation Contents
Presentation Contents 1. About Bauba 4. Naboom 2. Kookfontein Chrome Mine i. About i. About ii. Timeline ii. Timeline iii. Resource Development iii. Resource Development iv. Future of Naboom iv. Operations 5. Questions v. Future of Kookfontein 3. Moeijelijk Mine i. About ii. Timeline iii. Resource D
Slide 3: Bauba Resources
Bauba Resources www.raubex.com
Slide 4: About Bauba Resources
About Bauba Resources Bauba has two operating mines, namely Moeijelijk Chrome Mine (“Moeijelijk”) in Limpopo province and Nuco Chrome Mine (“Kookfontein”) in Rustenburg, North West province. A Naboom project third future mine, the Naboom Chrome Project (“Naboom”) was recently acquired. Moeijelijk mi
Slide 5: Bauba Resources Organogram
Bauba Resources Organogram 5
Slide 6: Bauba Resources Consolidated Safety Stats
Bauba Resources Consolidated Safety Stats Indicators 2021/2022 2022/2023 2023/2024 2024/2025 (current) Three Year Totals Fatalities 0 0 0 0 0 Reportable 0 1 3 2 6 Lost Time Injury (LTI) 0 2 5 3 10 Medical Treatment Case (MTC) 1 0 16 3 20 First Aid Case (FAC) 1 1 9 5 16 Lost Time Injury Frequency Rat
Slide 7: Commodities
Commodities www.raubex.com
Slide 8: Chrome Pricing
44 and 42 Cr Pricing 44% and 42% Chrome Pricing 400 20 350 19.5 300 19 250 18.5 $/tonne 200 18 150 17.5 100 17 50 0 16.5 Mar 23 Apr 23 May 23 Jun 23 Jul 23 Aug 23 Sep 23 Oct 23 Nov 23 Dec 23 Jan 24 Feb 24 Mar 24 Ápr 24 May 24 8
Slide 9: Chinese Port Stocks
Chinese Port Stocks Chinese Port Stocks 3.5 3 3.07 2.81 2.66 2.69 2.71 2.5 2.61 2.27 Port tonnes millions 2 2.09 2.03 2.08 1.97 1.89 1.89 1.91 1.5 1.61 1 0.5 0 9 Mar 23 Apr 23 May 23 Jun 23 Jul 23 Aug 23 Sep 23 Oct 23 Nov 23 Dec 23 Jan 24 Feb 24 Mar 24 Ápr 24 May 24
Slide 10: PGM Pricing
PGM Pricing Basket Price 40000.00 35000.00 30000.00 25000.00 R per ounce 20000.00 15000.00 10000.00 5000.00 0.00 10
Slide 11: Market Commentary
Market Commentary • Chrome export volumes from RSA increasing due to large increase in tonnages shipped from Maputo; • RSA chrome exports averaged ~1.5Mtpm through 2023, YTD 2024 we estimate these to be approximately 1.7Mtpm with May expected to be comfortably above 1.8Mt; • Chinese port stocks have
Slide 12: Kookfontein
Kookfontein (Nuco Chrome Bophuthatswana (Pty) Ltd) www.raubex.com
Slide 13: About Kookfontein
About Kookfontein The Kookfontein Mineral Rights areas are approximately 5km NNE of the town of Rustenburg and lie directly East and adjacent to the town of Phokeng. • Kookfontein is located on Farm 265JQ, Rustenburg; • Kookfontein comprises two mining rights, MR525 and MR10154; • From an operationa
Slide 14: Kookfontein Timeline
1 Kookfontein Timeline
Slide 15: Kookfontein Timeline
Kookfontein Timeline DMRE approved the section 11 application of the MPRDA confirming change of the controlling May 2021 interest in Nuco Chrome Bophuthatswana (Pty) Ltd ("Nuco") to Bauba Resources (Pty) Ltd ("Bauba") Nuco commences with site establishment at the UG2 Central Pit, located on MR525 wh
Slide 16: Kookfontein Timeline
Kookfontein Timeline 16
Slide 17: Kookfontein Timeline
Kookfontein Timeline Nuco received grant of its second mining right with DMRE reference no NW10154MR; the right was June 2022 notarially executed in June 2022 March 2023 Water Use Licence granted for NW10154MR April 2023 Mining in the North and South chrome ore pits commenced (refer to next slide) 1
Slide 18: Kookfontein Timeline
Kookfontein Timeline 18
Slide 19: Kookfontein Timeline
Kookfontein Timeline UG2 pit is depleted after mining 628kt averaging May 2023 3.8g/t 4E, capitalising on the then favourable PGM market 19
Slide 20: Kookfontein Timeline
Kookfontein Timeline June 2023 Nuco commences with construction of 80ktpm chrome ore spiral wash plants with associated crushing and tailings facility (play video) Processing plant timelapse Click to play 20
Slide 21: Kookfontein Timeline
Kookfontein Timeline All start up loans have been repaid. Plant capital projects are financed on a 5-year term to enable Nuco February 2024 to maintain healthy liquidity levels Nuco completes second round of MG exploration and publishes updated Mineral Resource Statement increasing mineral reserve b
Slide 22: Kookfontein Timeline
Kookfontein Timeline July 2024 Tailings Storage Facility (TSF): Deposition dam to be completed (Future) April 2025 (Future) First PGM concentrate produced and sold March 2035 (Future) Resource is depleted without any further opportunities 22
Slide 23: Kookfontein Resource Development
2 Kookfontein Resource Development
Slide 24: Kookfontein Mineral Resource
Kookfontein Mineral Resource 2024 Mineral Resources for Kookfontein total is 35.3 MT at 29.32 Cr2O3 and 1.39 4E g/t PGEs Kookfontein Combined Tonne t Cr O %2 3 4E ppm Tonne t Cr O % 2 3 4E ppm Total Measured North 3,488,150 32.41 1.33 Total Measured Resource 7,983,480 30.07 1.52 Total Measured South
Slide 25: Kookfontein Mineral Resource
Kookfontein Mineral Resource 25
Slide 26: Kookfontein Mineral Resource
Kookfontein Mineral Resource Mineral Reserve Grades Element Oxides (%) ROM 3E+Au • The total UG1 and North 2 is not included in the Area Cr : Fe (mt) Cr2O3 FeO Al2O3 MgO SiO2 (g/t) reserves due to the Resource classification Ratio (confidence); Proved Mineral Reserves • The UG 1 pit designs with the
Slide 27: Kookfontein Operations
3 Kookfontein Operations
Slide 28: Kookfontein South Pit LOM (Life of Mine)
Kookfontein South Pit LOM (Life of Mine) Click to play South Pit LOM 28
Slide 29: Kookfontein North Pit LOM (Life of Mine)
Kookfontein North Pit LOM (Life of Mine) Click to play North Pit LOM 29
Slide 30: Kookfontein Combined Production & Grades
Kookfontein Combined Production & Grades Total Mined Tons & Grade 180 000 30 160 000 29 140 000 28 120 000 27 Tonnes per month Chrome Grade 100 000 26 80 000 25 60 000 24 40 000 23 20 000 22 - 21 Apr-23 May-23 Jun-23 Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24 May-24 Tonnes
Slide 31: Crusher Plant
Crusher Plant • Ore is received from both North and South pits at a minimum grade of 26% Cr2O3 and stored at the plant ROM pad; • ROM is then crushed to a particle size of -10 mm in preparation for the two wash plants; • The crusher plant consists of the following equipment: o Feed bin with vibratin
Slide 32: Spiral Wash Plant
Spiral Wash Plant • Material is claimed from the live stockpile via the underground tunnel feeders into wash plant A&B for further processing; • Material is classified on the two washing screens where the – 0.8mm particle size is transferred to the spirals for gravity separation and the +0.8 mm part
Slide 33: Kookfontein TSF (Tailings Storage Facility)
Kookfontein TSF (Tailings Storage Facility) • Deposition Dam Volume – 1 100 000 M3: o Deposition dam life of 7 years. • PCD Capacity- 32 000 M3. 33
Slide 34: Kookfontein Tailings Handling
Kookfontein Tailings Handling • Tailings storage facility consist of the following • The spiral tailings from both wash plants and PGM flotation plant will be sections: deposited into the deposition dam; 1. Tailings deposition dam; • Water from the tailings will be drained via the penstock and trans
Slide 35: Kookfontein PGM Floatation Plant
Kookfontein PGM Floatation Plant Plant Design • Throughput per month - 30 000 tons; • Head grade: 2.5 g/t to 5/gt; • Expected recovery based on test work: 45%; • Total ounces: 1500 4E Oz per month produced; • The plant design and flowsheet is a classical circuit commonly used on similar plants; • De
Slide 36: Kookfontein Floatation Plant
Kookfontein Floatation Plant 36
Slide 37: Kookfontein Plant Equipment
Kookfontein Plant Equipment Equipment Type South Pit North Pit UG1 Pit ADT 36 12 5 EXCAVATOR 17 6 2 DOZER 5 2 0 GRADER 2 1 0 HAMMER 2 1 0 RIPPER 0 3 0 WATER BOWSER 3 1 0 DRILL RIGS 12 4 0 37
Slide 38: Future of Kookfontein
4 Future of Kookfontein
Slide 39: Future of Kookfontein
Future of Kookfontein • Continue to be Responsible Miner; • Zero Harm to our workforce; • Commitment to best practice re environmental management and conservation; • To act in a responsible manner and to ensure the land use after mining is left in a sustainable state; • Sustainably benefiting local
Slide 40: Moeijelijk
Moeijelijk (Bauba A Hlabirwa Mining Investments (Pty) Ltd) www.raubex.com
Slide 41: About Moeijelijk
About Moeijelijk • Moeijelijk mine has a 30-year mining right granted on 27 June 2016; • Moeijelijk started as an opencast LG6 mine, with the open pit depleted in December 2020; • Underground mining at Moeijelijk originally commenced as a conventional stoping mine with mechanised development; • Unde
Slide 42: Moeijelijk Timeline
1 Moeijelijk Timeline
Slide 43: Moeijelijk Timeline
Moeijelijk Timeline January 2017 Site establishment at Moeijelijk Opencast Mine March 2018 Wash Plant commissioned and started treating ROM December 2019 Underground development commenced January 2023 Transition to Bord and Pillar mining commenced August 2023 Underground conveyor being used to move
Slide 44: Moeijelijk Resource Development
2 Moeijelijk Resource Development
Slide 45: Moeijelijk Mineral Resources and Reserves
Moeijelijk Mineral Resources and Reserves • The resource is what is in the ground (just reef). The reserve is what you take out (added waste and other modifying factors). • Increase in Reserve tonnes and decrease in grade due to change from Conventional stopping to Bord and pillar mining method. Res
Slide 46: Moeijelijk Mineral Resources and Reserves
Moeijelijk Mineral Resources and Reserves Resource Tonnes and Cr2O3% Grade 43.0 42.6 8 42.4 Millions 42.5 42.1 42.1 7 42.0 6 41.5 Cr2O3 % 40.8 40.8 40.9 5 40.7 Tonnes 41.0 4 40.5 40.2 3 40.0 39.5 2 39.0 1 7.3 5.9 5.6 5.1 5.6 5.2 5.1 5.1 4.9 38.5 0 2016 2017 2018 2019 2020 2021 2022 2023 2024 Tonnes
Slide 47: Moeijelijk Operations
3 Moeijelijk Operations
Slide 48: Moeijelijk Conveyor Timeline
Moeijelijk Conveyor Timeline Installation of 1G strike conveyor that will feed material onto CV4 from the North Bord and Pillar June 2024 sections September 2024 Surface Scalping System Installation between CV1 and Slew Conveyor (Future) North Vent Shaft Installed and Commissioned Completion of CV4
Slide 49: Moeijelijk Underground Mine Plan
Moeijelijk Underground Mine Plan Conveyor, CV1-5 Conveyor loading point(s) Bord & Pillar Drill rigs, Scissor lifts (SL’s), LHD’s, UV’s Run-around travel Way Striker conveyor belt(s) Conveyors: TMM Travel ways: 49
Slide 50: Moeijelijk Conveyor
Moeijelijk Conveyor 50
Slide 51: Moeijelijk Surface Infrastructure
Moeijelijk Surface Infrastructure New South Ventilation Fans – Improved ventilation in the South of the mine to safely develop in these areas. 51
Slide 52: Moeijelijk Surface Infrastructure
Moeijelijk Surface Infrastructure New Mine Camp – The camp was built to accommodate senior mining staff, enhancing housing conditions, eliminating commuting time from their residences in Polokwane. This ultimately retains expertise at Moeijelijk mine by eliminating the challenges associated with tra
Slide 53: Moeijelijk Surface Infrastructure
Moeijelijk Surface Infrastructure Dust Suppression Project on Surface Roads – Applying dust suppression product on surface roads to cut road maintenance expenses by 50%, reduce dust emissions, and cut monthly water consumption for dust suppression from 2.1 million to 650,000 liters. 53
Slide 54: Moeijelijk Wash Plant Capability and Product
Moeijelijk Wash Plant Capability and Product • 45,000t ROM feed per month; • 25,000t concentrate product delivery per month; • 3 Chrome grades produced: o Foundry Sand; o Metallurgical Grade; o Chemical Grade. 54
Slide 55: Moeijelijk Wash Plant Capability and Product
Moeijelijk Wash Plant Capability and Product 55
Slide 56: Moeijelijk Wash Plant Capability and Product
Moeijelijk Wash Plant Capability and Product 56
Slide 57: Moeijelijk Underground Equipment
Moeijelijk Underground Equipment Underground TMM Fleet: LHD (Load, Haul & Dump) Loaders • 1x CAT R1600H • 2x Sandvik LH410 • 10x AARD 5.5 • 1x TORO 209 Dump Trucks • 1x CAT AD22 • 4x Fermel 14t Utility Vehicles • 6x AARD UV42 Drill Rigs • 5x Sandvik DD210 57
Slide 58: Moeijelijk Surface Equipment
Moeijelijk Surface Equipment Surface TMM Fleet: Front End Loaders • 1x Komatsu WA480 • 2x Komatsu WA430 • 1x Komatsu WA420 • 5x Komatsu WA380 Dump Trucks • 1x Volvo A30G • 1x Bell B40D • 1x Bell B30D Excavators • 2x Komatsu PC210 • 1x Volvo EC240 58
Slide 59: Moeijelijk Key Developments
Moeijelijk Key Developments Life of Mine Extension – Investigations underway 59
Slide 60: Future of Moeijelijk
4 Future of Moeijelijk
Slide 61: Future of Moeijelijk
Future of Moeijelijk Continue to be Responsible Miner: • Zero Harm to our workforce; • Commitment to best practice re environmental management and conservation; • To act in a responsible manner and to ensure the land use after mining is left in a sustainable state; • Sustainably benefiting local bus
Slide 62: Naboom
Naboom www.raubex.com
Slide 63: About Naboom
About Naboom • Naboom Chrome Project is located 55km south of Polokwane on the North-Eastern Limb of the Bushveld Complex, nearby Bauba’s existing mine, Moeijelijk; • Bauba has acquired Naboom Mauritius Mining Company Limited’s 74% shareholding in Naboom Mining Company Proprietary Limited (NMC), the
Slide 64: Naboom Locality
Naboom Locality LEGEND fecoas [EI vung cover ects. 828 I antes ances Rots = Himes Yogerttahe "Es er Z00 tnevsereod ee Cnboraes Maize [7 aaa Rots MB ics tonsa (Prater, Chespaet rips II in: Geant Bseet VAALBOSCHLAAGTE HLAAGTE, 2008 DWAALKOP AS5KS. Tabowakgoma } \
Slide 65: Naboom Timeline
1 Naboom Timeline
Slide 66: Naboom Timeline
Naboom Timeline Messina Limited mined MG1 underground (only ~1% of resource) and produced metallurgical concentrate Messina Limited then concentrated on PGM exploration (1981-1986) of Merensky Reef 1980’s In 1988 constructed a shaft and erected a pilot plant In 1988 Sanlam bought Messina Limited an
Slide 67: Naboom Timeline
Naboom Timeline 2010’s SRK conducted exploration drilling, trenching and Pre- Feasibility study 2020’s Bauba Resources was awarded the Mining Rights after its acquisition from Minmetals 67
Slide 68: Naboom Resource Development
2 Naboom Resource Development
Slide 69: Naboom Mineral Resource
Naboom Mineral Resource Tonne t Cr2O3 % 4E ppm Reef type Tonnes t Cr2O3 % 4E ppm Total Measured Resource - - - - - - - Total Indicated MG3 1,534,401 34.61 2.88 Total Indicated MG2 Total Indicated Resource 12,312,898 37.26 2.08 7,138,705 37.56 2.42 (MG2A,MG2B,MG2C) Total Indicated MG1 3,639,792 37.80
Slide 70: Naboom Mineral Resource
Naboom Mineral Resource The new resource statement did a reinterpretation of the data, included the MG4s and sent samples for PGE analysis Tonnes and 4E PGE Grade Tonnes and C2O3% Grade 1.99 2.0 35 37 35 35.6 1.8 1.65 36 Millions 30 30 35 Millions 1.6 25 34 25 1.4 PGE 4E g/t Cr2O3 % 1.2 33 20 20 Ton
Slide 71: Naboom Mineral Reserve and LOM
Naboom Mineral Reserve and LOM The new resource statement did a reinterpretation Reserve Tonnes and C2O3% Grade of the data, included the MG4s and sent samples for PGE analysis: 32.5 33 7 • The Reserve includes only Indicated material 32 which is 5.8mt; Millions 31 6 Cr2O3 % 30 • An internal mine de
Slide 72: Naboom Mineral Reserve and LOM
Naboom Mineral Reserve and LOM Click to play Naboom Mineral Reserve 72
Slide 73: Future of Naboom
3 Future of Naboom
Slide 74: Future of Naboom
Future of Naboom • Follow a similar co-product business model as Kookfontein producing both metallurgical chrome concentrate and PGM ounces; • The development of this project will be rolled out in a sustainable manner taking into consideration Bauba Resources production profile and available financi
Slide 75: Bauba Combined Mineral Resource
Bauba Combined Mineral Resource Mineral Resource Million tonnnes Cr2O3 4E (g/t) Moeijelijk LG6 Package 4.86 40.89 - Kookfontein Mineral Resource 35.30 29.32 1.39 Naboom Mineral Resource 31.07 35.63 1.99 Bauba Grand Total 71.23 32.86 1.67 75
Slide 76: Bauba Combined Mineral Reserve
Bauba Combined Mineral Reserve Mineral Reserve Grades Element Oxides (%) • The Mineral Resources and Mineral Reserves are reported according ROM 3E+Au to the principles of the SAMREC 2016 Code; Area Cr : Fe (mt) Cr2O3 FeO Al2O3 MgO SiO2 (g/t) Ratio • The Measured and Indicated Mineral Resources are
Slide 77: Questions
QUESTIONS 77