Competent Persons Report

Suite 5, Coldstream Office Park,
Cnr Hendrik Potgieter & Van Staden

Little Falls
+27 11 958 2899
+27 11 958 2105
www.minxcon.co.za

Directors: NJ Odendaal, D Van Heerden, CJ Muller
Registration No. 2004/029587/07
Suite 5, Coldstream Office Park
2 Coldstream Street
Little Falls, Roodepoort, South Africa
Tel: +27 11 958 2899 ! Fax: +27 11 958 2105
www.minxcon.co.za

Update of the Stonewall Resources
as at May 2013,
Pilgrims Rest area, South Africa
Short Report
Effective Date: 25 May 2013
Issue Date: 25 June 2013
Minxcon Reference: M2013-030a

Authors:
Paul Obermeyer
Mineral Resource Manager
BSc Hons. Geology

Update of Stonewall Resources as at May 2013 Preliminary Report

Prepared by Minxcon (Pty) Ltd
ii

DISCLAIMER AND RISKS

This Report was prepared by Minxcon (Pty) Ltd (Minxcon). In the preparation of the Report, Minxcon has
utilised information relating to operational methods and expectations provided to them by various
sources. Where possible, Minxcon has verified this information from independent sources after making due
enquiry of all material issues that are required in order to comply with the requirements of the JORC
Code. Minxcon and its directors accept no liability for any losses arising from reliance upon the
information presented in this Report.

OPERATIONAL RISKS

The business of mining and mineral exploration, development and production by their nature contain
significant operational risks. The business depends upon, amongst other things, successful prospecting
programmes and competent management. Profitability and asset values can be affected by unforeseen
changes in operating circumstances and technical issues.

POLITICAL AND ECONOMIC RISK

Factors such as political and industrial disruption, currency fluctuation and interest rates could have an
impact on future operations, and potential revenue streams can also be affected by these factors. The
majority of these factors are, and will be, beyond the control of any operating entity.

COPYRIGHT
Copyright in all documents, drawings and records, whether manually or electronically produced, which
form part of the submission and any subsequent report or project document shall vest in Minxcon. None of
the documents, drawings or records may be used or applied in any manner, nor may they be reproduced or
transmitted in any form or by any means whatsoever for or to any other person, without prior written
consent of Minxcon, other than the filing of the Report with the Alternative Investment Market Securities
Regulators or an exchange in accordance with London securities laws.


iii

TABLE OF CONTENTS
1. INTRODUCTION ......................................................................................................4
2. PROPERTY LOCATIONS ..............................................................................................4
3. DECLARED MINERAL RESOURCE STATEMENT AS AT OCTOBER 2011................................................5
4. ESTIMATED MINERAL RESOURCE STATEMENT AS AT MAY 2013 ....................................................8
5. CONCLUSIONS ..................................................................................................... 11

FIGURES
Figure 1: General Location of Stonewall Projects and Operations .................................................. 4

TABLES
Table 1: The Combined Mineral Resources for Stonewall as at 31 October 2011................................. 5
Table 2: Mineral Resources for the Stonewall Underground Operations as at 31 October 2011................ 5
Table 3: Mineral Resources for the Stonewall Open Pit Operations as at 31 October 2011 ..................... 5
Table 4: Mineral Resources for the Stonewall Tailings Dams as at 31 October 2011............................. 6
Table 5: Mineral Resources for the Stonewall Rock Dumps as at 31 October 2011............................... 6
Table 6: The Combined Mineral Resources for Stonewall as at May 2013.......................................... 8
Table 7: Mineral Resources for the Stonewall Underground Operations as at May 2013......................... 8
Table 8: Mineral Resources for the Stonewall Open Pit Operations as at May 2013.............................. 9
Table 9: Mineral Resources for the Stonewall Tailings Dams as at May 2013...................................... 9
Table 10: Mineral Resources for the Stonewall Rock Dumps as at May 2013 ...................................... 9

Appendices

Appendix 1: Certificate of Competent Person.........................................................................12


4
1. INTRODUCTION
Minxcon Consulting (Pty) Ltd (Minxcon) was requested by the directors of Stonewall Mining
(Stonewall) to compile an updated approximation of the status of the Mineral Resources for TGME, as at
May 2013, with the specific inclusion of the Dukes Hill Mine and Beta Main Rock Dump. The Mineral
Resource Statement dated October 2011, as reflected in this document, represents the last official
declared Mineral Resources for Stonewall.

The Mineral Resource Statement as at May 2013 is an approximation of the current status of the Mineral
Resources. The May 2013 statement takes into account production figures as reported by the TGME plant,
in order to reflect Mineral Resource depletion. These figures are thus directly related to the plant
processed tons as provided by Stonewall. The May 2013 Resource Statement also includes, as requested,
the additional Mineral Resources for the Dukes Hill Mine and the Beta Main Rock Dump.

2. PROPERTY LOCATIONS
Figure 1: General Location of Stonewall Projects and Operations


5
3. DECLARED MINERAL RESOURCE STATEMENT AS AT OCTOBER 2011
All Mineral Resources, as at October 2011, were reported in compliance with the specifications embodied
in the JORC Code. Mineral Resources have been reported separately, as Measured, Indicated and Inferred.

Table 1: The Combined Mineral Resources for Stonewall as at 31 October 2011
Tonnage Gold Grade Gold Content Resource
Category
Type of
Operation Mt g/t Kg '000 oz.
UG 0.170 4.77 811 26.1
Surface 0.151 1.59 240 7.7 Measured
Tailings 2.294 0.77 1,770 56.9
Total Measured 2.615 1.08 2,821 90.7
UG 2.755 5.87 16,184 520.2
Surface 3.173 0.88 2,811 90.4 Indicated
Tailings 0.012 0.58 7 0.2
Total Indicated 5.940 3.20 19,002 610.8
UG 14.535 3.91 56,832 1,827.3
Surface 0.801 0.80 642 20.7
Tailings 2.451 3.07 7,516 241.6
Rock Dump 0.121 1.59 192 6.2
Inferred
Plant Floats 0.041 0.54 22 0.7
Total Inferred 17.949 3.63 65,204 2,096.5
Grand Total 26.504 3.28 87,027 2,798.0
Notes:
1. The tonnages and grades in Table 1 are quoted as in situ tonnes.
2. Mineral Resources declared are for the entire project and have not been divided into attributable portions.
3. The cut-offs and densities are applied to the attributable portions in the tables that follow.

Table 2: Mineral Resources for the Stonewall Underground Operations as at 31 October 2011
Density Tonnage
Gold
Grade
Gold Content
Cut-Off
Grade
Mineral
Resource
Category
UG Mine Reef
t/m
3
Mt g/t Kg '000 oz. cm.g/t
Measured Frankfort Bevetts 3.60 0.170 4.77 811 26.1 133
Total Measured 3.60 0.170 4.77 811 26.1 133
Frankfort Bevetts 3.60 0.282 5.04 1,421 45.7 133
DH/Clewer Rho 3.30 0.696 3.39 2,359 75.8 133
Beta Beta 3.60 0.443 4.86 2,153 69.2 133
Rietfontein Rietfontein 3.00 1.244 7.92 9,852 316.7 133
Indicated
Olifantsgeraamte Olifantsgeraamte 3.60 0.090 4.43 399 12.8 133
Total Indicated 3.25 2.755 5.87 16,184 520.2 133
Total Measured and Indicated 3.27 2.925 5.81 16,995 546.3 133

Density Tonnage
Gold
Grade
Gold Content
Cut-Off
Grade
Mineral
Resource
Category
UG Mine Reef
t/m
3
Mt g/t Kg '000 oz. Mt
DH/Clewer Rho 3.30 0.046 2.09 96 3.1 133
Beta Beta 3.60 4.624 3.11 14,381 462.4 133
Theta Theta lower 3.80 0.104 9.78 1,017 32.7 133
Morgenzon Top Rho 3.80 0.053 5.51 292 9.4 133
Vaalhoek Vaalhoek 3.80 1.346 5.74 7,726 248.4 133
Ponieskrantz Portuguese 3.80 0.549 2.77 1,521 48.9 133
Olifantsgeraamte Olifantsgeraamte 3.60 0.421 4.59 1,932 62.1 133
Glynns Compound Hill 3.80 3.840 3.84 14,746 474.1 133
Malieveld Glynns 3.80 1.709 3.51 5,999 192.9 133
Nestor Sandstone 3.80 0.443 2.37 1,050 33.8 133
Inferred
Frankfort Theta 3.60 0.275 3.06 842 27.1 133
Total Inferred 3.68 14.535 3.91 56,832 1,827.3 133

Table 3: Mineral Resources for the Stonewall Open Pit Operations as at 31 October 2011
Mineral
Resource
Surface
Operation
Operation
Type
Density Tonnage
Gold
Grade
Gold Content
Cut-Off
Grade

6
Category t/m
3
Mt g/t Kg '000 oz. g/t
Measured Hermansburg Open Pit 2.30 0.151 1.59 240 7.7 0.20
Total Measured 2.30 0.151 1.59 240 7.7 0.20
Hermansburg 2.30 0.752 1.20 902 29.0 0.20
DG1 2.30 0.389 1.72 669 21.5 0.20 Indicated
DG2
Open Pit
2.30 2.032 0.61 1 240 39.9 0.20
Total Indicated 2.30 3.173 0.88 2 811 90.4 0.20
Total Measured and Indicated 2.30 3.324 0.92 3 051 98.1 0.20

Density Tonnage
Gold
Grade
Gold Content
Cut-Off
Grade
Mineral
Resource
Category
Surface
Operation
Operation
Type
t/m
3
Hermansburg 2.30 0.244 0.41 100 3.2 0.20
DG1 2.30 0.286 1.42 406 13.1 0.20 Inferred
DG5
Open Pit
2.30 0.271 0.50 136 4.4 0.20
Total Inferred 2.30 0.801 0.80 642 20.7 0.20

Table 4: Mineral Resources for the Stonewall Tailings Dams as at 31 October 2011
Density Tonnage
Gold
Grade
Gold Content
Cut-Off
Grade
Mineral
Resource
Category
Surface
Operation
Reef
t/m
3
Glynns Lydenburg Tailings 1.40 1.212 0.80 970 31.2 0.00
Blyde 1 Tailings 1.40 0.447 0.72 322 10.4 0.00
Blyde 2 Tailings 1.40 0.220 0.61 134 4.3 0.00
Blyde 3 Tailings 1.40 0.274 0.88 241 7.7 0.00
Measured
Blyde 4 Tailings 1.40 0.141 0.73 103 3.3 0.00
Total Measured 1.40 2.294 0.77 1,770 56.9 0.00
Indicated Blyde 5 Tailings 1.40 0.012 0.58 7 0.2 0.00
Total Indicated 1.40 0.012 0.58 7 0.2 0.00
Total Measured and Indicated 1.40 2.306 0.77 1,777 57.1 0.00

Density Tonnage
Gold
Grade
Gold Content
Cut-Off
Grade
Mineral
Resource
Category
Surface
Operation
Reef
t/m
3
Blyde 3a Tailings 1.40 0.023 0.57 13 0.4 0.00
Inferred
TGME Plant Tailings 1.40 2.428 3.09 7,503 241.2 0.00
Total Inferred 1.40 2.451 3.07 7,516 241.6 0.00

Table 5: Mineral Resources for the Stonewall Rock Dumps as at 31 October 2011
Density Tonnage
Gold
Grade
Gold Content
Cut-Off
Grade
Mineral
Resource
Category
Surface
Operation
Reef
t/m
3
Inferred Vaalhoek Rock Dump 1.70 0.121 1.59 192 6.2 0.20
Total Inferred 1.70 0.121 1.59 192 6.2 0.20

Density Tonnage
Gold
Grade
Gold Content
Cut-Off
Grade
Mineral
Resource
Category
Surface
Operation
Reef
t/m
3
Inferred Plant Floats
Processed
Material
1.60 0.041 0.54 22 0.7 0.00
Total Inferred 1.60 0.041 0.54 22 0.7 0.00
Notes:
1. Mineral Resources are inclusive of the Ore Reserves.
2. The Mineral Resources are declared at cut-offs shown in the tables above.
3. Conversion: 1kg = 32.15076 oz.
4. Beta Mine calculated over 90 cm stoping width.
5. Frankfort Mine calculated over minimum achievable stoping width of 90 cm.
6. A 5% factor was applied to the Vaalhoek tonnes to account for the sorting operation.
7. A 70% mass pull is expected at TGME Plant Floats prior to treatment with XRT.

The Inferred Mineral Resources have a large degree of uncertainty as to their existence and whether they
can be mined economically. It cannot be assumed that all or any part of the Inferred Resource will be
upgraded to a higher confidence category. The current Mineral Resource model is based on available
sampling data collected over the history of the Project area. The Mineral Resource estimation was carried
out by Mr C Muller of Minxcon and Ms L Mavengere (formerly of Minxcon) who are both JORC Competent

7
Persons with professional registration with SACNASP (SA). The grade models were verified by visual and
statistical methods and are deemed to be globally unbiased. The blocks were classified into Measured,
Indicated and Inferred Mineral Resource categories using the following and not limited thereto: sampling
QAQC, geological confidence, distance to sample (variogram range) and kriging efficiency. Only the
Mineral Resources lying within the legal boundaries are reported.

The business of mining and mineral exploration, development and production by their nature contain
significant operational risks. The business depends upon, amongst other things, successful prospecting
programmes and competent management. Profitability and asset values can be affected by unforeseen
changes in operating circumstances and technical issues. Factors such as political and industrial
disruption, currency fluctuation and interest rates could have an impact on future operations, and
potential revenue streams can also be affected by these factors. The majority of these factors are, and
will be, beyond the control of any operating entity.

8

4. DECLARED MINERAL RESOURCE STATEMENT AS AT MAY 2013
All Mineral Resources, as at May 2013, were reported in compliance with the specifications embodied in
the JORC Code. Mineral Resources have been reported separately, as Measured, Indicated and Inferred.
The May 2013 statement takes into account production figures as reported by the TGME plant, in order to
reflect Mineral Resource depletion. These figures are thus directly related to the plant-processed tonnes
as provided by Stonewall. The Mineral Resource Statement as at May 2013, includes additional Mineral
Resources for the Dukes Hill Mine and the Beta Main Rock Dump. Table 6 summarises the Mineral
Resources for Stonewall as at May 2013 and also includes the reconciliation to the Mineral Resources as at
31 October 2011.

Table 6: The Combined Mineral Resources for Stonewall as at May 2013
Tonnage Gold Grade Gold Content
Change in
Tonnage
Change in
Gold
Content
(Moz)
Mineral
Resource
Category
Type of
Operation
Mt g/t Kg '000 oz. % %
UG 0.170 4.77 811 26.1 0 0
Surface 0.151 1.59 240 7.7 0 0 Measured
Tailings 2.294 0.77 1,770 56.9 0 0
Total Measured
1. 2.615
1.08 2,821 90.7 0 0
UG 2.755 5.87 16,184 520.2 0 0
Surface 3.173 0.88 2,811 90.4 0 0 Indicated
Tailings 0.012 0.58 7 0.2 0 0
Total Indicated 5.940 3.20 19,002 610.8 0 0
UG 14.652 3.99 58,478 1,880.2 0.8 2.9
Surface 0.801 0.8 642 20.7 0 0
Tailings 2.128 3.06 6,517 209.5 -13.2 -13.2
Rock Dump 0.121 1.59 192 6.2 0 0
Plant Floats 0.041 0.54 22 0.7 0 0
Inferred
Beta Main 0.154 0.81 124 4.0 100 100
Total Inferred 17.897 3.69 65,975 2,121.3 -0.3 1.2
Grand Total 26.452 3.32 87,798 2,822.8 0.2 0.9
Notes:
1. The tonnages and grades in Table 6 are quoted as in situ tonnes.
2. Mineral Resources declared are for the entire project and have not been divided into attributable portions.
3. The cut-offs are applied to the attributable portions in the tables that follow.

Table 7: Mineral Resources for the Stonewall Underground Operations as at May 2013
Density Tonnage
Gold
Grade

Gold Content
Cut-Off
Grade
Mineral
Resource
Category
UG Mine Reef
t/m3 Mt g/t Kg '000 oz. cm.g/t
Measured Frankfort Bevetts 3.6 0.170 4.77 811 26.1 133
Total Measured 3.6 0.170 4.77 811 26.1 133
DH/Clewer Rho 3.3 0.696 3.39 2,359 75.8 133
Beta Beta 3.6 0.443 4.86 2,153 69.2 133
Indicated
Olifantsgeraamte Olifantsgeraamte 3.6 0.090 4.43 399 12.8 133
Total Indicated 3.3 2.755 5.87 16,184 520.2 133

Density Tonnage
Gold
Grade
Gold Content
Cut-Off
Grade
Mineral
Resource
Category
UG Mine Reef
t/m
3
Mt g/t Kg '000 oz. cm.g/t
DH/Clewer Rho 3.3 0.046 2.09 96 3.1 133
Beta Beta 3.6 4.624 3.11 14,381 462.4 133
Theta Theta lower 3.8 0.104 9.78 1,017 32.7 133
Morgenzon Top Rho 3.8 0.053 5.51 292 9.4 133
Vaalhoek Vaalhoek 3.8 1.346 5.74 7,726 248.4 133
Inferred
Ponieskrantz Portuguese 3.8 0.549 2.77 1,521 48.9 133

9
Olifantsgeraamte Olifantsgeraamte 3.6 0.421 4.59 1,932 62.1 133
Glynns Compound Hill 3.8 3.84 3.84 14,746 474.1 133
Malieveld Glynns 3.8 1.709 3.51 5,999 192.9 133
Nestor Sandstone 3.8 0.443 2.37 1,050 33.8 133
Frankfort Theta 3.6 0.268 3.06 820 26.4 133

Dukes Hill Theta 3.0 0.124 13.45 1,668 53.6 133
Total Inferred 3.7 14.652 3.99 58,478 1,880.2 133

Table 8: Mineral Resources for the Stonewall Open Pit Operations as at May 2013
Density Tonnage
Gold
Grade
Gold Content
Cut-
Off
Grade
Mineral
Resource
Category
Surface Operation Operation Type
t/m
3
Measured Hermansburg Open Pit 2.3 0.151 1.59 240 7.7 0.2
Total Measured 2.3 0.151 1.59 240 7.7 0.2
Hermansburg 2.3 0.752 1.20 902 29.0 0.2
DG1 2.3 0.389 1.72 669 21.5 0.2 Indicated
DG2
Open Pit
2.3 2.032 0.61 1,240 39.9 0.2
Total Indicated 2.3 3.173 0.88 2,811 90.4 0.2
Total Measured and Indicated 2.3 3.324 0.92 3,051 98.1 0.2

Density Tonnage
Gold
Grade
Gold Content
Cut-
Off
Grade
Mineral
Resource
Category
Surface Operation Operation Type
t/m
3
Hermansburg 2.3 0.244 0.41 100 3.2 0.2
DG1 2.3 0.286 1.42 406 13.1 0.2 Inferred
DG5
Open Pit
2.3 0.271 0.50 136 4.4 0.2
Total Inferred 2.3 0.801 0.80 642 20.7 0.2

Table 9: Mineral Resources for the Stonewall Tailings Dams as at May 2013
Density Tonnage
Gold
Grade
Gold Content
Cut-
Off
Grade
Mineral
Resource
Category
Surface Operation Reef
t/m
3
Glynns Lydenburg Tailings 1.4 1.212 0.80 970 31.2 0
Blyde 1 Tailings 1.4 0.447 0.72 322 10.4 0
Blyde 2 Tailings 1.4 0.220 0.61 134 4.3 0
Blyde 3 Tailings 1.4 0.274 0.88 241 7.7 0
Measured
Blyde 4 Tailings 1.4 0.141 0.73 103 3.3 0
Total Measured 1.4 2.294 0.77 1,770 56.9 0
Indicated Blyde 5 Tailings 1.4 0.012 0.58 7 0.2 0
Total Indicated 1.4 0.012 0.58 7 0.2 0

Density Tonnage
Gold
Grade
Gold Content
Cut-
Off
Grade
Mineral
Resource
Category
t/m
3
Blyde 3a Tailings 1.4 0.023 0.57 13 0.4 0
Inferred
TGME Plant Tailings 1.4 2.105 3.09 6,504 209.1 0
Total Inferred 1.4 2.128 3.06 6,517 209.5 0

Table 10: Mineral Resources for the Stonewall Rock Dumps as at May 2013
Density Tonnage
Gold
Grade
Gold Content
Cut-Off
Grade
Mineral
Resource
Category
t/m
3
Inferred Vaalhoek Rock Dump 1.7 0.121 1.59 192 6.2 0.2
Total Inferred 1.7 0.121 1.59 192 6.2 0.2

Density Tonnage
Gold
Grade
Gold Content
Cut-Off
Grade
Mineral
Resource
Category
t/m
3
Inferred Plant Floats Processed Material 1.6 0.041 0.54 22 0.7 0
Total Inferred 1.6 0.041 0.54 22 0.7 0

Mineral Surface Operation Reef Density Tonnage
Gold
Grade
Gold Content
Cut-Off
Grade

10
Resource
Category

t/m
3
Inferred Beta Main
Rock Dump <9
mm 1.8 0.068 1.13 77 2.5 0
Inferred Beta Main 9 mm to 20 mm 1.8 0.086 0.55 47 1.5 0
Total Inferred 1.8 0.154 0.81 124 4.0 0
Notes:
1. Mineral Resources are inclusive of the Ore Reserves.
2. The Mineral Resources are declared at cut-offs shown in the tables above.
3. Conversion: 1kg = 32.15076 oz.
4. Beta Mine calculated over 90 cm stoping width.
5. Frankfort Mine calculated over minimum achievable stoping width of 90 cm.
6. A 5% factor was applied to the Vaalhoek tonnes to account for the sorting operation.
7. A 70% mass pull is expected at TGME Plant Floats prior to treatment with XRT.

11

5. CONCLUSIONS
Due to the May 2013 depletions applied to the existing Stonewall Operations, as well as the
inclusion of additional Resources, the Mineral Resources of Stonewall have decreased by 0.2% in
tonnage and increased by 0.9% in gold content.
All changes have taken place in the Inferred Mineral Resource Category.
The underground Inferred Mineral Resources have increased by a net 0.8% in tonnage, coincident
with a 2.9% net gain in gold content. This was due to only 6545 tonnes being mined at Frankfort at a
relatively low grade, as well as the addition of the high grade Dukes Hill Inferred Mineral Resources
to the underground Mineral Resource.
No changes took place in the open pit operation.
The tailings Inferred Mineral Resource decreased by 13.2% in tonnage and 13.2% in gold content due
to the significant tonnages mined at the TGME Plant Tailings facility.
The Inferred Mineral Resources attributable to rock dumps has increased by a net 95.1% in tonnage
and a net 58% increase in gold content due to the inclusion of the Beta Main Rock Dump into the
Inferred Mineral Resources.
The Inferred Mineral Resources for Stonewall has experienced a net 0.3% decrease in tonnage,
accompanied by a net 1.2% increase in gold content.


12
CJ MULLER
BSc (Hons.) (Geol.), Pr. Sci. Nat., MGSSA
DIRECTOR

Appendix 1: Certificate of Competent Person
CERTIFICATE of COMPETENT PERSON - CJ Muller

I, Charles Muller, do hereby certify that:
1. I am a Director of Minxcon Consulting (Pty) Ltd
Suite 5 Coldstream Office Park,
2 Coldstream Street,
Little Falls, Roodepoort, South Africa
2. I graduated with a BSc. (Geol.) degree from the Rand Afrikaans University in 1988. In addition, I have obtained a
BSc. Hons. (Geol.) from the Rand Afrikaans University in 1994 and attended courses in geostatistics and advanced
Datamine modelling and geostatistical evaluation through the University of the Witwatersrand.
3. I have worked as a Geoscientist for more than 25 years. As the former Chief Geologist for Goldfields South Africa,
my specialisation lies within Mineral Resource modelling and management. I have completed a number of Mineral
Resource estimates and reports pertaining to gold, using approaches described by the Australasian Code for
Reporting of Exploration Results, Minerals Resources and Ore Reserves (JORC).
4. I am affiliated with the following professional associations:
Class Professional Society
Year of
Registration
Member Geostatistical Association of Southern Africa 2008
Member
South African Council for Natural Scientific Professions (Pr. Sci. Nat. Reg. No.
400201/04)
2004

5. I am responsible for the preparation of this Technical Report with the effective date, 25 May 2013.
6. I have read the definition of Competent Person set out the Australasian Code for Reporting of Exploration
Results, Minerals Resources and Ore Reserves (JORC), and certify that by reason of my education, affiliation with
professional associations and past relevant work experience, I fulfil the requirements to be a Competent Person
for the purposes of this Competent Persons Report.
7. I have read the JORC Code 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 make a personal inspection of the property, as it was done on my behalf.
15. I have had no prior involvement with the property that is the subject of this Report.

Yours faithfully,

Competent Persons Report

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Suite 5, Coldstream Office Park,

Cnr Hendrik Potgieter & Van Staden

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