Katoro has entered into a binding conditional agreement to form a 50/50 unincorporated joint venture ('JV') with Blyvoor Gold Operations (Pty) Ltd. ('Blyvoor') and its holding company, Target Mine Consulting (Pty) Ltd. ('Target' and, together with Katoro and Blyvoor, 'the JV Partners'). The JV Partners plan to exploit potentially viable deposits of gold and any other minerals from six gold tailings dams ('the Tailings') owned by Blyvoor in South Africa ('the Project), which contain a JORC Code compliant resource of, in aggregate, 1.34Moz of Au at an average grade of 0.30g/t Au. Subject to funding, the JV Partners are targeting initial production of up to 250,000 tonnes per month ('tpm') of material from the Tailings as part of a production ramp-up to achieve production of 500,000tpm within two years. At 500,000tpm, the Project is targeted to produce approximately 35,000 ounces of gold per annum and to have a 35-year life of mine.