Pensana Plc Regulatory News (PRE)

For further information:

Pensana Rare Earths Plc

Website:

Paul Atherley Chairman / Tim George, CEO

www.pensana.co.uk

contact@pensana.co.uk

Buchanan (UK Financial PR)

Bobby Morse/ Augustine Chipungu /James Husband

+44 (0) 207 466 5000

pensana@buchanan.uk.com

LRC249

524,199

8,570,561

1,573

50

NSI

LRC250

523,999

8,570,660

1,589

39

(incl.

and

0

0

22

36

18

30

36

18

8

2.60

3.32

2.61

0.60

0.77

0.61)

LRC251

524,100

8,570,654

1,586

67

(incl.

(incl.

(incl.

0

0

22

28

42

56

14

12

38

38

62

60

14

12

16

10

20

4

3.13

3.51

1.58

1.80

1.37

1.99

0.76

0.85)

0.42

0.50)

0.33

0.52)

LRC252

523,998

8,570,710

1,587

78

(incl.

and

(incl.

0

0

36

60

64

58

26

56

72

72

58

26

20

12

8

2.37

2.59

2.73

2.45

3.03

0.58

0.66

0.64)

0.56

0.68)

LRC253

524,098

8,570,761

1,584

43

(incl.

and

0

0

16

30

14

20

30

14

4

2.42

3.70

1.91

0.56

0.80)

0.52)

LRC254

524,001

8,570,759

1,585

42

(incl.

and

0

0

16

40

12

36

40

12

20

4.87

5.74

5.76

0.95

1.14

1.09)

LRC255

524,197

8,570,660

1,577

42

0

18

8

32

8

14

4.58

1.20

0.92

0.32

LRC256

524,401

8,570,588

1,558

19

NSI

LRC257

524,300

8,570,663

1,569

9

0

9

9eoh

4.01

0.87

LRC258

524,300

8,570,660

1,569

46

(incl.

(incl.

0

0

34

36

30

26

46

40

30

26

12eoh

4

3.93

4.40

1.60

1.77

0.86

0.96)

0.36

0.41)

LRC259

524,289

8,571,250

1,611

80

(incl.

and

and

and

0

0

28

48

58

74

24

46

54

70

74

24

18

6

12

2.38

3.08

2.25

1.85

2.61

0.51

0.61

0.48

0.44

0.59)

LRC260

524,301

8,571,349

1,625

5

0

5

5eoh

3.82

0.88

LRC261

524,303

8,571,350

1,625

80

(incl.

and

(incl.

and

0

16

34

44

54

60

68

76

14

52

40

48

58

80

72

80

14

36

6

4

4

20eoh

4

4eoh

3.92

1.52

2.05

1.97

1.08

2.10

2.49

2.42

0.83

0.35

0.47

0.47)

0.28

0.46

0.56

0.52)

LRC262

524,339

8,571,252

1,609

80

(incl.

(incl.

and

0

0

34

38

68

28

24

80

44

72

28

24

46eoh

6

4

2.74

2.98

1.74

2.71

2.13

0.60

0.65)

0.39

0.56

0.48)

LRC263

524,346

8,571,347

1,626

80

(incl.

and

and

and

(incl.

0

0

12

26

46

70

74

68

10

20

32

64

80

80

68

10

8

6

18

10eoh

6eoh

2.47

5.60

1.80

2.22

2.89

2.03

2.65

0.54

1.10

0.46

0.50

0.62)

0.41

0.52)

LRC264

524,389

8,571,252

1,610

80

(incl.

and

and

(incl.

and

0

0

16

28

38

38

64

72

32

14

20

32

70

46

70

80

32

14

4

4

32

8

6

8eoh

2.45

2.91

2.87

2.15

2.06

3.09

2.53

1.31

0.55

0.70

0.58

0.48)

0.42

0.66

0.51)

0.29

LRC265

524,445

8,571,343

1,638

80

(incl.

and

and

0

0

22

36

80

16

30

72

80eoh

16

8

36

3.14

6.03

2.16

2.96

0.65

1.25

0.48

0.60)

LRC266

524,437

8,571,250

1,610

80

(incl.

and

and

0

0

28

54

80

26

32

78

80eoh

26

4

24

2.54

2.83

2.46

3.28

0.53

0.61

0.47

0.70)

LRC267

524,408

8,571,363

1,638

80

(incl.

and

and

and

0

0

24

32

48

80

16

28

46

80

80eoh

16

4

14

32eoh

2.98

6.08

2.46

2.32

2.49

0.60

1.16

0.50

0.47

0.51)

LRC268

524,489

8,571,251

1,612

80

(incl.

(incl.

and

0

0

44

46

62

36

30

80

54

80

36

30

36eoh

8

18eoh

3.86

4.23

2.53

3.62

2.80

0.78

0.86)

0.57

0.75

0.63)

LRC269

5243,978

8,571,150

1,596

80

(incl.

0

0

32

18

4

54

18

4

22

1.84

2.71

1.32

0.41

0.61)

0.32

LRC270

5245,378

8,571,244

1,611

80

(incl.

and

(incl.

0

0

32

64

68

60

30

56

80

76

60

30

24

16eoh

8

3.05

3.48

2.88

1.88

2.46

0.62

0.70

0.58)

0.37

0.51)

LRC271

524,348

8,571,149

1,598

80

(incl.

(incl.

(incl.

0

0

18

20

34

44

64

14

12

28

24

62

48

74

14

12

10

4

28

4

10

4.09

4.53

2.25

3.39

1.31

2.04

1.59

0.85

0.94)

0.50

0.74)

0.30

0.46)

0.34

LRC272

524,299

8,571,053

1,590

80

(incl.

and

and

0

0

50

74

78

46

70

78

78

46

20

4

3.84

4.47

3.62

1.97

0.77

0.88

0.74

0.45)

LRC273

524,297

8,571,150

1,599

80

(incl.

and

and

0

0

18

36

72

58

14

30

50

76

58

14

12

14

4

2.29

3.42

1.96

2.44

0.99

0.52

0.75

0.53

0.52)

0.25

LRC275

524,249

8,571,149

1,600

80

(incl.

0

0

80

34

80eoh

34

2.39

3.62

0.53

0.77)

LRC276

524,199

8,571,054

1,595

80

(incl.

and

and

and

0

0

30

38

68

80

18

34

54

74

80eoh

18

4

16

6

3.09

6.25

2.77

2.80

2.68

0.61

1.18

0.52

0.58

0.55)

LRC282

524,051

8,571,053

1,600

15

(incl.

0

0

15

10

15eoh

10

3.72

4.63

0.73

0.91)

LRC283

523,999

8,571,052

1,600

18

(incl.

0

0

18

16

18eoh

16

4.79

5.14

0.95

1.02)

LRC284

523,954

8,571,053

1,597

28

(incl.

0

0

14

12

14

12

3.36

3.77

0.72

0.81)

LRC285

523,954

8,571,151

1,609

26

(incl.

0

0

26

10

26eoh

10

2.14

3.07

0.53

0.80)

LRC286

524,048

8,571,151

1,610

20

0

14

14

3.38

0.82

LRC287

524,001

8,571,152

1,610

32

(incl.

and

and

0

0

14

24

32

10

20

30

32eoh

10

6

6

2.80

4.81

2.50

2.13

0.65

1.12

0.57

0.47)

LRC288

524,244

8,571,251

1,612

80

(incl.

and

and

and

and

0

0

40

48

54

68

80

26

44

52

58

80

80eoh

26

4

4

4

12eoh

2.43

3.14

2.59

3.13

2.63

2.77

0.51

0.65

0.51

0.61

0.55

0.59)

LRC249

Southern margin

-60

179

50

LRC250

Southern margin

-60

179

39

LRC251

Southern margin

-60

179

67

LRC252

Southern margin

-60

181

78

LRC253

Southern margin

-60

179

43

LRC254

Southern margin

-60

182

42

LRC255

Southern margin

-60

183

42

LRC256

Southern margin

-60

183

19

LRC257

Southern margin

-60

180

9

LRC258

Southern margin

-59

182

46

Sampling techniques

· Nature and quality of sampling (e.g. cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling.

· All samples are from reverse circulation (RC) drilling sampled to 2m composites using a 3 tier riffle splitter to obtain approximately 4kg of sample from the whole one metre rig sample for sample preparation. Entire down hole lengths were sampled from surface to end of hole.

· Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used.

· During RC drilling the drill string is cleaned by flushing with air and the cyclone cleaned regularly.

· Sampling is carried out under Pensana QAQC protocols and as per industry best practise.

· RC sample returns are closely monitored, managed and recorded. A reference weight is used to calibrate the weighing scale.

· Samples are riffle split using a 3 tier splitter which is cleaned between every sample

· Aspects of the determination of mineralisation that are Material to the Public Report. In cases where 'industry standard' work has been done this would be relatively simple (e.g. 'reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay'). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (e.g. submarine nodules) may warrant disclosure of detailed information.

· Reverse circulation drilling and a riffle splitter were used to obtain 2m samples of approximately 3 to 4kgs. Samples are prepared (dry, split, pulverise, split) to a 100g pulp for analysis at Analabs laboratories Windhoek, Namibia

· Samples are assayed at for Ca, Fe, K, Mg, Mn, P Pb, S, Si, Sr, Ti, Zn, Ce, Dy, Er, Eu, Gd, Hf, Ho, La, Lu, Nb, Nd, Pr, Sm, Ta, Tb, Th, Tm, U, Y, Yb, Al, Ba by peroxide fusion followed by ICP analysis at Nagrom laboratories, Perth, Western Australia.

· All commercial laboratories used use industry best practise procedures and QAQC checks.

· Entire hole lengths were submitted for assay.

Drilling techniques

· Drill type (e.g. core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (e.g. core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc).

· Reverse circulation (RC) drilling was completed using a Super rock 100 drill rig with a face sampling hammer button bit of 131mm diameter and 5 metre rods. A 131mm diameter blade RC bit was used in most holes in the weathered zone, generally for around 10 metres.

Drill sample recovery

· Method of recording and assessing core and chip sample recoveries and results assessed.

· Measures taken to maximise sample recovery and ensure representative nature of the samples.

· Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.

· RC recoveries were monitored closely, recorded and assessed regularly over the drilling programme.

· Every 1m sample from the rig was weighed and recorded for moisture content. The weigh scale was calibrated frequently.

· RC sample weights are compared against expected weights for the drill diameter and geology.

· Drill pipes and cyclone were flushed and cleaned regularly

· Some short intervals 1 to 3 metres of reduced sample recovery occur in the soft weathered zone in some holes. Data analysis to date including diamond hole twins to RC holes, has not identified any relationship between recovery and grade.

Logging

· Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies.

· Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography.

· The total length and percentage of the relevant intersections logged.

· RC 1m samples were geological logged by specifically trained geologists for the entire length of all holes. All relevant features such as lithology, mineralogy, weathering, structure, texture, grain-size, alteration, veining style and mineralisation were recorded in the geological log.

· All logging was quantitative. All RC chip trays were photographed.

· All holes were logged in full 100%

Sub-sampling techniques and sample preparation

· If core, whether cut or sawn and whether quarter, half or all core taken.

· If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry.

· For all sample types, the nature, quality and appropriateness of the sample preparation technique.

· Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples.

· Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/second-half sampling.

· Whether sample sizes are appropriate to the grain size of the material being sampled.

· RC drilling only, no core drilling results reported

· 1m rig samples were riffle split using a 3 tier splitter. All samples were dry or wet samples were sun-dried in a protected environment before sampling.

· The preparation of samples follows industry practice. This involves oven drying of the full 4kg 2m composite sample, splitting to a representative 1kg sample, pulverising to 85% passing 75 micron and splitting to a 100g sample pulp.

· Field duplicates, certified reference standards and blanks were inserted at random but on average every 27 samples for each as part of Pensana QAQC protocols as per industry best practise. Laboratories also have and report internal QAQC checks including assay and preparation duplicates

· Field, preparation and assay lab duplicate results indicate no significant sampling variance

· The sample sizes are considered more than adequate for this disseminated style and grainsize of material sampled. Repeatability of assays is good.

Quality of assay data and laboratory tests

· The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total.

· For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc.

· Nature of quality control procedures adopted (e.g. standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (ie lack of bias) and precision have been established.

· The analysis was carried out by an accredited independent assay laboratory.

· Samples are assayed at for Ca, Fe, K, Mg, Mn, P Pb, S, Si, Sr, Ti, Zn, Ce, Dy, Er, Eu, Gd, Hf, Ho, La, Lu, Nb, Nd, Pr, Sm, Ta, Tb, Th, Tm, U, Y, Yb, Al, Ba by peroxide fusion, hydrochloric leach and followed by ICP analysis at Nagrom laboratories, Perth, Western Australia.

· The assay technique is total.

· Laboratory data only. No geophysical or portable analysis tools were used to determine assay values stored in the database.

· Certified reference materials (CRM's) -standards and blanks - were submitted at random with the field samples on an average of 1 of each type every in 27 field samples basis, as well as the laboratory's standard QAQC procedures.

· Samples were selected periodically and screened tested to ensure pulps are pulverised to the required specifications.

· Analysis of QAQC data results indicates acceptable levels of accuracy and precision

Verification of sampling and assaying

· The verification of significant intersections by either independent or alternative company personnel.

· The use of twinned holes.

· Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols.

· Discuss any adjustment to assay data.

· Significant intersections have been verified by company management.

· No twins completed for the current programme. Twin diamond holes have been completed for previous RC drill programmes with no bias observed.

· Field data was logged into an Ocris logging package and uploaded to the main, secure, database in Perth once complete. The data collection package has built in validation settings and look-up codes. All field data and assay data was verified and validated upon receipt. The database is managed by an independent and professional database manager offsite

· Data collection and entry procedures are documented and training given to all staff

· Scans of original field data sheets are stored digitally and never altered

· Digital data entry is checked and validated against original field sheets if not entered directly

· Laboratory assay data for rare earths is received in element form and converted to oxides for the reporting of rare earth results using molecular weight conversion and the oxide states factors:

La to La2O3 - 1.1728

Ce to CeO2 - 1.2284

Pr to Pr6O11 - 1.2082

Nd to Nd2O3 - 1.1664

Sm to Sm2O3 - 1.1596

Eu to Eu2O3 - 1.1579

Gd to Gd2O3 - 1.1526

Tb to Tb4O7 - 1.1762

Dy to Dy2O3 - 1.1477

Ho to Ho2O3 - 1.1455

Er to Er2O3 - 1.1435

Tm to Tm2O3 - 1.1421

Yb to Yb2O3 - 1.1387

Lu to Lu2O3 - 1.1371

Y to Y2O3 - 1.2699

· Intersection grades are reported as REO (the sum of the above oxides) and as NdPr (the sum of Nd2O3 and Pr6O11, which is included in the REO grade

Location of data points

· Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation.

· Specification of the grid system used.

· Quality and adequacy of topographic control.

· All drill hole collar locations have been accurately surveyed by a professional surveyor using an RTK DGPS at the end of the programme.

· The majority of holes for the programme are vertical, with no down hole survey completed. Ten holes are angled at -60 degrees to the south (LRC249 to LRC2158) and were surveyed at 5m intervals using a down hole gyro tool. The collar set up was checked on every hole by measuring the angle of the mast is vertical using a spirit level clinometer.

· The grid system used is WGS84 UTM Zone 33S. All reported coordinates are referenced to this grid.

· Topography is modelled using a high precision satellite based topographic survey and surveyed drill collars fitted to the surface. An RTK DGPS survey has been completed on ground control points to ensure accuracy and precision of the satellite DTM survey.

Data spacing and distribution

· Data spacing for reporting of Exploration Results.

· Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied.

· Whether sample compositing has been applied.

· Drill hole spacing is 50m x 50m in the northern area and 100m x 50m on the southern margin. Samples are 2m down hole.

· Data spacing is considered sufficient to establish geological and grade continuity of this disseminated style of NdPr and REO mineralisation and support Mineral Resource estimation.

· 1m RC drill samples were combined in the field after riffle splitting for a final 2m composite sample for submission to laboratory.

· Two metre composites are considered adequate for the resource estimation, variography studies and potential mining techniques for this style of mineralisation

Orientation of data in relation to geological structure

· Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type.

· If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.

· High grade NdPr mineralisation within the central parts of the Longonjo carbonatite occurs as a thick horizontal blanket of disseminated mineralisation within weathered carbonatite averaging 20m or more in thickness and with good lateral continuity. The vertical drilling and 2m sampling is optimum for this style of mineralisation.

· Subvertical carbonatite dykes and carbonatite:country rock contacts occur on the margins of the carbonatite body, overprinted by a zone of subhorizontal weathering of variable thickness. This peripheral zone is tested by angled -600 drill holes perpendicular to strike, which are considered optimum to intersect both vertical and horizontal orientations to the mineralisation.

· No sampling bias is considered to have been introduced by the drilling orientation.

Sample security

· The measures taken to ensure sample security.

· Sample security is managed by the Company. After collection in the field the samples are stored at camp in locked sea containers.

· A customs officer checks and seals the samples into containers on site before transportation by the Company directly to the preparation laboratory. The preparation laboratory submits the samples to the assay laboratory by international air freight - the samples again being inspected by customs and sealed prior to despatch.

· The laboratories audit the samples on arrival and reports any discrepancies back to the Company. No such discrepancies occurred.

Audits or reviews

· The results of any audits or reviews of sampling techniques and data.

· SRK has completed a site visit and conducted a review of the primary and QAQC data as part of the November 2019 Mineral Resource estimation work. The database is compiled by an independent consultant and is considered by the Company to be of sufficient quality to support the results reported. In addition, from time to time, the Company carries out its own internal data audits.

Mineral tenement and land tenure status

· Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings.

· The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.

· Prospecting License 013/03/09T.P/ANG-M.G.M/2015. Pensana owns an 84% holding in the Project with Ferrangol (10%), an agency of the Angolan government, and other Angolan partners (6%).

· The concession is in good standing and no known impediments exist.

Exploration done by other parties

· Acknowledgment and appraisal of exploration by other parties.

· Previous workers in the area include Black Fire Minerals and Cityview Corporation Ltd.

Geology

· Deposit type, geological setting and style of mineralisation.

· The Longonjo NdPr deposit occurs within the rare earth enriched Longonjo Carbonatite, a sub circular and subvertical explosive volcanic vent (diatreme) approximately 2.6km x 2.4km in diameter. Primary rocktypes include carbonatite lava and magma, extensive mixed carbonatite - fenite breccia and tuffaceous deposits. Mineralisation is disseminated in style. Particularly high grades occur within the iron rich weathered zone that extends from surface over much of the carbonatite. The higher grades in the regolith are a result of residual enrichment through dissolution of primary carbonate minerals. NdPr rare earth mineralisation also occurs within fresh rock carbonatite and carbonatite:fenite breccia beneath the weathered zone and associated with subvertical carbonatite ring dykes on the carbonatite margins.

Drill hole Information

· A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes:

o easting and northing of the drill hole collar

o elevation or RL (Reduced Level - elevation above sea level in metres) of the drill hole collar

o dip and azimuth of the hole

o down hole length and interception depth

o hole length.

· If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case.

· Refer to the Tables 1 and 2 in the body of the text. The majority of holes reported in the current announcement are vertical. Ten holes (LRC249 to LRC258) are angled -600 to the south.

· No material information was excluded.

Data aggregation methods

· In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (e.g. cutting of high grades) and cut-off grades are usually Material and should be stated.

· Where aggregate intercepts incorporate short lengths of high grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail.

· The assumptions used for any reporting of metal equivalent values should be clearly stated.

· Cut-off grade of 0.20% NdPr oxide applied in reporting of intersections and 0.40% NdPr oxide for high grade 'Highlights'. No upper grade cuts have been applied.

· Intersections are reported as length weighted averages above the specified cut-off grade. Length weighted grade averages for REO and NdPr are presented

· Intercepts may include a maximum of 2m internal dilution.

· No metal equivalent values have been used for the reporting of these exploration results.

Relationship between mineralisation widths and intercept lengths

· These relationships are particularly important in the reporting of Exploration Results.

· If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported.

· If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (e.g. 'down hole length, true width not known').

· Geometry of the mineralisation is a sub horizontal blanket, the drill holes are vertical. As such mineralisation is at a high angle to the drill holes.

· Drill hole intercepts reported can be considered true thicknesses in the centre of the carbonatite

· Subvertical mineralised carbonatite dykes on the margins of the carbonatite are overprinted with a horizontal weathering profile of variable depth and true widths are variable in relation to down hole length.

Diagrams

· Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views.

· Appropriate plans and sections are included in this release.

Balanced reporting

· Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.

· All new exploration results above the specified cut off grade are reported.

Other substantive exploration data

· Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples - size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.

· Previously reported evaluations of the NdPr mineralisation at Longonjo, including the November 2019 Mineral Resource estimate and drilling programme results are contained within ASX releases

Further work

· The nature and scale of planned further work (e.g. tests for lateral extensions or depth extensions or large-scale step-out drilling).

· Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.

· The reported results are the fourth batch from 34 of a total 195 hole infill and extension RC drilling programme testing the shallow weathered zone and an area of underlying fresh rock mineralisation at Longonjo. Remaining results from a further 86 drill holes are awaited. Drilling is designed to provide data for a revised Mineral Resource estimate and to upgrade a significant portion of the large amount of Inferred weathered zone Mineral Resource at Longonjo to Indicated or Measured category, thereby enabling the current 9 year mine life as defined in the November 2019 Preliminary Feasibility Study to be extended. The revised Mineral Resource estimate will form part of the Bankable Feasibility Study for Longonjo.

· Appropriate diagrams accompany this release.