SRL Mineral Resources (inclusive of Ore Reserves) estimates for Area 1 as at December 31st, 2024, is 137Mt of ore, containing 1.27Mt rutile (grading @ 0.93%). These Mineral Resources have been classified into Measured and Indicated categories according to JORC 2012 code.

Mining activities are within Area 1 deposits of Gangama, Lanti, Gbeni and Pejebu areas, providing ore to the three SRL’s Wet Concentrate Plants.

The Life of Mine plan is scheduled for mining of Ndendemoia and Mogbwemo deposits. The Ndendemoia deposit comprises Indicated Mineral Resources of 17.2Mt of ore, containing 0.15Mt of rutile (grading @ at 1.0%). The Mogbwemo deposit comprises Indicated Mineral Resources of 14.95Mt of ore, containing 0.12Mt of rutile (grading @ at 0.78%). Both deposits are located less than 5km south of the MSP within the Mining Lease. The technical and operational planning activities required to convert the Ndendemoia and Mogbwemo Indicated Mineral Resources to Ore Reserves, have commenced. This includes:

Finalization of mine designs, metallurgical recovery parameters, and geotechnical stability assessments.

Completion of infrastructure requirements and logistics planning for the transition from active Lanti and Gangama WCP operations.

Economic modeling to upgrade the Mineral Resource classification into Ore Reserves.

Mining at Ndendemoia and Mogbwemo will commence following completion of mining activities at Pejebu, Gbeni and Lanti deposits.