Climate Change Data

Environmental Metrics

ESG Focus Areas

• Environmental
• Social
• Governance

Environmental Achievements

• Renewed Environmental Clearance Certificate (ECC) for a further three years (June 21, 2023). The ECC renewal process included an approved Environmental Impact Assessment (EIA) and Environmental Management Plan (EMP) covering waste management, emissions controls, biodiversity protection, and community engagement.
• Maintained environmental compliance throughout the year with no violations, fines, or convictions.

Social Achievements

• Established a highly experienced local project team in Namibia of geologists, process engineers, and mining experts.
• Approval for a repayment plan for income taxes payable related to the exercise of a call option granted to B2Gold Mining Investments Limited (waiver of penalties and interest).

Governance Achievements

• Audit committee comprised of non-executive (independent) directors reviewed interim and annual consolidated financial statements before submission to the Board.
• Audit committee reviewed regular reports from management and external auditors on accounting and internal control matters.

Climate Goals & Targets

Environmental Challenges

• Requires additional capital and/or debt financing to develop Norasa.
• Dependence on the Norasa project; any adverse changes would materially affect the company.
• Development of Norasa project into commercial operation on time and budget is not guaranteed.
• Potential for higher than normal risk of sourcing and hiring suitably trained plant management, operating and maintenance staff in Namibia.
• Reliance on key personnel; loss of key personnel may adversely affect the company.
• Reliance on sub-contractors; failure of sub-contractors to perform properly could delay or frustrate mining operations.
• Risks associated with operating in foreign jurisdictions (Namibia).
• Changes in Government regulations.
• Currency fluctuations may adversely affect costs.
• Environmental, worker health and safety regulations and risks.
• Competition for attractive mineral properties, personnel, licenses, and other resources.
• Potential challenges to title and mineral licenses.
• Insurance and uninsured risks.
• No operating history and a history of losses; no assurance of future profitability.
• Uncertainty of success of current and future exploration activities.
• Global financial condition and capital markets volatility.
• Potential adverse effects from public health crises.
• Potential for legal claims.

Mitigation Strategies

• Funds currently available are sufficient to fund planned expenditure for the next 12 months (excluding significant exploration and development activities).
• Company is working to validate the overall economics of the Norasa project through optimization of mine design, process engineering, utilities, and infrastructure.
• Company maintains liability insurance against certain risks.
• Company is working to secure additional permits (land surface rights, accessory works, radiation management, linear infrastructure development, and desalination).

Supply Chain Management

Climate-Related Risks & Opportunities

Reporting Standards

Frameworks Used: NI 43-101

Environmental Metrics

ESG Focus Areas

• Not disclosed

Environmental Achievements

• Not disclosed

Social Achievements

• Not disclosed

Governance Achievements

• Not disclosed

Climate Goals & Targets

Environmental Challenges

• Securing financing for Norasa project development.
• Depressed uranium market conditions in the past.
• Obtaining necessary government approvals (EIA, EMP, mining licenses).

Mitigation Strategies

• Exploring off-take agreements and strategic partnerships.
• Maintaining conservative expenditure and reducing expenses to conserve cash.
• Submitting applications for license renewals and conversions.
• Conducting trade-off studies to optimize project economics.
• Undertaking a drilling program to improve resource modeling and optimize pit designs.

Supply Chain Management

Supplier Audits: Not disclosed

Responsible Procurement

• Not disclosed

Climate-Related Risks & Opportunities

Physical Risks

• Not disclosed

Transition Risks

• Not disclosed

Opportunities

• Not disclosed

Reporting Standards

Frameworks Used: Null

Certifications: Null

Third-party Assurance: Not disclosed

UN Sustainable Development Goals

• Not disclosed

Not disclosed

Sustainable Products & Innovation

• Not disclosed

Awards & Recognition

• Not disclosed

Environmental Metrics

ESG Focus Areas

• Environmental Management
• Community Engagement

Environmental Achievements

• Renewal of Environmental Clearance Certificate (ECC) for three years, incorporating waste management, emissions controls, biodiversity protection, and community engagement.
• Completion of baseline monitoring for Namibplaas including groundwater, air quality, noise studies, archeology, flora & fauna and soils.

Social Achievements

• Community engagement incorporated into ECC renewal process.
• Ongoing environmental studies for Namibplaas.

Governance Achievements

• Election of new board of directors.
• Implementation of Amended and Restated Omnibus Incentive Plan.

Climate Goals & Targets

Environmental Challenges

• Securing financing for Norasa development.
• Potential supply chain disruptions (implied by reliance on external financing and long-lead items).

Mitigation Strategies

• Exploration of off-take agreements and strategic partnerships.
• Conservative expenditure and expense reduction to conserve cash.
• Evaluation of alternative mining equipment and technologies to improve costs.

Supply Chain Management

Climate-Related Risks & Opportunities