Ann: Market Update, page-2

I am super happy with this. To me, one of the main risks was retaining our SG 4571 licence which was due to expire.

Zimbabwe Investment Licence Renewed
The Company has received approval of its application to renew the investment licence from the Zimbabwe Investment and Development Authority (ZIDA). ZIDA is the investment promotion body set up to promote and facilitate both foreign direct investment and local investment in Zimbabwe. The investment licence provides formal recognition of the Company as a foreign investor in the country and enables access to a range of fiscal benefits and incentives.

SG 4571 Tenure Extension
Geo Associates (Pvt) Ltd (Geo Associates), the Company’s 80% owned subsidiary and holder of Special Grant 4571 has received notification that its application to extend the tenure of the SG 4571 licence for a further three years has been granted, subject to Geo Associates appearing before the Mining Affairs Board to present an overview of the forward work programme. The presentation to the Mining Affairs Board by Geo Associates was scheduled for last week but has been deferred due to COVID and the enforced lockdown in the country. As a result of the meeting being deferred, the Mining Affairs Board has requested a soft copy of the presentation and confirmed that the formal presentation will occur at a future date. Geo Associates can confirm that the soft copy presentation has been lodged with the Mining Affairs board and that it has fulfilled all of its work commitments for its first three year exploration period. A comprehensive work programme has been proposed for the second three year exploration period, including a commitment to drill a minimum of one exploration well. The Company will provide further updates as appropriate.