Ann: Appointment of CFO and Company Secretary, page-3

We certainly have the right people now in place to take us from a PROJECT to
a MINE.


Robert has joined Pensana from London listed Petra Diamonds Limited where in
his role as Finance Manager Corporate and Head of Treasury he was involved in
a number of mine financings including two US$ bond issues totalling US$1
billion, a number of African lender facilities totalling over US$750 million and
most recently an equity rights issue of US$178 million on the London Stock
Exchange.

A Short Term Incentive of 30% of Base Salary which will be reviewed
annually and will be paid on achievement of near term milestones
(KPI’s). The KPI’s will be as follows from now until the end of June 2020:
o Delivery of ETFS, Mining Licence and ESIA by end March 2020;
o Delivery of FID / EPCM contract by end June 2020; and
 Long Term Incentive Performance Rights of two tranches of 1 million
(total 2 million) which convert to ordinary shares in the Company. The
Performance hurdles are as follows:
o Commencement of Construction by end December 2020; and
o Commencement of concentrate sales by end of 2021.